TCREUR_Public/070411.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 11, 2007, Vol. 8, No. 71

                            Headlines


A U S T R I A

ARORA LLC: Claims Registration Period Ends April 20
BULGUSS LLC: Claims Registration Period Ends April 24
CREATIVE ARENA: Salzburg Court Orders Business Closure
HDM LLC: Vienna Court Declares Business Shutdown
NIGHTLIFE-DISCO: Claims Registration Period Ends April 20

TEAMTEX LLC: Claims Registration Period Ends April 24
TGZ LLC: Claims Registration Period Ends April 20


B E L G I U M

GEARBULK HOLDING: Moody's Assigns Loss-Given-Default Rating


D E N M A R K

FS FUNDING: Moody's Assigns Loss-Given-Default Rating


F R A N C E

ALCATEL-LUCENT: To Acquire Tropic Networks Inc.
ALCATEL-LUCENT: Completes Gazprom Neft Network Project
ALCATEL-LUCENT: Unveils Adjusted Quarterly Figures for 2006
COMPLETEL SAS: Moody's Assigns Loss-Given-Default Rating
EUROTUNNEL GROUP: Shareholders Defend Travel Perks

EUROTUNNEL GROUP: CEO Gounon Appeals for Shareholders' Support
EUTELSAT COMMS: Moody's Assigns Loss-Given-Default Rating
FCI INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating


G E R M A N Y

DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler
INDUSTRIAL SURFACE: Claims Registration Period Ends May 18
JOERG OTTENS: Claims Registration Period Ends April 16
K-F-H BAU: Creditors' Meeting Slated for May 14
KARL-HEINZ THEISEN: Claims Registration Period Ends May 15

KARL PITSCHENEDER: Claims Registration Period Ends April 22
KERIM HANDELSAGENTUR: Creditors' Meeting Slated for May 11
KFZ-KLINIK GMBH: Claims Registration Period Ends May 30
KNITT GEBAUDETECHNIK: Claims Registration Period Ends May 10
LEONHARDT & KERN: Claims Registration Period Ends May 30

LINDSAY DEVELOPMENT: Claims Registration Period Ends April 13
LUDWIG DIEMEL: Claims Registration Ends May 11
MADER WERKZEUGBAU: Claims Registration Ends May 7
MAINPLAN GMBH: Claims Registration Ends May 4
MANFOOD GMBH: Creditors Must Register Claims by May 21

MECKLENBURGER KUESTENFISCH: Creditors Must File Claims by May 2
METZLER MASCHINENBAU: Creditors Must Register Claims by May 4
MEYER & BIELA: Claims Registration Period Ends April 20
MICHAEL KOELNBERGER: Claims Registration Period Ends June 4
MTU AERO: Moody's Assigns Loss-Given-Default Rating

ORBITER GEARS: Claims Registration Period Ends May 7
PBB PROJEKTMANAGEMENT: Creditors' Meeting Slated for May 25
PRIMUS-VERMOEGENSARCHITEKTUR: Creditors' Meeting on April 19
PROTEK GMBH: Claims Registration Period Ends May 11
QUALITY LINK: Claims Registration Period Ends April 30

WESTLB AG: Fitch Keeps Individual D Rating Despite Trading Loss


G R E E C E

FAGE DAIRY: Moody's Assigns Loss-Given-Default Rating


I R E L A N D

ELAN CORP: Moody's Assigns Loss-Given-Default Rating


I T A L Y

LUCCHINI SPA: Moody's Assigns Loss-Given-Default Rating
SEAT PAGINE: Antitrust Authority Blocks 12.88's Acquisition


K A Z A K H S T A N

ACTIVE CREDIT: Creditors Must File Claims by May 4
BIRJA INKAR: Creditors' Claims Due May 11
CENTRONICKS LTD: Proof of Claim Deadline Slated for May 4
GRADIENT TV: Claims Registration Ends May 4
FIRM FERRUM: Claims Filing Period Ends May 11

KVAZAR LTD: Creditors Must File Claims by May 11
KYRAN LLP: Creditors' Claims Due May 11
OST-STAR LLP: Proof of Claim Deadline Slated for May 11
SANDAL LLP: Claims Registration Ends May 11
VYBOR LLP: Claims Filing Period Ends May 11


K Y R G Y Z S T A N

KYRGYZDYIKANBANK: Creditors' Meeting Slated for April 23
MELZAVOD OJSC: Creditors Must File Claims by April 23


L U X E M B O U R G

CODERE FINANCE: Moody's Assigns Loss-Given-Default Rating


N E T H E R L A N D S

CLONDALKIN INDUSTRIES: Moody's Assigns Loss-Given-Default Rating
CNH GLOBAL: Moody's Assigns Loss-Given-Default Rating
GETRONICS N.V.: Moody's Assigns Loss-Given-Default Rating


P O L A N D

MALMA: North Coast & Colussi Plan Acquisition to Relaunch Plants


R O M A N I A

HIDROELECTRICA SA: Moody's Assigns Loss-Given-Default Rating


R U S S I A

ALCATEL-LUCENT: Completes Gazprom Neft Network Project
EASTERN FISH: Creditors Must File Claims by April 17
FOODS-210 CJSC: Creditors Must File Claims by May 17
GAZPROM NEFT: Alcatel-Lucent Installs New Communication Network
GOLDEN TELECOM: Moody's Assigns Loss-Given-Default Rating

IGARSKIY SEA: Court Names A. Anishenko as Insolvency Manager
KUGANAKSKIY BRICKWORKS: Creditors Must File Claims by May 17
LADOZHSKOYE CJSC: Creditors Must File Claims by April 17
MITEKS CJSC: Creditors Must File Claims by April 17
NABEREZHNO CHELNINSKIY: Bankruptcy Hearing Slated for June 19

NOVOLIPETSK STEEL: Earns RUR50.51 Billion for Full Year 2006
NOVOSELSKOYE CJSC: Creditors Must File Claims by April 17
OZINSKIY OJSC: Court Names A. Progozhin as Insolvency Manager
PLASTMASS-SERVICE CJSC: Creditors Must File Claims by May 17
SEVER LLC: Court Names V. Khmelnitskiy as Insolvency Manager

SIBAY PRESERVED: Creditors Must File Claims by April 17
SLADKOVSKOYE CJSC: Asset Bidding Deadline Slated for April 13
VOLGO-PROM-OIL-STROY: Creditors Must File Claims by April 17
WORKS OF SEA: Creditors Must File Claims by May 17
YUKOS OIL: Creditors OK May 10 Auction for Samaraneftegaz Assets


S L O V A K   R E P U B L I C

CENTRAL EUROPEAN: Moody's Assigns Loss-Given-Default Rating


S P A I N

CODERE FINANCE: Moody's Assigns Loss-Given-Default Rating


S W I T Z E R L A N D

ALPSTEIN INVEST: Creditors' Liquidation Claims Due April 25
CAPRICORN COMMUNICATION: Liquidation Claims Due April 25
DRESDNER WIEDERAUFBAU: Liquidation Claims Due April 25
HANS DENIFL: Creditors' Liquidation Claims Due April 26
HEINIGER JSC: Creditors' Liquidation Claims Due May 31

INCOIN - INVESTMENTS: Creditors' Liquidation Claims Due April 30
INSPIRATION BLUMEN: Creditors' Liquidation Claims Due May 8
KERSCO JSC: Creditors' Liquidation Claims Due April 25
LEGOLAND ESTATES: Creditors' Liquidation Claims Due April 23
LICINI FITNESS: Creditors' Liquidation Claims Due August 23

MACROBRACHIUM LLC: Creditors' Liquidation Claims Due April 25
MAGERT & JUNGEN: Creditors' Liquidation Claims Due April 23
MANFRED SCHAFER: Creditors' Liquidation Claims Due April 23
METZLER ENGINEERING: Creditors' Liquidation Claims Due June 4
UNIOS LLC: Creditors' Liquidation Claims Due April 20


T U R K E Y

FORD OTOSAN: Plans to Hike Exports to US$2.7 Billion in 2007
PETROKIMYA HOLDING: Fitch's BB IDR May Change on Privatization


U K R A I N E

ALPARI LLC: Creditors Must File Claims by April 21
DONBASS-COAL LLC: Creditors Must File Claims by April 21
ENERGY LLC: Creditors Must File Claims by April 21
KOMETA LLC: Creditors Must File Claims by April 21
NIKOL LLC: Creditors Must File Claims by April 21

SCORPIO LLC: Creditors Must File Claims by April 21
STOREX LLC: Creditors Must File Claims by April 21
VERHOVINA 2004: Claims Submission Deadline Set April 21

* S&P Changes Ukraine's Outlook to Negative on Political Tension


U N I T E D   K I N G D O M

A C SKELTON: Appoints Administrators from PricewaterhouseCoopers
AVOCA CLO: Fitch Rates EUR45 Million Notes at Low-B
BELLS INCORPORATED: Creditors' Meeting Slated for April 17
BRITISH AIRWAYS: CEO Discounts Rumors on bmi Acquisition Talks
BRITISH ENERGY: Moody's Assigns Loss-Given-Default Rating

CORUS GROUP: Tata to Dispatch Consideration for Takeover Offer
CORUS GROUP: Shares Delisted Following Approval of Tata Offer
CROFTACRE LTD: Claims Filing Period Ends April 30
D.H.R. LTD: Creditors' Meeting Slated for April 26
DALE EXPRESS: Creditors' Meeting Slated for April 12

DIONICS PLC: A. Turpin Leads Liquidation Procedure
DREAM DESIGNS: Appoints Jonathan Sinclair as Liquidator
DU FAY: Claims Filing Period Ends April 23
EULINK LTD: Names Colin Nicholls as Administrator
EUROTUNNEL GROUP: Shareholders Defend Travel Perks

EUROTUNNEL GROUP: CEO Gounon Appeals for Shareholders' Support
FASTSERV LTD: Claims Filing Period Ends May 4
FKI PLC: Moody's Assigns Loss-Given-Default Rating
FLOORLINE CONTRACTS: Names Neil Francis Hickling Liquidator
FOCUS DIY: Moody's Assigns Loss-Given-Default Rating

FORD MOTOR: Unit Plans to Hike Exports to US$2.7 Billion in 2007
GALLERY MEDIA: Moody's Assigns Loss-Given-Default Rating
GARTMORE INVESTMENT: S&P Rates GBP522-Million Loans at BB+
GATEWAY TELECOM: Moody's Assigns Loss-Given-Default Rating
GLOBAL CROSSING: Moody's Assigns Loss-Given-Default Rating

GRANDSTAND DISPLAYS: Creditors' Meeting Slated for April 20
HI CLASS: Names Gagen Dulari Sharma Liquidator
HINTRENT LTD: Creditors' Meeting Slated for April 16
HOMESAFE SYSTEMS: Creditors' Meeting Slated for April 16
I E S ENERGY: Appoints Andrew T. Clay as Liquidator

IMPERIUM CARS: Taps Peter Nottingham to Liquidate Assets
LEDA SUSPENSION: Joint Liquidators Take Over Operations
LITE-ON AUTOMOTIVE: Hires Liquidator from Poppleton & Appleby
M J R WELDED: Taps Joint Administrators from PwC
MALIN CLO: S&P Rates EUR18.75-Million Class E Notes at BB-

MALLARD RETAIL: Claims Filing Period Ends April 26
MELBACREST LTD: Calls In Liquidator from Elwell Watchorn
MOTORCISE PORTSMOUTH: Names Liquidators to Wind Up Business
PINE BY DESIGN: Claims Filing Period Ends August 27
PINE BY DESIGN: Claims Filing Period Ends August 28

RETROVEND LTD: Creditors' Meeting Slated for April 18
RIGHT IDEA: Appoints T. Papanicola as Liquidator
ROCKCOM INTERNATIONAL: Creditors' Meeting Slated for April 19
RON A BRADLEY: Brings In Administrators from Baker Tilly
RONAL COMPUTERS: Hires John C. Moran as Liquidator

SAVOY UPHOLSTERY: Names Amanda Janice Ireland Liquidator
SELECT BLINDS: Names Joint Administrators from Milner Boardman
SILVER TOWER: Fitch Rates EUR60-Million Tranche 3 Loan at BB
SOLAR FLAIR: Claims Filing Period Ends May 1
SOLUTIA INC: Equity Committee Balks at Modified Incentive Plan

SOLUTIA INC: Wants to Amend Rothschild Employment Terms
SRS LEGAL: Names Joint Administrators from Kroll Ltd
STAR MANUFACTURING: Claims Filing Period Ends May 11
SWALLOW HOTELS: Taps Liquidators from Ernst & Young
THREE BLIND: Joint Liquidators Take Over Operations

TRICOOL ENGINEERING: Brings In Administrators from RSM Robson
U.K. OILS: Appoints Poppleton & Appleby to Administer Assets
VENTILATION GRILLE: Creditors' Meeting Slated for April 17
WORCESTERSHIRE POWDER: Appoints DTE Leonard as Administrators
WORLD OF WOOD: Creditors' Meeting Slated for April 18

                            *********


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


ARORA LLC: Claims Registration Period Ends April 20
---------------------------------------------------
Creditors owed money by LLC Arora (FN 47665x) have until
April 20 to file written proofs of claim to court-appointed
estate administrator Stefan Offer at:

         Dr. Stefan Offer
         c/o Dr. Wolfgang Offer
         Museumstrasse 16
         6020 Innsbruck
         Austria
         Tel: 0512/582833
         Fax: 0512/570484
         E-mail: office@kanzlei-offer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:45 p.m. on May 7 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No. 19 S 24/07p).  Wolfgang
Offer represents Dr. Stefan Offer in the bankruptcy proceedings.


BULGUSS LLC: Claims Registration Period Ends April 24
-----------------------------------------------------
Creditors owed money by LLC Bulguss (FN 099924y) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Kurt Weinreich at:

         Dr. Kurt Weinreich
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor (Old Building)
         St. Poelten
         Austria

Headquartered in Reichersdorf, Austria, the Debtor declared
bankruptcy on March 16 (Bankr. Case No. 14 S 50/07d).


CREATIVE ARENA: Salzburg Court Orders Business Closure
------------------------------------------------------
The Land Court of Salzburg entered March 19 an order closing the
business of LLC Creativ Arena (fka Gasthaus Nussbaumerhof) (FN
144247d).

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

The estate administrator can be reached at:

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

Headquartered in Hof bei Salzburg, Austria, the Debtor declared
bankruptcy on March 2 (Bankr. Case No. 23 S 6/07p).


HDM LLC: Vienna Court Declares Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered March 16 an order shutting
down the business of LLC HDM (FN 257024b).

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

The estate administrator can be reached at:

         Dr. Peter Zens
         c/o Dr. Norbert Schopf
         Reichsratsstrasse 7
         1010 Vienna
         Austria
         Tel: 534 90
         Fax: 534 90-50
         E-mail: office@schopf-zens.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 9 (Bankr. Case No. 4 S 33/07s).  Norbert Schopf
represents Dr. Zens in the bankruptcy proceedings.


NIGHTLIFE-DISCO: Claims Registration Period Ends April 20
---------------------------------------------------------
Creditors owed money by LLC Nightlife-Disco (FN 196524g) have
until April 20 to file written proofs of claim to court-
appointed estate administrator Stephan Kasseroler at:

         Dr. Stephan Kasseroler
         Lieberstrasse 3
         6020 Innsbruck
         Austria
         Tel: 0512/57 13 31
         Fax: 0512/57133199
         E-mail: office@kasseroler.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:40 p.m. on May 7 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on March 19 (Bankr. Case No. 19 S 23/07s).  


TEAMTEX LLC: Claims Registration Period Ends April 24
-----------------------------------------------------
Creditors owed money by LLC TeamTex (FN 274416d) have until
April 24 to file written proofs of claim to court-appointed
estate administrator Helmar Feigl at:

         Dr. Helmar Feigl
         Preinsbacher Strasse 5
         3300 Amstetten
         Austria
         Tel: 07472/68 6 30
         Fax: 07472/63 3 48
         E-mail: rafeigl@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:10 a.m. on May 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Amstetten, Austria, the Debtor declared
bankruptcy on March 19 (Bankr. Case No. 14 S 51/07a).  


TGZ LLC: Claims Registration Period Ends April 20
-------------------------------------------------
Creditors owed money by LLC TGZ (FN 147464i) have until April 20
to file written proofs of claim to court-appointed estate
administrator Max Dengg at:

         Dr. Max Dengg
         c/o Mag. Alessandro Swoboda
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck
         Austria
         Tel: 0512/573900
         Fax: 0512/5739006
         E-mail: office@ra-max-dengg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on May 7 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Telfs, Austria, the Debtor declared bankruptcy
on March 19 (Bankr. Case No. 19 S 22/07v).  Alessandro Swoboda
represents Dr. Dengg in the bankruptcy proceedings.


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


GEARBULK 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 corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for Gearbulk Holding
Limited.

Moody's also assigned a Ba2 probability-of-default-rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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%).

Gearbulk -- http://www.gearbulk.com/-- is an international  
shipping company providing high quality transportation services
for various industrial sectors.  The company owns and operates a
fleet of over 60 vessels, consisting primarily of open hatch
gantry craned (OHGC) vessels plus has interests in several
terminals, used for handling, storing & distributing cargoes.
About 75% of cargo transported is unitized products, the
remainder being general or bulk cargoes, the majority of which
is carried under contracts of affreightment.  It has a network
of offices located in 16 countries including Belgium, Australia,
Argentina, Indonesia, United Kingdom, Norway, among others.


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


FS FUNDING: 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 corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for FS Funding A/S.

Moody's also assigned a B2 probability-of-default-rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.
                                             
                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------   
   Senior Subordinated
   Floating Rate
   Global Notes
   Due 2016                Caa1      LGD5       89%

   8.875% Senior Subordinated
   Regular Bond/Debenture
   Due 2016                Caa1      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%).

FS Funding A/S (previously PurusCo A/S) ultimately owned by EQT
and Goldmann Sachs Capital Partners is the owner and single
shareholder of ISS A/S.

Headquartered in Copenhagen, Denmark ISS A/S --
http://www.issworld.com/-- provides facility services including  
cleaning, office support, property, catering and integrated
facilities services.  In 2005, the company reported revenues and
operating profits of DKK46.44 billion (EUR624 million) and
DKK2.650 billion (EUR355 million), respectively, under IFRS.


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


ALCATEL-LUCENT: To Acquire Tropic Networks Inc.
-----------------------------------------------
Alcatel-Lucent signed an agreement to acquire substantially all
the assets, including all intellectual property of Canadian
metro WDM networking supplier Tropic Networks Inc.

This transaction builds upon the collaboration the two companies
established in July 2004 with the Alcatel-Lucent investment and
global supply agreement.

Bandwidth-hungry services for consumers -- including gaming,
IPTV and video-on-demand -- as well as advanced data services
like mission-critical business applications are leading
operators to increase the flexibility and ease of use of their
optical networks.  This new service growth also requires
automated monitoring processes to maximize network simplicity
for the highest efficiency in service delivery.

Through this acquisition, Alcatel-Lucent takes a new, strategic
step in focusing on cable MSO and telecom operators' key
requirements for simplified network planning, accelerated
wavelength/service provisioning and advanced optical monitoring
technology that eases overall maintenance activities across
their optical infrastructure.

The further integration of key intellectual property developed
by Tropic Networks, namely the Wavelength Tracker, enhances the
competitiveness of Alcatel-Lucent's optical product portfolio
and gives operators the benefit of cost-effectively upgrading
their networks according to the latest innovations in optical
transmission.  In combination with Alcatel-Lucent's ROADM
technology, the advanced optical layer management technology
developed by Tropic Networks delivers the flexibility and
security to maximize network efficiency and operational cost
savings.

In addition, this acquisition provides for uninterrupted supply
to Alcatel-Lucent and Tropic Networks' customers, allowing them
to benefit from integration synergies with the overall Alcatel-
Lucent portfolio.

"Through this transaction, we are strengthening our value
proposition for photonic networks with innovative solutions that
complete both cable and telecom service providers requirements,"
said Romano Valussi, president of Alcatel-Lucent's Optics
activities.  "We are continuing to make strategic moves that
serve our customers with the ability to successfully address new
opportunities for the end-users' benefit."

"The relationship developed over three years has been valuable
and we are proud to join Alcatel-Lucent, the worldwide leader in
optical networking" stated Kevin Rankin, CEO of Tropic Networks.
"Our vision of a fully flexible and scalable optical network is
finding a further expansion with the Alcatel-Lucent's advanced
product portfolio and new opportunities to bring technology
advancements to the market."

                      About Tropic Networks

Headquartered in Ottawa, Canada, Tropic Networks Inc. builds
simple, manageable and flexible metro-regional optical transport
infrastructures.  Tropic Networks developed the TRX-24000 ROADM
platform with patented Wavelength Tracker to help service
providers minimize costs and maximize profits.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that  
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

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

                          *     *     *

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
Alcatel-Lucent.  

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: Alcatel-Lucent
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Senior Unsecured Bank
   Credit Facility          Ba2      Ba2      LGD3     46%

   4.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2011       Ba2      Ba2      LGD3     46%

   US$1.5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   EUR5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   6.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 Ba2      Ba2        LGD3   46%

   US$500-million Senior
   Unsecured Regular Bond/
   Debenture Due 2010       Ba2      Ba2        LGD3   46%

   EUR1-billion 4.375% Senior
   Unsecured Regular Bond/
   Debenture Due 2009       Ba2      Ba2        LGD3   46%

   EUR120-million 4.375%
   Senior Unsecured Regular
   Bond/Debenture Due 2009  Ba2      Ba2        LGD3   46%

* Issuer: Lucent Technologies Capital Trust I
                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1750-million 7.75%
   Preferred
   Stock Due 2017           B2       B1       LGD6     94%

* Issuer: Lucent Technologies Inc.

                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1.75-billion Multiple
   Seniority Shelf,
   subordinated,           (P)B2     (P)B1    LGD6     94%

   US$1.75-billion Multiple
   Seniority Shelf
   regular/junior
   preferred stock         (P)B3     (P)B1    LGD6     97%

   US$1.75-billion Multiple
   Seniority Shelf, senior
   unsecured               (P)Ba3    (P)Ba2   LGD3     46%

   8% Subordinate
   Conv./Exch. Bond/
   Debenture Due 2031      B2        B1       LGD6     94%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2023      Ba3       Ba2      LGD3     46%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2025      Ba3       Ba2      LGD3     46%

   US$300-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2028      Ba3       Ba2      LGD3     46%

   US$500-million 5.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2008      Ba3       Ba2      LGD3     46%

   US$1.36-billion 6.45%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2029      Ba3       Ba2      LGD3     46%

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

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


ALCATEL-LUCENT: Completes Gazprom Neft Network Project
------------------------------------------------------
Alcatel-Lucent has completed the project with OAO Gazprom neft,
Russia's fastest-growing oil company, for the transformation of
its corporate network at its oil-processing factory in the city
of Omsk.  

Through the implementation of this new network, Gazprom neft is
focused on improving employee productivity and increasing the
reliability of its communications capabilities.

Gazprom neft chose Alcatel-Lucent to deliver a state-of-the-art
IP communication solution which will provide IP telephony to
more than 3,000 employees of the oil processing factory. Based
on the Alcatel-Lucent OmniPCX Enterprise IP telephony platform,
the solution includes Alcatel-Lucent's newest VoIP handsets.  
All nodes of the network are interconnected to ensure a feature
rich environment and to unite existing systems into a single,
integrated enterprise communication platform.  Alcatel-Lucent
also delivered Alcatel-Lucent IP Touch phones, which provide
advanced capabilities to increase employee productivity,
including "dial-by-name," call forwarding for mobility, and
other advanced communications applications.

"We made our choice in favor of the Alcatel-Lucent solution due
to its flexibility and high reliability. It improves employee
productivity by delivering advanced communications services,
while minimizing downtime," Constantin Yurganov, Gazprom neft
Head of Information technologies, said.  "The new solution will
allow our staff to communicate more effectively, while improving
overall productivity."

"We are very honored to work with Gazprom neft on this network
transformation project," Ivan Makharine, Director of Alcatel-
Lucent enterprise activities in CIS, said.  "Gazprom neft is a
perfect example of a forward-thinking corporation, investing in
a future-proof IP based solution that was designed to fully meet
their requirements."

Implementation of this project will enable Gazprom neft to
significantly enhance the organization's operating efficiency
and raise levels of quality and employee performance.

                       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 Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that   
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

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

                          *     *     *

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
Alcatel-Lucent.  

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: Alcatel-Lucent
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Senior Unsecured Bank
   Credit Facility          Ba2      Ba2      LGD3     46%

   4.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2011       Ba2      Ba2      LGD3     46%

   US$1.5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   EUR5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   6.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 Ba2      Ba2        LGD3   46%

   US$500-million Senior
   Unsecured Regular Bond/
   Debenture Due 2010       Ba2      Ba2        LGD3   46%

   EUR1-billion 4.375% Senior
   Unsecured Regular Bond/
   Debenture Due 2009       Ba2      Ba2        LGD3   46%

   EUR120-million 4.375%
   Senior Unsecured Regular
   Bond/Debenture Due 2009  Ba2      Ba2        LGD3   46%

* Issuer: Lucent Technologies Capital Trust I
                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1750-million 7.75%
   Preferred
   Stock Due 2017           B2       B1       LGD6     94%

* Issuer: Lucent Technologies Inc.

                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1.75-billion Multiple
   Seniority Shelf,
   subordinated,           (P)B2     (P)B1    LGD6     94%

   US$1.75-billion Multiple
   Seniority Shelf
   regular/junior
   preferred stock         (P)B3     (P)B1    LGD6     97%

   US$1.75-billion Multiple
   Seniority Shelf, senior
   unsecured               (P)Ba3    (P)Ba2   LGD3     46%

   8% Subordinate
   Conv./Exch. Bond/
   Debenture Due 2031      B2        B1       LGD6     94%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2023      Ba3       Ba2      LGD3     46%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2025      Ba3       Ba2      LGD3     46%

   US$300-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2028      Ba3       Ba2      LGD3     46%

   US$500-million 5.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2008      Ba3       Ba2      LGD3     46%

   US$1.36-billion 6.45%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2029      Ba3       Ba2      LGD3     46%

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

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


ALCATEL-LUCENT: Unveils Adjusted Quarterly Figures for 2006
-----------------------------------------------------------
Alcatel-Lucent has provided 2006 quarterly unaudited adjusted
pro forma revenues and operating income (loss) for its three
operating segments: Carrier, Enterprise, and Services.

In addition, the company presented quarterly revenues for the
business groups comprising its Carrier operating segment: the
Wireline Business Group, the Wireless Business Group, and the
Convergence Business Group.

Adjusted pro-forma results include combined operations for
Alcatel-Lucent for the twelve-month period ended December 31,
2006.  Businesses to be contributed to Thales are presented as
discontinued activities.  Results from Nortel's UMTS radio
access business are not included as the transaction was
completed on Dec. 31, 2006.  In addition, these results exclude
any impact from purchase price allocation entries.

These estimated results are presented for illustrative purposes
only and are neither indicative of the revenues and operating
income (loss) that would have been achieved had the merger been
completed on Jan. 1, 2006, nor reflect the cost savings which
may result from the merger.

(in Euro millions)     Q1      Q2      Q3      Q4      12M

Revenues               4,433   4,491   4,909   4,421   18,254
   Carriers            3,340   3,367   3,706   3,198   13,611
    - Wireline         1,342   1,459   1,447   1,454    5,702
    - Wireless         1,495   1,397   1,674   1,249    5,815
    - Convergence        503     511     585     495    2,094
   Enterprise            342     368     362     419    1,491
   Services              674     700     775     819    2,968
   Other & eliminations   77      56      66     (15)     184

Operating income         246     252     430      (3)     925
   Carriers              260     224     389     (75)     798
   Enterprise             24      28      24      50      126
   Services              (10)     35      60      35      120
   Other & eliminations  (28)    (35)    (43)    (13)    (119)

The first quarter 2007 earnings will be released on May 11.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that   
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

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

                          *     *     *

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
Alcatel-Lucent.  

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: Alcatel-Lucent
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Senior Unsecured Bank
   Credit Facility          Ba2      Ba2      LGD3     46%

   4.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2011       Ba2      Ba2      LGD3     46%

   US$1.5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   EUR5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   6.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 Ba2      Ba2        LGD3   46%

   US$500-million Senior
   Unsecured Regular Bond/
   Debenture Due 2010       Ba2      Ba2        LGD3   46%

   EUR1-billion 4.375% Senior
   Unsecured Regular Bond/
   Debenture Due 2009       Ba2      Ba2        LGD3   46%

   EUR120-million 4.375%
   Senior Unsecured Regular
   Bond/Debenture Due 2009  Ba2      Ba2        LGD3   46%

* Issuer: Lucent Technologies Capital Trust I
                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1750-million 7.75%
   Preferred
   Stock Due 2017           B2       B1       LGD6     94%

* Issuer: Lucent Technologies Inc.

                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1.75-billion Multiple
   Seniority Shelf,
   subordinated,           (P)B2     (P)B1    LGD6     94%

   US$1.75-billion Multiple
   Seniority Shelf
   regular/junior
   preferred stock         (P)B3     (P)B1    LGD6     97%

   US$1.75-billion Multiple
   Seniority Shelf, senior
   unsecured               (P)Ba3    (P)Ba2   LGD3     46%

   8% Subordinate
   Conv./Exch. Bond/
   Debenture Due 2031      B2        B1       LGD6     94%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2023      Ba3       Ba2      LGD3     46%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2025      Ba3       Ba2      LGD3     46%

   US$300-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2028      Ba3       Ba2      LGD3     46%

   US$500-million 5.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2008      Ba3       Ba2      LGD3     46%

   US$1.36-billion 6.45%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2029      Ba3       Ba2      LGD3     46%

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

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


COMPLETEL SAS: 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for
Completel S.A.S.

Moody's also assigned a B2 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   11% Senior Secured
   Regular Bond/Debenture
   Due 2012                 B3       B3       LGD4    67%

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%).

Completel S.A.S. -- http://www.completel.fr/-- is the French  
subsidiary of Completel Europe N.V.   Completel operates fiber
metropolitan area networks through which it offers
telecommunications and Internet-related services to business and
governmental customers and Internet service providers in certain
metropolitan areas in France.  


EUROTUNNEL GROUP: Shareholders Defend Travel Perks
--------------------------------------------------
The action group organized by Eurotunnel Group's 4,000
shareholders to protect their travel perks could halt the tunnel
operator's restructuring, The Guardian reports.

According to the report, the foundation shareholders are
gathering support for a class action suit through the Eurotunnel
Action Group, ETAG.  Michael Spencer, a member of ETAG's
Steering Committee, presented a "letter before action" to
Eurotunnel, which has 14 days to respond.

The Guardian says ETAG estimated a subsequent compensation claim
could cost Eurotunnel more than GBP90 million.  Eurotunnel
believed that any court action would jeopardize the
restructuring.

Under the terms of its debt-for-equity restructuring, the
company slashed the different types of travel perks for its
12,000 shareholders to six one-way crossings a year at a 30%
discount.

Eurotunnel defended that the French regulatory regime forced its
decision to cut the travel perks, which cost the company about
GBP200,000 a year, The Guardian continues.

The company's debt-for-equity swap needs the support of 60% of
Eurotunnel's 600,000 shareholders for the deal to push through.

The deal will leave debtholders with convertible loan notes that
would mature into between 33% and 87% of the share equity,
depending on how much debt the restructured business can pay off
over a three year period, The Guardian relates.

                        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: CEO Gounon Appeals for Shareholders' Support
--------------------------------------------------------------
Jacques Gounon, Eurotunnel Group's chairman and chief executive
officer, called for shareholders to vote in favor of the
safeguard plan on May 15 or face a total wipe-out, The
Independent reports.

"If the tender offer fails, then there is no alternative but
bankruptcy.  That means Euro-tunnel will disappear and, along
with it, 100 percent of shareholders' equity.  It is now or
never," Mr. Gounon was quoted by The Independent as saying.

Mr. Gounon's call for support came as an action group, organized
by the company's 4,000 shareholders, threatened to launch a
legal proceeding against the company to protect their unlimited
free travel perks through the tunnel.

Under the terms of its debt-for-equity restructuring, the
company plans to slash the different types of travel perks for
its 12,000 shareholders to six one-way crossings a year at a 30%
discount.

Mr. Gounon said Eurotunnel would not change the terms of the
deal to reinstate the rights of the foundation shareholders, The
Independent relates.  "They have to share in the pain.  We can
only offer one scheme to shareholders because to do otherwise
would be discriminatory," Mr. Gounon added.

The company's safeguard plan needs the support of 60% of
Eurotunnel's 600,000 shareholders for the deal to push through.

                        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.


EUTELSAT COMMS: 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba2 Corporate Family Rating for
Eutelsat Communications SA.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Bank Credit Facility     Ba3      Ba3      LGD4    55%

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 Paris, France, Eutelsat Communications SA
offers television and radio broadcasting, video broadcasting,
corporate network, Internet access and mobile communications.  
Eutelsat serves Europe, the Middle East, Africa, Asia, and the
Americas.


FCI 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B1 Corporate Family Rating FCI
International S.A.S. and assigned a B2 probability-of-default
rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   Senior Secured
   Bank Credit Facility         B1      LGD3      30%

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%).


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


DAIMLERCHRYSLER AG: Kerkorian Offers US$4.5 Billion for Chrysler
----------------------------------------------------------------
DaimlerChrysler AG has received a new offer of up to US$4.5
billion in cash from Tracinda Corp., an investment firm owned by
billionaire Kirk Kerkorian, published reports say.

Meanwhile, Magna International Inc. and private-equity group
Cerberus Capital Management LP have each submitted tenders for
Chrysler, with Blackstone Group LP and Centerbridge Capital
Partners LLC presenting a joint bid for the ailing unit,
Bloomberg News relates.

Tracinda plans to offer United Auto Workers union a "substantial
portion" of Chrysler equity in exchange for lower healthcare
cost for hourly workers, the Wall Street Journal reveals.

According to reports, Mr. Kerkorian's tender also depends on
whether Chrysler enters into a "satisfactory" labor contract
with the UAW and if Daimler agrees to share part of the troubled
unit's unfunded pension liabilities and retiree heath-care costs
amounting to US$15 billion.

In a letter to DaimlerChrysler CEO Dieter Zetsche, Jerome B.
York, Mr. Kerkorian's longtime lieutenant and former Chrysler
CFO, wrote: "Investors that feel the need to show 'mark to
market' results in their funds in relatively short time frames
(just a few years) will not be willing to invest as necessary
over an unusually lengthy period of time to achieve the
necessary end results.  Long term, patient investing has been
Tracinda's approach."

Mr. Kerkorian previously said he wants "a true partnership" with
the company's workers, including the investment of "necessary
new funds" to help boost Chrysler's product spending, reports
claim.

This is Mr. Kerkorian's second attempt to acquire Chrysler,
following a failed US$25 million hostile bid in 1995 that later
led to Chrysler's 1998 merger with Daimler-Benz AG of Germany,
The Scotsman states.

                      About DaimlerChrysler

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

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

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

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

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


INDUSTRIAL SURFACE: Claims Registration Period Ends May 18
----------------------------------------------------------
Creditors of Industrial Surface GmbH have until May 18 to
register their claims with court-appointed insolvency manager
Bernd Ache.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on June 29, at the same venue.

The insolvency manager can be contacted at:

         Bernd Ache
         44 Karl-Kellner-Ring 23
         35576 Wetzlar
         Germany
         Tel: 06441/94240
         Fax: 06441/42843
         E-mail: info@kanzlei-unuetzer.de

The District Court of Wetzlar opened bankruptcy proceedings
against Industrial Surface GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Industrial Surface GmbH
         Attn: Daniel Boeck, Manager
         Dreieiche 7
         35630 Ehringshausen
         Germany


JOERG OTTENS: Claims Registration Period Ends April 16
------------------------------------------------------
Creditors of Joerg Ottens Bauunternehmen GmbH have until
April 16 to register their claims with court-appointed
insolvency manager Axel Gerbers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on April 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Vechta
         Hall 129
         Main Building
         Kapitelplatz 8
         49377 Vechta
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Vechta opened bankruptcy proceedings
against Joerg Ottens Bauunternehmen GmbH on March 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Axel Gerbers
         Soegestrasse 70
         28195 Bremen
         Germany
         Tel: 0421/178998-0
         Fax: 0421/178998-11
         E-Mail: bremen@jnp.de
         Web: http://www.jnp.de/

The Debtor can be reached at:

         Joerg Ottens Bauunternehmen GmbH
         Attn: Joerg Ottens, Manager
         Hunteburger Str. 68
         49401 Damme
         Germany


K-F-H BAU: Creditors' Meeting Slated for May 14
-----------------------------------------------
The court-appointed insolvency manager for K-F-H Bau GmbH,
Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:10 a.m. on May 14.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 3, at the same venue.

Creditors have until July 2 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against K-F-H Bau GmbH on March 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         K-F-H Bau GmbH
         Seddiner Str. 5
         10315 Berlin
         Germany


KARL-HEINZ THEISEN: Claims Registration Period Ends May 15
----------------------------------------------------------
Creditors of Karl-Heinz Theisen Gemuese, Obst- und
Kartofffelgrosshandel GmbH have until May 15 to register their
claims with court-appointed insolvency manager Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Karl-Heinz Theisen Gemuese, Obst- und
Kartofffelgrosshandel GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Karl-Heinz Theisen Gemuese, Obst- und
         Kartofffelgrosshandel GmbH
         Attn: Anette and Karl-Heinz Theisen, Managers
         Scherfhausen 2g
         41352 Korschenbroich
         Germany


KARL PITSCHENEDER: Claims Registration Period Ends April 22
-----------------------------------------------------------
Creditors of Karl Pitscheneder GmbH have until April 22 to
register their claims with court-appointed insolvency manager
Dr. Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The District Court of Munich opened bankruptcy proceedings
against Karl Pitscheneder GmbH on March 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Dr. Wolfgang Ott
         Nymphenburgerstr. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The Debtor can be reached at:

         Karl Pitscheneder GmbH
         Attn: Karl Pitscheneder
         Carl-von-Linde-Strasse 11
         85748 Garching
         Germany


KERIM HANDELSAGENTUR: Creditors' Meeting Slated for May 11
----------------------------------------------------------
The court-appointed insolvency manager for KERIM Handelsagentur
fuer Baukeramik Geschaftsfuehrungs GmbH, Thomas Becker, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 8:50 a.m. on May 11.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on June 29, at the same venue.

Creditors have until June 8 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Becker
         Brueckenstrasse 60
         66763 Dillingen
         Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870

The District Court of Saarbruecken opened bankruptcy proceedings
against KERIM Handelsagentur fuer Baukeramik Geschaftsfuehrungs
GmbH on April 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         KERIM Handelsagentur fuer Baukeramik
         Geschaftsfuehrungs GmbH
         Attn: Karl Peter Weber, Manager
         Carl-Friedrich-Gauss-Str. 6
         66793 Saarwellingen
         Germany


KFZ-KLINIK GMBH: Claims Registration Period Ends May 30
-------------------------------------------------------
Creditors of KFZ-Klinik GmbH have until May 30 to register their
claims with court-appointed insolvency manager Juergen Blersch.

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

The meeting of creditors will be held at:

         The District Court of Alzey
         Hall 209
         Alzey
         Germany

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

The insolvency manager can be contacted at:

         Dr. Juergen Blersch
         Taunusstrasse 7a D
         65183 Wiesbaden
         Germany
         Tel: 0611/18089100
         Fax: 0611/18089189

The District Court of Alzey opened bankruptcy proceedings
against KFZ-Klinik GmbH on April 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         KFZ-Klinik GmbH
         Attn: Michael Franz, Manager
         Ober-Saulheimer-Strasse 24
         55286 Woerrstadt
         Germany


KNITT GEBAUDETECHNIK: Claims Registration Period Ends May 10
------------------------------------------------------------
Creditors of Knitt Gebaudetechnik GmbH have until May 10 to
register their claims with court-appointed insolvency manager
Marc Schaumann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Luebeck
         Hall E3
         Am Burgfeld 7
         23568 Luebeck
         Germany

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

The insolvency manager can be contacted at:

         Marc Schaumann
         Falkenstr. 22
         23564 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Knitt Gebaudetechnik GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Knitt Gebaudetechnik GmbH
         Attn: Bernd Kabelmacher, Manager
         Kirschkaten 81
         23560 Luebeck
         Germany


LEONHARDT & KERN: Claims Registration Period Ends May 30
--------------------------------------------------------
Creditors of Leonhardt & Kern, Uli Weber Werbeagentur GmbH have
until May 30 to register their claims with court-appointed
insolvency manager Manfred Ruedisuehli.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Manfred Ruedisuehli
         Silberburgstrasse 160
         70178 Stuttgart
         Germany
         Tel: 0711/2376890

The District Court of Ludwigsburg opened bankruptcy proceedings
against Leonhardt & Kern, Uli Weber Werbeagentur GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Leonhardt & Kern, Uli Weber Werbeagentur GmbH
         Attn: Klaus Habann, Roger Tassilo Hoehne and
         Ulrich Weber, Managers
         Groenerstrasse 33
         71636 Ludwigsburg
         Germany


LINDSAY DEVELOPMENT: Claims Registration Period Ends April 13
-------------------------------------------------------------
Creditors of Lindsay Development GmbH & Co. KG have until
April 13 to register their claims with court-appointed
insolvency manager Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bielefeld opened bankruptcy proceedings
against Lindsay Development GmbH & Co. KG on March 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

The Debtor can be reached at:

         Lindsay Development GmbH & Co. KG
         Attn: Mark Wilson-Lindsay, Manager
         Elverdisser Str. 8
         32052 Herford
         Germany


LUDWIG DIEMEL: Claims Registration Ends May 11
----------------------------------------------
Creditors of Ludwig Diemel GmbH & Co. Kraftfahrzeuge have until
May 11 to register their claims with court-appointed insolvency
manager Dr. Frank Kebekus.

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

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 216
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Frank Kebekus
         Liboriberg 21
         33098 Paderborn
         Germany
         Tel: 05251-180660
         Fax: 05251-1806666

The District Court of Paderborn opened bankruptcy proceedings
against Ludwig Diemel GmbH & Co. Kraftfahrzeuge on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ludwig Diemel GmbH & Co. Kraftfahrzeuge
         Marienloher Str. 60
         33104 Paderborn
         Germany

         Attn: Peter Diemel, Manager
         Friedrich-von-Spee Str. 16
         33098 Paderborn
         Germany


MADER WERKZEUGBAU: Claims Registration Ends May 7
-------------------------------------------------
Creditors of Mader Werkzeugbau GmbH have until May 7 to register
their claims with court-appointed insolvency manager Stephan
Ries.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:
         The District Court of Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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 Ries
         Wall 28
         42103 Wuppertal
         Germany
         Tel: 0202/317558-0
         Fax: 0202/317558-10

The District Court of Wuppertal opened bankruptcy proceedings
against Mader Werkzeugbau GmbH on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mader Werkzeugbau GmbH
         Attn: Reiner Mader, Manager
         Siemensstr. 32
         42551 Velbert
         Germany


MAINPLAN GMBH: Claims Registration Ends May 4
---------------------------------------------
Creditors of mainplan GmbH have until May 4 to register their
claims with court-appointed insolvency manager Robert Hahn.

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

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on the same date at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Robert Hahn
         Gerichtsfach 75
         Kurt-Blaum-Platz 1, D
         63450 Hanau
         Germany
         Tel: 06181/9321 0
         Fax: 06181/9321 20
         E-mail: INFO@KLOZ-HAHN.DE  

The District Court of Hanau opened bankruptcy proceedings
against mainplan GmbH on March 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         mainplan GmbH         
         Attn: Joerg Winkler, Manager
         Dieselstr. 4
         63526 Erlensee
         Germany


MANFOOD GMBH: Creditors Must Register Claims by May 21
------------------------------------------------------
Creditors of Manfood GmbH & Co. KG have until May 21 to register
their claims with court-appointed insolvency manager
Frank Weber.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Frank Weber
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Tel: 0621/422900
         Germany

The District Court of Mannheim opened bankruptcy proceedings
against Manfood GmbH & Co. KG on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Manfood GmbH & Co. KG
         Attn: Miklos Mertan, Manager
         P 7, 1
         68161 Mannheim

         Frank Weber
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Tel: 0621/422900
         Germany


MECKLENBURGER KUESTENFISCH: Creditors Must File Claims by May 2
---------------------------------------------------------------
Creditors of Mecklenburger Kuestenfisch Handels GmbH have until
May 2 to register their claims with court-appointed insolvency
manager Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund         
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Mecklenburger Kuestenfisch Handels GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mecklenburger Kuestenfisch Handels GmbH
         Attn: Kerstin Schuchardt, Manager
         Am See 40
         18311 Ribnitz-Damgarten
         Germany


METZLER MASCHINENBAU: Creditors Must Register Claims by May 4
-------------------------------------------------------------
Creditors of Metzler Maschinenbau GmbH Konstruktion + Fertigung
have until May 4 to register their claims with court-appointed
insolvency manager Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ravensburg
         Hall 3
         Herrenstr. 42
         88212 Ravensburg
         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:

         Arndt Geiwitz
         Bahnhofstr. 39
         89231 Neu-Ulm
         Germany

The District Court of Ravensburg opened bankruptcy proceedings
against Metzler Maschinenbau GmbH Konstruktion + Fertigung on
April 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Metzler Maschinenbau GmbH Konstruktion + Fertigung
         Raiffeisenstr. 22
         88214 Ravensburg
         Germany


MEYER & BIELA: Claims Registration Period Ends April 20
-------------------------------------------------------
Creditors of Meyer & Biela GmbH have until April 20 to register
their claims with court-appointed insolvency manager Christian
Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Siegen opened bankruptcy proceedings
against Meyer & Biela GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Christian Krause
         Cecilienstr. 45
         40474 Duesseldorf
         Germany
         Tel: 0211/6585290
         Fax: 0211/65852929

The Debtor can be reached at:

         Meyer & Biela GmbH
         Innenputz-Aussenputz
         Am Reygelskamp 45
         57462 Olpe
         Germany

         Attn: Friedhelm Biela, Manager
         Am Reygelskamp 45
         57462 Olpe
         Germany


MICHAEL KOELNBERGER: Claims Registration Period Ends June 4
-----------------------------------------------------------
Creditors of Michael Koelnberger Speditions GmbH have until
June 4 to register their claims with court-appointed insolvency
manager Josef Scherer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 26, 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 Straubing
         Hall 216/II
         Straubing
         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. Josef Scherer
         Theresienplatz 29
         94315 Straubing
         Germany
         Tel: 09421/3303930

The District Court of Straubing opened bankruptcy proceedings
against Michael Koelnberger Speditions GmbH on
April 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Michael Koelnberger Speditions GmbH
         Mittlere Bachstr. 43 c in
         94315 Straubing
         Germany


MTU AERO: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for MTU Aero Engines
Investment GmbH.

Moody's also assigned a Ba2 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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 Munich, Germany, MTU Aero Engines --
http://www.mtu.de/-- develops, manufactures, markets, and  
repairs commercial and military engine modules and components
for aircraft engines and industrial gas turbines.


ORBITER GEARS: Claims Registration Period Ends May 7
----------------------------------------------------
Creditors of Orbiter Gears GmbH & Co. KG have until May 7 to
register their claims with court-appointed insolvency manager
Marcus Egner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on May 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         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. jur. Marcus Egner
         Moltkestrasse 40
         74072 Heilbronn
         Germany
         Tel: 07131/60990
         Fax: 07131/609962

The District Court of Heilbronn opened bankruptcy proceedings
against Orbiter Gears GmbH & Co. KG on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Orbiter Gears GmbH & Co. KG.
         Koepffstrasse 17
         74076 Heilbronn
         Germany

         Andreas Foerster
         Foersterhof 5
         17194 Lupendorf
         Germany


PBB PROJEKTMANAGEMENT: Creditors' Meeting Slated for May 25
-----------------------------------------------------------
The court-appointed insolvency manager for PBB Projektmanagement
Berlin/Brandenburg GmbH, Christian Koehler-Ma, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at
9:25 a.m. on May 25.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Aug. 24 at the same venue.

Creditors have until June 29 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against PBB Projektmanagement Berlin/Brandenburg
GmbH on March 29.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         PBB Projektmanagement Berlin/Brandenburg GmbH
         Ahrensfelder Chaussee 62
         12689 Berlin
         Germany


PRIMUS-VERMOEGENSARCHITEKTUR: Creditors' Meeting on April 19
------------------------------------------------------------
The court-appointed insolvency manager for Primus-
Vermoegensarchitektur GmbH, Hanns Poellmann, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:30 a.m. on April 19.

The meeting of creditors and other interested parties 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 10:00 a.m. on July 19 at the same venue.

Creditors have until May 19 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hanns Poellmann
         Prannerstr. 11
         80333 Muenchen
         Germany
         Tel: 089/33008090
         Fax: 089/330080999

The District Court of Deggendorf opened bankruptcy proceedings
against Primus-Vermoegensarchitektur GmbH on April 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Primus-Vermoegensarchitektur GmbH
         Westl. Stadtgraben 24 c
         94469 Deggendorf
         Germany


PROTEK GMBH: Claims Registration Period Ends May 11
---------------------------------------------------
Creditors of ProTek GmbH have until May 11 to register their
claims with court-appointed insolvency manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:18 a.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Osterode am Harz
         Hall 12
         Amtshof 20
         37520 Osterode am Harz
         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:

         Torsten Gutmann
         Lueders Partnerschaftsgesellschaft
         Blauen See 5
         31275 Hannover/Lehrte
         Germany
         Tel: 05132-8268-38
         Fax: 05132-8268-96
         E-mail: Gutmann@luederslaw.de  

The District Court of Osterode am Harz opened bankruptcy
proceedings against ProTek GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ProTek GmbH
         Walkenrieder Str. 32
         37449 Zorge
         Germany

         Attn: Peter Probst, Manager
         Pfarrwiese 6
         37447 Wieda
         Germany


QUALITY LINK: Claims Registration Period Ends April 30
------------------------------------------------------
Creditors of Quality Link Automatisierungstechnik GmbH have
until April 30 to register their claims with court-appointed
insolvency manager Ulrich Bert.

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

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Bert
         Birkenweg 24
         64295 Darmstadt
         Germany
         Tel: 06151/66 72 9-0
         Fax: 06151/66 72 9-20
         E-mail: darmstadt@ltb-anwaelte.de  

The District Court of Darmstadt opened bankruptcy proceedings
against Quality Link Automatisierungstechnik GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Quality Link Automatisierungstechnik GmbH
         Erlenweg 9
         64665 Alsbach
         Germany

         Attn: Giudo Lowitsch, Manager
         Wesenstr. 14
         64319 Pfungstadt
         Germany


WESTLB AG: Fitch Keeps Individual D Rating Despite Trading Loss
---------------------------------------------------------------
Fitch Ratings says WestLB AG's trading loss of approximately
EUR100 million does not have an immediate impact on the bank's
ratings of Issuer Default 'A-' with Stable Outlook, Short-term
'F1', Individual 'D' and Support '1'.

With eligible equity of EUR5.5 billion, WestLB can digest a
trading loss of this dimension.  At 8.1% at FYE06 its regulatory
capitalization is solid, especially taking into account that
management has managed down risks over the past three years,
reflected in improved asset quality.  At 5.7%, the bank's
eligible capital ratio is, however, less solid.  Last week the
bank reported a pre-tax profit of EUR1 billion for FY06.  
However, WestLB's 2006 net interest income plus net fee income
plus net trading income minus administrative costs was only
EUR68 million, 76% below 2005's.  Excluding one-off positions
like non-recurrent capital gains, restructuring costs and net
releases from loan-impairment charges WestLB's underlying
operating profitability remains weak and is burdened by a still
high cost base.

WestLB's earnings remained dominated by its capital markets
division in FY06, especially after its net trading income soared
on favorable market conditions.  The trading loss highlights the
higher volatility of this revenue component compared to other
income sources.  WestLB does not disclose the size of its
proprietary trading, where reportedly the loss occurred.  The
bank stated that two of its managers have breached internal
rules and have been removed from office.  Fitch believes that
the trading loss does not necessarily show weaknesses in
WestLB's risk management, which has been strengthened over the
past three years.

WestLB's Issuer Default, Short-term and Support ratings are
driven by the extremely high potential support from its owners
in case of need, in particular from the state of North-Rhine
Westphalia.


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


FAGE DAIRY: 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 corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for Fage Dairy Industry
S.A.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   7.5% Senior Unsecured
   Regular Bond/Debenture
   Due 2015                 B1       B1       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
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 Athens, Greece, Fage Dairy Industry S.A.
produces a wide range of branded dairy products including
yogurts, deserts, milk, dairy creams, cheeses and delicatessens.


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


ELAN CORP: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for Elan
Corporation plc and assigned a B2 probability-of-default rating
to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

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 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.


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


LUCCHINI SPA: 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 corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Lucchini S.p.A.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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 Brescia, Italy, Lucchini S.p.A. --
http://www.lucchini.it/-- is an iron and steel producer.  It is  
now part of the Severstal Group.


SEAT PAGINE: Antitrust Authority Blocks 12.88's Acquisition
-----------------------------------------------------------
Italy's antitrust authority banned Seat Pagine Gialle S.p.A.'s
acquisition of 12.88 SCT, the directory assistance unit of
Telefonica Publicidad e Informacion S.A., Bloomberg News
reports.

According to AFX News Ltd., a probe by the regulator found that
Seat Pagine would have further strengthened its position from 60
to 70 percent market share.

"Such strengthening, taking account of competitive advantages
which Seat holds via its strong brands and advertising
network... contributes to raising barriers to market entry," the
regulator disclosed in a statement.

"The elimination of the 12.88 brand following the acquisition
would take one of the most dynamic players out of the market,
thereby reducing customers' choices," it added.

In November 2006, Seat Pagine and Telefonica Publicidad, a unit
of Yell Group Plc, signed a deal for the sale of 12.88.

                    About Seat Pagine Gialle

Headquartered in Turin, Italy, Seat Pagine Gialle S.p.A. --
http://www.seat.it/-- provides a multimedia platform for  
assisting in the development of business contacts between users
and advertisers.

                          *     *     *

Moody's Investors Service assigned Seat Pagine Gialle S.p.A. a
Ba3 Corporate Family Rating, with stable outlook.

Fitch Ratings also placed the company an Issuer Default rating
of BB- with Stable Outlook.  Fitch also assigned rating of BB to
Seat's senior secured facilities, and B+ to the senior notes
issued by Lighthouse International Company S.A.

Standard & Poors also assigned BB- Long-term Local and Foreign
Issuer Rating to Seat.


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


ACTIVE CREDIT: Creditors Must File Claims by May 4
--------------------------------------------------
LLP Microcredit Organization Active Credit has declared
insolvency.  Creditors have until May 4 to submit written proofs
of claim to:

         LLP Microcredit Organization Active Credit
         Pobeda Str. 58-10
         Kaskelen
         Karasaisky District
         Almaty
         Kazakhstan


BIRJA INKAR: Creditors' Claims Due May 11
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Birja Inkar Semei insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-22-84


CENTRONICKS LTD: Proof of Claim Deadline Slated for May 4
---------------------------------------------------------
LLP Centronicks Ltd has declared insolvency.  Creditors have
until May 4 to submit written proofs of claim to:

         LLP Centronicks Ltd
         Aibergenov Str. 4/10
         Shymkent
         South Kazakhstan Region
         Kazakhstan


GRADIENT TV: Claims Registration Ends May 4
--------------------------------------------
LLP Gradient Tv has declared insolvency.  Creditors have until
May 4 to submit written proofs of claim to:

         LLP Gradient Tv
         Barhatnaya Str. 20
         Shymkent
         South Region
         Kazakhstan


FIRM FERRUM: Claims Filing Period Ends May 11
---------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region has declared LLP Firm Ferrum insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


KVAZAR LTD: Creditors Must File Claims by May 11
------------------------------------------------
LLP Kvazar Ltd has declared insolvency.  Creditors have until
May 11 to submit written proofs of claim to:

         LLP Kvazar Ltd
         Gogol Str. 111
         Almalinsky District
         Almaty
         Kazakhstan


KYRAN LLP: Creditors' Claims Due May 11
---------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Kyran insolvent.

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

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


OST-STAR LLP: Proof of Claim Deadline Slated for May 11
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Ost-Star insolvent.

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

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


SANDAL LLP: Claims Registration Ends May 11
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Sandal insolvent on Feb. 19.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Myzy Str. 2/1
         Ust-Kamenogorsk
         East Kazakhstan Region
         Kazakhstan
         Tel: 8 (3232) 24-22-84


VYBOR LLP: Claims Filing Period Ends May 11
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Vybor insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Seifullin Str. 37
         Uralsk
         West Kazakhstan Region
         Kazakhstan


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


KYRGYZDYIKANBANK: Creditors' Meeting Slated for April 23
--------------------------------------------------------
The temporary insolvency manager of JS Commercial
Kyrgyzdyikanbank will discuss his report at a creditors' meeting
at 10:00 a.m. on April 23 at:

         Room 201
         Chui Ave. 114
         Bishkek, Kyrgyzstan

Proxies must have authorization to vote.  

Inquiries can be addressed to (+996 312) 66-05-82, 62-44-83.


MELZAVOD OJSC: Creditors Must File Claims by April 23
-----------------------------------------------------
OJSC Tokmoksky Mill Factory Melzavod declared insolvency.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until April 23 to submit written proofs of claim
to:

         OJSC Tokmoksky Mill Factory Melzavod
         Sadovaya Str. 20
         Chui, Kyrgyzstan

The temporary insolvency manager is:

         Mr. Mussa Manatbaev
         Tel: (0-503) 29-41-40.


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


CODERE FINANCE: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B1 Corporate Family Rating for
Codere Finance (Luxembourg) S.A.

Moody's also assigned a B1 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2015                 B1       B1       LGD4    58%

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 Madrid, Spain, Codere S.A. --
http://www.codere.com/-- manages slot machines, bingos, betting  
shops, casinos and racetracks, for the private gaming sector in
Spain, Latin America and Italy.  Codere Finance (Luxembourg)
S.A. is a subsidiary of Codere S.A.


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


CLONDALKIN INDUSTRIES: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B1 Corporate Family Rating for
Clondalkin Industries B.V.

Moody's also assigned a B1 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                B3       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 the Netherlands, Clondalkin Industries B.V. is
a special purpose company formed to issue senior notes.


CNH GLOBAL: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for CNH
Global N.V.

Moody's also assigned a Ba3 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Case Corp.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   US$300 million
   7.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba3      LGD4     52%


* Issuer: Case Credit Corp.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   US$550 million
   Senior Unsecured
   Medium-Term
   Note Program            Ba3      LGD4     52%

   US$1 billion
   Senior Unsecured
   Medium-Term Note
   Program                 Ba3      LGD4     52%

   US$550 million
   Senior Unsecured
   Medium-Term Note
   Program                 Ba3      LGD4     52%

   US$150 million
   6.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2007                Ba3      LGD4     52%

* Issuer: Case New Holland Inc.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   9.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                Ba3      LGD4     52%

   6% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba3      LGD4     52%

   7.125% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2014                Ba3      LGD4     52%

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 Amsterdam, the Netherlands, CNH Global N.V.
(NYSE: CNH) -- http://www.cnh.com/-- is a world leader in the  
agricultural and construction equipment businesses.  Supported
by more than 11,000 dealers in 160 countries, CNH brings
together the knowledge and heritage of its Case and New Holland
brand families with the strength and resources of its worldwide
commercial, industrial, product support and finance
organizations.  CNH Global N.V. is a majority-owned subsidiary
of Fiat S.p.A.


GETRONICS N.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 corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Getronics N.V.

Moody's also assigned a B2 probability-of-default-rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   5.5% Senior Unsecured
   Conv./Exch. Bond/Debenture
   Due 2008                    Caa1     LGD5      79%

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 Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages   
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.
Its shares are traded on Euronext Amsterdam.


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


MALMA: North Coast & Colussi Plan Acquisition to Relaunch Plants
----------------------------------------------------------------
North Coast S.A. and Colussi seek to acquire debt-ridden Malma
and resume production at the company's plants, Puls Biznesu
reports.

The TCR-Europe reported on Jan. 17 that Alpina Savoie still
plans to acquire Malma, despite the rejection of its three
takeover bids.  Alpina had requested a Gdan'sk district court to
declare Malma, a Polish pasta manufacturer, bankrupt.

The company, burdened by a debt of more than PLN150 million
(EUR38.9 million), is the subject of three bankruptcy petitions.  
North Coast has promised the court that it will file a
bankruptcy suit against Malma before May 14, hoping that the
company's bankruptcy would result in a settlement with its
creditors, Puls Biznesu states.

                           About Malma

Headquartered in Malbork, Poland, Malma -- http://www.malma.com/  
-- produces pasta, stuffed dumplings, potato gnocchi and pizza
with its Malma brand appearing on the market in 1991.  The
company sells its products in Italy, France and Poland, among
others.  


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


HIDROELECTRICA SA: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its Ba1 Corporate Family Rating for
Hidroelectrica S.A.

Moody's also assigned a Ba1 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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 Bucharest, Romania, Hidroelectrica S.A. --
http://www.hidroelectrica.ro/-- is engaged in the generation of  
electric power.


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


ALCATEL-LUCENT: Completes Gazprom Neft Network Project
------------------------------------------------------
Alcatel-Lucent has completed the project with OAO Gazprom neft,
Russia's fastest-growing oil company, for the transformation of
its corporate network at its oil-processing factory in the city
of Omsk.  

Through the implementation of this new network, Gazprom neft is
focused on improving employee productivity and increasing the
reliability of its communications capabilities.

Gazprom neft chose Alcatel-Lucent to deliver a state-of-the-art
IP communication solution which will provide IP telephony to
more than 3,000 employees of the oil processing factory. Based
on the Alcatel-Lucent OmniPCX Enterprise IP telephony platform,
the solution includes Alcatel-Lucent's newest VoIP handsets.  
All nodes of the network are interconnected to ensure a feature
rich environment and to unite existing systems into a single,
integrated enterprise communication platform.  Alcatel-Lucent
also delivered Alcatel-Lucent IP Touch phones, which provide
advanced capabilities to increase employee productivity,
including "dial-by-name," call forwarding for mobility, and
other advanced communications applications.

"We made our choice in favor of the Alcatel-Lucent solution due
to its flexibility and high reliability. It improves employee
productivity by delivering advanced communications services,
while minimizing downtime," Constantin Yurganov, Gazprom neft
Head of Information technologies, said.  "The new solution will
allow our staff to communicate more effectively, while improving
overall productivity."

"We are very honored to work with Gazprom neft on this network
transformation project," Ivan Makharine, Director of Alcatel-
Lucent enterprise activities in CIS, said.  "Gazprom neft is a
perfect example of a forward-thinking corporation, investing in
a future-proof IP based solution that was designed to fully meet
their requirements."

Implementation of this project will enable Gazprom neft to
significantly enhance the organization's operating efficiency
and raise levels of quality and employee performance.

                       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 Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that   
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

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

                          *     *     *

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
Alcatel-Lucent.  

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: Alcatel-Lucent
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Senior Unsecured Bank
   Credit Facility          Ba2      Ba2      LGD3     46%

   4.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2011       Ba2      Ba2      LGD3     46%

   US$1.5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   EUR5-billion Senior
   Unsecured Medium-Term
   Note Program             Ba2      Ba2        LGD3   46%

   6.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2014                 Ba2      Ba2        LGD3   46%

   US$500-million Senior
   Unsecured Regular Bond/
   Debenture Due 2010       Ba2      Ba2        LGD3   46%

   EUR1-billion 4.375% Senior
   Unsecured Regular Bond/
   Debenture Due 2009       Ba2      Ba2        LGD3   46%

   EUR120-million 4.375%
   Senior Unsecured Regular
   Bond/Debenture Due 2009  Ba2      Ba2        LGD3   46%

* Issuer: Lucent Technologies Capital Trust I
                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1750-million 7.75%
   Preferred
   Stock Due 2017           B2       B1       LGD6     94%

* Issuer: Lucent Technologies Inc.

                                                       Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   US$1.75-billion Multiple
   Seniority Shelf,
   subordinated,           (P)B2     (P)B1    LGD6     94%

   US$1.75-billion Multiple
   Seniority Shelf
   regular/junior
   preferred stock         (P)B3     (P)B1    LGD6     97%

   US$1.75-billion Multiple
   Seniority Shelf, senior
   unsecured               (P)Ba3    (P)Ba2   LGD3     46%

   8% Subordinate
   Conv./Exch. Bond/
   Debenture Due 2031      B2        B1       LGD6     94%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2023      Ba3       Ba2      LGD3     46%

   2.75% Senior Unsecured
   Conv./Exch. Bond/
   Debenture Due 2025      Ba3       Ba2      LGD3     46%

   US$300-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2028      Ba3       Ba2      LGD3     46%

   US$500-million 5.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2008      Ba3       Ba2      LGD3     46%

   US$1.36-billion 6.45%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2029      Ba3       Ba2      LGD3     46%

As of Feb. 7, 2007, Alcatel-Lucent's Long-Term Corporate Credit
rating and Senior Unsecured Debt carry Standard & Poor's BB
rating.  It's Short-Term Corporate Credit rating stands at B.

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


EASTERN FISH: Creditors Must File Claims by April 17
----------------------------------------------------
Creditors of CJSC Eastern Fish Resources have until April 17 to
submit proofs of claim to:

         O. Syskov, Temporary Insolvency Manager
         Post User Box 284
         Anadyr, Chukotskiy
         Russia

The Arbitration Court of Chukotskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A80-124/06-B.

The Debtor can be reached at:

         CJSC Eastern Fish Resources
         Energetikov Str. 24-2
         Anadyr
         689000 Chukotskiy
         Russia


FOODS-210 CJSC: Creditors Must File Claims by May 17
----------------------------------------------------
Creditors of CJSC Factory of Reinforced Concrete Foods-210 have
until May 17 to submit proofs of claim to:

         M. Sidorov, Insolvency Manager
         Post User Box 85
         Kazan
         420029 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-16395/2006-SG4-39.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Factory of Reinforced Concrete Foods - 210
         Post User Box 172
         BSI-8
         Naberezhnye Chelny
         423802 Tatarstan
         Russia


GAZPROM NEFT: Alcatel-Lucent Installs New Communication Network
---------------------------------------------------------------
Alcatel-Lucent has completed the project with OAO Gazprom neft,
Russia's fastest-growing oil company, for the transformation of
its corporate network at its oil-processing factory in the city
of Omsk.  

Through the implementation of this new network, Gazprom neft is
focused on improving employee productivity and increasing the
reliability of its communications capabilities.

Gazprom neft chose Alcatel-Lucent to deliver a state-of-the-art
IP communication solution which will provide IP telephony to
more than 3,000 employees of the oil processing factory. Based
on the Alcatel-Lucent OmniPCX Enterprise IP telephony platform,
the solution includes Alcatel-Lucent's newest VoIP handsets.  
All nodes of the network are interconnected to ensure a feature
rich environment and to unite existing systems into a single,
integrated enterprise communication platform.  Alcatel-Lucent
also delivered Alcatel-Lucent IP Touch phones, which provide
advanced capabilities to increase employee productivity,
including "dial-by-name," call forwarding for mobility, and
other advanced communications applications.

"We made our choice in favor of the Alcatel-Lucent solution due
to its flexibility and high reliability. It improves employee
productivity by delivering advanced communications services,
while minimizing downtime," Constantin Yurganov, Gazprom neft
Head of Information technologies, said.  "The new solution will
allow our staff to communicate more effectively, while improving
overall productivity."

"We are very honored to work with Gazprom neft on this network
transformation project," Ivan Makharine, Director of Alcatel-
Lucent enterprise activities in CIS, said.  "Gazprom neft is a
perfect example of a forward-thinking corporation, investing in
a future-proof IP based solution that was designed to fully meet
their requirements."

Implementation of this project will enable Gazprom neft to
significantly enhance the organization's operating efficiency
and raise levels of quality and employee performance.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that   
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.  

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

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

                       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.


GOLDEN TELECOM: 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Golden Telecom Inc.

Moody's also assigned a Ba3 probability-of-default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

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, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated   
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.  The Company offers voice,
data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.


IGARSKIY SEA: Court Names A. Anishenko as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Krasnoyarsk appointed Mr. A. Anishenko
as Insolvency Manager for OJSC Maslodel.  He can be reached at:

         A. Anishenko
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A33-2671/04-S4.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Maslodel
         Shmidta Str. 1
         Igarka, Krasnoyarsk
         Russia


KUGANAKSKIY BRICKWORKS: Creditors Must File Claims by May 17
------------------------------------------------------------
Creditors of LLC Kuganakskiy Brickworks (TIN 0242005897) have
until May 17 to submit proofs of claim to:

         R. Urazbakhtin, Insolvency Manager
         Office 2
         Oktyabrya Pr. 11
         Ufa
         450001 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-47163/05-G-KhRM.

The Court is located at:

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

The Debtor can be reached at:

         LLC Kuganakskiy Brickworks
         B. Kuganak
         Sterlitamakskiy
         453149 Bashkortostan
         Russia


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

         D. Serdyuk, Temporary Insolvency Manager
         Uralskaya Str. 134
         350059 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-32-659/2007-27/35B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         CJSC Ladozhskoye
         Konshinykh Str. 111
         Ladozhskaya St.
         352323 Krasnodar
         Russia


MITEKS CJSC: Creditors Must File Claims by April 17
---------------------------------------------------
Creditors of CJSC Gloves Factory Miteks have until April 17 to
submit proofs of claim to:

         I. Nozdrin, Insolvency Manager
         Post User Box 15854
         Diksona Str. 1
         660020 Krasnoyarsk
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A74-2068/2006.

The Court is located at:

         The Arbitration Court of Khakasiya
         Post User Box 147
         Pushkina Str. 165
         Abakan
         655017 Khakasiya
         Russia

The Debtor can be reached at:

The Arbitration Court of Khakasiya
         Post User Box 147
         Pushkina Str. 165
         Abakan
         655017 Khakasiya
         Russia


NABEREZHNO CHELNINSKIY: Bankruptcy Hearing Slated for June 19
-------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 10:00 a.m. on
June 19 to hear the bankruptcy supervision procedure on OJSC
Naberezhno Chelninskiy Elevator.  The case is docketed under
Case No. A65-23341/2006-SG4-49.

The Temporary Insolvency Manager is:

         A. Volkov
         Post User Box 72
         422986 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Naberezhno Chelninskiy Elevator
         Naberezhnye Chelny
         Tatarstan
         Russia


NOVOLIPETSK STEEL: Earns RUR50.51 Billion for Full Year 2006
------------------------------------------------------------
Novolipetsk Steel OJSC released its financial results for the
year ended Dec. 31, 2006, prepared according to the Russian
Accounting Standards.

NLMK posted a 43.6% year-on-year hike in annual net profit in
2006 to RUR50.51 billion, against a 17.7% year-on-year rise in
revenues to RUR140.3 billion, RIA Novosti reports.

The company attributed the increase in net profit to the sale of
its stakes in the Lebedinsky Ore Mining and Processing Plant and
the KMAruda mining company in Belgorod, RIA Novosti relates.  
NLMK raised around RUR12.8 billion from the stake sale.

NLMK attributed its hike in revenues to a favorable situation on
the world metal products market and the expanded output and
sales volumes.

In 2006, the company posted 7.8% year-on-year in steel output to
9.13 million metric tons.

                       About Novolipetsk

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

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

                        *     *     *

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

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

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


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

         A. Sotnikov, Temporary Insolvency Manager
         Abrekskaya, 5
         690001 Vladimir
         Russia

The Arbitration Court of Primorye will convene at 2:00 p.m. on
Aug. 9 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A51-375/2007 15-2.


The Debtor can be reached at:

         CJSC Novoselskoye
         Tsentralnaya Str. 6
         Novoselskoye
         Spasskiy
         692214 Primorye
         Russia


OZINSKIY OJSC: Court Names A. Progozhin as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Saratov appointed Mr. A. Progozhin as
Insolvency Manager for OJSC Butter Factory Ozinskiy.  He can be
reached at:

         A. Progozhin
         Post User Box 1
         Lukoyanov
         607800 Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A57-161/07-40.

The Court is located at:

         The Arbitration Court of Saratov  
         Babushkin Vvoz 1
         Saratov  
         Russia

The Debtor can be reached at:

         OJSC Butter Factory Ozinskiy
         Ozinki
         Saratov
         Russia


PLASTMASS-SERVICE CJSC: Creditors Must File Claims by May 17
------------------------------------------------------------
Creditors of CJSC Plastmass-Service have until May 17 to submit
proofs of claim to:

         Y. Kushenko, Insolvency Manager
         Post User Box 9271
         644029 Omsk-29
         Russia
         Tel: 8-913-979-53-07

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-10323/2006.

The Debtor can be reached at:

         CJSC Plastmass-Service
         Krasnoyarskiy Trakt, 155
         644035 Omsk
         Russia


SEVER LLC: Court Names V. Khmelnitskiy as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Omsk appointed Mr. V. Khmelnitskiy as
Insolvency Manager for LLC Shipping Company Sever.  He can be
reached at:

         V. Khmelnitskiy
         Marksa Pr. 4-209A
         644027 Omsk-24
         Russia
         Tel/Fax: (3812)31-05-27
         Tel: 31-00-13

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A46-902/2007.

The Debtor can be reached at:

         LLC Shipping Company Sever
         Omsk
         Russia


SIBAY PRESERVED: Creditors Must File Claims by April 17
-------------------------------------------------------
Creditors of CJSC Sibay Preserved Milk (TIN 0267005754) have
until April 17 to submit proofs of claim to:

         F. Bayburin, Insolvency Manager
         Oktyabrskoy Revolyutsii Str., 67
         Ufa
         450057 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-9817/05-G-ADM/PAV.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sibay Preserved Milk
         Building 5
         Vostochnoye Shosse 1
         Sibay
         453833 Bashkortostan
         Russia


SLADKOVSKOYE CJSC: Asset Bidding Deadline Slated for April 13
-------------------------------------------------------------
D. Khomutov, the external insolvency manager and the bidding
organizer for CJSC Sladkovskoye, will open a public auction for
the company's properties at 11:00 a.m. on April 18 at:

         Room 513
         Krasnaya Str. 180
         Krasnodar
         Russia

Interested participants have until April 13 to deposit an amount
equivalent to 5% of the starting price to:

         IP Khomutov D.V.
         Settlement Account 40802810800440004090
         Correspondent Account 3010181030000000000978
         BIK 040349978
         OJSC Bank Moskvy (Krasnodarskiy)
         Russia

Bidding documents must be submitted to:

         D. Khomutov
         Krasnaya Str. 513
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Sladkovskoye
         Zelenaya Str. 13A
         Tselinnyj
         Slavyanskiy, Krasnodar
         Russia


VOLGO-PROM-OIL-STROY: Creditors Must File Claims by April 17
------------------------------------------------------------
Creditors of CJSC Volgo-Prom-Oil-Stroy have until April 17 to
submit proofs of claim to:

         R. Radyno, Insolvency Manager
         Post User Box 103
         Nizhnekamsk-6
         423576 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-27033/2006-SG4-26.

The Court is located at:

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

The Debtor can be reached at:

         R. Radyno, Insolvency Manager
         Post User Box 103
         Nizhnekamsk-6
         423576 Tatarstan
         Russia


WORKS OF SEA: Creditors Must File Claims by May 17
--------------------------------------------------
Creditors of CJSC Works of Sea have until May 17 to submit
proofs of claim to:

         E. Khramenok, Insolvency Manager
         Post User Box 113
         23 GOS
         683023 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-2135/06-16.

The Debtor can be reached at:

         CJSC Works of Sea
         50 Let Oktyabrya Pr. 20
         Kovran
         Tigilskiy
         688621 Kamchatka
         Russia


YUKOS OIL: Creditors OK May 10 Auction for Samaraneftegaz Assets
----------------------------------------------------------------
(JazeL)

The committee of OAO Yukos Oil Co.'s creditors approved the sale
of the company's assets under three lots, which will be
auctioned off in mid-May, published reports say.

According to Yukos bankruptcy receiver Eduard Rebgun, these
assets will be auctioned on May 10 in one lot:

   -- Samaraneftegaz, one of Yukos' largest remaining crude oil
      production assets;

   -- oil refineries comprising of Kuibyshevsky,
      Novokuibyshevsky, and Syzransky; and

   -- other assets.  

The block will carry a RUR154.97 billion or US$6 billion
starting price with a RUR260 million increment.  Bids will be
accepted from April 9 to May 7.

The second lot, Interfax relates, will carry companies
specializing in the retail trade of oil products located mostly
in Central Russia.  The block carries a starting price of
RUR23.3 billion or US$900 million.

The third lot will include Yukos' headquarters in Moscow for a
starting price of RUR7.75 billion (US$300 million).

                  Other Auction Details

Interfax reports that a lot consisting of:

   -- 100% of Tomskneft
   -- 70.78% of Vostsibneftegaz
   -- 5.89% of Yeniseineftegaz
   -- 100% of Angarsk Petrochemical Company
   -- 100% of Achinsk Oil Refinery, and
   -- 100% Angarsk Polymer Plant

will be sold for a RUR166.3 billion (US$6.4 billion) starting
price at an auction on May 3.

                        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.

                      Auction Winners

In a TCR-Europe report on March 28, Rosneft, through RN-
Razvitiye, won the auction for Yukos' 9.44% stake in the
company, outbidding TNK-BP Holding Ltd.  Rosneft offered
RUR197.84 billion to acquire the first lot, which includes the
stake and 12 promissory notes worth RUR3.56 billion in unit
Yuganskneftegaz.

On April 4, EniNeftegaz, a joint venture of Italian energy firms
Eni S.p.A. (60%) and Enel S.p.A. (40%) won the auction to
acquire Yukos's 20% stake in OAO Gazprom Neft for RUR151.5
billion.

In a TCR-Europe report on March 16, OAO Gazprom will acquire the
stake from EniNeftegaz at a later date pursuant to an agreement
entered between the two parties.

Mr. Rebgun 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.


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


CENTRAL EUROPEAN: 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Central European Media Enterprises Ltd.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Unsecured
   Floating-Rate Global
   Notes Due 2012           Ba3      Ba3      LGD4    59%

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2012                 Ba3      Ba3      LGD4    59%

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%).

Central European Media Enterprises Ltd. is a commercial
television company in Central and Eastern Europe.  The Company
operates national private television stations and networks in
the Slovak Republic and Slovenia.  CEM's television studios and
production facilities produce original programming to support
its broadcasting operations.


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


CODERE FINANCE: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B1 Corporate Family Rating for
Codere Finance (Luxembourg) S.A.

Moody's also assigned a B1 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2015                 B1       B1       LGD4    58%

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 Madrid, Spain, Codere S.A. --
http://www.codere.com/-- manages slot machines, bingos, betting  
shops, casinos and racetracks, for the private gaming sector in
Spain, Latin America and Italy.  Codere Finance (Luxembourg)
S.A. is a subsidiary of Codere S.A.


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


ALPSTEIN INVEST: Creditors' Liquidation Claims Due April 25
-----------------------------------------------------------
Creditors of JSC Alpstein Invest have until April 25 to submit
their claims to:

         Josef Eugster
         Liquidator
         Weissbadstrasse 1
         9050 Appenzell
         Switzerland

The Debtor can be reached at:

         JSC Alpstein Invest
         Appenzell
         Switzerland


CAPRICORN COMMUNICATION: Liquidation Claims Due April 25
--------------------------------------------------------
Creditors of LLC Capricorn Communication have until April 25 to
submit their claims to:

         Thomas Hobi
         Liquidator
         Rabengasse 11
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC Capricorn Communication
         Chur
         Plessur GR
         Switzerland


DRESDNER WIEDERAUFBAU: Liquidation Claims Due April 25
------------------------------------------------------
Creditors of JSC Dresdner Wiederaufbau have until April 25 to
submit their claims to:

         Dr. Ernst A. Brandenberg
         Liquidator
         Poststrasse 9
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Dresdner Wiederaufbau
         Zug
         Switzerland


HANS DENIFL: Creditors' Liquidation Claims Due April 26
-------------------------------------------------------
Creditors of LLC Hans Denifl have until April 26 to submit their
claims to:

         Beatrix Schmid
         Liquidator
         Sihleggstr. 23
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC Hans Denifl
         Wollerau
         Hofe SZ
         Switzerland


HEINIGER JSC: Creditors' Liquidation Claims Due May 31
------------------------------------------------------
Creditors of JSC Heiniger have until May 31 to submit their
claims to:

         Alfred Heiniger
         Liquidator
         Dammstrasse 46
         4142 Munchenstein
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Heiniger
         Munchenstein
         Arlesheim BL
         Switzerland


INCOIN - INVESTMENTS: Creditors' Liquidation Claims Due April 30
----------------------------------------------------------------
Creditors of LLC INCOIN-Investments have until April 30 to
submit their claims to:

         Helen Otto
         Liquidator
         Birchstr. 185
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC INCOIN-Investments
         Zurich
         Switzerland


INSPIRATION BLUMEN: Creditors' Liquidation Claims Due May 8
-----------------------------------------------------------
Creditors of LLC Inspiration Blumen Design have until May 8 to
submit their claims to:

         Nadine Thomann
         Liquidator
         Fehrenstr. 32
         4226 Breitenbach
         Thierstein SO
         Switzerland

The Debtor can be reached at:

         LLC Inspiration Blumen Design
         Laufen BL
         Switzerland


KERSCO JSC: Creditors' Liquidation Claims Due April 25
------------------------------------------------------
Creditors of JSC Kersco have until April 25 to submit their
claims to:

         LLC Kromag Verwaltung
         Liquidator
         Chamerstrasse 172
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Kersco
         Zug
         Switzerland


LEGOLAND ESTATES: Creditors' Liquidation Claims Due April 23
------------------------------------------------------------
Creditors of JSC Legoland Estates have until April 23 to submit
their claims to:

         Sihlbruggstrasse 3
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Legoland Estates
         Baar ZG
         Switzerland


LICINI FITNESS: Creditors' Liquidation Claims Due August 23
-----------------------------------------------------------
Creditors of JSC Licini Fitness have until Aug. 23 to submit
their claims to:

         Yvonne Licini
         Liquidator
         Fichtenstrasse 35
         8032 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Licini Fitness
         Zurich
         Switzerland


MACROBRACHIUM LLC: Creditors' Liquidation Claims Due April 25
-------------------------------------------------------------
Creditors of LLC Macrobrachium have until April 25 to submit
their claims to:

         Walter Fluckiger
         Liquidator
         Tiergarten 1
         3400 Burgdorf BE
         Switzerland

The Debtor can be reached at:

         LLC Macrobrachium
         Burgdorf BE
         Switzerland


MAGERT & JUNGEN: Creditors' Liquidation Claims Due April 23
-----------------------------------------------------------
Creditors of LLC Magert & Jungen, Import have until April 23 to
submit their claims to:

         Martin Jungen
         Liquidator
         Reudlen
         3713 Reichenbach i.K.
         Frutigen BE
         Switzerland

The Debtor can be reached at:

         LLC Magert & Jungen, Import
         Reichenbach i.K.
         Frutigen BE
         Switzerland


MANFRED SCHAFER: Creditors' Liquidation Claims Due April 23
-----------------------------------------------------------
Creditors of LLC Manfred Schafer have until April 23 to submit
their claims to:

         Manfred Schafer
         Liquidator
         Rossistrasse 48
         1735 Giffers
         Sense FR
         Switzerland

The Debtor can be reached at:

         LLC Manfred Schafer
         St. Antoni
         Sense FR
         Switzerland


METZLER ENGINEERING: Creditors' Liquidation Claims Due June 4
-------------------------------------------------------------
Creditors of LLC Metzler Engineering have until June 4 to submit
their claims to:

         Viktor Metzler
         Liquidator
         Kestenbergstrasse 29
         5210 Windisch
         Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Metzler Engineering
         Windisch
         Brugg AG
         Switzerland


UNIOS LLC: Creditors' Liquidation Claims Due April 20
-----------------------------------------------------
Creditors of LLC Unios have until April 20 to submit their
claims to:

         Christian Gusset
         Liquidator
         Somazzistrasse 7
         3008 Bern
         Switzerland

The Debtor can be reached at:

         LLC Unios
         Bern
         Switzerland


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


FORD OTOSAN: Plans to Hike Exports to US$2.7 Billion in 2007
------------------------------------------------------------
Ford Otomotiv Sanayi A.S., the Turkish unit of Ford Motor Co.,
is eyeing to boost its exports by 10% to US$2.7 billion in 2007
from US$2.4 billion in 2006, The Detroit News reports citing
Bloomberg News as its source.

According to Turgay Durak, chief executive of Ford Otosan, the
capacity of its Kocaeli plant will increase its production to
300,000 cars a year by October.  The plant currently produces
250,000 cars annually.

Mr. Durak further revealed that Ford Otosan already invested
US$1.6 billion since the 2001 economic crisis in Turkey.

"We have managed to increase our market share to 17.1 percent in
2006 from 17 percent in 2005," Mr. Durak was quoted by the
Turkish Daily News as saying.

Headquartered in Istanbul, Turkey, Ford Otomotiv Sanayi A.S. --
http://www.ford.com.tr/-- manufactures and distributes a range  
of Ford vehicles including models such as Fiesta, KA, Street KA,
Explorer, Focus, Focus C-Max and Transit.  As of Aug. 1, 2006,
the Company had three manufacturing plants and 112 dealers
across Turkey, which provides sales, after sales services and
spare parts.  It makes exports mainly to the European region and
the Commonwealth of Independent States.

Ford Motor Co. and Koc Group of Turkey exercise joint control in
Ford Otosan with a 41% stake each, while the remaining 18% is
quoted on the Istanbul Stock Exchange.

                        *     *     *

As reported in the TCR-Europe on Aug. 23, Fitch Ratings affirmed
Turkey-based Ford Otosan's local currency Issuer Default rating
at BB+.  Fitch said the rating Outlook remains Negative.


PETROKIMYA HOLDING: Fitch's BB IDR May Change on Privatization
--------------------------------------------------------------
Fitch Ratings says PETKIM Petrokimya Holding A.S.'s ratings may
change as a result of the Turkish petrochemical company's
privatization.  

This will depend on the credit profile of the successful bidder
and new majority owner as well as structural ownership details.  
Petkim is rated Local Currency and Foreign Currency Issuer
Default 'BB' and National Long-term 'AA-'.  The Outlooks on all
the ratings are Stable.

The Turkish Privatization Administration announced on Feb. 8 a
privatization tender of 51% of Petkim shares through a block
sale.  The Administration owns 54% of Pektim and the Republic of
Turkey, State Pension Fund holds 7%.  Currently, 39% of Petkim
shares are traded on the Istanbul Stock Exchange.  The
information memorandum and the tender specifications prepared
for Petkim have been made available from March 20.  The pre-
qualification application deadline is May 14.  Final bids are
due on June 15.

Petkim is Turkey's largest petrochemicals player with an
approximate 30% share in the domestic market that shows high
growth potential.  Furthermore, Petkim remains an equity-
capitalized company with very low debt.  Compared to its larger
international peers, the company, however, has limited scale and
integration scope and suffers earnings volatility, leading to
below-average operating margins.

Petkim was founded in 1965 as a state-owned entity in Turkey.  
At end-FY06, Pektim's sales were up 65% y-o-y at TRY2.2 billion
sales.  It reported TRY212 million EBITDA with 10% EBITDA margin
and TRY58 million net income at end-FY06.  Pektim has
historically carried minimal debt on its balance sheet.  At end-
FY06, the company reported TRY89 million net cash.  At end-FY05,
the company had TRY18 million net debt, compared to its
TRY1.4 billion equity.  In FY05, Petkim increased its production
capacity by 19% to 1.9 million tons.


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


ALPARI LLC: Creditors Must File Claims by April 21
--------------------------------------------------
Creditors of LLC Alpari (code EDRPOU 31858626) have until
April 21 to submit written proofs of claim to:

         Alexander Polischuk
         Liquidator
         Vorovsky Str. 5/1
         83045 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/249B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alpari
         Adonisov Str. 77
         Donetsk
         Ukraine


DONBASS-COAL LLC: Creditors Must File Claims by April 21
--------------------------------------------------------
Creditors of LLC Donbass-Coal (code EDRPOU 24456683) have until
April 21 to submit written proofs of claim to:

         Svetlana Kharakhash
         Liquidator
         Kievsky Avenue 5/30
         83121 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/172b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Donbass-Coal
         Komsomolets of Donbass Newspaper Str. 43-a
         83037 Donetsk
         Ukraine


ENERGY LLC: Creditors Must File Claims by April 21
--------------------------------------------------
Creditors of LLC Energy (code EDRPOU 30872168) have until
April 21 to submit written proofs of claim to:

         Alexander Polischuk
         Liquidator
         Vorovsky Str. 5/1
         83045 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on March 15 after finding it insolvent.  The
case is docketed under Case No. 42/252B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Energy
         Adonisov Str. 77
         Donetsk
         Ukraine


KOMETA LLC: Creditors Must File Claims by April 21
--------------------------------------------------
Creditors of LLC Agricultural Company Kometa (code EDRPOU
32616410) have until April 21 to submit written proofs of claim
to:

         L. Arkina
         Temporary Insolvency Manager
         Gorky Str. 10/14, ap. 209
         Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company on Jan. 9.  The case is
docketed under Case No. B 24/10-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Kometa
         Shevchenko Str. 10
         Dnipropetrovsk
         Ukraine


NIKOL LLC: Creditors Must File Claims by April 21
-------------------------------------------------
Creditors of LLC Nikol (code EDRPOU 30399865) have until
April 21 to submit written proofs of claim to:

         Alexander Polischuk
         Liquidator
         Vorovsky Str. 5/1
         83045 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/251B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nikol
         Adonisov Str. 77
         Donetsk
         Ukraine


SCORPIO LLC: Creditors Must File Claims by April 21
---------------------------------------------------
Creditors of LLC Scorpio (code EDRPOU 30569483) have until
April 21 to submit written proofs of claim to:

         Alexander Polischuk
         Liquidator
         Vorovsky Str. 5/1
         83045 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/250B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Scorpio
         Adonisov Str. 77
         Donetsk
         Ukraine


STOREX LLC: Creditors Must File Claims by April 21
--------------------------------------------------
Creditors of LLC Storex (code EDRPOU 32532252) have until
April 21 to submit written proofs of claim to:

         Victor Denisenko
         Liquidator
         Pobeda Avenue 57
         03113 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 13 after finding it insolvent.  The
case is docketed under Case No. 15/32-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Storex
         Oles Gonchar Str. 38A
         03034 Kiev
         Ukraine


VERHOVINA 2004: Claims Submission Deadline Set April 21
-------------------------------------------------------
Creditors of LLC Verhovina 2004 (code EDRPOU 32876117) have
until April 21 to submit written proofs of claim to:

         V. Rabushko
         Temporary Insolvency Manager
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/37/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Verhovina 2004
         Student Str. 27-B
         Melitopol District
         Lazurnoe
         72372 Zaporozhje
         Ukraine


* S&P Changes Ukraine's Outlook to Negative on Political Tension
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its long-term rating
outlook on Ukraine to negative from stable based on the
deteriorating political climate and the concomitant risks to
economic policies.  

At the same time, the 'BB-' long-term foreign, 'BB' long-term
local, and 'B' short-term sovereign credit ratings on Ukraine
were all affirmed.

"The outlook revision is based on a heightening in political
tensions that have been simmering between Prime Minister Viktor
Yanukovich and President Viktor Yushchenko ever since the
"Orange Revolution" in 2004," said Standard & Poor's credit
analyst Moritz Kraemer.

This escalation in tensions has culminated in the president
calling earlier this week for new parliamentary elections, to be
held by the end of May.  Nevertheless, the legal basis for
Yushchenko's decision to dissolve parliament is disputed, and so
far parliament has rejected the call for dissolution and the
cabinet has refused to allocate funds to finance the election.

Economic and fiscal policy-making has never been at the
forefront of the Yanukovich government's agenda, but the current
political turbulence is likely to reduce even its modest
reformist ambitions. If early elections were to be held, they
would probably not return a reform-oriented and market-friendly
government, especially as the return of opposition leader Yulia
Timoshenko to a position of power could result.  This could
accelerate the currently relatively gradual increase in the
price of natural gas imported from Russia, which in turn would
harm the energy-intensive Ukrainian economy.

Ukraine's very rapidly increasing private sector leverage and
the fast rising external indebtedness of the largely
domestically-owned banking sector have increased Ukraine's
economic vulnerability to external shocks or a worsening of the
domestic political environment.

The negative outlook reflects the growing risks that Ukraine
could slide into a full-blown constitutional crisis, paralyzing
policy making and undermining economic growth prospects," said
Mr. Kraemer.

Political hazards are accompanied by structural economic
weaknesses. Specifically, Ukraine remains vulnerable to terms of
trade shocks. The poor prospects for meaningful supply-side
reform will make it harder for the economy to absorb those
external shocks if and when they occur.

Improved political stability and at least moderate progress with
institutional and economic modernization would be a precondition
for revising the outlook back to stable.  If there was to be an
intensification of the current political crisis, or if it were
to be significantly prolonged, this would put the economic
achievements of recent years in jeopardy and lead to the ratings
on Ukraine being lowered.


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


A C SKELTON: Appoints Administrators from PricewaterhouseCoopers
----------------------------------------------------------------
Mark David, Arthur Loftus and Edward Klempka of
PricewaterhouseCoopers LLP were appointed joint administrators
of A.C. Skelton & Sons Ltd. (Company Number 00369411) on March
26.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.   

Headquartered in Hull, England, A.C. Skelton and Sons Ltd. --
http://www.skeltonsbakery.co.uk/-- is a local independent  
family owned bakery that has 44 retail shops and 8 cafes
situated in East Yorkshire and North Lincolnshire.


AVOCA CLO: Fitch Rates EUR45 Million Notes at Low-B
---------------------------------------------------
Fitch Ratings assigned final ratings to Avoca CLO VII plc's
issue of EUR711 million floating-rate notes due 2024.  

The transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.

   -- EUR284 million Class A1 floating-rate notes XS0289562745:
      'AAA'

   -- EUR62.5 million Class A2 floating-rate notes XS0289563396:
      'AAA'

   -- EUR145 million Class A3 floating-rate notes XS0289564014:
      'AAA'

   -- EUR48.5 million Class B deferrable floating-rate notes
      XS0289565763: 'AA'

   -- EUR42 million Class C1 deferrable floating-rate notes
      XS0289566571: 'A'

   -- EUR4.5 million Class C2 deferrable fixed-rate notes
      XS0290383412: 'A'

   -- EUR23 million Class D1 deferrable floating-rate notes
      XS0289566902: 'BBB'

   -- EUR8.5 million Class D2 deferrable fixed-rate notes
      XS0290383768: 'BBB'

   -- EUR28.25 million Class E1 deferrable floating rate notes
      XS0289567546: 'BB'

   -- EUR2.75 million Class E2 deferrable fixed-rate notes
      XS0290384493: 'BB'

   -- EUR14 million Class F deferrable floating-rate notes
      XS0289568437: 'B'

   -- EUR40 million Class V combination notes XS0290386431:
      'AAA'

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Avoca Capital Holdings.  Avoca's CDO Asset Manager
Rating of 2 for leveraged loans was affirmed on Feb. 21, based
on the manager's disciplined investment process, robust credit
research and good access to collateral.  The ratings are also
based on the credit enhancement provided to the various classes
of notes, which consists of the subordinated notes, structural
protection covenants and excess spread.

The ratings of the Class A1, Class A2, Class A3 and the Class V
combination notes address the ultimate repayment of principal at
maturity and timely payment of interest according to the terms
of the notes.  For all other rated classes of notes, the ratings
address the ultimate payment of principal and interest,
including any deferred interest, at maturity according to the
terms of the notes.

The portfolio comprises primarily senior secured loans and up to
15% of mezzanine loans and second-lien loans.  In addition, up
to 5% of the portfolio can contain high-yield bonds.  The
portfolio guidelines outlined in the investment management
agreement limit the collateral manager's portfolio allocations
with respect to obligor, industry and asset type.

Avoca CLO VII plc is a limited liability company incorporated in
Ireland, under the Irish Companies Acts, 1963-2006. The net
proceeds from the note issuance are used to purchase a portfolio
of primarily European senior secured loans.


BELLS INCORPORATED: Creditors' Meeting Slated for April 17
----------------------------------------------------------
Creditors of Bells Incorporated Ltd. will meet at noon on  
April 17 at:
  
         Begbies Traynor
         5th Floor
         Riverside House
         31 Cathedral Road
         Cardiff
         CF11 9HB
         Wales
          
Creditors who want to vote at the meeting have until noon on  
April 16 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on April 13.

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


BRITISH AIRWAYS: CEO Discounts Rumors on bmi Acquisition Talks
--------------------------------------------------------------
William Walsh, chief executive officer of British Airways plc,
dismissed speculations that the carrier is in talks to acquire
smaller rival bmi, The Guardian reports.

Mr. Walsh told The Guardian that he has had no contact with bmi
Chairman Sir Michael Bishop, who holds a 50% stake in bmi.  

He emphasized that BA would not acquire bmi just to protect a
U.S. service, although it may consider a bid for the carrier if
it is up for sale.

"I have always said I would have no difficulty competing with
BMI on the transatlantic route.  I don't believe in closing off
threats like that," Mr. Walsh was quoted by The Guardian as
saying.

                     Iberia Lineas Takeover?

The chief executive also revealed that BA is not interested in
taking over Iberia Lineas Aereas de Espana SA as bilateral
treaties underpinning the latter's Latin American network would
prevent a non-Spanish carrier from acquiring or merging with the
airline.

As previously reported in the TCR-Europe on April 5, British
Airways has decided to appoint UBS AG to advise on how to use
its 10% holding in Iberia Lineas Aereas de Espana SA in the best
interests of shareholders.

The advice will examine all options, including a disposal of the
holding.

The move came after Iberia disclosed that it has received a bid
approach from private equity firm Texas Pacific Group.

However, BA instructed its two nominees to the Iberia board not
to attend future meetings of the Spanish carrier to avoid any
potential conflict of interest, AFX News reports citing a
company spokesman.

According the report, TPG is considering a cash offer of EUR3.60
a share, which values Iberia at EUR3.4 billion (US$4.5 billion).

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and    
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

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, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

* Issuer: British Airways, Plc

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

   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH ENERGY: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its Ba2 Corporate Family Rating for
British Energy Holdings Plc.

Moody's also assigned a Ba2 probability of default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   7% Senior Unsecured
   Regular Bond/Debenture
   Due 2022                Ba3      LGD5     85%


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 Livingston, Scotland, British Energy Holdings
Plc -- http://www.british-energy.com/-- is a subsidiary of  
British Energy Group Plc.  The company generates and sells
electricity and operates nuclear power plants in the U.K.  It
employs 6,000 professionals.


CORUS GROUP: Tata to Dispatch Consideration for Takeover Offer
--------------------------------------------------------------
Corus Group plc disclosed on April 2 that the scheme of
arrangement relating to the recommended offer for Corus Group
plc by Tata Steel U.K. Ltd. at a price of 608 pence per ordinary
share in cash had become effective, the board of Tata Steel
confirms that consideration monies (and where applicable loan
note certificates) will be dispatched to Corus shareholders
tomorrow, April 11.

As previously reported, the Scheme was sanctioned by the High
Court of Justice in England and Wales at a hearing held on
March 27 and the reduction of capital relating to the Scheme was
confirmed by the Court on March 30.  This follows approval of
the Scheme, by the requisite majorities of Corus shareholders,
at the Court Meeting and at the Extraordinary General Meeting,
which were held on March 7.

In a TCR-Europe report on Jan. 31, Tata Steel outbid Companhia
Siderurgica Nacional in the auction for Corus Group's assets
after offering investors 608 pence per share in cash, or GBP5.7
billion (US$11.3 billion).

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

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

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

                          *     *     *

As reported in the TCR-Europe on April 9, Standard & Poor's
Ratings Services kept its 'BB' long-term corporate credit rating
on U.K.-based steelmaker Corus Group PLC on CreditWatch with
developing implications, following the completion of the GBP6.2
billion takeover of the company by India-based steel
manufacturer Tata Steel Ltd., which became effective on April 2.

S&P said the 'BB+' debt rating on Corus' EUR700 million senior
secured bank loan and the 'BB-' unsecured debt rating on Corus
also remain on CreditWatch with developing implications.  The
'B' short-term corporate credit rating remains on CreditWatch
with positive implications.  The ratings were placed on
CreditWatch on Oct. 18, 2006, following the announcement of an
initial bid by Tata Steel.

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

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


CORUS GROUP: Shares Delisted Following Approval of Tata Offer
------------------------------------------------------------
Corus Group plc disclosed that, as from 9.00 a.m. (Amsterdam
time) on Thursday, April 5, the ordinary shares of 50 pence each
in the capital of Corus have been delisted from Euronext in
Amsterdam.  

In addition, as from 8.00 a.m. (London time), the Corus Shares
have been delisted from the Official List of the U.K. Listing
Authority.  

This follows the scheme of arrangement relating to the
recommended offer for Corus by Tata Steel U.K. Ltd. at a price
of 608 pence per ordinary share in cash having become effective
on April 2.

                        About Tata Steel

Established in 1907, Tata Steel is Asia's first and India's
largest private sector steel company.  Tata Steel is among the
lowest cost producers of steel in the world and one of the few
select steel companies in the world that is EVA+ (Economic Value
Added).

                       About Corus Group

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

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

                          *     *     *

As reported in the TCR-Europe on April 9, Standard & Poor's
Ratings Services kept its 'BB' long-term corporate credit rating
on U.K.-based steelmaker Corus Group PLC on CreditWatch with
developing implications, following the completion of the GBP6.2
billion takeover of the company by India-based steel
manufacturer Tata Steel Ltd., which became effective on April 2.

S&P said the 'BB+' debt rating on Corus' EUR700 million senior
secured bank loan and the 'BB-' unsecured debt rating on Corus
also remain on CreditWatch with developing implications.  The
'B' short-term corporate credit rating remains on CreditWatch
with positive implications.  The ratings were placed on
CreditWatch on Oct. 18, 2006, following the announcement of an
initial bid by Tata Steel.

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

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


CROFTACRE LTD: Claims Filing Period Ends April 30
-------------------------------------------------
Creditors of Croftacre Ltd. (t/a Premier Screw & Repetition
Company) have until April 30 to send in their names and
addresses with particulars of the debts or claims to:

         Mark Goldstein
         Liquidator
         Mark Goldstein Associates
         Kingswood Court
         1 Hemlock Close
         Kingswood
         Surrey  
         KT20 6QW
         England

The company can be reached at:

         Croftacre Ltd.
         Woodgate
         Leicestershire
         LE3 5GL
         England
         Tel: 0116 262 5691


D.H.R. LTD: Creditors' Meeting Slated for April 26
--------------------------------------------------
Creditors of D.H.R. Ltd. will meet at 11:45 a.m. on April 26 at:
  
         The Holiday Inn
         London Road  
         Newport Pagnell  
         MK16 0JA
         England

A. J. Nichols of Redman Nichols will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


DALE EXPRESS: Creditors' Meeting Slated for April 12
----------------------------------------------------
Creditors of Dale Express Transport Ltd. (Company Number
01675942) will meet at 11:00 a.m. on April 12 at:

         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex  
         BN1 3XB
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 11 at:

         A. J. Pear and I. Cadlock
         Joint Administrators
         Tenon Recovery
         Third Floor
         Lyndean House
         43-46 Queens Road
         Brighton
         East Sussex  
         BN1 3XB
         England

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.


DIONICS PLC: A. Turpin Leads Liquidation Procedure
--------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of
Dionics PLC (formerly Ensign Electronics Ltd. and Dionics Ltd.)
on March 27 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Dionics PLC    
         Fletchworth Gate Industrial Estate
         Coventry
         West Midlands
         CV5 6SP
         England
         Tel: 024 7671 3366
         Fax: 024 7671 4488


DREAM DESIGNS: Appoints Jonathan Sinclair as Liquidator
-------------------------------------------------------
Jonathan Sinclair of Sinclair Harris was appointed liquidator of
Dream Designs Trading Ltd. on March 26 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Dream Designs Trading Ltd.
         The Coach House
         High Street
         Elstree
         Borehamwood
         Hertfordshire
         WD6 3EZ
         England
         Tel: 020 8953 0242
         Fax: 020 8953 5800


DU FAY: Claims Filing Period Ends April 23
------------------------------------------
Creditors of Du Fay Ltd. have until April 23 to prove their
debts or claims and send their names and addresses to:

         Gerard Keith Rooney
         Liquidator
         Rooney Associates
         Second Floor
         19 Castle Street  
         Liverpool  
         L2 4SX
         England

Gerard Keith Rooney of Rooney Associates was appointed
liquidator of the company on March 23.


EULINK LTD: Names Colin Nicholls as Administrator
-------------------------------------------------
Colin Nicholls of Haines Watts was named administrator of Eulink
(U.K.) Ltd. (Company Number 03785147) on March 14.

Haines Watts -- http://www.hwca.com/-- provides services that  
include taxation, business advisory, corporate finance,
corporate recovery & insolvency and budget summary.    

The company can be reached at:

         Eulink (U.K.) Ltd.
         247 Bolton Road  
         Salford  
         Lancashire  
         M6 7HP  
         England
         Tel: 0161 736 2030  
         Fax: 0161 745 7547


EUROTUNNEL GROUP: Shareholders Defend Travel Perks
--------------------------------------------------
The action group organized by Eurotunnel Group's 4,000
shareholders to protect their travel perks could halt the tunnel
operator's restructuring, The Guardian reports.

According to the report, the foundation shareholders are
gathering support for a class action suit through the Eurotunnel
Action Group, ETAG.  Michael Spencer, a member of ETAG's
Steering Committee, presented a "letter before action" to
Eurotunnel, which has 14 days to respond.

The Guardian says ETAG estimated a subsequent compensation claim
could cost Eurotunnel more than GBP90 million.  Eurotunnel
believed that any court action would jeopardize the
restructuring.

Under the terms of its debt-for-equity restructuring, the
company slashed the different types of travel perks for its
12,000 shareholders to six one-way crossings a year at a 30%
discount.

Eurotunnel defended that the French regulatory regime forced its
decision to cut the travel perks, which cost the company about
GBP200,000 a year, The Guardian continues.

The company's debt-for-equity swap needs the support of 60% of
Eurotunnel's 600,000 shareholders for the deal to push through.

The deal will leave debtholders with convertible loan notes that
would mature into between 33% and 87% of the share equity,
depending on how much debt the restructured business can pay off
over a three year period, The Guardian relates.

                        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: CEO Gounon Appeals for Shareholders' Support
--------------------------------------------------------------
Jacques Gounon, Eurotunnel Group's chairman and chief executive
officer, called for shareholders to vote in favor of the
safeguard plan on May 15 or face a total wipe-out, The
Independent reports.

"If the tender offer fails, then there is no alternative but
bankruptcy.  That means Euro-tunnel will disappear and, along
with it, 100 percent of shareholders' equity.  It is now or
never," Mr. Gounon was quoted by The Independent as saying.

Mr. Gounon's call for support came as an action group, organized
by the company's 4,000 shareholders, threatened to launch a
legal proceeding against the company to protect their unlimited
free travel perks through the tunnel.

Under the terms of its debt-for-equity restructuring, the
company plans to slash the different types of travel perks for
its 12,000 shareholders to six one-way crossings a year at a 30%
discount.

Mr. Gounon said Eurotunnel would not change the terms of the
deal to reinstate the rights of the foundation shareholders, The
Independent relates.  "They have to share in the pain.  We can
only offer one scheme to shareholders because to do otherwise
would be discriminatory," Mr. Gounon added.

The company's safeguard plan needs the support of 60% of
Eurotunnel's 600,000 shareholders for the deal to push through.

                        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.


FASTSERV LTD: Claims Filing Period Ends May 4
---------------------------------------------
Creditors of Fastserv Ltd. have until May 4 to send their names
and addresses with particulars of the debts or claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor  
         No. 1 Old Hall Street
         Liverpool  
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on March 23.

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


FKI PLC: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its Ba2 Corporate Family Rating FKI plc.

Moody's also assigned a Ba2 probability-of-default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                                Projected
                              POD      LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   EUR600M 6.625%
   Senior Unsecured
   Regular Bond/Debenture
   Due 2010                     Ba2     LGD4      58%

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 Loughborough, England, FKI PLC --
http://www.fki.co.uk/-- is an international engineering group   
active in the four specialized business areas: FKI Logistex,
Lifting Products & Services, Hardware and Energy Technology.  
The group recorded revenues The group generated revenues of
GBP1.3 billion in FY 2005/2006.


FLOORLINE CONTRACTS: Names Neil Francis Hickling Liquidator
-----------------------------------------------------------
Neil Francis Hickling was appointed liquidator of Floorline
(Contracts) Ltd. on March 27 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Floorline (Contracts) Ltd.
         Orchard Industrial Estate
         Toddington
         Cheltenham
         Gloucestershire
         GL54 5EB
         England
         Tel: 01242 621 155


FOCUS DIY: 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 corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its Caa3 Corporate Family Rating for Focus DIY
(Investments) Limited.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Focus DIY (Investments) Limited
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Caa2     Caa2     LGD3    33%


* Issuer: Focus (Finance) Plc

   Senior Subordinated
   Regular Bond/Debenture
   Due 2015                 Ca       Ca       LGD5    87%

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%).


FORD MOTOR: Unit Plans to Hike Exports to US$2.7 Billion in 2007
----------------------------------------------------------------
Ford Otomotiv Sanayi A.S., the Turkish unit of Ford Motor Co.,
is eyeing to boost its exports by 10% to US$2.7 billion in 2007
from US$2.4 billion in 2006, The Detroit News reports citing
Bloomberg News as its source.

According to Turgay Durak, chief executive of Ford Otosan, the
capacity of its Kocaeli plant will increase its production to
300,000 cars a year by October.  The plant currently produces
250,000 cars annually.

Mr. Durak further revealed that Ford Otosan already invested
US$1.6 billion since the 2001 economic crisis in Turkey.

"We have managed to increase our market share to 17.1 percent in
2006 from 17 percent in 2005," Mr. Durak was quoted by the
Turkish Daily News as saying.

                       About Ford Otosan

Headquartered in Istanbul, Turkey, Ford Otomotiv Sanayi A.S. --
http://www.ford.com.tr/-- manufactures and distributes a range  
of Ford vehicles including models such as Fiesta, KA, Street KA,
Explorer, Focus, Focus C-Max and Transit.  As of Aug. 1, 2006,
the Company had three manufacturing plants and 112 dealers
across Turkey, which provides sales, after sales services and
spare parts.  It makes exports mainly to the European region and
the Commonwealth of Independent States.

Ford Motor Co. and Koc Group of Turkey exercise joint control in
Ford Otosan with a 41% stake each, while the remaining 18% is
quoted on the Istanbul Stock Exchange.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures and distributes automobiles    
in 200 markets across six continents.  With more than 280,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury, and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's $3 billion of senior convertible notes due
2036.


GALLERY 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Caa1 Corporate Family Rating for
Gallery Media Group Ltd.

Moody's also assigned a Caa1 probability-of-default-rating to
the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer:  Gallery Capital SA

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   10.125% Senior Secured
   Regular Bond/Debenture
   Due 2013                Caa1      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%).


GARTMORE INVESTMENT: S&P Rates GBP522-Million Loans at BB+
----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+/B' long-
and short-term counterparty credit ratings on Gartmore
Investment Management PLC.  

At the same time, Standard & Poor's assigned its preliminary
'BB+' rating to the GBP522 million equivalent senior secured
credit facilities expected to be issued by special purpose
vehicles, Oxford Acquistion IV Ltd. and Oxford Acquisition US
LLC, to be guaranteed by Gartmore, as part of its current
refinancing.  The outlook is stable.

"The ratings on Gartmore reflect its high leverage relative to
other rated asset managers.  In addition, Gartmore's market
position is relatively modest, with a bias toward equity
investments and a focus on U.K. clients, while the overall net
sales trend is mixed," said Standard & Poor's credit analyst
Nigel Greenwood.

"The stable outlook reflects Standard & Poor's expectation that
Gartmore will make steady progress in increasing its interest
coverage," added Mr. Greenwood.  This should be enabled by its
improved ability to convert its niche market position and leaner
cost base into more meaningful net sales and better financial
performance, leading to a gradual reduction in the debt burden.
Failure to grow management fee EBITDA or reduce debt could lead
to a lower rating.  Scope for an upgrade would primarily be
driven by a sustained improvement in net sales across all
business lines, a broadening of AuM beyond the U.K., and the
maintenance of healthy management fees coupled with continued
strong cost control, or by a faster-than-expected reduction in
debt.


GATEWAY TELECOM: 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 corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for
Gateway Telecommunications Plc.

Moody's also assigned a B3 probability-of-default-rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   9.875% Senior Secured
   Regular Bond/Debenture
   Due 2013                 B3       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%).

Headquartered in London, United Kingdom, Gateway
Telecommunications Plc provides voice and data connectivity
services between Africa and the rest of the world, and a
provider of mobile intra-network connectivity to African
wireless operators.  It has operations in Belgium and South
Africa.

For the last twelve months as of September 2006, the company
reported pro-forma, unaudited, consolidated sales of
US$137.5 million and adjusted EBITDAR of US$31.3 million
respectively.  At September 2006, the company's adjusted gross
debt (including PIK notes of US$15 million) would have amounted
to US$170 million pro-forma for the proposed transaction.


GLOBAL CROSSING: 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 corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for
Global Crossing (UK) Finance plc and assigned a B2 probability-
of-default rating to the company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   10.75% Senior Secured
   Regular Bond/Debenture
   Due 2014                  B3      LGD4       63%

   11.75% Senior Secured
   Regular Bond/Debenture
   Due 2014                  B3      LGD4       63%

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 Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
-- http://www.globalcrossing.com/-- provides telecommunication  
services over the world's first integrated global IP-based
network, which reaches 27 countries and more than 200 major
cities around the globe including Bermuda, Argentina, Brazil,
and the United Kingdom.  Global Crossing serves many of the
world's largest corporations, providing a full range of managed
data and voice products and services.  The company filed for
chapter 11 protection on Jan. 28, 2002 (Bankr. S.D.N.Y. Case No.
02-40188).  When the Debtors filed for protection from their
creditors, they listed USUS$25,511,000,000 in total assets and
USUS$15,467,000,000 in total debts.  Global Crossing emerged
from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At
June 30, 2006, the company reported US$1.87 billion in total
assets and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.

                         About GCUK

Global Crossing (U.K.) Telecommunications Ltd. provides a full
range of managed telecommunications services in a secure
environment ideally suited for IP-based business applications.
The company provides managed voice, data, Internet and e-
commerce solutions to the strong and established commercial
customer base, including more than 100 U.K. government
departments, as well as systems integrators, rail sector
customers and major corporate clients.  In addition, GCUK
provides carrier services to national and international
communications service providers.

Global Crossing (U.K.) Telecommunications operates a high-
capacity U.K. network comprising over 5,600 route miles of fiber
optic cable connecting 150 towns and cities and reaching within
just over one mile of 64% of U.K. businesses.  The U.K. network
is linked into the wider Global Crossing network that connects
more than 300 major cities and 30 countries worldwide, and
delivers services to more than 600 cities, 60 countries and 6
continents around the globe.


GRANDSTAND DISPLAYS: Creditors' Meeting Slated for April 20
-----------------------------------------------------------
Creditors of Grandstand Displays Ltd. will meet at 11:00 a.m. on
April 20 at:
  
         B&C Associates
         Trafalgar House
         Grenville Place
         Mill Hill
         London  
         NW7 3SA
         England

Creditors who want to vote must submit before the meeting
particulars of their claims or of any security at the said
address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 18.


HI CLASS: Names Gagen Dulari Sharma Liquidator
----------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of
Hi Class Windows Ltd. on March 26 for the creditors' voluntary
winding-up procedure.

The company can be reached at:
  
         Hi Class Windows Ltd.
         Great Hampton Row
         Birmingham
         West Midlands
         B19 3JP
         England
         Tel: 0121 233 3390
         Fax: 0121 233 3390


HINTRENT LTD: Creditors' Meeting Slated for April 16
----------------------------------------------------
Creditors of Hintrent Ltd. will meet at 3:00 p.m. on April 16
at:
  
         47-49 Green Lane
         Northwood
         Middlesex  
         HA6 3AE
         England

Creditors who want to vote must submit before the meeting
particulars of their claims or of any security at the said
address.
  
Ashok Kumar Bhardwaj will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 12.


HOMESAFE SYSTEMS: Creditors' Meeting Slated for April 16
--------------------------------------------------------
Creditors of Homesafe Systems Ltd. will meet at 10:15 a.m. on
April 16 at:
  
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Hollins Lane
         Bury  
         BL9 8AT
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on April 12.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.


I E S ENERGY: Appoints Andrew T. Clay as Liquidator
---------------------------------------------------
Andrew T. Clay of Andrew Michaels & Co. Ltd. was appointed
liquidator of I E S Energy Services Ltd. on March 12 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         I E S Energy Services Ltd.
         Dean Clough Office Park
         Halifax
         West Yorkshire
         HX3 5AX
         England
         Tel: 01422 250 757
         Fax: 01422 250 759


IMPERIUM CARS: Taps Peter Nottingham to Liquidate Assets
--------------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
liquidator of Imperium Cars U.K. Ltd. on March 27 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Imperium Cars (U.K.) Ltd.
         7-8 Sydenham Road
         Birmingham
         West Midlands
         B11 1DG
         England
         Tel: 0121 753 4993
         Fax: 0121 753 4994


LEDA SUSPENSION: Joint Liquidators Take Over Operations
-------------------------------------------------------
Ian Donald Williams and Laurence Pagden of Benedict Mackenzie
LLP were appointed joint liquidators of Leda Suspension Ltd.
(formerly Pulseworth Ltd.) on March 26 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Leda Suspension Ltd.
         Sales
         Unit 1
         Park Drive
         Braintree
         Essex
         CM7 1AP
         Tel: 01376 326 531
         Fax: 01376 326 530


LITE-ON AUTOMOTIVE: Hires Liquidator from Poppleton & Appleby
--------------------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of
Lite-On Automotive Electronics (Europe) Ltd. on March 23 for the
creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Lite-On Automotive Electronics (Europe) Ltd.
         Ptarmigan Place
         Attleborough Fields Ind Estate
         Nuneaton
         Warwickshire
         CV11 6RX
         Tel: 024 7637 5999
         Fax: 024 7637 5444


M J R WELDED: Taps Joint Administrators from PwC
------------------------------------------------
Paul William Harding and Derek Anthony Howell of
PricewaterhouseCoopers LLP were appointed joint administrators
of M J R Welded Products Ltd. (Company Number 04204087) on March
26.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.   

The company can be reached at:

         M J R Welded Products Ltd.
         Avondale Business Park  
         Avondale Way  
         Pontrhydyrun  
         Cwmbran  
         Gwent  
         NP44 1XE  
         Wales
         Tel: 01633 869 067


MALIN CLO: S&P Rates EUR18.75-Million Class E Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR446.25 million secured floating-rate
notes to be issued by Malin CLO B.V.  At the same time, it will
issue EUR53.75 million of unrated notes.
  
At closing, Malin will issue the notes, the proceeds of which,
after paying transaction fees and expenses, will be invested in
a portfolio of predominantly senior secured leveraged loans.  
The investment manager will be Babson Capital Europe Ltd.
  
Malin is the ninth CLO managed by Babson Capital Europe.  
  
This transaction features a class E reinvestment test.  When
triggered during the reinvestment period, it will divert up to
50% of the interest proceeds that remain after paying the
interest due on the rated notes, and certain uncapped fees and
expenses, to purchase additional collateral.

                          Ratings List

Malin CLO B.V.
   EUR500 Million Secured Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mln. EUR)
           -----          ------            --------   
           Variable
           funding note   AAA                100.00
           A-1a           AAA                188.00
           A-1b           AAA                 47.00
           B              AA                  32.50
           C              A                   25.00
           D              BBB-                35.00
           E              BB-                 18.75
           F              NR                  53.75


MALLARD RETAIL: Claims Filing Period Ends April 26
--------------------------------------------------
Creditors of Mallard Retail Specialisms Ltd. have until April 26
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to:

         Edward Christopher Wetton  
         Liquidator
         Gibson Booth
         15 Victoria Road
         Barnsley
         South Yorkshire  
         S70 2BB
         England

Edward Christopher Wetton of Gibson Booth was appointed
liquidator of the company on March 23.


MELBACREST LTD: Calls In Liquidator from Elwell Watchorn
--------------------------------------------------------
Paul Anthony Saxton of Elwell Watchorn & Saxton LLP was
appointed liquidator of Melbacrest Ltd. (t/a Dino's Restaurant)
on March 28 for the creditors' voluntary winding-up procedure.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

The company can be reached at:

         Melbacrest Ltd.
         1 Garrick Walk
         Leicester
         Leicestershire
         LE1 3YQ
         England
         Tel: 0116 262 8308
         Fax: 0116 262 5549


MOTORCISE PORTSMOUTH: Names Liquidators to Wind Up Business
-----------------------------------------------------------
Carl Derek Faulds and James Richard Tickell of Portland Business
& Financial Solutions Ltd. were appointed joint liquidators of
Motorcise (Portsmouth) Ltd. on March 21 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Motorcise (Portsmouth) Ltd.
         Unit 8F The Pompey Centre
         Fratton Way
         Southsea
         Hampshire
         PO4 8SL
         England
         Tel: 023 9281 5860
         Fax: 023 9281 5860


PINE BY DESIGN: Claims Filing Period Ends August 27
---------------------------------------------------
Creditors of Pine By Design (Beeston) Ltd. have until Aug. 27 to
send in their full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Michael F. McCarthy
         Liquidator
         Walletts Insolvency Services  
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent  
         ST1 3AF
         England

Michael F. McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on March 27.


PINE BY DESIGN: Claims Filing Period Ends August 28
---------------------------------------------------
Creditors of Pine By Design (Stoke) Ltd. have until Aug. 28 to
send in their full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

         Michael F. McCarthy
         Liquidator
         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley
         Stoke-on-Trent  
         ST1 3AF
         England

Michael F. McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on March 27.


RETROVEND LTD: Creditors' Meeting Slated for April 18
-----------------------------------------------------
Creditors Retrovend Ltd. will meet at 11:00 a.m. on April 18 at:

         Poppleton & Appleby  
         Gable House
         239 Regents Park Road
         London  
         N3 3LF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on April 16.

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


RIGHT IDEA: Appoints T. Papanicola as Liquidator
------------------------------------------------
T. Papanicola was appointed liquidator of Right Idea (U.K.) Ltd.
on March 27 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Right Idea U.K. Ltd.
         The Studio
         Mansell Road
         Wellington
         Telford
         Shropshire
         TF1 1QQ
         England
         Tel: 01952 240 840
         Fax: 01952 243 290


ROCKCOM INTERNATIONAL: Creditors' Meeting Slated for April 19
-------------------------------------------------------------
Creditors of Rockcom International Ltd. will meet at 11:00 a.m.
on April 19 at:
  
         J W Lewis Insolvency Services Ltd.
         Suite B1
         White House Business Centre
         Forest Road
         Kingswood
         Bristol  
         BS15 8NH
         England

Creditors have until noon on April 18 to submit their proxy
forms at the said address.

A list of names and addresses of the company's creditors will be
available for inspection between 10:00 a.m. and 4:00 p.m. on  
April 16.


RON A BRADLEY: Brings In Administrators from Baker Tilly
--------------------------------------------------------
Lindsey J. Cooper and Philip E. Pierce of Baker Tilly were
appointed joint administrators of Ron A. Bradley Ltd. (Company
Number 01185588) on March 9.

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

The company can be reached at:

         Ron. A. Bradley Ltd.
         Ashcroft  
         Chorlton Lane  
         Cuddington  
         Malpas  
         Cheshire  
         SY14 7EN  
         England
         Tel: 01948 860 395  
         Fax: 01948 860 719


RONAL COMPUTERS: Hires John C. Moran as Liquidator
--------------------------------------------------
John C. Moran of Parkin S. Booth & Co. was appointed liquidator
of Ronal Computers Ltd. on March 27 for the creditors' voluntary
winding-up proceeding.

Parkin S. Booth & Co. -- http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.

The company can be reached at:

         Ronal Computers Ltd.
         Unit 18-19
         A K Business Park
         Russell Road
         Southport
         Merseyside
         PR9 7SA
         England
         Tel: 01704 507 808
         Fax: 01704 505 600


SAVOY UPHOLSTERY: Names Amanda Janice Ireland Liquidator
--------------------------------------------------------
Amanda Janice Ireland of McCabe Ford Williams was appointed
liquidator of Savoy Upholstery Ltd. on March 28 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Savoy Upholstery Ltd.
         South Parade
         Grantham
         Lincolnshire
         NG31 6HT
         Tel: 01476 591 300
         Fax: 01476 575 768


SELECT BLINDS: Names Joint Administrators from Milner Boardman
--------------------------------------------------------------
Colin Burke and Gary J. Corbett of Milner Boardman & Partners
were appointed joint administrators of Select Blinds Ltd.
(Company Number 04513380) on March 28.

Milner Boardman -- http://www.milnerboardman.co.uk/-- provides  
financial accounting and business advisory services.   

The company can be reached at:

         Select Blinds Ltd.
         Manor Farm Business Court  
         High Street  
         Walcott  
         Lincoln  
         Lincolnshire  
         LN4 3SN  
         England
         Tel: 01526 861 958  
         Fax: 01526 861 592


SILVER TOWER: Fitch Rates EUR60-Million Tranche 3 Loan at BB
------------------------------------------------------------
Fitch affirmed Silver Tower 125 Inc's EUR180 million loan
facilities:

   -- EUR60 million tranche 1 loan facility at 'A'
   -- EUR60 million tranche 2 loan facility at 'BBB'
   -- EUR60 million tranche 3 loan facility at 'BB'

This is a securitization of fully drawn exposures to small-and-
medium-sized enterprises in Germany.  Dresdner Bank AG
transferred EUR3 billion of loans to RCL securitization GmbH at
a predetermined price.  RCLS funded the purchase of the loans by
issuing senior and unrated junior notes.  The junior notes in
turn funded themselves through the issuances of the tranche 1 to
3 loan facilities and an asset-backed commercial paper facility
out of Silver Tower 125.

The transaction's performance has been stable to date.  The
weighted average Fitch rating of the portfolio has remained
stable in the 'BB+'/'BB' category since March 2006.  The credit
quality was established by mapping the internal credit rating
systems of Dresdner Bank to Fitch's public rating scale.  
Further, only a small proportion of loans have been declared as
defaulted.  This balance has been absorbed by the purchase price
discount mechanism.  In case any defaulted amount in one period
is not covered such that the over-collateralization of 102.04%
cannot be maintained, the transaction goes into early
amortization and the notes issued by RCLS will start to amortize
in sequential order.

Delinquencies have remained low, with the one-month
delinquencies being the most volatile, but remaining well below
trigger levels.  As of Feb. 28, the portfolio consisted of 1,612
borrowers with an outstanding nominal balance of EUR3 billion
compared to 2,034 borrowers and EUR3 billion notional balance in
March 2006.

The credit enhancement for the tranche 3 loan facility of 3.05%
is provided by the purchase price discount a fully funded excess
spread reserve, and an additional guaranteed excess spread
margin of 25bp p.a.  The excess spread reserve of 1.05% was paid
upfront in form of a fee by the seller and is being maintained
at this level by excess spread from the portfolio.  Tranche 2
and 1 loan facilities benefit from additional subordination
bringing the credit enhancement levels to 5.05% and 7.05%
respectively.


SOLAR FLAIR: Claims Filing Period Ends May 1
--------------------------------------------
Creditors of Solar Flair Renewable Energy Ltd. have until May 1
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Alison M. Byrne
         Liquidator
         Byrne Associates
         Suite 3
         Farleigh House
         Farleigh Court
         Old Weston Road
         Flax Bourton  
         BS48 1UR
         England

Alison M. Byrne of Byrne Associates was appointed liquidator of
the company on March 29 by resolutions of members and creditors.


SOLUTIA INC: Equity Committee Balks at Modified Incentive Plan
--------------------------------------------------------------
The Official Committee of Equity Security Holders of Solutia
Inc. and its debtor-affiliates asks the U.S. Bankruptcy Court
for the Southern District of New York to:

   (a) deny approval of the Modified AIP; or

   (b) delay consideration of any modifications to the AIP until
       all of the parties have a better understanding of the
       Debtors' strategy for emergence:

         * to determine the appropriateness of that strategy;
           and

         * to properly align the incentives being put in place
           for management to execute.

The Equity Committee objects to the Debtors' elimination of a
certain language in their amended and modified 2007 annual
incentive program.

The Equity Committee notes that the language "those executives  
and other key employees of the Company who have significant role  
in the bankruptcy process to incent them to strive for a prompt  
emergence from bankruptcy for the Company, and to focus on the  
maximization of enterprise value" has been eliminated.

Craig A. Barbarosh, Esq., at Pillsbury Winthrop Shaw Pittman
LLP, in New York, argues that the alteration significantly
modifies and misaligns the incentives of the Debtors' senior
management, charged with developing a plan of reorganization for
Solutia's estates, by encouraging management to sacrifice
enterprise value for speed.  Under the Modified AIP, the timing
of emergence is the most critical factor determining their
emergence bonus.

As previously reported, the Equity Committee expressed support   
of the modified sale plan being considered by the Debtors, which  
it believes is the exit strategy likely to yield the most  
significant recoveries to all their constituents, including the  
public shareholders.  Under the Modified Sale Plan, the Debtors  
are analyzing the viability of an alternative, under which they  
will sell certain businesses, use the cash proceeds from the  
sales to satisfy liabilities and pay creditors, and reorganize  
around the remaining businesses.

The Equity Committee has proposed that a supplement be added to  
the AIP to further reward management for maximizing value in the  
plan process.  It believes that the AIP, as initially proposed,  
was otherwise properly structured to encourage senior management  
to attain the maximum amount of enterprise and distributable  
value for reorganized Solutia, Mr. Barbarosh tells the Court.

In an effort to appease the Ad Hoc Committee of Solutia, Inc.  
Noteholders, the Debtors have amended the AIP to, among other  
things, eliminate the provisions tying senior management's  
incentive bonuses to the enterprise value of the emerging  
company, Mr. Barbarosh notes.

The Noteholders Committee, Mr. Barbarosh states, is the one  
constituency who the Debtors consistently portray as unwilling
to work towards a reasonable settlement with the other parties
to their Chapter 11 cases.

Mr. Barbarosh notes that a large benefit has inured the  
Noteholders Committee as it has the most to gain from a speedy  
emergence rather than the maximization of the enterprise value  
through the reorganization plan process.

If approved by the Court, Mr. Barbarosh points out, the Amended  
AIP will stifle fulsome exploration of each of the exit  
strategies, including the Modified Sale Plan, in favor of any  
structure that is focused solely on a speedy emergence from  
Chapter 11, rather than an emergence that maximizes value.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in   
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.  

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  
(Solutia Bankruptcy News, Issue No. 83; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).  

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


SOLUTIA INC: Wants to Amend Rothschild Employment Terms
-------------------------------------------------------
Solutia Inc. and its debtor-affiliates seek the authority of the
U.S. Bankruptcy Court for the Southern District of New York to
amend the terms of employment of Rothschild Inc., as financial
advisor and investment banker to include services in connection
with a sale of their Dequest(R) product line.

Jeffry N. Quinn, chairman, president and chief executive officer  
of Solutia, Inc., and an authorized officer of each of the  
Debtors, relates that due to Rothschild's familiarity with the  
Debtors' businesses, and to ensure that the Debtors receive the  
highest and best offer possible for Dequest, Rothschild was
asked to provide additional services, including:

    -- identifying and contacting potential purchasers of  
       Dequest;

    -- preparing a confidential information memorandum regarding  
       Dequest; and

    -- advising Solutia with respect to the negotiation of a
       sale agreement with potential purchasers of Dequest.

Rothschild will earn a fee if the Debtors enter into any  
definitive agreements, approved by final and non-appealable
Court order, to sell or dispose significant assets relating to
the Dequest product line.

The Dequest Sale Fee with be:

   (i) US$500,000; and

  (ii) 5% of the "Aggregate Dequest Consideration" received in
       connection with the Dequest Sale in excess of
       US$75,000,000.

The Dequest Sale Fee will not exceed 1.25% of the Aggregate  
Dequest Consideration, but not less than US$500,000.

The Dequest Sale Fee and the other fees payable to Rothschild  
under the engagement letter will not be credited against each  
other.

The Debtors believe that the Dequest Sale Fee is reasonable and  
is consistent with the market for comparable mergers and  
acquisitions services performed by financial advisors and  
investment bankers for companies in and outside of Chapter 11.

The parties have acknowledged that the hours worked, results  
achieved, and ultimate benefit of the work performed in  
connection with the Dequest Sale may be variable.  These factors  
have been taken into account in setting the Dequest Sale Fee,  
including the lack of crediting of the Dequest Sale Fee, in  
connection with the sale, Mr. Quinn tells the Court.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in   
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.  

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.  
(Solutia Bankruptcy News, Issue No. 83; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).  

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


SRS LEGAL: Names Joint Administrators from Kroll Ltd
----------------------------------------------------
R. Maxwell and C. P. Holder of Kroll Ltd. were appointed joint
administrators of SRS Legal Services Ltd. (Company Number
03946829) on March 19.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         SRS Legal Services Ltd.
         7A Coventry Road  
         Coleshill  
         Birmingham  
         B46 3BB  
         England
         Tel: 01675 430 017


STAR MANUFACTURING: Claims Filing Period Ends May 11
----------------------------------------------------
Creditors of Star Manufacturing Ltd. have until May 11 to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Jonathan Avery-Gee
         Liquidator
         Kay Johnson Gee
         Griffin Court
         201 Chapel Street
         Manchester  
         M3 5EQ
         England

Jonathan Avery-Gee of Kay Johnson Gee was appointed liquidator
of the company on March 22.


SWALLOW HOTELS: Taps Liquidators from Ernst & Young
---------------------------------------------------
Roy Bailey and Angela Swarbrick of Ernst & Young LLP were
appointed joint liquidators of Swallow Hotels Ltd. (formerly
Maycastle Ltd.) on March 21 for the creditors' voluntary
winding-up proceeding.

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


THREE BLIND: Joint Liquidators Take Over Operations
---------------------------------------------------
John Russell and Andrew Philip Wood of The P&A Partnership were
appointed joint liquidators of Three Blind Mice Media Ltd. on
March 27 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Three Blind Mice Media Ltd.
         Beehive Works
         Milton Street
         Sheffield
         South Yorkshire
         S3 7WL
         England
         Tel: 0114 275 7709


TRICOOL ENGINEERING: Brings In Administrators from RSM Robson
-------------------------------------------------------------
David Michael Riley and Simon Peter Bower of RSM Robson Rhodes
LLP were appointed joint administrators of Tricool Engineering
Ltd. (Company Number 01415187) on March 21.

RSM Robson Rhodes LLP -- http://www.robsonrhodes.co.uk/--  
provides a wide range of auditing, assurance, advisory and
compliance services for both private and public sectors.  The
firm is a member of the RSM International, the world's sixth
largest international organization of accountants and business
advisers.

The company can be reached at:

         Tricool Engineering Ltd.
         Solent House  
         14 Barnes Wallis Road  
         Fareham  
         Hampshire  
         PO15 5TT  
         England
         Tel: 01489 584 006  
         Fax: 01489 583 510


U.K. OILS: Appoints Poppleton & Appleby to Administer Assets
------------------------------------------------------------
A. Turpin and M. D. Hardy of Poppleton & Appleby were appointed
joint administrators of U.K. Oils (Birmingham) Ltd. (Company
Number 03317556) on March 9.

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

The company can be reached at:

         U.K. Oils (Birmingham) Ltd.
         Vauxhall Trading Estate  
         Dollman Street  
         Birmingham  
         West Midlands  
         B7 4RA  
         England
         Tel: 0121 333 4379  
         Fax: 0121 359 6665


VENTILATION GRILLE: Creditors' Meeting Slated for April 17
----------------------------------------------------------
Creditors of Ventilation Grille Co. Ltd. will meet at 11:00 a.m.
on April 17 at:
  
         Smith & Williamson Ltd.  
         No. 1 St. Swithin Street
         Worcester  
         WR1 2PY
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on April 13.

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


WORCESTERSHIRE POWDER: Appoints DTE Leonard as Administrators
-------------------------------------------------------------
P. D. Masters and A. Poxon of DTE Leonard Curtis were appointed
joint administrators of Worcestershire Powder Coating Ltd.
(Company Number 02883703) on March 19.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Worcestershire Powder Coating Ltd.
         Unit 7  
         Pershore Trading Estate  
         Pershore  
         Worcestershire  
         WR10 2DD  
         England
         Tel: 01386 554 900  
         Fax: 01386 554 900


WORLD OF WOOD: Creditors' Meeting Slated for April 18
-----------------------------------------------------
Creditors of World of Wood Ltd. will meet at noon on April 18 at
the offices of:
  
         Parkin S. Booth & Co.
         24 Trinity Square  
         Llandudno  
         LL30 2RH
         Wales

Creditors who want to vote at the meeting have until noon on  
Feb. 23 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Robert M. Rutherford of Parkin S. Booth & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require during the period
before the day of the meeting.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.

  
                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *