TCREUR_Public/070416.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

             Monday, April 16, 2007, Vol. 8, No. 74

                            Headlines


A U S T R I A

3-A LLC: Claims Registration Period Ends May 16
ASPHALT U. TEER: Claims Registration Period Ends May 10
D. WIRRINGER Claims Registration Period Ends May 10
M D Z LLC: Claims Registration Period Ends May 7
MERGE MEDIA: Claims Registration Period Ends May 1

MIKULICS LLC: Claims Registration Period Ends May 16
PE-MONT LTD: Claims Registration Period Ends May 15
QUINTON LLC: Claims Registration Period Ends May 17
SAPPI PAPIER: Moody's Assigns Loss-Given-Default Rating


B U L G A R I A

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


D E N M A R K

AGCO CORP: Annual Shareholders' Meeting Slated for April 26


F I N L A N D

DYNEA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating


F R A N C E

AMERICAN MEDICAL: Posts US$108.4-Mln Prelim First Quarter Sales
ODYSSEE 1: Moody's Assigns Loss-Given-Default Rating
REXEL SA: S&P Lifts Ratings to BB+ After Successful Partial IPO


G E R M A N Y

ALERIS INTERNATIONAL: Doubles Revenues to US$4.7 Billion in 2006
EGN ERSCHLIESSUNGSGESELLSCHAFT: Claims Registration Ends May 22
FENSEL TRANSPORT: Claims Registration Period Ends May 14
GALA BAU ZEESEN: Claims Registration Period Ends May 11
GAWENDA GARTEN: Creditors' Meeting Slated for April 20

GEB GRUNDSTUECKS: Claims Registration Period Ends May 7
GEBR. BRINKMANN: Claims Registration Period Ends May 9
GERUSIA GMBH: Creditors' Meeting Slated for May 10
GHC HANDEL: Claims Registration Period Ends May 11
GREENWORLD GMBH: Creditors' Meeting Slated for June 14

GRIESE & HENNIG: Claims Registration Period Ends May 8
HAARWERKSTATT GMBH: Claims Registration Ends May 10
HAUS WALDWEG: Claims Registration Period Ends May 30
HWG HAUS: Claims Registration Period Ends May 25
JB HOTEL: Claims Registration Ends May 25

KURTKAN MONTAGEN: Claims Registration Ends April 30
LS MEDIA: Claims Registration Ends May 4
MONOCARE GMBH: Claims Registration Ends May 12
MOSCHO UMZUGSLOGISTIK: Claims Registration Ends May 18
MOTIVE TRADER: Claims Registration Ends May 2

MPS MODERNER: Claims Registration Ends May 30
PETER WISSLER: Creditors Must Register Claims by May 10
PLUM GMBH: Creditors Must Register Claims by May 11
RETRON GMBH: Creditors Must Register Claims by May 7
RUDOLF KOHLSTEDDE: Creditors Must Register Claims by May 29

SCHIESS GRUNDSTUECKSVERWALTUNG: Claims Registration Ends Apr. 27
SCHLITZER & HEIDEMANN: Claims Registration Period Ends May 15
SPIEL + FREIZEIT: Claims Registration Period Ends May 16
TFS GLASDESIGN: Claims Registration Period Ends April 26
VETTER AUTOMOBILE: Claims Registration Period Ends April 27

WALTER TROLL: Claims Registration Period Ends May 9
WESSELS & FISCHER: Claims Registration Period Ends May 15
WIEMER & TRACHTE: Workers' Pay Not Secure Due to Insolvency
WIENERWALD AG: Gunter Steinberg May Acquire Business


I T A L Y

FIAT SPA: Okays Purchase and Disposition of EUR1.4 Bln Shares
FIAT SPA: Discloses Relative Purchase Program
SAFILO SPA: Moody's Assigns Loss-Given-Default Rating


K A Z A K H S T A N

ABEN ATA: Creditors Must File Claims by May 16
ABYLHAIR LLP: Creditors' Claims Due May 16
ARLAN 2001: Proof of Claim Deadline Slated for May 18
BAGIKLAN-2001 LLP: Court Started Bankruptcy Hearing on Feb. 27
BEL SNAB: Claims Filing Period Ends May 18

ERIK A: Creditors Must File Claims by May 18
RAUSHAN LLP: Creditors' Claims Due May 15
SEVER LLP: Proof of Claim Deadline Slated for May 15
SKIF LTD: Claims Registration Ends May 18
THISTLE MINING: Inks Debt Restructuring Plan with Creditors


K Y R G Y Z S T A N

ASIAN TRADE: Creditors Must File Claims by May 25
NEDVIJIMOST LLC: Claims Filing Period Ends May 25


L U X E M B O U R G

GELDILUX-TS-2007 SA: Fitch Rates EUR8.4-Mln Class D notes at B


N E T H E R L A N D S

CADOGAN SQUARE: Moody's Rates EUR15-Mln Class E Notes at (P)Ba3
HARBOURMASTER CLO: Fitch Rates EUR19.25-Mln Class E Notes at BB
NXP BV: Moody's Assigns Loss-Given-Default Rating
X5 RETAIL: Supervisory Board Backs Secondary Public Offering


N O R W A Y

OCEAN RIG: Moody's Assigns Loss-Given-Default Rating
PETROLEUM GEO-SERVICES: Moody's Gives Loss-Given-Default Rating


P O R T U G A L

LEAR CORP: Annual Stockholders' Meeting Slated for June 27


R O M A N I A

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


R U S S I A

AMBER LLC: Creditors Must File Claims by April 24
ATELIER LADA: Orel Bankruptcy Hearing Slated for May 16
EUROPE CJSC: Creditors Must File Claims by April 24
GAS-OIL-SERVICE: Creditors Must File Claims by April 24
GRAND-HOLDING CJSC: Creditors Must File Claims by April 24

KHOVU-AKSYNSKIY BAKERY: Creditors Must File Claims by April 24
KOMBA CJSC: Creditors Must File Claims by April 24
MAGNITOGORSK IRON: Prices GDR Offering at US$12.25-US$15.50
MOSCOW CITY TELEPHONE: Moody's Assigns Loss-Given-Default Rating
NEW OIL: Creditors Must File Claims by May 24

NORTH-SERVICE CJSC: Creditors Must File Claims by April 24
NORTH TRADE: Creditors Must File Claims by April 24
ORENBURG-ALCO (PSLVZ): Asset Sale Slated for April 24
ROOF RUSSIA: Moody's Assigns Low-B Ratings to Two Note Classes
ROOF RUSSIA: Fitch Rates Class D Term Notes at B

SEVERSTAL OAO: CEO Mulls Merger with Rival Firm
SEVERSTAL OAO: Moody's Assigns Loss-Given-Default Rating
STROY-SERVICE CJSC: Creditors Must File Claims by April 24
TIMER WOOD: Creditors Must File Claims by April 24
VIMPEL-COMMUNICATION: Moody's Assigns Loss-Given-Default Rating

VNESHTORGBANK JSC: To Offer Shares on London & Russian Bourses
WHEAT VERKHOVYE: Creditors Must File Claims by May 24
X5 RETAIL: Supervisory Board Backs Secondary Public Offering
YUKOS OIL: Angarsk Unit Earns RUR3.59 Billion for Full Year 2006
ZMIEVSKIY MEAT: Creditors Must File Claims by April 24


S P A I N

ALLIANCE ATLANTIS: Shareholders Approve Canwest Takeover
ALLIANCE ATLANTIS: Expects CanWest Takeover Completion in July


S W I T Z E R L A N D

CENTRALWAY ASSOCIATED: Creditors' Liquidation Claims Due Apr. 30
CROSSROADS CAPITAL: Creditors' Liquidation Claims Due April 30
EXPLOIT JSC: Lucerne Court Starts Bankruptcy Proceedings
FCT INVEST: Creditors' Liquidation Claims Due May 31
FWC FLORIDA: Creditors' Liquidation Claims Due May 1

HAMMANN CONSULTING: Creditors' Liquidation Claims Due May 2
KAMBERI ARMIERUNGEN: Lucerne Court Starts Bankruptcy Proceedings
LANDGASTHOF STERNEN: Creditors' Liquidation Claims Due April 30
SMS STAHL: Aargau Court Starts Bankruptcy Proceedings
YAO FINE: Creditors' Liquidation Claims Due April 30


U K R A I N E

DEMETRA LLC: Creditors Must File Claims by April 26
KUZNETSOVSK ENERGY: Creditors Must File Claims by April 27
KYIVSTAR GSM: Legal Dispute May Prompt Default on Eurobond Issue
LUKA SUGAR: Creditors Must File Claims by April 27
MOVABLE MECHANIZED: Creditors Must File Claims by April 27

NOVY BUG: Claims Submission Deadline Set April 26
POLESIYE PRODUCT: Creditors Must File Claims by April 27
SUMY AGRICULTURAL: Creditors Must File Claims by April 26
SVITANOK LLC: Creditors Must File Claims by April 26


U N I T E D   K I N G D O M

AMERICAN GREETINGS: Completes Sale of Learning Horizons Unit
BRITISH ENERGY: Files Case vs. Credit Suisse on Eggborough Deal
CHATTEM INC: Earns US$13.7 Million in First Quarter 2007
D H MORRIS: Appoints Joint Receivers from Ernst & Young
D H MORRIS: Sells DRB Maintenance to Emtec Building

EMI GROUP: Resolves Royalties Dispute with The Beatles
EUROMONEY INSTITUTIONAL: Sells EIC to Broadfern for GBP4.7 Mln
FORD MOTOR: Defects Prompt Recall of 527,000 Ford Escape SUVs
NMI SECURITY: Seymour Pierce Steps Down as Nominated Adviser
NOVAE GROUP: Moody's Puts Ba1 Rating to Proposed Debt Issue

RAY ACQUISITION: S&P Lifts Junk Rating to BB- on Successful IPO
SMG PLC: Posts GBP147.3 Million Net Loss in Full Year 2006
TI AUTOMOTIVE: Moody's Assigns Loss-Given-Default Rating
VIRGIN MEDIA: Takes Legal Action Against Sky Over Carriage Row

* Increases Presence in the U.K. Through Moores Rowland Merger

                            *********

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


3-A LLC: Claims Registration Period Ends May 16
-----------------------------------------------
Creditors owed money by LLC 3-A (FN 261596a) have until May 16
to file written proofs of claim to court-appointed estate
administrator Wolfgang Pitzal at:

         Dr. Wolfgang Pitzal
         c/o Mag. Katharina Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 30 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 20 (Bankr. Case No. 2 S 43/07x).  Katharina Pitzal
represents Dr. Wolfgang Pitzal in the bankruptcy proceedings.


ASPHALT U. TEER: Claims Registration Period Ends May 10
-------------------------------------------------------
Creditors owed money by LLC Asphalt u. Teer (fka LLC A.T. -
trade) (FN 220508b) have until May 10 to file written proofs of
claim to court-appointed estate administrator Eberhard Wallentin
at:

         Dr. Eberhard Wallentin
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         E-mail: office@ksw.at  

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 15 (Bankr. Case No. 2 S 25/07z).


D. WIRRINGER Claims Registration Period Ends May 10
---------------------------------------------------
Creditors owed money by KEG D. Wirringer (FN 171110h) have until
May 10 to file written proofs of claim to court-appointed estate
administrator Hannelore Pitzal at:

         Dr. Hannelore Pitzal
         c/o Dr. Wolfgang Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50 50
         E-mail: office@heller-pitzal.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 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 15 (Bankr. Case No. 5 S 33/07y).  Wolfgang Pitzal
represents Dr. Hannelore Pitzal in the bankruptcy proceedings.


M D Z LLC: Claims Registration Period Ends May 7
------------------------------------------------
Creditors owed money by LLC M.D.Z. (FN 262908f) have until May 7
to file written proofs of claim to court-appointed estate
administrator Norbert Schopf at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55-33
         E-mail: RA_Hoedl@aon.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on May 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 15 (Bankr. Case No. 3 S 40/07p).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


MERGE MEDIA: Claims Registration Period Ends May 1
--------------------------------------------------
Creditors owed money by LLC Merge Media (FN 241513t) have until
May 1 to file written proofs of claim to court-appointed estate
administrator Andrea Fruhstorfer at:

         Dr. Andrea Fruhstorfer
         Seilerstatte 17
         1010 Vienna
         Austria
         Tel: 512 57 76
         Fax: 512 57 76 50
         E-mail: a.fruhstorfer@fg-lawyers.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 15 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 28 S 29/07d).  


MIKULICS LLC: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors owed money by LLC Mikulics (FN 222805f) have until
May 16 to file written proofs of claim to court-appointed estate
administrator Norbert Schopf at:

         Mag. Nikolaus Vogt
         c/o Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01
         Fax: 01/402 57 01 57

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

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Untersiebenbrunn, Austria, the Debtor declared
bankruptcy on March 15 (Bankr. Case No. 36 S 37/07v).  Eva Riess
represents Mag. Vogt in the bankruptcy proceedings.


PE-MONT LTD: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors owed money by Pe-Mont Ltd. (FN 275539f) have until
May 15 to file written proofs of claim to court-appointed estate
administrator Josef Hofinger at:

         Mag. Josef Hofinger
         Rossmarkt 20
         4710 Grieskirchen
         Austria
         Tel: 07248/66347
         Fax: 07248/62013
         E-mail: anwaelte@hofinger-menschick.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:20 a.m. on May 24 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Prambachkirchen, Austria, the Debtor declared
bankruptcy on March 13 (Bankr. Case No. 20 S 35/07h).  


QUINTON LLC: Claims Registration Period Ends May 17
---------------------------------------------------
Creditors owed money by LLC Quinton (FN 195366d) have until
May 17 to file written proofs of claim to court-appointed estate
administrator Carl Knittl at:

         Dr. Carl Knittl
         c/o Mag. Horst Winkelmayr
         Porzellangasse 22a/7
         1090 Vienna
         Austria
         Tel: 53 24 777
         Fax: 532 47 77 50
         E-mail: rae@kniwi.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 12 (Bankr. Case No. 6 S 32/07h).  Horst Winkelmayr
represents Dr. Knittl in the bankruptcy proceedings.


SAPPI PAPIER: 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 Ba1 Corporate Family Rating for Sappi Papier
Holding GmbH.

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

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
US$500M 6.75% Sr. Unsec.
Regular Bond/Debenture
Due 2012                   Ba1      Ba1      LGD4     53%

US$250M 7.5% Sr. Unsec.
Regular Bond/Debenture
Due 2032                   Ba1      Ba1      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%).

Sappi Ltd. is domiciled in Johannesburg, South Africa, --
http://www.sappi.com/-- is a producer of coated fine paper and  
dissolving pulp with consolidated group sales at FYE 2005 of
US$5 billion.  Sappi Papier Holding GmbH is the holding company
for Sappi's International paper operations in Gratkorn, Austria,
and accounts for approximately three quarters of sales and net
operating assets of the group.


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


PETROL 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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B2 Corporate Family Rating for
Petrol AD.

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
   ----------              -------  -------  --------
   8.375% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                B3       LGD5     75%

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

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

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

Based in Sofia, Bulgaria, Petrol AD -- http://www.petrol.bg/--  
is Bulgaria's largest fuel retailer and second-largest fuel
wholesaler.  At year-end 2005, Petrol had 460 retail stations.  
It sold 1.1 billion of oil products in 2005.  Total revenues in
the first six months of 2006 amounted to BGN632 million (EUR324
million.)


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


AGCO CORP: Annual Shareholders' Meeting Slated for April 26
-----------------------------------------------------------
AGCO Corp. will hold its Annual Shareholders' Meeting at
9:00 a.m. on April 26 at:

         AGCO Corporation
         4205 River Green Parkway
         Duluth
         GA 30096
         U.S.A.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of  
agricultural equipment and related replacement parts.  Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Brazil.  AGCO provides retail financing through AGCO Finance.  
The company had net sales of US$5.4 billion in 2005.  The
company has its Asia Pacific headquarters in Australia.  The
company also operates in Denmark, Finland, France and the United
Kingdom.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the Automotive and Equipment sector, the rating
agency confirmed its Ba2 Corporate Family Rating for AGCO Corp.  
Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans facilities:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   1.750% Conv.   
   Sr. Sub. Notes
   due 2033             B1       B1      LGD5       89%

   6.875% Sr. Sub.
   Notes due 2014       B1       B1      LGD5       89%

   Sr. Unsec. Shelf     Ba3      Ba3     LGD5       81%


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


DYNEA INTERNATIONAL: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the 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 Dynea International
Oy.

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

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

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

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

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

Headquartered in Helsinki, Finland, Dynea International Oy --
http://www.dynea.com/-- provides adhesive solutions for the  
woodworking and industrial markets, as well as provides
chemicals for the overlays and oil field chemicals market.


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


AMERICAN MEDICAL: Posts US$108.4-Mln Prelim First Quarter Sales
---------------------------------------------------------------
American Medical Systems Holdings Inc. reported preliminary
sales of US$108.4 million for the first quarter of 2007, a 47%
increase over sales of US$73.6 million in the comparable quarter
of 2006.

The Company had previously provided revenue guidance for the
quarter of US$113 million to US$118 million.  The Company's
organic growth rate for the first quarter, excluding the July
2006 Laserscope acquisition, was 11%.  Adjusted for foreign
exchange, the Company's base business growth rate was 9%.

The Company suffered from inventory shortfalls across several
key products, offsetting strong revenue performance in other
areas.

"In our drive to increase inventory turns over the past three
years, we have worked towards reducing safety stock levels,"
Martin J. Emerson, President and Chief Executive Officer, noted.  
"This quarter, vendor quality issues, combined with performance
shortfalls in our internal manufacturing and demand planning
efforts, resulted in an inability to consistently meet demand
for several key product lines."

The Company's men's health business, which grew 5 percent in the
first quarter, excluding the impact of the Laserscope
acquisition, was hindered by product availability issues across
several product lines including erectile restoration, TherMatrx
and HPS fibers.  In addition, the Company believes that customer
demand in the Company's male continence business was negatively
impacted by physicians deferring surgery as they wait for
preliminary clinical data and training classes for AdVance, the
Company's new treatment for male incontinence.  Importantly, the
Company generated strong revenues from the sales of its new HPS
consoles in the first quarter despite being constrained by an
insufficient supply of HPS fibers. Including revenues from the
Laserscope acquisition, men's health grew 65 percent in the
first quarter.

The Company's women's health business grew 20% in the first
quarter even though the female continence and prolapse repair
product lines experienced significant vendor-related supply
issues.  In its uterine health business, where the Company did
not experience any product supply issues, revenues in the first
quarter were more than double the revenue of the first quarter
2006.

"The performance of our supply chain in the first quarter was
disappointing as it masked strong market demand across the
majority of our products," Mr. Emerson added.  "Although we
anticipate resolving our specific supply problems within the
second quarter, our new guidance reflects the recovery time
required in the marketplace from this type of disruptive event.
We remain highly confident that we are well positioned in a
dynamic, growing market and in our ability to successfully
perform to our long range goals."

                             Outlook

The Company estimates that its first quarter reported earnings
per share will be in the range of US$0.05 to US$0.07.  The
Company has adjusted expected revenue for the full year 2007 to
US$475 to US$500 million from its previously guided revenue
range of US$490 to US$515 million.  The Company also has
adjusted its previous guidance on 2007 reported earnings per
share to US$0.63 to US$0.70 from US$0.76 to US$0.81.

                  About American Medical Systems

Headquartered in Minnetonka, MI, American Medical Systems Inc.
-- http://www.americanmedicalsystems.com/ -- develops and  
delivers pelvic health products for both men and women.  AMS has
operations in Australia, Austria, Brazil, Canada, Germany, The
Netherlands, France, Spain, Portugal, the United Kingdom, and
the U.S.A.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its B1 Corporate Family
Rating for American Medical Systems Inc.  Additionally, Moody's
revised its probability-of-default ratings and assigned loss-
given-default ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver due 2012      Ba3      Ba2     LGD2        22%

   Senior Secured
   Term Loan B
   due 2012               Ba3      Ba2     LGD2        22%


ODYSSEE 1: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its B1 Corporate Family Rating for
Odyssee 1 S.A.S.

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

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

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%).


REXEL SA: S&P Lifts Ratings to BB+ After Successful Partial IPO
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB+' from 'B' its
long-term corporate credit rating on France-based business-to-
business electrical parts distributor Rexel Distribution S.A.
following the successful completion of the partial IPO of Rexel
S.A., the ultimate holding company.  

All ratings were removed from CreditWatch, where they had been
placed with positive implications on Feb. 22.  The outlook is
positive.

"The rating action reflects the successful completion of the
partial IPO of about 24% of group equity before employee
offering representing up to 3.4% of capital," said Standard &
Poor's credit analyst Eve Greb.  Essentially, all of the
EUR1 billion proceeds will be used to reduce Rexel's net
indebtedness and therefore significantly strengthen its
financial profile.  This will involve a claw-back of up to 35%
of the outstanding bonds issued by Ray Acquisition.  In
addition, if Ray Acquisition's EUR2.1 billion senior secured
facilities are refinanced through Rexel's proposed new EUR2.1
billion senior credit facility, the remaining 65% of the
outstanding bond will be redeemed.  The shareholder loan granted
to Rexel S.A. of EUR1.04 billion at the end of 2006 was
converted into equity.

Rexel had net unadjusted financial debt of EUR1.9 billion at the
end of December 2006, pro forma the partial IPO.

"The positive outlook reflects the possibility of a one-notch
upgrade should the company continue to strengthen its credit
protection measures," said Ms. Greb.  In particular, a ratio of
FFO to adjusted debt of about 25% on a sustained basis could
trigger an upgrade.  Conversely, should the company choose to
use its excess cash flow for further growth or should cash flow
generation be weaker than expected the outlook could be revised
to stable.


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


ALERIS INTERNATIONAL: Doubles Revenues to US$4.7 Billion in 2006
----------------------------------------------------------------
Aleris International Inc.'s revenues for the year ended Dec. 31,
2006, increased US$2.3 billion to US$4.7 billion, as compared
with revenues of US$2.4 billion for the year ended Dec. 31,
2005.  

The acquired operations of Corus Aluminum, ALSCO, Tomra Latasa,
Alumitech and the acquired assets of Ormet accounted for an
estimated US$1.6 billion of this increase.  The company recorded
a net income of US$70.3 million for the year ended Dec. 31,
2006, resulting from a net loss of US$3.4 million for the period
after the Texas Pacific Group Merger from Dec. 20, 2006, through
Dec. 31, 2006, and a net income for the period prior to the
Merger from Jan. 1, 2006, through Dec. 19, 2006.

Consolidated selling, general and administrative expenses
increased US$76.3 million in the year ended Dec. 31, 2006, as
compared with the year ended Dec. 31, 2005.  In 2006, the
company recorded restructuring and other charges of US$41.9
million and a US$9.8 million gain from currency option contracts
used to hedge a portion of the purchase price paid to acquire
Corus Aluminum.  It also recorded net realized and unrealized
gains of US$20.8 million on its aluminum derivative financial
instruments as a result of the rising price of primary aluminum
during the year.  Interest expense increased in 2006 compared to
2005 due to increased debt levels in connection with the
Acquisition and the acquisition of Corus Aluminum.  The
company's average debt outstanding increased from US$421.1
million in 2005 to US$1 billion in 2006.  In connection with the
acquisition of Corus Aluminum, the company refinanced
substantially all of its debt as of Aug. 1, 2006. During 2006,
the company sold the land and buildings at its Carson,
California rolling mill and recorded a gain of US$13.8 million
on the sale.  Income tax expense was US$43.6 million in 2006, as
compared with US$400,000 in 2005.

            Results for the period Dec. 20 to 31, 2006

The company generated revenues of US$111.8 million and gross
profit of US$2.9 million in the period from Dec. 20, 2006 to
Dec. 31, 2006. Gross profit was negatively impacted by purchase
accounting rules that required acquired inventories to be
adjusted to fair value.

As of Dec. 31, 2006, the company's balance sheet showed total
assets of US$4.8 billion and total liabilities of US$4 billion,
resulting to total stockholders' equity of US$845.4 million.  
The company recorded retained deficit of US$3.4 million in 2006,
as compared with retained earnings of US$95.9 million in 2005.  
Cash and cash equivalents held in 2006 were US$126.1 million, as
compared with US$6.8 million in 2005.

                     December 2006 Refinancing

On Dec. 19, 2006, in conjunction with the Acquisition, the
company entered into the US$750 million Revolving Credit
Facility, the US$1.2 billion Term Loan Facility, as amended on
March 16, 2007, and issued US$600 million of Senior Notes and
US$400 million of Senior Subordinated Notes.

                   Events and Highlights in 2006

On July 14, 2006, Texas Pacific Group formed Holdings and Merger
Sub for purposes of acquiring the company.  On Aug. 7, 2006, the
company entered into an Agreement and Plan of Merger with
Holdings, pursuant to which each share of the company's common
stock would be converted into the right to receive US$52.50 in
cash.  The Acquisition was completed on Dec. 19, 2006, at which
time TPG and certain members of the company's management made a
cash contribution of US$844.9 million and a non-cash
contribution of US$3.9 million to Holdings in exchange for
8,520,000 shares of common stock of Holdings.  The non-cash
contribution consisted of shares of common stock held by
management.  Holdings contributed this amount to Merger Sub in
exchange for Merger Sub issuing 900 shares of its common stock
to Holdings.

The company incurred significant debts in connection with the
Acquisition and are highly leveraged.  While substantially all
of the company's debt matures in 2011 or later, it will incur
and pay significantly more interest expense under its new
capital structure than in 2006.  The company estimated interest
payments will be about US$178.1 million in the year ending Dec.
31, 2007.

The Acquisition has also required that all of the company's
assets and liabilities be adjusted to fair value through
purchase accounting.  These adjustments have impacted and will
continue to impact the company's goodwill.  Also, the company
recorded preliminary purchase accounting adjustments to write-up
its inventories by US$61.3 million.

LME zinc prices had been at or near record levels throughout
2006 but as of Feb. 28, 2007, these prices had dropped by 21%,
as compared with Dec. 31, 2006.  This has negatively impacted
the company's zinc business through the first two months of
2007.

The North American housing industry has declined significantly
in 2006 and in the beginning of 2007.  Single-family home
construction has decreased more than 10% year over year
resulting in slower demand for building and construction end-
uses in North America.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d07

                   About Aleris International

Headquartered in Beachwood, Ohio, Aleris International Inc.
(NYSE: ARS) -- http://www.aleris.com/-- manufactures rolled  
aluminum products and offers aluminum recycling and the
production of specification alloys.  The company also
manufactures value-added zinc products that include zinc oxide,
zinc dust and zinc metal.  The Company operates 42 production
facilities in the United States, Brazil, Germany, Mexico and
Wales, and employs approximately 4,200 employees.

                           *    *    *

Standard & Poor's rated Aleris International Inc.'s senior
secured first-lien term loan carries at 'B+' loan and gave the
company a '2' recovery rating after the report that the company
increased the term loan by US$125 million.  With the add-on, the
total amount of the facility is now US$1.23 billion.


EGN ERSCHLIESSUNGSGESELLSCHAFT: Claims Registration Ends May 22
---------------------------------------------------------------
Creditors of EGN Erschliessungsgesellschaft mbH Nord have until
May 22 to register their claims with court-appointed insolvency
manager Karl-Hermann Kruse.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 17
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Lingen (Ems) opened bankruptcy proceedings
against EGN Erschliessungsgesellschaft mbH Nord on March 15.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Karl-Hermann Kruse
         Emsstrasse 7
         D 48499 Salzbergen
         Germany
         Tel: 05976-1505
         Fax: 05976-9381

The Debtor can be reached at:

         EGN Erschliessungsgesellschaft mbH Nord
         Muehlenbergstrasse 43
         18445 Prohn
         Germany

         Attn: Doris von den Benken, Manager
         Kranenmoorstrasse 8
         48480 Schapen
         Germany


FENSEL TRANSPORT: Claims Registration Period Ends May 14
--------------------------------------------------------
Creditors of Gebr. Fensel Transport & Logistik GmbH have until
May 14 to register their claims with court-appointed insolvency
manager Olaf Spiekermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         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:

         Olaf Spiekermann
         Kanzlei Brinkmann & Partner
         Augustaanlage 62 - 64
         68165 Mannheim
         Germany
         Tel: 0621/4329280
         Fax: 0621/43292827

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Gebr. Fensel Transport & Logistik GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Gebr. Fensel Transport & Logistik GmbH
         Grosse Ahlmuehle 13
         76865 Rohrbach
         Germany


GALA BAU ZEESEN: Claims Registration Period Ends May 11
-------------------------------------------------------
Creditors of Gala Bau Zeesen GmbH have until May 11 to register
their claims with court-appointed insolvency manager Christoph
Schulte-Kaubruegger.

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

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

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

The Debtor can be contacted at:

         Gala Bau Zeesen GmbH
         Gewerbepark 16
         15711 Koenigs Wusterhausen
         Germany


GAWENDA GARTEN: Creditors' Meeting Slated for April 20
------------------------------------------------------
The court-appointed insolvency manager for Gawenda Garten- und
Zoomarkt GmbH, Steffi Radack-Mueller, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:00 a.m. on April 20.

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

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:40 a.m. on June 7, at the same venue.

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

The insolvency manager can be reached at:

         Steffi Radack-Mueller
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Gawenda Garten- und Zoomarkt GmbH on March 31.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Gawenda Garten- und Zoomarkt GmbH
         Bettina-von-Arnim-Str. 1
         16816 Neuruppin
         Germany

         Attn: Rainer Gawenda, Manager
         Rheinsberger Str. 13
         16909 Wittstock
         Germany


GEB GRUNDSTUECKS: Claims Registration Period Ends May 7
-------------------------------------------------------
Creditors of GEB Grundstuecks- Eigentum- Beteiligungs GmbH & Co
Fonds "Zwei" KG have until May 7 to register their claims with
court-appointed insolvency manager Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be contacted at:

         Markus Ernestus
         O 3, 9-12
         68161 Mannheim
         Germany
         Tel: 0621/16680

The District Court of Mannheim opened bankruptcy proceedings
against GEB Grundstuecks- Eigentum- Beteiligungs GmbH & Co Fonds
"Zwei" KG on April 2.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         GEB Grundstuecks- Eigentum- Beteiligungs GmbH &
         Co Fonds "Zwei" KG
         Attn: Martha Keller and Wolfgang Birkenmeier, Managers
         Hauptstr. 16
         68766 Hockenheim
         Germany


GEBR. BRINKMANN: Claims Registration Period Ends May 9
------------------------------------------------------
Creditors of Gebr. Brinkmann GmbH have until May 9 to register
their claims with court-appointed insolvency manager Klaus
Knetter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on May 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be contacted at:

         Klaus Knetter
         Otto-Brenner-Str. 186
         33604 Bielefeld
         Germany

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

The Debtor can be contacted at:

         Gebr. Brinkmann GmbH
         Windeslbleicher Str. 188
         33659 Bielefeld
         Germany

         Attn: Axel Brinkmann, Manager
         Ummelner Str. 81
         33659 Bielefeld
         Germany


GERUSIA GMBH: Creditors' Meeting Slated for May 10
--------------------------------------------------
The court-appointed insolvency manager for Gerusia GmbH,
Christoph Rosenmueller, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 8:50
a.m. on May 10.

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 8:30 a.m. on Sept. 13, at the same venue.

Creditors have until July 1 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

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

The Debtor can be reached at:

         Gerusia GmbH
         Miquelstr. 38a
         14199 Berlin
         Germany


GHC HANDEL: Claims Registration Period Ends May 11
--------------------------------------------------
Creditors of GHC Handel und Catering GmbH & Co. KG have until
May 11 to register their claims with court-appointed insolvency
manager Sebastian Henneke.

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

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C207
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         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. Sebastian Henneke
         Muelheimer Str. 100
         47057 Duisburg
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against GHC Handel und Catering GmbH & Co. KG on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         GHC Handel und Catering GmbH & Co. KG
         Saarstr. 20-22
         46045 Oberhausen
         Germany

         Attn: Alexandra Elek, Manager
         Grindelallee 1
         20146 Hamburg
         Germany


GREENWORLD GMBH: Creditors' Meeting Slated for June 14
------------------------------------------------------
The court-appointed insolvency manager for Greenworld GmbH, Dr.
Jochen Orgelmann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:45 a.m. on
June 14.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 30 at the same venue.

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

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

The insolvency manager can be reached at:

         Dr. Jochen Orgelmann
         Schillerstr. 10
         28195 Bremen
         Germany
         Tel: 0421/337790
         Fax: 0421/3377933
         E-Mail: insolvenz@dr-stankewitz.de  
         Web: http://www.dr-stankewitz.de/

The Debtor can be reached at:

         Greenworld GmbH
         Hinterm Sielhof 22
         28277 Bremen
         Germany

         Attn: Muhammed Coban, Manager         
         Chemnitzer Str. 6
         28832 Achim
         Germany


GRIESE & HENNIG: Claims Registration Period Ends May 8
------------------------------------------------------
Creditors of Griese & Hennig GmbH have until May 8 to register
their claims with court-appointed insolvency manager Marcus
Janca.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Marcus Janca
         Untere Querstrasse 1
         23730 Neustadt in Holstein
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against Griese & Hennig GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Griese & Hennig GmbH
         Jasminstrasse 33
         23795 Bad Segeberg
         Germany

         Attn: Rolf-Dieter Griese, Manager
         Rantzaustrasse 12a
         23795 Bad Segeberg
         Germany


HAARWERKSTATT GMBH: Claims Registration Ends May 10
---------------------------------------------------
Creditors of Haarwerkstatt GmbH have until May 10 to register
their claims with court-appointed insolvency manager Michael
Bremen.

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

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Haarwerkstatt GmbH
         Bochumer Landstr. 218
         45276 Essen
         Germany


HAUS WALDWEG: Claims Registration Period Ends May 30
----------------------------------------------------
Creditors of Haus Waldweg GmbH have until May 30 to register
their claims with court-appointed insolvency manager Herbert
Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The insolvency manager can be reached at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

The Debtor can be reached at:

         Haus Waldweg GmbH
         Waldweg 105
         22393 Hamburg
         Germany

         Attn: Doria Tippach, Manager
         Rodigallee 109
         22043 Hamburg
         Germany


HWG HAUS: Claims Registration Period Ends May 25
------------------------------------------------
Creditors of HWG Haus- und Wohnungsgestaltung Weimar GmbH have
until May 25 to register their claims with court-appointed
insolvency manager Reinhardt.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on June 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 District Court of Erfurt opened bankruptcy proceedings
against HWG Haus- und Wohnungsgestaltung Weimar GmbH on
March 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Reinhardt
         Windhorststr. 17
         99096 Erfurt
         Germany

The Debtor can be reached at:

         HWG Haus- und Wohnungsgestaltung Weimar GmbH
         Attn: Sven Fildebrandt, Manager
         Ahornweg 4
         99428 Gaberndorf
         Germany


JB HOTEL: Claims Registration Ends May 25
-----------------------------------------
Creditors of JB Hotel GmbH have until May 25 to register their
claims with court-appointed insolvency manager Achim Thomas
Thiele.

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

The meeting of creditors will be held at:

         The District Court of 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 reached at:

         Achim Thomas Thiele
         Bronnerstr. 7
         44141 Dortmund
         Germany

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

The Debtor can be reached at:

         JB Hotel GmbH
         Paderborner Str. 79
         44143 Dortmund
         Germany


KURTKAN MONTAGEN: Claims Registration Ends April 30
---------------------------------------------------
Creditors of Kurtkan Montagen GmbH have until April 30 to
register their claims with court-appointed insolvency manager
Dr. Peer Moeller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Luebeck
         Hall 256
         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:

         Dr. Peer Moeller
         Untere Querstr. 1
         23730 Neustadt/H
         Germany

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

The Debtor can be reached at:

         Kurtkan Montagen GmbH
         Attn: Herrn Erdogan Kurtkan, Manager
         Hochofenstr. 21
         23569 Luebeck
         Germany


LS MEDIA: Claims Registration Ends May 4
----------------------------------------
Creditors of LS Media Solutions GmbH & Co. KG have until May 4
to register their claims with court-appointed insolvency manager
Carsten Hecker.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 25, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 230a
         Second Floor
         Bogen 2-4
         33098 Paderborn
         Germany

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

The insolvency manager can be reached at:

         Carsten Hecker
         Elsener Str. 92-94
         33102 Paderborn
         Germany
         Tel: (05251) 32114
         Fax: (05251) 32127

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

The Debtor can be reached at:

         LS Media Solutions GmbH & Co. KG
         Von-Ketteler-Str. 37
         33100 Paderborn
         Germany


MONOCARE GMBH: Claims Registration Ends May 12
----------------------------------------------
Creditors of Monocare GmbH have until May 12 to register their
claims with court-appointed insolvency manager Manfred Kuersch.

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

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55 -57
         53474 Bad Neuenahr-Ahrweiler
         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:

         Manfred Kuersch
         Kirchstrasse 19, D
         53518 Adenau
         Germany
         Tel: 02691/93283
         Fax: 02691/932840
         E-mail: kanzlei@kuersch.de   

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Monocare GmbH on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Monocare GmbH
         Wimbachstr. 38
         53518 Adenau
         Germany

         Attn: Franz-Josef Loeseke, Manager
         Koloniestr. 57
         47057 Duisburg
         Germany


MOSCHO UMZUGSLOGISTIK: Claims Registration Ends May 18
------------------------------------------------------
Creditors of "MOSCHO" Umzugslogistik GmbH have until May 18 to
register their claims with court-appointed insolvency manager
Dr. Max-Reinhard Winter.

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

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Rathausallee 80
         22846 Norderstedt
         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. Max-Reinhard Winter
         Dockenhudener Strasse 20
         22587 Hamburg
         Germany

The District Court of Norderstedt opened bankruptcy proceedings
against "MOSCHO" Umzugslogistik GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         "MOSCHO" Umzugslogistik GmbH
         Attn: Monika Schobert, Manager
         Langenharmer Weg 93 F
         22844 Norderstedt
         Germany


MOTIVE TRADER: Claims Registration Ends May 2
---------------------------------------------
Creditors of Motive Trader GmbH have until May 2 to register
their claims with court-appointed insolvency manager Dr. Achim
Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:12 a.m. on June 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meldorf
         Hall II
         Domstrasse 1
         25704 Meldorf
         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. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: 040/89956-0

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

The Debtor can be reached at:

         Motive Trader GmbH
         Attn: Zoran Zorneke, Manager
         Kueferstrasse 9
         25541 Brunsbuettel
         Germany


MPS MODERNER: Claims Registration Ends May 30
---------------------------------------------
Creditors of MPS Moderner Produkt Service GmbH have until May 30
to register their claims with court-appointed insolvency manager
Clemens Ott.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Clemens Ott
         Waldstrasse 45, D
         63065 Offenbach am Main
         Germany
         Tel: 069/800749-0
         Fax: 069/800749-90

The District Court of Offenbach am Main opened bankruptcy
proceedings against MPS Moderner Produkt Service GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         MPS Moderner Produkt Service GmbH
         Birkenwaldstr. 38
         63179 Obertshausen
         Germany

         Attn: Thomas Drenth, Manager
         Platanenstr. 25
         63533 Mainhausen
         Germany


PETER WISSLER: Creditors Must Register Claims by May 10
-------------------------------------------------------
Creditors of Peter Wissler GmbH have until May 10 to register
their claims with court-appointed insolvency manager
Rembert Kuebel-Heising.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 31, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Lueneburg
         Hall 302
         Ochsenmarket 3
         21335 Lueneburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rembert Kuebel-Heising
         Winsener Strasse 14
         21376 Salzhausen
         Germany
         Tel: 04172 / 90900
         Fax: 04172 / 909011

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

The Debtor can be reached at:

         Peter Wissler GmbH
         Im Sande 31
         21388 Soderstorf
         Germany


PLUM GMBH: Creditors Must Register Claims by May 11
---------------------------------------------------
Creditors of Plum GmbH have until May 11 to register their
claims with court-appointed insolvency manager Marc Schmidt-
Thieme.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Landau in der Pfalz
         Hall 223
         Marienring 13
         76829 Landau in der Pfalz
         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:

         Marc Schmidt-Thieme
         Soldnerstrasse 2
         68219 Mannheim
         Germany
         Tel: 0621/877080

The District Court of Landau in der Pfalz opened bankruptcy
proceedings against Plum GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Plum GmbH
         Oberwiesenstr. 4
         76829 Landau in der Pfalz
         Germany


RETRON GMBH: Creditors Must Register Claims by May 7
----------------------------------------------------
Creditors of Retron GmbH have until May 7 to register their
claims with court-appointed insolvency manager Alexander Leich.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on July 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 Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         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:

         Alexander Leich
         Nikolaus-Koch-Platz 4
         54290 Trier
         Germany
         Tel: 0651/970010
         Fax: 0651/9700115

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

The Debtor can be reached at:

         Retron GmbH
         Bernkasteler Strasse 15
         54497 Morbach
         Germany

         Attn: Michael Pauly, Manager
         Kippchesweg 10
         54497 Morbach-Hoxel
         Germany


RUDOLF KOHLSTEDDE: Creditors Must Register Claims by May 29
-----------------------------------------------------------
Creditors of Rudolf Kohlstedde GmbH & Co. KG have until May 29
to register their claims with court-appointed insolvency manager
Michael Moenig.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Michael Moenig
         Von-Steuben-Strasse 20
         48143 Muenster
         Germany
         Tel: 0251/53599-0
         Fax: +492515359910

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

The Debtor can be reached at:

         Rudolf Kohlstedde GmbH & Co. KG
         Feldstrasse 14
         48361 Beelen
         Germany


SCHIESS GRUNDSTUECKSVERWALTUNG: Claims Registration Ends Apr. 27
----------------------------------------------------------------
Creditors of SCHIESS Grundstuecksverwaltung Aschersleben GmbH
have until April 27 to register their claims with court-
appointed insolvency manager Lucas F. Floether.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 23, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Magdeburg opened bankruptcy proceedings
against SCHIESS Grundstuecksverwaltung Aschersleben GmbH on
April 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SCHIESS Grundstuecksverwaltung Aschersleben GmbH
         Wilslebener Strasse 9-11
         06449 Aschersleben
         Germany

         Attn: Joerg-Uwe Wolf, Manager
         Ahornweg 25
         06449 Westdorf
         Germany


SCHLITZER & HEIDEMANN: Claims Registration Period Ends May 15
-------------------------------------------------------------
Creditors of Schlitzer & Heidemann GmbH & Co. KG have until
May 15 to register their claims with court-appointed insolvency
manager Achim Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 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 reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

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

The Debtor can be reached at:

         Schlitzer & Heidemann GmbH & Co. KG
         Schuerbankstr. 36
         44287 Dortmund
         Germany

         Attn: Petra Respondek, Manager
         Untere Egge 1b
         44267 Dortmund
         Germany


SPIEL + FREIZEIT: Claims Registration Period Ends May 16
--------------------------------------------------------
Creditors of Spiel + Freizeit Gerads Moenchengladbach
Puppenkoenig GmbH & Co. KG have until May 16 to register their
claims with court-appointed insolvency manager Volker Quinkert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Volker Quinkert
         Brucknerallee 6
         41236 Moenchengladbach
         Germany
         Tel: 02166/6189898
         Fax: +4921666189888

The District Court of Moenchengladbach opened bankruptcy
proceedings against Spiel + Freizeit Gerads Moenchengladbach
Puppenkoenig GmbH & Co. KG on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Spiel + Freizeit Gerads Moenchengladbach Puppenkoenig
         GmbH & Co. KG
         Hindenburgstrasse 34
         41061 Moenchengladbach
         Germany

         Attn: Hans-Guenther Gerads, Manager
         Schuetzenstrasse 103
         41239 Moenchengladbach
         Germany


TFS GLASDESIGN: Claims Registration Period Ends April 26
--------------------------------------------------------
Creditors of TFS Glasdesign GmbH have until April 26 to register
their claims with court-appointed insolvency manager Michael
Bleek.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Gera
         Room 317
         Rudolf-Diener-Str. 1
         Germany

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

The insolvency manager can be reached at:

         Michael Bleek
         Grosse Allee 1a
         07407 Rudolstadt
         Germany

The District Court of Gera opened bankruptcy proceedings against
TFS Glasdesign GmbH on April 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TFS Glasdesign GmbH
         Attn: Stephan Neupert, Manager
         Froebelstr. 16
         98744 Oberweissbach
         Germany


VETTER AUTOMOBILE: Claims Registration Period Ends April 27
-----------------------------------------------------------
Creditors of Vetter Automobile Calw GmbH have until April 27 to
register their claims with court-appointed insolvency manager
Hansjoerg Wanner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 31, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report 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:

         Hansjoerg Wanner
         Reutlingerstr. 105
         72800 Eningen u.A.
         Germany

The District Court of Tuebingen opened bankruptcy proceedings
against Vetter Automobile Calw GmbH on DATE.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vetter Automobile Calw GmbH
         Attn: Helmut Vetter, Manager
         Kimmichwiesen 6
         75365 Calw
         Germany


WALTER TROLL: Claims Registration Period Ends May 9
---------------------------------------------------
Creditors of Walter Troll & Sohn GmbH have until May 9 to
register their claims with court-appointed insolvency manager
Matthias Lehmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 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:

         Matthias Lehmann
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/1018

The District Court of Bueckeburg opened bankruptcy proceedings
against Walter Troll & Sohn GmbH on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Walter Troll & Sohn GmbH
         Habichhorster Str. 7
         31655 Stadthagen
         Germany


WESSELS & FISCHER: Claims Registration Period Ends May 15
---------------------------------------------------------
Creditors of Wessels & Fischer GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.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 of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Wessels & Fischer GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Wessels & Fischer GmbH
         Tiroler Str. 52
         45659 Recklinghausen
         Germany

         Attn: Hermann Wessels, Manager
         Heidestr. 15
         45659 Recklinghausen
         Germany


WIEMER & TRACHTE: Workers' Pay Not Secure Due to Insolvency
-----------------------------------------------------------
Wiemer & Trachte, a subsidiary of German construction group
Koster, has declared insolvency affecting the security of wages
for its 1,200 employees, The Financial Times reports, citing
Suddeutsche Zeitung as its source.

Koster acquired a 59.05 percent share in Wiemer & Trachte, which
had excess debts of EUR24.7 million at the end of 2006.  The
German contractor obtained the stake from French group Vinci in
September, in its efforts to set up a base in the Rhine-Ruhr
region, the report says.

Koster had initially planned to restructure Wiemer & Trachte and
absorb it into the parent group; however, the subsidiary's
former management blocked the move, which prompted the
contractor to replace the executives, The Financial Times
relates.

According to the report, the entire management team's ouster
forced auditing company PricewaterhouseCoopers to re-examine the
subsidiary's accounts, resulting in the discovery of accounting
irregularities.  Koster is now considering legal action against
the former executives.

                     About Wiemer & Trachte

Headquartered in Dortmund, Germany, Wiemer & Trachte --
http://www.wiemer-trachte.de/-- carries out civil engineering  
and construction projects, including structural work and
specialist civil engineering work together with industrial
turnkey construction and housing projects, worldwide.


WIENERWALD AG: Gunter Steinberg May Acquire Business
----------------------------------------------------
German restaurant chain Wienerwald AG may be sold to franchise
holder Gunter Steinberg, The Financial Times reports citing
Suddeutsche Zeitung as its source.

According to Wienerwald CEO Alfons Buhr, Mr. Steinberg intends
to save the brand name.

Wienerwald applied for insolvency proceedings at the District
Court of Munich after it failed to secure a EUR5-million loan to
finance expansion plans in 2009, Allgemeine Hotel-und
Gastronomie-Zeitung relates.

Dr. Wolfgang Ott was appointed provisional insolvency manager.

The restaurant chain also requested for an insolvency procedure
in 1983 and 2005.  However, the second one was terminated.

Headquartered in Munich, Wienerwald AG has six restaurants in
self-direction.  Franchise holders operated around 70
restaurants.


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


FIAT SPA: Okays Purchase and Disposition of EUR1.4 Bln Shares
-------------------------------------------------------------
Shareholders of Fiat S.p.A. approved April 5 the company's 2006
annual report and the distribution of dividends to stockholders.

The distribution will see a gross dividend of EUR0.155 per
ordinary share, EUR0.31 per preference share and EUR0.93 per
savings share, which will be paid starting May 24, ex-dividend
date May 21.

The stockholders' meeting also authorized the purchase and
disposition of own shares, also through the group subsidiaries,
of all three classes of stock for an amount which may not exceed
10% of the company's capital and an aggregate maximum amount of
EUR1.4 billion.  

This authorization will allow the necessary servicing of the
stock option plans and will provide the company with a strategic
investment opportunity.  

Purchases of own shares will have to be made within the next 18
months in accordance with the terms and procedures allowed by
applicable law and regulations and the prices will be directly
related to the reference price reported on the stock exchange on
the preceding day, plus or minus 10%.

The meeting then approved the incentive plan based on stock
options, which had been resolved by the board of directors on
Nov. 3, 2006, and already disclosed to the market, with a
maximum of 20 million underlying Fiat ordinary shares offered at
a strike price of EUR13.37, equal to the arithmetical average of
the official prices posted on the Borsa Italiana S.p.A.'s market
in the thirty days preceding Nov. 3, 2006.

Finally, in its extraordinary session, the stockholders' meeting
approved certain amendments to the by-laws related to the Law on
Investors Protection as modified by Legislative Decree no. 303
of Dec. 29, 2006.

In particular, provisions related to the vote list system for
the election of directors were introduced, and the minimum
equity interest required for submission of a list of candidates
was determined in an amount equal to the equity interest
applicable to the Company according to the new regulations,
which may not, in any case, exceed 1% of the ordinary shares.

Provisions were also introduced in relation with the appointment
and necessary professional requirements of the manager in charge
of preparing the company's financial reporting.  Provisions
regarding the appointment of the Board of Statutory Auditors
were also amended.

Pursuant to the by-laws and in accordance to the time-schedule
provided by law, the board of directors may further amend the
by-laws to make them compliant with Consob regulations that are
currently being issued.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *

As reported in the TCR-Europe on April 10, Moody's confirmed its
Ba2 Corporate Family Rating for Fiat S.p.A.

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.


FIAT SPA: Discloses Relative Purchase Program
---------------------------------------------
Fiat S.p.A. revealed its intention to start the relative
purchase program, following stockholders' meeting resolution
that authorized the company to purchase its own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10 and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

Should purchases be carried out, Fiat will daily communicate to
the market and competent authorities the transactions it has
executed, specifying the number of shares purchased, the average
price, the total number of purchased shares as of the date of
the communication and the total invested amount as of such date.

As of April 5, Fiat owns a total of 3,344,958 ordinary shares.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,  
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                        *     *     *
As reported in the TCR-Europe on April 10, Moody's confirmed its
Ba2 Corporate Family Rating for Fiat S.p.A.

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.


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

* Issuer: Safilo Capital Intenational SA

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2013                B2       B2       LGD5     89%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Padua, Italy, Safilo S.p.A. --
http://www.safilo.com/-- engaged in the design, manufacture and  
wholesale distribution of eyewear.  The Company offers a range
of products, including frames for reading glasses, sunglasses,
glasses for sport, ski masks, goggles and visors. Safilo Group
S.p.A. markets own-brand products under the brand names Safilo,
Oxydo, Blue Bay, Carrera and Smith.  In addition, the Company is
licensed to manufacture and sell eyewear bearing certain
designer brand names, notably Alexander McQueen, Dior, Giorgio
Armani, Yves Saint Laurent and Valentino.  Safilo Group S.p.A.
operates six production sites, five in Italy and one in
Slovenia.


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


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

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

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


ABYLHAIR LLP: Creditors' Claims Due May 16
------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Abylhair insolvent.

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

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


ARLAN 2001: Proof of Claim Deadline Slated for May 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Arlan 2001 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
         Kazakshtan
         Tel: 8 (3162) 25-79-32


BAGIKLAN-2001 LLP: Court Started Bankruptcy Hearing on Feb. 27
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
begun bankruptcy proceeding against LLP Manufacturing Commercial
Company Bagiklan-2001 on Feb. 27.


BEL SNAB: Claims Filing Period Ends May 18
------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Bel Snab Zerenda 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
         Kazakshtan
         Tel: 8 (3162) 25-79-32


ERIK A: Creditors Must File Claims by May 18
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Erik A insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


RAUSHAN LLP: Creditors' Claims Due May 15
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Raushan insolvent on Feb. 23.

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


SEVER LLP: Proof of Claim Deadline Slated for May 15
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP SEVER insolvent ON Feb. 26.

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


SKIF LTD: Claims Registration Ends May 18
-----------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Skif Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakhstan


THISTLE MINING: Inks Debt Restructuring Plan with Creditors
-----------------------------------------------------------
Thistle Mining Inc. has entered into a non-binding financial
restructuring plan with its major creditors, MC Resources
Limited and Casten Holdings Limited.  

The directors hope to request a restoration of the company's AIM
trading facility soon as a legally binding agreement is
concluded.
    
On March 27, 2007, both MC and Casten indicated in writing to
Thistle that they were not willing to defer payments of
principal and interest due on April 1, 2007.  The indebtedness
due and payable on April 1, 2007 was estimated at US$24.74
million comprising of US$12.371 million owing to MC and
US$12.369 million owing to Casten.  

                       Event of Default

Pursuant to the terms of the credit agreements and related loan
notes, failure of Thistle to pay the April 1 payment in full
constituted an event of default.  Upon the occurrence of an
event of default, MC and Casten are entitled under the credit
agreements and related loan notes to immediately accelerate and
demand payment of all indebtedness and to enforce the security
that Thistle has granted to MC and Casten, including, the pledge
of shares of Thistle's subsidiaries, including Toowong Mining
BV, which holds a 25.4% equity interest in CGA Mining Limited.  
The estimated total amount of indebtedness owing toMC and Casten
is US$51.99 million.
    
On April 10, 2007, Thistle reached agreement with MC and Casten
on the restructuring of debt owing to them.  In addition to
being major creditors, MC and Casten each own 35% of the
outstanding shares of Thistle and as a result are each a
"related party" of Thistle for the purposes of Ontario
Securities Commission Rule 61-501, "Rule 61-501".  

Accordingly, the completion of the Plan will constitute a
"related party transaction" for the purposes of Rule 61-501.  
However, for the reasons outlined, the completion of the Plan is
exempt from the formal valuation and minority shareholder
approval requirements of Rule 61-501 as Thistle is relying on
the "financial hardship" exemption described in Rule 61-501. The
Plan includes:

   a) Transfer of Shares of Thistle's 100% interest in Toowong
      to MC and Casten or transfer of the shares in CGA to MC
      and Casten for US$21 million.  Toowong holds 40,985,538
      CGA shares acquired as part of the recent transaction
      whereby Thistle sold its interest in the Masbate project
      in the Philippines to CGA.
    
   b) Assignment of or undertaking to pay when due amounts
      payable to Thistle to MC and Casten for US$4.5 million.  
      Under the terms of the CGA Transaction, US$1 million and
      US$4 million are to be paid to Thistle on dates not later
      than Aug. 20, 2007 and March 20, 2008.  Under the Plan,
      notwithstanding the assignment by Thistle of its right to
      the Deferred Payments to MC and Casten, the sole
      responsibility and liability for any and all CGA claims
      shall remain with Thistle.
   
   c) Commitment to underwrite in full a private placement for
      44.45 million shares at 20 pence per share by both MC and
      Casten at no fee.  The First Private Placement will raise
      US$17.3 million before charges.

The First Private Placement is to be made to MC and Casten, pro
rata to their existing shareholdings, and select qualified
investors in the U.K.  The 20 pence per share represents the
average Thistle share price between the declaration of the
shareholder approval of the CGA Transaction on March 20, 2007
and March 28, 2007.  In the event that no other investors
subscribe for the Thistle common shares pursuant to the First
Private Placement, MC and Casten will each increase their
holding in Thistle from 35% to an estimated 42.35%.  MC and
Casten will satisfy their payment obligations for the
subscription of Thistle shares by converting their principal
debt outstanding into such shares, except that MC and Casten
will pay cash to the extent they are required to fund the use of
proceeds.    

The Plan is designed to significantly improve Thistle's
financial position.  After the implementation of the plan,
Thistle's principal business will continue to be the operation
of a gold mine owned by the President Steyn Gold Mine
Proprietary Ltd., a South African subsidiary of Thistle.  The
proceeds of the Plan will be applied as follows:

   a) the US$21 million consideration for the transfer of
      Towoong shares or CGA shares and the US$4.5 million
      Deferred Payment will be applied to repay the principal
      amount of outstanding CCAA debt owed by Thistle to MC and
      Casten.  MC and Casten of principal debt owing by Thistle
      as part of the First Private Placement will couple the
      application by Thistle of such consideration with the
      conversion.  The total principal amount outstanding as at
      April 1, 2007 was US$39.50 million;

   b) US$1.586 million of the net proceeds of the First Private
      Placement is intended to be used to replace cash held on     
      deposit and to assume certain bank suretyship and pledge
      obligations that have been provided by Thistle Holdings to   
      Standard Bank of South Africa Limited on behalf of PSGM in
      respect of various trade creditors; and
    
   c) the balance of the net proceeds of the private placement
      of US$1.750 million in cash will be used to fund Thistle's
      budgeted working capital requirements for the remainder of
      2007.  While the board of directors of Thistle considered
      the amount raised to be adequate based upon an internal
      assessment of cash flow requirements, it has not obtained
      an independent verification by external auditors of
      Thistle's working capital needs for 2007.
   
Future cash flows are subject to a number of risk factors, the
performance of PSGM, the gold price and ZAR: US dollar exchange
rates.  Depending on these and other factors, the board   
recognizes that it may be necessary for Thistle to raise further
funds during 2007.  There is no assurance that Thistle will be
successful in its future fundraising efforts.  The internal
working capital assessment assumes that gold production from
PSGM for 2007 is anticipated to be 144,000 oz at a cash cost and
total cost of US$565 to US$575 per oz and US$597 to US$610 per
oz, assuming an exchange rate of 7.30 South African rand per US
dollar.  These production and cost metrics are comparable to
that achieved for 2006.

Following completion of the repayment of the principal debt owed
to MC and Casten, Thistle will continue to owe deferred interest
and fees to MC and Casten which amounts to CDN$6.892 million and
US$6.539 million as at the date hereof.  The blended interest
rates for this debt at current exchange rates amounts to 11.33%
per annum.
    
A second private placement is contemplated under the Plan
whereby the consideration for shares shall be paid by MC and
Casten by way of set-off against the Remaining Indebtedness.  
The Second Private Placement is however subject to a change in
domicile of Thistle out of the Province of Yukon, which is
expected to be considered by the shareholders of Thistle at the
next shareholders meeting currently scheduled for July 2007.  
The subscription price of the shares under the Second Private
Placement will be equal to the weighted average closing price
per Thistle share on AIM for the 10 trading days immediately
prior to the second business day prior to the completion of the
Second Private Placement.  There is however no assurance that
the Continuance or the Second Private Placement will be
undertaken as the Continuance remains subject to further
analysis by Thistle, MC and Casten.
    
Under the Plan, the payment of the interest on the Remaining
Indebtedness is to be deferred until the earlier of April 1,
2008, and the completion of the Second Private Placement and
thereafter shall be payable quarterly on March 31, June 30,
Sept. 30 and Dec. 31 in each calendar year.  Such interest shall
be compounded quarterly in arrears on March 31, June 30,
Sept. 30 and Dec. 31 in each calendar year.  The payment of the
balance of the Remaining Indebtedness is to be deferred until
the earliest of April 1, 2010 or the date of the occurrence of
certain events including:

   a) the sale, disposal, transfer, scheme, plan, consolidation,
      amalgamation, merger, compromise, arrangement,
      distribution or situation of or involving Thistle or all
      or substantially all or a majority of the assets or rights
      of Thistle and/or its subsidiaries or which results in a
      change in control of Thistle;

   b) completion of the Second Private Placement or any other
      private placement, rights issue or fund raising;

   c) any event of default in relation to any of the Remaining
      Indebtedness or under any loan or facility agreement to
      which Thistle or any of its subsidiaries is a party from
      time to time;

   d) any legal or other proceedings being commenced against
      Thistle or any of its subsidiaries for the repayment of
      any debt or amount due, or for execution any of its or
      their respective assets, or any corporate action or legal
      proceedings are commenced for the winding-up, dissolution,
      administration, receivership, liquidation, bankruptcy, re-
      organization or similar event relating to or involving
      Thistle, any of its subsidiaries or any of their
      respective revenues, assets or rights; or

   e) any breach, in any material respect, occurring or
      reasonably likely to occur in respect of any of the terms
      or conditions of the Plan.

The completion of the Plan constitutes a "related party
transaction" under Rule 61-501.  Thistle is relying on the
"financial hardship" exemptions from the formal valuation and
minority shareholder approval requirements of Rule 61-501.  The
Directors, with the exception of any director who is involved in
the transaction as a related party, have each unanimously
determined that:

     (i) Thistle is in serious financial difficulty;

    (ii) the terms of the Plan are designed to improve Thistle's
         financial position; and

   (iii) the terms of the Plan are reasonable in the
         circumstances of Thistle.  

The Independent directors have consulted with the company's
nominated adviser and believe that the Plan is in the best
interests of the company and shareholders as a whole.  If the
Plan is not completed, the Independent Directors believe the
company will be unable to meet its financial commitments as they
fall due and consequently will be unable to continue to trade.  
In this event, the Major Creditors will utilize any legal means
necessary, including appointment of a receiver, liquidator or
administrator to realize upon their security interests.
    
The Plan also constitutes a related party transaction for the
purposes of the AIM rules.  As such, the Independent Directors
have concluded that, after the consultation with the company's
nominated adviser, Grant Thornton, the terms of the Plan are
fair and reasonable insofar as Thistle's shareholders are
concerned.  In giving its advice, Grant Thornton has taken into
account the directors' commercial assessment.
    
Completion of the Plan is subject to certain customary
conditions including but not limited to the execution of
definitive documentation by the parties and receipt of all
necessary approvals, including any required regulatory approvals
and consents of CGA, in each case by April 22, 2007.  In
addition, certain aspects of the Plan may close less than 21
days after the filing by Thistle of a material change report
concerning the Plan due to Thistle's immediate need for
financing in order to carry on its business and achieve its
business objectives.

                       About Thistle Mining

Established in 1996, Thistle Mining (TSX: THT and AIM: TMG) --
http://www.thistlemining.com/-- is a mineral exploration  
company focused on the gold properties.  Thistle has a
geographically diversified portfolio in South Africa, Kazakhstan
and in the Philippines.  The company is focused on acquiring
companies with established reserves and will not be developing
green field sites.  Its objective is to own or control reserves
of 5 million ounces of gold and to have group production of
500,000 ounces of gold per annum.
                          
                         Going Concern

The going concern basis of the company's financial statements
presentation assumes that Thistle will continue in operation for
the year ahead and will be able to realize its assets and
discharge its liabilities and commitments in the normal course
of business.  The company incurred losses of US$4.2 million
during the nine months ended Sept. 30, 2006.  At Sept. 30, 2006,
the company's current liabilities exceeded its current assets by
US$51.3 million and the company's total liabilities exceeded its
total assets by US$14.2 million.


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


ASIAN TRADE: Creditors Must File Claims by May 25
-------------------------------------------------
LLC Asian Trade & Services has declared insolvency.  Creditors
have until May 25 to submit written proofs of claim to:

         LLC Asian Trade & Services
         Razzakov Str. 55
         Bishkek
         Kyrgyzstan


NEDVIJIMOST LLC: Claims Filing Period Ends May 25
-------------------------------------------------
LLC Invest-Immovable Property Nedvijimost has declared
insolvency.  Creditors have until May 25 to submit written
proofs of claim to:

         LLC Nedvijimost
         Aviagorodok, 6-64
         Manas
         Bishkek
         Kyrgyzstan


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


GELDILUX-TS-2007 SA: Fitch Rates EUR8.4-Mln Class D notes at B
--------------------------------------------------------------
Fitch assigned expected ratings to GELDILUX-TS-2007 S.A.'s
upcoming issue of EUR2.1 billion floating-rate notes due 2014.  
This is a true sale securitization of short-term loans to German
small-to-medium sized entities originated and serviced by
Bayerische Hypo- und Vereinsbank AG on behalf of the seller, HVB
Banque Luxembourg S.A.

   -- EUR4.5 million secured floating-rate liquidity notes:
      'AAA';

   -- EUR2.02 billion Class A secured floating-rate notes:
      'AAA';

   -- EUR21 million Class B secured floating-rate notes: 'A';

   -- EUR21 million Class C secured floating-rate notes: 'BBB';
      and

   -- EUR8.4 million Class D secured floating-rate notes: 'BB'.

The final ratings are contingent on the receipt of final
documents conforming to information already received.

The ratings of the notes are based on the available credit
enhancement, the priority of payments, the quality of the loan
portfolio and available collateral, HVB's underwriting and
servicing criteria and the sound financial and legal structure
of the transaction.  Credit enhancement of the Class A notes,
totalling 3.6%, is provided by the Class B notes, the Class C
notes, the Class D notes, the unrated Class E notes and Class F
notes.  The liquidity notes will be repaid in the interest
waterfall senior to interest due on the other notes.

The expected rating of the notes addresses the ultimate
repayment of principal at maturity and timely payment of
interest according to the terms and conditions of the notes.

The loans are extended to small and medium-sized companies and
individuals for a variety of short-term purposes, such as
working capital, liquidity, import financing or interim
financing for real estate loans.  All borrowers are residents of
the Federal Republic of Germany.  The interest rate is fixed and
both interest and principal are due at maturity of the loan.  
Loans are disbursed in a single drawdown and can range in term
between a few days up to 12 months.

GELDILUX-TS-2007 S.A. is a public company with limited liability
incorporated under the laws of the Grand Duchy of Luxembourg.  
The net issue proceeds of the floating rate notes will be used
to purchase the initial loan portfolio, and the issue proceeds
of the liquidity notes will be used to fund the issuer interest
reserve account to cover payment frequency mismatches.


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


CADOGAN SQUARE: Moody's Rates EUR15-Mln Class E Notes at (P)Ba3
---------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to five
classes of notes issued by Cadogan Square CLO IV B.V., a
bankruptcy-remote special purpose vehicle incorporated under the
laws of The Netherlands.

The ratings assigned are:

   -- EUR275-million Class A Senior Secured Floating Rate Notes
      due 2023: (P)Aaa;

   -- EUR32-million Class B Senior Secured Floating Rate Notes
      due 2023: (P)Aa2;

   -- EUR18-million Class C Senior Secured Deferrable Floating
      Rate Notes due 2023:(P)A2 ;

   -- EUR21-million Class D Senior Secured Deferrable Floating
      Rate Notes due 2023: (P)Baa3; and

   -- EUR15-million Class E Senior Secured Deferrable Floating
      Rate Notes due 2023: (P)Ba3.

The EUR39-million Class M Subordinated Notes due 2023 will not
be rated.

The ratings address the expected loss posed to investors by the
legal final maturity date in 2023.

This transaction is a high yield collateralized loan obligation
related to a EUR389.8-million portfolio comprised primarily of
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include high
yield debt, structured finance securities and synthetic
exposures, as well as non-Euro issues.  This portfolio will be
partially acquired at closing and partially during the six month
ramp-up period in compliance with portfolio guidelines.

Thereafter, the portfolio of debt obligations will be actively
managed and the investment manager will be able to buy or sell
debt obligations on behalf of the Issuer.  Any addition or
removal of debt obligations will be subject to a number of
portfolio criteria.  Credit Suisse International, with the
advice of Leveraged Investments Group, will act as investment
manager.  The investment management team currently manages
seventeen USD-denominated high yield CLOs and three Euro-
denominated CLOs.

Barclays Capital arranges this transaction.


HARBOURMASTER CLO: Fitch Rates EUR19.25-Mln Class E Notes at BB
---------------------------------------------------------------
Fitch assigned expected ratings to Harbourmaster CLO 9 B.V's
issue of EUR770 million floating-rate notes due 2023.  The
transaction, a European arbitrage collateralized loan
obligation, is a securitization of primarily senior secured
loans.

The ratings assigned are:

   -- EUR254.1 million Class A1-T floating-rate notes: 'AAA'
   -- EUR269.5 million Class A1-VF floating-rate notes: 'AAA'
   -- EUR46.2 million Class A2 floating-rate notes: 'AAA'
   -- EUR50.05 million Class B floating-rate notes: 'AA'
   -- EUR30.8 million Class C floating-rate notes: 'A'
   -- EUR40.04 million Class D floating-rate notes: 'BBB'
   -- EUR19.25 million Class E floating-rate notes: 'BB'
   -- EUR60.06 million Class F subordinated notes: not rated

The final ratings are contingent on a satisfactory review of
final documentation.

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

The expected ratings are also based on the credit enhancement
provided to the various classes of notes, which consists of the
subordinated notes, structural protection covenants and excess
spread.  Credit enhancement in the form of subordination for the
class A1 notes totals 30.26%, and is provided by the class A2,
the class B, the class C, the class D, the class E and the class
N subordinated notes.  Some of the EUR60.06 million proceeds
from the subordinated notes will be used to pay certain initial
expenses of the issuer and will therefore not be available as
subordination.  This transaction is the 11th European CLO to be
managed by Harbourmaster Capital Limited.

The issuer is a company with limited liability, incorporated
under the laws of the Netherlands. The net proceeds from the
note issuance will be used to purchase a portfolio of at least
EUR750.75m of primarily European senior secured loans and to
fund certain initial expenses.

From the closing date, the issuer may invest up to 40% of the
portfolio notional into non-euro obligations denominated in an
"applicable currency".  These assets will either be asset
swapped with one of the hedging counterparties, or naturally
hedged if denominated in British pounds sterling or US dollars
by a corresponding drawing in the same currency on the multi-
currency class A1-VF notes.  However, in certain situations,
this natural hedge will not fully cover the FX risk.

The expected ratings also take into account the quality and
diversity of the portfolio of assets, which are selected by the
collateral manager, Harbourmaster Capital Limited, subject to
the guidelines outlined in the collateral management agreement.  
The said guidelines limit the collateral manager's portfolio
allocations with respect to obligor, industry and asset type.  
Fitch assigned Harbourmaster Capital Limited a CDO Asset Manager
Rating of 'CAM2' for leveraged loans in September 2004, affirmed
in November 2006, based on the manager's strong credit
underwriting and workout experience.


NXP BV: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for NXP
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
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Senior Secured FLT RT
   Notes Due 2013          Ba2      Ba2      LGD3     40%

   7.88% Senior Secured
   Regular Bond/Debenture
   Due 2014                Ba2      Ba2      LGD3     40%

   9.50% Senior Unsecured
   GTD Global Notes
   Due 2015                B2       B2       LGD5     86%

   8.63% Senior Unsecured
   GTD Global Notes
   Due 2015                B2       B2       LGD5     86%

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 Eindhoven, Netherlands, NXP B.V. --
http://www.nxp.com/-- is one of the largest semiconductor  
companies worldwide, focusing on the designs and manufacture of
application-specific integrated circuits for the home
electronics, mobile communications, automotive and
identification technology application markets.  Next to that,
NXP is focusing via its multimarket product business on general
purpose and application specific standard semiconductor
products.  Revenues were EUR4.8 billion

The company has sales offices in these Asia Pacific countries:
India, Australia, China, Hong Kong, Indonesia, Japan, Korea,
Malaysia, New Zealand, Pakistan, Philippines, Singapore, Taiwan,
and Thailand.


X5 RETAIL: Supervisory Board Backs Secondary Public Offering
------------------------------------------------------------
The Supervisory Board of X5 Retail Group N.V. has approved the
company's five-year business and financial strategy.  

In particular, the Supervisory Board supported the management
proposal to make a secondary public offering of X5 new ordinary
shares during 2007 to raise US$1 billion to finance potential
M&A deals and organic growth plans.  The Group will disclose its
business and financial targets and key parameters of the
offering in due course.

"The secondary offering of our shares is one of the instruments
we are planning to use during this year to raise additional
capital to finance potential acquisition of Karusel hypermarket
chain exercisable from Jan. 1, 2008 and our aggressive organic
growth," Lev Khasis, Group CEO, stated.  "We are delighted with
the strong support of our objectives and investment plans from
our major shareholders and Supervisory Board members who
unanimously approved the business and financial strategy
proposed by the management."

The Supervisory Board also approved the Group's 2006 audited
accounts, which the company plans to make public on April 18
after the Group auditor, Pricewaterhouse Coopers, have signed
the auditor report.

                         About X5 Retail

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

                        *     *     *

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

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


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


OCEAN RIG: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for Ocean

Moody's also assigned a B3 probability of default rating to the
company.

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

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   Senior Secured
   Regular Bond/Debenture
   Due 2013                B3       LGD4     57%
   
The company's senior secured regular bond/debenture that is Due
in 2008 is withdrawn.  It was previously rated at B3.               

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 Stavanger, Norway, Ocean Rig Norway A.S. --
http://www.ocean-rig.com/-- operates Leiv Eiriksson and Eirik  
Raude, two of the world's largest and most modern drilling rigs.

Ocean Rig ASA has operations base offices in Luanda, Angola, and
St. John's, Canada. Ocean Rig ASA was listed in the Oslo Stock
Exchange since 1997.  In 2005, the company generated operating
revenues of US$195.4 million.


PETROLEUM GEO-SERVICES: Moody's Gives 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
Petroleum Geo-Services ASA.

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
   ----------              -------  -------  --------
   US$850 million
   Senior Secured Bank
   Credit Facility
   Due 2012                Ba3      LGD4     57%

   US$150 million
   Senior Secured Bank
   Credit Facility
   Due 2010                Ba3      LGD4     57%


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%).

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.


===============
P O R T U G A L
===============


LEAR CORP: Annual Stockholders' Meeting Slated for June 27
----------------------------------------------------------
Lear Corporation has set its 2007 annual meeting of stockholders
for 10:00 a.m. on June 27 at:

         Hotel du Pont
         11th and Market Streets
         Wilmington
         Delaware 19801
         U.S.A.

At the meeting, stockholders will be asked to vote on, among
other things, a management proposal to amend the Company's
Certificate of Incorporation to declassify the Board of
Directors and, if presented, the adoption of the merger
agreement between the Company and certain affiliates of Carl
Icahn.

The record date for determination of stockholders entitled to
notice of, and vote at, the meeting is the close of business on
Monday, May 14, 2007.

                         About Lear Corp.

Southfield, Mich.-based Lear Corp. (NYSE: LEA) --
http://www.lear.com/-- is a global supplier of automotive  
interior systems and components.  Lear provides complete seat
systems, electronic products, electrical distribution systems,
and other interior products.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

In a TCR-Europe report on Feb. 13, Standard & Poor's Ratings
Services lowered its corporate credit rating on Southfield,
Mich.-based Lear Corp. to 'B' from 'B+ and placed its ratings on
CreditWatch with negative implications following Lear's
announcement that it had agreed to be acquired by Carl Icahn-
controlled American Real Estate Partners, L.P.

As reported in the Troubled Company Reporter-Europe on Feb. 8,
Moody's Investors Service placed the long-term ratings of Lear
Corporation, corporate family rating at B2, under review for
possible downgrade.  The company's speculative grade liquidity
rating of SGL-2 was affirmed.


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


CFR SA: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its Ba1 Corporate Family Rating for
Compania Nationala de Cai Ferate CFR S.A.

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

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

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

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

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

Headquartered in Bucharest, Romania, CFR SA --
http://www.cfr.ro/-- is the national infrastructure manager  
responsible for the public rail infrastructure.  Its main
offering is access to the rail infrastructure for the train
operating companies.


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


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

         A. Volchkov
         Temporary Insolvency Manager
         3rd Kurskaya Str. 15
         302004 Orel
         Russia

The Arbitration Court of Orel will convene on June 27 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A48-621/07-17B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Amber
         Oktyabrskaya Str. 27
         302028 Orel
         Russia


ATELIER LADA: Orel Bankruptcy Hearing Slated for May 16
-------------------------------------------------------
The Arbitration Court of Orel will convene at 9:10 a.m. on
May 16 to hear the bankruptcy supervision procedure on CJSC
Atelier Lada (TIN 7573002990, KPP 575301001).  The case is
docketed under Case No. A48-5137/06-17B.

The Temporary Insolvency Manager is:

         T. Stepanova
         Uralskiy Per. 14-67
         241020 Bryansk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Atelier Lada
         Turgeneva Str. 16
         302042 Orel
         Russia


EUROPE CJSC: Creditors Must File Claims by April 24
---------------------------------------------------
Creditors of CJSC Europe 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. A56-37798/2006.

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 Europe
         Sergeevskaya, 6
         St. Petersburg
         Russia


GAS-OIL-SERVICE: Creditors Must File Claims by April 24
-------------------------------------------------------
Creditors of LLC Gas-Oil-Service 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. A56-37713/2006.

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 Gas-Oil-Service
         Laboratornyj Pr. 23
         St. Petersburg
         Russia


GRAND-HOLDING CJSC: Creditors Must File Claims by April 24
----------------------------------------------------------
Creditors of CJSC Grand-Holding 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. A56-36948/2006.

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 Grand-Holding
         Vyborgskaya Quay, 61
         St. Petersburg
         Russia


KHOVU-AKSYNSKIY BAKERY: Creditors Must File Claims by April 24
--------------------------------------------------------------
Creditors of Municipal Unitary Enterprise Khovu-Aksynskiy Bakery
have until April 24 to submit proofs of claim to:

         M. Oyun
         Insolvency Manager
         Beregovaya Str. 2
         Kyzyl, Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A69-2840/06-3.

The Court is located at:

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

The Debtor can be reached at:

         M. Oyun, Insolvency Manager
         Beregovaya Str. 2
         Kyzyl
         Tatarstan
         Russia


KOMBA CJSC: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of CJSC Komba have until April 24 to submit proofs of
claim to:

         L. Serdyuk
         Temporary Insolvency Manager
         Building 6
         Moldagulovoy Str. 16
         111395 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A40-7111/06-86-18B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow  
         Russia

The Debtor can be reached at:

         CJSC Komba
         Lenina Str. 81
         Volovo, Moscow
         Russia


MAGNITOGORSK IRON: Prices GDR Offering at US$12.25-US$15.50
-----------------------------------------------------------
OJSC Magnitogorsk Iron and Steel Works has set the price range
of its public offering at US$12.25-US$15.50 for each Global
Depositary Receipt, RIA Novosti reports.

MMK plans to list its GDRs on the London Stock Exchange and
announce the final price of the offering late this month, RIA
Novosti reports.  

The company commenced its two-week road show for the offering on
April 9.  The offering, comprised of ordinary shares and GDRs,
represents 13.64% of the company's charter capital.

The company posted a 50.6% rise in net profit to US$1.43 billion
on a 19.4% hike in sales to US$6.42 billion.  The figures were
prepared according to U.S. GAAP.

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC Magnitogorsk Iron
and Steel Works -- http://www.mmk.ru/-- manufactures steel and  
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MOSCOW CITY TELEPHONE: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Moscow City Telephone Network.

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%).

The Moscow City Telephone Network -- http://www.mgts.ru/-- is a  
publicly held utility providing local telephone service to over
4,000,000 subscribers in the city of Moscow, Russia.  In 1994 it
was structured into a joint stock company.  A minority stake is
held by Svyazinvest, the holding company that owns majority
stakes in Russia's big regional telecom operators.


NEW OIL: Creditors Must File Claims by May 24
---------------------------------------------
Creditors of CJSC New Oil Project (TIN 7702163707) have until
May 24 to submit proofs of claim to:

         V. Ulitenkov
         Insolvency Manager
         To be called for Mr. V. Ulitenkov
         125009 Moscow
         Russia
         Tel: (985) 774-70-81
         Tel/Fax: (495) 692-01-73

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-130/07-78-1 B.

The Court is located at:

         The Arbitration Court of Moscow
         Novaya Basmannaya Str. 10
         Moscow  
         Russia

The Debtor can be reached at:

         CJSC New Oil Project
         Apartment 187
         Olimpiyskiy Pr., 30
         129272 Moscow
         Russia


NORTH-SERVICE CJSC: Creditors Must File Claims by April 24
----------------------------------------------------------
Creditors of CJSC Company North-Service have until April 24 to
submit proofs of claim to:

         N. Popov
         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. A56-36833/2006.

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 Company North-Service
         Office 3
         Building 2
         Moskovskiy Pr. 70
         St. Petersburg
         Russia


NORTH TRADE: Creditors Must File Claims by April 24
---------------------------------------------------
Creditors of CJSC North Trade Dealer 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. A56-41437/2006.

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 North Trade Dealer
         Engelsa Pr. 81
         St. Petersburg
         Russia


ORENBURG-ALCO (PSLVZ): Asset Sale Slated for April 24
-----------------------------------------------------
LLC House Of Estimate Fin-Expert, the bidding organizer for OJSC
Orenburg-Alco (PSLVZ), will open a public auction for the
company's properties at noon on April 24 at:

         LLC House of Estimate Fin-Expert
         Tekhnicheskaya Str., 3
         Orenburg
         Russia

Interested participants have until April 19 to deposit an amount
to:

         LLC House Of Estimate Fin-Expert
         Settlement Account 40702810204000000734
         Correspondent Account 3010181070000000000815
         BIK 045354815
         OJSC ACB Avangard (Orenburgskiy)
         Orenburg
         Russia

Bidding documents must be submitted to:

         LLC House of Estimate Fin-Expert
         Tekhnicheskaya Str. 3
         Orenburg
         Russia

The Debtor can be reached at:

         OJSC Orenburg-Alco (PSLVZ)
         Aerodromnaya Str. 3
         Pervomayskiy
         Orenburg
         Russia


ROOF RUSSIA: Moody's Assigns Low-B Ratings to Two Note Classes
--------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to these
four classes of asset-backed notes issued by ROOF Russia S.A.

   -- US$130-million Class A Asset Backed Secured Floating Rate
      Notes due 2017: (P)A3;

   -- US$13.8-million Class B Asset Backed Secured Floating Rate
      Notes due 2017: (P)Baa2;

   -- US$17.9-million Class C Asset Backed Secured Floating Rate
      Notes due 2017: (P)Ba2; and

   -- US$3.5-million Class D Asset Backed Secured Floating Rate
      Notes due 2017: (P)B2.

In addition to the above listed notes, there is a class of
USD227.2 Senior Variable Funding Certificates that rank pari-
passu with the Class A notes, and a subordinated note initially
sized at USD7.6 million.

ROOF Russia is the first public securitization transaction from
ZAO Raiffeisenbank Austria, and the third securitization from
Raiffeisen International Group after closing ROOF Poland 2006
and ROOF CEE 2006-1 last year.

This is the first Russian Auto ABS transaction that Moody's has
rated in the single A range.  This is partly due to the
relatively high rating of the Originator (FCR Baa2), which
materially reduces the likelihood of a challenge to the true
sale.  In addition, the asset pool exhibits much better default
and recovery characteristics to those seen in other Russian
transactions.

The Notes are backed by a portfolio of fixed rate, USD
denominated auto loans.  These loans are fully amortizing, fixed
installment loans extended to well educated middle-class
professionals for the purpose of purchasing new, non-Russian
brand vehicles.

Although the initial average yield on the assets is 9.3% this
could reduce as higher yielding assets pre-pay or default and
lower yielding assets are substituted.  The subordinated note is
dynamically sized to protect the structure from such spread
compression and eligibility criteria are in place to ensure that
any individual asset has a yield of at least 7.0% and the
weighted average portfolio yield is above 8.5%.

The Russian legal and operating environment presents certain
risks, in particular related to the potential challenges to the
true sale under Russian Law.  Moody's notes that, due to the
high credit rating of the Originator (FCR Baa2), there is
substantially less likelihood of an Originator insolvency than
seen in some other Russian ABS securitizations.  We have
reviewed Russian legal opinions in connection with this
transaction and are satisfied that these risks are commensurate
with the rating levels assigned to the notes.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings represent only Moody's
preliminary credit opinions only.  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 prospective rating.  A
rating is not a recommendation to purchase, sell or invest in
any securities.

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


ROOF RUSSIA: Fitch Rates Class D Term Notes at B
------------------------------------------------
Fitch Ratings assigned ROOF Russia S.A.'s Class A, Class B,
Class C and Class D term notes expected ratings of 'A-', 'BBB',
'BB' and 'B' respectively.  The final ratings are contingent on
the receipt of final documents conforming to information already
received.

The transaction is a securitization of auto loan receivables
originated in the Russian Federation by Raiffeisenbank Austria
ZAO.  RBA will assign eligible receivables and their security
rights to an offshore special-purpose entity incorporated under
the laws of Luxembourg.  The SPE will finance the purchase price
via the issuance of four tranches of term notes, a conduit
financing facility in the form of a senior variable funding
certificate and a subordinated note.

The term issuance totals US$165.2 million and is the first
consumer ABS transaction originated by RBA in Russia.  The SVFC
totals US$227.17 million.  The transaction has a revolving
period of three years during which the issuer will only pay
interest on the notes unless an early amortization event is
triggered.  The ratings address the timely payment of interest
and ultimate payment of principal in accordance with the terms
of the notes.  The expected ratings are based on the quality of
the collateral, available credit enhancement, the underwriting
and servicing capacities of the originator and the legal
structure of the transaction.  Initial credit enhancement
totalling 10.71% is available to the Class A notes and SVFC
notes, to be provided by the subordination of the Class B notes,
the Class C notes and the Class D notes and the subordinated
note.  The transaction also has the benefit of excess spread.

RBA is a rapidly expanding bank in the Russian Federation, where
it has been operating since 1996.  It is 99.9%-owned by
Raiffeisen International Bank-Holding AG.  RI is 70%-owned by
Raiffeisen Zentralbank Osterreich AG.  RBA has a growing
footprint across the country and is focused on expanding its
consumer loan business.  RBA's origination procedures benefit
from the strong relationship with its foreign parent.

The securitized loans are US$-denominated and carry fixed rates
of interest.  All loans are amortizing.  They are granted for
the purchase of new non-Russian brand vehicles only and are
focused on middle- to high-income borrowers.  There is
relatively heavy concentration in the major urban areas,
especially Moscow and St Petersburg.

While the pace of asset growth has been swift in Russia over the
past two years, driven by the economic boom, consumer debt is
still less than 5% of GDP.  Despite the boom, the economy
remains vulnerable to shifts in global liquidity conditions,
commodity prices and domestic political tensions.  Furthermore,
loan performance has not been tested through a full cycle, while
the economy lacks the diversity that would be needed to
efficiently absorb the impact of a major crisis.  The Russian
economy and financial system are also likely to demonstrate much
higher volatility relative to more developed, mainstream
economies.

For these reasons, the base-case default and recovery
assumptions derived from the asset pool for this transaction
have been stressed in line with standard emerging market
criteria, which apply developed-economy style stresses at the
Country Ceiling rating.  The rationale is to simulate the impact
on loan performance of a full economic cycle and to make
allowances for a less supportive economic and financial
backdrop, especially when rating above or at the Country
Ceiling.


SEVERSTAL OAO: CEO Mulls Merger with Rival Firm
-----------------------------------------------
OAO Severstal might pursue a merger with one of its rival steel
makers if it is economically viable, Peter Marsh writes for The
Financial Times citing company CEO Alexei Mordashov.

Mr. Mordashov told FT that Severstal is open to possible merger
deals, including that with Russian rival Evraz Group.  

FT suggests that Mr. Mordashov's statements may relive
speculation on a possible merger between two of the big four
Russian steel producers.

                        About Severstal

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

                         *     *     *

As of Feb. 1, Severstal carries these ratings:

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

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

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


SEVERSTAL OAO: 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 Severstal OAO.

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
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2009                B1       B1       LGD5     75%

   Sr. Unsec. Regular
   Bond/Debenture
   Due 2014                B1       B1       LGD5     75%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel      
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.


STROY-SERVICE CJSC: Creditors Must File Claims by April 24
----------------------------------------------------------
Creditors of CJSC Building Company Stroy-Service 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. A56-37700/2006.

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 Building Company Stroy-Service
         Prosvesheniya Pr. 69
         St. Petersburg
         Russia


TIMER WOOD: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of LLC Timer Wood 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. A56-38003/2006.

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 Timer Wood
         Premise 3
         Letter V
         Matyushenko 16
         St. Petersburg
         Russia


VIMPEL-COMMUNICATION: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba2 Corporate Family Rating for OJSC
Vimpel-Communication.

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
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

   8.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                Ba2      Ba2      LGD4     52%

   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     52%

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                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 Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile  
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia


VNESHTORGBANK JSC: To Offer Shares on London & Russian Bourses
--------------------------------------------------------------
JSC Vneshtorgbank will hold its initial public offering on the
London and Russian stock exchanges, RIA Novosti reports citing a
source privy to the company.

In a TCR-Europe report on April 12, VTB confirmed plans to
proceed with a Global Offering of ordinary shares and Global
Depositary Receipts in May 2007.

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

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

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

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

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

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

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

                       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.


WHEAT VERKHOVYE: Creditors Must File Claims by May 24
-----------------------------------------------------
Creditors of OJSC Wheat Verkhovye have until May 24 to submit
proofs of claim to:

         I. Vasilenko
         Insolvency Manager
         Office 31
         Gorkogo Str. 45
         Orel 302040
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-3352/06-20b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Wheat Verkhovye
         Verkhovye
         Verkhovskiy
         Orel
         Russia


X5 RETAIL: Supervisory Board Backs Secondary Public Offering
------------------------------------------------------------
The Supervisory Board of X5 Retail Group N.V. has approved the
company's five-year business and financial strategy.  

In particular, the Supervisory Board supported the management
proposal to make a secondary public offering of X5 new ordinary
shares during 2007 to raise US$1 billion to finance potential
M&A deals and organic growth plans.  The Group will disclose its
business and financial targets and key parameters of the
offering in due course.

"The secondary offering of our shares is one of the instruments
we are planning to use during this year to raise additional
capital to finance potential acquisition of Karusel hypermarket
chain exercisable from Jan. 1, 2008 and our aggressive organic
growth," Lev Khasis, Group CEO, stated.  "We are delighted with
the strong support of our objectives and investment plans from
our major shareholders and Supervisory Board members who
unanimously approved the business and financial strategy
proposed by the management."

The Supervisory Board also approved the Group's 2006 audited
accounts, which the company plans to make public on April 18
after the Group auditor, Pricewaterhouse Coopers, have signed
the auditor report.

                         About X5 Retail

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

                        *     *     *

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

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


YUKOS OIL: Angarsk Unit Earns RUR3.59 Billion for Full Year 2006
----------------------------------------------------------------
OAO Angarsk Petrochemical Co., a unit of OAO Yukos Oil Co.,
released its financial results for the year ended Dec. 31, 2006,
prepared according to Russian Accounting Standards.

Angarsk Petrochemical posted a 58% year-on-year rise in net
profit to RUR3.59 billion for full year 2006.

Eduard Rebgun, Yukos' bankruptcy receiver, is selling Angarsk
Petrochemical, along with the company's other East Siberian
assets, on May 3.  The lot, which carries a RUR166.34 billion
starting price, also include these assets:

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

                         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.


ZMIEVSKIY MEAT: Creditors Must File Claims by April 24
------------------------------------------------------
Creditors of OJSC Zmievskiy Meat Processing Enterprise have
until April 24 to submit proofs of claim to:

         S. Zhidov
         Temporary Insolvency Manager
         Sovetskaya Str. 4
         440026 Penza
         Russia

The Arbitration Court of Orel commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A48-5232/06-206.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zmievskiy Meat Processing Enterprise
         Pochtovaya Str. 1
         Zmievka
         Orel
         Russia


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


ALLIANCE ATLANTIS: Shareholders Approve Canwest Takeover
--------------------------------------------------------
Shareholders of Alliance Atlantis passed a special resolution
approving an arrangement pursuant to section 192 of the Canada
Business Corporations Act whereby AA Acquisition Corp., a
corporation wholly owned by CanWest MediaWorks Inc., will
acquire all of the outstanding Class A and Class B shares of
Alliance Atlantis for CDN53.00 cash per share.

The Arrangement was approved by 99.7% of the votes cast by
holders of outstanding Class A Voting Shares and 99.99% of the
votes cast by holders of outstanding Class B Non-Voting
Shares present in person or represented by proxy at the meeting.
Both votes exceeded the required two-thirds approval for each
class of shares.

"We are very happy that the shareholders of Alliance Atlantis
have overwhelmingly voted in favor of the Arrangement, as
recommended by our Board of Directors," Phyllis Yaffe,
Chief Executive Officer of Alliance Atlantis, said.  

"We too are pleased with [the] results," Leonard Asper,
President and Chief Executive Officer of CanWest Global
Communications Corp., said.  "This brings us one step closer to
combining the people and expertise of CanWest and Alliance
Atlantis in order for us together to produce even better
Canadian content, promote it more effectively and provide
greater access to more viewers across more platforms".

The completion of the Arrangement is subject to the approval of
the Ontario Superior Court of Justice and to the satisfaction of
certain other conditions described in the Management Proxy
Circular dated March 5, which was mailed to shareholders of
Alliance Atlantis.

                      About CanWest Global

CanWest Global Communications Corp. owns Global Television
Network, and holds substantial interests in Canada's largest
publisher of daily newspapers, and conventional television, out-
of-home advertising, specialty cable channels, web sites and
radio stations and networks in Canada, New Zealand, Australia,
Turkey, Singapore, the United Kingdom and the United States.

                     About Alliance Atlantis

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a  
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain and Australia.

                         *     *     *

In January 2007, Standard & Poor's Ratings Services reported
that the ratings on Alliance Atlantis Communications Inc.,
including the 'BB' long-term corporate credit rating, remain on
CreditWatch.  The implications, however, have been revised to
negative from developing.  The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.

At the same time Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible downgrade.


ALLIANCE ATLANTIS: Expects CanWest Takeover Completion in July
--------------------------------------------------------------
Alliance Atlantis Communications Inc. and CanWest Global
Communications Corp. expect that the completion of the
Arrangement pursuant to which AA Acquisition Corp. would acquire
all of the outstanding shares of Alliance Atlantis for CDN53.00
cash per share will occur in July 2007 or early August 2007.

Alliance Atlantis entered into an Arrangement Agreement with
Acquireco, a corporation wholly owned by CanWest MediaWorks
Inc., providing for an Arrangement with Alliance Atlantis.

CanWest and Alliance Atlantis had anticipated that the
preparation and audit of certain of the financial information
required by Acquireco in connection with debt financings being
undertaken in connection with the Arrangement could be completed
in time for a May closing.

However, the exercise is taking longer than initially expected
and the required information will not be available in time to
permit completion of the Arrangement in May 2007.  As a result,
Alliance Atlantis will be required pursuant to the Arrangement
Agreement to provide more current unaudited financial statements
and other information in respect of the first fiscal quarters of
2007 and 2006 in connection with the Acquireco debt financings.  
This required financial information is expected to be available
in late June thereby permitting a July or early August closing.  

Given the parties' expectation as to timing for completion of
the Arrangement, Alliance Atlantis currently intends to seek
relief from the requirement to hold its annual meeting of
shareholders by end of June 2007 so as not to hold such meeting
prior to the completion of the Arrangement.

                      About CanWest Global

CanWest Global Communications Corp. owns Global Television
Network, and holds substantial interests in Canada's largest
publisher of daily newspapers, and conventional television, out-
of-home advertising, specialty cable channels, web sites and
radio stations and networks in Canada, New Zealand, Australia,
Turkey, Singapore, the United Kingdom and the United States.

                     About Alliance Atlantis

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a  
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain and Australia.

                         *     *     *

In January 2007, Standard & Poor's Ratings Services reported
that the ratings on Alliance Atlantis Communications Inc.,
including the 'BB' long-term corporate credit rating, remain on
CreditWatch.  The implications, however, have been revised to
negative from developing.  The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.

At the same time Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible downgrade.


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


CENTRALWAY ASSOCIATED: Creditors' Liquidation Claims Due Apr. 30
----------------------------------------------------------------
Creditors of LLC Centralway Associated have until April 30 to
submit their claims to:

         Martin Saidler
         Liquidator
         Bahnhofstrasse 7
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Centralway Associated
         Zug
         Switzerland


CROSSROADS CAPITAL: Creditors' Liquidation Claims Due April 30
--------------------------------------------------------------
Creditors of LLC Crossroads Capital (Suisse) have until April 30
to submit their claims to:

         LLC Fiscom Consulting
         Liquidator
         Haldenstrasse 5
         6342 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC Crossroads Capital (Suisse)
         Baar ZG
         Switzerland


EXPLOIT JSC: Lucerne Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against JSC Exploit on March 12.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         JSC Exploit
         Gerliswilstrasse 10
         6020 Emmenbrucke
         Switzerland


FCT INVEST: Creditors' Liquidation Claims Due May 31
----------------------------------------------------
Creditors of LLC FCT Invest have until May 31 to submit their
claims to:

         Markus Rychener
         Liquidator
         Zelgmattweg 3
         3612 Steffisburg
         Thun BE
         Switzerland

The Debtor can be reached at:

         LLC FCT Invest
         Steffisburg
         Thun BE
         Switzerland


FWC FLORIDA: Creditors' Liquidation Claims Due May 1
----------------------------------------------------
Creditors of JSC FWC Florida Wellness Center have until May 1 to
submit their claims to:

         Urs Schwab
         Liquidator
         Aareweg 25
         2557 Studen
         Nidau BE
         Switzerland

The Debtor can be reached at:

         JSC FWC Florida Wellness Center
         Studen
         Nidau BE
         Switzerland


HAMMANN CONSULTING: Creditors' Liquidation Claims Due May 2
-----------------------------------------------------------
Creditors of LLC Hammann Consulting have until May 2 to submit
their claims to:

         Irchelstrasse 10
         8500 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Hammann Consulting
         Frauenfeld TG
         Switzerland


KAMBERI ARMIERUNGEN: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against LLC Kamberi Armierungen on Jan. 29.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         LLC Kamberi Armierungen
         Eschenring 4
         6020 Emmenbrucke
         Switzerland


LANDGASTHOF STERNEN: Creditors' Liquidation Claims Due April 30
---------------------------------------------------------------
Creditors of LLC Landgasthof Sternen & Fassli-Bar have until
April 30 to submit their claims to:

         Monica Oesch
         Liquidator
         Horbengasse 1
         3054 Schupfen
         Aarberg BE
         Switzerland

The Debtor can be reached at:

         LLC Landgasthof Sternen & Fassli-Bar
         Kappelen
         Aarberg BE
         Switzerland


SMS STAHL: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC SMS Stahl-und Metallbau on March 13.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC SMS Stahl-und Metallbau
         Seminarstrasse 40
         5400 Baden AG
         Switzerland


YAO FINE: Creditors' Liquidation Claims Due April 30
----------------------------------------------------
Creditors of LLC YAO fine products have until April 30 to submit
their claims to:

         Aufdorfstr. 176b
         8708 Mannedorf
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         LLC YAO fine products
         Mannedorf
         Meilen ZH
         Switzerland


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


DEMETRA LLC: Creditors Must File Claims by April 26
---------------------------------------------------
Creditors of LLC Demetra (code EDRPOU 30142887) have until
April 26 to submit written proofs of claim to:

         Olga Brusentsova
         Liquidator
         Perekopskaya Str. 203
         73036 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/190-B-05.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC Demetra
         Krasnostudencheskaya Str. 4
         Herson
         Ukraine


KUZNETSOVSK ENERGY: Creditors Must File Claims by April 27
----------------------------------------------------------
Creditors of OJSC Kuznetsovsk Energy Dwelling Building (code
EDRPOU 04698919) have until April 27 to submit written proofs of
claim to:

         Pavel Duplika
         Temporary Insolvency Manager
         P.O. Box 27
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company on March 19 after finding it insolvent.  
The case is docketed under Case No. 8/11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kuznetsovsk Energy Dwelling Building
         Industrial Zone
         Kuznetsovsk
         34400 Rivne
         Ukraine


KYIVSTAR GSM: Legal Dispute May Prompt Default on Eurobond Issue
----------------------------------------------------------------
CSJC Kyivstar GSM may fall into technical default on a
US$175-million Eurobond issue as its dispute with major
shareholders Alfa Group and Telenor ASA continues, Lena
Plekhanova writes for Kyiv Post.

The Alfa Group affiliate Storm LLC, which owns 43.5% of
Kyivstar, has persistently boycotted Kyivstar's shareholder and
Board meetings for the past two years.  As a result, there has
not been a valid quorum at either shareholder meetings or Board
meetings in Kyivstar for the whole of 2006.  Telenor has
nevertheless remained in control of the operations in Kyivstar
throughout the period up to Dec. 29, 2006.

                     Legal Proceedings

Alfa Group affiliates, Storm and Alpren Limited, commenced legal
actions in Ukrainian courts in late December 2006 and in January
and February 2007 disputing Kyivstar's authority to appoint
auditors.  These actions have led to injunctions purporting to
prohibit:

   -- Kyivstar's management from providing financial information
      to Kyivstar's international auditors and shareholders,
      including Telenor;

   -- the use of financial information already provided by
      Kyivstar and to prohibit Kyivstar and Telenor's auditors
      from carrying out any audit work in relation to Kyivstar's
      year-end IFRS financial statements; and

   -- Kyivstar from disseminating any financial information that
      has not been approved by Kyivstar's board or shareholders,
      and to prohibit anyone from using any such financial
      information in their consolidated accounts.

Telenor is contesting these actions in the context of its
ongoing arbitration proceedings in New York, as well as, to the
extent permitted by the Kyivstar shareholders agreement, by
seeking alternative legal redress.

                  Temporary Deconsolidation

Although Telenor is attempting to remedy the situation, the
injunctions at present prevent Telenor from controlling or
exercising significant influence over Kyivstar.  Accordingly,
Telenor's Board of Directors has decided to temporarily
deconsolidate Kyivstar in Telenor's accounts with effect from
Dec. 29, 2006, and present the majority stake in one line as an
investment.  Kyivstar has been consolidated in the income
statement up to Dec. 29, 2006.  Telenor's auditor has informed
Telenor that, since they have been prevented from carrying out
audit work in relation to Kyivstar's year-end financial
information, their audit report for the Telenor Group will
contain a scope limitation in respect to Kyivstar's financial
information.  

"Kyivstar was the first company in Ukraine to organize Eurobond
financing.  The trust which investors then showed the company
was due to the international auditing being performed.  When
courts interfere in such issues, depriving companies of the
right to perform trustworthy auditing and financing, they
seriously threaten not only the future of Kyivstar, but of all
Ukrainian businesses in need of international investments and
especially those who plan to make an initial public offer,"
Trond Monroe, Head of Telenor Representative Office in Ukraine,
said.

                        About Alfa Group

Headquartered in Moscow, Russia, Alfa Group --
http://www.alfagroup.org/-- is run by Mikhail Fridman, who is  
also the group's majority owner.  Alfa has interests in banking,
asset management, private equity, real estate, insurance, and
telecommunications.  Other investments include supermarkets,
vodka, and energy.  Founded in 1989 as Alfa-Eco, the company is
known for its aggressive tactics in buying and selling
companies.

                        About Telenor

Headquartered in Fornebu, Norway, Telenor ASA --
http://www.telenor.com/-- is the largest provider of   
telecommunications services in Norway, and has substantial
international operations.  In 2004, Telenor registered record-
high customer growth in several markets.

                        About Kyivstar

Headquartered in Kiev, Ukraine, Kyivstar GSM --
http://www.kyivstar.net/-- is partially owned by Telenor ASA   
and provides mobile communication services in Ukraine.  

                        *     *     *

As reported in the TCR-Europe on April 2, Moody's Investors
Service put Kyivstar's ("Ba3" corporate family rating, Positive
Outlook) on review for possible downgrade following the public
disclosure of the injunction issued by the Kyiv City Commercial
Court, prohibiting the company from making any of its financial
or other reports and information relating to the financial or
business activities available to any third parties.

In March, Standard & Poor's Ratings Services said that its
ratings and outlook on Ukraine-based mobile telecommunications
operator CJSC Kyivstar GSM (BB-/Stable/--) remain unchanged
despite the ongoing possibility that the company might breach an
information covenant of its Eurobonds.


LUKA SUGAR: Creditors Must File Claims by April 27
--------------------------------------------------
Creditors of OJSC Luka Sugar Plant (code EDRPOU 00372486) have
until April 27 to submit written proofs of claim to:

         Vladislav Klimenko
         Liquidator
         P.O. Box 62
         03035 Kiev Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 15 after finding it insolvent.  The
case is docketed under Case No. 334/2b-2006/14.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Luka Sugar Plant
         Taraschansky District Luka
         09544 Kiev
         Ukraine


MOVABLE MECHANIZED: Creditors Must File Claims by April 27
----------------------------------------------------------
Creditors of Joint Enterprise Movable Mechanized Column (code
EDRPOU 03586319) have until April 27 to submit written proofs of
claim to:

         Pavel Duplika
         Temporary Insolvency Manager
         P.O. Box 27
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company on March 15 after finding it insolvent.  The
case is docketed under Case No. 9/88.

The Court is located at:

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

The Debtor can be reached at:

         Joint Enterprise Movable Mechanized Column
         Sobornaya Str. 370A
         Rivne
         Ukraine


NOVY BUG: Claims Submission Deadline Set April 26
-------------------------------------------------
Creditors of OJSC Novy Bug Enterprise of Bread Products (code
EDRPOU 00952083) have until April 26 to submit written proofs of
claim to:

         Andrew Maksimov
         Temporary Insolvency Manager
         P.O. Box 85
         01030 Kiev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2/32/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Novy Bug Enterprise of Bread Products         
         Vatutin Str. 1
         Novy Bug
         55600 Nikolaev
         Ukraine


POLESIYE PRODUCT: Creditors Must File Claims by April 27
--------------------------------------------------------
Creditors of LLC Polesiye Product (code EDRPOU 00379471) have
until April 27 to submit written proofs of claim to:

         Pavel Duplika
         Temporary Insolvency Manager
         P.O. Box 27
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company on March 15 after finding it insolvent.  The
case is docketed under Case No. 9/4.

The Court is located at:

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

The Debtor can be reached at:

         LLC Polesiye Product
         Zheleznodorozhnaya Str. 3
         Dubrovitsa
         Rivne
         Ukraine


SUMY AGRICULTURAL: Creditors Must File Claims by April 26
---------------------------------------------------------
Creditors of LLC Sumy Agricultural Sugar (code EDRPOU 32778725)
have until April 26 to submit written proofs of claim to:

         Sergey Soldatkin
         Liquidator
         P.O. Box 30
         40014 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company on March 20 after finding it insolvent.  The
case is docketed under Case No. 8/603-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sumy Agricultural Sugar
         Privokzalnaya Str. 25
         40003 Sumy
         Ukraine


SVITANOK LLC: Creditors Must File Claims by April 26
----------------------------------------------------
Creditors of Agricultural LLC Svitanok have until April 26 to
submit written proofs of claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company on March 5 after finding it insolvent.  The
case is docketed under Case No. 27/36B.

The Debtor can be reached at:

         Agricultural LLC Svitanok
         Grodovka
         Krasnoarmeysk District
         Donetsk
         Ukraine


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


AMERICAN GREETINGS: Completes Sale of Learning Horizons Unit
------------------------------------------------------------
American Greetings Corp. has completed the sale of Learning
Horizons Inc.  Learning Horizons offers a variety of
supplemental educational products for children.  The company was
sold to Learning Horizons Holding Corp., an Evolution Capital
Partners portfolio firm.

The Company entered into an agreement to sell Learning Horizons
in February 2007 and has completed the transaction.  The sale of
Learning Horizons reflects the Company's strategy to focus its
resources on businesses and product lines more closely related
to its core social expression business.  The terms of the
transaction have not been disclosed.  As a result of this
transaction the Company expects to record a pre-tax loss of
around US$4 million.

                    About American Greetings

Headquartered in Cleveland, Ohio, American Greetings Corp.
(NYSE: AM) -- http://corporate.americangreetings.com/--  
manufactures social expression products.  American Greetings
also manufactures and sells greeting cards, gift wrap, party
goods, candles, balloons, stationery and giftware throughout the
world, primarily in Canada, the United Kingdom, Mexico,
Australia, New Zealand and South Africa.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. consumer products sector, the rating
agency confirmed its Ba1 Corporate Family Rating for American
Greetings Corporation.  

Additionally, Moody's revised or held its probability-of-default
ratings and assigned loss-given-default ratings on these loans
and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   US$300-million
   sr. sec delay
   draw term loan
   due 2013             Ba1      Baa3    LGD2       28%

   US$350-million
   senior secured
   revolving credit
   facility due 2011    Ba1      Baa3    LGD2       28%

   US$200-million
   senior unsecured
   notes due 2016       Ba2      Ba2     LGD5       81%

   US$22.7-million
   senior unsecured
   notes due 2028       Ba2      Ba2     LGD5       81%


BRITISH ENERGY: Files Case vs. Credit Suisse on Eggborough Deal
---------------------------------------------------------------
British Energy Plc has filed a legal action against Credit
Suisse over the financing of its Eggborough power station,
Budapest Business Journal reports.

British Energy's lending banks, which include Credit Suisse,
proposed transactions wherein the banks could exercise an option
to acquire the Eggborough power station in 2010, BBJ relates
citing a company statement.  

"The arrangements involve the consolidation of interests into a
company called Ampere Limited, which would control the exercise
of the options to acquire Eggborough," the energy company said.

British Energy said it received legal advice that the
arrangements are not allowed under the Eggborough finance
agreements, BBJ adds.   The company added the transactions were
not in the best interest of British Energy and its shareholders.

The company is seeking to have the transactions declared
unlawful.  Hearing of the case is expected to start on May 21.

                      About British Energy

Headquartered in East Kilbride, United Kingdom, British Energy
Plc -- http://www.british-energy.com/-- generates, sells, and  
trades electricity.  The Company owns and operates eight nuclear
power stations and one coal-fired power station in the United
Kingdom.

                        *     *     *

In a TCR-Europe report on April 11, Moody's Investors Service's
confirmed its Ba2 Corporate Family Rating for British Energy
Holdings Plc in connection with the rating agency'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.

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

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

The TCR-Europe reported on March 1 that Fitch Ratings affirmed
the 'BB' rating of British Energy Holdings plc's amortizing
bonds, guaranteed by the group's material operating
subsidiaries.  The Issuer Default ratings of BEH and British
Energy Group plc are affirmed at 'BB+'.  Fitch said the Outlooks
are Stable.


CHATTEM INC: Earns US$13.7 Million in First Quarter 2007
--------------------------------------------------------
Chattem Inc. reported net income of US$13.7 million for the
first quarter ended Feb. 28, 2007, down 7%, compared to net
income of US$14.8 million in the prior year quarter.  

Net income in the first quarter of fiscal 2007 included employee
stock option expenses under SFAS 123R.  Net income in the first
quarter of fiscal 2006 included employee stock option expense
under SFAS 123R, a gain related to a recovery of legal expenses,
and a loss on early extinguishment of debt.  As adjusted to
exclude these items, net income in the first quarter of fiscal
2007 was US$14.4 million, up 25%, compared to US$11.5 million in
the prior year quarter.

Total revenues for the first quarter of fiscal 2007 were
US$100.8 million compared to total revenues of US$84 million in
the prior year quarter representing a 20% increase.  Revenue
growth for the quarter was driven by sales of the five brands
acquired from Johnson & Johnson on Jan. 2, continued growth of
the Gold Bond(R) franchise, up 27%, the strength of the Icy
Hot(R) business, up 23%, led by new product launches, and steady
growth from Dexatrim(R) and Pamprin(R), each up 11%.  Offsetting
these increases was a reduction in sales of Icy Hot Pro-
Therapy(TM) from launch levels in the first quarter of fiscal
2006.  Excluding the impact of the acquired brands and Icy Hot
Pro-Therapy, total revenues from the base business increased by
11% in the first quarter of fiscal 2007, compared to the prior
year quarter.

"The company completed its first quarter in history with
revenues over US$100 million," said chief executive officer Zan
Guerry.  "The level of enthusiasm at the company is greater than
ever.  With sales of Gold Bond continuing to exceed
expectations, the Selsun(R) franchise continuing to perform well
at retail with Nielsen data showing a 12% increase for the
latest 13 week period ending Feb. 24, 2007, a strong sell-in of
our new products in the topical pain care category and the
integration of our newly acquired brands progressing smoothly,
Chattem is well positioned to deliver on its growth objectives
in fiscal year 2007 and beyond.  We are extremely pleased with
the company's 27% increase in adjusted earnings per share as we
view this as a meaningful measure of our operating performance."

                          Key Highlights

Gross margin for the first quarter of fiscal 2007 was 69.3%,
compared to 69.0% in the prior year quarter.  The increase in      
gross margin primarily reflected reduced sales of the        
relatively low margin Icy Hot Pro-Therapy line.  

Advertising and promotion expense for the first quarter of
fiscal 2007 increased to US$28.8 million from US$27.2 million in
the prior year quarter.  A&P expense as a percentage of total
revenues decreased to 28.5% for the first quarter of fiscal
2007, as compared to 32.4% in the prior year quarter, with the
reduction as a percentage of total revenues declining largely as
a result of the heavy investment spending on Icy Hot Pro-Therapy
in the first quarter of fiscal 2006.  

Selling, general and administrative expenses for the first
quarter of fiscal 2007 increased to US$12.6 million from US$11.6
million in the prior year quarter.  SG&A as a percentage of
total revenues for the first quarter of fiscal 2007 decreased to
12.5%, as compared to 13.8% in the prior year quarter reflecting
the company's ability to leverage its operating infrastructure.

Acquisition costs of US$1.2 million for the first quarter of
fiscal 2007 primarily reflect payments made to Johnson & Johnson
for services rendered under a Transition Services Agreement
related to the acquired brands.

Earnings before interest, taxes, depreciation and amortization
excluding litigation settlement items was US$28.7 million, or
28.5% of total revenues, for the first quarter of fiscal 2007,
up 40%, compared to the prior year quarter.

Interest expense increased US$4.4 million in the first quarter
of fiscal 2007 as compared to the prior year quarter reflecting
the impact of the additional indebtedness incurred to finance
the acquisition of brands from Johnson & Johnson.

The company reduced outstanding borrowings under its revolving
credit facility to US$15 million as of March 21, 2007, versus an
outstanding balance of US$30 million at Feb. 28, 2007, and an
acquisition funding balance of US$38 million on Jan. 2, 2007.

At Feb. 28, 2007, the company's balance sheet showed
US$783.7 million in total assets, US$625.7 million in total
liabilities, and US$158 million in total shareholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1d0b

                        About Chattem Inc.

Chattem Inc. (NASDAQ: CHTT) -- http://www.chattem.com/-- is a
marketer and manufacturer of a broad portfolio of a broad
portfolio of branded over the counter healthcare products,
toiletries and dietary supplements.  The company's portfolio of
products includes well-recognized brands such as Icy Hot, Gold
Bond, Selsun Blue, ACT, Cortizone and Unisom.  Chattem conducts
a portion of its global business through subsidiaries in the
United Kingdom, Ireland and Canada.

                          *     *     *

Chattem Inc.'s 7% Exchange Senior Subordinated Notes due 2014
carry Moody's Investors Service's 'B2' rating and Standard &
Poor's 'B' rating.

  
D H MORRIS: Appoints Joint Receivers from Ernst & Young
-------------------------------------------------------
Colin Dempster and Tom Burton of Ernst & Young LLP were
appointed joint receivers of D. H. Morris Group Ltd. on
April 10, at the requests of the company's directors.

All 13-group companies were in receivership resulting to 405
redundancies.

"It is unfortunate that we have had to make these job cuts to a
long established business but the company has been trading at a
loss that cannot be sustained," Colin Dempster stated.

In recent years, the Group started to provide mechanical
services so to offer the "complete" package to their main
contractors.

Following a comprehensive review of contracts across the group a
significant level of write-downs were required in the carrying
value of work in progress.  This in turn has led to a
substantial increase in the business' funding requirement, which
the company was unable to meet.

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

Headquartered in Cumbernauld, Scotland, D.H. Morris Group --
http://www.dhmorrisgroup.co.uk/-- is one of the largest  
privately owned electrical and mechanical engineering companies
with a turnover of around GBP30 million.  The company operates
from five locations across Scotland and employs around 471
employees.


D H MORRIS: Sells DRB Maintenance to Emtec Building
---------------------------------------------------
Joint receivers Colin Dempster and Tom Burton of Ernst & Young
announced the transfer of one the D.H. Morris Group's businesses
to new ownership protecting 46 jobs.

Emtec Building Services Ltd. took on D.H. Morris' petrol station
refurbishment business, which trades as DRB Maintenance.

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

Headquartered in Cumbernauld, Scotland, D.H. Morris Group --
http://www.dhmorrisgroup.co.uk/-- is one of the largest  
privately owned electrical and mechanical engineering companies
with a turnover of around GBP30 million.  The company operates
from five locations across Scotland and employs around 471
employees.


EMI GROUP: Resolves Royalties Dispute with The Beatles
------------------------------------------------------
EMI Group Plc settled its GBP30 million royalties dispute with
The Beatles through Apple Corps, the company that handles
Beatles' business affairs, reports say.

According to the International Herald Tribune, Apple Corps filed
a lawsuit against EMI in 2005, claiming that EMI was not living
up to the terms of its contract in releasing Beatles' music and
that EMI owed the Beatles GBP30 million in royalties and other
payments.

Both EMI and Apple Corps did not disclosed the terms of the
settlement, which ended 18-months of legal proceedings after
two-year negotiations, BBC News relates.

"I can confirm that we have reached a mutually acceptable
settlement and that we are not going to say anything more than
that," an EMI spokeswoman was quoted by BBC as saying.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

                        *     *     *

As reported in the TCR-Europe on March 1, Standard & Poor's
Ratings Services placed its ratings on Warner Music Group Corp.,
including the 'BB-' corporate credit rating, on CreditWatch with
negative implications, following the company's statement that it
is exploring a possible merger agreement with EMI Group PLC (BB-
/Watch Neg/B), which EMI management has confirmed.

According to a TCR-Europe report on Jan. 17, Moody's Investors
Service downgraded EMI Group Plc's Corporate Family and senior
debt ratings to Ba3 from Ba2.  All ratings remain under review
for possible further downgrade.


EUROMONEY INSTITUTIONAL: Sells EIC to Broadfern for GBP4.7 Mln
--------------------------------------------------------------
Euromoney Institutional Investor PLC has completed the sale of
its wholly owned subsidiary, Energy Information Centre Limited
to Broadfern Partners.

Broadfern has paid GBP4.7 million on completion. A further
payment will be made, on a pound for pound basis, for the net
current assets of the company above GBP250,000 as at March 31,
2007 on agreement of the completion accounts.  The sale of EIC
is a class 3 transaction for Euromoney under the listing rules.

EIC provides a range of integrated energy services, covering the
oil & gas, electricity and water industries.  EIC is the firmly
established leader in the provision of wholesale and retail
market intelligence, outsourced procurement and energy risk
management strategy.

EIC was acquired by Euromoney as part of its acquisition of
Metal Bulletin in October 2006 for GBP222 million.  The disposal
of EIC is consistent with Euromoney's continuing strategy of
streamlining its portfolio of businesses and focusing on
subscription-based electronic data products.

Headquartered in London, England, Euromoney Institutional
Investor PLC -- http://www.euromoneyplc.com/-- is an  
international business-to-business media group focused primarily
on the international finance, metals and commodities sectors.  
It publishes more than 70 magazines, newsletters and journals,
including Euromoney, Institutional Investor and Metal Bulletin.
It also runs an extensive portfolio of conferences, seminars and
training courses, and is a leading provider of electronic
information and data on international finance, metals and
emerging markets.

At Sept. 30, 2006, Euromoney's balance sheet showed GBP239.09
million in total assets and GBP265.86 million in total
liabilities, resulting in a GBP26.77 million in stockholders'
deficit.

The company's Sept. 30 balance sheet also showed strained
liquidity with GBP104.08 million in total current assets
available to pay GBP171.55 million in total liabilities coming
due within the next 12 months.


FORD MOTOR: Defects Prompt Recall of 527,000 Ford Escape SUVs
-------------------------------------------------------------
Fires in antilock-break connectors have forced Ford Motor Co. to
recall about 527,000 Ford Escape sport utility vehicles,
excluding gasoline-electric hybrid Escapes, United Press
International reports.

The recall covers 2001-2004 Escapes, including 444,880 sold in
the United States, 36,642 in Canada, 23,714 in Mexico, 15,094 in
Europe, and 6,670 Escape SUVs sold in other parts of Latin
America and in Asia, UPI states.

According to the report, Ford revealed that missing or
incorrectly installed seals may cause water and other
contaminants such as brake fluid or road salt to enter the
antilock-break connector, which leads to corrosion and results
in a warning indicator, an open fuse and "in some rare
instances, smoking, melting, or burning."

A total of 53 engine fires that may be related to the problem
were reported to the company and the National Highway Traffic
Safety Administration, although Ford claims no accidents or
injuries have resulted from this condition, UPI relates.  The
automaker will swap corroded ABS connectors for free.

                      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.


NMI SECURITY: Seymour Pierce Steps Down as Nominated Adviser
------------------------------------------------------------
Seymour Pierce Limited has resigned with immediate effect as
nominated adviser to NMI Security plc, which is operating under
a creditors' voluntary liquidation proceeding.

Pursuant to the AIM Rules, if another nominated adviser is not
appointed within a month, NMI Security plc will be cancelled
from trading on AIM, which would take effect on May 8.

As previously reported in the TCR-Europe on March 19,
shareholders of NMI passed a resolution to wind-up the company
at an extraordinary general meeting on March 14 after proving
that it could no longer continue its business by reason of its
liabilities.

At a subsequent meeting of the company's creditors, the
appointment of Roderick John Weston of Mazars LLP as liquidator
was ratified.

The directors laid before the meetings a report to the members
and creditors on the financial position of the Company and the
events leading up to the meetings.

The report shows that draft unaudited management accounts of NMI
for the eight months to Dec. 31, 2006 showed turnover of
GBP375,325, gross profit of GBP126,662 and net loss after tax of
GBP909,618 and total shareholders' funds were GBP227,658.  
Furthermore the directors' estimated statement of affairs as at
March 14, 2007, presented to the meeting, reported a deficiency
as regards shareholders of GBP7,789,043.  It is expected that
returns to shareholders will be nil.

The property and affairs of the company will now be managed by
the liquidator.

Prior to the company's extraordinary general meeting, the
company had been actively pursuing a potential investment into
the company, in the hope that the proposed resolutions to wind
up the company could be withdrawn.

Unfortunately the investment did not come to fruition.

Headquartered in London, England, of NMI Security PLC --
http://www.nmisecurity.com/-- specializes in the development,  
design and deployment of immersive video systems for security
and surveillance.  As reported in the Troubled Company Reporter-
Europe on Feb. 27, the company sought to liquidate its assets
due to rising debts and insufficient equity funding.


NOVAE GROUP: Moody's Puts Ba1 Rating to Proposed Debt Issue
-----------------------------------------------------------
Moody's Investors Service assigned a Ba1, stable outlook,
subordinated debt rating to Novae Group plc's proposed
subordinated notes.

The net proceeds of the issue of the bonds will be used by Novae
to refinance existing debt and for general corporate purposes.
The rating agency said that the Ba1 rating was based on the
expectation that there would be no material difference between
current and final documentation in relation to the notes.

The proposed notes will constitute Lower Tier 2 capital and will
rank at least pari passu with previously issued Lower Tier 2
capital.

Moody's said that the Ba1 stable outlook holding company
subordinated debt rating reflected:

   (a) the A3, positive outlook insurance financial strength
       rating on Lloyd's syndicate 2007, which is managed and
       primarily capitalized by Novae;

   (b) the degree of benefit that Moody's believes syndicate
       2007 policyholders derive from the Lloyd's Central Fund
       that does not extend to the Novae holding company;

   (c) the impact of policyholder regulatory protection and the
       structurally subordinated position of the holding
       company; and

   (d) the subordinated position of the debt-holders to more
       senior creditors at Novae Group plc.

Taking each element in turn, Moody's said that the A3 IFSR on
syndicate 2007 reflected its franchise as a leading syndicate
within its core business areas in the Lloyd's market and its
excellent business diversification.  This is offset by the Novae
Lloyd's operation's significant gross underwriting leverage and
the impact of reserving adjustments to-date on its ongoing
business' profitability, albeit that these factors are mitigated
by the decreasing level of adverse reserve adjustments and the
quality of the reinsurance recoverables.

In terms of rating outlook, Moody's added that the A3 positive
outlook IFSR reflects the degree of benefit that syndicate 2007
receives from the presence of the Lloyd's Central Fund, the
resources of which are available to syndicate 2007's
policyholders but not to Novae's creditors, with the positive
outlook assigned to the overall A3 Financial Strength rating of
Lloyd's syndicate 2007 therefore not extending to the proposed
debt issue.  The rating agency elaborated that the rating
further factors in the regulatory control at Lloyd's, which is
for the protection of policyholders, and which means that there
can be significant restrictions on the ability to upstream
earnings to the group holding company, especially in times of
severe stress.

Moody's added that the notching of holding company debt relative
to Novae syndicate 2007's A3 IFSR was consistent with the
practice applied by Moody's to debt issuance from the holding
company of a P&C insurance Group, which has relatively limited
business diversification, notwithstanding the diversification
benefits from the group's UK Commercial Lines and Liability
orientated subsidiary NICL, and whose operating company has an
IFSR in the A range.  Finally, the Ba1 subordinated debt rating
reflects the subordinated position of the subordinated creditors
in relation to more senior creditors within the Novae Group.

Moody's continued that it expects that Novae Group plc,
including UK FSA authorised NICL, will maintain its existing
levels of gross underwriting leverage on a group basis and that
existing debt will be redeemed as planned.

Moody's said that the Ba1 subordinated debt rating has a stable
outlook, reflecting Moody's view of the Group's stand-alone
credit quality.  The rating agency stated that the ratings could
see positive rating pressure if the combined Novae Lloyd's
operation achieves returns on average equity of at least 5% on
its ongoing business, reinsurance recoverables reduce to less
than 150% of equity, Novae Group plc's gross premiums written
and gross reserves as a % of equity reduce to under 5x and if
group financial leverage were to approach 25%.  However, Moody's
added that negative rating pressure would apply if the combined
Novae Lloyd's operation achieves returns on average equity of
less than 5% on its ongoing business, Novae Group plc's gross
premiums written and gross reserves relative to equity remain
over 5x and if adjusted group financial leverage were to be 35%
or more.

Moody's most recent rating action on Novae Group plc was on
Nov. 10, 2006, when the rating agency assigned a positive
outlook to the A3 insurance financial strength rating of its
principal insurance operation Lloyd's syndicate 2007.

Novae Group plc, which is listed on the London Stock Exchange,
and which manages and capitalizes 94% of Lloyd's syndicate 2007
and owns UK FSA company NICL, reported at YE2006 gross premiums
written of GBP281 million and shareholders' equity of GBP240
million.

This rating was assigned, subject to final terms and conditions:

   -- Novae Group plc: Ba1 rating, stable outlook, to the
      proposed subordinated notes.


RAY ACQUISITION: S&P Lifts Junk Rating to BB- on Successful IPO
---------------------------------------------------------------
Standard & Poor's Ratings Services raised to 'BB-' from 'CCC+'
the rating on Ray Acquisition's EUR600 million senior
subordinated notes, maturing in 2015, and to 'BB+' from 'B' the
rating on Ray Acquisition's EUR2.1 billion senior secured
facilities.  

All ratings were removed from CreditWatch, where they had been
placed with positive implications on Feb. 22.  The outlook is
positive.

"The rating action reflects the successful completion of the
partial IPO of about 24% of group equity before employee
offering representing up to 3.4% of capital," said Standard &
Poor's credit analyst Eve Greb.  Essentially, all of the
EUR1 billion proceeds will be used to reduce Rexel's net
indebtedness and therefore significantly strengthen its
financial profile.  This will involve a claw-back of up to 35%
of the outstanding bonds issued by Ray Acquisition. In addition,
if Ray Acquisition's EUR2.1 billion senior secured facilities
are refinanced through Rexel's proposed new EUR2.1 billion
senior credit facility, the remaining 65% of the outstanding
bond will be redeemed.

"The positive outlook reflects the possibility of a one-notch
upgrade should the company continue to strengthen its credit
protection measures," said Ms. Greb.  In particular, a ratio of
FFO to adjusted debt of about 25% on a sustained basis could
trigger an upgrade.  Conversely, should the company choose to
use its excess cash flow for further growth or should cash flow
generation be weaker than expected the outlook could be revised
to stable.


SMG PLC: Posts GBP147.3 Million Net Loss in Full Year 2006
----------------------------------------------------------
SMG plc released its preliminary financial results for the year
ended Dec. 31, 2006.

SMG posted GBP74.5 million in net losses against GBP147.3
million in revenues for the year ended Dec. 31, 2006, compared
with GBP14.4 million in net profit against GBP159.4 million in
revenues for the same period in 2005.

At Dec. 31, 2006, the Group's balance sheet showed GBP313.4
million in total assets, GBP267.9 million in total liabilities
and GBP45.5 million in total shareholders' equity.

"SMG now has a new leadership team with the backing of the
shareholders and the benefits of stability that brings.  I am
very excited about both the prospects for Virgin Radio as an
independent company and the turnaround in our core TV business,"
SMG Chairman Richard Findlay said.

"I believe passionately in the future of SMG and I am confident
that with our new strategy, our strengthened leadership team,
our enthusiastic staff and a period of financial stability we
will deliver for all our stakeholders," SMG Chief Executive Rob
Woodward said.

                       Bank Facilities

On Oct. 20, 2006, the SMG Board reported that the Group would
potentially breach certain of its financial covenants at the end
of 2006.  On April 10, following detailed discussions with
lenders, the Group was granted a waiver of the relevant
covenants and has now negotiated an amended GBP193 million bank
facility until Sept. 30, 2008.

The new arrangements represent an amendment of SMG's existing
facility, including revised covenants and an increase in
interest margin of 0.75%.  The facility lasts until
Sept. 30, 2008.

                           Dividend

In view of the deterioration in performance in the second half
of 2006, and the ongoing pressure on the Group's balance sheet,
the Board has decided not to recommend a final dividend for 2006
(2005: 1.7 pence).  This will result in a full year dividend, as
per the interim dividend, of 1.2 pence (2005: 2.9 pence).

                            Outlook

Advertising markets have been varied in the early part of 2007.  
Television airtime revenues have declined by 5% over the same
period last year, but this represents an outperformance against
ITV1 as a whole, which was down by 7% year on year.  Radio
revenues have grown by 8% in Q1, also outperforming the market,
and displaying particularly strong online revenue growth.  Pearl
& Dean has also seen strong Q1 revenue growth of 13%,
outperforming its 5% increase in screens, while Primesight has
grown Q1 revenues by 15% through increased focus on panel yield.

The Group sees these trends broadly continuing into April and,
as a result, the Board views advertising markets for the year
ahead with cautious optimism.

The Group's principal activities are producing and broadcasting
television programmes, local and national radio production and
broadcasting, selling advertising airtime and space in these
media and in outdoor, cinema and Internet services. It is
organised into four divisions, Television, Cinema, Radio and
Outdoor. Television produces and broadcasts television
programmes and associated enterprises. Radio operates commercial
radio in the United Kingdom. Cinema provides advertising space
within cinema complexes. Outdoor provides advertising solutions
across various outdoor media.

Headquartered in Glasgow, Scotland, SMG plc --
http://www.smg.plc.uk/-- is a media company engaged in  
providing information and entertainment services across the
United Kingdom.  The Company's principal activities include the
production and broadcasting of television programs, local and
national radio production and broadcasting, and the sale of
advertising airtime and space in radio and television.  SMG also
provides outdoors and cinema advertising and Internet services.


TI AUTOMOTIVE: 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 TI Automotive
Limited.

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
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Sec. Bank
   Credit Facility         B3       B3       LGD3     39%

   GBP98.8M Sr. Sec.
   Bank Credit Facility    B3       B3       LGD3     39%

   GBP223.3M Sr. Sec.
   Bank Credit Facility    B3       B3       LGD3     39%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Oxford, England and Warren, Michigan, TI Auto
is a leading global designer, manufacturer and vertically
integrated supplier of automotive fuel storage and delivery
systems, brake and fuel-carrying systems and air conditioning
systems.  In 2006, TI Auto reported consolidated sales of GBP1.6
billion (2005 GBP1.6 billion).


VIRGIN MEDIA: Takes Legal Action Against Sky Over Carriage Row
--------------------------------------------------------------
Virgin Media Inc. (fka NTL Inc.) filed legal proceedings in the
High Court aimed at resolving a dispute with British Sky
Broadcasting Group plc over the withdrawal of the latter's
"basic" channels from Virgin Media's TV service.  

The proceedings also seek a remedy for the onerous rates imposed
by Sky for carriage of Virgin Media TV channels on Sky's own TV
service.

The proceedings are based on Section 18 of the U.K. Competition
Act 1998 and Article 82 of the EC Treaty, both of which prohibit
a company from abusing its dominant position.  Sky, which
accounts for almost 70% of the country's Pay TV subscribers, is
dominant in the U.K.  Pay TV market and has engaged in a
strategy to stifle competition by using its dominance against
Virgin Media.

In January, Sky forced Virgin Media TV to accept a reduction of
approximately 85% in the fees that it pays for Virgin Media
channels such as Living, Bravo and Trouble, despite a
significant increase in the channels' popularity.

In February, Sky attempted to double the fees Virgin Media pays
for retailing Sky's basic channels on the Virgin Media network,
despite a reduction in the channels' popularity of about 20%
over the last three years.  When Virgin Media declined to pay
such excessive charges because it would not be viable for it to
do so, Sky refused to continue to supply its channels to Virgin
Media.  Sky has aggressively promoted the withdrawal as a reason
for Virgin Media customers to switch to Sky.

Sky demanded a price for its basic channels that was some 17
times greater than it was prepared to pay for the Virgin Media
TV channels, even after adjusting for the Sky basic channels'
marginally higher share of total viewership.  This disparity in
channel valuation is just one manifestation of Sky's systematic
abuse of its dominant position and its longer-term objective of
suppressing existing and emerging competition from other
companies.

Sky has rejected an offer by Virgin Media to resolve these
issues through legally binding arbitration by an independent
expert.

"This dispute is one very specific example of how U.K. consumers
are being denied the benefits of a diverse, dynamic and
competitive pay TV market.  Litigation is obviously a serious
step and a last resort but we are determined to have these
issues resolved as quickly and fairly as possible," Virgin Media
CEO Steve Burch said.

                       About Virgin Media

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

                          *     *     *

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

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

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

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

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

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

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

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

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

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


* Increases Presence in the U.K. Through Moores Rowland Merger
--------------------------------------------------------------
In the United Kingdom, Mazars boosts its presence through the
merger with London-based Moores Rowland LLP, a former MRI
member.  All Moores Rowland LLP businesses, including eight
partners, will be integrated into Mazars as of April 16.
Mazars is one of the top ten firms in the U.K. listed audit
market.

Moores Rowland LLP has a strong track record in providing
accountancy and consultancy services to AIM listed companies as
well as owner-managed businesses.

With the addition of Moores Rowland LLP, Mazars' overall
turnover in the U.K. is expected to increase to GBP90 million
(over EUR133 million) annually.  The number of partners will
exceed 100 and staff headcount should reach 1,200 by the end of
year.

This merger will allow Mazars to provide an increased global
service offering for all companies in audit, transaction
services, tax, corporate finance and regulatory compliance.

"Moores Rowland is one of the finest accountancy practices of
its size in the U.K.," David Evans, senior partner of Mazars in
the U.K. and a member of Mazars' international Group Executive
Board, said.  "Its reputation as an adviser to owner-managed
businesses and firms entering the capital markets is very
strong.  The integration of Moores Rowland's business into
Mazars is a significant step forward in our growth strategy."

"Moores Rowland's notable presence in the media sector will add
to Mazars' existing expertise in publishing, and complement our
strength in other industries such as insurance, banking and
retail," Mr. Evans added.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax and advisory services.

                           *********

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.


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