TCREUR_Public/070413.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Friday, April 13, 2007, Vol. 8, No. 73

                            Headlines


A U S T R I A

ASAM LLC: Claims Registration Period Ends May 9
AYHAN YILMAZ: Claims Registration Period Ends May 10
B-M BRANDSCHUTZTECHNIK: Claims Registration Period Ends May 10
BACCHUS LLC: Claims Registration Period Ends May 9
D & P LLC: Claims Registration Period Ends May 10

D-LAB LLC: Claims Registration Period Ends May 10
DATA LINK: Claims Registration Period Ends May 8
FITNET BARAN: Claims Registration Period Ends May 9


B E L G I U M

AVNET INC: Dick Borsboom to Head Avnet Technology Solutions EMEA
CARMEUSE LIME: Moody's Assigns Loss-Given-Default Rating
LEVI STRAUSS: Earns US$87 Million in First Quarter 2007


B U L G A R I A

KREMIKOVTZI AD: Moody's Assigns Loss-Given-Default Rating


C R O A T I A

AGROKOR D.D.: Moody's Assigns Loss-Given-Default Rating


D E N M A R K

ARROW ELECTRONICS: Annual Shareholders' Meeting Slated for May 8
NORTEL NETWORKS: Names Jeff Townley as Chief Procurement Officer


F I N L A N D

SANMINA-SCI: May Miss 2nd Qtr. Revenue Target Due to Low Demand


F R A N C E

ALCATEL-LUCENT: Fitch Affirms & Withdraws Default BB Rating
CMA CGM: Moody's Assigns Loss-Given-Default Rating
LECTA SA: Moody's Assigns Loss-Given-Default Rating
REALOGY CORP: Earns US$365 Million in Full Year 2006
REALOGY CORP: Completes US$8.5-Bln Merger with Apollo Affiliate

REMY COINTREAU: Moody's Assigns Loss-Given-Default Rating
SMOBY-MAJORETTE: Founders Support MGA Entertainment Bid


G E R M A N Y

AFS SCHOENMANN: Claims Registration Period Ends May 18
ALIBABA DOENERPRODUKTION: Claims Registration Period Ends May 3
AMARILLO CATERING: Creditors' Meeting Slated for May 16
ANGELO DER GRIECHE: Claims Registration Period Ends May 4
AUTOHAUS BREHM: Claims Registration Period Ends May 18

AUTOHAUS EVERTZ: Claims Registration Period Ends June 13
AUTOHAUS GROTEGUTH: Claims Registration Ends May 14
AUTOHAUSES WEINHOLD: Claims Registration Period Ends May 23
AW ATTRAKTIVES: Claims Registration Period Ends May 18
AWT BILDUNGSGESELLSCHAFT: Claims Registration End May 23

BARBAROSSA-TRANS: Claims Registration Ends June 26
BAVARIA BRAU: Claims Registration End May 2
CONNECTA GMBH: Claims Registration Ends May 20
COSIN GMBH: Claims Registration Ends May 3
DACH TEAM: Claims Registration Ends May 9

DAIMLERCHRYSLER AG: Meets with Chrysler Bidders Except Kerkorian
DE KANT: Creditors Must Register Claims by April 26
DEAG EXPORT: Creditors Must Register Claims by May 14
DIE HAUSGEISTER: Creditors Must Register Claims by May 21
EINRICHTUNGSHAUS EBERT: Creditors Must Register Claims by May 2

EINRICHTUNGSHAUS JOHANN: Claims Registration Ends May 17
ELEKTRA BISCHOFF: Claims Registration Period Ends May 18
ELEMENT 4: Claims Registration Period Ends May 4
ETF WARMETECHNIK: Claims Registration Period Ends June 5
FRANZ WILBERTZ: Claims Registration Period Ends May 9

HEIDEN GMBH: Claims Registration Period Ends May 15
KLOECKNER & CO: Dutch Unit Acquires Teuling Staal B.V.
KLOECKNER & CO: Moody's Assigns Loss-Given-Default Rating
KLOECKNER & CO: Earns EUR235 Million for Fiscal Year 2006
PFLEIDERER AG: Moody's Assigns Ba2 Corporate Family Rating

STIEGLER ZIMMEREI: Claims Registration Period Ends May 22


G R E E C E

AGRICULTURAL BANK: Increases Stake in Romanian MINDbank to 73.3%


I R E L A N D

PULS CDO: Moody's Rates Class E Subordinated Notes at (P)Ba2


I T A L Y

BERRY PLASTICS: Completes Stock-for-Stock Merger with Covalence
BERRY PLASTICS: Moody's Cuts Corporate Family Rating to B2
PARMALAT SPA: N.Y. Court Allows Charges Against Grant Thornton
PARMALAT SPA: Constitutional Court Affirms Claims vs. Two Banks
PIAGGIO & C: Moody's Assigns Loss-Given-Default Rating

SAFILO SPA: Fitch Rates EUR195-Million Senior Notes at BB-
TRW AUTOMOTIVE: Plans to Refinance US$2.5-Bln Credit Facilities


K A Z A K H S T A N

BIOTECH-KORM LLP: Creditors Must File Claims by May 15
KAZINTERPOLIGRAF LLP: Creditors' Claims Due May 18
KERULEN LLP: Proof of Claim Deadline Slated for May 18
KURLYS-AGRO LLP: Claims Registration Ends May 16
MOL-777 LLP: Claims Filing Period Ends May 18

MONOLIT LLP: Creditors Must File Claims by May 18
SERJAN LLP: Creditors' Claims Due May 16
SIPAN LLP: Proof of Claim Deadline Slated for May 15
UZUNKOL LLP: Claims Registration Ends May 18


K Y R G Y Z S T A N

BALAJAN K: Claims Filing Period Ends May 18


L U X E M B O U R G

GELDILUX-TS-2007: Moody's Puts Low-B Ratings to Two Note Classes
GELDILUX-TS-2007 SA: S&P Rates EUR12.6-Million Notes at Low-B
LECTA SA: Moody's Assigns Loss-Given-Default Rating


N E T H E R L A N D S

HERBALIFE LTD: Disbands Special Panel After Whitney Talks End
HERBALIFE: Changes Annual Meeting Venue to Beverly Hills Hotel
KLOECKNER & CO: Dutch Unit Acquires Teuling Staal B.V.


R O M A N I A

CFR MARFA: Moody's Assigns Loss-Given-Default Rating


R U S S I A

BUILDING MATERIALS: Asset Bidding Deadline Slated for April 19
CREDIT S-P: Creditors Must File Claims by April 24
EAR-4 CJSC: Creditors Must File Claims by April 24
LEBEDYANSKY OAO: Moody's Assigns Loss-Given-Default Rating
MONOLITH-SERVICE: Creditors Must File Claims by April 24

NOMOS-BANK: Syndicates US$185-Million Loan for Gold Production
NOVATEK OAO: Moody's Assigns Loss-Given-Default Rating
REINFORCED CONCRETE 4: Creditors Must File Claims by May 24
RUSSIAN SEMI-PRECIOUS: Creditors Must File Claims by April 24
SAAB MARINE: Creditors Must File Claims by April 24

SAKHA-FURNITURE OJSC: Creditors Must File Claims by April 24
SAKHA-TRANS-STROY: Creditors Must File Claims by April 24
SIB-ORE LLC: Court Names T. Buldyreva as Insolvency Manager
SITRONICS JSC: Unveils Executive Stock Bonus & Option Program
STEEL CJSC: Creditors Must File Claims by April 24

TATFONDBANK: Moody's Assigns B3 Rating to Loan Notes
TMK OAO: Admits Ordinary Shares to Trade on MICEX
TRADING HOUSE ZENIT: Creditors Must File Claims by April 24
VAKOBI LLC: Creditors Must File Claims by April 24
VOLOV-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for June 14

VNESHTORGBANK JSC: Prices IPO Shares at RUR30,000 Each
VNESHTORGBANK JSC: Earns US$1.18 Billion in Full Year 2006
WATER AND LIFE: Creditors Must File Claims by April 24
YUKOS OIL: Creditors Could See Claims Payment Soon


S W I T Z E R L A N D

ALPINE HOLDINGS: Creditors' Liquidation Claims Due April 30
FRESO LLC: Basel Court Starts Bankruptcy Proceedings
INVAG JSC: Creditors' Liquidation Claims Due April 30
KASPARA BLANC: Creditors' Liquidation Claims Due April 30
M. ALILOVSKI ARMIERUNGEN: Bern Court Starts Bankruptcy Process

PERROT JSC: Bern Court Closes Bankruptcy Proceedings
REALINI SOHN: Bern Court Closes Bankruptcy Proceedings
REISEBURO TRANS-AM: Basel Court Starts Bankruptcy Proceedings
TRUEB IMMOBILIEN: Creditors' Liquidation Claims Due April 30
W.E.D. JSC: Creditors' Liquidation Claims Due April 27


T U R K E Y

FINANSBANK AS: IFC Completes Acquisition of 5% Ordinary Shares
ORDU YARDIMLASMA: Moody's Assigns Loss-Given-Default Rating


U K R A I N E

BUILDING-STYLE PROJECT: Creditors Must File Claims by April 23
DONETSK AGRICULTURAL: Creditors Must File Claims by April 23
ELOID PLUS: Creditors Must File Claims by April 26
GALFOOD LLC: Creditors Must File Claims by April 23
IRAMS-TRADE LLC: Creditors Must File Claims by April 22

NADVIRNA WOOD: Creditors Must File Claims by April 22
NAFTOGAZ UKRAINY: Moody's Assigns Loss-Given-Default Rating
SKYLINE LLC: Claims Submission Deadline Set April 23
UKRSOTSBANK: Moody's Confirms Debt Ratings at Ba1
VELIKOMEDVEDOVSKOE LLC: Creditors Must File Claims by April 23


U N I T E D   K I N G D O M

A.C. SKELTON: Hires Administrators from PricewaterhouseCoopers
ADI HOME: Claims Filing Period Ends May 24
ADVANCED LIGHTING: Names John Arthur Kirkpatrick Liquidator
ARCH ONE: S&P Puts BB- Ratings on CreditWatch After Running SROC
ASHTEAD GROUP: Moody's Assigns Loss-Given-Default Rating

AVECIA GROUP: Moody's Assigns Loss-Given-Default Rating
BRISTOL RUBBISH: Appoints Liquidator from Moore Stephens
BRITANNIA BULK: Moody's Assigns Loss-Given-Default Rating
BRITANNIA CONTRACTING: Brings In Liquidators from PwC
CHARLES DUTTON: Taps Chris Williams to Liquidate Assets

EDUCATE INC: Obtains Covenant Waiver from Bank Lenders
ENGINEERING TECHNOLOGY: T. Papanicola Leads Liquidation Process
ENRON CORP: Distributes US$1.8 Billion to Unsecured Creditors
ENRON CORP: CRRA Inks US$16 Mln Settlement with Murtha Cullina
FASHIONHART LTD: Joint Liquidators Take Over Operations

FORD MOTOR: Employees Will Not Fight Warwickshire Site Closure
FORD MOTOR: Discloses Top Executive Compensation Details
FORD MOTOR: Taps Getronics to Provide Workspace Communications
GARTMORE INVESTMENT: Moody's Cuts Corporate Family Rating to Ba3
GLYNN ELECTRICAL: Calls In Liquidator from Begbies Traynor

GREENMAN GROUP: Appoints Joint Administrators from KPMG
INTEGRATED SECURITY: Taps David Norman Kaye to Liquidate Assets
INVERNESS MEDICAL: Confirms Cash Merger Transaction with Biosite
KEANE INC: 10-K Filing Delay Prompts Second Default Notice
LADBROKES PLC: Moody's Assigns Loss-Given-Default Rating

LILI 99: Hires Liquidators from Berg Kaprow Lewis
MAGENTA ONE: Creditors' Meeting Slated for April 18
PATHEON INC: Moody's Rates Proposed US$225-Mln Senior Loan at B1
PETROLEUM GEO-SERVICES: Earns US$298.6 Million in Full Year 2006
PHELPS DODGE: Freeport to Redeem 10-1/8% Senior Notes on May 4

PHELPS DODGE: Fitch Changes Freeport's Outlook to Positive
PORTRAIT CORP: Assumes Lease Agreement with Lakemont Industrial
ROMO ENGINEERING: Appoints Lyn Marie Green as Liquidator
SOLUTIA INC: FMC to Pay US$22.5 Million Under Settlement Pact
STAR HOME: Enters Into Liquidation with GBP2.2-Million Debts

SYMBOLISM LTD: Calls In Liquidator from Abbott Fielding
TABLE X: Brings In Liquidators from Mazars
THIRSK HAULAGE: Claims Filing Period Ends June 29
WINDSOR HOUSE: Appoints Kevin Goldfarb as Liquidator

* Moody's European Default Rates Rise to 2.1% in First Quarter

* BOOK REVIEW: Building American Cities: The Urban Real Estate
               Game

                            *********


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


ASAM LLC: Claims Registration Period Ends May 9
-----------------------------------------------
Creditors owed money by LLC ASAM (FN 240923z) have until May 9
to file written proofs of claim to court-appointed estate
administrator Norbert Schopf at:

         Dr. Norbert Schopf
         c/o Dr. Peter Zens
         Reichsratsstrasse 7
         1010 Vienna
         Austria
         Tel: 534 90-0

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on May 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 13 (Bankr. Case No. 2 S 40/07f).  Peter Zens represents
Dr. Schopf in the bankruptcy proceedings.


AYHAN YILMAZ: Claims Registration Period Ends May 10
----------------------------------------------------
Creditors owed money by KEG Ayhan Yilmaz (FN 211215k) have until
May 10 to file written proofs of claim to court-appointed estate
administrator Andrea Simma at:

         Dr. Andrea Simma
         c/o Mag. Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 67 55
         Fax: 513 16 55 33

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 13 (Bankr. Case No. 5 S 30/07g).  Guenther Hoedl
represents Dr. Simma in the bankruptcy proceedings.


B-M BRANDSCHUTZTECHNIK: Claims Registration Period Ends May 10
--------------------------------------------------------------
Creditors owed money by KEG B-M Brandschutztechnik Montage
Zarkula (FN 173878d) have until May 10 to file written proofs of
claim to court-appointed estate administrator Karl F. Engelhart
at:

         Dr. Karl F. Engelhart
         c/o Mag. Daniel Lampersberger
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 5 S 28/07p).  Daniel Lampersberger
represents Dr. Engelhart in the bankruptcy proceedings.


BACCHUS LLC: Claims Registration Period Ends May 9
--------------------------------------------------
Creditors owed money by LLC Bacchus (FN 259380t) have until
May 9 to file written proofs of claim to court-appointed estate
administrator Otto Werschitz at:

         Dr. Dieter G. Kindel
         Rosenbursenstrasse 4
         1010 Vienna
         Austria
         Tel: 512 30 66
         Fax: 512 30 76-30

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 2 S 36/07t).


D & P LLC: Claims Registration Period Ends May 10
-------------------------------------------------
Creditors owed money by LLC d & p (FN 189971w) have until May 10
to file written proofs of claim to court-appointed estate
administrator Hans Rant at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 24 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 5 S 29/07k).  Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.


D-LAB LLC: Claims Registration Period Ends May 10
-------------------------------------------------
Creditors owed money by LLC D-Lab (FN 272221a) have until May 10
to file written proofs of claim to court-appointed estate
administrator Christian Bachmann at:

         Dr. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Austria
         Tel: 512 87 01
         Fax: 513 82 50

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 13 (Bankr. Case No. 5 S 31/07d).  Eva-Maria Bachmann-
Lang represents Dr. Bachmann in the bankruptcy proceedings.


DATA LINK: Claims Registration Period Ends May 8
------------------------------------------------
Creditors owed money by LLC data link (FN 197553w) have until
May 8 to file written proofs of claim to court-appointed estate
administrator Gerhard Rothner at:

         Dr. Gerhard Rothner
         c/o Mag. Elisabeth Buerger-Huber
         Hopfengasse 23
         4020 Linz
         Austria
         Tel: 0732/6673260
         Fax: 0732/66732029

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on May 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Traun, Austria, the Debtor declared bankruptcy
on March 14 (Bankr. Case No. 38 S 18/07m).  Elisabeth Buerger-
Huber represents Dr. Rothner in the bankruptcy proceedings.


FITNET BARAN: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors owed money by KEG Fitnet Baran (FN 273198m) have until
May 9 to file written proofs of claim to court-appointed estate
administrator Herbert Schaffler at:

         Mag. Herbert Schaffler
         Alserstrasse 13/1/2/7
         1080 Vienna
         Austria
         Tel: 368 49 50

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on May 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 2 S 38/07m).


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


AVNET INC: Dick Borsboom to Head Avnet Technology Solutions EMEA
----------------------------------------------------------------
Avnet Technology Solutions, an operating group of Avnet Inc.,
appointed Dick Borsboom as president of Avnet Technology
Solutions EMEA.

As president, Mr. Borsboom will be responsible for the strategic
direction and growth of Avnet's computing business in Europe,
Middle East and Africa (EMEA).  Currently, the Technology
Solutions group in EMEA generates US$1.3 billion in revenue and
delivers computing technology to resellers, system integrators,
system builders and embedded OEMs in 14 countries across Europe
while continuing to expand its presence.  Borsboom will report
to John Paget, president, Avnet Technology Solutions, worldwide.

The appointment of Borsboom further strengthens Avnet's European
leadership team. He brings to the company more than 13 years of
distribution industry experience, including positions in
business management, finance, HR and IT.

"Dick brings a wealth of experience and shares our sense of
commitment to our team members," Mr. Paget said.  "We're
delighted to have someone with such a broad background in
business and operational excellence.  I'm confident he and his
team have the skills and capabilities to expand Avnet Technology
Solutions' European leadership in value-added distribution."

Mr. Borsboom most recently served as chief financial officer and
vice president of Finance, HR and IT at Flexsys Coordination
Centre N.V. in Belgium, where he had a proven record of double-
digit profit growth.  His experience also extends to mergers and
acquisitions.  Prior to that position he served as chief
financial officer for Bell Microproducts in the United States.
He also previously worked as group chief financial officer for
VEBA Electronics LLC in Germany, which was the spin-off of the
IT distribution activities of Raab Karcher.  The European part
of VEBA Electronics was later acquired by Avnet.  Mr. Borsboom
also holds a Masters Degree in Economics from the University of
Tilburg, The Netherlands.

"Joining a company as strongly positioned as Avnet for growth in
the region is an exceptional opportunity," Mr. Borsboom said.
"The leadership team is experienced and understands how to
connect business partners with market opportunities that are
aligned with our suppliers' strategies.  Avnet has a proven
track record of growth, and I look forward to taking the
business to the next level of success in Europe."

                          About Avnet

Headquartered in Phoenix, Arizona, Avnet, Inc. (NYSE:AVT) --
http://www.avnet.com/-- distributes electronic components and
computer products, primarily for industrial customers.  It has
operations in the following countries: Australia, Belgium,
China, Germany, Hong Kong, India, Indonesia, Italy, Japan,
Malaysia, New Zealand, Philippines, Singapore, and
Sweden.

                        *     *     *

Moody's Investors Service upgraded the corporate family and
senior unsecured debt ratings of Avnet, Inc. to Ba1 from Ba2 and
assigned a Ba1 rating to the proposed offering of up to US$250
million senior notes due 2016.  The new issue proceeds together
with cash-on-hand and other financial resources will be used to
repurchase not less than US$250 million of the outstanding
US$361.4 million 9.75% senior notes due February 2008.  The
ratings outlook is stable.


CARMEUSE LIME: 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 Ba3 Corporate Family Rating for Carmeuse Lime B.V.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

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

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   EUR175 million
   10.75% Senior Secured
   Regular Bond/Debenture
   Due 2012                Ba3      LGD3      44%

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 Louvain-La-Neuve, Belgium, Carmeuse Group --
http://www.carmeuse.com/-- is a leading producers of lime and
lime-related products.  For the financial year 2005, the company
posted revenues of EUR800 million.


LEVI STRAUSS: Earns US$87 Million in First Quarter 2007
-------------------------------------------------------
Levi Strauss & Co. reported financial results for the first
quarter ended Feb. 25, 2007, and filed its first-quarter 2007
Form 10-Q with the U.S. Securities and Exchange Commission.

First-quarter results reflect continued improvements in the
company's key operating measures, including net revenues and net
income.

Net revenues for the first quarter were US$1.04 billion compared
to US$968 million for the same quarter in 2006, a 7 percent
increase.  Net revenues grew in each of the company's three
regions.  The increase primarily reflects growth in the
Levi's(R) brand across all regions due to a higher proportion of
premium-priced product sales, strong growth in emerging markets
and additional brand-dedicated retail stores.  Net revenues also
benefited from favorable currency exchange rates.

Net income for the first quarter increased 61 percent to US$87
million compared to US$54 million in the same quarter of 2006.
The improvement reflects an 11 percent increase in operating
income, mostly driven by a US$25 million benefit-plan
curtailment gain related to the closure of a U.S. distribution
center, lower interest expense and a lower effective tax rate,
partially offset by higher restructuring expenses.

"We're off to a good start this year," said John Anderson, chief
executive officer.  "Our sales grew for the second consecutive
quarter, reflecting a broad-based improvement worldwide.  Our
premium products are doing well with consumers in many markets.
At the same time, some businesses, including Japan and the U.S.
Levi Strauss Signature(R) brand, need considerable improvement.
Overall, we made very good progress in the quarter."

                      About Levi Strauss

Levi Strauss & Co. -- http://www.levistrauss.com/-- is a
branded apparel company, with sales in more than 110 countries.
Levi Strauss designs and markets jeans and jeans-related pants,
casual and dress pants, tops, jackets and related accessories
for men, women and children under its Levi's(R), Dockers(R) and
Levi Strauss Signature(R) brands. Levi Strauss also licenses its
trademarks in various countries throughout the world for
accessories, pants, tops, footwear, home and other products.

The company's global divisions are based in Singapore,
California and Belgium.

                     *     *     *

As reported in the Troubled Company Reporter-Europe on March 7,
Standard & Poor's Ratings Services assigned its 'B' rating to
apparel marketer and distributor Levi Strauss & Co.'s proposed
US$325-million senior unsecured term loan due 2014.


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


KREMIKOVTZI AD: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Caa1 Corporate Family Rating for Kremikovtzi AD.

Moody's also assigned a Caa1 Probability-of-Default rating to
the company.

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

* Issuer: Bulgaria Steel Finance B.V.
                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Senior Secured
   Regular Bond/
   Debenture Due 2013      Caa1     Caa1     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 Sofia, Bulagria, Kremikovtzi AD Sofia --
http://www.kremikovtzi.com/manufactures coke and chemical
products, ferro-alloys, slabs, blooms and metallurgical lime.


=============
C R O A T I A
=============


AGROKOR D.D.: 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 Agrokor D.D.

Moody's also assigned a B2 Probability-of-Default rating to the
company.

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

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   Senior Secured
   Regular Bond/Debenture
   Due 2011                B2       LGD4      53%

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 Zagreb, Croatia, Agrokor --
http://www.agrokor.hr/-- is a privately owned food producing
and retailing group in Croatia.  Agrokor D.D., the parent and
holding company, is majority owned by Ivica Todoric, the founder
of the Group.  Since July 2006, the EBRD has been the sole
external shareholder, with an 8.33% stake in the company.  In
the twelve months to June 30, 2006, the company reported
revenues of HRK13.76 billion (EUR1.9 billion) and operating
profits of HRK987.8 million (EUR136 million).


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


ARROW ELECTRONICS: Annual Shareholders' Meeting Slated for May 8
----------------------------------------------------------------
Arrow Electronics will hold its Annual Meeting of Shareholders
at 11:00 a.m. on May 8 at:

         Grand Hyatt
         109 East 42nd Street
         New York
         New York
         U.S.A.

All shareholders are invited to attend.

               About Arrow Electronics

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

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.

                          *     *     *

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


NORTEL NETWORKS: Names Jeff Townley as Chief Procurement Officer
----------------------------------------------------------------
Nortel Networks Corporation President and Chief Executive
Officer Mike Zafirovski disclosed Jeff Townley's appointment as
Chief Procurement Officer.

Mr. Townley, whose appointment is effective immediately, will
report to Joel Hackney, senior vice president, Global Operations
and Quality.  Mr. Townley will relocate to China and manage all
of Nortel's supplier relationships as well as all of Nortel's
annual purchases.

"Nortel continues to strengthen the Company's leadership team,
ensuring that we have world-class individuals with global
business experience to drive our business forward," said Mr.
Hackney. "Jeff Townley brings decades of solid Nortel experience
and performance to this role.  He is the right person to drive
our success in this critical position.  Unwavering focus on
supply chain excellence supports our larger objective of
building Global Operations into a competitive advantage for
Nortel."

Mr. Townley assumes the Chief Procurement Officer role from John
Haydon, who recently was named vice president and general
manager, Network Partner Solutions, Global Services.  A proven
innovator and well respected within Nortel's supplier community,
Mr. Townley brings 24 years of experience at Nortel to his new
position.  He has served in various capacities of increasing
responsibility at Nortel including senior management positions
across the Operations function.  Most recently, he was leader of
the Business Transformation Strategic Procurement team.

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges Nortel does business in more than 150
countries including the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                        *    *    *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


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


SANMINA-SCI: May Miss 2nd Qtr. Revenue Target Due to Low Demand
---------------------------------------------------------------
Sanmina-SCI Corporation disclosed that for its second quarter
ended March 31, 2007, the company expects to report revenue of
approximately US$2.6 billion compared to previously provided
guidance of US$2.65-US$2.75 billion.  The company is not in a
position to provide an update to earnings for the quarter ended
March 31, 2007 at this time.

However, with the decline in revenue, the company expects non-
GAAP earnings per share to be below its previously provided
guidance.  Full financial results will be provided during the
company's regularly scheduled earnings call on Tuesday,
April 24.

"The second quarter has historically been a seasonally weak
quarter for us, but we experienced even greater weakness in
demand over the last two to three weeks," Jure Sola, Chairman
and Chief Executive Officer, stated.  "The majority of this
softness was in the communications and high-end computing end-
markets, while the rest of the markets delivered to our
expectations.  We believe this weakness will be short-term and
that the business should improve in the second half of 2007."

For the quarter ended March 31, the company anticipates
reporting a decrease in inventory of at least US$90 million and
an increase in cash and cash equivalent of at least US$100
million.

                      About Sanmina-SCI Corp.

Headquartered in San Jose, California, Sanmina-SCI Corporation
(NasdaqGS: SANM) -- http://www.sanmina-sci.com/-- is a
Electronics Manufacturing Services (EMS) provider focused on
delivering complete end-to-end manufacturing solutions to
technology companies around the world.  Service offerings
include product design and engineering, test solutions,
manufacturing, logistics and post-manufacturing repair/warranty
services.  The company operates in Brazil, Mexico, Finland,
Hungary, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 16, 2007,
Standard & Poor's Ratings Services removed its ratings for San
Jose, California-based Sanmina-SCI Corp. from CreditWatch, where
they were placed on Aug. 14, 2006.

The corporate credit and senior unsecured ratings were lowered
to 'B+' from 'BB-'; the subordinated debt rating was lowered to
'B-' from 'B'.  The outlook is stable.


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


ALCATEL-LUCENT: Fitch Affirms & Withdraws Default BB Rating
-----------------------------------------------------------
Fitch Ratings affirmed Paris-based telecom equipment vendor
Alcatel-Lucent's ratings at Issuer Default 'BB' with a Stable
Outlook, senior unsecured 'BB' and Short-term 'F2' and
simultaneously withdrawn them.

Fitch will no longer provide ratings or analytical coverage on
the company.


CMA CGM: 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 CMA CGM S.A.

Moody's also assigned a Ba1 Probability-of-Default rating to the
company.

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

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

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

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

Headquartered in Marseilles, France, CMA CGM S.A. --
http://www.cma-cgm.com/-- is the third largest container
shipping company in the world.  The company generated revenues
of about EUR5 billion for the year ended Dec. 31, 2005.


LECTA SA: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Lecta S.A.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   EUR598-million
   Sr. Sec. Regular Bond/
   Debenture Due 2014      Ba3      Ba3      LGD3     47%

   EUR150-million
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014      B1       B1       LGD5     78%

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 Luxembourg and domiciled in Paris, France,
Lecta S.A. manufactures coated wood free paper in Spain, Italy
and France.  The company also has a Specialty paper division and
distribution business in the Iberian market.  During the first
nine months of 2006 Lecta recorded sales of EUR1.43 billion and
employed around 4,700 people per Dec. 31, 2006.


REALOGY CORP: Earns US$365 Million in Full Year 2006
----------------------------------------------------
Realogy Corp. reported a US$365 million net income and
US$6.5 billion net revenues for the year ended Dec. 31, 2006,
compared with a US$627 million net income and US$7.1 billion net
revenues for the year ended Dec. 31, 2005.

Net revenues decreased US$647 million in 2006, compared with
2005, principally due to a decrease in organic revenues in the
company owned Real Estate Brokerage Services segment, which was
primarily driven by a 20% decline in the number of home sale
transactions.  This was partially offset by a 4% increase in the
average price of homes sold and a US$367 million increase in
revenues as a result of acquisitions of larger real estate
brokerage operations subsequent to Jan. 1, 2005.

Total expenses decreased US$213 million principally reflecting a
reduction of US$503 million of commission expenses paid to real
estate agents and a net benefit of US$38 million due to the
resolution of certain tax and legal accruals related to former
parent legacy matters, offset by an increase in expenses of
US$334 million related to larger acquisitions by the company's
wholly owned real estate brokerage business and the acquisition
of title and underwriting companies in Texas by the Title and
Settlement Services segment, as well as the net change in
restructuring costs of US$40 million and separation costs of
US$66 million.

Provision for income taxes was US$237 million in 2006 compared
to provision for income taxes of US$408 million in 2005.

Effective tax rate for both 2006 and 2005 was 39%.  Isolated
items affecting the company's 2006 tax rate were a tax benefit
resulting from the favorable settlement of federal income tax
matters associated with Cendant's 1999 shareholder litigation
position, offset by a tax expense related to equity
compensation.

                      Separation Costs

The company incurred separation costs of US$66 million for the
year ended Dec.31, 2006.  These costs were incurred in
connection with the separation from Cendant Corp. and relate to
the acceleration of certain Cendant employee costs and legal,
accounting and other advisory fees.  The majority of the
separation costs incurred related to a non-cash charge of US$40
million for the accelerated vesting of certain Cendant equity
awards and a non-cash charge of US$11 million for the conversion
of Cendant equity awards into Realogy equity awards.

                 2006 Restructuring Program

During the second quarter of 2006, the company committed to
various strategic initiatives targeted principally at reducing
costs, enhancing organizational efficiency and consolidating and
rationalizing existing processes and facilities.  The company
recorded restructuring charges of US$46 million in 2006, of
which US$39 million is expected to be paid in cash.  As of
Dec. 31, 2006, US$16 million of these costs have been paid.
These charges primarily represent facility consolidation and
employee separation costs.

At Dec. 31, 2006, the company's balance sheet showed US$6.7
billion in total assets, US$4.2 billion in total liabilities,
and US$2.5 billion in total stockholders' equity.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with US$2.1 billion in total current assets
available to pay US$2.2 billion in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1c89

At Dec. 31, 2006, the company had US$399 million of cash and
cash equivalents, an increase of US$363 million compared to the
balance of US$36 million at Dec. 31, 2005.

During the year ended Dec. 31, 2006, the company received
US$372 million less cash from operations as compared to the same
period in 2005 principally due to weaker operating results.

At Dec. 31, 2006, the company had outstanding borrowings of
US$2.693 billion and available capacity of US$1.079 billion
under the company's borrowing arrangements.

                     About Realogy Corp.

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

                           *     *     *

Standard & Poor's downgraded Realogy Corp.'s long-term foreign
and local issuer credit ratings to BB+.


REALOGY CORP: Completes US$8.5-Bln Merger with Apollo Affiliate
---------------------------------------------------------------
Realogy Corp. reported the completion of its merger with an
affiliate of Apollo Management L.P.  The transaction was
consummated at an aggregate enterprise value of approximately
US$8.5 billion.

Realogy stock will cease to trade on the New York Stock Exchange
before the opening of the market on April 10.  Under private
ownership, Realogy will no longer be listed on the NYSE.
Pursuant to the terms of the merger agreement entered into on
Dec. 15, 2006, and adopted by Realogy's stockholders at a
special meeting on March 30, Realogy stockholders are entitled
to receive US$30.00 in cash for each share of Realogy common
stock that they hold.

The conversion of shares of stockholders who hold Realogy shares
through a bank or broker will be handled by the bank or broker.
All stockholders of record hold uncertificated shares;
accordingly, as soon as practicable, Mellon Investor Services,
LLC, as paying agent, will mail checks to stockholders of record
representing the merger consideration for the shares they held
of record immediately prior to the consummation of the merger.

                 About Apollo Management, L.P.

Apollo Management, L.P. is a leading private equity and capital
markets investor with more than 16 years of experience investing
across the capital structure of leveraged companies.  The firm
employs more than 80 professionals and has offices in New York,
Los Angeles, London, Singapore and Paris.  Since its inception,
Apollo Management has managed more than US$33 billion of capital
across a wide variety of industries both domestically and
internationally.

                     About Realogy Corp.

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

                           *     *     *

Standard & Poor's downgraded Realogy Corp.'s long-term foreign
and local issuer credit ratings to BB+.


REMY COINTREAU: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba2 Corporate Family Rating for Remy Cointreau
S.A.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   6.5% Sr. Unsec.
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     53%

   5.2% Sr. Unsec. Regular
   Bond/Debenture
   Due 2012                Ba2      Ba2      LGD4     53%

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 Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.


SMOBY-MAJORETTE: Founders Support MGA Entertainment Bid
-------------------------------------------------------
Smoby-Majorette's founding family has expressed its support for
MGA Entertainment's bid to acquire a shareholding in the
company, The Financial Times reports, citing Les Echos as its
source.

The TCR-Europe reported on April 5 that U.S. company MGA
Entertainment, a manufacturer of Bratz dolls, and Cornerstone,
one of China's biggest toy and game makers and distributors,
have emerged as potential buyers of Smoby-Majorette.

The two toy makers offered about EUR60 million each to acquire
Smoby-Majorette, which has a market capitalization of EUR25.5
million.  The French-company's own creditors, led by Deutsche
Bank, also jumped into the bandwagon.

Cornerstone's offer has fueled fears that jobs might be moved to
China if the bid is successful, which makes MGA Entertainment's
tender preferable for Smoby, Les Echos suggests.

The French company and MGA Entertainment are currently
negotiating the amount of debt repayment and how much
recapitalization the U.S. toy maker will provide, reports say.

                           About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr-- specializes in the creation, development,
production and distribution of toys for children from birth to
age 10.  Its toy collection includes over 2,000 products divided
into groups for specific age ranges.  Its products are marketed
under such brand names as Smoby, Berchet, Ecoiffier, Majorette,
Solido, Smoby Engineering and Mob.  The Company's principal
subsidiaries include Ecoiffier, which focuses on the design and
production of toys, and Mob, which is a producer of plastic
packaging.  Smoby has a presence in over 90 countries globally,
with commercial and/or industrial operations in South America,
Asia and throughout Europe.  The Company's products are sold
worldwide through a network of 18 subsidiaries, with 65% of
sales generated outside of France.  In France, the Company
employs 1, 300 workers.

Smoby requested for bankruptcy protection, which commenced on
March 19, hoping to snag an investor who will inject fresh
capital yet remain a minority, as the company grapples with a
EUR330-million debt.

The company reported a net loss of EUR15.87 million for the year
ended March 31, 2006, compared with a net profit of EUR1.56
million in 2005.


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


AFS SCHOENMANN: Claims Registration Period Ends May 18
------------------------------------------------------
Creditors of AFS Schoenmann Personal-Management GmbH have until
May 18 to register their claims with court-appointed insolvency
manager Rainer U. Mueller.

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 Augsburg
         Meeting Room 162
         Law Courts
         Alten Einlass 1
         86150 Augsburg
         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:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against AFS Schoenmann Personal-Management GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AFS Schoenmann Personal-Management GmbH
         Attn: Friedrich Schoenmann, Manager
         Viktoriastr. 3
         86150 Augsburg
         Germany


ALIBABA DOENERPRODUKTION: Claims Registration Period Ends May 3
---------------------------------------------------------------
Creditors of Alibaba Doenerproduktion GmbH have until May 3 to
register their claims with court-appointed insolvency manager
Jochen Sedlitz.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Alibaba Doenerproduktion GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Alibaba Doenerproduktion GmbH
         Attn: Goenuel Duezguen, Manager
         Gutenbergstr. 21 - 23
         59379 Selm
         Germany


AMARILLO CATERING: Creditors' Meeting Slated for May 16
-------------------------------------------------------
The court-appointed insolvency manager for Amarillo Catering-
und Veranstaltungsservice GmbH & Co. KG, Hartwig Albers, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 12:30 p.m. on May 16.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:34 a.m. on Aug. 22, at the same venue.

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Amarillo Catering- und Veranstaltungsservice
GmbH & Co. KG on March 31.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Amarillo Catering- und Veranstaltungsservice
         GmbH & Co. KG
         Grossen Wannsee 24
         14109 Berlin
         Germany


ANGELO DER GRIECHE: Claims Registration Period Ends May 4
---------------------------------------------------------
Creditors of Angelo der Grieche Gastronomie GmbH have until
May 4 to register their claims with court-appointed insolvency
manager Uwe Kuhmann.

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

The meeting of creditors will be held at:

         The District Court of Verden (Aller)
         Hall 214
         Main Building
         Johanniswall 8
         27283 Verden (Aller)
         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:

         Uwe Kuhmann
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/33061-10

The District Court of Verden (Aller) opened bankruptcy
proceedings against Angelo der Grieche Gastronomie GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Angelo der Grieche Gastronomie GmbH
         Attn: Evangelos Kiourkas, Manager
         Falkenberger Landstr. 60
         28865 Lilienthal
         Germany


AUTOHAUS BREHM: Claims Registration Period Ends May 18
------------------------------------------------------
Creditors of Autohaus Brehm GmbH have until May 18 to register
their claims with court-appointed insolvency manager Steffi
Radack-Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:40 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         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:

         Steffi Radack-Mueller
         Franzoesische Strasse 9 - 12
         10117 Berlin
         Germany

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

The Debtor can be contacted at:

         Autohaus Brehm GmbH
         Trebbiner Strasse 24
         14480 Potsdam
         Germany


AUTOHAUS EVERTZ: Claims Registration Period Ends June 13
--------------------------------------------------------
Creditors of Autohaus Evertz GmbH have until June 13 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 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 Goettingen
         Hall B 11
         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 insolvency manager can be contacted at:

         Jens Koeke
         Obere Karspuele 36
         37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

The District Court of Goettingen opened bankruptcy proceedings
against Autohaus Evertz GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Evertz GmbH
         Attn: Hans-Juergen Fuehrer, Manager
         Goettinger Strasse 37
         37124 Rosdorf
         Germany


AUTOHAUS GROTEGUTH: Claims Registration Ends May 14
---------------------------------------------------
Creditors of Autohaus Groteguth GmbH have until May 14 to
register their claims with court-appointed insolvency manager
Dr. Oliver Liersch.

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 Gifhorn
         Hall 118
         Palace Garden 4
         38518 Gifhorn
         Germany

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

The insolvency manager can be reached at:

         Dr. Oliver Liersch
         Schultze & Braun Rechtsanwaltsgesellschaft mbH
         Karl-Wiechert-Allee 1 c
         30625 Hannover
         Germany
         Tel: 0511/554706-0
         Fax: 0511/554706-99
         E-Mail: OLiersch@schubra.de

The District Court of Gifhorn opened bankruptcy proceedings
against Autohaus Groteguth GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Autohaus Groteguth GmbH
         Huelptingser Weg 11
         31303 Burgdorf
         Germany

         Attn: Juergen Groteguth, Manager
         Uetzer Str. 63A
         31303 Burgdorf
         Germany


AUTOHAUSES WEINHOLD: Claims Registration Period Ends May 23
-----------------------------------------------------------
Creditors of Autohauses Weinhold Baunatal GmbH have until May 23
to register their claims with court-appointed insolvency manager
Hans-Joerg Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Meeting Hall 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         Germany

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

The insolvency manager can be contacted at:

         Dr. Hans-Joerg Laudenbach
         Carlo-Mierendorff-Str. 15
         35398 Giessen
         Germany
         Tel: 0641/98292-15
         Fax: 0641/98292-85

The District Court of Fritzlar opened bankruptcy proceedings
against Autohauses Weinhold Baunatal GmbH on April 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autohauses Weinhold Baunatal GmbH
         Frankfurter Str. 8
         34225 Baunatal
         Germany

         Attn: Annegret Weinhold, Manager
         Kiefernweg 18
         34295 Edermnde
         Germany


AW ATTRAKTIVES: Claims Registration Period Ends May 18
------------------------------------------------------
Creditors of AW Attraktives Wohnen Bautrager GmbH have until
May 18 to register their claims with court-appointed insolvency
manager Jan Roth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Hanau
         Area E09
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be contacted at:

         Dr. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt/Main
         Germany
         Tel: 069/2097390
         Fax: 069/20973929

The District Court of Hanau opened bankruptcy proceedings
against AW Attraktives Wohnen Bautrager GmbH on April 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         AW Attraktives Wohnen Bautrager GmbH
         Attn: Hans Wagner, Manager
         Steincheskueppel 10
         63636 Brachttal
         Germany


AWT BILDUNGSGESELLSCHAFT: Claims Registration End May 23
--------------------------------------------------------
Creditors of AWT Bildungsgesellschaft mbH & Co. KG have until
May 23 to register their claims with court-appointed insolvency
manager Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         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:

         Ulrike Hoge-Peters
         Cronstettenstr. 30
         60322 Frankfurt am Main
         Tel: 069/9591100
         Fax: 069/95911012

The District Court of Frankfurt opened bankruptcy proceedings
against AWT Bildungsgesellschaft mbH & Co. KG on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         AWT Bildungsgesellschaft mbH & Co. KG
         Hanauer Landstr. 151-153
         60314 Frankfurt am Main
         Germany


BARBAROSSA-TRANS: Claims Registration Ends June 26
--------------------------------------------------
Creditors of Barbarossa-Trans Spedition GmbH have until June 26
to register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         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 Muehlhausen opened bankruptcy proceedings
against Barbarossa-Trans Spedition GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Barbarossa-Trans Spedition GmbH
         GF Peter Herrmann
         Seegaer Weg 27
         06567 Rottlebenb
         Germany


BAVARIA BRAU: Claims Registration End May 2
-------------------------------------------
Creditors of Bavaria Brau Betriebs GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Dr. Hans von Gleichenstein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 29, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Hans von Gleichenstein
         Rottmannstr. 11 a
         80333 Munich
         Tel: 089/5427300
         Fax: 089/54273015

The District Court of Munich opened bankruptcy proceedings
against Bavaria Brau Betriebs GmbH on March 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bavaria Brau Betriebs GmbH
         Theresienhoehe 7
         80339 Munich
         Germany


CONNECTA GMBH: Claims Registration Ends May 20
----------------------------------------------
Creditors of Connecta GmbH have until May 20 to register their
claims with court-appointed insolvency manager Stefan Waldherr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Stefan Waldherr
         Peuntgasse 3
         90402 Nuremberg
         Germany
         Tel: 0911/27980-0
         Fax: 0911/27980-90

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

The Debtor can be reached at:

         Connecta GmbH
         Michael Leuchtenmueller
         Hansastr. 5
         91226 Schwabach
         Germany


COSIN GMBH: Claims Registration Ends May 3
------------------------------------------
Creditors of Cosin GmbH have until May 3 to register their
claims with court-appointed insolvency manager Steffen Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Room 178
         Hauffstr. 5
         70190 Stuttgart
         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:

         Steffen Beck
         Breitscheidstr. 10
         70174 Stuttgart
         Germany
         Tel: 0711/2525 660
         Fax: 0711/2525 6666

The District Court of Stuttgart opened bankruptcy proceedings
against Cosin GmbH on April 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Cosin GmbH
         Attn: Edmund Zulwenger, Manager
         Vaihinger Str. 24
         71063 Sindelfingen
         Germany


DACH TEAM: Claims Registration Ends May 9
-----------------------------------------
Creditors of Dach Team GmbH have until May 9 to register their
claims with court-appointed insolvency manager Barbara Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 30, 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 Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         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:

         Barbara Fritzer
         Louis-Braille-Strasse 1
         01099 Dresden
         Germany
         Web site: http://www.ra-fritzer.de/

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

The Debtor can be reached at:

         Dach Team GmbH
         Attn: Frank Tandler, Manager
         Lindenallee 36
         01796 Pirna
         Germany


DAIMLERCHRYSLER AG: Meets with Chrysler Bidders Except Kerkorian
----------------------------------------------------------------
DaimlerChrysler AG executive Ruediger Grube, a management-board
member and head of strategy, is presently negotiating with all
Chrysler bidders, with the exception of billionaire Kirk
Kerkorian's Tracinda Corp., the Wall Street Journal states.

According to the report, the company had scheduled meetings with
Cerberus Capital Management LP; joint bidders Blackstone Group
and Centerbridge Capital Partners LP; and the tandem of Magna
International Inc. and Onex Corp., but left Tracinda Corp. in
the lurch.

The TCR-Europe reported on April 11 that DaimlerChrysler had
received a new offer of up to US$4.5 billion in cash from
Tracinda Corp., an investment firm owned by billionaire Kirk
Kerkorian.

However, the automaker is skeptical about the competitiveness of
Tracinda's bid, considering that it entails substantial
conditions, as it entertains offers from three other groups, WSJ
observes.

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

On the other hand, Magna International Inc. and its potential
partner, Canadian investment firm Onex Corp., plan to each
acquire equal minority stakes in Chrysler and let
DaimlerChrysler keep a small equity in the ailing unit, WSJ
relates, quoting sources familiar with the matter.

Magna also intends to create a separate company for Chrysler and
outsource engineering while keeping the products' design and
assembly in-house, WSJ says.

Concurrently, WSJ reports German bank WestLB AG has acquired a
14 percent stake in DaimlerChrysler, saying that the move is
meant to help shareholders sell their shares, avoiding a broader
selloff, with plans to reduce its share back to its original 3
percent level.

                      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.


DE KANT: Creditors Must Register Claims by April 26
---------------------------------------------------
Creditors of de Kant GmbH have until April 26 to register their
claims with court-appointed insolvency manager Wolfgang Ott.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Wolfgang Ott
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

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

The Debtor can be reached at:

         de Kant GmbH
         Fichtenstr. 41
         85640 Putzbrunn
         Germany


DEAG EXPORT: Creditors Must Register Claims by May 14
-----------------------------------------------------
Creditors of DEAG Export - Import GmbH have until May 14 to
register their claims with court-appointed insolvency manager
Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Arne Meyer
         Viktoriastr. 73-75
         52066 Aachen
         Germany
         Tel: 0241/94919-29
         Fax: 0241/94919-19

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

The Debtor can be reached at:

         DEAG Export - Import GmbH
         Martin-Luther-Str. 2
         52062 Aachen
         Germany

         Attn: Denis Bardukin, Manager
         Wesselbend 46
         BEL-4732 Eynatten
         Germany


DIE HAUSGEISTER: Creditors Must Register Claims by May 21
---------------------------------------------------------
Creditors of die hausgeister Gesellschaft fuer
Haushaltspflegedienste mbH have until May 21 to register their
claims with court-appointed insolvency manager Joachim Klein II.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Joachim Klein II
         Hansaring 79 - 81
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against die hausgeister Gesellschaft fuer Haushaltspflegedienste
mbH on April 1.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         die hausgeister Gesellschaft fuer
         Haushaltspflegedienste mbH
         Thumbstr. 74
         51103 Cologne
         Germany

         Attn: Renate Hillen, Manager
         Roesrather Str. 447
         51107 Cologne
         Germany


EINRICHTUNGSHAUS EBERT: Creditors Must Register Claims by May 2
---------------------------------------------------------------
Creditors of Einrichtungshaus Ebert GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Olaf Handschuh.

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

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckburg
         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:

         Olaf Handschuh
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/1018

The District Court of Bueckeburg opened bankruptcy proceedings
against Einrichtungshaus Ebert GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Einrichtungshaus Ebert GmbH
         Gartenstr. 2
         31655 Stadthagen
         Germany


EINRICHTUNGSHAUS JOHANN: Claims Registration Ends May 17
--------------------------------------------------------
Creditors of Einrichtungshaus Johann Horstmann GmbH & Co. KG
have until May 17 to register their claims with court-appointed
insolvency manager Karsten Toetter.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Karsten Toetter
         Speersort 4 - 6
         20095 Hamburg
         Germany

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

The Debtor can be reached at:

         Einrichtungshaus Johann Horstmann GmbH & Co. KG
         Attn: Artur Leipert, Manager
         Schwertfegerstrasse 21 - 23
         23556 Luebeck
         Germany


ELEKTRA BISCHOFF: Claims Registration Period Ends May 18
--------------------------------------------------------
Creditors of Elektra Bischoff & Kern GmbH have until May 18 to
register their claims with court-appointed insolvency manager
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Hall 310
         Third Floor
         Mannheimer Str. 17
         75179 Pforzheim
         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:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Elektra Bischoff & Kern GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Elektra Bischoff & Kern GmbH
         Attn: Roland Bischoff, Manager
         Pfalzerstr. 39
         75177 Pforzheim
         Germany


ELEMENT 4: Claims Registration Period Ends May 4
------------------------------------------------
Creditors of Element 4 GmbH have until May 4 to register their
claims with court-appointed insolvency manager Andreas Wolff.

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

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall 1
         Holzmarkt 2
         79098 Freiburg i. Br.
         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:

         Andreas Wolff
         Zasiusstr. 35
         79102 Freiburg i. Br.
         Germany
         Tel: 0761/75323

The District Court of Freiburg opened bankruptcy proceedings
against Element 4 GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Element 4 GmbH
         Attn: Wilfried Bierer, Manager
         Boetzinger Str. 11
         79111 Freiburg
         Germany


ETF WARMETECHNIK: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors of ETF Warmetechnik GmbH have until June 5 to register
their claims with court-appointed insolvency manager Rolf
Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on June 26, at which time the
insolvency manager will present HIS first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         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:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against ETF Warmetechnik GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ETF Warmetechnik GmbH
         Attn: Rainer Lazik, Manager
         Weinbergstrasse 1
         99099 Erfurt
         Germany


FRANZ WILBERTZ: Claims Registration Period Ends May 9
-----------------------------------------------------
Creditors of Franz Wilbertz GmbH have until May 9 to register
their claims with court-appointed insolvency manager Horst
Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 13, at which time the
insolvency manager will present HIS first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Adenauerplatz 5
         41061 Moenchengladbach
         Germany
         Tel: 02161/ 464 46 74
         Fax: 02161 / 464 46 75

The District Court of Moenchengladbach opened bankruptcy
proceedings against Franz Wilbertz GmbH on April 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Franz Wilbertz GmbH
         Erftstrasse 41
         41238 Moenchengladbach
         Germany

         Attn: Ralf Wilbertz
         Florisgarten 55
         41199 Moenchengladbach
         Germany


HEIDEN GMBH: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors of Heiden GmbH have until May 15 to register their
claims with court-appointed insolvency manager Fatma Kreft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 30, 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 Friedberg
         Hall 20a
         District Court Building
         Homburger Road 18
         61169 Friedberg (Hessen)
         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:

         Fatma Kreft
         Neue Mainzer Strasse 84
         60311 Frankfurt am Main
         Germany
         Tel: 069 - 6773677-0
         Fax: 069 - 6773677-20
         E-mail: frankfurt@reuss-und-partner.de

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

The Debtor can be reached at:

         Heiden GmbH
         Attn: Heike an der Heiden, Manager
         Zum Alten Feld 44
         63679 Schotten
         Germany


KLOECKNER & CO: Dutch Unit Acquires Teuling Staal B.V.
------------------------------------------------------
ODS B.V., the Dutch unit of Kloeckner & Co. AG, has concluded a
contract for the acquisition of the Dutch distribution company
Teuling Staal B.V.  Teuling Staal specializes in the
distribution of high-alloy special steels.

The company's product portfolio focuses on duplex and super-
duplex steels.  These high-alloy special steels are used for
conduit piping in the oil and gas, chemical and petrochemical
industries on account of their corrosion resistance.  The
distribution company Teuling Staal with some 16 employees has
its head office at Barendrecht near Rotterdam.  Specializing in
special steels, the company achieved sales of some EUR14 million
in 2006.

With this acquisition, the Dutch country operation ODS B.V. with
its head office at Barendrecht will further expand its extensive
product range.

"Teuling Staal fits extremely well into our acquisition plan,
Dr. Thomas Ludwig, Chairman of the Board of Management of
Kloeckner & Co. AG, said.  "The company is very well positioned
in its special product niche, and its range of high-alloy
special steels will outstandingly complement the products
offered by our subsidiary in the Netherlands."

                    About Kloeckner & Co. AG

Headquartered in Duisburg, Germany, Kloeckner & Co. AG --
http://www.kloeckner.de/-- distributes steel products,
including sectional steel, structural steel, aluminum products,
steel sections and steel tubes and flats. Other products include
sheet, plate, bar, roofs and walls, non-ferrous metals,
plastics, hardware, sun protection systems and connection
technology.  Kloeckner also offers processing services, such as
flame cutting, plasma cutting, cutting to length and sawing,
cutting and splitting, other machining processes and
preservation.

The Company also operates Austria, Belgium, France, Switzerland,
the Netherlands, Sweden, Spain, Portugal, the United Kingdom,
China, Thailand, the United Arab Emirates, South Africa and the
United States.


KLOECKNER & CO: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Kloeckner & Co.
AG.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Senior Subordinated
   Regular Bond/
   Debenture Due 2015      B2       B2       LGD6     92%

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

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

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

Headquartered in Duisburg, Germany, Kloeckner & Co. AG --
http://www.kloeckner.de/-- distributes steel products,
including sectional steel, structural steel, aluminum products,
steel sections and steel tubes and flats. Other products include
sheet, plate, bar, roofs and walls, non-ferrous metals,
plastics, hardware, sun protection systems and connection
technology.  Kloeckner also offers processing services, such as
flame cutting, plasma cutting, cutting to length and sawing,
cutting and splitting, other machining processes and
preservation.

The Company also operates Austria, Belgium, France, Switzerland,
the Netherlands, Sweden, Spain, Portugal, the United Kingdom,
China, Thailand, the United Arab Emirates, South Africa and the
United States.


KLOECKNER & CO: Earns EUR235 Million for Fiscal Year 2006
---------------------------------------------------------
Kloeckner & Co. AG released its financial results for the year
ended Dec. 31, 2006.

Kloeckner posted EUR235 million in net profit on EUR5.53 billion
in net revenues for 2006, compared with EUR43 million in net
profit on EUR3.97 billion in net revenues for 2005.

As of Dec. 31, 2006, the company's net indebtedness stood at
EUR235 million.

The Management Board and the Supervisory Board of Kloeckner will
propose distribution of a dividend of EUR0.80 per share for the
2006 financial year.  This is equivalent to a payout ratio of
30% of the consolidated income after deduction of extraordinary
or non-operational income.  This means Kloeckner & met the
payout target announced within the framework of the initial
public offering.

"We are pleased about the very good 2006 financial year," Dr.
Thomas Ludwig, Chairman of the Management Board, said.  "Besides
the outstanding market development, the STAR performance program
in particular contributed to the good development of results.
The core idea of 'STAR' is to apply exceptionally successful
business practices and models to other country operations and
generate new ideas in cross-border working groups.  Special
focus is placed on optimizing purchasing, the distribution
network and inventory management.  This year, too, we will
continue the successful program."

                    About Kloeckner & Co. AG

Headquartered in Duisburg, Germany, Kloeckner & Co. AG --
http://www.kloeckner.de/-- distributes steel products,
including sectional steel, structural steel, aluminum products,
steel sections and steel tubes and flats. Other products include
sheet, plate, bar, roofs and walls, non-ferrous metals,
plastics, hardware, sun protection systems and connection
technology.  Kloeckner also offers processing services, such as
flame cutting, plasma cutting, cutting to length and sawing,
cutting and splitting, other machining processes and
preservation.

The Company also operates Austria, Belgium, France, Switzerland,
the Netherlands, Sweden, Spain, Portugal, the United Kingdom,
China, Thailand, the United Arab Emirates, South Africa and the
United States.

                           *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Kloeckner & Co.
AG.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Senior Subordinated
   Regular Bond/
   Debenture Due 2015      B2       B2       LGD6     92%


PFLEIDERER AG: Moody's Assigns Ba2 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service assigned a corporate family rating of
Ba2 to Pfleiderer AG and a (P)B1 rating to the hybrid bond to be
issued by Pfleiderer B.V., secured by a subordinated guarantee
from Pfleiderer AG.  The outlook for the ratings is stable.

The Ba2 Rating of Pfleiderer reflects:

   (1) the good market position of the company in its main
       markets in Germany and Western Europe, North America and
       Poland/Eastern Europe, as well as the good geographical
       diversification which is expected to help offsetting
       downturns in one market with good performances in other
       markets;


   (2) Pfleiderer's exposure to the renovation business in
       residential construction, which Moody's expect to be less
       cyclical than the overall residential construction
       industry; and

   (3) the company's comparably high operating margins and the
       ability to de-lever over the medium term.

Moody's however has also taken into account:

   (1) the integration and execution risks that Moody's views as
       inherent to the Pergo acquisition and the ongoing
       integration of Kunz;

   (2) the relatively short track record related to the current
       business profile of the company;

   (3) the increased leverage, which, on a proforma basis per
       2006 reaches a Debt/EBITDA ratio of 3.8x and an RCF/Net
       Debt ratio of 17.8%; and

   (4) uncertainties regarding the improvement of Pergo's
       results and the weak residential construction market in
       North America.  In addition, Pfleiderer is exposed to
       volatile input costs for energy and wood.

The stable outlook reflects Moody's expectation that the
integration of the recently acquired Pergo AB will run smoothly
and that the expected synergies will be achieved within a
relatively short time frame.

Moody's said that the (P)B1 rating for the junior subordinated
securities reflects the deep subordination of this security
relative to other debt obligations of Pfleiderer.  In
particular, the bonds will be the most junior debt obligations
of the issuer and the guarantor and subordinated to and ranking
behind the claims of all other unsubordinated and subordinated
creditors.

The hybrid instrument will, in Moody's view, have sufficient
equity-like features to allow it to receive basked "C"
treatment, i.e. 50% equity and 50% debt for financial leverage
purposes.  The basket allocation is based on the following
rankings for the three dimensions of equity:

   * No Maturity: moderate -- The notes will have no maturity
     but a first call option by the issuer after 7 years or,
     prior to that, upon certain events, such as a tax event.
     Potential redemption will be covered by satisfactory
     replacement language where the issuer expresses its
     intention that the instrument can only be replaced by one
     with the same or more equity-like characteristics.  This
     instrument also includes a change of control provision.  In
     the case of Pfleiderer we do not view this to disadvantage
     senior creditors as they are also protected by change of
     control clauses.

   * No Ongoing Payments: moderate -- There is fully optional
     deferral.  Any outstanding distributions must be settled
     within 1 year of the earlier of:

       (1) when common dividends are resumed;
       (2) when payments are made on parity or junior
           securities:

       (3) when parity or junior securities are repurchased;
       (4) when cash payments are resumed.

     If none of these events have happened by year 7, the
     company will use its best efforts to settle via the
     Alternative Coupon Settlement Mechanism.  Distributions can
     only be settled by issuing common shares (new or treasury)
     capped at 2% of share capital per period or Eligible
     Securities, which are defined as parity and/or junior
     securities with no maturity, callable with intent-based
     replacement language, and non-cum coupon deferral.
     Eligible Securities are capped at 25% of the principal
     amount.  In bankruptcy, the claim for any unsettled
     distributions will be limited to 25% of the principal
     amount less payments made through the issuance
     of Eligible Securities.

   * Loss Absorption: strong -- in the event of liquidation, the
     securities will rank junior to all other senior and
     subordinated creditors of the issuer.

Headquartered in Neumarkt, Germany, Pfleiderer AG, is one of the
leading manufacturers of engineered wood in Europe and North
America.  Group sales and operating result in 2006 amounted to
EUR1.4 billion and EUR133 million respectively.


STIEGLER ZIMMEREI: Claims Registration Period Ends May 22
---------------------------------------------------------
The court-appointed insolvency manager for Stiegler Zimmerei &
Holzbau GmbH, Dr. Siegfried Beck, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 9:30 a.m. on May 22.

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

         The District Court of Nuernberg
         Hall 152/I
         Flaschenhofstra35e 35
         Nuernberg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on June 19 at the same venue.

Creditors have until May 14 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Siegfried Beck
         Stahlstr. 17
         90411 Nuernberg
         Germany
         Tel: (0911) 951285-0
         Fax: (0911) 951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against Stiegler Zimmerei & Holzbau GmbH on DATE.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Stiegler Zimmerei & Holzbau GmbH
         Attn: Erwin Stiegler, Manager
         Weihersdorfer Hauptstr. 9
         92360 Muehlhausen
         Germany


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


AGRICULTURAL BANK: Increases Stake in Romanian MINDbank to 73.3%
----------------------------------------------------------------
Agricultural Bank of Greece S.A. increased its participation in
the Romanian MINDbank to 73.30%, following gradual acquisitions
from various shareholders.

In addition, the Board of Directors of ATEbank decided the
bank's participation in the share capital increase.  The share
capital increase was agreed upon during MINDbank's extraordinary
shareholders' general meeting.

Headquartered in Athens, Greece, Agricultural Bank of Greece
(aka ATEbank) -- http://www.atebank.gr/-- heads the group of
financial companies active in the entire financial sector.  It's
financial affiliates include: ATE Insurance, ATE Leasing, ATE
Cards, ATE Brokers, ATE Technical Services, ATE Rent, the First
Business Bank and ATE Advertising.  At September 2006, it has
EUR20.6 billion in total assets.

                           *    *    *

As reported in the TCR-Europe on Dec. 27, 2006, Moody's
Investors Service changed to stable from negative the outlook
for the D- Financial Strength Rating of Agricultural Bank of
Greece SA.

At the same time, Moody's has affirmed the Baa1/Prime-2 foreign
currency deposit ratings assigned to ABG and the Baa3
subordinated debt rating of ABG Finance International.  The
bank's FSR has been on negative outlook since November 2005.


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


PULS CDO: Moody's Rates Class E Subordinated Notes at (P)Ba2
------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings in
respect of the notes to be issued by Puls CDO 2007-1 Limited:

   -- Class A Senior Floating Rate Notes due 2016: (P)Aaa;

   -- Class B Senior Floating Rate Notes due 2016: (P)Aa2;

   -- Class C Senior Floating Rate Notes due 2016: (P)A2;

   -- Class D Senior Floating Rate Notes due 2016: (P)Baa2; and

   -- Class E Subordinated Deferrable Floating Rate Notes due
      2016: (P)Ba2

The ratings address the expected loss posed to investors by the
legal final maturity in July 2016.

This is a securitization of senior unsecured and subordinated
bonds arranged by Merrill Lynch International.  The borrowers
under such instruments are Austrian, German and Swiss small to
medium sized companies.

PULS, the issuer, incorporated in Ireland, will issue five
classes of rated Notes: Class A, Class B, Class C, Class D and
Class E Notes.  The Notes have quarterly interest payment dates
and will pay a margin over 3 months EURIBOR.  The interest rate
mismatch between fixed rate portfolio assets and floating rate
liabilities will be hedged using interest rate swaps.  Up to
[4]% of the portfolio may be invested into CHF denominated
bonds.  The potential foreign exchange risk with respect to the
EUR denominated Notes is almost completely mitigated by the
implementation of a FX Macro Hedge structure.  All classes are
expected to mature on the date falling approximately 7 years
after the issue date (which is in July 2014).  In case not all
Notes are redeemed in full on the expected maturity, the
maturity of the Notes will extend until the legal maturity in
July 2016.

The portfolio will be ramped-up over the 360-day period
following the Closing Date.  Afterwards, the portfolio remains
static.  The issuer is anticipated to make advances to
approximately 50 companies in a total amount of EUR360 million.

It is noteworthy that the subordinated bonds are deeply
subordinated in a potential insolvency proceeding.  Furthermore,
none of bonds is secured with any kind of collateral.  Hence
substantially lower expected recovery rate than applicable to
typical SME loans should occur.

Contrary to more conventional SME loan securitizations, this
transaction does not involve a third party originator.  The
companies were pre-selected by Capital Securities Group AG,
acting as Portfolio Manager, based on estimated default
frequencies provided by the German Moody's KMV RiskCalc model
and on-site due diligences.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinions.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.


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


BERRY PLASTICS: Completes Stock-for-Stock Merger with Covalence
---------------------------------------------------------------
Berry Plastics Group Inc. and Covalence Specialty Materials
Holding Corp. have completed their reported stock-for-stock
merger.

Berry Plastics appointed Ira Boots as Chairman and Chief
Executive Officer, and Brent Beeler as Chief Operating Officer,
of the combined company.

In addition, Berry Plastics said that Kip Smith, the former
Chief Executive Officer of Covalence, will continue to run the
Covalence businesses.

                         About Covalence

Covalence Specialty Materials Holding Corp. --
http://www.covcorp.com/ -- produces polyethylene-based plastic
films, industrial tapes, medical specialties, packaging, and
heat-shrinkable coatings.

                       About Berry Plastics

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England, and Hong Kong and it has
more than 6,800 employees.

                        *     *     *

Standard & Poor's Ratings Services lowered its corporate credit
rating on Berry Plastics to 'B' from 'B+' following successful
completion of the acquisition of the company by private equity
firms, Apollo Management L.P. and Graham Partners.  Standard &
Poor's removed the ratings from CreditWatch, where they were
placed with negative implications on Aug. 3, 2006.  The outlook
is stable.

Moody's Investors Service confirmed the B3 rating on Berry
Plastics Corp.'s US$335 million 10.75% senior subordinated
notes, due July 15, 2012.


BERRY PLASTICS: Moody's Cuts Corporate Family Rating to B2
----------------------------------------------------------
Moody's Investors Service downgraded the Corporate Family Rating
of Berry Plastics Holdings Corporation to B2.  The outlook is
stable.

This rating action concludes the review for possible downgrade
initiated on March 13 following the company's announcement that
it had entered into a definitive agreement to merge with
Covalence Specialty Materials Corporation in a stock-for-stock
merger.  The merger was consummated April 3.  Additional
instrument rating actions are detailed below.

The downgrade of Berry's Corporate Family Rating reflects
deterioration in credit metrics, change in operating profile and
integration risk in merging with CSMC.  Pro-forma for the
transaction, Debt to EBITDA is 7.2 times and EBIT to Gross
Interest Expense 0.8 times for the twelve months ended Dec. 31,
2006.

The difference in product lines and size of CSMC represents a
material change to Berry's operating profile and source of
integration risk.  Required investments for synergies will leave
no free cash flow for debt reduction in the near term and little
cushion for any negative variance.

Strengths in Berry's pro-forma competitive profile include
annual revenue of US$3.1 billion with significant market shares
in several categories.  The merger will also add additional
diversity to Berry's end markets and increased scale.  The
combined organization is also expected to have good liquidity.

The ratings of Berry were downgraded:

   -- Corporate Family Rating, to B2 from B1;

   -- Probability of Default Rating, to B2 from B1;

   -- US$225-million senior secured second lien FRN's due 2014,
      downgraded to B3 (LGD4, 65%) from B2 (LGD4, 62%); and

   -- US$525-million senior secured second lien notes due 2014,
      downgraded to B3 (LGD4, 65%) from B2 (LGD4, 62%).

The ratings of Berry are confirmed and will be withdrawn:

   -- The Ba1 (LGD2, 18%) rated US$200-million senior secured
      revolver due 2012;

   -- The Ba1 (LGD2, 18%) rated US$675-million senior secured
      first lien term loan B due 2013.

The ratings of Berry assigned March 16 are now effective:

   -- US$1,200-million senior secured term loan, Ba3 (LGD2,
      27%);

   -- Moody's also affirmed the Speculative Grade Liquidity
      Rating of SGL-2.

The rating outlook for Berry is stable.

The ratings of CSMC are confirmed and are to be withdrawn:

   -- The Corporate Family Rating of B1;

   -- The Probability of Default Rating of B1;

   -- The Ba3 (LGD3, 34%) rated US$300-million senior secured
      term loan C due 2013;

   -- The B2 (LGD4, 62%) US$175 million-senior secured second
      lien term loan due 2013; and

   -- The Speculative Grade Liquidity Rating of SGL-2.

The rating of CSMC was downgraded. These notes became
obligations of Berry upon the closing of the merger:

   -- US$265-million senior subordinated notes due 2016,
      downgraded to Caa1 (LGD6, 90%) from B3 (LGD5, 86%).

The ratings and outlook are subject to receipt of final
documentation.

Based in Evansville, Indiana, Berry Plastics Holdings
Corporation is one of the world's leading suppliers of rigid
plastic packaging products, serving customers in the food and
beverage, healthcare, household chemicals, personal care, home
improvement, and other industries.  Net sales for the twelve
months ended Dec. 30, 2006 amounted to approximately US$1.4
billion.


PARMALAT SPA: N.Y. Court Allows Charges Against Grant Thornton
--------------------------------------------------------------
The U.S. District Court for the Southern District of New York
refused to dismiss would-be class shareholder charges against
Grant Thornton LLP (U.S.) based on its relationship with an
overseas affiliate that audited the financial statements of
Parmalat Finanziaria S.p.A., according to an article by BNA Inc.

The Hon. Lewis A. Kaplan concluded that Grant Thornton may be
held liable on agency principles, among other vicarious
liability theories, according to the report.

In June 2005, Judge Kaplan issued an opinion upholding various
laims asserted by the plaintiffs against certain auditor
defendants in the class action relating to the Parmalat
securities fraud.  Judge Kaplan found that the plaintiffs had
adequately stated fraud claims against Deloitte Touche Tohmatsu
and Grant Thornton International by virtue of their respective
agency relationships with Parmalat's Italian auditors.

The complaint charges certain of Parmalat's senior insiders and
its legal, accounting and financial advisors with violations of
the U.S. Securities Exchange Act of 1934.  The complaint alleges
that Parmalat's senior insiders, together with Parmalat's legal,
accounting and financial advisors, concocted a massive scheme
whereby they overstated Parmalat's reported profits and assets
for more than a decade.

The revelations of defendants' misconduct caused the price of
Parmalat stock to plunge 95% before trading was suspended on
Dec. 29, 2003.  The company ultimately filed for bankruptcy.

In October 2005, the court in Parma, Italy issued a decree
approving a "composition" or agreement with Old Parmalat's
creditors causing Parmalat S.p.A. to formally succeed Old
Parmalat and triggering the transfer of Old Parmalat's assets
and liabilities to New Parmalat.

Recently, a notification program for a US$50 million partial
settlement of a U.S. class action about the prices paid for
Parmalat common stock and bonds.

The Court defined "Class members" in the settlement to include
all people and entities who bought Parmalat common stock and/or
bonds from Jan. 5, 1999 through and including December 18,
2003, and were damaged thereby, regardless of where such people
live or where they purchased their Parmalat securities.

The suit is "In re Parmalat Securities Litigation, S.D.N.Y.,
Master Docket 04 MD 1653 (LAK)."

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PARMALAT SPA: Constitutional Court Affirms Claims vs. Two Banks
---------------------------------------------------------------
The Italian Constitutional Court -- Corte Costituzionale della
Repubblica Italiana -- has reconfirmed the legitimacy of a
clawback action filed by Parmalat S.p.A. against Banca Agricola
Mantovana S.p.A. and Banca Popolare di Milano Scrl, various
reports say.

The banks had appealed against a previous Court decision
confirming the constitutionality of the claims, arguing that the
actions are illegal because the money would benefit Parmalat and
not its original creditors, Bloomberg News reports.

The Court, however, rejected the appeals, saying that clawback
actions can be filed when a company is restructuring, AFX News
relates.

Similar cases were filed before the Court, questioning the
legitimacy of the Marzano Bankruptcy Law in Parmalat's case
because it came into effect after the company's bankruptcy.  The
law, passed in December 2003 to manage the food group's
collapse, permits Parmalat to recover payments made in the year
before its insolvency.

Enrico Bondi, Parmalat Chief Executive, has filed damage claims
and clawback actions in the U.S. and Italy to recover around
EUR13.2 billion from banks, auditors and advisers who allegedly
abetted the company's collapse in December 2003.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PIAGGIO & C: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Piaggio & C.
S.p.A.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   0% Sr. Unsec. Regular
   Bond/Debenture
   Due 2012                Ba3      Ba3      LGD4     50%

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

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

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

Headquartered in Pontedera, Italy, Piaggio & C. S.p.A., formerly
Piaggio SpA, -- http://www.piaggio.com/-- specializes in the
design and manufacture of two-wheel motor vehicles such as
mopeds, scooters and motorcycles.  Mopeds and scooters account
for the majority of the Company's revenues.  The Company also
manufactures and distributes three- and four-wheel light
commercial vehicles under the Ape, Porter and Quargo brand
names.  The Company operates seven industrial sites (four in
Italy, one in India, one in Spain and one in the PRC, six
research and development centers, and has a sales network
spanning 55 countries.


SAFILO SPA: Fitch Rates EUR195-Million Senior Notes at BB-
----------------------------------------------------------
Fitch Ratings affirmed Safilo S.p.A.'s Issuer Default Rating at
'BB-' with Stable Outlook and Short-term rating at 'B'.  At the
same time, Fitch has affirmed Safilo Capital International
S.A.'s EUR195 million 9.625% senior notes due 2013 at 'BB-'.
Safilo's senior secured debt is affirmed at 'BB+'.

"The degree of inventory build in FY06 was higher-than-expected,
which resulted in negative free cash flow for the year," says
Kirsten O'Byrne, Associate Director in Fitch's Leveraged Finance
Group.  "We expect Safilo to generate positive cash flow from
operations for 2007, but the company is likely to continue to
use internally generated cash flow and available credit
facilities to support investments and growth in its retail
strategy, which would likely result in minimal net debt
reduction through the year."

While Fitch recognizes that availability of inventory is
integral to new brand launches and maintenance of positive sales
momentum, following the loss of the Polo Ralph Lauren license,
inventory build may also increase the risk of product
obsolescence.  However, Fitch notes that this inventory
expansion occurs in an environment of strong product demand.

Financial performance is otherwise in line with expectations.
Group sales rose 9.4% to EUR1.122 billion, driven by strong
growth in sunglasses sales, and FY06 reported EBITDA improved to
EUR162.4 million from EUR153 million in FY05.  The EBITDA margin
of 14.5%, however, is not necessarily representative of what can
be expected in the future.  Reported EBITDA captured the one-off
resignation payment of EUR6 million to the former CEO as well as
losses on the PRL license termination, which were estimated by
management at EUR12 million.  The margin also reflects a block
of sales of PRL inventory to Polo at cost in Q406.  The
underlying EBITDA margin was estimated to be up to 1% stronger.

Fitch expects improvement in FY07 EBITDA to be driven by further
cost savings from lean manufacturing initiatives as well as
increased asset utilization.  While third-party purchase prices
in the Far East have risen, Fitch anticipates a lower level of
outsourcing to Italian suppliers in FY07 to be an offsetting
factor.  Safilo increased its use of third-party suppliers
temporarily in H106 to facilitate production while reorganizing
workflow and consolidating six Italian factories to three, and
this may not be necessary going forward.

Total net leverage increased to 3.3x EBITDA at FYE06 from 2.9x
at FYE05.  Fitch expects leverage to remain stable around this
level, although it may increase slightly through the working
capital peak in the first half of the year. Revolver
availability was EUR90 million as at December 2006.

Potential upward rating momentum could be supported by an
improvement in cash flow and tighter control of working capital,
such that cash flow from operations as a percentage of gross
debt falls within the range of 10%-15%.  Stabilization of net
leverage at approximately 3x or a reduction in funds from
operations adjusted leverage to 4x would also be supportive.
However, operational metrics such as ongoing growth of house
brands and good like-for-like performance in retail would also
be important considerations.  The size of the business, as well
as the cyclical and volatile demand that characterizes the
fashion industry, may constrain ratings to the speculative-
grade.  The loss of a key license without replacement,
deterioration in profitability or cash flow generation, or
increased leverage could place downward pressure on the ratings.


TRW AUTOMOTIVE: Plans to Refinance US$2.5-Bln Credit Facilities
---------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., disclosed its intention to refinance its
existing credit facilities of US$2.5 billion with new credit
facilities in the same amount.

The new credit facilities are expected to be comprised of:

   -- a US$1.4 billion revolving credit facility,
   -- a US$600 million Term Loan A facility, and
   -- a US$500 million Term Loan B facility.

The company plans to close the transaction during the second
quarter of 2007.

J.P. Morgan Securities Inc. and Banc of America Securities LLC
are arranging the financing.

                       About TRW Automotive

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

                         *     *     *

Fitch assigned a 'BB' on TRW Automotive Holdings Corp.'s LT
Issuer Default rating and 'BB-' on its Unsecured Debt rating.
The outlook is Stable.


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


BIOTECH-KORM LLP: Creditors Must File Claims by May 15
------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Agricultural Firm Biotech-Korm insolvent
dd. February 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


KAZINTERPOLIGRAF LLP: Creditors' Claims Due May 18
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Printing Office Kazinterpoligraf insolvent.

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

        The Specialized Inter-Regional
        Economic Court of Kostanai
        Baitursynov Str. 70
        Kostanai
        Kazakhstan


KERULEN LLP: Proof of Claim Deadline Slated for May 18
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kerulen & K 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


KURLYS-AGRO LLP: Claims Registration Ends May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Kurlys-Agro 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
         Kazakshtan
         Tel: 8 (3252) 54-53-29


MOL-777 LLP: Claims Filing Period Ends May 18
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Mol-777 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Chehov Str. 50
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 22-27-15


MONOLIT LLP: Creditors Must File Claims by May 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Monolit 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


SERJAN LLP: Creditors' Claims Due May 16
----------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Serjan 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
         Kazakshtan
         Tel: 8 (3252) 54-53-29


SIPAN LLP: Proof of Claim Deadline Slated for May 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Firm Sipan insolvent on Feb. 19.

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


UZUNKOL LLP: Claims Registration Ends May 18
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Agricultural Firm Uzunkol insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Baitursynov Str. 70
         Kostanai
         Kazakhstan


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


BALAJAN K: Claims Filing Period Ends May 18
-------------------------------------------
Kyrgyz-Kazakh LLC Balajan K. has declared insolvency.  Creditors
have until May 18 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 69-71-49.


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


GELDILUX-TS-2007: Moody's Puts Low-B Ratings to Two Note Classes
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
six classes of asset-backed notes to be issued by Geldilux-TS-
2007 S.A.:

   -- EUR4.5-million Secured Floating Rate Liquidity Notes due
      2012: (P)Aaa;

   -- EUR2.024-billion Class A Secured Floating Rate Notes due
      2012: (P)Aaa;

   -- EUR21-million Class B Secured Floating Rate Notes due
      2012: (P)A2;

   -- EUR21-million Class C Secured Floating Rate Notes due
      2012: (P)Baa2;

   -- EUR8.4-million Class D Secured Floating Rate Notes due
      2012: (P)Ba2; and

   -- EUR4.2-million Class E Secured Floating Rate Notes due
      2012: (P)B2.

Moody's has not rated the EUR21-million Class F Secured Floating
Rate Notes due 2012.

GELDILUX-TS-2007 is the seventh securitization of loans extended
under the Euro-Loan program of HVB Banque Luxembourg S.A.

Geldilux-TS-2007 S.A. will issue the Class A to Class F in an
amount equal to approx. EUR2.1 billion as well as the Liquidity
Notes.  The Class A to Class F Notes will refinance the purchase
price for the initial portfolio and will be backed by the
receivables arising from the portfolio of short-term loans
denominated in euros and granted by HVBL to medium-sized
companies, small businesses and individuals in Germany pursuant
to the Euro-Loan program.

During a replenishment period of up to five years that is
subject to certain early amortization triggers, the issuer will
purchase further receivables from the seller.  After the end of
the replenishment period, the notes will be paid down in full
sequential order.  Interest on the notes will be paid quarterly
throughout the replenishment period and monthly throughout any
amortization period.

Although the transaction is a "cash" transaction, a loss
allocation mechanism, similar to synthetic transactions, is in
place.  Principal losses will be allocated to the notes in full
reverse sequential order starting with the non-rated Class F
Notes.  In addition to the Class A to Class F Notes, which fund
the purchase of the portfolio, the SPV will issue the Liquidity
Notes, which fund the issuer interest reserve.  This reserve is
not credit enhancement but only provides liquidity in case of
time mismatches between the interest payment dates on the assets
and the interest payment dates on the notes.  The Liquidity
Notes will be paid back by the interest reserve amount and no
losses will be allocated to this note.

According to Moody's, the ratings take account of, among other
factors, the fact that HVBL (rated A2/P-1) is an experienced
originator and servicer and has used ABS term financing in the
past via the previous GELDILUX transactions, where the
performance of the securitized portfolios has been excellent to
date. In addition, credit enhancement is provided by
subordination, while liquidity is provided by the interest rate
swap counterparty and the issuer interest reserve to cover any
timing mismatches between the interest payment dates on the
assets and the interest payment dates on the notes.  The
transaction also envisions specific triggers, which, if hit,
will stop the replenishment of the portfolio or which will
trigger the notification of the assignment to the borrowers.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and associated documentation, Moody's will endeavor
to assign definitive ratings to the Notes.  A definitive rating
may differ from a provisional rating.  Moody's will disseminate
the assignment of any definitive ratings through its Client
Service Desk.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes in September 2014.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the notes by the
legal final maturity.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


GELDILUX-TS-2007 SA: S&P Rates EUR12.6-Million Notes at Low-B
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the credit-linked floating-rate notes to be
issued by Geldilux-TS-2007 S.A.

This is Bayerische Hypo- und Vereinsbank AG's third true-sale
transaction of short-term loans originated under its euro-loan
program.  This is also the first Standard & Poor's-rated true-
sale Geldilux transaction arranged by HVB.  However, the
underlying assets have been seen in previous synthetic Geldilux
transactions, as HVB has been securitizing this type of
portfolio since 1999.

The portfolio comprises short-term loans with a maximum maturity
of one year and a portfolio weighted-average maturity of a
maximum of 90 days, so the portfolio composition will change
rapidly.

The purpose of this transaction is to transfer the credit risk
associated with a EUR2.1 billion pool of short-term loans
originated by HVB and advanced by HVB Banque Luxembourg S.A. to
corporates, SMEs, and private individuals.

At closing and thereafter on a revolving basis, HVB will sell
these loans to the issuer, which in turn will issue credit-
linked notes.  In addition, Geldilux-TS-2007 will enter into an
interest rate swap to protect itself against interest rate
movements.

                          Ratings List

Geldilux-TS-2007 S.A.
   EUR2.1045 Billion Credit-Linked Floating-Rate Notes

                            Prelim.        Prelim. Amount
           Class            rating          (Mil. EUR)
           -----            ------           --------
           Liquidity note   AAA                  4.5
           A                AAA              2,024.4
           B                A                   21.0
           C                BBB                 21.0
           D                BB                   8.4
           E                B                    4.2
           F                NR                  21.0


LECTA SA: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Lecta S.A.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   EUR598-million
   Sr. Sec. Regular Bond/
   Debenture Due 2014      Ba3      Ba3      LGD3     47%

   EUR150-million
   Senior Unsecured
   Regular Bond/
   Debenture Due 2014      B1       B1       LGD5     78%

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 Luxembourg and domiciled in Paris, France,
Lecta S.A. manufactures coated wood free paper in Spain, Italy
and France.  The company also has a Specialty paper division and
distribution business in the Iberian market.  During the first
nine months of 2006 Lecta recorded sales of EUR1.43 billion and
employed around 4,700 people per Dec. 31, 2006.


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


HERBALIFE LTD: Disbands Special Panel After Whitney Talks End
-------------------------------------------------------------
Herbalife Ltd. reported that discussions between the Special
Committee of the Board of Directors and Whitney V, L.P.,
described in Amendment No. 7 to the Schedule 13D of Whitney
filed on April 5, 2007, have terminated.

In light of these developments, the Board of Directors has
terminated the term of the Special Committee and the Special
Committee has been disbanded.

"The Board of Directors remains committed to growing this
company," said Peter M. Castleman, chairman of Herbalife Board
of Directors.  "We are confident in the company's future because
of the work of over a million and a half Herbalife independent
distributors in 64 countries, which are what make the company
successful."

"During the discussions between the Special Committee and
Whitney, we have consistently stressed to our distributors and
employees that it's business as usual for all of us," said
Michael O. Johnson, Herbalife CEO.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/
-- Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


HERBALIFE: Changes Annual Meeting Venue to Beverly Hills Hotel
--------------------------------------------------------------
Herbalife Ltd. reported that the 2007 Annual General Meeting of
Shareholders of Herbalife to be held on April 26, 2007, at 9:00
a.m., Pacific Daylight Time, has been moved to The Beverly Hills
Hotel at 9641 Sunset Boulevard, Beverly Hills, Calif., from
Herbalife's corporate headquarters.  The original date and time
of the meeting have not been changed.

In addition, Herbalife related that Whitney & Co. is withdrawing
its proposal to acquire the company for US$38 a share, saying it
was "surprised and disappointed" in the company's decision not
to discuss the proposal or include distributors in its strategic
review process, Rhonda L. Rundle of The Wall Street Journal
reports.

             Offer Does Not Represent Sufficient Value

Herbalife Ltd. said in a press statement Thursday that the
Special Committee of its Board of Directors has determined that
a proposal by Whitney to acquire all of Herbalife's outstanding
common stock for US$38.00 per share does not represent
sufficient value for the company.

"The Board recognizes and values the leadership that Whitney has
provided Herbalife.  We remain open-minded about ways to achieve
appropriate value for the Company, and would certainly consider
an improved proposal from Whitney.  However, in the absence of
such a proposal, the Board expects the Company to continue to
grow and prosper," said Leroy T. Barnes Jr., Chairman of the
Special Committee.  "Herbalife's continued momentum, enabled by
the outstanding performance of our distributors and underscored
by the recent receipt of a new license to operate in China and
the recently announced marketing agreement with the L.A. Galaxy
soccer team, further reinforces the Special Committee's
determination that a US$38.00 offer is too low."

"I want to thank the distributors for their unwavering focus and
commitment to Herbalife as the Company evaluates these matters.
We recognize the critical importance of our independent
distributors and the value they bring to the Herbalife
franchise," said Michael O. Johnson, Chief Executive Officer of
Herbalife. "Their efforts are generating exceptional momentum in
our business and as a result the Company is performing very
well."

On Feb. 2, Herbalife received an unsolicited offer from
Whitney to acquire the company in an all cash transaction.
Whitney reported at the time of the offer that it owns
approximately 27% of Herbalife's outstanding common stock.  As a
Cayman Islands registered corporation, any transaction to sell
Herbalife would require an affirmative vote by a majority of
shareholders voting on the transaction and 75% in value of the
voted shares.

The Special Committee is comprised solely of independent and
disinterested directors and is being assisted in its review by
independent legal and financial advisors Munger, Tolles & Olson
LLP and Goldman, Sachs & Co., respectively.

                            2006 Results

Herbalife earned US$143.13 million in net income on net sales of
US$1.88 billion for the year ended Dec. 31, 2006, compared with
net income of US$93.14 million on net sales of US$1.56 billion
for the previous year.  Cost of sales in 2006 totaled US$380.33
million, versus US$315.74 million in 2005.

As of Dec. 31, 2006, the company listed US$1.01 billion in total
assets and US$663.04 million in total liabilities, resulting to
US$353.89 million in total shareholder's equity.

The company held US$154.32 million in cash and cash equivalents
as of Dec. 31, 2006, up from US$88.24 million in cash and cash
equivalents as of Dec. 31, 2005.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/
-- Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn., and
Guadalajara, Mexico.

                        *    *    *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


KLOECKNER & CO: Dutch Unit Acquires Teuling Staal B.V.
------------------------------------------------------
ODS B.V., the Dutch unit of Kloeckner & Co. AG, has concluded a
contract for the acquisition of the Dutch distribution company
Teuling Staal B.V.  Teuling Staal specializes in the
distribution of high-alloy special steels.

The company's product portfolio focuses on duplex and super-
duplex steels.  These high-alloy special steels are used for
conduit piping in the oil and gas, chemical and petrochemical
industries on account of their corrosion resistance.  The
distribution company Teuling Staal with some 16 employees has
its head office at Barendrecht near Rotterdam.  Specializing in
special steels, the company achieved sales of some EUR14 million
in 2006.

With this acquisition, the Dutch country operation ODS B.V. with
its head office at Barendrecht will further expand its extensive
product range.

"Teuling Staal fits extremely well into our acquisition plan,
Dr. Thomas Ludwig, Chairman of the Board of Management of
Kloeckner & Co. AG, said.  "The company is very well positioned
in its special product niche, and its range of high-alloy
special steels will outstandingly complement the products
offered by our subsidiary in the Netherlands."

                    About Kloeckner & Co. AG

Headquartered in Duisburg, Germany, Kloeckner & Co. AG --
http://www.kloeckner.de/-- distributes steel products,
including sectional steel, structural steel, aluminum products,
steel sections and steel tubes and flats. Other products include
sheet, plate, bar, roofs and walls, non-ferrous metals,
plastics, hardware, sun protection systems and connection
technology.  Kloeckner also offers processing services, such as
flame cutting, plasma cutting, cutting to length and sawing,
cutting and splitting, other machining processes and
preservation.

The Company also operates Austria, Belgium, France, Switzerland,
the Netherlands, Sweden, Spain, Portugal, the United Kingdom,
China, Thailand, the United Arab Emirates, South Africa and the
United States.

                           *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Kloeckner & Co.
AG.

Moody's also assigned a Ba3 Probability-of-Default rating to the
company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Senior Subordinated
   Regular Bond/
   Debenture Due 2015      B2       B2       LGD6     92%


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


CFR MARFA: 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 CFR Marfa S.A.

Moody's also assigned a Ba2 Probability-of-Default rating to the
company.

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

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   EUR120 million
   10.5% Senior Unsecured
   Regular Bond/Debenture
   Due 2007                Ba2      LGD4      53%

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

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

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

Headquartered in Bucharest, Romania, CFR Marfa S.A. --
http://www.cfrmarfa.cfr.ro/-- is Romania's national railway
operator.


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


BUILDING MATERIALS: Asset Bidding Deadline Slated for April 19
--------------------------------------------------------------
The insolvency manager and the bidding organizer for CJSC
Combine of Building Materials will open a public auction for the
company's properties at 10:00 a.m. on April 20 at:

         The Insolvency Manager
         Oktyabrskaya Str. 143
         Armavir, Krasnodar
         Russia

Interested participants have until 5:00 p.m. on April 19 to
submit their bidding documents to:

         The Insolvency Manager and the Bidding Organizer
         Oktyabrskaya Str. 143
         Armavir, Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Combine of Building Materials
         Shosseynaya Str. 57
         Armavir, Krasnodar
         Russia


CREDIT S-P: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of CJSC Credit S-P 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. A56-40278/2006.

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 Credit S-P
         Room 21-N
         Mokhovaya, 27/29
         St. Petersburg
         Russia


EAR-4 CJSC: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of CJSC Ear-4 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. A56-30511/2006.

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 Ear-4
         Obukhovoy Oborony Pr. 86
         St. Petersburg
         Russia


LEBEDYANSKY OAO: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for OAO Lebedyansky.

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 Lipetsk, Russia, OAO Lebedyansky --
http://www.lebedyansky.ru/-- manufactures of fruit juices,
vegetable juices and nectars, as well as baby juices, purees and
special dietary needs foods.  The Company has two production
facilities: Lebedianskii production and storage complex
(Lebedian, Lipetsk region) and Progress juices, concentrates and
mineral water bottling plant (Lipetsk).


MONOLITH-SERVICE: Creditors Must File Claims by April 24
--------------------------------------------------------
Creditors of CJSC Monolith-Service 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. A56-43228/2006.

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 Monolith-Service
         Premise 10-N
         Nab. R. Moyki 8
         St. Petersburg
         Russia


NOMOS-BANK: Syndicates US$185-Million Loan for Gold Production
--------------------------------------------------------------
Nomos-Bank has syndicated a US$185 million loan to fund gold
production and export operations, RIA Novosti says.

According to the report, lead organizers and bookrunners for the
loan are:

   -- RZB Group (Austria's Raiffeisen Group),
   -- Standard Bank Plc (U.K.) and
   -- Societe Generale Corporate & Investment Banking (France).

                           About Nomos

Headquartered in Moscow, Russia, Nomos-Bank --
http://ib.nomos.ru/-- provides a range of corporate and retail
banking services and engages in securities and foreign exchange
trading, trade and export credit agency finance, precious metals
operations, investment banking and leasing.

As at July 31, 2006, Nomos-Bank had RUR87.91 billion in total
assets, RUR80.45 billion in total liabilities and RUR7.46
billion in shareholder equity.

                          *     *     *

In a TCR-Europe report on Jan. 24, Fitch Ratings has affirmed
Russia's Nomos Bank's ratings at Issuer Default 'B+', Short-term
'B', Individual 'D', Support '5' and National Long-term 'A-'.
The Outlooks for the Issuer Default and National Long-term
ratings are Stable.

Also Fitch has assigned expected ratings of Recovery 'RR4' and
Long-term 'B+' to Nomos' upcoming eurobond.

Nomos carries a Ba3 Corporate Family Rating and D- Bank
Financial Strength Rating from Moody's.  Nomos-Bank's US$150-
million 10-year subordinated eurobonds also carry a Ba1 rating
from Moody's.


NOVATEK OAO: 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 OAO
Novatek.

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 Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons.  The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

For the first half of 2006, Novatek posted RUR7.2 billion in net
profit on RUR23.5 billion in revenues, compared to RUR7.9
billion in net profit on RUR17.4 billion in revenues for the
same period in 2005.   As of June 30, 2006, OAO Novatek had
RU80.5 billion in total assets, RUR17.2 billion in total
liabilities and RUR63.3 billion in total equity.


REINFORCED CONCRETE 4: Creditors Must File Claims by May 24
-----------------------------------------------------------
Creditors of CJSC Factory of Reinforced Concrete 4 have until
May 24 to submit proofs of claim to:

         A. Krylov
         Insolvency Manager
         Office 9
         Amurskiy Avenue, 11
         680028 Khabarovsk
         Russia
         Tel/Fax: 347-060

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A73-5217/2006-38.

The Debtor can be reached at:

         CJSC Factory of Reinforced Concrete 4
         Severnoye Shosse 12
         Komsomolsk-na-Amure
         Russia


RUSSIAN SEMI-PRECIOUS: Creditors Must File Claims by April 24
-------------------------------------------------------------
Creditors of OJSC Russian Semi-Precious Stones have until
April 24 to submit proofs of claim to:

         I. Goldova
         Temporary Insolvency Manager
         Romashina Str. 29 50
         24110 Bryansk
         Russia

The Arbitration Court of Bryansk will convene on June 18 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A09-6905/06-8.

The Court of is located at:

         The Arbitration Court of Bryansk
         Room 602
         Trudovoy Per. 5
         Bryansk
         Russia

The Debtor can be reached at:

         OJSC Russian Semi-Precious Stones
         Shorsa Avenue 7, 5
         241022 Bryansk
         Russia


SAAB MARINE: Creditors Must File Claims by April 24
---------------------------------------------------
Creditors of CJSC Saab Marine Liaison Office have until April 24
to submit proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-25920/2006.

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 Saab Marine Liaison Office
         Antonenko Per. 2
         St. Petersburg
         Russia


SAKHA-FURNITURE OJSC: Creditors Must File Claims by April 24
------------------------------------------------------------
Creditors of OJSC Sakha-Furniture have until April 24 to submit
proofs of claim to:

         N. Mamrukov
         Temporary Insolvency Manager
         Room 516
         Kurashova Str. 28
         Yakutsk
         677007 Sakha-Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya will convene at 10:00
a.m. on June 28 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A58-8950/06.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         OJSC Sakha-Furniture
         50 Let Sovetskoy Armii Str. 5
         Yakutsk
         677000 Sakha-Yakutiya
         Russia


SAKHA-TRANS-STROY: Creditors Must File Claims by April 24
---------------------------------------------------------
Creditors of LLC Sakha-Trans-Stroy (TIN 1402010875) have until
April 24 to submit proofs of claim to:

         N. Khmeltsev
         Insolvency Manager
         Komarova Str. 100, 3
         Aldan
         678900 Sakha-Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-371/07.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha Republic-Yakutiya
         Russia

The Debtor can be reached at:

         N. Khmeltsev, Insolvency Manager
         Komarova Str. 100, 3
         Aldan
         678900 Sakha-Yakutiya
         Russia


SIB-ORE LLC: Court Names T. Buldyreva as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Irkutsk appointed Ms. T. Buldyreva as
Insolvency Manager for LLC Company Sib-Ore (TIN 8504003125).
She can be reached at:

         T. Buldyreva
         Post User Box 79
         664003 Irkutsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene at 11:00
a.m. on Nov. 19 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A19-22476/06-34.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Sib-Ore
         Dzerzhinskogo Str. 1
         664003 Irkutsk
         Russia


SITRONICS JSC: Unveils Executive Stock Bonus & Option Program
-------------------------------------------------------------
JSC Sitronics provided details on its senior management stock
bonus and option program.

In March 2006, Sitronics had established a 100% subsidiary, OOO
Sitronics Management, for the purpose of this program and
Sistema sold the shares designated for the stock bonus and
option program to Sitronics.  Currently Sitronics Management
holds 937,489,541 ordinary shares of Sitronics, representing
9.82% of Sitronics share capital.

As disclosed in Sitronics' IPO Prospectus, Sitronics planned to
use part of the shares, held by OOO Sitronics Management, for
the stock bonus and option plans.  Sitronics Board of Directors
had recently approved the list of 23 senior managers of
Sitronics and its subsidiaries entitled to participate in the
stock bonus and option program.  Sitronics will allocate for
this program 747,742,688 shares, representing 7.83% of the share
capital.  Market value of these shares as of today is
approximately US$155 million.

Participants in the program include:

    * Evgeni Utkin, President
     (entitled for total of up to 1.26% of shares)

    * Dmitry Ivanov, First Vice President, CFO
     (up to 0.59%)

    * Alexander Lutsenko, First Vice President,
      Chief of Strategy (up to 0.42%)

    * Vladimir Yasinsky, First Vice President, COO
     (up to 0.42%)

    * Nihad Hurem, First Vice President on R&D
     (up to 1.17%)

    * Oleg Scherbakov, Vice President on Corporate Property
     (up to 0.08%)

Remaining 17 members of senior management are entitled to
receive in total up to 3.89% shares.

Shares will be sold to senior managers in four installments,
representing 1/6 of the total amount due to each person during
the years 2007, 2008 and 2009, and remaining sum (1/2 of the
total amount) in 2010.  The grant price per share, set in March
2006, is RUR1 (current market price as of today is RUR5.34).
All the participants of this program have no rights to sell
their shares until 2010.

Each participant of the program retains the option rights to buy
the shares from OOO Sitronics Management providing he continues
his employment with Sitronics and in some cases may keep this
option if continued his employment in other company within
Sistema Group.

"This motivation program will align senior management
compensation with the company's performance and will motivate
the team to contribute to the shareholders' value growth,"
Sitronics Chairman of the Board, President of JSFC Sistema
Alexander Goncharuk said.  "Sitronics had become the first
company in Sistema group to establish detailed stock bonus and
option plan, and we intend to implement this mechanism in other
Sistema's publicly traded subsidiaries'.

"For the company involved in creation of intellectual products
it is crucial to establish a program for long-term motivation of
key personnel," Sitronics President Evgeni Utkin said.  "Because
the shares for this program were allocated to OOO Sitronics
Management a year ago, this transaction would not lead to a
dilution of minority shareholders' shares in Sitronics."

                         About Sitronics

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

                          *     *     *

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


STEEL CJSC: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of CJSC Steel 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. A56-36595/2006.

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 Steel
         25th Liniya 8
         V.O.
         St. Petersburg
         Russia


TATFONDBANK: Moody's Assigns B3 Rating to Loan Notes
----------------------------------------------------
Moody's Investors Service assigned a rating of B3 to the Loan
Participation Notes to be issued on a limited recourse basis by
TFB Finance Limited for the sole purpose of funding a loan to
Tatfondbank (Russia).  The outlook for the rating is positive.

The holders of the notes will be relying for repayment solely
and exclusively on the ability of Tatfondbank to make payments
under the loan agreement.  Tatfondbank is currently rated B3/Not
Prime for long- and short-term foreign and local currency
deposits, and E+ for financial strength, with a positive outlook
on the long-term deposit ratings.  Moody's notes that the amount
and the tenor of the Notes have yet to be determined.

The obligations of Tatfondbank to make payments under the loan
agreement will rank at all times at least pari-passu with the
claims of all other unsecured creditors of the borrower, except
for those whose claims are preferred by any bankruptcy,
insolvency, liquidation or similar laws of general application.
Moody's notes that Russia is, in general, a country with
individual depositor preferences, which may reduce the recovery
rates for the bondholders, especially if such deposits were to
represent a sizeable proportion of the bank's liabilities in the
event of liquidation.

According to the terms and conditions of the loan agreement,
Tatfondbank must maintain a minimum total capital adequacy ratio
calculated in accordance with BIS guidelines of 12%.  The bank
must comply with a number of other covenants such as negative
pledge, limitations on any reorganization, disposals and
transactions with affiliates.

Moody notes that, if a change of control -- meaning a person, or
persons acting in concert, obtaining ownership or control, in
aggregate, of 50% of the bank's voting stock -- occurs at any
time the Notes are outstanding, the holder of any Note has a
"put option" to require the Issuer to redeem such a Note on its
principal amount together with accrued interest.  Moody's
cautions that an event of a change of control of Tatfondbank
would be viewed as a risk factor: if the noteholders' put option
were to be exercised, this could result in the need to repay a
sizeable obligation, thus putting a burden on the bank's
financial resources and potentially destabilizing its ratings.

The loan agreement, the Notes and the trust deed will be
governed by and construed in accordance with English Law, and
the Courts of England will hold the exclusive jurisdiction to
settle any dispute arising from or connected with the loan
agreement.

Tatfonbank is incorporated in Kazan, Russia, and reported total
consolidated assets of US$1072 million in accordance with IFRS
as Dec. 31, 2006.  TFB Finance Limited is an orphan special
purpose vehicle domiciled in Ireland that was established for
this transaction.  Its shares are held on trust for charity by
TMF Management (Ireland) Limited.


TMK OAO: Admits Ordinary Shares to Trade on MICEX
-------------------------------------------------
OAO TMK has admitted its ordinary shares to trading on the
Moscow Interbank Currency Exchange under the ticker symbol TRMK.

"TMK has had a positive experience with the MICEX when issuing
bonds and we hope that including our shares in the leading
Russian stock market will make them more accessible to a wider
range of Russian investors," TMK's CEO Konstantin Semerikov
said.

TMK GDRs are currently traded on the London Stock Exchange (LSE:
TMKS) and ordinary shares trade on the Russian Trading System
(RTS: TRMKG).

                           About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                        *     *     *

As of Feb. 5, OAO TMK carries Moody's B1 long-term corporate
family rating with a positive outlook.

Standard & Poor's rates TMK's long-term foreign and local issuer
credits at B+ with a stable outlook.


TRADING HOUSE ZENIT: Creditors Must File Claims by April 24
-----------------------------------------------------------
Creditors of CJSC Trading House Zenit 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. A56-43239/2006.

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 Trading House Zenit
         Nekrasova 5
         St. Petersburg
         Russia


VAKOBI LLC: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of LLC Vakobi have until April 24 to submit proofs of
claim to:

         L. Ermolaev
         Temporary Insolvency Manager
         Office 317
         Proletarskaya Str. 8
         865000 Magadan
         Russia

The Arbitration Court of Magadan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A37-152/07-12b.

The Debtor can be reached at:

         LLC Vakobi
         Proletarskaya Str. 12
         685000 Magadan
         Russia


VOLOV-SEL-KHOZ-KHIMIYA: Bankruptcy Hearing Slated for June 14
-------------------------------------------------------------
The Arbitration Court of Tula will convene on June 14 to hear
the bankruptcy supervision procedure on OJSC Volov-Sel-Khoz-
Khimiya.  The case is docketed under Case No. A68-349/07-32/B.

The Temporary Insolvency Manager is:

         G. Voropaev
         Arsenalnaya Str. 1-D
         300002 Tula
         Russia

The Court is located at:

         The Arbitration Court of Tula
         Hall 35
         Sovetskaya Str. 112
         Tula
         Russia

The Debtor can be reached at:

         OJSC Volov-Sel-Khoz-Khimiya
         Lenina Str. 81
         Volovo, Tula
         Russia


VNESHTORGBANK JSC: Prices IPO Shares at RUR30,000 Each
------------------------------------------------------
JSC Vneshtorgbank has set the minimum share bid price for its
initial public offering set for May 2007 at RUR30,000 per share,
RIA Novosti reports.

VTB will place up to RUR120 billion in new shares through open
subscription on the local and foreign markets, RIA Novosti
relates.  Bids will be accepted from April 9 to May 7, Andrei
Kostin, Vneshtorgbank CEO, revealed.

The company will publish bid invitations along with the bidding
terms, RIA Novosti relates.  Prior to publication of the
invitations, VTB will reveal whether its shareholders could
exercise pre-emptive rights during the IPO.  The bank will
announce the price of the share offering on the last day of the
IPO.

The IPO is aimed at decreasing the Russian government's stake in
VTB from 99.9% to 75% plus one.  Sberbank, another state-owned
bank, recently completed its IPO.

                       About Vneshtorgbank

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

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

                        *     *     *

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


VNESHTORGBANK JSC: Earns US$1.18 Billion in Full Year 2006
----------------------------------------------------------
JSC Vneshtorgbank released its financial results for the year
ended Dec. 31, 2006, prepared according to International
Financial Reporting Standards.

VTB posted a 130.7% increase year-on-year in net profit in 2006
to US$1.18 billion, RIA Novosti reports.

As of Dec. 31, 2006, VTB had US$52 billion in consolidated net
assets, US$45 billion in consolidated total liabilities and
US$7 billion in total shareholders' equity.

VTB also hiked the value of its client loan portfolio by 50%
year-on-year to US$29 billion, RIA Novosti relays.  The bank
said the value of household loans rose almost 100% to
US$2.5 billion while the value of household funds soared 41% to
US$7.3 billion.

The company noted that it invested more than RUR31 billion into
projects in Russia and abroad during 2006.

                       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.


WATER AND LIFE: Creditors Must File Claims by April 24
------------------------------------------------------
Creditors of LLC Water and Life 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. A56-30316/2006.

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 Water and Life
         Kuybysheva Str. 10
         St. Petersburg
         Russia


YUKOS OIL: Creditors Could See Claims Payment Soon
--------------------------------------------------
Eduard Rebgun, the bankruptcy receiver of OAO Yukos Oil Co.,
will start paying creditors' claims as soon as RN-Razvitiye
transfers funds in payment for the assets it acquired via an
auction on March 27, Interfax reports.

As widely reported, RN-Razvitiye, an indirect subsidiary of OAO
Rosneft Oil, outbid TNK-BP Holding Ltd. for Yukos' 9.44% stake
in Rosneft with its RUR197.84 billion offer.  Aside from the
stake, the assets sold under the first lot included 12
promissory notes worth RUR3.56 billion in Yuganskneftegaz,
Yukos' former main production unit.  Rosneft acquired the lot at
10 percent less than the market price, RIA Novosti relates.

On April 4, EniNeftegaz, a joint venture of Italian energy firms
Eni S.p.A. (60%) and Enel S.p.A. (40%), won the bid to acquire
Yukos's 20% stake in OAO Gazprom Neft for RUR151.5 billion.  The
second lot, which carried a starting price of RUR144.78 billion,
also included:

   -- a 100% stake in OAO Arcticgaz;
   -- a 100% stake in ZAO Urengoil; and
   -- 19 other Yukos assets.

Nikolai Lashkevich, spokesman for Yukos bankruptcy receiver
Eduard Rebgun, told Interfax that EniNeftegaz has fully paid for
the acquisition.

Under a call option agreement, OAO Gazprom will acquire the 20%
stake in Gazprom Neft and at least 51% of the gas-related assets
of Arcticgas and Urengoil Inc. from EniNeftegaz, Interfax
relates.

Mr. Rebgun told Interfax last month that creditors would start
receiving proceeds from the sale of Yukos assets before all the
auctions are completed.

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

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

                         About Yukos Oil

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

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

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

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

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

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


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


ALPINE HOLDINGS: Creditors' Liquidation Claims Due April 30
-----------------------------------------------------------
Creditors of JSC Alpine Holdings have until April 30 to submit
their claims to:

         Rm treuhand
         Liquidator
         Bachgrabenweg 1
         4123 Allschwil
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Alpine Holdings
         Allschwil
         Arlesheim BL
         Switzerland


FRESO LLC: Basel Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Liestal in Basel-Country commenced
bankruptcy proceedings against LLC FreSo on March 6.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         LLC FreSo
         Bruhlstrasse 8a/8b
         4416 Bubendorf
         Liestal BL
         Switzerland


INVAG JSC: Creditors' Liquidation Claims Due April 30
-----------------------------------------------------
Creditors of JSC Invag have until April 30 to submit their
claims to:

         JSC Ernst & Young
         Liquidator
         Bleicherweg 21
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Invag
         Zurich
         Switzerland


KASPARA BLANC: Creditors' Liquidation Claims Due April 30
---------------------------------------------------------
Creditors of JSC Kaspara Blanc have until April 30 to submit
their claims to:

         Fiduconsult Conseils & Gestion
         Liquidator
         Boulevard de Perolles 55
         1705 Freiburg
         Switzerland

The Debtor can be reached at:

         JSC Kaspara Blanc
         Freiburg
         Switzerland


M. ALILOVSKI ARMIERUNGEN: Bern Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy
proceedings against LLC M. Alilovski Armierungen on March 14.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC M. Alilovski Armierungen
         Worblaufenstrasse 188
         3048 Worblaufen
         Switzerland


PERROT JSC: Bern Court Closes Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Service of Berner Jura-Seeland in Bern entered
March 14 an order closing the bankruptcy proceedings of JSC
Perrot.

The Bankruptcy Service of Berner Jura-Seeland can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Office Seeland
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC Perrot
         Neuengasse 5
         2501 Biel/Bienne BE
         Switzerland


REALINI SOHN: Bern Court Closes Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Service of Berner Jura-Seeland in Bern entered
March 9 an order closing the bankruptcy proceedings of JSC
Realini Sohn.

The Bankruptcy Service of Berner Jura-Seeland can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Office Seeland
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         JSC Realini Sohn
         Mattenstrasse 161
         2503 Biel/Bienne BE
         Switzerland


REISEBURO TRANS-AM: Basel Court Starts Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Court of Liestal in Basel-Country commenced
bankruptcy proceedings against JSC Reiseburo Trans-Am on
March 7.

The Bankruptcy Service of Liestal can be reached at:

         Bankruptcy Service of Liestal
         4410 Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC Reiseburo Trans-Am
         Bahnhofstrasse 11
         4133 Pratteln
         Liestal BL
         Switzerland


TRUEB IMMOBILIEN: Creditors' Liquidation Claims Due April 30
------------------------------------------------------------
Creditors of JSC Trueb Immobilien- und Bautreuhand have until
April 30 to submit their claims to:

         Huldreich Trueb
         Liquidator
         Leehagstrasse 5a
         8181 Hori
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Trueb Immobilien- und Bautreuhand
         Hori
         Bulach ZH
         Switzerland


W.E.D. JSC: Creditors' Liquidation Claims Due April 27
------------------------------------------------------
Creditors of JSC W.E.D. have until April 27 to submit their
claims to:

         Dr. Manuel Vogel
         Liquidator
         Grabenstrasse 25
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC W.E.D.
         Baar ZG
         Switzerland


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


FINANSBANK AS: IFC Completes Acquisition of 5% Ordinary Shares
--------------------------------------------------------------
International Finance Corp.'s completed the acquisition of
Finansbank A.S.'s 5% ordinary shares from National Bank of
Greece S.A.

The acquisition is pursuant to IFC's equity investment in
Finansbank's share capital.

The price per share at which the said transaction was carried
out is equal to the price paid by NBG to minority investors of
Finansbank in the context of the mandatory public tender offer
and following the implementation of the relevant decisions of
the Turkish Capital Markets Board.

Headquartered in Istanbul, Turkey, Finansbank A.S. --
http://www.finansbank.com.tr/-- operates an extensive network
of 330 branches around Turkey.  It had assets of TRY17.075
billion (EUR8.4 billion and US$10.6 billion, respectively) on an
unconsolidated basis as at June 30, 2006

                           *    *   *

On Aug. 28, 2006, Moody's keeps the D+ financial-strength rating
of Finansbank A.S. with a stable outlook.  Its foreign currency
deposit ratings is at B1/Not-Prime.


ORDU YARDIMLASMA: 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 Ordu Yardimlasma
Kurumu (OYAK).

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 Turkey, Ordu Yardimlasma Kurumu (OYAK)--
http://www.oyak.com.tr/english/-- is a supplementary pension
fund for the Turkish armed forces personnel.  OYAK is
incorporated as a private entity under its own law subject to
Turkish civic and commercial codes.


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


BUILDING-STYLE PROJECT: Creditors Must File Claims by April 23
--------------------------------------------------------------
Creditors of LLC Building-Style Project (code EDRPOU 33887203)
have until April 26 to submit written proofs of claim to:

         Oleg Agafonov
         Liquidator
         P.O. Box 88
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 21 after finding it insolvent.
The case is docketed under Case No. 43/101.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building-Style Project
         Bakinskaya Str. 37
         04086 Kiev
         Ukraine


DONETSK AGRICULTURAL: Creditors Must File Claims by April 23
------------------------------------------------------------
Creditors of OJSC Donetsk Agricultural Machine Technology
Station (code EDRPOU 30045983) have until April 23 to submit
written proofs of claim to:

         L. Vorobiova
         Liquidator
         P.O. Box 52063
         83018 Donetsk
         Ukraine
         Tel. 8 (062)304-04-43

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/88B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Donetsk Agricultural Machine Technology Station
         Timiriazev Str. 1
         Avdeevka
         86062 Donetsk
         Ukraine


ELOID PLUS: Creditors Must File Claims by April 26
--------------------------------------------------
Creditors of LLC Eloid Plus (code EDRPOU 33098741) have until
April 26 to submit written proofs of claim to:

         Oleg Agafonov
         Liquidator
         P.O. Box 88
         01024 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/100.

The Court is located at:

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

The Debtor can be reached at:

         LLC Eloid Plus
         Zhylianskaya Str. 26
         01033 Kiev
         Ukraine


GALFOOD LLC: Creditors Must File Claims by April 23
---------------------------------------------------
Creditors of LLC Galfood (code EDRPOU 25065213) have until
April 23 to submit written proofs of claim to:

         Roman Senik
         Liquidator
         P.O. Box 26
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. BP-20/29.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         LLC Galfood
         Priozernoe
         Rogatin District
         77018 Ivano-Frankovsk
         Ukraine


IRAMS-TRADE LLC: Creditors Must File Claims by April 22
-------------------------------------------------------
Creditors of LLC Irams-Trade (code EDRPOU 32997081) have until
April 22 to submit written proofs of claim to:

         Tatiana Rudenko
         Liquidator
         Lasurnaya Str. 50
         Nikolaev
         Ukraine
         Tel: 8(0512)537-755

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company on March 13 after finding it insolvent.  The
case is docketed under Case No. 5/81/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Irams-Trade
         Shevchenko Str. 27
         Nikolaev
         Ukraine


NADVIRNA WOOD: Creditors Must File Claims by April 22
-----------------------------------------------------
Creditors of OJSC Nadvirna Wood Enterprise (code EDRPOU
00274358) have until April 22 to submit written proofs of claim
to:
         Oleg Shvets
         Liquidator
         Galitskaya Str. 149/26
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-3/354.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         OJSC Nadvirna Wood Enterprise
         Sobornaya Str. 163
         Nadvirna
         78400 Ivano-Frankovsk
         Ukraine


NAFTOGAZ UKRAINY: 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 NJSC
Naftogaz of Ukraine.

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

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   8.125% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Kiev, Ukraine, NJSC Naftogaz Ukrainy --
http://www.naftogaz.com/-- processes gas, oil and condensate at
the Company's five gas processing plants, which produce LPG,
motor fuels and other types of petroleum products.  Over 97% of
the oil and gas in Ukraine is produced by the enterprises of the
Company.

In 2005, NJSC Naftogaz of Ukraine produced one-seventh of the
gross domestic product of Ukraine and brought US$2.25 billion in
state budget revenues.  The Company employs around 170,000
people, roughly one percent of Ukraine's working population.


SKYLINE LLC: Claims Submission Deadline Set April 23
----------------------------------------------------
Creditors of LLC Skyline (code EDRPOU 03790422) have until
April 23 to submit written proofs of claim to:

         Igor Kugot
         Temporary Insolvency Manager
         Kolkhoznaya Str. 5
         Ploskoe
         Smiliansky District
         20702 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
10/4865.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Skyline
         Lebedin
         Shpola District
         20634 Cherkassy
         Ukraine


UKRSOTSBANK: Moody's Confirms Debt Ratings at Ba1
-------------------------------------------------
Moody's Investors Service confirmed Ba1 local currency deposit
and debt ratings of Ukrsotsbank, Ba3 long-term foreign currency
debt rating of the bank, and the Aa1.ua national scale rating.

The ratings were confirmed following the conclusion of review of
the ratings for their possible upgrade.  The rating action
follows the announcement that the share purchase agreement with
Italia's Intesa Sanpaolo Spa (Intesa, rated Aa3/P-1/B) for the
acquisition of Ukrsotsbank was terminated.

All of the above mentioned ratings were on review for possible
upgrade due to the announcement that Intesa has signed a share
purchase agreement to acquire 85.42% of Ukrsotsbank.  However,
the seller of Ukrsotsbank, Mr. Viktor Pinchuk, said on April 4
that the agreement had been terminated since the completion of
the transaction did not take place within the scheduled deadline
of March 31, 2007.

Moody's said that the B2 long-term foreign currency deposit
rating and the Ba3 long-term foreign currency debt rating were
confirmed with positive outlook, in line with the positive
outlook on Ukrainian foreign currency deposit and debt ceilings.
Also, Moody's affirmed the bank's D- Bank Financial Strength
Rating was with positive outlook.

Moody's added that Ukrsotsbank's debt and deposit ratings do not
incorporate its joint default analysis methodology, which has
not yet been extended to banks in Ukraine.  The review on all
ratings is likely to be concluded simultaneously with the JDA
roll-out for Ukraine.

These ratings were confirmed with a stable outlook:

   -- Ba1/NP local currency deposit ratings
   -- Ba1 local currency long-term debt rating
   -- Aa1.ua national scale rating

This rating was confirmed with a positive outlook:

   -- Ba3 foreign currency long-term debt rating

These ratings were affirmed with a positive outlook:

   -- B2 long-term foreign currency deposit rating
   -- D- Bank Financial Strength rating

Ukrsotsbank is headquartered in Kiev, Ukraine and as of
Sept. 30, 2006 reported total IFRS assets of US$2,850 million
and US$31.7 million of net profit for nine months ended
Sept. 30, 2006.  On March 1, 2007, the bank's assets stood at
UAH19.8 billion (US$3.9 billion) according to Ukrainian
Accounting Standards.


VELIKOMEDVEDOVSKOE LLC: Creditors Must File Claims by April 23
--------------------------------------------------------------
Creditors of Agricultural LLC Velikomedvedovskoe (code EDRPOU
04328523) have until April 23 to submit written proofs of claim
to:

         V. Kunashenko
         Liquidator
         Sheshukov Str. 10
         30400 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitsky commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 2/221-B.

The Court is located at:

         The Economic Court of Hmelnitsky
         Nezalezhnosti Square 1
         29000 Hmelnitsky
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Velikomedvedovskoe
         Velyka Medvedovka
         Shepetovka District
         Hmelnitsky
         Ukraine


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


A.C. SKELTON: Hires Administrators from PricewaterhouseCoopers
--------------------------------------------------------------
Mark Loftus and Edward Klempka of PricewaterhouseCoopers LLP
were appointed joint administrators to A.C. Skelton & Sons Ltd.
on March 26.

The administration is a result of increasing supermarket
competition and a recent significant increase in energy costs.

Following six years of continuous trading losses, the directors
had no alternative but to appoint administrators in order to
give the company breathing space while it looks for a solution
to its financial problems.

The administrators will operate the business as normal while
they look for a buyer.  It is anticipated this process will take
between 4-6 weeks to complete, after which they will be in a
position to clarify the future of Skeltons.  Until that time,
all employees and suppliers to the administration will be paid
in full on the normal dates.

"It is business as usual for Skeltons while we seek a buyer for
the business as a going concern," Mark Loftus, joint
administrator and director at PricewaterhouseCoopers LLP, said.
"While it is early in the administration process; with the full
support of customers, suppliers, management and Skeltons'
employees, we are optimistic that a purchaser can be found for
the business."

Headquartered in Hull, England, A.C. Skelton & Sons Ltd. --
http://www.skeltonsbakery.co.uk/-- is a long established bakery
business employing approximately 670 people in 43 retail outlets
- including 8 cafes in the locality.  The company also supplies
a range of contract products to supermarkets, airlines and food
service customers.


ADI HOME: Claims Filing Period Ends May 24
------------------------------------------
Creditors of ADI Home Services Ltd. (formerly ADI (High Wycombe)
Ltd. and ADI Heating & Plumbing Ltd.) have until May 24 to send
in their full names, their addresses of their solicitors (if
any) to:

         Helen Timothe Phillips
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire
         SL9 8ES
         England

Helen Timothe Phillips was appointed liquidator of the company
on March 28.


ADVANCED LIGHTING: Names John Arthur Kirkpatrick Liquidator
-----------------------------------------------------------
John Arthur Kirkpatrick of Bridgers was appointed liquidator of
Advanced Lighting Technology Ltd. on March 28 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Advanced Lighting Technology Ltd.
         489 Edenfield Road
         Rochdale
         Lancashire
         OL11 5XR
         England
         Tel: 01706 713 240


ARCH ONE: S&P Puts BB- Ratings on CreditWatch After Running SROC
----------------------------------------------------------------
After running its month-end synthetic rated
overcollateralization figures, Standard & Poor's Ratings
Services has taken CreditWatch actions on 43 European synthetic
CDO tranches.

Specifically, Standard & Poor's has taken these actions:

   -- Ratings on 16 tranches were placed on CreditWatch with
      negative implications.

   -- Ratings on 24 tranches were placed on CreditWatch with
      positive implications.

   -- Ratings on three tranches were removed from CreditWatch.

The SROC levels for the ratings placed on CreditWatch negative
fell below 100% during the March month-end run.  These SROC
figures will be published in the SROC report covering March
2007, which is imminent.

Following publication of the latest SROC report, a full review
of the affected tranches will take place, and the appropriate
actions will be published in S&P's April rating action media
release.  All other tranches in the transactions listed are
unaffected by these rating actions.

The Global SROC Report provides SROC and other performance
metrics on over 2,000 individual CDO tranches.

                          Ratings List

   Class               To                   From          SROC
   -----               --                   ----          ----
ABN AMRO Bank N.V.
   EUR50 Million Rente Plus Notes 6
                    A/Watch Neg               A          99.9917

Absolute V Synthetic CDO Ltd.
   US$22.71 Million Secured Variable-Rate Notes Series 2004-3
                    AA/Watch Pos              AA        100.8467

Alexandria Capital PLC
   EUR366.75 Million Secured Floating-Rate Credit-Linked Notes
   Series 2003-2
   D                A+/Watch Pos              A+        100.2116

Alexandria Capital PLC
   EUR50 Million, œ20 Million, And US$5 Million Fixed-Rate Notes
   Series 2004-8
   Quattro
   A1               A/Watch Pos               A         100.6089
   A2               A/Watch Pos               A         100.6089
   A3               A/Watch Pos               A         100.6089

Alexandria Capital PLC
   EUR70 Million Secured Floating-Rate Credit-Linked Notes
   Series 2005-3 ISIS II
   A                AA+/Watch Pos             AA+       100.4577

Alexandria Capital PLC
   EUR1 Million Class C-e1 Secured Floating-Rate Credit-Linked
   Notes Series 2005-7
   Himalaya
   C-e1             AAA/Watch Neg             AAA        99.0694

Alexandria Capital PLC
   US$1 Million Class C-u1 Secured Floating-Rate Credit-Linked
   Notes Series 2005-7
   Himalaya
   C-u1             AAA/Watch Neg             AAA        99.0694

Arch One Finance Ltd.
   EUR5 Million Secured Floating-Rate Notes Series 2006-3
                    BB-/Watch Neg             BB-        99.9701

ARLO Ltd.
   EUR50 Million Secured Limited-Recourse Extendible Credit-
   Linked Notes Series
   2006 Madrid CSO
                    A+                  A+/Watch Neg    100.0311

ARLO Ltd.
   EUR50 Million Secured Limited-Recourse Extendible Credit-
   Linked Notes Series
   2006 Seville CSO
                    A+                  A+/Watch Neg    100.0018

Bassi Co. Ltd.
   EUR33 Million Floating-Rate Secured Portfolio Callable
   Credit-Linked Notes
   Series 2
   A                A/Watch Pos               A         112.5546

Bifrost Investments Ltd.
   EUR80 Million Mezzanine Credit Default Swap Transaction
   Reference Portfolio 34
   5A CDS           AA/Watch Pos              AA        102.0184

Bifrost Investments Ltd.
   EUR5.6 Billion Mezzanine Credit Default Swap Transaction
   Reference Portfolio 43
   5A CDS           AA/Watch Pos              AA        101.1685

Cloverie PLC
   SEK324 Million Variable-Rate Portfolio Credit-Linked Notes
   Series 2005-32
                    AA/Watch Neg              AA         99.9933

Coriolanus Ltd.
   US$31.03 Million Floating-Rate Secured Notes Series 19
                    AA+/Watch Pos             AA+       100.5782

Eirles Four Ltd.
   JPY1 Billion Floating-Rate Portfolio Credit-Linked Secured
   2Notes Series 70
                    BBB-/Watch Pos            BBB-      100.7645

Eirles Two Ltd.
   EUR17.1 Million Credit-Linked Secured Notes Series 72
                    AA/Watch Pos              AA        101.2077

Elva Funding PLC
   EUR178 Million And US$10 Million Secured Floating-Rate Notes
   Series 2004-6
   D1               A/Watch Pos               A         104.4814
   D2               A/Watch Pos               A         104.4814
   D3               A/Watch Pos               A         104.4814

Elva Funding PLC
   EUR79.5 Million Secured Floating-Rate Credit-Linked Notes
   Series 2006-2
   IA_2011_EUR15    AA-/Watch Neg             AA-        99.9755
   IB_2011_EUR15    AA-/Watch Neg             AA-        99.9755
   III_2016_EUR1.5  BBB/Watch Neg             BBB        99.9336

Ionia Capital PLC
   EUR26 Million Secured Fixed- And Floating-Rate Credit-Linked
   Notes Series 2006-5
   Be2              AA-/Watch Neg             AA-        99.9793

Jupiter Quartz Finance PLC
   EUR80 Million Credit-Linked Synthetic Portfolio Notes Series
   2004-01
   A                AA/Watch Pos              AA        112.3072
   B                AA/Watch Pos              AA        107.3603

Jupiter Quartz Finance PLC
   EUR100 Million And US$20 Million Credit-Linked Synthetic
   Portfolio Series 2004-2
   A                AA/Watch Pos              AA        141.8419
   B                AA-/Watch Pos             AA-       124.1718

Khamsin Credit Products (Netherlands) II B.V.
   AUD10 Million Long-Short Fixed-Rate Credit-Linked Notes
   Series 7 Silver Lake
                 A-/Watch Neg                 A-         99.9974

Momentum CDO (Europe) Ltd.
   AUD40 Million Floating-Rate Notes Series 2005-5
                 AA+/Watch Neg                AA+        99.8360

Momentum CDO (Europe) Ltd.
   EUR40 Million Tranche AF MEZZO And EUR4 Million Tranche BF
   MEZZO Floating-Rate
   Notes Series 2005-6
   BF               AA-/Watch Neg             AA-        99.9521

Prime Square CDO Ltd.
   EUR10 Million Secured Floating-Rate Notes Series 2004-1
   C1               BBB+/Watch Pos            BBB+      101.7294

Prime Square CDO Ltd.
   EUR10 Million Secured Floating-Rate Notes Series 2004-3
   C2               BBB+/Watch Pos            BBB+      101.7294

Prime Square CDO Ltd.
   JPY9 Billion Credit-Linked Non-Callable Fixed- And Floating-
   Rate Notes Series 2005-1
   C                BBB+/Watch Pos            BBB+      101.7294

Prime Square CDO Ltd.
   US$10.4 Million Credit-Linked Secured Floating-Rate Notes
   Series 2005-2
   C                BBB+/Watch Pos            BBB+      101.7294

Saphir Finance PLC
   EUR15 Million Class A1 Credit-Linked Synthetic Portfolio
   Premium Notes Series 2006-2
   A1               AA+/Watch Neg             AA+        82.5374

Saphir Finance PLC
   US$5 Million Class B1 Credit-Linked Synthetic Portfolio
   Premium Notes Series 2006-2
   B1               AA+/Watch Neg             AA+        82.5374

Saphir Finance PLC
   US$10 Million Class A2 Credit-Linked Synthetic Portfolio
   Vantage Point Notes
   Series 2006-2
   A2               AA+/Watch Neg             AA+        82.5374

Sceptre Capital B.V.
   US$40 Million Variable-Rate And Variable Redemption Amount
   Credit-Linked Notes
   Series 2004-16
                 A+/Watch Pos                 A+        100.6541

SGA Societe Generale Acceptance N.V.
   EUR5 Million Eden Portfolio Forward Credit-Linked Notes
   Series 10754/06-2
                 A/Watch Neg                  A          99.9491

Topaz Finance Ltd.
   EUR50 Million Tulip Lane CDO Of CDO Variable-Rate Credit-
   Linked Synthetic
   Portfolio Notes Series 2005-1
                 AA                      AA/Watch Neg   102.3570


ASHTEAD GROUP: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the 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 B1 Corporate Family Rating for Ashtead Group Plc.

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: Ashtead Holdings Plc

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   8.625% Senior Secured
   Regular Bond/Debenture
   Due 2015                B3       LGD5      78%

* Issuer: Sunbelt Rentals, Inc.

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   Senior Secured
   Bank Credit Facility
   Due 2011                Ba3      LGD2      29%

* Issuer: Ashtead Capital Inc.

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   9% Senior Secured
   Regular Bond/Debenture
   Due 2016                B3       LGD5      78%

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 Surrey, England, Ashtead Group plc --
http://www.ashtead-group.com/-- operates equipment rental
services worldwide with its network of 428 profit centers in the
United States, the United Kingdom, Singapore and Canada at
April 30, 2004.  Equipment rental companies provide customers
with a comprehensive line of equipment, including larger
equipment such as aerial work platforms, backhoes, excavators
and forklift trucks, as well as smaller equipment such as power
saws, ladders, and small pumps.


AVECIA GROUP: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the 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 Caa1 Corporate Family Rating for Avecia Group Plc.

Moody's also assigned a Caa1 Probability-of-Default rating to
the company.

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

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   US$35 million
   Preferred Stock
   Due 2010                Caa3     LGD6      100%

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 Manchester, England, Avecia --
http://www.avecia.com/-- develops and manufactures
biotechnology-based medicines.  The company has two main
operating business units: biologics and DNA medicines.


BRISTOL RUBBISH: Appoints Liquidator from Moore Stephens
--------------------------------------------------------
Colin Andrew Prescott of Moore Stephens LLP was appointed
liquidator of Bristol Rubbish Clearance (1994) Ltd. on March 28
for the creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Bristol Rubbish Clearance (1994) Ltd.
         Albert Quay
         Albert Road
         St. Philips
         Bristol
         Avon
         BS2 0XS
         England
         Tel: 0117 977 1377
         Fax: 0117 977 1377


BRITANNIA BULK: 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 B3 Corporate Family Rating for Britannia Bulk Plc.

Moody's also assigned a B2 Probability-of-Default rating to the
company.

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

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   11% Senior Secured
   Regular Bond/Debenture
   Due 2011                B3       LGD4      62%

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, England, Brittania Bulk Plc --
http://www.britbulk.net/-- is a holding company whose
subsidiaries operates a dry bulk fleet of about 20 ships and
barges. At year-end 2005, Britannia reported revenues of US$185
million.


BRITANNIA CONTRACTING: Brings In Liquidators from PwC
-----------------------------------------------------
David John Blenkam and Ian Christopher Oakley Smith of
PricewaterhouseCoopers LLP were appointed joint liquidators of
Britannia Contracting Services Ltd. on March 23 for the
creditors' voluntary winding-up procedure.

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

The joint liquidators can be reached at:

         David John Blenkam and Ian Christopher Oakley Smith
         PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth
         BH2 6HR
         England


CHARLES DUTTON: Taps Chris Williams to Liquidate Assets
-------------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
liquidator of Charles Dutton Asset Management Ltd. (formerly
Charles Dutton Ltd.) on March 21 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Charles Dutton Asset Management Ltd.
         Glebe House
         Lower Road
         Peldon
         Colchester
         CO5 7QR
         England
         Tel: 01206 735 142
         Fax: 01206 735 827


EDUCATE INC: Obtains Covenant Waiver from Bank Lenders
------------------------------------------------------
Educate Inc. obtained on March 15 a waiver from its bank
syndicate for violations of certain financial covenants within
its term loan and revolving credit facility for the Dec. 31,
2006 and March 31, 2007 reporting periods.

                     Going Concern Doubt

As previously reported in the Troubled Company Reporter, Ernst &
Young LLP, expressed substantial doubt on the company's ability
to continue as a going concern citing that the company did not
comply with covenants of loan agreements with a syndicate of
banks, and that although the company obtained a waiver of these
defaults as of Dec. 31, 2006, it is likely that the company will
need to obtain additional waivers of these covenants in 2007 to
avoid triggering the debt's demand repayment provisions.

The company discloses that it has classified all of the
outstanding debt under the facility of US$175.8 million as a
current liability in the consolidated balance sheet as of
Dec. 31, 2006.

Management considered attempting to negotiate revised financial
covenants to allow for compliance in the June 30 and subsequent
quarterly reporting periods in 2007 based on projected operating
results.  However, because the company has entered into a
definitive merger agreement for the sale of the company and
expects to close that transaction by June 30, the company
determined that it was not prudent to negotiate new terms and
incur additional costs to amend its credit facility.

Instead the company chose to obtain a waiver for the December
2006 and March 2007 periods without negotiating amendments for
future periods since it expects to replace the existing credit
facility with new financing when the merger transaction closes.

                       Merger Agreement

On Jan. 28, Educate entered into a definitive Agreement and Plan
of Merger with Edge Acquisition LLC, a company affiliated with
Sterling Partners and Citigroup Private Equity, and with
Christopher Hoehn-Saric, Educate's Chairman and Chief Executive
Officer.  Under the terms of the Merger Agreement, Educate's
stockholders will receive US$8.00 in cash for each share of
Educate common stock they own.  Completion of the Merger is
subject to customary closing conditions, including, among
others,

   (i) approval by Educate's stockholders, and

  (ii) the absence of any order or injunction prohibiting the
       consummation of the Merger.

The company expects the Merger to close in the second quarter of
2007.

                         About Educate

Headquartered in Baltimore, Maryland, Educate Inc. (NASDAQ:
EEEE) -- http://www.educate-inc.com/-- is a pre-K-12 education
company delivering supplemental education services and products
to students and their families.  Sylvan Learning operates the
largest network of tutoring centers, providing supplemental,
remedial and enrichment instruction throughout the U.S., Canada
and Europe.  Catapult Learning, its school partnership business
unit, provides educational services to public and non-public
schools.  Its Educate Products business delivers educational
products including the highly regarded Hooked on Phonics early
reading, math and study skills programs.


ENGINEERING TECHNOLOGY: T. Papanicola Leads Liquidation Process
---------------------------------------------------------------
T. Papanicola was appointed liquidator of Engineering Technology
(London) Ltd. on March 29 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Engineering Technology (London) Ltd.
         2 Warnford Industrial Estate
         Clayton Road
         Hayes
         Middlesex
         UB3 1BQ
         England
         Tel: 020 8606 6730


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

[Mon]day's 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.

"[Mon]day's distribution is another significant milestone in
the liquidation process and represents a tremendous financial
outcome for the Enron estate," said John Ray, President and
Chairman of the Board.  "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," Ray concluded.

[Mon]day's distribution included 8,171,979 shares of PGE,
which, when added to prior distributions of 30,336,445 shares,
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 [Mon]day.  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).

Headquartered in Houston, Texas, Enron Corporation, --
http://www.enron.com/-- filed for chapter 11 protection on Dec.
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.


ENRON CORP: CRRA Inks US$16 Mln Settlement with Murtha Cullina
--------------------------------------------------------------
The Connecticut Resources Recovery Authority has reached a
US$16,250,000 settlement agreement with Murtha Cullina LLP, the
law firm that advised the agency in its loan agreement with
Enron Corp., reports Gregory Seay of the Hartford Courant,
Connecticut.

According to Mr. Seay, Attorney General Richard Blumenthal and
CRRA Chairman Michael A. Pace said the quasi-public agency has
so far recovered US$152,000,000 of the lost US$220,000,000
investment from Enron's estate and professional advisers who
were allegedly responsible to protect CRRA from being
"victimized."

Mr. Seay reports that "it is up to a Waterbury judge how much of
those settlements, if any, is refunded to municipalities who
insist CRRA overcharged to take their trash as a result of the
Enron deal."

The Settlement does not bar Murtha Cullina from continuing or
pursuing future contracts for legal work for the state, Mr. Seay
says.

The Settlement cost will be borne by Murtha Cullina's liability
insurance carrier, Mr. Seay discloses, citing Alfred E. Smith
Jr., the firm's managing partner.

Headquartered in Houston, Texas, Enron Corporation, --
http://www.enron.com/-- 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.


FASHIONHART LTD: Joint Liquidators Take Over Operations
-------------------------------------------------------
Robert Derek Smailes and Stephen Blandford Ryman of Rothman
Pantall & Co. were appointed joint liquidators of Fashionhart
Ltd. on March 23 for the creditors' voluntary winding-up
procedure.

Rothman Pantall & Co -- http://www.rothman-pantall.co.uk/--  
provides financial accounting and corporate services.

The company can be reached at:

         Fashionhart Ltd.
         3-4 Blackhorse Lane
         Highams Lodge Business Centre
         London
         E17 6SH
         England
         Tel: 020 8527 2358


FORD MOTOR: Employees Will Not Fight Warwickshire Site Closure
--------------------------------------------------------------
Employees at Ford Motor Co.'s Warwickshire site in the United
Kingdom will not contest the company's decision to shut the
site, BBC News reports.

Ford disclosed on March 29 the decision to close its site in
Leamington Spa, because the company deemed it uncompetitive, BBC
adds.  Des Quinn of T&G union told BBC that the site's
disgruntled employees held a meeting April 6 to discuss a
possible action and decided not to fight the decision.

The site, which had been posting GBP10 million in annual losses,
will close in July 2007, BBC relates.  Production of car parts
will be transferred to Eastern Europe instead.

                       About Ford Motor Co.

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

                          *     *     *

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

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

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


FORD MOTOR: Discloses Top Executive Compensation Details
--------------------------------------------------------
Ford Motor Co. filed its 2007 proxy statement with the U.S.
Securities and Exchange Commission.  The statement outlines
compensation for select executives, including William Clay Ford,
Jr., executive chairman and former chief executive officer, and
Alan Mulally, president and chief executive officer.

The proxy includes a table summary of the total annual
compensation provided, granted to, or received by, each of the
named executives for 2006.  It is important to note that the
amounts shown in the Summary Compensation Table associated with
stock and option awards reflect the company's accounting expense
recognized in our 2006 financial statements for these awards and
do not correspond to the actual value that may be recognized by
the named executive.  Because some of the equity awards have
vesting conditions, their costs generally are recognized over
multiple years, and the dollar amounts shown generally reflect
the company's accounting expense of the awards made during 2006
and prior years.

Compensation details found in the 2007 proxy statement include:
William Clay Ford, Jr., executive chairman and former chief
executive officer, served as CEO from Jan. 1, 2006 until Sept.
1, 2006, and received no cash salary, bonus or other awards for
2006 pursuant to his May 2005 compensation arrangement to forego
any new compensation until the company's Automotive sector
achieves sustainable profitability.  His 2006 compensation
totaled US$10,497,292.  The expense related to his previous
options and other stock-based awards totaled US$9,950,585, and
an increase of US$152,859 in the present value of accrued
pension benefits, are included in Mr. Ford's 2006 compensation.
Mr. Ford received other compensation totaling US$393,848, which
included US$185,232 in value for required use of the corporate
aircraft and US$85,708 for security.

Alan Mulally, president and chief executive officer, served as
president and CEO from Sept. 1, 2006 for the remainder of the
year, and earned US$666,667 in salary.  His 2006 compensation
totaled US$28,183,476.  Mr. Mulally received a bonus of
US$18,500,000, which consisted of a US$7,500,000 hiring bonus
and US$11,000,000 as an offset for forfeited performance and
stock option awards at his former employer.  The expense for his
options and other stock-based awards totaled US$8,682,376, and
includes cost recognized in 2006 for a US$5 million stock option
grant that he received in March 2007 as part of his 2007 option
grant.  Mr. Mulally received other compensation totaling
US$334,433, which included US$172,974 for required use of the
corporate aircraft, and US$55,469 for relocation costs and
temporary housing.

Don Leclair, executive vice president and chief financial
officer, earned US$1,000,933 in salary.  His 2006 compensation
totaled US$4,401,100.  The expense for his options and other
stock-based awards totaled US$795,132.  In addition, he received
US$1,684,000 in non-equity, performance-based, incentive plan
compensation which included payment of US$364,000 under the
Annual Incentive Compensation Plan and a cash settlement of
US$1,320,000 under the 2006-2008 Senior Executive Retention
Incentive Arrangement for certain executive officers.  In
addition, an increase of US$900,116 in the present value of
accrued pension benefits is included in the value of Mr.
Leclair's 2006 compensation. Other compensation totaled
US$20,919.

Mark Fields, executive vice president and president, The
Americas, earned US$1,250,933 in salary.  His 2006 compensation
totaled US$5,574,850.  The expense for his options and other
stock-based awards totaled US$567,308.  In addition, he received
US$2,662,500 in non-equity, performance-based, incentive plan
compensation which included payment of US$375,000 under the
Annual Incentive Compensation Plan and a cash settlement of
US$2,287,500 under the 2006-2008 Senior Executive Retention
Incentive Arrangement for certain executive officers.  An
increase of US$437,318 in the present value of accrued pension
benefits also is included in the value of Mr. Fields' 2006
compensation.  Other compensation totaled US$656,791, which
includes US$517,560 for personal use of the company aircraft.
Pursuant to his request, Mr. Fields no longer uses the company
aircraft for personal travel.

Mark Schulz, executive vice president and president,
International Operations, earned US$1,000,933 in salary.  His
2006 compensation totaled US$2,680,384.  The expense for his
options and other stock-based awards totaled US$541,364.  In
addition, he received US$259,800 in non-equity, performance-
based, incentive plan compensation under the Annual Incentive
Compensation Plan.  An increase of US$835,395 in the present
value of accrued pension benefits also is included in the value
of Mr. Schulz's 2006 compensation.  Other compensation totaled
US$42,892.

Lewis Booth, executive vice president, Ford of Europe and
Premier Automotive Group earned US$850,933 in salary.  His 2006
compensation totaled US$4,274,509.  The expense for his options
and other stock-based awards totaled US$525,979.  In addition,
he received US$1,891,250 in non-equity, performance-based,
incentive plan compensation which included payment of $191,250
under the Annual Incentive Compensation Plan and a cash
settlement of US$1,700,000 under the 2006-2008 Senior Executive
Retention Incentive Arrangement for certain executive officers.
An increase of US$610,023 in the present value of accrued
pension benefits also is included in the value of Mr. Booth's
2006 compensation.  Other compensation totaled US$396,324, which
includes costs associated with his international service
assignment, including: home leave travel; temporary housing;
lodging and meals during relocation; and a housing allowance.

Jim Padilla, former president and chief operating officer, who
retired from the company on July 1, 2006, earned US$750,133 in
salary.  His 2006 compensation totaled US$8,673,622.  The
expense for his options and other stock-based awards totaled
US$6,801,256.  In addition, he received US$262,500 in non-
equity, performance-based, incentive plan compensation under the
Annual Incentive Compensation Plan.  Other compensation totaled
US$467,945, which includes US$82,265 for personal use of company
aircraft and US$27,096 for use of the company's car and driver
service.

The company's Annual Meeting of Shareholders will be held on
Thursday, May 10, at 8:30 a.m. ET at the Hotel du Pont, 11th and
Market Streets, Wilmington, Delaware.

                      About Ford Motor Co.

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

                          *     *     *

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

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

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


FORD MOTOR: Taps Getronics to Provide Workspace Communications
--------------------------------------------------------------
Ford Motor Co. enlisted Getronics to install, deploy, and manage
a voicemail, audio conferencing, and web collaboration solution
based on the Cisco(R) Unified Communications solution suite.  A
unified communications solution should help Ford Motor realize
significant cost savings associated with convergence technology
and maximize employees' productivity and effectiveness.

Getronics has been working with Ford Motor in Europe for more
than 22 years providing workspace management services for more
than 29,000 desktops, 500 servers, and an extensive range of
networking equipment.  In fact, the top-notch services delivered
from the Getronics U.K. facility earned Ford Motor's prestigious
Quality One award.  Ford Motor's Quality One award recognizes
vendors and suppliers that meet or exceed Ford Motor's stringent
criteria for customer satisfaction, quality, punctual delivery,
technology, innovation, and administration.  In addition to its
work with Ford Motor in Europe, Getronics also provides services
to Ford Motor in Asia Pacific and the Americas.

"Getronics leverages specialized and consistent tools and
processes around the globe," says Gary Cawthorne, president and
general manager, Getronics North America.  "This enables us to
provide a unique level of quality workspace management services
to our clients everywhere they operate - from North America, to
Europe, to Asia Pacific.  Getronics delivers a cost-effective
solution with quality and reliability in the U.S. and increased
synergy around the globe."

Getronics' dedication to the Six Sigma methodology, a
disciplined approach to quality that drives cost efficiency in
service delivery, will play a key role in the implementation.
The new unified communications solution delivered and managed by
Getronics will enable a year over year savings, while
consolidating Ford Motor's technology infrastructure onto a
single networking infrastructure.

                       About Getronics

With some 25,000 employees in more than 25 countries and
approximate revenues of US$3.4 billion, Getronics is a leading
international provider of Information and Technology services
and solutions.  Getronics headquarters are in Amsterdam,
Netherlands with regional offices in Boston and Singapore.
Getronics' shares are traded on Euronext Amsterdam ('GTN').

                     About Ford Motor

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

                          *     *     *

Standard & Poor's Ratings Services placed its 'B' senior
unsecured debt issue ratings on Ford Motor Co. on CreditWatch
with negative implications.  At the same time, S&P affirmed all
other ratings on Ford, Ford Motor Credit Co., and related
entities, except the rating on Ford Motor Co. Capital Trust II
6.5% cumulative convertible trust preferred securities, which
was lowered to 'CCC-'from 'CCC.'

At the same time, Fitch Ratings placed Ford Motor's 'B+/RR3'
senior unsecured debt on Rating Watch Negative reflecting Ford's
intent to raise secured financing that would impair the position
of unsecured debt holders.  Under Fitch's recovery rating
scenario it was estimated that unsecured holders would recover
approximately 68% in a bankruptcy scenario, equating to a
Recovery Rating of 'RR3' (50-70% recovery).

Moody's Investors Service has disclosed that Ford's very weak
third quarter performance, with automotive operations generating
a pre-tax loss of US$1.8 billion and a negative operating cash
flow of US$3 billion, was consistent with the expectations which
led to the September 19 downgrade of the company's long-term
rating to B3.

Dominion Bond Rating Service placed long-term debt rating of
Ford Motor Company Under Review with Negative Implications
following announcement that Ford will sharply reduce its North
American vehicle production in 2006.  DBRS lowered on
July 21, 2006, Ford Motor Company's long-term debt rating to B
from BB, and lowered its short-term debt rating to R-3 middle
from R-3 high.  DBRS also lowered Ford Motor Credit Company's
long-term debt rating to BB(low) from BB, and confirmed Ford
Credit's short-term debt rating at R-3(high).


GARTMORE INVESTMENT: Moody's Cuts Corporate Family Rating to Ba3
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba3 from Ba2 the
corporate family rating of Gartmore Investment Management plc.

Moody's also assigned a Ba3 rating to the new senior credit
facility to be issued shortly by related companies Oxford
Acquisition IV Limited and Oxford US Acquisition LLC, both
benefiting from a guarantee from Gartmore.  All ratings carry a
stable outlook.  The existing senior credit facility (Ba2),
issued by Oxford Acquisitions III Limited, is also downgraded to
Ba3, and this rating will be withdrawn as it is repaid using the
proceeds of the new issue.

The new facility is rated one notch lower due to the significant
increase in financial leverage generated by the transaction.
Borrowings under the new facility will total GBP512 million
compared to GBP300 million previously.  In addition to repaying
the existing facility, the proceeds will be used to pay down
more junior elements in the capital structure, leaving payments
under the senior credit facility more exposed to any future
adverse experience developments.  Furthermore, a number of the
covenants under the previous facility have either been removed
or weakened, generally reducing the protection available to
creditors.  In particular, a number of parameters in ratios have
been eased, shareholder dividends are now more easily permitted
and certain other forms of additional indebtedness are now
possible.

"This refinancing transaction demonstrates a materially
increased appetite for borrowing by the Gartmore group," said
Steve Hunnisett, VP Senior Analyst at Moody's.  "This coupled
with the removal of a subordinate layer of capital and weaker
financial covenants resulted in a Ba3 rating being assigned to
the new facility."  The rating agency noted that the underlying
credit strength of Gartmore had improved since the original
facility was rated in 2006 through good market performance,
efficient cost management and strong net sales in the
alternative asset division.  Nevertheless, operating performance
was not, in Moody's view, improved sufficiently to offset the
reduction in financial flexibility caused by the much increased
size of the new facility.

Gartmore is a UK based asset management company and had GBP24.4
billion of assets under management at year end 2006.

These ratings were downgraded with a stable outlook:

   -- Gartmore Investment Management Corporate Family rating Ba3
      from Ba2

These ratings were assigned with a stable outlook:

   -- Oxford Acquisition IV Limited senior credit facility Ba3
   -- Oxford US Acquisition LLC senior credit facility Ba3

This rating was downgraded with a stable outlook:

   -- Oxford Acquisition III Limited senior credit facility to
      Ba3 from Ba2


GLYNN ELECTRICAL: Calls In Liquidator from Begbies Traynor
----------------------------------------------------------
Richard Andrew Segal of Begbies Traynor was appointed liquidator
of Glynn Electrical Ltd. on March 29 for the creditors'
voluntary winding-up procedure.

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

The company can be reached at:

         Glynn Electrical Ltd.
         41 Hamberts Road
         South Woodham Ferrers
         Chelmsford
         Essex
         CM3 5TP
         England
         Tel: 01245 325 847


GREENMAN GROUP: Appoints Joint Administrators from KPMG
-------------------------------------------------------
Myles Antony Halley and Jane Bronwen Moriarty of KPMG LLP were
appointed joint administrators of Greenman Group Ltd. (Company
Number 02626695) and Greenman U.K. Ltd. (Company Number
04201607) on March 30.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Epsom, England, Greenman Group Ltd. and
Greenman U.K. Ltd. -- http://www.greenman-toners.co.uk/-- sell,
distribute, and remanufacture toner cartridges.


INTEGRATED SECURITY: Taps David Norman Kaye to Liquidate Assets
---------------------------------------------------------------
David Norman Kaye of Crawfords was appointed liquidator of
Integrated Security Management Ltd. on March 27 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Integrated Security Management Ltd.
         Office 1 Locking Road Business Park
         110 Locking Road
         Weston-Super-Mare
         Avon
         BS23 3HF
         England
         Tel: 01934 412 983
         Fax: 01934 413 118


INVERNESS MEDICAL: Confirms Cash Merger Transaction with Biosite
----------------------------------------------------------------
Inverness Medical Innovations Inc. confirmed its proposal to
acquire Biosite Incorporated in a cash merger transaction for
US$90 per share.

"We expect that a combination with Biosite would be immediately
accretive to Inverness' cash-based EPS, and would make for a
powerful long-term strategic fit by enabling us to leverage
Biosite's strength in proprietary protein markers and robust
cardiovascular platform together with our ongoing research and
development efforts in the cardiac arena," commenting on the
proposal, Ron Zwanziger, Chairman, President and Chief Executive
Officer of Inverness said.  "This transaction is consistent with
our strategy of identifying uniquely promising leaders in
diagnostics and successfully integrating them into our growing
portfolio of diagnostic solutions."

"After ten months of careful review and unsuccessful outreach
efforts to Biosite's management team and Board, we came to the
conclusion that we had no choice but to make our intentions
absolutely clear," Mr. Zwanziger continued.  "While we have
serious concerns regarding the integrity of a supposedly
competitive bidding process that would lead Biosite's management
to enter into a preemptive merger agreement with another party
rather than fully explore a combination with us, we are hopeful
that Biosite's Board will respond favorably to our superior
proposal and recognize the fiduciary duty they owe to their
stockholders to do so.  We have all the necessary financing
commitments and are prepared to complete confirmatory due
diligence in two full business days, and we look forward to
completing a transaction as expeditiously as Biosite and its
Board will allow."

As of April 5, Inverness owned approximately 4.7% of Biosite's
outstanding common stock.

Covington Associates and UBS Investment Bank are acting as
financial advisors to Inverness.  Goodwin Procter LLP is serving
as the company's legal counsel.

                     About Inverness Medical

Based in Waltham, Massachusetts, Inverness Medical Innovations,
Inc. -- http://www.invernessmedical.com/-- makes diagnostic
products including home pregnancy tests and fertility monitors.
The company also manufactures consumer vitamins and nutritional
products.  The company has offices in Australia, Canada, China,
Germany, Japan, The United Kingdom, among others.

                        *     *     *

Standard & Poor's assigned a B+ rating on both Inverness Medical
Innovations Inc.'s Local and Foreign Issuer Credit.


KEANE INC: 10-K Filing Delay Prompts Second Default Notice
----------------------------------------------------------
Keane Inc. disclosed in a regulatory filing with the U.S.
Securities and Exchange Commission that it had received a second
notice of default on terms for US$150.9 million in bonds.

The warning was served by U.S. Bank, National Association, in
its capacity as trustee of the indenture governing Keane's 2%
convertible subordinated notes due 2013.

The second warning asserts that a default has occurred under the
indenture as a result of Keane's failure to deliver audited
financial statements for the fiscal year ended December 31,
2006, to the trustee within 15 days after Keane's annual report
on form 10-K for the fiscal year ended December 31, 2006 was
required to be filed with the U.S. SEC and requests that Keane
remedy the default.

                   First Notice of Default

On March 22, Keane received a purported notice of default from a
holder of over 25% of the outstanding principal amount of
Keane's 2% convertible subordinated notes due 2013 issued
pursuant to the indenture dated as of June 18, 2003 between
Keane and U.S. Bank, National Association as trustee.

The first notice asserts that a default has occurred under the
indenture as a result of Keane's failure to file its annual
report on form 10-K with the U.S. Securities and Exchange
Commission for the fiscal year ended December 31, 2006, when due
and requests that Keane remedy the default.  Keane believes that
the first notice is without merit and has provided notice of the
same to the holder.

Unless Keane remedies the default, an event of default under the
indenture will arise 60 days after the date the second notice
was given.  If an event of default occurs under the indenture,
the holders of not less than 25% of the outstanding principal
amount of the notes may declare all of the outstanding principal
and unpaid accrued interest on the notes immediately due and
payable.

Keane would also be obligated to pay up to US$17.9 million in
taxes in connection with any accelerated payment of the
outstanding principal and unpaid accrued interest on the notes.

An event of default under the indenture would trigger an event
of default under the credit agreement, dated as of September 15,
2005, as amended, between Keane, Bank of America, N.A., as
administrative agent, and the lenders party thereto.

Upon an event of default under the credit agreement, the
administrative agent and the lenders may accelerate the loans,
terminate the commitments, require Keane to cash collateralize
the letters of credit and exercise other rights and remedies
under the credit agreement.  As of December 31, 2006, Keane had
US$36.2 million in outstanding letters of credit under the
credit agreement.

                     10-K Filing Delay

Keane decided to delay its 10-K filing after the SEC launched an
investigation into the company's stock-option grants and
practices in February.

                    NYSE Delisting Notice

The company is facing a delisting notice from the New York Stock
Exchange Inc.

                     Class Action Suits

The Class Action Reporter revealed on Feb. 21 that Keane is
named nominal defendant in a derivative and class lawsuits filed
by a purported shareholder, Henry C. Blaufox, in the U.S.
District Court for the District of Massachusetts, according to
the company's Feb. 16, 2007 Form 8-K filing with the U.S.
Securities and Exchange Commission.

The suit seeks to bring derivative and direct claims on behalf
of Keane and a class of Keane's shareholders, against certain of
Keane's present and former directors and executive officers.

The suit purports to bring claims for monetary and equitable
relief under the federal securities laws and state law,
allegedly arising out of Keane's past stock option practices and
the recently announced proposed acquisition of Keane by Caritor
Inc.

                        About Keane Inc.

Based in Boston, Massachusetts, Keane Inc. --
http://www.keane.com/-- is a leading business process and IT
services firm.  Keane delivers its services throughout the
United States, Australia, Canada, India, and the United Kingdom.


LADBROKES PLC: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its Ba2 Corporate Family Rating for
Ladbrokes Plc.

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

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   GBP2000M Senior
   Unsecured Medium-Term
   Note Program            Ba2      Ba2      LGD4     50%

Hilton Group Finance Plc

   GBP2000M Senior
   Unsecured Medium-Term
   Note Program            Ba2      Ba2      LGD4     50%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2007                Ba2      Ba2      LGD4     50%

   GBP175M 7.25% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD4     50%

   HK$200M 9.1% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     50%

   GBP250M 7.125% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                Ba2      Ba2      LGD4     50%

   EUR500M 6.5% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     50%

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

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

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

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

At Dec. 31, 2006, the Company's consolidated balance sheet
showed GBP852.9 million in total assets and GBP1.5 billion in
total liabilities, resulting in a GBP626.9-million stockholders'
deficit.


LILI 99: Hires Liquidators from Berg Kaprow Lewis
-------------------------------------------------
Creditors of Lili 99 Ltd. (t/a Lili Grace) are required, to send
in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Stewart Bennett
         Joint Liquidator
         Berg Kaprow Lewis LLP
         35 Ballards Lane
         London
         N3 1XW
         England

Stewart Bennett and James Bradney of Berg Kaprow Lewis LLP were
appointed joint liquidators of the company on March 30 by
resolutions of members and creditors.


MAGENTA ONE: Creditors' Meeting Slated for April 18
---------------------------------------------------
Creditors of Magenta One Ltd. (Company Number 04440823) will
meet at 2:00 p.m. on April 18 at:

         Smith & Williamson Ltd.
         25 Moorgate
         London
         EC2R 6AY
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on April 17 at:

         A. Murphy
         Joint Administrator
         Smith & Williamson Ltd.
         No 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         GU1 4RA
         England
         Tel: 01483 407 100
         Fax: 01483 301 232

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


PATHEON INC: Moody's Rates Proposed US$225-Mln Senior Loan at B1
----------------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the
proposed US$225 million senior secured credit facility of
Patheon Inc.

The credit facility consists of a US$75 million secured asset
based revolver and a US$150 million Term Loan B.  The company
intends to use the proceeds from the term loan along with
investments from JLL Partners to refinance the company's
existing credit facility.  Concurrently, Moody's assigned
Patheon a Corporate Family Rating of B2.  The ratings outlook is
stable.

The B2 Corporate Family Rating is supported by the company's
large and diverse revenue base, consistent operating margins and
sufficient liquidity.  However, the ratings also reflect the
following concerns: a low level of free cash flow generation due
to high capital spending; low interest coverage; and a minimal
amount of earnings and profits.

The stable outlook reflects Moody's expectations of revenue
growth of 3% to 5% over the near term with gross margins
remaining in the 25% to 30% range and annual operating cash flow
generation of US$50 to US$70 million.  Due to projected capital
spending of US$50 to US$65 million a year, Moody's anticipates
that the company will generate a minimal amount of free cash
flow.  As a result, Moody's assumes that the company will
generate operating cash flow to adjusted debt of 10% to 13% and
free cash flow to adjusted debt of 0% to 3% over the next two
years.

Moody's does not anticipate that the company will engage in
significant shareholder initiatives, such as the initiation of a
dividend, nor in any major acquisition activity.  Moody's
believes that Patheon will use its cash flow, to the extent
available, to continue investing in business development and to
reduce debt.

Moody's assigned these ratings:

   -- Corporate Family Rating, B2

   -- Probability of Default Rating, B2

   -- US$75-million Senior Secured Asset Based Revolver, B1
      (LGD3, 37%)

   -- US$150-million Senior Secured Term Loan B, B1 (LGD3, 37%)

The ratings outlook is stable.

Based in Mississauga, Canada, Patheon Inc --
http://www.patheon.com/-- is a leading global provider of drug
development and manufacturing services to the pharmaceutical
industry.  It operates a network of 14 facilities in the United
States, Canada, Puerto Rico and Europe and generated net
revenues of US$726 million for the 12 months ended Jan. 31,
2007.


PETROLEUM GEO-SERVICES: Earns US$298.6 Million in Full Year 2006
----------------------------------------------------------------
Petroleum Geo-Services ASA reported net income of US$298.6
million on revenues of US$1.31 billion for the year ended
Dec. 31, 2006, compared with net income of US$112.6 million on
revenues of US$888 million for the year ended Dec. 31, 2005.
2005 results included US$107.3 million in debt redemption and
refinancing costs, absent in 2006.

The increase in consolidated revenues is primarily attributable
to the increase in Marine and Onshore contract revenues and
improved Marine multi-client pre-funding revenues.

Operating profit was US$409.9 million in 2006, up US$279.7
million from operating profit of US$130.2 million in 2005.

The company recorded income from discontinued operations, net of
tax, of US$69.2 million in 2006, compared with income from
discontinued operations, net of tax, of US$209.6 million in
2005.  Discontinued operations include the operations of the
Production segment, which was spun off in June 2006, as well as
the company's oil and gas subsidiary, Pertra, which was sold on
March 1, 2005.

For the fourth quarter ended Dec. 31, 2006, the company reported
net income of US$78.7 million on revenues of US$361 million,
compared with a net loss of US$89 million on revenues of
US$264.1 million in the prior period fourth quarter.  Fourth
quarter 2005 results included net income from discontinued
operations of US$17.9 million and debt redemption and
refinancing costs of US$103.8 million.

Svein Rennemo, PGS president and chief executive officer,
commented: "2006 was the best year ever for PGS.  We delivered
substantial growth in revenues, operating profit and cash flow,
driven by strengthened market conditions and improved
operational performance.  Marine realized a record high contract
margin, while Onshore improved its profitability significantly
from 2005.  We experienced a stronger underlying demand for
multi-client seismic in 2006 compared to 2005 and despite fewer
licensing rounds internationally we further improved our late
sales.  Our Gulf of Mexico depth processing products, strong
performance of our library offshore West Africa and increased
demand for our Brazil library were important elements in this
success.

"We expect a continued strong seismic market driven by increased
E&P spending worldwide and the demand for more advanced seismic
solutions.  Construction of the new Ramform Sovereign remains on
budget and on time.  Acquisition of the large wide azimuth
multi-client survey in Gulf of Mexico, Crystal, is progressing
according to plan.  Both projects illustrate our efforts to
increase high-end capacity and to provide our customers with
more advanced seismic technology."

At Dec. 31, 2006, cash and cash equivalents amounted to
US$124 million compared to US$121.5 million at Dec. 31, 2005,
and US$101.2 million at Sept. 30, 2006.  Restricted cash
amounted to US$18.7 million at Dec. 31, 2006, compared to
US$22.5 million at Dec. 31, 2005.

Cash provided by operating activities increased to US$563.4
million during the year ended Dec. 31, 2006, from cash provided
by operating activities of US$280.7 million during 2005.

Net interest bearing debt (interest bearing debt less cash and
cash equivalents, restricted cash and interest bearing
investments) was US$195.5 million at Dec. 31, 2006, compared
with net interest bearing debt of US$828.7 million at Dec. 31,
2005.

The company has a US$150 million revolving credit facility
maturing in 2010, out of which US$8.9 million was used for
letter of credits at Dec. 31, 2006, while the remaining amount
was undrawn.

At Dec. 31, 2006, the company's unaudited consolidated financial
statements showed US$1,234.6 million in total assets, US$789.8
million in total liabilities, and US$444.8 million in total
shareholders' equity.

                   About Petroleum Geo-Services

Petroleum Geo-Services ASA (NYSE: PGS) -- http://www.pgs.com/--  
is a geophysical company providing a broad range of seismic and
reservoir services, including acquisition, processing,
interpretation, and field evaluation.  The company also
possesses the world's most extensive multi-client data library.
PGS operates on a worldwide basis with headquarters at Lysaker,
Norway.  The company reports its business in two segments:
Marine, which consists of streamer seismic data acquisition,
marine multi-client library, data processing and reservoir
consulting; and Onshore, which consists of all seismic
operations on land and in shallow water and transition zones,
including onshore multi-client library.

                        *     *     *

As of Feb. 27, Petroleum Geo-Services carries Moody's Ba3 long-
term corporate family and bank loan debt rating with a stable
outlook.

In addition, Standard & Poor's rates the company's senior
unsecured debt and long-term issuer default ratings at BB- with
a stable outlook.


PHELPS DODGE: Freeport to Redeem 10-1/8% Senior Notes on May 4
--------------------------------------------------------------
Phelps Dodge Corp.'s new owner, Freeport-McMoRan Copper & Gold
Inc., has issued a notice to redeem on May 4, its outstanding
10-1/8% Senior Notes due 2010.  Currently US$272.4 million
aggregate principal amount of the notes are outstanding.

The redemption price is 105.063% of the principal amount
together with accrued but unpaid interest from Feb. 1, to the
redemption date.  The Bank of New York, as trustee, has mailed
to the registered note holders written notice of the specific
terms of the redemption along with a transmittal form:

          The Bank of New York Co. Inc.
          One Wall Street
          New York, New York 10286
          Tel: 212-495-1784

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                   About Phelps Dodge Corp.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China, the
Philippines, United Kingdom, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PHELPS DODGE: Fitch Changes Freeport's Outlook to Positive
----------------------------------------------------------
Fitch has changed the Rating Outlook to Positive for Phelps
Dodge Corp.'s new owner, Freeport-McMoRan Copper & Gold, after
the completion of US$5.76 billion in equity financings.  Net
proceeds in the amount of US$5.6 billion will be used to repay
borrowings under the secured term loans used to finance, in
part, the acquisition of Phelps Dodge.

Fitch assigns these ratings to Freeport-McMoRan, the Outlook is
revised to Positive:

   -- Issuer Default Rating 'BB';

   -- US$500-million PT Freeport-McMoRan Indonesia/
      Freeport-McMoRan Secured Bank Revolver 'BBB-';

   -- US$1-billion Secured Bank Revolver 'BB';

   -- US$2.5-billion Secured Bank Term Loan A 'BB';

   -- US$7.5-billion Secured Bank Term Loan B 'BB';

   -- Existing Notes to be secured 'BB';

   -- 10.125% senior notes due 2010;

   -- 6.875% notes due 2014;

   -- 7% convertible notes due 2011 'BB-';

   -- Freeport-McMoRan Unsecured Notes due 2015 and 2017 'BB-';
      and

   -- Freeport-McMoRan Convertible Preferred Stock B+.

Fitch assigns these ratings to Phelps Dodge, the Outlook is
revised to Positive:

   -- Cyprus Amax 7.375% Notes due May 2007 'BB-';
   -- Senior Unsecured Notes and Debentures 'BB-';
   -- 8.75% notes due 2011;
   -- 7.125% debentures due 2027;
   -- 9.50% notes due 2031; and
   -- 6.125% notes due 2034.

Loan prepayments are applied to reduce subsequent scheduled
repayments in direct order, which will result in no scheduled
repayment over the medium term; scheduled loan repayments
aggregated US$325 million annually over the medium term.  Annual
dividends will increase by about US$252 million and interest
costs will be reduced by about US$385 million, annually.

The ratings reflect Freeport-McMoRan's position as the world's
second largest copper producer, its diversified operations and
strong liquidity as well as the company's exposure to copper
prices and its relatively high financial leverage.  Fitch's
outlook for copper producers is to continue to benefit from a
strong pricing environment over the near term.

           About Freeport-McMoran Copper & Gold Inc.

Freeport-McMoRan Copper & Gold Inc. is a Louisiana based
producer of copper and gold through its Grasberg mine in
Indonesia.  Freeport's revenue in 2006 was US$5.8 billion.

                   About Phelps Dodge Corp.

Phelps Dodge -- http://www.phelpsdodge.com/-- is among the
world's largest producers of molybdenum, molybdenum-based
chemicals, and manufacturer of wire and cable products.

Phelps Dodge has operations in Venezuela, Thailand, China, the
Philippines, United Kingdom, among others.

                        *    *    *

On June 26, 2006, Moody's Investors Services has placed Phelps
Dodge's Ba1 junior preferred shelf rating in CreditWatch for a
possible downgrade.


PORTRAIT CORP: Assumes Lease Agreement with Lakemont Industrial
---------------------------------------------------------------
The Honorable Adlai S. Hardin, Jr., of the U.S. Bankruptcy Court
for the Southern District of New York authorized Portrait
Corporation of America Inc. and its debtor-affiliates to assume
a lease agreement between the Debtor and Lakemont Industrial
Holding Co., dated June 26, 2003.

The Court further granted the Debtors' request to reject
unexpired non-residential real property leases with Award
Realty, Genelle Hardin and Sawgrass Commons, LLC.

Pursuant to the Lakemont Agreement, the Debtors lease premises
in Lakemont West Building IV in Charlotte, North Carolina, where
they conduct warehouse operations for professional portrait
photography products.  The Lakemont Agreement grants the Debtors
the use of the premises consisting of 59,884 square feet of
space with an obligation to pay a monthly base rent of US$17,451
plus estimated monthly expenses of US$4,480.

The Debtors tell the Court that the assumption of the Lakemont
Agreement is necessary to allow the Debtors to continue its
operations while the rejection of the agreement would pose
greater administrative risks than assumption.

The Debtors have determined that it would be difficult to find a
replacement facility for a comparable price and in any event,
relocation of the Debtors' warehouse operations would be
extremely expensive.

The Debtors also relates that the rejection of certain leases
with ARGH and Sawgrass is necessary because the Debtors no
longer require the use of the premises covered by the leases.
The rejection of these leases would also eliminate the
incurrence of any administrative expenses.

Portrait Corporation of America Inc. -- http://pcaintl.com/--  
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The Company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


ROMO ENGINEERING: Appoints Lyn Marie Green as Liquidator
--------------------------------------------------------
Lyn Marie Green of Ward & Co. was appointed liquidator of Romo
(Engineering) Ltd. on March 2 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Romo (Engineering) Ltd.
         Waterfall Lane Trading Estate
         Cradley Heath
         West Midlands
         B64 6PU
         England
         Tel: 0121 559 5966
         Fax: 0121 559 5952


SOLUTIA INC: FMC to Pay US$22.5 Million Under Settlement Pact
-------------------------------------------------------------
Solutia Inc. has reached a settlement in the matter of Solutia
Inc. v. FMC Corp., a lawsuit filed by Solutia in October 2003
relating to the companies' former joint venture known as
Astaris.

Under the terms of the settlement, FMC will pay Solutia US$22.5
million in cash, and both parties will release each other from
all claims related to this case.  The settlement is subject to
authorization by the bankruptcy court overseeing Solutia's
reorganization.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(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.


STAR HOME: Enters Into Liquidation with GBP2.2-Million Debts
------------------------------------------------------------
Star Home Interiors plc, a kitchen company endorsed by celebrity
chef Jean-Christophe Novelli, has gone into liquidation after
complaints of poor workmanship and unfinished orders, The Sunday
People says.

Star Home accumulated up to GBP2.2 million in debts.

According to the report, more than 370 customers, who paid an
average GBP2,500 for a kitchen makeover, are going after Star
Home.  The company owed Mr. Novelli GBP200,000 for an
advertising campaign.

However, liquidators said there is a slim chance that Mr.
Novelli and the customers will get their money back.

"He is less worried about not being paid and more angry that
people have not got their kitchens," a spokesman for Mr. Novelli
was quoted by The Sunday People as saying.

He emphasized that the chef never had a partnership arrangement
with the kitchen firm.

The directors of Star Home could not be reached.  Trading
standards investigators discovered the company's offices in
Salford, Lancashire locked and deserted, The Sunday People
relates.

Matthew Colin Bowker of Unity Business Services LLP was
appointed liquidator of the company on March 23.


SYMBOLISM LTD: Calls In Liquidator from Abbott Fielding
-------------------------------------------------------
Andrew Tate and Nedim Ailyan of Abbott Fielding were appointed
joint liquidators of Symbolism Ltd. on March 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Symbolism Ltd.
         Connaught House
         32 Connaught Street
         Northampton
         Northamptonshire
         NN1 3BP
         England
         Tel: 01604 634 753
         Fax: 01604 636 473


TABLE X: Brings In Liquidators from Mazars
------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP were appointed
joint liquidators of Table X Ltd. on March 23 for the creditors'
voluntary winding-up proceeding.

Mazars -- http://www.mazars.com/-- provides in audit,
accounting, tax, and advisory services.

The company can be reached at:

         Table X Ltd.
         9 Moorhead Lane
         Shipley
         West Yorkshire
         BD18 4JH
         England
         Tel: 0114 274 7993


THIRSK HAULAGE: Claims Filing Period Ends June 29
-------------------------------------------------
Creditors of Thirsk Haulage Ltd. have until June 29 to prove
their debts by sending written statements of the amounts they
claim to be due to them from the company to:

         J. N. R. Pitts
         Joint Liquidator
         Begbies Traynor
         Glendevon House
         Hawthorn Park
         Coal Road
         Leeds
         LS14 1PQ
         England

D. F. Wilson and J. N. R. Pitts of Begbies Traynor were
appointed joint liquidators of the company on March 29.

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


WINDSOR HOUSE: Appoints Kevin Goldfarb as Liquidator
---------------------------------------------------
Kevin Goldfarb was appointed liquidator of Windsor House Natural
Water Co. Ltd. on March 26 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Windsor House Natural Water Co Ltd.
         Park Road
         Emsworth
         Hampshire
         PO10 8NY
         England
         Tel: 01243 376 156
         Fax: 01243 379 100


* Moody's European Default Rates Rise to 2.1% in First Quarter
--------------------------------------------------------------
Moody's European speculative-grade corporate bond default rate
ended the first quarter of 2007 at 2.1% up from 1.9% last
quarter, on an issuer-weighted basis, and at 1.8% up from 1.2%
on a debt volume basis, Moody's Investors Service reported on
Tuesday.  A year ago, both rates stood at zero percent.

Although still at low levels, the upward movements in the
European rates contrast with the continuing decline Moody's has
seen in its global speculative-grade default rate, which
finished the first quarter at 1.4%, down from 1.6% the previous
quarter.  The global rate has now reached its lowest level since
April 1997.

Similarly, the U.S. speculative-grade default rate finished the
first quarter at 1.4%, its lowest level since it stood at 1.0%
in March 1982.

"Default rates remain at very low levels both in Europe and
North America.  The recent upward move in European default rates
is modest and mainly reflects an expected bounce off the zero
percent floor they reached a year ago," said Andrea Zazzarelli,
Moody's Associate Director of Corporate Default Research, based
in London.

Moody's forecasting model for the global default rate predicts
that the default rate will increase modestly to 2.7% by the end
of 2007 and rise further to 3.5% a year from now.  "Still, this
forecast suggests a relatively benign credit environment over
the next year as default rates are expected to remain well below
their historical average of approximately 5 percent," added
Zazzarelli.

March marked the second month in a row during which there was no
Moody's rated defaults.  Globally there were three defaults in
the first quarter of 2007, one located in Italy, the others
domiciled in the U.S. Total bond default volumes for the quarter
were US$1.4 billion.

No Moody's-rated loan issuers defaulted in the first quarter of
2007.


* BOOK REVIEW: Building American Cities: The Urban Real Estate
               Game
--------------------------------------------------------------
Author:     Joe R. Feagin and Robert E. Parker
Publisher:  Beard Books
Paperback:  332 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587981483/internetbankru
pt


This book is a volatile story of social conflict that rends the
very fabric of our society, but in the end gives shape to our
urban centers.

This second edition is the startling story of how American
cities emerge, grow, change, contract, decay, and become
resuscitated.

With keen insight, the authors analyze urban social processes,
such as population migration to suburbia and the effect of
foreign capital investment on U.S. real estate ventures.

Examining patterns in the location, development, financing, and
construction decisions of small and large corporations, the book
looks at the interplay of industrial and development
corporations with various levels of government.

In addition to political aspects, it reflects on the social
costs of unbridled urban growth and decline, pollution, wasted
energy, congestion, and the negative impact on minorities.

                           *********

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 * * *