TCREUR_Public/070412.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Thursday, April 12, 2007, Vol. 8, No. 72

                            Headlines


A U S T R I A

CLASSIC-WERBEAGENTUR: Claims Registration Period Ends April 30
L.I.S.A. LLC: Claims Registration Period Ends May 7
LORWICK LLC: Vienna Court Orders Business Shutdown
MITTERDORFER LLC: Claims Registration Period Ends May 7
P + W LLC: Claims Registration Period Ends May 9

PDM INDUSTRIESERVICE: Claims Registration Period Ends May 15
S.N. ELEKTRO: Claims Registration Period Ends May 10
WOHNDESIGN LLC: Claims Registration Period Ends May 2


B E L G I U M

AMR CORP: Earnings Prompt S&P to Revise Outlook to Positive


F R A N C E

ADVANCED MICRO: Eyes US$1.2 Bln Revenues in 2007 First Quarter
COMPAGNIE GENERALE: Moody's Assigns Loss-Given-Default Rating
KAUFMAN & BROAD: S&P Affirms BB Rating with Negative Outlook


G E R M A N Y

DAIMLERCHRYSLER AG: Board Names Dr. Manfred Bischoff as Chairman
FEMA PROJEKTBAU: Claims Registration Period Ends May 3
GBF-GESELLSCHAFT: Claims Registration Period Ends May 5
GREWE BESITZ: Creditors' Meeting Slated for May 10
HAASE BAUUNTERNEHMUNG: Claims Registration Period Ends May 14

HANS-JOACHIM WOLTER: Claims Registration Period Ends May 4
HARO GENERALHAUS: Claims Registration Period Ends May 1
HEIDELBERGCEMENT AG: Moody's Assigns Loss-Given-Default Rating
HOFMANN & JENTSCH: Claims Registration Period Ends May 19
IAK GMBH: Claims Registration Period Ends April 30

PFLEIDERER AG: To Issue Up to EUR200-Million Hybrid Bond
PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB-
RAK - BAU: Claims Registration Period Ends May 18
REUSCHEL HANDELSGESELLSCHAFT: Creditors' Meeting Set for May 10
RIO-BEKLEIDUNGSWERKE: Claims Registration Period Ends May 11

ROGA GASTSTATTENBETRIEBS: Creditors' Meeting Slated for May 15
ROKA GMBH: Creditors' Meeting Slated for April 27
RPR BAUDIENSTLEISTUNGS: Claims Registration Period Ends April 24
RTTG VERWALTUNGS: Claims Registration Period Ends May 25
SIDLER GMBH: Creditors' Meeting Slated for May 23

SIEKAUP EINRICHTUNGSSYSTEME: Claims Registration Ends May 2
SLK FORMTECHNIK: Claims Registration Ends June 1
STONE DATENSYSTEME: Creditors Must Register Claims by May 2
STREAM TEAM: Creditors Must Register Claims by May 14
TAC - UMFORMTECHNIK: Creditors Meeting Slated for April 24

TIEFBAU SUHL: Claims Registration Period Ends April 27
UDO HERGET: Claims Registration Period Ends May 30
WAS WERTSTOFF-ABHOL-SERVICE: Claims Registration Ends June 1
WEBDESIGN GMBH: Creditors' Meeting Slated for April 26
WEIN-KOHLHOFF GMBH: Claims Registration Period Ends May 16

ZEMA DENTALLABOR: Claims Registration Period Ends June 14


G R E E C E

ANTENNA TV: Moody's Assigns Loss-Given-Default Rating


I R E L A N D

ELAN CORP: Subsidiaries Begin Exchange Offer for US$615MM Notes
ZOO ABS 4: S&P Rates EUR8.5-Million Class E Notes at BB-


K A Z A K H S T A N

AIDANA LLP: Creditors Must File Claims by May 16
AKMOLA-TISSA LLP: Creditors' Claims Due May 18
CREDO LLP: Proof of Claim Deadline Slated for May 15
HLEBOZAVOD OJSC: Court Begins Bankruptcy Process Against Firm
NURMAHAN LLP: Claims Registration Ends May 16

TPK KOKSHETAU: Claims Filing Period Ends May 18
VACHE LLP: Creditors Must File Claims by May 15
VODNIK LLP: Creditors' Claims Due May 11


K Y R G Y Z S T A N

TOV ROS: Creditors' Meeting Slated for April 26


L U X E M B O U R G

ORCO PROPERTY: Moody's Assigns Loss-Given-Default Rating


N E T H E R L A N D S

ASML HOLDING: Moody's Assigns Loss-Given-Default Rating
PFLEIDERER FINANCE: Parent to Issue up to EUR200-Mln Hybrid Bond
PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB-
X5 RETAIL: Gains Control Over Pyaterochka Stores in Chelyabinsk
X5 RETAIL: Like-For-Like Sales Up 13% in First Quarter 2007


N O R W A Y

NORSKE SKOGINDUSTRIER: Moody's Assigns Loss-Given-Default Rating


P O L A N D

ELEKTRIM SA: Deutsche Telekom Demands EUR1.2-Bln Compensation


R U S S I A

ASTER-NEVA CJSC: Creditors Must File Claims by April 24
BAYKAL CJSC: Creditors Must File Claims by April 24
CAPITAL BUILDING: Creditors Must File Claims by April 17
DANYS LLC: Volgograd Bankruptcy Hearing Slated for June 21
EAR CJSC: Chuvashiya Court Names B. Litti as Insolvency Manager

EASTERN OIL-LOADING: Bankruptcy Hearing Slated for April 25
EUROSERVICE-SUGAR LLC: Creditors Must File Claims by April 24
HYDROSPETSSTROY LTD: Trustee Looks at Bankruptcy Proceedings
KOLPINSKIY BAKERY: Creditors Must File Claims by April 24
KORYAKSKAYA FISHING: Creditors Must File Claims by April 24

NOVOLIPETSK STEEL: Moody's Assigns Loss-Given-Default Rating
OCEAN-PRIM CJSC: Court Names V. Gruzdev as Insolvency Manager
OGK-5 JSC: Moody's Assigns Loss-Given-Default Rating
PETROVSKOYE OJSC: Creditors Must File Claims By May 17
RUSSIAN BREAD: Creditors Must File Claims by April 17

SHAKHTINSKIY ELECTROMECHANICAL: Claims Deadline Set April 17
SIBUR HOLDING: Moody's Assigns Loss-Given-Default Rating
TATNEFT OAO: Inks Exploration Agreement with Libya's NOC
TOLYATTINSKIY HOUSE: Creditors Must File Claims By May 17
VNESHTORGBANK JSC: Sets Moscow & London IPO for May 2007


S P A I N

CABLEUROPA SAU: Moody's Assigns Loss-Given-Default Rating


S W E D E N

ARROW ELECTRONICS: Q1 2007 Earnings Conference Call Set April 24
ARROW ELECTRONICS: Forbes Names Firm to Global 2000 List


S W I T Z E R L A N D

APN PERSONALNETWORK: Basel Court Starts Bankruptcy Proceedings
AUTOMALEREI UND BESCHRIFTUNGEN: Liquidation Claims Due April 27
BS MARKETING: Aargau Court Starts Bankruptcy Proceedings
BUCI LLC: Creditors' Liquidation Claims Due April 27
CONSORTIUM JSC: Liquidation Claims Due April 27

CYRIL-DEE JSC: Creditors' Liquidation Claims Due April 26
FININFOS LLC: Creditors' Liquidation Claims Due April 26
HAPPY DAYS: Aargau Court Starts Bankruptcy Proceedings
HUGGAR BRANDSCHUTZ: Creditors' Liquidation Claims Due July 26
ISE INTERNATIONAL: Creditors' Liquidation Claims Due April 27

KELLER SCHULTHESS: Creditors' Liquidation Claims Due April 25
NYCOMED A/S: Moody's Assigns Loss-Given-Default Rating
PRIMO DANIEL: Creditors' Liquidation Claims Due April 23
REMO ISOLATIONEN: Aargau Court Starts Bankruptcy Proceedings
SONYCOM JSC: Creditors' Liquidation Claims Due May 10

ZUBER JSC: Creditors' Liquidation Claims Due April 26


T U R K E Y

TURKIYE GARANTI: Merges GE Consumer Finance Companies in Romania


U K R A I N E

12 LECTRO SOUTH: Creditors Must File Claims by April 21
AKA-PROM LLC: Creditors Must File Claims by April 21
ATLANT-SERVICE LLC: Creditors Must File Claims by April 21
COMPLECT-GROUP LLC: Creditors Must File Claims by April 21
HOSPITALITY OF PODOL: Creditors Must File Claims by April 22

INDUSTRIAL ENGINEERING: Claims Submission Deadline Set April 22
MYRONIVSKY HLIBOPRODUCT: Moody's Assigns LGD Rating
TECHNOL LLC: Creditors Must File Claims by April 22
XXI LLC: Creditors Must File Claims by April 22


U N I T E D   K I N G D O M

AMKOR TECHNOLOGY: Unit Gets Bank of Korea OK on US$300-Mln Loan
AMKOR TECHNOLOGY: Moody's Lifts Sr. Unsec. Notes' Rating to B1
APOLLO VIDEO: Enters Into Liquidation Procedure
CABLE & WIRELESS: Moody's Assigns Loss-Given-Default Rating
CABLE & WIRELESS: Nears Supply Deal with Virgin Media

CHATTEM INC: Prices US$85 Million Convertible Senior Notes
DAMOVO GROUP: In Talks with Noteholders Over Restructuring Deal
ENRON CORPORATION: Distributes US$1.8 Billion to Creditors
GREAT NORTH: Joins Virgin and Stagecoach in East Coast Bid
LIBERTY GLOBAL: Moody's Assigns Loss-Given-Default Rating

PRICELINE.COM INC: Good Revenue Cues S&P's Positive Outlook
RY HENDERSON: Creditor Claims Reach GBP8.8-Million
SEA CONTAINERS: GNER Joins Virgin/Stagecoach in East Coast Bid
SOLUTIA INC: Pillsbury to Continue Monitoring Chapter 11 Parties
SOLUTIA INC: Selling 1% Interest in P4 Production to Monsanto

VIRGIN MEDIA: Nears Supply Deal with Cable & Wireless

* Former DLA Piper's Insolvency Head Joins Clark Willmott

* Upcoming Meetings, Conferences and Seminars


                            *********


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


CLASSIC-WERBEAGENTUR: Claims Registration Period Ends April 30
--------------------------------------------------------------
Creditors owed money by LLC Classic-Werbeagentur (FN 153351t)
have until April 30 to file written proofs of claim to court-
appointed estate administrator Otto Werschitz at:

         Dr. Otto Werschitz
         CGO Masseverwaltungsges. mbH
         Neutorgasse 47/I
         8010 Graz
         Austria
         Tel: 0316/820620
         Fax: 0316/820620-4
         E-mail: office@cgo-masseverwaltung.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 15 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Graz, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 40 S 6/07s).


L.I.S.A. LLC: Claims Registration Period Ends May 7
---------------------------------------------------
Creditors owed money by LLC L.I.S.A. (FN 39367v) have until
May 7 to file written proofs of claim to court-appointed estate
administrator Stefan Offer at:

         Mag. Clemens Richter
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 16 (Bankr. Case No. 3 S 42/07g).  Daniel Lampersberger
represents Mag. Richter in the bankruptcy proceedings.


LORWICK LLC: Vienna Court Orders Business Shutdown
--------------------------------------------------
The Trade Court of Vienna entered March 20 an order shutting
down the business of LLC Lorwick (FN 175714d).

Court-appointed estate administrator Ulla Reisch 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. Ulla Reisch
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         Fax: 212 55 00-5

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 8 (Bankr. Case No. 3 S 36/07z).


MITTERDORFER LLC: Claims Registration Period Ends May 7
-------------------------------------------------------
Creditors owed money by LLC Mitterdorfer (FN 131105b) have until
May 7 to file written proofs of claim to court-appointed estate
administrator Matthias Schmidt at:

         Dr. Matthias Schmidt
         c/o Dr. Florian Gehmacher
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 533 56 86
         E-mail: schmidt@preslmayr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 16 (Bankr. Case No. 3 S 41/07k).  Florian Gehmacher
represents Dr. Schmidt in the bankruptcy proceedings.


P + W LLC: Claims Registration Period Ends May 9
------------------------------------------------
Creditors owed money by LLC P + W (FN 274837y) have until May 9
to file written proofs of claim to court-appointed estate
administrator Christian Adam at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 a.m. on May 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Austria

Headquartered in Oberndorf bei Salzburg, Austria, the Debtor
declared bankruptcy on March 9 (Bankr. Case No. 44 S 7/07i).


PDM INDUSTRIESERVICE: Claims Registration Period Ends May 15
------------------------------------------------------------
Creditors owed money by KEG PDM Industrieservice Haselroither
(FN 247868m) have until May 15 to file written proofs of claim
to court-appointed estate administrator Gerhard Eigner at:

         Mag. Gerhard Eigner
         Ringstrasse 25
         4600 Wels
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 24 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Stadl - Paura, Austria, the Debtor declared
bankruptcy on March 16 (Bankr. Case No. 20 S 37/07b).


S.N. ELEKTRO: Claims Registration Period Ends May 10
----------------------------------------------------
Creditors owed money by LLC S.N. Elektro und Sanitar (FN
275359s) have until May 10 to file written proofs of claim to
court-appointed estate administrator Stefan Offer at:

         Mag. Dominik Baurecht
         c/o Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61-0
         Fax: 533 66 61-10
         E-mail: baurecht@gnbz.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on May 24 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 16 (Bankr. Case No. 6 S 33/07f).  Wolfgang Gerhard Zorn
represents Mag. Baurecht in the bankruptcy proceedings.


WOHNDESIGN LLC: Claims Registration Period Ends May 2
-----------------------------------------------------
Creditors owed money by LLC Wohndesign (FN 223755b) have until
May 2 to file written proofs of claim to court-appointed estate
administrator Gerhard Schilcher at:

         Dr. Gerhard Schilcher
         c/o Dr. Michael Lentsch
         Backerstr. 1/3/3
         1010 Vienna
         Austria
         Tel: 01/5132344
         Fax: 01/5132344-15
         E-mail: schilcher@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00.m. on May 16 for the examination
of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Moedling, Austria, the Debtor declared
bankruptcy on March 19 (Bankr. Case No. 10 S 24/07v).  Michael
Lentsch represents Dr. Schilcher in the bankruptcy proceedings.


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


AMR CORP: Earnings Prompt S&P to Revise Outlook to Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on AMR
Corp. (B/Positive/B-2) and subsidiary American Airlines Inc.
(B/Positive/--).  The rating outlook is revised to positive from
stable.

"The positive rating outlook reflects ongoing earnings, cash
flow, and balance sheet improvements that, if sustained could
support an upgrade over the next year," said Standard & Poor's
credit analyst Philip Baggaley.  Ratings on Fort Worth, Texas-
based AMR and American reflect participation in the competitive,
cyclical, and capital-intensive airline industry; erosion of
financial strength by substantial losses during 2001-2005; and a
heavy debt and pension burden.  Satisfactory liquidity, with
US$4.7 billion of unrestricted cash and short-term investments
at Dec. 31, 2006, and an improving earnings trend, are
positives.

American Airlines is the world's largest airline, measured by
traffic, with solid market shares in the U.S. domestic, trans-
Atlantic, and Latin American markets, but a minimal presence in
the Pacific.  American, like other large U.S. airlines, incurred
heavy losses starting in late 2000 through 2005 due to industry
wide problems of terrorism, war, high fuel prices, and
increasing price competition in the domestic market as low-cost
airlines expand.  Since then, accelerating pricing improvements
in the domestic market and ongoing cost reduction efforts have
generated much improved results.  In 2006, AMR earned US$231
million, compared with a US$857 million loss (a loss of US$677
million before special items) in 2005, as stronger revenue
generation and ongoing cost reductions outweighed higher fuel
prices.  Fully adjusted 2006 EBITDA coverage improved to 1.8x,
from 1.2x the prior year, and funds from operations to debt
strengthened to 8% from only 3% in 2005.

AMR has substantial (US$24.6 billion) debt, leases, and
postretirement obligations, with debt to capital around 100%.
Debt is gradually declining, as the company uses free cash flow
to pay maturities and, in some cases, repurchase outstanding
notes.  This effort gained a further boost with the Jan. 23,
2007, issuance of approximately US$500 million of common stock.
Although the share issuance did not cause a material change in
credit ratios, it supports management's stated commitment to
strengthening AMR's balance sheet in advance of substantial
capital expenditure requirements to modernize American's fleet.
American has indicated its intention to accelerate delivery of
47 B737-800s to begin delivery in 2009.  Defined-benefit pension
plans were underfunded (on a PBO basis) by US$2.5 billion at
year-end 2006, with an added US$3.1 billion liability for other
retirement benefits.  Passage of pension legislation in 2006
that allows airlines to repay funding deficits over a longer
period will ease upcoming cash requirements significantly,
though these provisions are not as generous as those available
to airlines that have "frozen" or terminated their pension
plans.

A healthy cash balance and solid internal cash generation
support credit quality, despite substantial debt maturities.
Further gains in earnings and cash flow, if they appear
sustainable, could prompt an upgrade over the coming year.  The
outlook could be revised to stable if airline industry
conditions weaken, curtailing expected earnings improvements.


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


ADVANCED MICRO: Eyes US$1.2 Bln Revenues in 2007 First Quarter
--------------------------------------------------------------
Advanced Micro Devices Inc. expects to report revenue of
approximately US$1.225 billion in the quarter ending March 31,
2007.  Revenues declined sharply quarter-over-quarter for the
Computing Solutions segment, primarily due to lower overall
average selling prices and significantly lower unit sales,
especially in the resale channel.

Advanced Micro plans to restructure its business model to
increase operational efficiencies and lower its operating cost
structure.  The company will reduce 2007 capital expenditures by
approximately US$500 million, which the company believes will
not materially impact capacity plans for the year.  The company
will also significantly reduce discretionary expenses and limit
hiring to critical positions.

                       About Advanced Micro

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries.  The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations and manufacturing facilities in the United States,
Europe, Japan, and Asia.  It maintains operations in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.

                          *     *     *

As reported in the Troubled Company Reporter on Mar. 14, 2007,
Moody's Investors Service lowered AMD's corporate family rating
to B1 from Ba3.  The outlook is stable.


COMPAGNIE GENERALE: 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
Compagnie Generale De Geophysique-Veritas.

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.

* Issuer: Compagnie Generale De Geophysique-Veritas

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured
   Bank Credit
   Facility                 Ba2      Ba2      LGD3    41%

   7.5% Senior Unsecured
   Regular Bond/Debenture
   Due 2015                 Ba3      Ba3      LGD4    63%

   7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2017                 Ba3      Ba3      LGD4    63%

* Issuer: CGGVeritas Services, Inc.

   Senior Secured Bank
   Credit Facility          Ba2      Ba2      LGD3    41%

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%).

France-based Compagnie Generale De Geophysique-Veritas is
formerly known as Compagnie Generale de Geophysique.  The
Group's principal activities are to manufacture geophysical
equipment and software and to provide geophysical services and
information.  The Group operates in Europe, Africa, the United
States, Canada, Brazil and Columbia.


KAUFMAN & BROAD: S&P Affirms BB Rating with Negative Outlook
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate and 'BB' senior unsecured credit ratings on Kaufman &
Broad S.A., one of the largest residential property developers
in France.

At the same time, Standard & Poor's removed the ratings from
CreditWatch with negative implications, where they had been
placed on Oct. 26, 2006.  The outlook is negative, reflecting
that on KBSA's parent company, U.S.-based KB Home.

The rating actions reflect those taken on KB Home.  KB Home owns
49.0% of KBSA's capital, and has 67.5% of voting rights.  Should
the ratings on KB Home be lowered, KBSA would also be
downgraded.

KBSA's unadjusted gross debt was EUR156 million at Nov. 30,
2006.

The negative outlook primarily reflects the close links between
KBSA and its parent company, KB Home.  A weakening of activity
on the French residential market or deterioration of credit
metrics could also create downside risk.  Given KBSA's strong
measures and solid well-seasoned management, however, only a
severe market contraction would be likely to materially affect
KBSA's credit quality.  Standard & Poor's continues to expect
that KBSA's credit measures will be sustainable over the medium
term, including EBITDA gross coverage of above 5x, FFO to fully
adjusted debt of above 25%, and fully adjusted debt to EBITDA of
about 2x.

The ratings on KBSA continue to reflect the group's narrow
business focus; the property development industry's above-
average risk profile -- including high fragmentation, volume and
price cyclicality, and an inherently speculative element; and
heavy working capital needs.  These negative factors are offset
by KBSA's strong regional positions in the domestic new housing
market, prudent risk policies, a long, cycle-tested track
record, and an intermediate financial profile.  KBSA's
increasing geographic coverage in the growing market of southern
France is also a positive factor.


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


DAIMLERCHRYSLER AG: Board Names Dr. Manfred Bischoff as Chairman
----------------------------------------------------------------
The Supervisory Board of DaimlerChrysler AG elected Dr. Manfred
Bischoff, Chairman of the Board of Directors of the European
Aeronautic Defence and Space Company, as its new Chairman with
immediate effect.

Dr. Bischoff succeeds Hilmar Kopper, who was a member of the
Supervisory Board for 17 years.  The former chairman of the
Supervisory Board of Deutsche Bank AG was elected as a member of
the Supervisory Board of Daimler-Benz AG on Jan. 4, 1990, and on
March 7 of that year, the Supervisory Board elected him as its
Chairman.

Previously, the Annual Meeting of DaimlerChrysler AG on April 4
elected Prof. Dr. Clemens Boersig, Chairman of the Supervisory
Board of Deutsche Bank AG, as a new member of the Supervisory
Board replacing Hilmar Kopper.  Mr. Clemens Borsig's period of
office lasts until the end of the Annual Meeting in 2012.

In addition, Manfred Bischoff was elected as the new Chairman of
the Presidential Committee and succeeds Hilmar Kopper also in
this position.  The new member of the Presidential Committee is
Dr. rer. pol.  Manfred Schneider, Chairman of the Supervisory
Board of Bayer AG.

New Supervisory Board member Clemens Borsig succeeds Hilmar
Kopper as a member of the Audit Committee.  The Chairman of the
Audit Committee is still Bernhard Walter, former chairman of the
Board of Management of Dresdner Bank AG.

                        2006 Dividend

DaimlerChrysler's shareholders also approved the distribution of
a dividend for 2006 of EUR1.50 per share (prior year: EUR1.50
per share).  The total dividend distribution amounts to
EUR1.542 billion.  The item of the agenda "Allocation of
Unappropriated Profit" was approved with 99.81% of the votes
cast.

The members of the Board of Management were ratified with
percentages ranging from 97.06 to 97.07%, the members of the
Supervisory Board were ratified with percentages ranging from
96.07 to 96.22%.  The additional items of the agenda submitted
by shareholders were only approved with a maximum of 5.2% of the
votes cast and therefore rejected.

Approximately 7,900 shareholders attended the Annual Meeting at
the Berlin Messe exhibition center (prior year: 8,100).  39.19%
of the shareholders' voting rights were represented at the
Annual Meeting.

On April 5, 2007, the dividend will be paid out to those
shareholders who held shares on April 4, 2007.

                       About DaimlerChrysler

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

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

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

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

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


FEMA PROJEKTBAU: Claims Registration Period Ends May 3
------------------------------------------------------
Creditors of FEMA Projektbau GmbH have until May 3 to register
their claims with court-appointed insolvency manager Fabio
Algari.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against FEMA Projektbau GmbH on March 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         FEMA Projektbau GmbH
         Beethovenstr. 8-10
         60325 Frankfurt am Main
         Germany


GBF-GESELLSCHAFT: Claims Registration Period Ends May 5
-------------------------------------------------------
Creditors of GBF-Gesellschaft fuer betriebswirtschaftliche
Beratung und Fortbildung mbH & Co KG have until May 5 to
register their claims with court-appointed insolvency manager
Jens Koeke.

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

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B11
         Berliner Strasse 8
         37073 Goettingen
         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 Goettingen opened bankruptcy proceedings
against GBF-Gesellschaft fuer betriebswirtschaftliche Beratung
und Fortbildung mbH & Co KG on Feb. 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/5085920
         Fax: 0551/5085921

The Debtor can be reached at:

         GBF-Gesellschaft fuer betriebswirtschaftliche Beratung
         und Fortbildung mbH & Co KG
         Attn: Marcel Noack, Manager
         Donaustrasse 103
         12043 Berlin
         Germany


GREWE BESITZ: Creditors' Meeting Slated for May 10
--------------------------------------------------
The court-appointed insolvency manager for Grewe Besitz- und
Verwaltungs-GmbH, Ralph Buenning, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:30 a.m. on May 10.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on July 12 at the same venue.

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

The District Court of Bremen opened bankruptcy proceedings
against Grewe Besitz- und Verwaltungs-GmbH on March 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Ralph Buenning
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-Mail: InsOBremen@schubra.de
         Web: http://www.schubra.de/

The Debtor can be reached at:

         Grewe Besitz- und Verwaltungs-GmbH
         Emder Str. 76
         28219 Bremen
         Germany

         Attn: Wolfgang Rudolf Hermann Grewe, Manager
         Birkenheide 40
         27711 Osterholz-Scharmbeck
         Germany


HAASE BAUUNTERNEHMUNG: Claims Registration Period Ends May 14
-------------------------------------------------------------
Creditors of Haase Bauunternehmung GmbH & Co.KG have until
May 14 to register their claims with court-appointed insolvency
manager Dr. Wolfgang Koehler.

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

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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 Arnsberg opened bankruptcy proceedings
against Haase Bauunternehmung GmbH & Co.KG on March 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Wolfgang Koehler
         Marktstrasse 22
         59555 Lippstadt
         Germany

The Debtor can be reached at:

         Haase Bauunternehmung GmbH & Co.KG
         Klaus-Dieter Haase, Manager
         Saemtlich Bergeder Weg 3 a
         59519 Moehnesee
         Germany


HANS-JOACHIM WOLTER: Claims Registration Period Ends May 4
----------------------------------------------------------
Creditors of Hans-Joachim Wolter GmbH have until May 4 to
register their claims with court-appointed insolvency manager
Dominica Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         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 Saarbruecken opened bankruptcy proceedings
against Hans-Joachim Wolter GmbH on March 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Hans-Joachim Wolter GmbH
         Fernmeldeanlagen und -geraete
         Schlackenbergstr. 43
         66386 St Ingbert
         Germany

         Attn: Iris Willim, Manager
         Zum Tiefenbach 11
         66606 St Wendel
         Germany


HARO GENERALHAUS: Claims Registration Period Ends May 1
-------------------------------------------------------
Creditors of HaRo Generalhaus GmbH have until May 1 to register
their claims with court-appointed insolvency manager Hans-Peter
Rechel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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 Neumuenster opened bankruptcy proceedings
against HaRo Generalhaus GmbH on March 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Hans-Peter Rechel
         Lehmweg 17
         20251 Hamburg
         Germany

The Debtor can be reached at:

         HaRo Generalhaus GmbH
         Burggartenstrasse 2
         24539 Neumuenster
         Germany

         Attn: Hans-Joerg Andersen
         Tannenweg 30
         24539 Neumuenster
         Germany


HEIDELBERGCEMENT AG: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the 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 Ba1 Corporate Family Rating for HeidelbergCement
AG.

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.

* Issuer: HeidelbergCement AG

                                                Projected
                             POD      LGD       Loss-Given
   Debt Issue                Rating   Rating    Default
   ----------                -------  -------   -------
   Senior Unsecured
   Bank Credit Facility      Ba1     LGD4       60%

   DEM3-Bllion Sr. Unsec.
   Medium-Term
   Note Program              Ba1     LGD4       60%

   Senior Unsecured
   Regular Bond/Debenture
   Due July 2008             Ba1     LGD4       60%

   Senior Unsecured
   Regular Bond/Debenture
   Due October 2007          Ba1     LGD4       60%

   Senior Unsecured
   Regular Bond/Debenture
   Due September 2008        Ba1     LGD4       60%

   Senior Unsecured
   Regular Bond/Debenture
   Due November 2007         Ba1     LGD4       60%

* Issuer: Heidelbergcement Finance B.V.

                                                Projected
                             POD      LGD       Loss-Given
   Debt Issue                Rating   Rating    Default
   ----------                -------  -------   -------
   DEM3-billion Sr. Unsec.
   Medium-Term
   Note Program              Ba1      LGD4        60%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2008                  Ba1      LGD4        60%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2013                  Ba1      LGD4        60%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2012                  Ba1      LGD4        60%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2015                  Ba1      LGD4        60%

   5.59% Senior Unsecured
   Regular Bond/Debenture
   Due 2008                  Ba1      LGD4        60%

   7.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                  Ba1      LGD4        60%

* Issuer: Heidelbergcement Financial Services AB

                                                Projected
                             POD      LGD       Loss-Given
   Debt Issue                Rating   Rating    Default
   ----------                -------  -------   -------
   EUR3-billion Sr. Unsec.
   Medium-Term
   Note Program              Ba1      LGD4       60%

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 in Heidelberg, Germany, HeidelbergCement AG --
http://www.heidelbergcement.com/-- manufactures cement as well
as building materials and building chemicals.  The group's
posted EUR414.5 million in net profit on EUR9.23 billion in net
sales in fiscal year 2006.


HOFMANN & JENTSCH: Claims Registration Period Ends May 19
---------------------------------------------------------
Creditors of Hofmann & Jentsch GmbH have until May 19 to
register their claims with court-appointed insolvency manager
Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The District Court of Hamburg opened bankruptcy proceedings
against Hofmann & Jentsch GmbH on March 29.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Karsten Toetter
         Speersort 4/6
         20095 Hamburg
         Germany

The Debtor can be reached at:

         Hofmann & Jentsch GmbH
         Brookkehre 53
         21029 Hamburg
         Germany

         Attn: Joern Weitzmann, Manager
         Arnold-Heise-Strasse 9
         20249 Hamburg
         Germany


IAK GMBH: Claims Registration Period Ends April 30
--------------------------------------------------
Creditors of IAK GmbH Institut fuer angewandte
Kunststofftechnologie have until April 30 to register their
claims with court-appointed insolvency manager Markus Froehlich.

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 Kempten
         Residenzplatz 4-6
         87435 Kempten
         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 Kempten opened bankruptcy proceedings
against IAK GmbH Institut für angewandte Kunststofftechnologie
on March 21.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Markus Froehlich
         Ehlersstrasse 11
         88046 Friedrichshafen
         Germany
         Tel: 07541/700871
         Fax: 07541/700878

The Debtor can be reached at:

         IAK GmbH Institut fuer angewandte Kunststofftechnologie
         Hattnauerstrasse 11
         88142 Wasserburg
         Germany


PFLEIDERER AG: To Issue Up to EUR200-Million Hybrid Bond
--------------------------------------------------------
Following the acquisition of the Swedish Pergo AB and by
expanding its worldwide market presence especially in the high
margin engineered wood business, Pfleiderer AG plans to issue
hybrid bonds with a volume of between EUR200 million to EUR250
million via its financing vehicle Pfleiderer Finance B.V.

Pfleiderer AG currently has a senior unsecured rating of Ba2
with stable outlook by Moody's and BB with positive outlook by
Fitch.

The bonds will be guaranteed on a subordinated basis by
Pfleiderer and are expected to be rated two notches below the
guarantor's senior-/ IDR ratings by both agencies.

The exact terms of the bonds will be determined based on market
conditions, following a pan-European road show.  ABN AMRO and
Barclays Capital are joint structuring advisors and joint lead
managers for Pfleiderer's envisaged hybrid capital transaction.

The bonds will be accounted for as equity in accordance with
IFRS and will also be assigned 50% and 75% 'equity credit' by
Moody's and Fitch respectively.

The proceeds of the issue together with other financial sources
will be used to repay the bridge loan drawn to finance
Pfleiderer's recent strategic acquisition of Pergo AB.

The issuance of hybrid bonds will increase Pfleiderer's
financial flexibility.

"The use of hybrid capital is in line with Pfleiderer's strategy
to pursue acquisitions via equity and equity-like instruments to
ensure that acquisitions do not impair Pfleiderer's steadily
improving credit profile" Derrick Noe, Chief Financial Officer
of Pfleiderer AG, said.

                         About Pfleiderer

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.


PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB-
-----------------------------------------------------------
Fitch Ratings assigned Pfleiderer Finance B.V.'s proposed issue
of up to EUR250-million guaranteed undated subordinated fixed-
to floating-rate capital securities an expected 'BB-' rating.

The final rating is contingent on the receipt of final
documentation conforming to information already received.  At
the same time Fitch has placed Pfleiderer AG's Issuer Default
Rating of 'BB' on Rating Watch Positive and affirmed its Short-
term rating at 'B'.

The Rating Watch Positive reflects Pfleiderer's plan to
effectively equity-finance a majority part of the Pergo AB
acquisition.  It is in line with the group's plan to launch the
above-mentioned hybrid bond and use the proceeds to refinance
senior debt used for the acquisition of Pergo.  The Rating Watch
is expected to be resolved upon the final settlement of the
hybrid bond.  Any upgrade of the IDR is expected to be limited
to one notch.

The Rating Watch Positive is further underpinned by Pfleiderer's
improved business profile reflecting a more balanced
geographical diversification, namely towards its core markets
Western Europe, Eastern Europe and North America.  It also takes
into account the group's good market position as one of the
world's leading producers of engineered wood products and move
into higher-margin product segments such as MDF.  Nevertheless,
Fitch will continue to closely monitor the performance of the
group's North American operations against the backdrop of the
challenging conditions in the housing market in that region.

The overall effect of the hybrid instrument on Pfleiderer's
financial profile is considered positive.  The refinancing of
acquisition debt by hybrid capital of up to EUR250 million will
strengthen Pfleiderer's balance sheet and credit metrics,
placing them in line with a 'BB+' rating level.  Fitch considers
Pergo a good strategic fit and anticipates a successful
integration within Pfleiderer, based on the management's
established track record.  Fitch gains further comfort from
Pfleiderer's prudent financial policy.

In line with Fitch's hybrid methodology, the proposed hybrid
instrument would be classified as a Class D instrument and
treated with 75% equity credit, subject to final documentation
conforming to information already received.  The classification
as a Class D instrument includes Fitch's understanding that the
envisaged hybrid bond will have no material constraint regarding
its deferral option.  Fitch notes that the look-back provision
is limited by the proximity of the coupon payment dates to the
company's annual general meeting.

The bond will have a call option in 2014, which, if not
exercised, will see a step-up of 150bps.  However, this
effective maturity is mitigated by satisfactory replacement
language.  There are several call events relating to tax
changes, change of control and a change in the equity credit
allocation by a rating agency, among others.  In addition the
hybrid security will see a 500bps step-up upon a rating
withdrawal - considered a call event in the bond documentation -
a feature that helps ensure the company remains rated.

Pfleiderer is a leading supplier of engineered wood, surface-
finished products and laminate flooring.  With some 5,200
employees and production sites in Western Europe, Eastern Europe
and North America, the group reported sales of approximately
EUR1.4 billion in Financial Year 2006 and EBITDA of
EUR208 million.


RAK - BAU: Claims Registration Period Ends May 18
-------------------------------------------------
Creditors of RAK - Bau GmbH have until May 18 to register their
claims with court-appointed insolvency manager Jochen Sedlitz.

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

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Jochen Sedlitz
         Wilhelmstr. 12
         70182 Stuttgart
         Germany
         Tel: 0711/16424-0
         Fax: 0711/16424-24

The District Court of Goeppingen opened bankruptcy proceedings
against RAK - Bau GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         RAK - Bau GmbH
         Römerstr. 74
         73066 Uhingen
         Germany

         Attn: Ralf Alexander Kerschbaum, Manager
         Graf-Degenfeld-Str. 97
         73098 Rechberghausen
         Germany


REUSCHEL HANDELSGESELLSCHAFT: Creditors' Meeting Set for May 10
---------------------------------------------------------------
The court-appointed insolvency manager for Reuschel
Handelsgesellschaft mbH, Frank-Michael Rhode, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:00 a.m. on May 10.

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

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

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

Creditors have until July 17 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Bremen opened bankruptcy proceedings
against Reuschel Handelsgesellschaft mbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reuschel Handelsgesellschaft mbH
         Steinsetzerstr. 16
         28279 Bremen
         Germany

         Attn: Johannes Paolo Reuschel, Manager
         Moehlenpad 10
         27632 Dorum
         Germany


RIO-BEKLEIDUNGSWERKE: Claims Registration Period Ends May 11
------------------------------------------------------------
Creditors of RIO-Bekleidungswerke GmbH have until May 11 to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Hall 012
         Ground Floor
         Berliner Platz 1
         95030 Hof
         Germany

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

The insolvency manager can be contacted at:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Fax: 09281/8331089

The District Court of Hof opened bankruptcy proceedings against
RIO-Bekleidungswerke GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         RIO-Bekleidungswerke GmbH
         Marienstr. 4
         95111 Rehau
         Germany

         Attn: Johann-Georg Herzog, Manager
         Falkenhagenerstr. 21
         13585 Berlin
         Germany


ROGA GASTSTATTENBETRIEBS: Creditors' Meeting Slated for May 15
--------------------------------------------------------------
The court-appointed insolvency manager for ROGA
Gaststattenbetriebs GmbH, Thomas Heimes, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on May 15.

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 8:55 a.m. on June 5, at the same venue.

Creditors have until May 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Thomas Heimes
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany
         Tel: (0681) 4101 0
         Fax: (0681) 4101 279

The District Court of Saarbruecken opened bankruptcy proceedings
against ROGA Gaststattenbetriebs GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         ROGA Gaststattenbetriebs GmbH
         Saarstr. 15
         66111 Saarbruecken
         Germany

         Attn: Petra Rode, Manager
         Ohmstr. 13
         66123 Saarbruecken
         Germany


ROKA GMBH: Creditors' Meeting Slated for April 27
-------------------------------------------------
The court-appointed insolvency manager for ROKA GmbH
Dienstleistungsgruppe, Peter-Alexander Borchardt, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on April 27.

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

         The District Court of Niebuell
         Sylter Bogen 1 A
         Courthouse
         25899 Niebuell
         Germany

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

Creditors have until May 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany
         Tel: (040) 8090 3047

The District Court of Niebuell opened bankruptcy proceedings
against ROKA GmbH Dienstleistungsgruppe on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ROKA GmbH Dienstleistungsgruppe
         Attn: Ellen Kaak, Manager
         Schmiedestrasse 10 a
         25899 Niebuell
         Germany


RPR BAUDIENSTLEISTUNGS: Claims Registration Period Ends April 24
----------------------------------------------------------------
Creditors of RPR Baudienstleistungs GmbH have until April 24 to
register their claims with court-appointed insolvency manager
Bardo M. Sigwart.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 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 Darmstadt
         Hall 4.311
         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 contacted at:

         Bardo M. Sigwart
         Ostend 14
         64347 Griesheim
         Germany
         Tel: 06155-60930
         Fax: 06155-66297

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

The Debtor can be contacted at:

         RPR Baudienstleistungs GmbH
         Attn: Rainer Pust, Manager
         Muenchner Strasse 18-22
         64521 Gross-Gerau
         Germany


RTTG VERWALTUNGS: Claims Registration Period Ends May 25
--------------------------------------------------------
Creditors of RTTG Verwaltungs GmbH have until May 25 to register
their claims with court-appointed insolvency manager
Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on June 20, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Christina Siegert
         Oskar-von-Miller-Ring 34-36
         80333 Munich
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against RTTG Verwaltungs GmbH on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         RTTG Verwaltungs GmbH
         Lochhamer Schlag 12
         82166 Grafelfing
         Germany

         Attn: Thomas Greiter, Manager
         Adlerstr. 25
         82166 Grafelfing
         Germany


SIDLER GMBH: Creditors' Meeting Slated for May 23
-------------------------------------------------
The court-appointed insolvency manager for Sidler GmbH & Co. KG,
Christopher Seagon, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on May 23.

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

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on July 25 at the same venue.

Creditors have until June 25 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel. 06221/91180

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

The Debtor can be reached at:

         Sidler GmbH & Co. KG
         Attn: Dr. Hans-Jochen Braun, Manager
         Bismarckstr. 72
         72072 Tuebingen
         Germany


SIEKAUP EINRICHTUNGSSYSTEME: Claims Registration Ends May 2
-----------------------------------------------------------
Creditors of Siekaup Einrichtungssysteme GmbH & Co. KG have
until May 2 to register their claims with court-appointed
insolvency manager Dr. Norbert Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

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

The Debtor can be reached at:

         Siekaup Einrichtungssysteme GmbH & Co. KG
         Stromberger Strasse 197
         59269 Beckum
         Germany

         Attn: Juergen Schulz, Manager
         Griesenbruchstrasse 54
         32139 Spenge
         Germany


SLK FORMTECHNIK: Claims Registration Ends June 1
------------------------------------------------
Creditors of SLK Formtechnik GmbH have until June 1 to register
their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Meiningen
         Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against SLK Formtechnik GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         SLK Formtechnik GmbH
         Attn: Volker Limpert and Christa Salzmann, Managers
         Altersbacher Strasse 22
         98587 Steinbach-Hallenberg
         Germany


STONE DATENSYSTEME: Creditors Must Register Claims by May 2
-----------------------------------------------------------
Creditors of Stone Datensysteme GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 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:

         Joerg Sievers
         R.-Blum-Str. 1
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Stone Datensysteme GmbH on April 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Stone Datensysteme GmbH
         Attn: Monika Schneider, Manager
         Inselweg 2
         18374 Seeheilbad Zingst
         Germany


STREAM TEAM: Creditors Must Register Claims by May 14
-----------------------------------------------------
Creditors of Stream Team GmbH have until May 14 to register
their claims with court-appointed insolvency manager
Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against Stream Team GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Stream Team GmbH
         Bavariafilmplatz 7 Geb. 39
         82031 Gruenwald
         Germany


TAC - UMFORMTECHNIK: Creditors Meeting Slated for April 24
----------------------------------------------------------
The court-appointed insolvency manager for TAC - Umformtechnik
Cainsdorf GmbH, Bernward Widera, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 8:00 a.m. on April 24.

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

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 20 at the same venue.

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

The insolvency manager can be reached at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (03 75) 81 89 20
         Fax: (03 75) 818 92 14

The District Court of Chemnitz opened bankruptcy proceedings
against TAC - Umformtechnik Cainsdorf GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         TAC - Umformtechnik Cainsdorf GmbH
         Am Hammerwald 19-23
         08064 Zwickau
         Germany


TIEFBAU SUHL: Claims Registration Period Ends April 27
------------------------------------------------------
Creditors of Tiefbau Suhl GmbH have until April 27 to register
their claims with court-appointed insolvency manager Axel
Bierbach.

Creditors and other interested parties are encouraged to attend
the meeting at 7:30 a.m. on May 23, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Axel Bierbach
         Schwanthalerstr. 32
         80336 Munich
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against Tiefbau Suhl GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Tiefbau Suhl GmbH
         Mauerstrasse 8
         98527 Suhl
         Germany


UDO HERGET: Claims Registration Period Ends May 30
--------------------------------------------------
Creditors of Udo Herget GmbH have until May 30 to register
their claims with court-appointed insolvency manager Andreas
Ringstmeier.

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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         Udo Herget GmbH
         Neusser Landstrasse 2
         50735 Cologne
         Germany

         Attn: Simon Schneider, Manager
         Vossenbergweg 7
         46514 Schermbeck
         Germany


WAS WERTSTOFF-ABHOL-SERVICE: Claims Registration Ends June 1
------------------------------------------------------------
Creditors of WAS Wertstoff-Abhol-Service GmbH have until June 1
to register their claims with court-appointed insolvency manager
Ulrich Bastian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Bastian
         Sendlinger Str. 46
         80331 Munich
         Germany
         Tel: 089/2603966
         Fax: 089/2609204

The District Court of Munich opened bankruptcy proceedings
against WAS Wertstoff-Abhol-Service GmbH on March 28.
Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         WAS Wertstoff-Abhol-Service GmbH
         Attn: Wolfgang Gomolka, Manager
         Eichhofen 19
         85229 Markt Indersdorf
         Germany


WEBDESIGN GMBH: Creditors' Meeting Slated for April 26
------------------------------------------------------
The court-appointed insolvency manager for Webdesign Verwaltungs
GmbH, Dr. Christian Willmer, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:20 a.m. on April 26.

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

         The District Court of Syke
         Hall 112
         Hauptstr. 5A
         28857 Syke
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 26 at the same venue.

Creditors have until June 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Christian Willmer
         Georgstrasse 5
         27283 Verden
         Germany

The District Court of Syke opened bankruptcy proceedings against
Webdesign Verwaltungs Gmbh on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Webdesign Verwaltungs GmbH
         Attn: Bernd Boeckmann, Manager
         Grovkamp 9
         27324 Eystrup
         Germany


WEIN-KOHLHOFF GMBH: Claims Registration Period Ends May 16
----------------------------------------------------------
Creditors of Wein-Kohlhoff GmbH have until May 16 to register
their claims with court-appointed insolvency manager Michael
Selker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Michael Selker
         Niedersachsenstr. 11a
         49074 Osnabrueck
         Germany
         Tel: 0541/357450
         Fax: 0541/3574511

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

The Debtor can be reached at:

         Wein-Kohlhoff GmbH
         Schwedenstrasse 2
         49074 Osnabrück
         Germany

         Attn: Waltraud Blomendahl, Manager
         Rechterfelder Str. 34
         49429 Visbeck
         Germany


ZEMA DENTALLABOR: Claims Registration Period Ends June 14
---------------------------------------------------------
Creditors of ZeMa Dentallabor GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Dr. Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Wienberg
         Peterstrasse 1
         99084 Erfurt
         Germany

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

The Debtor can be reached at:

         ZeMa Dentallabor GmbH
         Karl-Marien-Strasse 39
         99310 Arnstadt
         Germany


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


ANTENNA TV: 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 B1 Corporate Family Rating for
Antenna TV 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
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   7.25% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2015                B1       LGD4     56%

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

Probability-of-Default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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, Antenna TV S.A. --
http://www.antenna.gr/-- operates Antenna TV (the leading
television broadcast network and producer of television
programming in Greece), Antenna FM (a radio station in the
greater Athens area), and also has a 50% interest in Daphne, a
publishing company with a portfolio of 13 magazines.  Antenna
also owns 100% of Nova Television, one of only two private
national television networks in Bulgaria.


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


ELAN CORP: Subsidiaries Begin Exchange Offer for US$615MM Notes
---------------------------------------------------------------
Elan Finance plc and Elan Finance Corp., wholly owned
subsidiaries of Elan Corp. plc, have commenced an offer to
exchange up to:

   -- US$465 million aggregate principal amount of the Issuers'
      8-7/8% Senior Fixed Rate Notes due 2013; and

   -- US$150 million aggregate principal amount of the Issuers'
      Senior Floating Rate Notes due 2013.

The exchange Notes will be guaranteed by Elan and certain of
Elan's subsidiaries.

The outstanding Notes were issued in a private placement in
November 2006, at which time the Issuers agreed to file a
registration statement for the Exchange Offer.

The Exchange Offer is not conditioned upon any minimum principal
amount of outstanding Notes being tendered for exchange. The
Exchange Offer will expire at 5:00 p.m., New York City time, on
Tuesday, May 8, unless extended.  Tenders of outstanding Notes
may be withdrawn at any time prior to the expiration of the
Exchange Offer.  The terms of the exchange Notes (and related
guarantees) are substantially identical to the outstanding Notes
(and related guarantees), except for certain transfer
restrictions and registration rights relating to the outstanding
Notes.  Any outstanding Notes not tendered will remain subject
to existing transfer restrictions.

The Bank of New York is serving as the Exchange Agent in
connection with the Exchange Offer.

Requests for information, the prospectus and other documents
relating to the Exchange Offer should be directed to the
Exchange Agent at:

         The Bank of New York
         Attn: Diane Amoroso
         Corporate Trust Operations
         Reorganization Unit
         101 Barclay Street
         7 East
         New York
         New York 10286
         Tel: (212) 815-5788

                        About the Company

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

                         *     *     *

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

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

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

The rating outlook is stable.

Rating assigned:

Elan Finance plc

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

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

Ratings affirmed:

Elan Corporation, plc

    * B3 corporate family rating

Elan Finance plc

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

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

Athena Neurosciences Finance, LLC

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

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


ZOO ABS 4: S&P Rates EUR8.5-Million Class E Notes at BB-
--------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR494.2 million floating-rate notes to be
issued by ZOO ABS 4 PLC.  At the same time, it will issue
EUR20 million of unrated notes.

The ratings reflect commensurate credit enhancement in the form
of overcollateralization and subordination, a diversified
collateral pool of ABS, currency risk protections, strong
collateral investment guidelines, the expected bankruptcy-
remoteness of the issuer, and various amortization triggers.

At closing, ZOO ABS 4 will issue floating-rate notes.  The
proceeds, after paying transaction fees and expenses, will be
invested in a portfolio of European structured finance and ABS.
The transaction has a reinvestment period of five years and the
collateral manager will be P&G SGR S.p.A., a Rome-based asset
manager.

This is the second CDO of ABS launched by P&G.  P&G launched ZOO
ABS II B.V., a CDO of ABS in 2005.  P&G's management was
previously part of the team at Meliorbanca S.p.A. that launched
ZOO ABS 1 B.V., a CDO of ABS that closed in 2002.  P&G has since
taken over management of ZOO ABS 1 from Meliorbanca.

                          Ratings List

ZOO ABS 4 PLC
   EUR514.2 Million Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mln. EUR)
           -----          ------            --------
           A-1R           AAA                100.00
           A-1A           AAA                150.00
           A-1B           AAA                115.70
           A-2            AAA                 27.00
           B              AA                  30.00
           C              A                   35.00
           D              BBB-                28.00
           E              BB-                  8.50
           Subordinated
           notes          NR                  20.00


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


AIDANA LLP: Creditors Must File Claims by May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Aidana insolvent.

Creditors have until May 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Tokaev Str.17
         Shymkent
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 (3252) 54-53-29


AKMOLA-TISSA LLP: Creditors' Claims Due May 18
----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Akmola-Tissa insolvent.

Creditors have until May 18 to submit written proofs of claim
to:

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


CREDO LLP: Proof of Claim Deadline Slated for May 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Credo insolvent on Feb. 21.

Creditors have until May 15 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


HLEBOZAVOD OJSC: Court Begins Bankruptcy Process Against Firm
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
region has started bankruptcy proceeding against OJSC
Glubokovsky Bread Factory Hlebozavod on March 11.


NURMAHAN LLP: Claims Registration Ends May 16
---------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Nurmahan insolvent.

Creditors have until May 16 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Tokaev Str.17
         Shymkent
         South Kazakhstan Region
         Kazakhstan
         Tel: 8 (3252) 54-53-29


TPK KOKSHETAU: Claims Filing Period Ends May 18
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Tpk Kokshetau insolvent.

Creditors have until May 18 to submit written proofs of claim
to:

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


VACHE LLP: Creditors Must File Claims by May 15
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Vache insolvent on Feb. 21.

Creditors have until May 15 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


VODNIK LLP: Creditors' Claims Due May 11
----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Vodnik 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


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


TOV ROS: Creditors' Meeting Slated for April 26
-----------------------------------------------
Creditors of LLC Tov Ros will convene at 10:00 a.m. on April 26
at:

         Room 108
         Moskovskaya Str. 151
         Bishkek, Kyrgyzstan

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Bolotbek Aralbaev
         Tel: (+996 312) 21-67-25
              (0-555) 50-35-76

The Inter-District Court of Bishkek for Economic Issues declared
LLC Tov Ros (Case No. ED-533/06mbs 8) insolvent on Nov. 16,
2006.  Subsequently, bankruptcy proceedings were introduced at
the company.


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


ORCO PROPERTY: 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 Orco Property Group
S.A.

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.

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%).

Based in Luxembourg, Orco Property Group S.A. ranks as the third
largest developer of residential housing units in Prague.  The
company also invests in commercial real estate throughout
Central and Eastern Europe.  In 2005, Orco generated revenues of
EUR50 million.


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


ASML 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
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba1 Corporate Family Rating for ASML
Holding N.V.

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 Veldhoven, the Netherlands, ASML Holding N.V.
-- http://www.asml.com/-- provides lithography systems for the
semiconductor industry, manufacturing complex machines that are
critical to the production of integrated circuits or chips.
ASML generated EUR3.6 billion in revenues in 2006.


PFLEIDERER FINANCE: Parent to Issue up to EUR200-Mln Hybrid Bond
----------------------------------------------------------------
Following the acquisition of the Swedish Pergo AB and by
expanding its worldwide market presence especially in the high
margin engineered wood business, Pfleiderer AG plans to issue
hybrid bonds with a volume of EUR200 million-EUR250 million via
its financing vehicle Pfleiderer Finance B.V.

Pfleiderer AG currently has a senior unsecured rating of Ba2
with stable outlook by Moody's and BB with positive outlook by
Fitch.

The bonds will be guaranteed on a subordinated basis by
Pfleiderer and are expected to be rated two notches below the
guarantor's senior-/ IDR ratings by both agencies.

The exact terms of the bonds will be determined based on market
conditions, following a pan-European road show.  ABN AMRO and
Barclays Capital are joint structuring advisors and joint lead
managers for Pfleiderer's envisaged hybrid capital transaction.

The bonds will be accounted for as equity in accordance with
IFRS and will also be assigned 50% and 75% 'equity credit' by
Moody's and Fitch respectively.

The proceeds of the issue together with other financial sources
will be used to repay the bridge loan drawn to finance
Pfleiderer's recent strategic acquisition of Pergo AB.

The issuance of hybrid bonds will increase Pfleiderer's
financial flexibility.

"The use of hybrid capital is in line with Pfleiderer's strategy
to pursue acquisitions via equity and equity-like instruments to
ensure that acquisitions do not impair Pfleiderer's steadily
improving credit profile" Derrick Noe, Chief Financial Officer
of Pfleiderer AG, said.

                         About Pfleiderer

Headquartered in Neumarkt, Germany, Pfleiderer AG --
http://www.pfleiderer.com/-- manufactures engineered woods and
infrastructure products through its subsidiaries.  The Company
produces wood-based panels for furniture and interior fittings,
track systems for urban and intercity rail networks, and a range
of poles and towers for energy and commercial infrastructures.

                          *     *     *

Fitch Ratings assigned Pfleiderer Finance B.V.'s proposed issue
of up to EUR250 million guaranteed undated subordinated fixed-
to floating-rate capital securities an expected 'BB-' rating.
The final rating is contingent on the receipt of final
documentation conforming to information already received.  At
the same time Fitch has placed Pfleiderer AG's Issuer Default
Rating of 'BB' on Rating Watch Positive and affirmed its Short-
term rating at 'B'.


PFLEIDERER AG: Fitch Rates EUR250-Million Securities at BB-
-----------------------------------------------------------
Fitch Ratings assigned Pfleiderer Finance B.V.'s proposed issue
of up to EUR250-million guaranteed undated subordinated fixed-
to floating-rate capital securities an expected 'BB-' rating.

The final rating is contingent on the receipt of final
documentation conforming to information already received.  At
the same time Fitch has placed Pfleiderer AG's Issuer Default
Rating of 'BB' on Rating Watch Positive and affirmed its Short-
term rating at 'B'.

The Rating Watch Positive reflects Pfleiderer's plan to
effectively equity-finance a majority part of the Pergo AB
acquisition.  It is in line with the group's plan to launch the
above-mentioned hybrid bond and use the proceeds to refinance
senior debt used for the acquisition of Pergo.  The Rating Watch
is expected to be resolved upon the final settlement of the
hybrid bond.  Any upgrade of the IDR is expected to be limited
to one notch.

The Rating Watch Positive is further underpinned by Pfleiderer's
improved business profile reflecting a more balanced
geographical diversification, namely towards its core markets
Western Europe, Eastern Europe and North America.  It also takes
into account the group's good market position as one of the
world's leading producers of engineered wood products and move
into higher-margin product segments such as MDF.  Nevertheless,
Fitch will continue to closely monitor the performance of the
group's North American operations against the backdrop of the
challenging conditions in the housing market in that region.

The overall effect of the hybrid instrument on Pfleiderer's
financial profile is considered positive.  The refinancing of
acquisition debt by hybrid capital of up to EUR250 million will
strengthen Pfleiderer's balance sheet and credit metrics,
placing them in line with a 'BB+' rating level.  Fitch considers
Pergo a good strategic fit and anticipates a successful
integration within Pfleiderer, based on the management's
established track record.  Fitch gains further comfort from
Pfleiderer's prudent financial policy.

In line with Fitch's hybrid methodology, the proposed hybrid
instrument would be classified as a Class D instrument and
treated with 75% equity credit, subject to final documentation
conforming to information already received.  The classification
as a Class D instrument includes Fitch's understanding that the
envisaged hybrid bond will have no material constraint regarding
its deferral option.  Fitch notes that the look-back provision
is limited by the proximity of the coupon payment dates to the
company's annual general meeting.

The bond will have a call option in 2014, which, if not
exercised, will see a step-up of 150bps.  However, this
effective maturity is mitigated by satisfactory replacement
language.  There are several call events relating to tax
changes, change of control and a change in the equity credit
allocation by a rating agency, among others.  In addition the
hybrid security will see a 500bps step-up upon a rating
withdrawal - considered a call event in the bond documentation -
a feature that helps ensure the company remains rated.

Pfleiderer is a leading supplier of engineered wood, surface-
finished products and laminate flooring.  With some 5,200
employees and production sites in Western Europe, Eastern Europe
and North America, the group reported sales of approximately
EUR1.4 billion in Financial Year 2006 and EBITDA of
EUR208 million.


X5 RETAIL: Gains Control Over Pyaterochka Stores in Chelyabinsk
---------------------------------------------------------------
X5 Retail Group N.V. signed an agreement with the owners of
Pyaterochka franchises in Chelyabinsk to create a joint company
which will merge all the Pyaterochka's assets in Chelyabinsk and
Yekaterinburg.

According to the terms of the agreement, X5 Retail Group
controls 51% of the joint company and the owner of Pyaterochka
franchises in Chelyabinsk receives 49%, which X5 Retail Group
will purchase according to a pre-arranged two-step formula of
24% in 2008 and 25% in 2009.

For X5 Retail Group, the initial investment into the joint
company consists of 26% of Pyaterochka chain in Chelyabinsk and
100 % of Pyaterochka chain in Yekaterinburg.  The owner of
Pyaterochka franchises in Chelyabinsk invests 74% of Pyaterochka
chain in Chelyabinsk.

The transaction is subject to approval of Federal Antimonopoly
Service.

"This deal which gives us control over 40 Pyaterochka stores in
Cheliabinsk with total net selling space of 13,811 square
meters, is be the first case of the Group's buy-out of its
franchise stores in line with the Company's M&A strategy
focusing inter alia on selective buy-out of certain franchises
in strategically important Russian regions," Andrei Gusev, Group
Director for Mergers, Acquisitions and Business Development,
said.  "The creation of an Urals cluster on the base of
Chelyabinsk and Yekaterinburg stores allows us to successfully
develop our chain in the Urals market which is not any smaller
than the St. Petersburg market."

                         About X5 Retail

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

                        *     *     *

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

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


X5 RETAIL: Like-For-Like Sales Up 13% in First Quarter 2007
-----------------------------------------------------------
X5 Retail Group N.V. provided a trading update on a pro-forma
basis including store opening data and like-for-like sales
trends for the Pyaterochka and Perekrestok chains for Q1 2007.

                           Expansion

X5 Retail Group gained additional net selling space of 32,363
square meters in Q1 2007, of which 8,448 square meters for
Perekriostok chain, and 23,915 square meters for Pyaterochka
chain.  As of March 31, the Group operated approximately 497,000
square meters of net selling space.

In terms of numbers of stores, the Group opened 58 new
Pyaterochka soft-discount stores and four new Perekrestok
supermarkets during Q1 2007.  Three stores were re-branded from
Perekrestok to Pyaterochka brand.

As of March 31, the Group operated 512 company-managed
Pyaterochka soft-discount stores and 169 Perekrestok stores.

During Q1 2007, Pyaterochka's franchisees opened 16 new stores.
As of March 31, franchisees operated 533 Pyaterochka branded
stores across Russia and Kazakhstan.  Perekrestok had 10 stores
operated by franchisees in the Moscow area.

The Company completed re-branding and integration of all 17
Merkado stores, acquired in November 2006, of which 10
supermarkets were re-opened under Perekrestok brand and seven
soft-discounters - under Pyaterochka brand.  Former Merkado
office and distribution center in Moscow has become a new
corporate HQ of the Group to consolidate several leased office
locations around Moscow during H1-2007.

In Q1 2007, the Group opened a new leased distribution center of
approximately 20,000 square meters in the Moscow region to
service primarily Perekrestok stores, in line with the company's
logistics strategy to increase the level of centralization of
store supply.

                        Store Operations

During Q1 2007, the Group experienced strong like-for-like sales
trends across both chains, maintaining the positive like-for-
like sales trends of the previous quarters in Moscow, and
showing continued improvement of Pyaterochka like-for-like sales
performance in St. Petersburg with first ever over last few
years positive traffic indicator.

                     Like-for-Like Sales Trends
                       in Q1 2007 vs Q1 2006

                                Total
                                Like-for-Like   Traffic   Basket
                                -------------   -------   ------
Moscow: Pyaterochka                  16%          12%       4%
Moscow: Perekrestok                  16%          15%       1%
Moscow: X5 Retail Group              16%          13%       3%
St. Petersburg: Pyaterochka           8%           2%       6%
St. Petersburg: Perekrestok          17%          18%      -1%
St. Petersburg: X5 Retail Group       9%           3%       6%
Regions: Pyaterochka                 35%          17%       18%
Regions: Perekrestok                  2%           4%       -2%
Regions: X5 Retail Group              7%           8%       -1%
Total X5 Retail Group                13%           8%        5%

"We are very pleased that all our brands have shown strong
operational performance on the back of successful integration
and positive macroeconomic factors," Vitali Podolski, Group CFO,
commented.  "Both chains somewhat exceeded our expectations on
LfL sales performance while staying firmly on track with new
store opening program and completing Merkado integration ahead
of time."

                         About X5 Retail

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

                         *     *     *

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

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


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


NORSKE SKOGINDUSTRIER: 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 Ba1 Corporate Family Rating for Norske
Skogindustrier ASA.

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.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   6.125% Senior Unsecured
   Regular Bond/Debenture
   Due 2015                Ba1      Ba1      LGD4     55%

   7.125% Senior Unsecured
   Regular Bond/Debenture
   Due 2033                Ba1      Ba1      LGD4     55%

   US$600-million 7.625%
   Sr. Unsecured Regular
   Bond/Debenture
   Due 2011                Ba1      Ba1      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 Lysaker, Norway, Norske Skogindustrier ASA --
http://www.norskeskog.com/-- manufactures paper and pulp.  It
produces long and short fiber sulphate pulp, newsprint, bleached
Kraft paper and others.  The Company owns and operates paper
mills in Europe, Asia, Australia, Africa and North and South
America.  Norske has posted three consecutive annual net losses
of EUR116.3 million in 2004, EUR315.4 million in 2003, and
EUR849 million in 2002.  It has paper mills in Chile and Brazil.


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


ELEKTRIM SA: Deutsche Telekom Demands EUR1.2-Bln Compensation
-------------------------------------------------------------
Deutsche Telekom AG is demanding a EUR1.2-billion compensation
from Elektrim S.A. before an international arbitration court in
Vienna in an eight-year row over the sale of a stake in Polska
Telefonia Cyfrowa Sp. z o.o., Katya Andrusz writes for Bloomberg
News.

"We assess the damage we suffered at the hands of Elektrim over
Polska Telefonia at EUR1.2 billion," Mark Nierwetberg, a
spokesman for Deutsche Telekom, was quoted by Bloomberg as
saying.

According to Deutsche Telekom, its rights had been violated when
Elektrim bought a controlling stake in PTC, transferred it to
subsidiary Elektrim Telekomunikacja, and sold a stake in the
unit to Vivendi.

Mr. Nierwetberg declined to comment on a statement by Elekrim to
the Warsaw Stock Exchange that Deutsche Telekom refused to pay
the second installment for its stake acquisition in PTC,
Bloomberg relates.

                        PTC Stake Dispute

As reported in the TCR-Europe on Nov. 2, 2006, Elektrim sold its
48% stake in PTC to Deutsche Telekom for EUR604 million under an
option agreement.  Deutsche Telekom, however, paid the amount to
a Vienna arbitration court.  On Oct. 26, 2006, Elektrim received
EUR525 million of the amount and used it to repay its
bondholders.  The partial repayment prompted the Warsaw Court on
Oct. 27, 2006, to dismiss the bankruptcy petition filed by the
company's creditors and Elektrim Telekomunikacja.

The Vienna court has yet to decide whether to release the
remaining EUR79 million to Elektrim.  Zygmunt Solorz-Zak, the
company's main shareholder, said Elektrim would use the
remaining funds to invest in the power sector and land around
Port Praski.

The planned investment, Elektrim's spokespeople said, may be
impeded by the current legal conflict between the company and
Vivendi and Polish unit ET over the group's stake in PTC.
Vivendi and PTC are protesting Elektrim's stake sale to Deutsche
Telekom.  A Vienna arbitration court, however ruled in June 2006
in favor of Elektrim, but Vivendi refused to acknowledge the
court's decision.

Mr. Solorz-Zak also revealed that Elektrim has filed two damage
suits against Vivendi and ET and ruled out an amicable
settlement.

Elektrim, however, also has to pay the bondholders of its
residual value -- pegged at 25% of the company's worth above
EUR160 million.  Estimates place the company's value at up to
PLN3.7 billion.

Headquartered in Warsaw, Poland, Elektrim S.A. --
http://www.elektrim.pl/-- engages in the power and
telecommunication businesses.  In addition to its core business
activities, Elektrim also manufactures sells cables, and
provides data transmission services.

                        *     *     *

As reported in the TCR-Europe on Oct. 4, 2006, Elektrim filed a
bankruptcy petition with the possibility of an arrangement on
Sept. 29, five days before its creditors were set to launch a
lawsuit over the bankruptcy.  Creditors are demanding the
company's liquidation and the introduction of an official
bankruptcy assignee since they have not received payments from
the company for nearly two years.

As reported in the TCR-Europe on April 26, 2006, Law Debenture
Trust Corp., in its capacity as Elektrim's bond trustee, was
granted an enforcement clause, allowing bondholders to take
possession of the group's assets, against which the debts have
been secured.

Elektrim bondholders' spokesperson Kamila Gorecka said the debt
claims against the company could be satisfied through the sale
of the bankrupt estate.  She stressed that debt collectors must
prioritize the bondholders' claims once Elektrim is declared
bankrupt.  Ms. Gorecka, however, noted that Elektrim's
properties could be seized regardless of the bankruptcy
proceedings.


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


ASTER-NEVA CJSC: Creditors Must File Claims by April 24
-------------------------------------------------------
Creditors of CJSC Aster-Neva have until April 24 to submit
proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32581/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Aster-Neva
         Office 310
         Shpalernaya, 55
         St. Petersburg
         Russia


BAYKAL CJSC: Creditors Must File Claims by April 24
---------------------------------------------------
Creditors of CJSC Private Guard Enterprise Baykal (TIN
490007567) have until April 24 to submit proofs of claim to:

         A. Dutov
         Temporary Insolvency Manager
         Post User Box 95
         Central Post Office
         Proletarskaya Str., 10
         685000 Magadan
         Russia

The Arbitration Court of Magadan will convene on Sept. 7 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A37-153/07-13B.

The Debtor can be reached at:

         CJSC Private Guard Enterprise Baykal
         Proletarskaya Str. 12
         685000 Magadan
         Russia


CAPITAL BUILDING: Creditors Must File Claims by April 17
--------------------------------------------------------
Creditors of LLC Capital Building have until April 17 to submit
proofs of claim to:

         M. Grigoryev
         Insolvency Manager
         Engelsa Str. 19
         432063 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk will convene at 10:00 a.m. on
June 18 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A72-9083/06-26/47-B.

The Debtor can be reached at:

         LLC Capital Building
         1st Popova Str. 18
         432071 Ulyanovsk
         Russia


DANYS LLC: Volgograd Bankruptcy Hearing Slated for June 21
----------------------------------------------------------
The Arbitration Court of Volgograd will convene at 10:00 a.m. on
June 21 to hear the bankruptcy supervision procedure on LLC
Agricultural Company Danys (TIN 3409009625).  The case is
docketed under Case No. A12-1195/07-s55.

The Temporary Insolvency Manager is:

         S. Ryabov
         Post User Box 1027
         400105 Volgograd
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Danys
         Oktyabrya Str. 94 A
         Kalach-na-Donu
         Volgograd
         Russia


EAR CJSC: Chuvashiya Court Names B. Litti as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Chuvashiya appointed Mr. B. Litti as
Insolvency Manager for CJSC Ear.  He can be reached at:

         B. Litti
         Insolvency Manager
         Tekstilshkov Str. 10-216
         Cheboksary, Chuvashiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A79-79-7819/2005.

The Debtor can be reached at:

         CJSC Ear
         Shatrakasy
         Morgaushskiy, Chuvashiya
         Russia


EASTERN OIL-LOADING: Bankruptcy Hearing Slated for April 25
-----------------------------------------------------------
The Arbitration Court of Primorye will convene on April 25 to
hear the bankruptcy supervision procedure on CJSC Eastern Oil-
Loading Terminal.  The case is docketed under Case No. A51-4827/
2006-15-96B.

The Temporary Insolvency Manager is:

         E. Ugolnikov
         Post User Box 8/35
         Central Post Office
         680000 Khabarovsk
         Russia

The Debtor can be reached at:

         CJSC Eastern Oil-Loading Terminal
         Nakhodka, Makarova Str. 19
         Nakhodka
         692929 Primorye
         Russia


EUROSERVICE-SUGAR LLC: Creditors Must File Claims by April 24
-------------------------------------------------------------
Creditors of LLC Euroservice-Sugar have until April 24 to submit
proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-32666/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Euroservice-Sugar
         Letter A
         8th Sovetskaya Str. 21
         St. Petersburg
         Russia


HYDROSPETSSTROY LTD: Trustee Looks at Bankruptcy Proceedings
------------------------------------------------------------
Olga Rushitskaya, the acting trustee of HydroSpetsStroy Ltd.,
said she is dealing with the company's bankruptcy proceedings,
UralBusinessConsulting discloses.

According to the report, Ms. Rushitskaya added that she is
sorting through the contractor's papers as the proceedings
resume on April 9 at the Sverdlovsk Region Court of Arbitration.

The trustee had previously encountered some problems trying to
access the HydroSpetsStroy office before she enlisted the help
of Russian authorities, UralBusinessConsulting relates.

In a TCR-Europe report on March 26, Ms. Rushitskaya revealed
that all of the company's assets would be auctioned off as
creditors now have full control of the assets.  Proceeds of the
auction, she said, would be used to settle the company's
obligations.

                   About HydroSpetsStroy Ltd.

Russian company HydroSpetsStroy Ltd. is a general contractor
with accumulated debts of more than RUR55 million (EUR1.59
million).  The Arbitration Court of Sverdlovsk declared the
company bankrupt in March 2007.


KOLPINSKIY BAKERY: Creditors Must File Claims by April 24
---------------------------------------------------------
Creditors of CJSC Kolpinskiy Bakery have until April 24 to
submit proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-40286/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Kolpinskiy Bakery
         Manezhnaya Str. 26
         Kolpino, St. Petersburg
         Russia


KORYAKSKAYA FISHING: Creditors Must File Claims by April 24
-----------------------------------------------------------
Creditors of CJSC Koryakskaya Fishing Industry Company have
until April 24 to submit proofs of claim to:

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

The Arbitration Court of Kamchatka will convene on June 29 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A24-111/07-14.

The Debtor can be reached at:

         CJSC Koryakskaya Fishing Industry Company
         Let Oktyabrya Pr. 20
         Kovran 50
         Tigilskiy
         688621 Kamchatka
         Russia


NOVOLIPETSK STEEL: 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 Ba1 Corporate Family Rating for Novolipetsk Steel
OJSC.

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 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.


OCEAN-PRIM CJSC: Court Names V. Gruzdev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Khabarovsk appointed Mr. V. Gruzdev as
Insolvency Manager for CJSC Ocean-Prim.  He can be reached at:

         V. Gruzdev
         Apartment 43
         DOS 32
         B. Aerodrom
         680014 Khabarovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A73-1115/2006-9.

The Debtor can be reached at:

         CJSC Ocean-Prim
         Pavlenko Str. 21
         680000 Khabarovsk
         Russia


OGK-5 JSC: 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 JSC
OGK-5.

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 Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.


PETROVSKOYE OJSC: Creditors Must File Claims By May 17
------------------------------------------------------
Creditors of OJSC Petrovskoye have until May 17 to submit proofs
of claim to:

         A. Dordzhiev
         Insolvency Manager
         Sotsialisticheskaya Str. 60v
         344002 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.   The case is
docketed under Case No. A53-1426/2006-S2-8.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Petrovskoye
         Petrovka
         Maysnikovskiy, Rostov
         Russia


RUSSIAN BREAD: Creditors Must File Claims by April 17
-----------------------------------------------------
Creditors of LLC Trading Company Russian Bread have until
April 17 to submit proofs of claim to:

         V. Ivanov
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-18236/2006.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         LLC Trading Company Russian Bread
         Pogruznaya St.
         Koshkinskiy, Samara
         Russia


SHAKHTINSKIY ELECTROMECHANICAL: Claims Deadline Set April 17
------------------------------------------------------------
Creditors of CJSC Shakhtinskiy Electromechanical Factory have
until April 17 to submit proofs of claim to:

         A. Shepelev
         Insolvency Manager
         Vodootvodnyj Per. 14
         344043 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-665/07-S1-51.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         CJSC Shakhtinskiy Electromechanical Factory
         Tekstilnaya Str., 43-42
         Shakhty, Rostov
         Russia


SIBUR 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 OJSC Sibur
Holding.

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 St. Petersburg, Russia, OJSC Sibur Holding is
the largest Russian petrochemical vertically integrated holding,
producing hydrocarbon feedstock, fertilizers, synthetic rubbers,
polymers, and tires.  Sibur's revenues in 2005 amounted to
US$3.8 billion, EBITDA to US$0.8 billion, net income to US$0.4
billion.


TATNEFT OAO: Inks Exploration Agreement with Libya's NOC
--------------------------------------------------------
OAO Tatneft and the National Oil Corp. of Libya signed a 30-year
Exploration and Production-Sharing Agreement on three large
areas covering some 16,000 square kilometers in the country, RIA
Novosti reports citing a company press release.

Under the deal, Tatneft will drill 16 wells and carry out
seismic surveys in Libya on the concerned areas, RIA Novosti
relates.  Tatneft acquired the license to explore the areas,
which contains around 1 billion metric tons of oil reserves,
through an open tender held in December 2006.

Prior to the signing of the deal, Shafagat Takhutdinov, Tatneft
CEO, and Shokri Ghanem, NOC CEO, discussed a possible creation
of a joint venture with the Russian company's TNG Group in
Libya.

Tatneft is currently exploring Libya's Block 82-4, under another
EPSA signed in December 2005.  The company started seismic
surveys on the area in March 2007 and will drill the first
exploratory well later this year.

                         About Tatneft

Headquartered in Tatartan, Russia, Tatneft JSC --
http://www.tatneft.ru/eng/-- explores for, produces, refines
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Feb. 28, Tatneft carries Fitch's B+ Issuer Default rating.
Its Short-Term rating stands at B.  Fitch said the outlook is
positive.


TOLYATTINSKIY HOUSE: Creditors Must File Claims By May 17
---------------------------------------------------------
Creditors of CJSC Tolyattinskiy House Building Enterprise have
until May 17 to submit proofs of claim to:

         E. Blikov
         Insolvency Manager
         Nikonova Str., 43
         Tolyatti
         445015 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceeding
against the company after finding it insolvent.  The case is
docketed under Case No. A55-21584/2005.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         CJSC Tolyattinskiy House Building Enterprise
         Nikonova Str. 43
         Tolyatti, Samara
         Russia


VNESHTORGBANK JSC: Sets Moscow & London IPO for May 2007
--------------------------------------------------------
JSC Vneshtorgbank confirmed plans to proceed with a Global
Offering of ordinary shares and Global Depositary Receipts in
May 2007.

The Global Offering is expected to comprise of an offer of
Shares to international institutional investors in and outside
of the Russian Federation and an offer of GDRs to international
institutional investors outside of the Russian Federation.

The Shares will also be offered to retail investors in the
Russian Federation, the retail subscription period for which
commenced on April 9, 2007.  VTB intends to list the GDRs on the
London Stock Exchange, and to list the Shares on the Russian
Trading System (RTS) and the Moscow Interbank Currency Exchange
(MICEX).

The Global Offering is subject to receipt of required regulatory
approvals, including without limitation:

   -- the Central Bank of Russia registration of a report on the
      results of the issue of the Shares; and

   -- the Russian Federal Financial Market Service approval for
      the issuance of the GDRs.

The Global Offering will comprise solely of newly issued Shares.
VTB is currently 99.9% owned by the Russian Government, whose
shareholding will be diluted proportionately by the Global
Offering.  VTB will receive all of the net proceeds of the
Global Offering, which it intends to use to strengthen its
capital base and support the ongoing expansion of its business
including the expansion of its Russian retail banking operations
in line with its growth strategy.

Citigroup, Deutsche Bank and Goldman Sachs International are the
Joint Global Coordinators for the Global Offering and together
with Renaissance Capital are the Joint Bookrunners.

Further details of the Global Offering, including a precise
timetable, will be announced in due course.

"In just a few years we have built VTB into a universal bank
that is competitively positioned for strong growth as the
Russian economy continues to out-perform," Andrei Kostin,
President and Chairman of the Management Board of VTB, said.
"We now aim to use our scale to capture an increasing share of
the fast-growing retail banking market in Russia and to build on
our clear leadership in corporate banking.  I am confident that
the Global Offer we have announced will provide the means and
the enhanced capital markets profile to help deliver this."

                       About Vneshtorgbank

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

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

                        *     *     *

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


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


CABLEUROPA SAU: 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 B1 Corporate Family Rating for
Cableuropa S.A.U.

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.

* Issuer: ONO Finance Plc

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   Senior Unsecured GTD
   FLT RT Euronotes
   Due 2014                B3       LGD6     92%

   10.50% Senior
   Unsecured GTD
   Eurobonds Due 2014      B3       LGD6     92%

* Issuer: ONO Finance II Plc

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

   Senior Unsecured GTD
   Global Bonds Due 2014   B3       LGD6     92%


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

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

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

Headquartered in Madrid, Spain, Cableuropa S.A.U. --
http://www.ono.es/-- provides integrated fixed-line and
broadband services.  Under the ONO brand, the company offers
broadband telecom services such as cable TV, Internet access,
and local exchange access to residential customers and business
client.


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


ARROW ELECTRONICS: Q1 2007 Earnings Conference Call Set April 24
----------------------------------------------------------------
Arrow Electronics Inc. will host a conference call to discuss
the company's first quarter earnings at 10:00 a.m. Eastern Time
on April 24.

The live conference call is accessible by telephone at 800-811-
8830 (toll-free) or 913-981-4904 for participants outside the
United States and Canada.  The call ID is 2133437.

Audio replay of the call will be available through May 1,2007.

The replay numbers are:

   -- 888-203-1112 for the United States and Canada; and
   -- 719-457-0820 for callers from other countries.

The access code is 2133437.

The conference will also be available via Web cast.  To access
the live Web cast, visit http://www.arrow.com/investor.

                     About Arrow Electronics

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

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

In a TCR-Europe report on March 30, Moody's affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

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


ARROW ELECTRONICS: Forbes Names Firm to Global 2000 List
--------------------------------------------------------
Forbes has named Arrow Electronics Inc. to its annual ranking of
the world's largest companies, the Forbes Global 2000.  Arrow
ranked 1017 overall, up from 1077 in 2006, and ranked within the
top half of the more than 70 companies listed in its industry
category, technology hardware and equipment.

"We are honored to be recognized by Forbes on this prestigious
listing and to be ranked so highly among so many other well
respected companies around the world," said William E. Mitchell,
chairman, president and chief executive officer, Arrow
Electronics. "This recognition is a testament to our industry
leadership position and our strategy to outgrow the market while
generating premium financial performance.  We continue to create
a competitive advantage for our customers and suppliers alike
through our global, value-added capabilities and demand creation
activities."

The Forbes Global 2000 is a comprehensive list of the world's
largest, and most powerful, public companies. Forbes uses four
measures -- sales, market value, assets and profits -- to
produce a composite measure of size.

                     About Arrow Electronics

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

The company operates in France, Spain, Portugal, Denmark,
Estonia, Finland, Ireland, Latvia, Lithuania, Norway, Sweden,
Italy, Germany, Austria, Switzerland, Belgium, the Netherlands,
United Kingdom, Argentina, Brazil, Mexico, Australia, China,
Hong Kong, Korea, Philippines and Singapore.

                          *     *     *

In a TCR-Europe report on March 30, Moody's affirmed Arrow
Electronics' senior preferred stock at Ba2 and senior
subordinated stock at Ba1.

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


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


APN PERSONALNETWORK: Basel Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Liestal in Basel-Country commenced
bankruptcy proceedings against JSC APN PersonalNetwork on
Feb. 19.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC APN PersonalNetwork
         Gestadeckplatz 8
         4410 Liestal BL
         Switzerland


AUTOMALEREI UND BESCHRIFTUNGEN: Liquidation Claims Due April 27
---------------------------------------------------------------
Creditors of LLC Automalerei und Beschriftungen Reusser have
until April 27 to submit their claims to:

         Monika-Reusser-Luterbacher
         Liquidator
         Sonnweg 5
         3550 Langnau im Emmental
         Signau BE
         Switzerland

The Debtor can be reached at:

         LLC Automalerei und Beschriftungen Reusser
         Langnau im Emmental
         Signau BE
         Switzerland


BS MARKETING: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC BS Marketing on Feb. 28.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC BS Marketing
         Konstanzerstrasse 46
         8280 Kreuzlingen TG
         Switzerland


BUCI LLC: Creditors' Liquidation Claims Due April 27
----------------------------------------------------
Creditors of JSC Buci have until April 27 to submit their claims
to:

         Alois Bucher
         Liquidator
         Fildernrain 31
         6030 Ebikon LU
         Switzerland

The Debtor can be reached at:

         JSC Buci
         Ebikon LU
         Switzerland


CONSORTIUM JSC: Liquidation Claims Due April 27
-----------------------------------------------
Creditors of JSC Consortium have until April 27 to submit their
claims to:

         Lucia Manz
         Liquidator
         Wydackerring 71a
         8047 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Consortium
         Zurich
         Switzerland


CYRIL-DEE JSC: Creditors' Liquidation Claims Due April 26
---------------------------------------------------------
Creditors of JSC Cyril-Dee have until April 26 to submit their
claims to:

         Cyril Dharmadasa
         Liquidator
         Seemattzopfweg 9
         6403 Kussnacht am Rigi
         Switzerland

The Debtor can be reached at:

         JSC Cyril-Dee
         Sagogn
         Surselva GR
         Switzerland


FININFOS LLC: Creditors' Liquidation Claims Due April 26
--------------------------------------------------------
Creditors of JSC Fininfos have until April 26 to submit their
claims to:

         Serano Colameo
         Liquidator
         Ankerstrasse 8
         5210 Windisch
         Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Fininfos
         Zug
         Switzerland


HAPPY DAYS: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Happy Days Productions on March 13.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Happy Days Productions
         Galligasschen 4
         4663 Aarburg
         Switzerland


HUGGAR BRANDSCHUTZ: Creditors' Liquidation Claims Due July 26
--------------------------------------------------------------
Creditors of LLC Huggar Brandschutz have until July 26 to submit
their claims to:

         JSC Consis Treuhand
         Liquidator
         Gallusstrasse 17
         9501 Wil SG
         Switzerland

The Debtor can be reached at:

         LLC Huggar Brandschutz
         Wil SG
         Switzerland


ISE INTERNATIONAL: Creditors' Liquidation Claims Due April 27
-------------------------------------------------------------
Creditors of JSC ISe International Sports and Entertainment have
until April 27 to submit their claims to:

         Christian Roos
         Liquidator
         Pestalozzi Lachenal Patry
         Lowenstrasse 1
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC ISe International Sports and Entertainment
         Zurich
         Switzerland


KELLER SCHULTHESS: Creditors' Liquidation Claims Due April 25
-------------------------------------------------------------
Creditors of LLC Keller Schulthess Architekten have until
April 25 to submit their claims to:

         Thomas Keller
         Liquidator
         Eichgutstrasse 4
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC Keller Schulthess Architekten
         Amriswil
         Bischofszell TG
         Switzerland


NYCOMED A/S: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the 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 Nycomed 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.

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 Zurich, Switzerland, Nycomed group researches
and develops, produces, distributes, and licenses medical
imaging contrast media, which improves the viewing and analyzing
of soft human tissue.  During the Financial Year ended December
2006 the combined group generated around EUR3.4 billion and
EUR927 million of revenues and EBITDA on a pro-forma basis,
respectively.


PRIMO DANIEL: Creditors' Liquidation Claims Due April 23
--------------------------------------------------------
Creditors of LLC primo Daniel Hofstetter have until April 23 to
submit their claims to:

         Alte Zurcherstrasse 14
         8903 Birmensdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC primo Daniel Hofstetter
         Urdorf
         Dietikon ZH
         Switzerland


REMO ISOLATIONEN: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Remo Isolationen on March 13.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Remo Isolationen
         Zurichstrasse 7
         4665 Oftringen
         Zofingen AG
         Switzerland


SONYCOM JSC: Creditors' Liquidation Claims Due May 10
-----------------------------------------------------
Creditors of JSC Sonycom have until May 10 to submit their
claims to:

         Marco Mannhart
         Liquidator
         Gerstacherstrasse 3
         8123 Ebmatingen-Maur
         Switzerland

         or

         Peter Hausmann
         Liquidator
         Zurichfussweg 6
         8118 Pfaffhausen-Fallanden
         Switzerland

The Debtor can be reached at:

         JSC Sonycom
         Fallanden
         Uster ZH
         Switzerland


ZUBER JSC: Creditors' Liquidation Claims Due April 26
-----------------------------------------------------
Creditors of JSC Zuber have until April 26 to submit their
claims to:

         Dr. Robert Siegrist
         Liquidator
         Seebahnstrasse 85
         8036 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Zuber
         Winterthur ZH
         Switzerland


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


TURKIYE GARANTI: Merges GE Consumer Finance Companies in Romania
----------------------------------------------------------------
The board of directors of Turkiye Garanti Bankasi A.S.
authorized its head office with regard to:

   (i) the merger of the branches established in Romania of
       Garanti Bank International N.V. (Netherlands), a 100%
       subsidiary of Garanti Bank, with the GE Consumer Finance
       operations in Romania consisting of Domenia Credit IFN,
       Ralfi IFN, and Motoractive Leasing IFN, all of which will
       be merged under Motoractive Leasing IFN;

(ii) undertaking work in relation to identifying the optimum
      structure for such merger from operational, taxation and
      legal perspective; and

(iii) conducting any and all acts for the execution of any
      operations in this regard, including the application to
      the relevant official authorities.

In the same resolution, Garanti Bank Head Office was also
authorized for identifying and assessing opportunities in line
with the Bank's regional expansion plans.

Consequently, GE Consumer Finance companies:

   * Domenia Credit IFN (mortgage)
   * Ralfi IFN (sales finance)
   * Motoractive Leasing IFN (car finance)

will be merged under Motoractive Leasing IFN and will continue
its expanded operations under a banking license in Romania.  The
ultimate shareholders of the merged Motoractive Leasing IFN will
be Dogus Holding A.S., General Electric and Garanti Bank.

Headquartered in Istanbul, Turkey, Turkiye Garanti Bankasi A.S
-- http://www.garanti.com.tr/-- provides banking services
through a network of 431 domestic branches and offices, 1,263
automated teller machines, three overseas branches in
Luxembourg, Northern Cyprus and Malta, and five representative
offices in Moscow, London, Dusseldorf, Shangai and Geneva.
Garanti owns a subsidiary bank in the Netherlands, Garanti Bank
International, and one in Russia, Garanti Bank Moscow.

                        *     *     *

As reported in the TCR-Europe on Nov. 2, 2006, Fitch Ratings
affirmed Turkiye Garanti Bankasi A.S.'s foreign currency Issuer
Default rating at BB.  At the same time the agency has affirmed
Garanti's other ratings at local currency IDR BB+, Short-term
foreign and local currency B, Individual C, Support 3, and
National Long-term AA.  Fitch said the Outlooks on the IDRs are
Positive and the Outlook on the National rating is Stable.


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


12 LECTRO SOUTH: Creditors Must File Claims by April 21
-------------------------------------------------------
Creditors of CJSC Assembling Administration 12 Lectro South
Assembling (code EDRPOU 04723250) have until April 21 to submit
written proofs of claim to:

         Oleg Prokopchuk
         Temporary Insolvency Manager
         Slovatsky Str. 4/6
         33000 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
19/55.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         CJSC Assembling Administration
         12 Lectro South Assembling
         Industrial Zone
         Kuznetsovsk
         34400 Rivne
         Ukraine


AKA-PROM LLC: Creditors Must File Claims by April 21
----------------------------------------------------
Creditors of LLC Aka-Prom (code EDRPOU 34336124) have until
April 21 to submit written proofs of claim to:

         LLC Technical Ukrainian Assembling
         Liquidator
         Shevchenko Boulevard
         83055 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/34B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Aka-Prom
         Shevchenko Boulevard 25
         83017 Donetsk
         Ukraine


ATLANT-SERVICE LLC: Creditors Must File Claims by April 21
----------------------------------------------------------
Creditors of LLC Atlant-Service (code EDRPOU 33534046) have
until April 21 to submit written proofs of claim to:

         Elena Kliashtornaya
         Liquidator
         Pobeda Str. 75
         Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/50/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Atlant-Service
         Berdiansk, Priazovskaya Str. 114
         71100 Zaporozhje
         Ukraine


COMPLECT-GROUP LLC: Creditors Must File Claims by April 21
----------------------------------------------------------
Creditors of LLC Complect-Group (code EDRPOU 33534030) have
until April 21 to submit written proofs of claim to:

         Elena Kliashtornaya
         Liquidator
         Pobeda Str. 75
         Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/51/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Complect-Group
         Priazovskaya Str. 114
         Berdiansk
         71100 Zaporozhje
         Ukraine


HOSPITALITY OF PODOL: Creditors Must File Claims by April 22
------------------------------------------------------------
Creditors of LLC Hospitality of Podol (code EDRPOU 31244235)
have until April 22 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/650-b.

The Debtor can be reached at:

         LLC Hospitality of Podol
         Mezhygorskaya Str. 83
         Kiev
         Ukraine


INDUSTRIAL ENGINEERING: Claims Submission Deadline Set April 22
---------------------------------------------------------------
Creditors of LLC Industrial Engineering (code EDRPOU 23557716)
have until April 22 to submit written proofs of claim to:

         Eugene Shtepenko
         Temporary Insolvency Manager
         Independency Square
         Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
18/8.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Industrial Engineering
         Krasnoflotskaya Str. 35
         Poltava
         Ukraine


MYRONIVSKY HLIBOPRODUCT: Moody's Assigns LGD 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 B2 Corporate Family Rating for OJSC Myronivsky
Hliboproduct.

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
   ----------              -------  -------  ------   --------
   10.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                B2       B2       LGD4     51%

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 Kyiv, Ukraine, MHP --
http://www.mirohleb.kiev.ua-- is a vertically integrated
complex consisting of 20 enterprises, which unites the
industrial capacity of the whole meat production technology
line, starting from feeds cultivation and production, incubatory
egg manufacturing, cattle and poultry breeding, up to the
processing and finished products distribution.


TECHNOL LLC: Creditors Must File Claims by April 22
---------------------------------------------------
Creditors of LLC Technol (code EDRPOU 32131623) have until
April 22 to submit written proofs of claim to:

         V. Paterilov
         Liquidator
         P.O. Box 6915
         83050 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/29B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technol
         Gorky Str. 154
         83055 Donetsk
         Ukraine


XXI LLC: Creditors Must File Claims by April 22
-----------------------------------------------
Creditors of LLC Machine Technical Industry XXI (code EDRPOU
33528671) have until April 22 to submit written proofs of claim
to:

         Vitaly Mischenko
         Liquidator
         40 Years of Soviet Ukraine Str. 45-B
         69037 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 16/35/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Machine Technical Industry XXI
         Sverdlov Str. 11
         Zaporozhje
         Ukraine


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


AMKOR TECHNOLOGY: Unit Gets Bank of Korea OK on US$300-Mln Loan
---------------------------------------------------------------
Amkor Technology Inc. reported that its subsidiary Amkor
Technology Korea Inc. has received approval from the Bank of
Korea, with respect to the US$300 million 7-year secured credit
facility with Woori Bank.

The proceeds of this loan have been drawn, and were used to
refinance and refund the outstanding principal on Amkor's
US$300 million second lien term loan due October 2010, and
together with an additional US$12.1 million in prepayment fees
and accrued interest funded by Amkor

Amkor Technology said that this transaction discharges all of
its obligations under the second lien term loan, as well as the
subsidiary guarantees and collateral securing the term loan.

As reported in the Troubled Company Reporter on April 4, 2007,
Amkor Korea entered into a 7-year US$300-million secured credit
facility with Woori Bank.  The loan is guaranteed on an
unsecured basis by Amkor Technology and bears interest at
Woori's base rate plus 50 bps and amortizes in 28 equal
quarterly payments through April 2014.

                      About Amkor Technology

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  The company  has factories and operations in China,
Japan, Korea, Philippines, Singapore and Taiwan.  The company
also has marketing and sales office locations in the U.S.,
China, France, Japan, Korea, Philippines, Singapore, Taiwan and
the United Kingdom.


AMKOR TECHNOLOGY: Moody's Lifts Sr. Unsec. Notes' Rating to B1
--------------------------------------------------------------
Moody's Investors Service upgraded the rating on Amkor
Technology, Inc.'s senior unsecured notes to B1 from B2 and
simultaneously withdrew the Ba2 rating on the guaranteed senior
secured second lien term loan following its refinancing with a
new US$300-million secured term loan maturing 2014 issued by
Amkor's South Korean subsidiary.

The ratings on the company's subordinated notes as well as the
corporate family and speculative grade liquidity ratings were
affirmed.  The ratings outlook is stable.

The one notch upgrade of the senior unsecured notes reflects a
lower loss-given-default point estimate (40% from 48%) and
effectively less secured debt in the capital structure despite
the legal name of the new obligation, as we believe that the
collateral value of the new debt has minimal value, if any, in a
distressed scenario (i.e., 100% deficiency claim).

The new loan, which will be issued by Amkor Technology Korea,
Amkor's wholly-owned South Korean subsidiary, will be secured to
substantially all land, building and equipment at this operating
entity and guaranteed on an unsecured basis by Amkor.  Moody's
views constructively the maturity extension as well as the new
loan's improved pricing, which should result in annual interest
expense savings of roughly US$10 million.

This rating was upgraded:

      US$1,162-million Senior Unsecured Notes with various
      maturities to B1 (LGD-3, 40%) from B2 (LGD-3, 48%)

This rating was withdrawn:

      US$300-million Guaranteed Senior Secured 2nd Lien Term
      Loan due 2010 -- Ba2 (LGD-1, 7%)

These ratings were affirmed:

      Corporate Family Rating -- B2

      Probability of Default Rating -- B2

      US$22 million 10.5% Senior Subordinated Notes due 2009 --
      Caa1 (LGD-5, 81%)

      US$190 million 2.5% Convertible Senior Subordinated Notes
      due 2011 -- Caa1 (LGD-5, 89%)

      Speculative Grade Liquidity Rating -- SGL-2

Chandler, AZ-based Amkor Technology, Inc. is one of the largest
providers of contract semiconductor assembly and test services
for integrated semiconductor device manufacturers as well as
fabless semiconductor operators.  Revenues for the twelve months
ended December 2006 were US$2.7 billion.


APOLLO VIDEO: Enters Into Liquidation Procedure
-----------------------------------------------
Apollo Video Film Hire Ltd. has gone into liquidation after
administrators David Rubin & Partners failed to sell its stores,
Harry Wallop writes for The Telegraph.

According to the administrators, "the only way video shops can
survive is if they are in specialized locations."

The market for hiring films from high street shops has been
adversely affected by piracy, Internet downloading and rampant
price deflation of DVDs over the past two years, The Telegraph
relates.

Headquartered in London, England, Apollo Video Film Hire Ltd.
operates a chain of over 100 video rental shops.  David Rubin
and Asher Miller of David Rubin & Partners were appointed joint
administrators of the company on June 16, 2006.


CABLE & WIRELESS: 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
Cable & Wireless Plc.

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: Cable & Wireless Plc
                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%

* Issuer: Cable & Wireless International Finance B.V.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   GBP200 million
   8.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2019                B1       LGD4     60%

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 London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.


CABLE & WIRELESS: Nears Supply Deal with Virgin Media
-----------------------------------------------------
Cable & Wireless plc is on the verge of signing a contract to
supply broadband, phone and basic television services to Virgin
Media Inc. (fka NTL Inc.), allowing the latter to reach
customers not covered by its network, Paul Durman writes for The
Sunday Times.

According to the report, Virgin Media is no longer in
discussions with other suppliers while Tiscali SpA already
indicated its lack of interest in the deal.

Virgin Media is due to announce its decision next month.

C&W will deliver the service through its wholesale broadband
arm, formerly known as Bulldog Communications, The Sunday Times
relates.

Steve Burch, chief executive of Virgin Media, said this was
still a big step forward because "there are 12 million homes out
there that we've never sold anything to."

The paper reveals that competing with BSkyB has been a struggle
for the cable television industry due to a lack of national
reach resulting from restricted geographical franchises.

                    About Cable & Wireless

Headquartered in London, Cable & Wireless PLC --
http://www.cw.com/new/-- provides voice, data and IP (Internet
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
Its principal operations are in the United Kingdom, continental
Europe, Asia, the Caribbean, Panama and the Middle East.

                        *    *    *

Cable & Wireless Plc carry these ratings:

    * Moody's Investors Service

      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B1
      -- Short-Term: NP
      -- Outlook: Negative

    * Standard & Poor's

      -- Long-Term Foreign Issuer Credit Rating: BB-
      -- Long-Term Local Issuer Credit Rating: BB-
      -- Short-Term Foreign Issuer Credit Rating: B
      -- Short-Term Local Issuer Credit Rating: B
      -- Outlook: Negative


CHATTEM INC: Prices US$85 Million Convertible Senior Notes
----------------------------------------------------------
Chattem Inc. reported the pricing of its offering of
US$85 million aggregate principal amount of Convertible Senior
Notes due 2014 in an offering pursuant to Rule 144A under the
Securities Act of 1933, as amended, through the initial
purchaser of the notes.

Chattem also granted the initial purchaser of the notes a 13-day
option to purchase up to an additional US$15 million aggregate
principal amount of notes solely to cover over-allotments, if
any.  The issuance of the notes closed on April 11, 2007.

The notes will pay interest semiannually at a rate of 1.625% per
annum.  The notes will be convertible at an initial conversion
rate of 13.6617 shares per US$1,000 principal amount of notes,
which is equal to an initial conversion price of approximately
US$73.20 per share.  This represents a 24% conversion premium
based on the last reported sale price of US$59.03 per share on
the NASDAQ Global Select Market on April 4, 2007.  In certain
circumstances, the notes will be convertible into cash up to the
principal amount, with any excess conversion value being
convertible into cash, shares of Chattem common stock or a
combination of cash and common stock, at Chattem's option.

Chattem estimates that the net proceeds from the offering of
notes will be approximately US$83 million after deducting the
initial purchaser's discount and estimated offering expenses
(approximately US$97 million if the initial purchaser exercises
in full its over-allotment option).  Chattem intends to use
approximately US$25 million of the offering proceeds to fund a
convertible note hedge transaction to be entered into with an
affiliate of the initial purchaser, which transaction is
intended to offset Chattem's exposure to potential dilution upon
conversion of the notes.  Chattem will also enter into a
separate warrant transaction with an affiliate of the initial
purchaser that, together with the convertible note hedge
transaction, will have the effect of increasing the effective
conversion price to Chattem to approximately US$94.45, which
represents a 60% conversion premium.  Chattem plans on using
proceeds from the warrant transaction (estimated at
approximately US$15 million) and the net proceeds from the note
offering to repay amounts outstanding under its credit facility.

Based in Chattanooga, Tennessee, Chattem Inc. (NASDAQ: CHTT)
-- http://www.chattem.com/-- manufactures and markets a variety
of branded consumer products, including over-the-counter
healthcare products and toiletries and skin care products.  The
company's products include Icy Hot(R), Gold Bond(R), Selsun
Blue(R), Garlique(R), Pamprin(R) and BullFrog(R).

Chattem has operations in the United Kingdom, Australia, and
Puerto Rico.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 5, 2006
Moody's Investors Service confirmed the Ba3 corporate family
rating of Chattem Inc. and lowered the senior subordinated
rating to B2 from B1.  Moody's said the outlook is stable.


DAMOVO GROUP: In Talks with Noteholders Over Restructuring Deal
---------------------------------------------------------------
Damovo Group S.A. has noted a significant fall in the trading
price of its Notes.  The Company has extended its discussions
with the Ad Hoc Committee of Noteholders in the light of recent
negative developments in its Italian business, Enterprise
Digital Architects S.p.A.  These developments are of a
sufficient materiality to necessitate a delay to the
implementation of the Restructuring process, which was agreed
with Damovo's noteholders in a restructuring agreement dated
Dec. 11, 2006.

The Company is currently reviewing, together with its auditors
PWC, the treatment of certain contract revenues and associated
costs and margins in the historic financial statements of EDA.
While any resulting restatement of such financial statements may
not, of itself, have an immediate negative effect on the cash
flows of EDA, any adjustments considered prudent as a result of
the review may have the effect of reducing the net asset value
of EDA as shown in such financial statements.

Damovo is continuing to discuss the implementation of the terms
of the Restructuring Agreement with the ad hoc committee,
assisted by respective advisers, including an extension to the
Noteholders' standstill, which expired on March 30.

Maurizio Botinelli has resigned from the boards of Damovo Group
S.A., Damovo I S.a.r.l., Damovo II S.a.r.l, Damovo III S.A. and
Enterprise Digital Architects S.P.A. effective from March 29.
This is due to Mr. Botinelli's decision to pursue alternative
employment opportunities.

Headquartered in Glasgow, Scotland, Damovo Group S.A. --
http://www.damovo.com/-- is a provider of information and
communications technology (ICT) and services to public service
organizations and larger private sector companies.  The company
also maintains operations in Belgium, Brazil, Czech Republic,
Germany, Ireland, Italy, Mexico, Poland, Switzerland and the
United Kingdom.

                         *     *     *

As reported in the TCR-Europe on Feb. 1, Standard & Poor's
Ratings Services withdrew its 'D' long-term corporate credit
rating on U.K.-based telecommunication services provider Damovo
Group S.A., and 'D' senior secured debt ratings and '4' recovery
rating on subsidiary Damovo III S.A.

In November 2006, Moody's Investors Service downgraded the
corporate family rating of Damovo Group S.A. to Caa3 from Caa1
following the non-payment of a semi-annual interest coupon due
on Oct. 30 on the company's 2012 senior notes and the
announcement of its intention to undertake a financial
restructure.  Moody's has concurrently downgraded the rating on
the senior notes, which are issued at Damovo III S.A. to Ca from
Caa2.  Moody's said the outlook is negative.  The rating actions
conclude a review initiated on Oct. 16.


ENRON CORPORATION: Distributes US$1.8 Billion to Creditors
----------------------------------------------------------
Enron Creditors Recovery Corp., fka Enron Corp., disclosed its
fifteenth distribution to Creditors of Enron Creditors Recovery
Corp. and its affiliated Debtor companies.

The distribution to holders of allowed general unsecured claims
and allowed guaranty claims totals approximately
US$1,869,700,000, consisting of:

    * cash of approximately US$1,698,000,000 and

    * shares of Portland General Electric Company stock valued
      at approximately US$171,700,000.

Since November 2004, Enron has returned approximately
US$11,479,000,000 to creditors in twice-yearly distributions, in
April and October, as well as in "catch-up" distributions paid
on an interim basis every two months.

"The distribution is another significant milestone in the
liquidation process and represents a tremendous financial
outcome for the Enron estate," John Ray, President and Chairman
of the Board, said.  "The Estate continues to focus on its
principal mandate to sell remaining assets, settle claims, and
prosecute litigation, including the MegaClaims litigation
against Citigroup and Deutsche Bank AG, the only remaining
defendants. The trial on these fraud and bankruptcy claims is
set to begin in January 2008."

The distribution included 8,171,979 shares of PGE, which, when
added to prior distributions of 30,336,445 shares (and 12,643 of
PGE shares returned and held for further distribution),
cumulatively represent approximately 62% of PGE's 62,500,000
shares to be distributed by the Enron Estate.  Pursuant to
Sections 21.3 and 32.1 of the Plan, a significant number of PGE
shares were previously reserved to maintain a balanced mix of
Plan Currency by Plan Class and provide for potential additional
cash inflows to the estates from litigation, asset sales and
other resources.

Enron has conducted a review by Plan Class, and based on recent
settlements and current projections, Enron has determined it can
prudently release approximately 3,300,000 shares that were
previously reserved as part of the total distribution of
8,171,979 shares.  However, reserves vary by Plan Class, and
accordingly, certain Creditors are receiving no additional PGE
shares in the April 2007 distribution.

The remaining 23,978,933 PGE shares will be held by the Disputed
Claims Reserve, which is not affiliated with Enron, for future
distribution to creditors of Enron by the Disbursing Agent in
accordance with the Chapter 11 Plan.  The Disputed Claims
Reserve currently consists of approximately US$4,510,000,000 in
cash and US$503,700,000 in plan value of PGE shares (US$21.008
per share).

Additional details concerning this distribution are available at
the Enron Creditors Recovery Corp. Web site --
http://www.enron.com/-- identified as "Distribution Disclosure
Notice."

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.


GREAT NORTH: Joins Virgin and Stagecoach in East Coast Bid
----------------------------------------------------------
Great North Eastern Railways Ltd. will tie up with Virgin Trains
and Stagecoach to mount a joint bid for the East Coast Main
Line, the franchise it agreed to let go in 2006, reports say.

According to The Western Mail, GNER will take a 10% stake in the
new franchise if their bid is successful.  Virgin and Stagecoach
will share the remaining 90%.  The Department of Transport,
which requires bids to be submitted in June, approved the tie-
up.

GNER is currently running East Coast services under a temporary
management agreement until a successful bidder is chosen.

The other bidders included in the Department of Transport's
short list were Arriva, First Group and National Express.

"The management capability within the GNER team will allow us to
submit an innovative and compelling bid," Stagecoach Group CEO,
Brian Souter and Virgin's Sir Richard Branson disclosed in their
joint statement.

GNER Holdings chairman Bob Mackenzie welcomed the move.

"This is a great opportunity to work with Virgin and Stagecoach
to take performance on this flagship route to an even higher
level," Mr. Mackenzie was quoted by RailwayPeople.com as saying.
"We are determined to work with stakeholders who rely on the
East Coast franchise by meeting their aspirations for frequent,
fast, accessible and good quality services in the future."

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                          About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


LIBERTY 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
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Liberty Global 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
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%).

                      About Liberty Global

Headquartered in Englewood, Colorado, Liberty Global Inc. --
http://www.www.lgi.com/-- is an international broadband
communications provider of video, voice and Internet access
services, with consolidated broadband operations in 19
countries, primarily in Europe, Japan and Chile.

Through its indirect wholly owned subsidiary UGC Europe, Inc.,
and its wholly owned subsidiaries UPC Holding B.V. and Liberty
Global Switzerland, Inc., collectively Europe Broadband, Liberty
Global provides video, voice and Internet access services in 13
European countries.

Through Liberty Global's indirect controlling ownership interest
in Jupiter Telecommunications Co., Ltd., the Company provides
video, voice and Internet access services in Japan.  Through the
Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it
provides video, voice and Internet access services in Chile.

                          *     *     *

As reported in the TCR-Europe on April 2, Standard & Poor's
Ratings Services revised its outlook on international cable TV
and broadband provider Liberty Global Inc. to positive from
stable.

The outlooks on related entities in the LGI group, including UPC
Broadband Holding and VTR GlobalCom S.A., were also revised to
positive from stable.  The ratings on LGI and its related
entities, including the 'B' long-term corporate credit rating on
LGI, were affirmed.


PRICELINE.COM INC: Good Revenue Cues S&P's Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B' corporate credit rating, on online travel agency
Priceline.com Inc. on CreditWatch with positive implications.

"The positive CreditWatch listing indicates the possibility of
upward rating movement based on good revenue and profitability
growth and a solid competitive position in Europe," said
Standard & Poor's credit analyst Andy Liu.

The strong financial performance was driven by Booking.com, the
company's European hotel-booking engine, and Priceline.com's
"name your own price" domestic travel services.  Booking.com
increased gross bookings 101% year-over-year and is gaining
market share.  This resulted primarily from Booking.com's better
hotel coverage of secondary and tertiary tourist destinations in
Europe.  It will take some time for competitors to build up
coverage in these markets.

Priceline.com's opaque travel services did well because of
better airline ticket availability and easier comparison with
the prior year.

In resolving the CreditWatch listing, Standard & Poor's will be
looking at Priceline.com's performance over the coming months,
with any upgrade being limited to one notch.

This rating(s) was initiated by Standard & Poor's.  It may be
based solely on publicly available information and may or may
not involve the participation of the issuer's management.
Standard & Poor's has used information from sources believed to
be reliable, but does not guarantee the accuracy, adequacy, or
completeness of any information used.


RY HENDERSON: Creditor Claims Reach GBP8.8-Million
--------------------------------------------------
RY Henderson & Sons informed its creditors during a meeting on
April 6 that the company owes them a total of GBP8.8 million,
the Aberdeen Press & Journal reports.

The TCR-Europe reported on Feb. 6 that the Scottish abbatoir and
processing firm had gone into administration after struggling
with tough trading conditions.  Tom Burton and Colin Dempster of
Ernst & Young were appointed joint administrators for the
company.

The company, which now only has five employees left, owes GBP2.8
million from unsecured creditors while secured creditors have a
GBP6-million claim, including a GBP4.71-million debt to the Bank
of Scotland, the Journal states.

RY Henderson's largest unsecured creditors include:

                                         Claim Amount
   Creditor                                (in GBP)
   --------                              ------------
   Darlington Farmers Auction Mart          155,949
   Carrick Primestock                        67,132
   McCartneys LLP                           125,030
   North-east Livestock Sales               101,077
   John Swan                                129,289

Concurrently, Ernst & Young has removed the business from the
market, claiming that no one came forward with an acceptable bid
for the company, the Journal discloses.  The administrators
think the lack of offers is because of complex land ownership
issues over the meat firm's site in Heather Field, Whitecross,
near Linlithgow.

"We took the business off the market and put in on a care and
maintenance basis," an Ernst & Young spokeswoman said.  "This
will allow us to sit down with the directors (of RY Henderson)
and talk through these (land ownership) issues and to try and
resolve them."

According to the report, creditors criticized the
administrators' decision to put the business on a care and
maintenance basis, saying that the move had substantially
decreased the value of the business.

Ernst & Young, however, claims its decision was the best one for
the situation, adding that continuing the abattoir's operations
would have incurred more losses for the company, cutting the
chances of creditors getting their claims in full, the Journal
relates.

                    About RY Henderson & Sons

Headquartered in Linlithgow, Scotland, RY Henderson & Sons is
one of Scotland's largest beef and lamb processors.

In September 2006, the firm's GBP4-million plant was officially
opened by Princess Anne.  It had operated at a net GBP872,217
loss in the nine months to Dec. 31, 2006.


SEA CONTAINERS: GNER Joins Virgin/Stagecoach in East Coast Bid
--------------------------------------------------------------
Great North Eastern Railways Ltd. will tie up with Virgin Trains
and Stagecoach to mount a joint bid for the East Coast Main
Line, the franchise it agreed to let go in 2006, reports say.

According to The Western Mail, GNER will take a 10% stake in the
new franchise if their bid is successful.  Virgin and Stagecoach
will share the remaining 90%.  The Department of Transport,
which requires bids to be submitted in June, approved the tie-
up.

GNER is currently running East Coast services under a temporary
management agreement until a successful bidder is chosen.

The other bidders included in the Department of Transport's
short list were Arriva, First Group and National Express.

"The management capability within the GNER team will allow us to
submit an innovative and compelling bid," Stagecoach Group CEO,
Brian Souter and Virgin's Sir Richard Branson disclosed in their
joint statement.

GNER Holdings chairman Bob Mackenzie welcomed the move.

"This is a great opportunity to work with Virgin and Stagecoach
to take performance on this flagship route to an even higher
level," Mr. Mackenzie was quoted by RailwayPeople.com as saying.
"We are determined to work with stakeholders who rely on the
East Coast franchise by meeting their aspirations for frequent,
fast, accessible and good quality services in the future."

As reported in the TCR-Europe on Dec. 11, 2006, the government
decided to end GNER's GBP1.3-billion franchise agreement to
operate the East Coast main line railway after the company was
unable to meet a 10% revenue growth requirement in 2005,
stipulated under the terms of its franchise agreement.

GNER suffered disappointing passenger growth, soaring
electricity prices and the effect of the 2005 London bombings,
while parent firm Sea Containers has filed for bankruptcy
protection in the U.S.

                           About GNER

Headquartered in London, United Kingdom -- Great North Eastern
Railway (GNER) Ltd. -- http://www.gner.co.uk/-- operates high-
speed express train services on the East Coast Main Line. Most
of their trains run between London King's Cross and either
Edinburgh Waverley or Leeds.

                      About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
http://www.seacontainers.com/-- provides passenger and freight
transport and marine container leasing.  Registered in Bermuda,
the company has regional operating offices in London, Genoa, New
York, Rio de Janeiro, Sydney, and Singapore.  The company is
owned almost entirely by United States shareholders and its
primary listing is on the New York Stock Exchange (SCRA and
SCRB) since 1974.  On Oct. 3, the company's common shares and
senior notes were suspended from trading on the NYSE and
NYSEArca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.

Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.


SOLUTIA INC: Pillsbury to Continue Monitoring Chapter 11 Parties
----------------------------------------------------------------
Craig A. Barbarosh, Esq., at Pillsbury Winthrop Shaw Pittman
LLP, in New York, discloses that American International Group
and its subsidiaries or affiliates have recently engaged his
firm in matters unrelated to Solutia Inc. and its debtor-
affiliates' Chapter 11 cases.  AIG is a creditor of the Debtors.

Mr. Barbarosh tells the Court that upon review, the firm has
determined that a conflict of interest does not exist.
Pillsbury will continue to monitor its relationships with the
Debtors, their creditors, and other parties-in-interest in the
Chapter 11 cases.

Mr. Barbarosh attests that the firm represents no interest
adverse to the Debtors' individual equity holders or creditors,
and that the firm is a disinterested person pursuant to Section
101(14) of the Bankruptcy Code.

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: Selling 1% Interest in P4 Production to Monsanto
-------------------------------------------------------------
Solutia Inc. has notified the U.S. Bankruptcy Court for the
Southern District of New York of its proposed sale of an
interest in P4 Production LLC, to Monsanto Company.

Solutia is the legal and beneficial owner of an undivided
interest in P4 Production, a Delaware limited liability
company.  Its interest is around 1% of the outstanding ownership
interests of the entity.

Monsanto, as assignee of Pharmacia Corp., intends to purchase
the Interest pursuant to the terms of a call option agreement
dated May 31, 2000.  The Option Agreement gave Monsanto the
right to purchase the Interest for a contractually specified
exercise price of US$535,000.

In addition, the Option Agreement and a related put option
agreement of the same date provide for certain annual deferred
option payments between Monsanto and Solutia, which will become
due upon exercise of the Call Option.  The payments aggregate to
an additional US$315,000 making the total amount due to Solutia
upon exercise of the Call Option US$850,000.

Upon completion of any necessary transfer documentation and
compliance with the terms of the Non-Core Asset Sale Order,
Monsanto will pay the full sales price to Solutia in immediately
available funds.

                     Tax Depletion Deduction

Monsanto and Solutia are parties to a second amended and
restated limited liability agreement that provides, among other
things, for various allocations for tax purposes between them,
including allocation of deductions for depletion under Section
611 of the Internal Revenue Code.

The parties propose to amend the P4 Agreement to provide that
for any taxable year of P4 Production beginning Sept. 1, 2005,
"[a]ll deductions for depletion under Section 611 of the Code,
or its successor, shall be allocated to the members based on the
Members' LLC Interests."

In consideration for the deduction amendment, Monsanto will pay
Solutia, in addition to the Sales Price, US$900,000 in
immediately available funds upon completion of necessary
transfer documentation and compliance of the Non-Core Asset Sale
Order.

The aggregate consideration to be paid by Monsanto for the
Interest and deduction amendment is US$1,750,000.

The sale transaction will close on April 12, 2007.  No leases
will be affected as a result of the transaction.

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.


VIRGIN MEDIA: Nears Supply Deal with Cable & Wireless
-----------------------------------------------------
Cable & Wireless plc is on the verge of signing a contract to
supply broadband, phone and basic television services to Virgin
Media Inc. (fka NTL Inc.), allowing the latter to reach
customers not covered by its network, Paul Durman writes for The
Sunday Times.

According to the report, Virgin Media is no longer in
discussions with other suppliers while Tiscali SpA already
indicated its lack of interest in the deal.

Virgin Media is due to announce its decision next month.

C&W will deliver the service through its wholesale broadband
arm, formerly known as Bulldog Communications, The Sunday Times
relates.

Steve Burch, chief executive of Virgin Media, said this was
still a big step forward because "there are 12 million homes out
there that we've never sold anything to."

The paper reveals that competing with BSkyB has been a struggle
for the cable television industry due to a lack of national
reach resulting from restricted geographical franchises.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

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

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

* Issuer: Virgin Media Finance PLC
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   9.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   8.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   9.125% Sr. Unsec.
   Regular Bond/
   Debenture Due 2016      B2       B2       LGD6     93%

* Issuer: Virgin Media Investment Holdings Ltd.
                                                     Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Sr. Unsec. Bank
   Credit Facility
   Due 2013                B1       B2       LGD5     86%

   Sr. Sec. Bank
   Credit Facility
   Due 2011                Ba3      Ba2      LGD3     39%

   Sr. Sec. Bank Credit
   Facility Due 2012       Ba3      Ba2      LGD3     39%

As reported in the TCR-Europe on March 23, Standard & Poor's
Ratings Services affirmed its 'BB-' senior secured debt rating
and '1' recovery rating on Virgin Media Investment Holdings
Ltd.'s GBP4.98 billion senior secured facilities.

The '1' recovery rating reflects the rating agency's
expectations of full recovery of principal in the event of a
payment default.


* Former DLA Piper's Insolvency Head Joins Clark Willmott
---------------------------------------------------------
Jeremy Bowden, DLA Piper's former head in insolvency and
restructuring practice, will join Clark Willmott as partner for
its Birmingham office on May 1, Ben Mitchell writes for
legalweek.com.

According to the report, Mr. Bowden's appointment to the 66-
partner firm comes as it aims to reinvent itself as a Midlands
firm in the next three years.

During his 21 years at DLA Piper's Birmingham, Mr. Bowden played
a key role in the development of the firm, legalweek.com
relates.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

April 26-28, 2007
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Philadelphia, Pennsylvania
            Contact: http://www.ali-aba.org/

April 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting - Working Effectively with
         the Media to Create Publicity for Your Business
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Washington University, St. Louis, Missouri
            Contact: http://www.turnaround.org/

April 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Equity Sponsor Panel Breakfast
         Westin Buckhead, Atlanta, Georgia
            Contact: http://www.turnaround.org/

April 29 - May 1, 2007
   INTERNATIONAL BAR ASSOCIATION
      International Insolvency Conference
         Zurich, Switzerland
            Contact: http://www.ibanet.org/

May 1, 2007
TURNAROUND MANAGEMENT ASSOCIATION
   Networking Organization of Women Visit King Tut Exhibit
      Franklin Institute, Philadelphia, Pennsylvania
         Contact: 215-657-5551 or www.turnaround.org/

May 2-4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Washington University, Arizona
            Contact: http://www.turnaround.org/

May 4, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Nuts and Bolts for Young Practitioners - NYC
         Alexander Hamilton US Custom House, SDNY
            New York, New York
               Contact: http://www.abiworld.org/

May 7, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      9th Annual New York City Bankruptcy Conference
         Millennium Broadway Hotel & Conference Center
            New York, New York
               Contact: http://www.abiworld.org/

May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

May 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Caf,, Morristown, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *