TCREUR_Public/070417.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

             Tuesday, April 17, 2007, Vol. 8, No. 75     

                            Headlines


A U S T R I A

FRANZ PISTORA: Claims Registration Period Ends May 15
INFORMATION-TECHNOLOGY: Claims Registration Period Ends May 22
INN CRYSTAL: Claims Registration Period Ends May 15
KOELBLINGER LLC: Wels Court Orders Business Shutdown
METRON IMPEX: Claims Registration Period Ends May 1

VOELSKE LLC: Claims Registration Period Ends May 22


C Y P R U S

ENSORTE ENTERPRISES: Fitch Rates Loan Participation Notes at B-


F I N L A N D

COMVERSE TECHNOLOGY: Names Andre Dahan as President and CEO
M-REAL OYJ: Moody's Assigns Loss-Given-Default Rating


F R A N C E

REXEL SA: Raises EUR1.02 Billion in European IPO
REXEL S.A.: S&P Raises Ratings to BB+ on IPO Success
SPCM SA: Moody's Assigns Loss-Given-Default Rating


G E R M A N Y

A. U. W. DIRKS: Claims Registration Period Ends May 22
ARABI IM: Claims Registration Period Ends May 25
AUTOMOTIVE GROUP: Creditors' Meeting Slated for May 18
BIO-MAGNETIC THERAPY: Claims Registration Period Ends May 21
BRUNNENKREF SERVICE: Claims Registration Period Ends May 2

BWP BETREUUNGS: Claims Registration Period Ends April 27
DRECHSLER ELECTRONIC: Claims Registration Period Ends May 25
EICHMANN & BOENNING: Claims Registration Period Ends May 30
GROENEWALD BAUUNTERNEHMUNG: Claims Registration Ends May 15
GROSSMARKT OBST: Claims Registration Ends May 25

GRUNDBAU GMBH: Claims Registration Ends May 8
H&S ISOLIERTECHNIK: Claims Registration Ends May 22
HATER GMBH: Creditors Must Register Claims by May 22
HERMANN WILLERSHAUSEN: Creditors Must Register Claims by May 30
HEXA-CHAIN EUROPA: Creditors Must Register Claims by May 25

HSG AUGUSTDORF/HOEVELHOF: Creditors Must File Claims by April 27
JOHANN HATER: Claims Registration Period Ends May 22
LINN UND JUNG: Creditors' Meeting Slated for May 14
MALEREIBETRIEB RAUM: Creditors' Meeting Slated for May 10
OCEAN STAR: Fitch Rates US$9.7-Million Class E Notes at BB

REDEKIN MBH: Claims Registration Period Ends May 21
REIF & GERBES: Creditors' Meeting Slated for May 14
ROSE STRASSENBAU: Creditors' Meeting Slated for May 8
SP HINSCH: Claims Registration Period Ends May 29
TST KANALSANIERUNG: Creditors' Meeting Slated for May 9


I R E L A N D

SANYO ELECTRIC: To Book JPY2 Billion Loss From Battery Recall


I T A L Y

ALITALIA SPA: Air One Has No Plans to Sell Carrier
ALITALIA SPA: Buyer Needs EUR3 Bln to Revive Firm, Italy Says
BLYTH INC: Posts US$103.17-Mln Loss for Year Ended Jan. 31, 2007
BLYTH INC: Declares US$0.27 Per Share Semi-Annual Cash Dividend
IMAX CORP: Provides Status Update on Delayed Filing


K A Z A K H S T A N

LLP: Creditors Must File Claims by May 16
BELIBO LLP: Creditors' Claims Due May 16
BOLID &K: Proof of Claim Deadline Slated for May 18
DRUJBA KI: Claims Registration Ends May 18
KAZAKHSTAN OTYN-GAS: Claims Filing Period Ends May 18

MAKTA AGRO: Creditors Must File Claims by May 16
PUHOVIK LLP: Creditors' Claims Due May 16
TAMYZ LLP: Proof of Claim Deadline Slated for May 16
TECHNIC LLP: Claims Registration Ends May 16
TILEUBERDI LLP: Claims Filing Period Ends May 16


K Y R G Y Z S T A N

D & T ELECTRONICS: Claims Filing Period Ends May 30


L U X E M B O U R G

EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
THIEL LOGISTIK: Moody's Assigns Loss-Given-Default Rating


N E T H E R L A N D S

X5 RETAIL: Moody's Assigns Loss-Given-Default Rating


N O R W A Y

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


P O L A N D

HELLENA SA: Kofola AS Acquires Business for PLN17.2 Million
STOCZNIA GDYNIA: Imminent Bankruptcy May Cost Taxpayers PLN3 Bln


R U S S I A

BASHKIRSKIYE AIRLINES: Creditors Must File Claims by May 24
BODAYBINSKAYA MINING: Creditors Must File Claims by May 24
CB RENAISSANCE: Fitch Rates Ensorte's RUR3.29-Bln Issue at B-
ELDA CJSC: Court Names E. Zomba as Insolvency Manager
ENERGO-GAS CJSC: Creditors Must File Claims by May 24

EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
KRASNOUFIMSKIY ELEVATOR: Names D. Kostromin to Manage Assets
INDUSTRY CJSC: Creditors Must File Claims by April 24
ISKITIMSKIY MEAT-PACKING: Creditors Must File Claims by April 24

MAGNITOGORSK IRON: Moody's Assigns Loss-Given-Default Rating
MORSHANSKAYA MANUFACTURE: Creditors Must File Claims by May 24
MURASHINSKOYE LOGGING: Creditors Must File Claims by April 24
NEW WORLD: Moscow Bankruptcy Hearing Slated for June 6
ROSNEFT OIL: Pays for 9.44% Stake Bought From Yukos Auction

ROSNEFT OIL: Eyes Eurobond Issue to Refinance US$22-Bln Loan
SKOPINO-AGRO-SNAB: Creditors Must File Claims by May 24
STAROUTKINSKIY METALLURGIC: Claims Deadline Set April 24
SYSTEM OJSC: Creditors Must File Claims by April 24
TRANSNEFT OAO: Has Two Weeks to Repair Druzhba Pipeline

VNESHTORGBANK JSC: Plans to Place 70% of New Shares Abroad
VOROBYEVSKAYA LLC: Creditors Must File Claims by May 24
YUKOS OIL: Rosneft Unit Pays for 9.44% Stake Bought via Auction


S L O V A K   R E P U B L I C

SLOVAK AIRLINES: Seagle Air to Take Over Operations


S P A I N

ALLIANCE ATLANTIS: Ontario Court Set May 18 Fairness Hearing
TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3


S W I T Z E R L A N D

ALIN RE: Creditors' Liquidation Claims Due May 4
AUGSBURG RE: Creditors' Liquidation Claims Due May 2
EWB ARMIERUNGEN: St. Gallen Court Starts Bankruptcy Proceedings
FEBA SON BACO: Creditors' Liquidation Claims Due May 31
FM-PHARMA JSC: Appenzell Court Starts Bankruptcy Proceedings

GASTROLINE LLC: St. Gallen Court Starts Bankruptcy Proceedings
INTERSUB JSC: Creditors' Liquidation Claims Due May 7
LION RESEARCH: Thurgau Court Starts Bankruptcy Proceedings
VASOPA JSC: Creditors' Liquidation Claims Due May 14
VINODE LLC: Creditors' Liquidation Claims Due May 7


U K R A I N E

ATLANTIS LLC: Claims Registration Bar Date Set April 29
DNIEPRORUDNOE CHEESEMAKING: Creditors' Claims Due April 27
EDELWEISS LLC: Claims Registration Bar Date Set April 28
FEODOSIYA SHIP: Creditors Must File Claims by April 27
FRIENDSHIP LLC: Claims Registration Deadline Set April 29

KHALAL LLC: Claims Registration Bar Date Set April 28
MIREX LLC: Claims Registration Bar Date Set April 27
SOLTI TRADE: Claims Registration Bar Date Set April 27
UVENTA LK: Claims Registration Bar Date Set April 29


U N I T E D   K I N G D O M

ABBOTT INTERNATIONAL: Brings In BDO Stoy as Joint Administrators
ADVANCED MARKETING: Publishers Group Inc.'s Schedules of Assets
ADVANCED MARKETING: Publishers Group West's Schedules of Assets
AMBER NURSING: Appoints Jean M. Ellis as Liquidator
BLOOMFIELD DENTAL: Joint Liquidators Take Over Operations

BRITANNIA BULK: Earns US$2.4 Million in Year Ended December 31
BRITANNIA CONTRACTING: Claims Filing Period Ends April 30
BRITISH WOODWARES: Claims Filing Period Ends July 30
BROTHER 2 BROTHER: Brings In Liquidators from The P&A
BURGHILL VALLEY: Taps David Hughes to Liquidate Assets

CASTLEFIELD DEMOLITION: Creditors' Meeting Slated for April 24
CIRCA TECHNOLOGIES: Hires Liquidator from Sharma & Co.
COUNTRYCARE FARM: Brings In Liquidators from CBA
DESIGNER VISION: Taps Joint Administrators from UHY Hacker
DRAIN TECHNICIANS: Claims Filing Period Ends May 3

DYNAMO SITE: Taps Asher Miller to Liquidate Assets
EXPRESS LINK: Calls In Liquidators from KPMG
FAST TRACK: Creditors' Meeting Slated for April 25
FOOD CONCEPTS: Brings In Administrators from David Rubin
G L FOUNDRIES: Claims Filing Period Ends September 2

GLOBAL CONSULTANCY: Calls In Liquidators from Harrisons
HCCT HOLIDAYS: Claims Filing Period Ends May 11
HEWSON-STUBBS PRODUCTS: Claims Filing Period Ends June 30
HUMBERSIDE HYGIENE: Creditors' Meeting Slated for April 25
INDIGO CITY: Appoints Liquidators from Moore Stephens

INSTEP LTD: Appoints Joint Administrators from BDO Stoy
JAMES WATT: Taps Liquidators from Begbies Traynor
K J SOLUTIONS: Names Liquidators to Wind Up Business
KW PIPEWORK: Gerald Irwin Leads Liquidation Procedure
LIEBSIDE DISTRIBUTION: Lloyd Biscoe Leads Liquidation Procedure

LONGWOOD ENTERPRISES: Claims Filing Period Ends May 30
LONGWOOD ENTERPRISES: Hires Liquidators from KPMG
M K DIGITAL: Appoints Grant Thornton as Joint Administrators
MEDILANE LTD: Appoints Liquidators from KPMG
MEDILANE LTD: Claims Filing Period Ends May 30

MULTIBASE CONTRACTING: Joint Liquidators Take Over Operations
OGBOURNE LTD: Appoints Alan H. Tomlinson as Liquidator
PANTOGRAPH PRECISION: Joint Liquidators Take Over Operations
PEOPLE NOW: Andrew Rosler Leads Liquidation Procedure
PREMIER LANDSCAPING: Claims Filing Period Ends June 2

PREMIER LANDSCAPING: Claims Filing Period Ends June 2
RANK GROUP: S&P Affirms Low-B Ratings & Puts Negative Outlook
RDH COMPONENTS: Appoints Joint Administrators from PKF
RIDGEWOOD TEXTILES: Appoints Michael Ioannou to Liquidate Assets
RIVELIN INSTALLATIONS: Claims Filing Period Ends May 16

SOLO SERVICES: Hires Liquidators from BWC Business Solutions
STANDFITTING UK: Appoints Norwan Cowan as Liquidator
TARGET TOOLS: Names Joint Administrators from Kroll
TIBBATTS ASSOCIATES: Brings In Menzies as Joint Administrators
TK - ENTEC LTD: Claims Filing Period Ends May 4

TM KINGDOM: Creditors' Meeting Slated for April 23
TOUCH OF CLASS: Hires Liquidators from Mitchell Charlesworth
TOWN AND COUNTRY: Claims Filing Period Ends May 11
UNIVERSAL CONTRACT: Creditors' Meeting Slated for April 23
WALES WILLIAMS: Creditors' Meeting Slated for April 25

WARMAC LTD: Taps Tony Freeman to Liquidate Assets
WATMOUGH CARS: Calls In Liquidators from Fisher Partners
WINDERMERE X: Fitch Rates EUR14.5-Million Class F Notes at BB

* Large Companies with Insolvent Balance Sheets

                            *********

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


FRANZ PISTORA: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors owed money by LLC Franz Pistora (FN 100459i) have
until May 15 to file written proofs of claim to court-appointed
estate administrator Roland Heitzinger at:

         Dr. Roland Heitzinger
         Plobergerstrasse 7
         Ringstrasse 4
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: heitzinger@ra-stossier.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 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 Wels, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 20 S 38/07z).  


INFORMATION-TECHNOLOGY: Claims Registration Period Ends May 22
--------------------------------------------------------------
Creditors owed money by LLC Information-Technology Holding (FN
118273g) have until May 22 to file written proofs of claim to
court-appointed estate administrator Andrea Fruhstorfer at:

         Dr. Joerg Beirer
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27041
         Fax: 02622/29246
         E-mail: beirer@kosch-partner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Baden bei Wien, Austria, the Debtor declared
bankruptcy on March 22 (Bankr. Case No. 11 S 36/07s).  


INN CRYSTAL: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors owed money by LLC Inn crystal (FN 116285h) have until
May 15 to file written proofs of claim to court-appointed estate
administrator Manfrid Lirk at:

         Dr. Manfrid Lirk
         c/o Dr. Karl Robert Hiebl
         Stadtplatz 50/2
         5280 Braunau am Inn
         Austria
         Tel: 07722/625 43
         Fax: 07722/828 93
         E-mail: kanzlei@lirk-hiebl.at  

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

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Braunau am Inn, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No. 17 S 9/07s).  


KOELBLINGER LLC: Wels Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Wels entered March 16 an order shutting down
the business of LLC Koelblinger (FN 109543v).

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

The estate administrator can be reached at:

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

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


METRON IMPEX: Claims Registration Period Ends May 1
---------------------------------------------------
Creditors owed money by LLC Metron Impex (FN 112598k) have until
May 1 to file written proofs of claim to court-appointed estate
administrator Andrea Fruhstorfer at:

         Dr. Maximilian Schludermann
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 50 45
         Fax: 715 50 474
         E-mail: office@anwalt-vienna.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 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 30/07a).  


VOELSKE LLC: Claims Registration Period Ends May 22
---------------------------------------------------
Creditors owed money by LLC Voelske (FN 159109i) have until
May 22 to file written proofs of claim to court-appointed estate
administrator Norbert Mooseder at:

         Dr. Norbert Mooseder
         c/o Dr. Guenther Grassner
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 07252/42 4 24
         E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on June 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Austria

Headquartered in Garsten, Austria, the Debtor declared
bankruptcy on March 14 (Bankr. Case No. 14 S 7/07p).


===========
C Y P R U S
===========


ENSORTE ENTERPRISES: Fitch Rates Loan Participation Notes at B-
---------------------------------------------------------------
Fitch Ratings assigned Ensorte Enterprises Limited's
RUR3.29 billion issue of 10.5% fixed-rate limited recourse loan
participation notes due October 2008 final ratings of Long-term
'B-' and Recovery 'RR4'.  

The notes are to be used solely for financing a loan,
denominated in Russian roubles but funded and repayable in U.S.
dollars, to CB Renaissance Capital, which is guaranteed by
Renaissance Capital International Services Limited, Bermuda.  
CBRC is rated Issuer Default 'B-', Short-term 'B', Support '5',
Individual 'D/E' and National Long-term 'BB'.  The Outlooks on
the Issuer Default and National Long-term ratings are Stable.

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


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


COMVERSE TECHNOLOGY: Names Andre Dahan as President and CEO
-----------------------------------------------------------
Comverse Technology Inc. named Andre Dahan, the former President
and CEO of AT&T Wireless' Mobile Multimedia Services, as
President, Chief Executive Officer and a member of the company's
Board of Directors, effective April 30, 2007.

Mr. Dahan has more than 30 years of global leadership experience
in the wireless and technology sectors.  In addition to his work
with AT&T Wireless, he has held senior executive positions with
Dun & Bradstreet, Teradata Corporation (now NCR) and Sequent
Computer Systems.  He also has served on the boards of several
leading, global telecommunications and information technology
companies.

Mark Terrell, Chairman of Comverse Technology's Board of
Directors, said, "Andre Dahan is an exceptional leader with the
vision, global experience and deep industry and technical
knowledge to help make Comverse Technology even stronger for its
investors, customers, partners and employees.  Andre has
achieved an extraordinary track record of success in growing and
delivering superior operating results at telecommunications and
technology businesses in highly competitive markets around the
world as well as in driving key corporate and product
innovations - always with a focus on serving the needs of
customers.  In particular, Andre's operational background in key
global markets for our products and services will be of great
benefit as we move forward.  Andre gets
results, and as we continue to focus on building the value of
our business, we are confident that he is the right leader at
the right time."

Mr. Terrell also noted, "Andre will play a key role in the
comprehensive strategic review that is now underway of the
company's portfolio and of its corporate and capital structure.  
In addition, Andre will work closely with Yaron Tchwella,
President of Comverse, Inc., and the heads of Verint Systems,
Ulticom and our other subsidiaries, in pursuing operational
excellence."

Mr. Dahan said, "I am honored to have this opportunity and
excited by the possibilities that lie ahead for Comverse
Technology. Comverse has earned a powerful reputation for
technological innovation, commercial success and relentless
focus on customers.  I look forward to working with Comverse's
talented Board and employees to continue to build on this record
of outstanding performance, with a focus on delivering superior
shareholder return.  I believe strongly that Comverse is well
positioned to continue to deliver the critical products and
services its customers need to succeed today, and to become an
even more valuable partner to them going forward."

Mr. Dahan, 58, served as President and Chief Executive Officer
of Mobile Multimedia Services at AT&T Wireless from July 2001 to
December 2004.  Before that, he served as President of North
America and Global Accounts and in several other global
executive positions for Dun & Bradstreet.  In addition, Mr.
Dahan previously served in a variety of senior executive
positions with Teradata Corp. (now NCR), Sequent Computer
Systems and S.E. Qual, an information technology consulting
firm.

He began his career as a database architect and held a variety
of technical positions with MALAM, IAI and IBM. Mr. Dahan
graduated from Hadassah College in Jerusalem, with a degree in
software engineering.

Mr. Dahan currently serves on the board of Red Bend Software,
which provides mobile software management solutions to mobile
companies worldwide, and NeuStar, Inc., a provider of
clearinghouse services to the global communications and Internet
industries.  With NeuStar, he is a member of the Audit Committee
and the Governance Committee of the Board of Directors.  He also
serves as a board observer for IXI Mobile, Inc., the mobile
messaging solutions provider.  He was formerly a director of
PalmSource, Inc., a supplier of the operating systems for
Palm handheld devices, until its acquisition in November 2005.  
Mr. Dahan will be stepping down from his positions with the
boards of NeuStar and IXI Mobile before beginning his work with
Comverse Technology.

                       About Comverse Technology

Comverse Technology, Inc., -- http://www.cmvt.com/-- (Pink  
Sheets: CMVT.PK) through its Comverse, Inc. subsidiary, provides
software and systems enabling network-based multimedia enhanced
communication and billing services.  The company's Total
Communication portfolio includes value-added messaging,
personalized data and content-based services, and real-time
converged billing solutions.  Over 500 communication and content
service providers in more than 130 countries use Comverse
products to generate revenues, strengthen customer loyalty and
improve operational efficiency.  Other Comverse Technology
subsidiaries include: Verint Systems (VRNT.PK), which provides
analytic software-based solutions for communications
interception, networked video security and business
intelligence; and Ulticom (ULCM.PK), which provides service
enabling signaling software for wireline, wireless and Internet
communications.

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

                         *      *      *

As reported in the Troubled Company Reporter on Feb. 5, 2007,
Standard & Poor's Ratings Services kept its 'BB-' corporate
credit and senior unsecured debt ratings on New York-based
Comverse Technology Inc. on CreditWatch with negative
implications, where they were placed on March 15, 2006.


M-REAL OYJ: 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 B3 Corporate Family Rating for M-real Oyj.

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
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
Sr. Unsec. Medium-Term
Note Program               B3       B3       LGD4     50%

Sr. Unsec. Regular Bond/
Debenture Due 2007         B3       B3       LGD4     50%

Sr. Unsec. FLT RT EUR
MTNs Due 2008              B3       B3       LGD4     50%

5.60% Senior Unsecured
EUR MTNs Due 2008          B3       B3       LGD4     50%

Senior Unsecured FLT RT
EUR MTNs Due 2009          B3       B3       LGD4     50%

5.91% Senior Unsecured
EUR MTNs Due 2009          B3       B3       LGD4     50%

Senior Unsecured FLT RT
Eurobonds Due 2010         B3       B3       LGD4     50%

Senior Unsecured Eurobonds
Due 2013                   B3       B3       LGD4     50%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Espoo, Finland, M-real Oyj -- http://www.m-
real.com/ -- produces and distributes coated and uncoated fine
papers for printing and packaging industries.


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F R A N C E
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REXEL SA: Raises EUR1.02 Billion in European IPO
------------------------------------------------
Rexel S.A. placed 61.53 million shares to raise a total of
EUR1.02 billion on the Eurolist compartment of Euronext Paris on
April 5.

The global offer reserved to institutions and the open price
offer for retail investors were oversubscribed.

At April 5, the market capitalization of Rexel stood at EUR4.18
billion, based on EUR16.50 first traded price.

Rexel is the 28th company to list on Euronext in 2007.  
Placements on all Euronext markets together come to EUR1.6
billion since the beginning of the year, and have added 26.16
billion to total market capitalization.

                          About Rexel

Headquartered in Paris, France, Rexel SA --
http://www.rexel.com/-- distributes more than one million kinds  
of electrical parts and supplies, including wiring devices,
cabling systems, circuit protectors, lighting products,
automation equipment, hand tools, climate control equipment, and
electronic security components.


REXEL S.A.: S&P Raises Ratings to BB+ on IPO Success
----------------------------------------------------
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.
and Ray Acquisition SCA, following the successful completion of
the partial IPO of Rexel S.A., the ultimate holding company.  

At the same time, Standard & Poor's 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 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," Ms. Greb said.  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.


SPCM 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 Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for SPCM SA.

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

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                 B3      B3       LGD5     85%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Andrezieux, France, SPCM S.A. is a holding
company for SNF group.  SNF is one of the leading global
manufacturers of acrylate-based water-soluble polymers.  In
2005, SNF reported Net Revenues of EUR731 million (EUR593
million in 2004) and EBITDA of EUR81 million (EUR62 million in
2004).


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


A. U. W. DIRKS: Claims Registration Period Ends May 22
------------------------------------------------------
Creditors of A. u. W. Dirks Baugeschaft GmbH have until May 22
to register their claims with court-appointed insolvency manager
Roland Lehnert.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall
         Second Floor
         Elisabethstrasse 6
         26135 Oldenburg
         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:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany
         Tel: 0441 950910
         Fax: 0441 9509177
         E-mail: RA_Lehnert_OL@t-Online.de  

The District Court of Oldenburg opened bankruptcy proceedings
against A. u. W. Dirks Baugeschaft GmbH on April 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         A. u. W. Dirks Baugeschaft GmbH
         Attn: Alfons and Wilfried Dirks, Managers
         Eulenweg 9
         26689 Apen
         Germany


ARABI IM: Claims Registration Period Ends May 25
------------------------------------------------
Creditors of Arabi Im- & Export GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Hamburg
         Hall B405
         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 insolvency manager can be contacted at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Arabi Im- & Export GmbH on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Arabi Im- & Export GmbH
         Attn: Girma Zemariam, Manager
         Grevenweg 95
         20537 Hamburg
         Germany


AUTOMOTIVE GROUP: Creditors' Meeting Slated for May 18
------------------------------------------------------
The court-appointed insolvency manager for Automotive Group ISE
Industries GmbH, Christopher Seagon, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:30 a.m. on May 18.

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

         The District Court of Bonn
         Hall S 1.19
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 18, at the same venue.

         The District Court of Bonn
         Hall S 218
         Second Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221/91180
         Fax: 06221/911866

The District Court of Bonn opened bankruptcy proceedings against
Automotive Group ISE Industries GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Automotive Group ISE Industries GmbH
         Othestr. 19
         51702 Bergneustadt
         Germany


BIO-MAGNETIC THERAPY: Claims Registration Period Ends May 21
------------------------------------------------------------
Creditors of Bio-Magnetic Therapy Systems GmbH have until May 21
to register their claims with court-appointed insolvency manager
Christina Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 20, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be contacted at:

         Christina Siegert
         Oskar-von-Miller-Ring 34-36
         80333 Munich
         Germany

The District Court of Munich opened bankruptcy proceedings
against Bio-Magnetic Therapy Systems GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Bio-Magnetic Therapy Systems GmbH
         Kapellenweg 6
         81371 Munich
         Germany


BRUNNENKREF SERVICE: Claims Registration Period Ends May 2
----------------------------------------------------------
Creditors of Brunnenkref Service GmbH have until May 2 to
register their claims with court-appointed insolvency manager
Gerhard Brinkmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 a.m. on June 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund         
         Germany   

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

The insolvency manager can be contacted at:

         Gerhard Brinkmann
         Freiligrathstr. 1
         18055 Rostock
         Germany

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

The Debtor can be contacted at:

         Brunnenkref Service GmbH
         Attn: Thomas Brunnenkref, Manager
         Thronpost 12
         17489 Greifswald
         Germany


BWP BETREUUNGS: Claims Registration Period Ends April 27
--------------------------------------------------------
Creditors of BWP Betreuungs- und Wohnprojekte gemeinnuetzige
GmbH have until April 27 to register their claims with court-
appointed insolvency manager Peter May.

Creditors and other interested parties are encouraged to attend
the meeting at 8:20 a.m. on May 10, 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 Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         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. Peter May
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871/9432150

The District Court of Landshut opened bankruptcy proceedings
against BWP Betreuungs- und Wohnprojekte gemeinnuetzige GmbH on
April 2.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         BWP Betreuungs- und Wohnprojekte gemeinnuetzige GmbH
         Krankenhausweg 2
         85368 Moosburg
         Germany


DRECHSLER ELECTRONIC: Claims Registration Period Ends May 25
------------------------------------------------------------
Creditors of drechsler electronic GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Christian Hellmich.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Christian Hellmich
         Koenigstr. 20
         70173 Stuttgart
         Germany

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

The Debtor can be contacted at:

         drechsler electronic GmbH
         Attn: Thomas Drechsler, Manager
         Reuchlinstr. 3
         75223 Niefern-Oeschelbronn
         Germany


EICHMANN & BOENNING: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors of Eichmann & Boenning GmbH & Co. KG. have until
May 30 to register their claims with court-appointed insolvency
manager Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 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 contacted at:

         Holger Zbick
         Koenigstr. 20
         70173 Stuttgart
         Germany

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

The Debtor can be contacted at:

         Eichmann & Boenning GmbH & Co. KG.
         Attn: Boenning Adreas, Manager
         Werner-von-Siemens-Strasse 17
         48712 Gescher
         Germany


GROENEWALD BAUUNTERNEHMUNG: Claims Registration Ends May 15
-----------------------------------------------------------
Creditors of Groenewald Bauunternehmung GmbH have until May 15
to register their claims with court-appointed insolvency manager
Dr. Joerg Bornheimer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 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 Bonn
         Meeting Hall S 2.22
         Second Floor
         Wilhelmstr. 23
         53111 Bonn
         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. Joerg Bornheimer
         Sporergasse 7
         50667 Cologne
         Germany
         Tel: 0221-2726120
         Fax: 0221-27261299

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

The Debtor can be reached at:

         Groenewald Bauunternehmung GmbH
         Attn: Bernhard Stauf and Rolf Groenewald, Managers  
         Muelldorfer Str. 12b
         53757 Sankt Augustin
         Germany


GROSSMARKT OBST: Claims Registration Ends May 25
------------------------------------------------
Creditors of Grossmarkt Obst und Gemuese GmbH have until May 25
to register their claims with court-appointed insolvency manager
Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Judicial Center of Magdeburg
         Breiter Weg 203-206
         39104 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:

    Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         E-Mail: Heiko.Rautmann@gmx.de

The Judicial Center of Magdeburg opened bankruptcy proceedings
against Grossmarkt Obst und Gemuese GmbH on April 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grossmarkt Obst und Gemuese GmbH
         Attn: Juergen Meger, Manager
         Wilhelm.Kobelt-Str. 44
         39108 Magdeburg
         Germany


GRUNDBAU GMBH: Claims Registration Ends May 8
---------------------------------------------
Creditors of Grundbau GmbH have until May 8 to register their
claims with court-appointed insolvency manager Arndt Geiwitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 29, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         SS 157/I   
         Residenzplatz 4-6   
         87435 Kempten
         Germany

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

The insolvency manager can be reached at:

         Arndt Geiwitz
         Bahnhofstrasse 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/970180
         Fax: 0731/97018650

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

The Debtor can be reached at:

         Grundbau GmbH
         Eichweg 14
         87666 Pforzen
         Germany


H&S ISOLIERTECHNIK: Claims Registration Ends May 22
---------------------------------------------------
Creditors of H&S Isoliertechnik GmbH have until May 22 to
register their claims with court-appointed insolvency manager
Matthias Roensch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Matthias Roensch
         Gustav-Adolf-Strasse 6 b
         01219 Dresden
         Germany
         Web site: http://www.munz-anwaelte.de/

The District Court of Dresden opened bankruptcy proceedings
against H&S Isoliertechnik GmbH on April 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H&S Isoliertechnik GmbH
         Attn: Heinz Vetter, Manager
         Ernst-Thalmann-Str. 46
         02991 Leippe-Torno
         Germany


HATER GMBH: Creditors Must Register Claims by May 22
----------------------------------------------------
Creditors of Hater GmbH have until May 22 to register their
claims with court-appointed insolvency manager Horst Piepenburg.

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

The meeting of creditors will be held at:

         The District Court 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:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany
         Tel: 0211/492240
         Fax: +492114922487

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

The Debtor can be reached at:

         Hater GmbH
         Gartenstrasse 12
         46348 Raesfeld
         Germany


HERMANN WILLERSHAUSEN: Creditors Must Register Claims by May 30
---------------------------------------------------------------
Creditors of Hermann Willershausen Fleischwarenfabrik GmbH & Co
Kommanditgesellschaft have until May 30 to register their claims
with court-appointed insolvency manager Manfred Kuhne.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 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 Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         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 Kuhne
         Schwanallee 18-20
         35037 Marburg
         Germany
         Tel: 06421/407960
         Fax: 06421/15858

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Hermann Willershausen Fleischwarenfabrik GmbH & Co
Kommanditgesellschaft on March 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hermann Willershausen Fleischwarenfabrik GmbH & Co
         Kommanditgesellschaft
         Kirbach 21
         35102 Lohra
         

HEXA-CHAIN EUROPA: Creditors Must Register Claims by May 25
-----------------------------------------------------------
Creditors of Hexa-Chain Europa GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Angelika Amend.

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

The meeting of creditors will be held at:

         The District Court Bad Homburg v.d. Hoehe
         Room 302
         Third Floor
         Auf der Steinkaut 10-12
         61352 Bad Homburg v.d. Hoehe
         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:

         Angelika Amend
         Minnholzweg 2b
         D 61476 Kronberg/Ts.
         Germany
         Tel: 06173/78340
         Fax: 06173/783422
         Germany

The District Court of Bad Homburg v.d. Hoehe opened bankruptcy
proceedings against Hexa-Chain Europa GmbH on March 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hexa-Chain Europa GmbH
         Am Riedborn 16
         61250 Usingen
         Germany

         Angelika Amend
         Minnholzweg 2b
         D 61476 Kronberg/Ts.
         Germany
         Tel: 06173/78340
         Fax: 06173/783422


HSG AUGUSTDORF/HOEVELHOF: Creditors Must File Claims by April 27
----------------------------------------------------------------
Creditors of HSG Augustdorf/Hoevelhof Musketiere Lopshorn
Spielbetriebs- und Marketing GmbH & Co. KG have until April 27
to register their claims with court-appointed insolvency manager
Oliver Schulte.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on May 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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:

         Oliver Schulte
         Moltkestr. 12
         32756 Detmold
         Germany

The District Court of Detmold opened bankruptcy proceedings
against HSG Augustdorf/Hoevelhof Musketiere Lopshorn
Spielbetriebs- und Marketing GmbH & Co. KG on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HSG Augustdorf/Hoevelhof Musketiere Lopshorn
         Spielbetriebs- und Marketing GmbH & Co. KG
         Cacilienstr. 2
         32832 Augustdorf
         Germany


JOHANN HATER: Claims Registration Period Ends May 22
----------------------------------------------------
Creditors of Johann Hater GmbH & Co. KG have until May 22 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 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 Muenster
         Meeting Hall 112 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Tel: 0211/492240
         Fax: +492114922487

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

The Debtor can be reached at:

         Johann Hater GmbH & Co. KG
         Attn: Maria Hater, Manager
         Gartenstrasse 12
         46348 Raesfeld
         Germany


LINN UND JUNG: Creditors' Meeting Slated for May 14
---------------------------------------------------
The court-appointed insolvency manager for Linn und Jung GmbH
Planungs- und Vertriebsbuero fuer das Baugewerbe, Joachim
Glaser, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:33 a.m. on
May 14.

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

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:59 a.m. on Aug. 27 at the same venue.

Creditors have until June 27 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Glaser
         Konrad-Adenauer-Str. 2a
         56414 Wallmerod
         Germany
         Tel: 06435-96400
         Fax: 06435-964024

The District Court of Montabaur opened bankruptcy proceedings
against Linn und Jung GmbH Planungs- und Vertriebsbuero fuer das
Baugewerbe on April 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Linn und Jung GmbH Planungs- und Vertriebsbuero fuer
         das Baugewerbe
         Attn: Volker Jung, Manager
         Bahnhofstrasse 21
         56414 Herschbach
         Germany


MALEREIBETRIEB RAUM: Creditors' Meeting Slated for May 10
---------------------------------------------------------
The court-appointed insolvency manager for Malereibetrieb Raum
und Objekt GmbH, Dirk Oelbermann, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 11:00 a.m. on May 10.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:10 a.m. on June 28 at the same venue.

Creditors have until May 16 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dirk Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany

The District Court of Syke opened bankruptcy proceedings against
Malereibetrieb Raum und Objekt GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Malereibetrieb Raum und Objekt GmbH
         Attn: Dirk Michael Bechert, Manager
         Am schmalen Bruch 24
         28844 Weyhe
         Germany


OCEAN STAR: Fitch Rates US$9.7-Million Class E Notes at BB
----------------------------------------------------------
Fitch Ratings affirmed all of Ocean Star 2004 PLC's and Ocean
Star 2005 PLC's credit-linked floating-rate notes due 2018 and
2012 respectively:

Ocean Star 2004:

   -- US$0.25 million Class A+ notes at 'AAA';
   -- US$52.75 million Class A notes at 'AAA';
   -- US$79.15 million Class B notes at 'AA';
   -- US$79.15 million Class C notes at 'A';
   -- US$53.8 million Class D notes at 'BBB-'and
   -- US$19 million Class E notes at 'BB-'.

Ocean Star 2005:

   -- US$28.6 million Class A notes at 'AAA';
   -- US$25.7 million Class B notes at 'AA';
   -- US$42.8 million Class C notes at 'A';
   -- US$23.4 million Class D notes at 'BBB' and
   -- US$9.7 million Class E notes at 'BB'.

The affirmations follow the replenishments of the underlying
portfolios and a satisfactory review of both transactions'
performance to date.

Ocean Star 2004 and Ocean Star 2005 are revolving synthetic
securitizations of shipping loan obligations originated by HSH
Nordbank AG and its predecessors, LB Kiel and Hamburgische
Landesbank, with respect to reference portfolios with an
outstanding amount of up to US$1,054.7 million and       
US$570.1 million, respectively.  The reference portfolio
consists of loans secured by ships.

This is Ocean Star 2004's fifth portfolio replenishment since
closing and Ocean Star 2005's third replenishment since closing.  
The levels of credit enhancement have not changed since closing
for both transactions.  No credit events, defaults or losses for
both transactions have occurred since inception.  No
delinquencies have been reported since closing. The rating of
collateral available to the issuer has not changed.  The current
portfolio characteristics meet the transactions' general
replenishment conditions and bear lower concentration risk
compared to the initial portfolios.


REDEKIN MBH: Claims Registration Period Ends May 21
---------------------------------------------------
Creditors of Redekin mbH have until May 21 to register their
claims with court-appointed insolvency manager Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 2:15 p.m. on June 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany

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

The insolvency manager can be reached at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/59733-0
         Fax: 0391/5973333

The District Court of Stendal opened bankruptcy proceedings
against Redekin mbH on March 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Redekin mbH
         Attn: Kerstin Riemer, Manager
         Klietznicker Weg 15
         39319 Redekin
         Germany


REIF & GERBES: Creditors' Meeting Slated for May 14
---------------------------------------------------
The court-appointed insolvency manager for Reif & Gerbes
Heimwerkermarkt GmbH, Dr. Thomas Wazlawik, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:00 a.m. on May 14.

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

         The District Court of Passau
         Meeting Room 12a/EG
         Second Floor
         Schustergasse 4
         Passau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on June 18 at the same venue.

Creditors have until June 21 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Thomas Wazlawik
         Luragogasse 5
         94032 Passau
         Germany
         Tel: 0851/490548-0
         Fax: 0851/490548-9

The District Court of Passau opened bankruptcy proceedings
against Reif & Gerbes Heimwerkermarkt GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Reif & Gerbes Heimwerkermarkt GmbH
         Attn: Guenter Gerbes, Manager
         Strohtestr. 35-37
         49356 Diepholz
         Germany


ROSE STRASSENBAU: Creditors' Meeting Slated for May 8
-----------------------------------------------------
The court-appointed insolvency manager for Guenther Rose
Strassenbau GmbH, Christoph Rosenmueller, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:45 a.m. on May 8.

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 8:40 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 Guenther Rose Strassenbau GmbH on April 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Guenther Rose Strassenbau GmbH
         Otawistrasse 7
         13351 Berlin
         Germany


SP HINSCH: Claims Registration Period Ends May 29
-------------------------------------------------
Creditors of SP Hinsch GmbH have until May 29 to register their
claims with court-appointed insolvency manager Christian Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 28, 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Scholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040 / 350 16 90
         Fax: 040 / 350 16 915

The District Court of Tostedt opened bankruptcy proceedings
against SP Hinsch GmbH on April 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         SP Hinsch GmbH
         Attn: Sigrid Hinsch, Manager
         Industriestrasse 19
         21640 Horneburg
         Germany


TST KANALSANIERUNG: Creditors' Meeting Slated for May 9
-------------------------------------------------------
The court-appointed insolvency manager for TST Kanalsanierung
GmbH, Udo Groener, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
2:10 p.m. on May 9.

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

         The District Court of Saarbruecken
         Area Hall 24
         First Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 1:45 p.m. on July 18 at the same venue.

Creditors have until June 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Udo Groener
         Faktoreistrasse 4
         66111 Saarbruecken
         Germany
         Tel: 0681/ 41010
         Fax: 0681/ 4101 276

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

The Debtor can be reached at:

         TST Kanalsanierung GmbH
         Attn: Roland Koenig, Manager
         Suedstr. 18
         66780 Rehlingen-Siersburg
         Germany


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


SANYO ELECTRIC: To Book JPY2 Billion Loss From Battery Recall
-------------------------------------------------------------
Sanyo Electric Co Ltd will book a loss of JPY2.04 billion or
US$17 million in its earnings for the year ended March 31, 2007,
related to the recall of mobile phone batteries, according to
Reuters.

As reported in the Troubled Company Reporter on Dec. 12, 2006,
NTT DoCoMo Inc. recalled some 1.3 million batteries made by
Sanyo Electric, which are used in Mitsubishi Electric Corp's
handsets.  The recall was prompted by fears that the lithium ion
batteries installed in Mitsubishi's FOMA D902i phones may
overheat and rupture.

Reuters recounts that Sanyo forecast in January a net loss of
US$419.8 million on sales of US$18.4 billion.  The company has
no plan to revise its earnings estimates for the year ended
March 31, Reuters reports.

                    About Sanyo Electric

Headquartered in Osaka, Japan, Sanyo Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
Mar. 2, 2007, Fitch Ratings placed Sanyo Electric Co. Ltd.'s BB+
long-term foreign and local currency issuer default and senior
unsecured ratings on rating watch negative.

The TCR-AP reported on May 25, 2006, that Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on Sanyo Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


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


ALITALIA SPA: Air One Has No Plans to Sell Carrier
--------------------------------------------------
Air One S.p.A. will not sell Alitalia S.p.A. if it wins the
tender to acquire the Italian national carrier, Corriere della
Sera reports citing Air One chairman Carlo Toto.

"Under our proposal we will not buy Alitalia and resell it," Mr.
Toto was quoted by Corriere della Sera as saying.

Mr. Toto told Corriere della Sera that Air One plans to make
Alitalia the fourth-largest airline in Europe, adding that the
national carrier needs a strong "Italian industrial project."

AirOne S.p.A. is backed by Intesa-San Paolo S.p.A.

In a TCR-Europe report on April 5, three potential buyers
entered the next phase of the tender to acquire the Italian
government's 39.9% stake in Alitalia.

According to the Italian Treasury, which holds stake for the
government, bidders are firms forming three consortium:

   -- OAO Aeroflot and Unicredito Italiano S.p.A.;
   -- TPG capital and MatlinPatterson Global Advisers; and
   -- AirOne S.p.A. and Intesa-San Paolo S.p.A.

The government gave the bidders until April 16 to submit non-
binding offers and a five-year business plan for Alitalia.  The
plan, which must include job levels, will be binding for three
years and can only be amended with the government's approval.  
The government plans to complete the sale in June.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


ALITALIA SPA: Buyer Needs EUR3 Bln to Revive Firm, Italy Says
-------------------------------------------------------------
The buyer for Italian national carrier Alitalia S.p.A. will have
to spend around EUR3 billion to acquire and return it to
profitability, Dow Jones Newswires reports citing Transport
Minister Alessandro Bianchi.

Mr. Bianchi said Alitalia's buyer would have to spend EUR1.5
billion for buying the carrier, and another EUR1.5 billion to
turn it around.

In a TCR-Europe report on April 5, three potential buyers
entered the next phase of the tender to acquire the Italian
government's 39.9% stake in Alitalia.

According to the Italian Treasury, which holds stake for the
government, bidders are firms forming three consortium:

   -- OAO Aeroflot and Unicredito Italiano S.p.A.;
   -- TPG capital and MatlinPatterson Global Advisers; and
   -- AirOne S.p.A. and Intesa-San Paolo S.p.A.

The government gave the bidders until April 16 to submit non-
binding offers and a five-year business plan for Alitalia.  The
plan, which must include job levels, will be binding for three
years and can only be amended with the government's approval.  
The government plans to complete the sale in June.

Mr. Bianchi, meanwhile, said that the comment of Infrastructure
Minister Antonio di Pietro had been misunderstood as casting
doubt on OAO Aeroflot's bid for Alitalia.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for  
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


BLYTH INC: Posts US$103.17-Mln Loss for Year Ended Jan. 31, 2007
----------------------------------------------------------------
Blyth Inc. released its financial results for the fourth quarter
and year ended Jan. 31, 2007.

Blyth posted US$103.17 million in net losses on US$1.22 billion
net revenues for the year ended Jan. 31, 2007, compared with
US$24.85 million in net profit on US$1.25 billion net revenues
for the year ended Jan. 31, 2005.

The company registered US$17.0 million in net profit on
US$379.84 million net revenues for the fourth quarter ended
Jan. 31, 2007, compared with US$12.30 million in net losses on
US$380.71 million net revenues for the fourth quarter ended
Jan. 31, 2005.

"Fiscal year 2007 has been one of significant transition for
Blyth, as demonstrated by our fourth quarter and full year
restructuring charges," Robert B. Goergen, Blyth's Chairman of
the Board and CEO, said.  "Most of these unusual charges are
non-cash, and Blyth continues to generate strong cash flow,
achieving US$95 million in Cash Flow From Operations in fiscal
year 2007.  Restructuring efforts within the Multi-channel Group
of Wholesale and Catalog & Internet businesses, as well as the
Direct Selling segment, have further streamlined operations,
eliminated numerous less profitable customers and continued to
improve the efficiency of our asset base.  We believe that these
steps will position the Company for improved performance and
profitability in fiscal year 2008.  Due to the complexity of our
fourth quarter and full year results, we have included a summary
table of unusual items to assist investors in understanding
Blyth's financials."

"The divestiture of our European Wholesale businesses was
completed in the fourth quarter with the sale of our Colony
premium candle company in the U.K. Blyth has narrowed its
European focus to direct selling, which is where we believe we
have the best opportunities for profitable growth," Mr. Goergen
continued.  "This year's strong, double-digit sales growth in
markets such as France and the Nordic region support our
conclusion."

                           About Blyth

Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a  
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products.  The company has operations in Italy, Spain, Hong
Kong, China, and Australia.

                          *     *     *

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 Ba3 Corporate Family Rating for Blyth, Inc.

Additionally, Moody's 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$125M senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100M senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%


BLYTH INC: Declares US$0.27 Per Share Semi-Annual Cash Dividend
---------------------------------------------------------------
Blyth Inc. has declared a semi-annual cash dividend of US$0.27
per share on the Company's common stock for the six months ended
Jan. 31, 2007.

This represents an increase of US$0.04 per share, or
approximately 17%, above the semi-annual dividend paid for the
comparable period last year and an equal amount to the semi-
annual dividend paid in November 2006.  The dividend, authorized
at the March 27, 2007 Board of Directors meeting, will be
payable to shareholders of record as of May 1, 2007, and will be
paid on May 15, 2007.

                           About Blyth

Headquartered in Greenwich, CT, Blyth Inc. --
http://www.blyth.com/-- designs, manufactures and markets a  
line of candles and home fragrance products, tabletop heating
products, candle accessories and home decor and giftware
products.  The company has operations in Italy, Spain, Hong
Kong, China, and Australia.

                          *     *     *

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 Ba3 Corporate Family Rating for Blyth, Inc.

Additionally, Moody's 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$125M senior
   unsecured bonds
   due 2009               Ba3      Ba3     LGD4        55%

   US$100M senior
   unsecured bonds
   due 2013               Ba3      Ba3     LGD4        55%


IMAX CORP: Provides Status Update on Delayed Filing
---------------------------------------------------
IMAX Corporation has provided a status update pursuant to the
alternative information guidelines of the Ontario Securities
Commission.  These guidelines contemplate that the company will
normally provide bi-weekly updates on its affairs until such
time as the company is current with its filing obligations under
applicable Canadian provincial securities laws.

Except as to the matters described in the company's press
releases of April 3, April 5, and April 9, the company reported
that there had been no material developments in the matters
reported in the company's press release "IMAX to Delay Filing of
2006 10-K" dated March 29, 2007.

The company previously said that it would delay the filing of
its annual report on Form 10-K for fiscal 2006 due to the
discovery of certain accounting errors and has since broadened
its accounting review to include certain other accounting
matters based on comments received by the Company from the SEC
and Ontario Securities Commission.  The company is currently
working diligently and devoting necessary resources to complete
the report and filing as soon as practicable.  For the reasons
described in its prior news releases, the company cannot predict
when it will complete its review and file its financial
statements, although it intends to do so as soon as practicable.

The statements set forth in this press release are preliminary,
reflect information currently known to the company and are
subject to change as a result of the accounting review and
restatement process, subsequent events and the completion of the
audit of the financial statements by the company's independent
auditors, PricewaterhouseCoopers, LLP.

The Company's next bi-weekly status update is expected to be
released during the week of April 23.

IMAX Corporation - http://www.imax.com-- is an entertainment  
technology company specializing in large-format and three-
dimensional (3D) film presentations.  The company's principal
business is the design, manufacture, sale and lease of
projection systems based on technology for large-format, 15-
perforation film frame, 70-mm format (15/70-format) theaters,
including commercial theaters, museums and science centers, and
destination entertainment sites.  IMAX has locations in
Guatemala, India, and Italy, among others.

                     *     *     *

As reported in the TCR-Europe on March 22, Standard & Poor's
Ratings Services affirmed its ratings, including the 'B-'
corporate credit rating, on IMAX Corp. and removed them from
CreditWatch, where they were placed on March 10, 2006, with
developing implications.


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


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

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

         Tax Committee on South Kazakhstan Region
         Shymkent
         South Kazakhstan Region
         Kazakshtan


BELIBO LLP: Creditors' Claims Due May 16
----------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Belibo insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


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


DRUJBA KI: Claims Registration Ends May 18
------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Drujba Ki 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


KAZAKHSTAN OTYN-GAS: Claims Filing Period Ends May 18
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Kazakhstan Otyn-Gas insolvent.

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

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


MAKTA AGRO: Creditors Must File Claims by May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Lsj Makta Agro insolvent.

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

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


PUHOVIK LLP: Creditors' Claims Due May 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Puhovik insolvent on Feb. 21.

Creditors have until May 16 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


TAMYZ LLP: Proof of Claim Deadline Slated for May 16
----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Tamyz insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Jumabaev Str. 102-25
         Petropavlovsk
         North Kazakhstan Region
         Kazakhstan


TECHNIC LLP: Claims Registration Ends May 16
--------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Technic insolvent on Feb. 23.  

Creditors have until May 16 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


TILEUBERDI LLP: Claims Filing Period Ends May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Tileuberdi 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


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


D & T ELECTRONICS: Claims Filing Period Ends May 30
---------------------------------------------------
LLC D & T Electronics Co. Ltd. has declared insolvency.  
Creditors have until May 30 to submit written proofs of claim

Inquiries can be addressed to (+996 312) 46-45-77.


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


EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
------------------------------------------------------------
Evraz Group S.A. is holding talks to acquire U.S.-Canadian
steelmaker IPSCO Inc. for US$6 billion, business newspaper
Vedomosti reports citing sources privy to the matter.

Sources close to Evraz's shareholders told Vedomosti that the
acquisition talks commenced several weeks ago.  Rina Kibina,
vice-president of Evraz, however, declined to comment on the
report when contacted by The Associated Press.

Headquartered in Lisle, Illinois, IPSCO Inc. produces steel
products with facilities located at 25 sites throughout the
United States and Canada.  The firm operates four steel mills,
11 pipe mills, nine product-finishing plants and nine scrap
processing centers.

Andrei Litvin of MDM Bank told AP that the Evraz's acquisition
of Ipsco was theoretically possible.  Mr. Litvin added that
IPSCO would allow Evraz to diversify productively and
geographically.  Mr. Litvin, however, commented that Evraz faces
the hurdle of financing its acquisition IPSCO, which market
values currently stands at around US$6 billion.

AP notes that Evraz has the highest debt burden among Russian
steel firms following its acquisition of Oregon Steel.

RIA Novosti, meanwhile, says the talks to acquire IPSCO are part
of the group "worldwide expansion" merger and acquisition
strategy.

                           About Evraz

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

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
------------------------------------------------------------
Evraz Group S.A. released its operational results for the first
quarter of 2007.  

                  1Q   1Q   1Q 2007/1Q 2006  4Q  1Q 2007/4Q 2006
Products         2007 2006  change, %**    2006 change, %***
--------         ---- ----  -------------- ---- ---------------
(in tons unless   
otherwise stated)

Steel division

Pig iron        3,293  3,071     +7.2%     3,085       +6.7%
Steel           4,287  3,841    +11.6%     4,103       +4.5%
Rolled
products (1)    3,892  3,405    +14.3%     3,610       +7.8%

Mining division   

Iron ore         
Concentrate
(saleable products)647  499     +29.5%       807      (19.9)%   
Sinter          2,235  2,046     +9.2%     1,984      +12.7%
Pellets         1,557  1,473     +5.7%     1,484       +4.9%

Coal (mined)

Cooking coal    142    206      (31.1)%      163      (13.1)%
Steam coal      58     12      +383.7%        43       36.2%

Vanadium

Vanadium products,                  
tons (2)        1,697  n/a                 1,507      +12.6%

Equity investments (3)

Cooking coal
(Raspadskaya)   3,273  1,594   +105.3%     2,950      +10.9%
Cooking and
steam coal
(Yuzhkuzbassugol) 3,557 3,514    +1.2%     4,576      (22.3)%


    * All information on production volumes of the enterprises
      presented in the press release concerns only the period
      of their operation within Evraz Group.  The total volume
      of rolled steel products excludes those re-rolled at other
      Group's plants.  These volumes are eliminated as
      intercompany sales for purposes of Evraz's consolidated
      operating results.

    ** Percentage changes may not be exact due to rounding.

    (1) Operational results of Evraz Oregon Steel Mills are
        consolidated into the Group since Jan. 12, 2007.

    (2) Calculated in pure vanadium equivalent.  Include
        operational results of Strategic Minerals Corp.
        consolidated into the Group since September 2006.

    (3) Evraz Group holds 40% beneficial interest in OAO
        Raspadskaya and 50% interest in Yuzhkuzbassugol.  

                          About Evraz

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

                          *     *     *

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

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

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


THIEL LOGISTIK: 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 Thiel Logistik A.G.

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

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   8% Senior Subordinated
   Regular Bond/Debenture
   due 2012                 Caa1    Caa1     LGD6     90%

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 Grevenmacher, Luxembourg, Thiel Logistik AG
develops complete logistics and service solutions as an external
partner for industry and commerce.  In 2004, the Thiel Group
achieved sales of EUR1.7 billion and currently employs
approximately 9,000 people in 41 countries.  With more than 400
locations on all continents, Thiel Logistik operates in the
major European markets and in every important procurement and
sales market worldwide.  


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


X5 RETAIL: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for X5 Retail Group
N.V.

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

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

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

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

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

Headquartered in the Netherlands, X5 Retail Group N.V. (fka
Pyaterochka Holding N.V.) -- 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.


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


SHIP FINANCE: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its Ba3 Corporate Family Rating for Ship Finance
International Limited.

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 Bank
   Credit Facility          Ba2      Ba2      LGD3     41%

   Senior Unsecured
   Regular Bond/Debenture
   Due 2013                 B1       B1       LGD5     79%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Bermuda, Ship Finance International Limited --
http://www.shipfinance.org/-- through its subsidiaries engages    
in the ownership and operation of oil tankers, including
oil/bulk/ore (OBO) carriers.  The company operates through
subsidiaries and partnerships located in Bermuda, Cyprus, Isle
of Man, Liberia, Norway, and Singapore.

It is also involved in the charter, purchase, and sale of
vessels.


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


HELLENA SA: Kofola AS Acquires Business for PLN17.2 Million
-----------------------------------------------------------
Kofola AS has purchased bankrupt rival Hellena S.A. for PLN17.2
million (US$6.05 million), subject to the approval of a
bankruptcy court in Kalisz, Poland, Dow Jones Newswires reports,
citing the Polish Press Agency as its source.

According to the report, Kofola's acquisition of Hellena could
potentially strengthen the Czech company's position in the
market -- enough to challenge Pepsico as the world's second-
largest soft drinks maker next to dominant company Coca-Cola.

                         About Kofola AS

Czech company Kofola AS -- http://www.kofola.cz/cz/--  
manufactures carbonated soft drink in the Czech Republic and
Slovakia.  It is the main competitor of Coca-Cola and Pepsi on
the two markets.

                       About Hellena S.A.

Headquartered in Poland, Hellena S.A. http://www.hellena.com.pl/
-- was established in 1991 by Zenon Sroczyski.  Since 1994 it
has become a joint stock company.  It specializes in fruit and
vegetable juices production, carbonated and non-carbonated
drinks, and natural spring waters and promotes traditional
Polish flavors.

A bankruptcy court in Kalisz, Poland, commenced bankruptcy
proceedings for Hellena in June 2005.  It has placed the entire
business on the block since then and has drawn considerable
interest from rival companies.  The company's assets and debts
were each estimated at PLN130 million.


STOCZNIA GDYNIA: Imminent Bankruptcy May Cost Taxpayers PLN3 Bln
----------------------------------------------------------------
Stocznia Gdynia, which has received PLN4.2 billion in state
subsidies from 2001-2005, could potentially cost Polish
taxpayers about PLN3 billion if it goes bankrupt, the Financial
Times reports, quoting the Polish News Bulletin.

According to the report, experts from F5 Konsulting were asked
to submit an appraisal of Stocznia Gdynia's assets by May 17.  
The company hopes to receive a capital injection of PLN515
million from the Polish Treasury to boost the value of its
assets and repay its debts.

The Treasury will present a proposal detailing additional
financial support for the company at its next meeting, possibly
granting cash or shares in state companies to Stocznia Gdynia,
the Polish News Bulletin states.

                      About Stocznia Gdynia

Located in Port of Gdynia, Poland, Stocznia Gdynia S.A. --
http://www.stocznia.gdynia.pl/-- is a shipyard that has been  
undergoing restructuring for the past several years.


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


BASHKIRSKIYE AIRLINES: Creditors Must File Claims by May 24
-----------------------------------------------------------
Creditors of OJSC Air Company Bashkirskiye Airlines (TIN
0274108158) have until May 24 to submit proofs of claim to:

         R. Shuvarov
         Insolvency Manager
         Office 2
         Oktyabrya Pr. 11
         Ufa
         450001 Bashkortostan
         

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-15423/06-G-KhRM.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Air Company Bashkirskiye Airlines
         Airport
         Ufa
         450056 Bashkortostan
         Russia


BODAYBINSKAYA MINING: Creditors Must File Claims by May 24
----------------------------------------------------------
Creditors of LLC Bodaybinskaya Mining Company (TIN 3802008472
have until May 24 to submit proofs of claim to:

         V. Demenchuk
         Insolvency Manager
         Post User Box 1958
         Bratsk
         665732 Irkutsk
         Russia

The Arbitration Court of Irkutsk company after finding it
insolvent.  The case is docketed under Case No. A19-8901/06-29.

The Court is located at:  

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

The Debtor can be reached at:

         LLC Bodaybinskaya Mining Company
         Sadovaya Str. 12-12
         Balakhinskiy
         Bodaybinskiy
         666921 Irkutsk
         Russia


CB RENAISSANCE: Fitch Rates Ensorte's RUR3.29-Bln Issue at B-
-------------------------------------------------------------
Fitch Ratings assigned Ensorte Enterprises Limited's
RUR3.29 billion issue of 10.5% fixed-rate limited recourse loan
participation notes due October 2008 final ratings of Long-term
'B-' and Recovery 'RR4'.  

The notes are to be used solely for financing a loan,
denominated in Russian roubles but funded and repayable in U.S.
dollars, to CB Renaissance Capital, which is guaranteed by
Renaissance Capital International Services Limited, Bermuda.

CBRC is rated Issuer Default 'B-', Short-term 'B', Support '5',
Individual 'D/E' and National Long-term 'BB'.  The Outlooks on
the Issuer Default and National Long-term ratings are Stable.

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


ELDA CJSC: Court Names E. Zomba as Insolvency Manager
-----------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Ms. E. Zomba as Insolvency Manager for CJSC Timber Trading
Company Elda.  She can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8(812) 764-39-27

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-51372/2006.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg  
         Russia  

The Debtor can be reached at:

         E. Zomba
         Post User Box 142
         192007 St. Petersburg
         Russia
         Tel: 8(812) 764-39-27


ENERGO-GAS CJSC: Creditors Must File Claims by May 24
-----------------------------------------------------
Creditors of CJSC Energo-Gas (TIN 7729342460) have until May 24
to submit proofs of claim to:

         L. Serdyuk
         Insolvency Manager
         Apartment 6
         Building 3
         Moldagulovoj Str. 16
         111395 Moscow
         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. A40-58004/
06-124-1151B.

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 Energo-Gas
         Setunskiy Proezd 3 10
         119136 Moscow
         Russia


EVRAZ GROUP: In Talks to Acquire Ipsco Inc. for US$6 Billion
------------------------------------------------------------
Evraz Group S.A. is holding talks to acquire U.S.-Canadian
steelmaker IPSCO Inc. for US$6 billion, business newspaper
Vedomosti reports citing sources privy to the matter.

Sources close to Evraz's shareholders told Vedomosti that the
acquisition talks commenced several weeks ago.  Rina Kibina,
vice-president of Evraz, however, declined to comment on the
report when contacted by The Associated Press.

Headquartered in Lisle, Illinois, IPSCO Inc. produces steel
products with facilities located at 25 sites throughout the
United States and Canada.  The firm operates four steel mills,
11 pipe mills, nine product-finishing plants and nine scrap
processing centers.

Andrei Litvin of MDM Bank told AP that the Evraz's acquisition
of Ipsco was theoretically possible.  Mr. Litvin added that
IPSCO would allow Evraz to diversify productively and
geographically.  Mr. Litvin, however, commented that Evraz faces
the hurdle of financing its acquisition IPSCO, which market
values currently stands at around US$6 billion.

AP notes that Evraz has the highest debt burden among Russian
steel firms following its acquisition of Oregon Steel.

RIA Novosti, meanwhile, says the talks to acquire IPSCO are part
of the group "worldwide expansion" merger and acquisition
strategy.

                           About Evraz

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

                          *     *     *

As reported in the TCR-Europe on Nov. 23, 2006, Fitch Ratings
affirmed Luxembourg-based Evraz Group S.A.'s Issuer Default and
senior unsecured ratings at BB and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Evraz Group's 8-1/4% notes due November 2015 has been given by
Moody's Investors Service's (P)B2 rating, Standard & Poor's B+
rating and Fitch's BB- rating.


EVRAZ GROUP: Steel Production Up 11.6% in First Quarter 2007
------------------------------------------------------------
Evraz Group S.A. released its operational results for the first
quarter of 2007.  

                  1Q   1Q   1Q 2007/1Q 2006  4Q  1Q 2007/4Q 2006
Products         2007 2006  change, %**    2006 change, %***
--------         ---- ----  -------------- ---- ---------------
(in tons unless   
otherwise stated)

Steel division

Pig iron        3,293  3,071     +7.2%     3,085       +6.7%
Steel           4,287  3,841    +11.6%     4,103       +4.5%
Rolled
products (1)    3,892  3,405    +14.3%     3,610       +7.8%

Mining division   

Iron ore         
Concentrate
(saleable products)647  499     +29.5%       807      (19.9)%   
Sinter          2,235  2,046     +9.2%     1,984      +12.7%
Pellets         1,557  1,473     +5.7%     1,484       +4.9%

Coal (mined)

Cooking coal    142    206      (31.1)%      163      (13.1)%
Steam coal      58     12      +383.7%        43       36.2%

Vanadium

Vanadium products,                  
tons (2)        1,697  n/a                 1,507      +12.6%

Equity investments (3)

Cooking coal
(Raspadskaya)   3,273  1,594   +105.3%     2,950      +10.9%
Cooking and
steam coal
(Yuzhkuzbassugol) 3,557 3,514    +1.2%     4,576      (22.3)%


    * All information on production volumes of the enterprises
      presented in the press release concerns only the period
      of their operation within Evraz Group.  The total volume
      of rolled steel products excludes those re-rolled at other
      Group's plants.  These volumes are eliminated as
      intercompany sales for purposes of Evraz's consolidated
      operating results.

    ** Percentage changes may not be exact due to rounding.

    (1) Operational results of Evraz Oregon Steel Mills are
        consolidated into the Group since Jan. 12, 2007.

    (2) Calculated in pure vanadium equivalent.  Include
        operational results of Strategic Minerals Corp.
        consolidated into the Group since September 2006.

    (3) Evraz Group holds 40% beneficial interest in OAO
        Raspadskaya and 50% interest in Yuzhkuzbassugol.  

                          About Evraz

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

                          *     *     *

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

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

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.  
Evraz Securities SA's senior unsecured rating is affirmed at BB.  
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


KRASNOUFIMSKIY ELEVATOR: Names D. Kostromin to Manage Assets
------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed Mr. D. Kostromin
as Insolvency Manager for OJSC Krasnoufimskiy Elevator.  He can
be reached at:

         D. Kostromin
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-17099/06-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg  
         Russia  

The Debtor can be reached at:

         OJSC Krasnoufimskiy Elevator
         Rogozinnikovyh Str., 81
         Krasnoufimsk, Sverdlovsk
         Russia


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

         V. Khlyamov, Temporary Insolvency Manager
         Obvodnogo Kanala Quay, 181
         190103 St. Petersburg
         Russia

The Arbitration Court of Novgorod will convene at 11:00 a.m. on
May 16 to hear the company's bankruptcy supervision procedure.   
The case is docketed under Case No. A44-3417/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Industry
         Egla
         Borovichskiy
         174425 Novgorod
         Russia


ISKITIMSKIY MEAT-PACKING: Creditors Must File Claims by April 24
----------------------------------------------------------------
Creditors of CJSC Iskitimskiy Meat-Packing Enterprise (TIN
5443117127) have until April 24 to submit proofs of claim to:

         V. Avgustovskiy
         Temporary Insolvency Manager
         Ordzhonikidze Str. 43
         Novosibirsk-99
         Russia

The Arbitration Court of Novosibirsk will convene on Aug. 8 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A45-2249/07-43/8.

The Court is located at:

         The Arbitration Court of Novosibirsk
         Kirova Str. 3
         630007 Novosibirsk  
         Russia

The Debtor can be reached at:

         CJSC Iskitimskiy Meat-Packing Enterprise
         Yubileynyj Pr. 6
         Iskitim
         633210 Novosibirsk
         Russia


MAGNITOGORSK IRON: 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 Magnitogorsk Iron
& Steel Works.

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: MMK Finance S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
Sr. Unsec. Regular Bond/
Debenture Due 2008         Ba3      Ba3      LGD4     50%

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

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

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

Magnitogorsk Iron & Steel Works -- http://www.mmk.ru/-- is  
Russia's largest steel company, accounting for about 20% of all
steel products sold on the domestic market.


MORSHANSKAYA MANUFACTURE: Creditors Must File Claims by May 24
--------------------------------------------------------------
Creditors of OJSC Morshanskaya Manufacture (TIN 6826000823, OGRN
1026801030288) have until May 24 to submit proofs of claim to:

         S. Rassadin
         Insolvency Manager
         Rechnaya Str. 1
         Morshansk
         393950 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3226/06-21.

The Debtor can be reached at:

         OJSC Morshanskaya Manufacture
         Rechnaya Str. 1
         Morshansk
         393950 Tambov
         Russia


MURASHINSKOYE LOGGING: Creditors Must File Claims by April 24
-------------------------------------------------------------
Creditors of LLC Murashinskoye Logging Enterprise have until
April 24 to submit proofs of claim to:

         V. Gyrdymov
         Temporary Insolvency Manager
         Apartment 113
         A. Upita Str. 13
         610050 Kirov
         Russia

The Arbitration Court of Kirov will convene at 9:00 a.m. on Aug.
6 to hear the bankruptcy supervision procedure.  The case is
docketed under Case No. A28-782/06-380/06.

The Court is located at:

         The Arbitration Court of Kirov  
         K-Libknekhta Str. 102
         610017 Kirov  
         Russia

The Debtor can be reached through the insolvency manager at the
above-mentioned address.


NEW WORLD: Moscow Bankruptcy Hearing Slated for June 6
------------------------------------------------------
The Arbitration Court of Moscow appointed Mr. M. Strizhov as
Insolvency Manager for LLC Agricultural Company New World.  He
can be reached at:

         M. Strizhov
         Office 615
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The Court will convene at 10:15
a.m. on June 6 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A41-K2-14975/05.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company New World
         Ilyicha Pr. 55
         Shatura
         140700 Moscow
         Russia


ROSNEFT OIL: Pays for 9.44% Stake Bought From Yukos Auction
-----------------------------------------------------------
RN-Razvitiye, an indirect subsidiary of OAO Rosneft Oil,
transferred funds Friday as payment for the assets it acquired
from OAO Yukos Oil Co. through an auction to sell the bankrupt
firm's assets, various reports say.

On March 27, RN-Razvitiye outbid TNK-BP Holding Ltd. for Yukos'
9.44% stake in Rosneft with its RUR197.84 billion offer.  Aside
from the stake, the assets sold under the first lot included 12
promissory notes worth RUR3.56 billion in Yuganskneftegaz,
Yukos' former main production unit.  According to RIA Novosti,
Rosneft acquired the lot at 10 percent less than the market
price.

                     Possible Stake Swap

RosBusinessConsulting says Rosneft may swap around 1-2 percent
of its newly bought stake for China National Petroleum
Corporation's assets in order to access China's local oil
market.  However, sources privy to the matter insists that no
final decision has been made yet, RBC Daily reports.

                    Creditor Distribution

Yukos bankruptcy receiver Eduard Rebgun said creditor
distribution would start as soon as payments are received from
the first or second auctions and before all the auctions are
completed, Interfax relates.  

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

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

Nikolai Lashkevich, spokesman for Mr. Rebgun, told Interfax that
EniNeftegaz has fully paid for the acquisition immediately after
the auction.

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

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

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

                        About Yukos Oil

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

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

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

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

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

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

                         About Rosneft

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

                        *     *     *

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

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


ROSNEFT OIL: Eyes Eurobond Issue to Refinance US$22-Bln Loan
------------------------------------------------------------
OAO Rosneft Oil plans to refinance part of its US$22 billion
loan, which it obtained for the acquisition of OAO Yukos Oil
Co.'s assets, through a Eurobond issue in June 2007, Interfax
says.

According to the report, the company intends to place up to
US$4 billion in Eurobonds to pay off part of the loan obtained
from a group of banks comprised of ABN AMRO, Barclays, BNP
Paribas, Calyon, Citibank, Goldman Sachs, J.P. Morgan Chase, and
Morgan Stanley.

The loan carries an interest rate of LIBOR 0.25% to 0.5% and
will mature in less than 18 months.

On March 27, Rosneft subsidiary RN-Razvitiye outbid TNK-BP
Holding Ltd. at an auction to acquire Yukos' 9.44% stake in
Rosneft.  The company bought the assets along with 12 promissory
notes worth RUR3.56 billion in Yuganskneftegaz for RUR197.84
billion.  RIA Novosti reports Rosneft acquired the lot at 10
percent less than the market price.

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

                         About Rosneft

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

                        *     *     *

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

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


SKOPINO-AGRO-SNAB: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of OJSC Skopino-Agro-Snab have until May 24 to submit
proofs of claim to:

         A. Androsov
         Insolvency Manager
         Post User Box 269
         390039 Ryazan
         Russia
         Tel/Fax: (4912) 24-60-73

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-3452/2006-S20.

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan  
         Russia

The Debtor can be reached at:

         OJSC Skopino-Agro-Snab
         Skopin
         391830 Ryazan
         Russia


STAROUTKINSKIY METALLURGIC: Claims Deadline Set April 24
--------------------------------------------------------
Creditors of CJSC Staroutkinskiy Metallurgic Works have until
April 24 to submit proofs of claim to:

         E. Gutarina
         Insolvency Manager
         Post User Box 380
         620142 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-622/07-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg  
         Russia  

The Debtor can be reached at:

         CJSC Staroutkinskiy Metallurgic Works
         Rabochej Molodyezhi Str. 1
         Staroutkinsk
         623036 Sverdlovsk
         Russia


SYSTEM OJSC: Creditors Must File Claims by April 24
---------------------------------------------------
Creditors of OJSC System have until April 24 to submit proofs of
claim to:

         S. Zhidov
         Temporary Insolvency Manager
         Office 51
         L-ta Yanalova Str. 42a
         236023 Kaliningrad
         Russia

The Arbitration Court of Kaliningrad will convene at 10:30 a.m.
on June 4 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A21-460/2007.

The Court is located at:  

         The Arbitration Court of Kaliningrad  
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         OJSC System
         Moskovskiy Pr. 182
         236000 Kaliningrad
         Russia


TRANSNEFT OAO: Has Two Weeks to Repair Druzhba Pipeline
-------------------------------------------------------
Rostekhnadzor, Russia's agency for ecological, technological and
nuclear supervision, instructed OAO Transneft to repair the
defects on two sections of the Druzhba oil pipeline within two
weeks, RIA Novosti reports.

Rostekhnadzor told RIA Novosti that it has instructed Transneft
to repair the pipeline's Unecha-Polotsk-1 and Unecha-Polotsk-2
sections.

The Druzhba pipeline transports 81 million metric tons of crude
oil annually from Russia to Germany, Poland and Ukraine.

In July 2006, an oil spill on a western part of the pipeline
caused shipment suspensions to Mazeikiu Nafta refinery.

                     About the Company

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks  
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                        *     *     *

OAO Transneft carries Fitch's 'BB' rating.


VNESHTORGBANK JSC: Plans to Place 70% of New Shares Abroad
----------------------------------------------------------
JSC Vneshtorgbank plans to place at least 70% of its share
offering abroad, RIA Novosti reports citing Senior Vice-
President Nikolai Tsekhomsky as saying.

Mr. Tsekhomsky said VTB had applied with the Russian financial
market regulator for the issue of Global Depositary Receipts as
part of its global share offering this May.

VTB CEO Andrei Kostin said the new securities, which totals
24.97% of the bank's charter capital, would be offered through
open subscription to professional investors on the London Stock
Exchange and both to professional market participants and
individuals in Russia.

Mr. Kostin, however, said VTB might fail to sell entire volume
of newly issued shares, RIAN relates.

In a TCR-Europe report on April 13, VTB will place up to RUR120
billion in new shares through open subscription on the local and
foreign markets.  Bids will be accepted from April 9 to May 7.

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

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

                       About Vneshtorgbank

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

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

                        *     *     *

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


VOROBYEVSKAYA LLC: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Agricultural Company Vorobyevskaya have until
May 24 to submit proofs of claim to:

         S. Bykov
         Insolvency Manager
         Karla Marksa Str. 106
         Livny
         303850 Orel
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-2432/2006.

The Court is located at:

         The Arbitration Court of Lipetsk  
         Skorokhodova Str. 2
         398019 Lipetsk  
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Vorobyevskaya
         Vorobyevka
         Khlevenskiy
         399870 Lipetsk
         Russia


YUKOS OIL: Rosneft Unit Pays for 9.44% Stake Bought via Auction
---------------------------------------------------------------
RN-Razvitiye, an indirect subsidiary of OAO Rosneft Oil,
transferred funds Friday as payment for the assets it acquired
from OAO Yukos Oil Co. through an auction to sell the bankrupt
firm's assets, various reports say.

On March 27, RN-Razvitiye outbid TNK-BP Holding Ltd. for Yukos'
9.44% stake in Rosneft with its RUR197.84 billion offer.  Aside
from the stake, the assets sold under the first lot included 12
promissory notes worth RUR3.56 billion in Yuganskneftegaz,
Yukos' former main production unit.  According to RIA Novosti,
Rosneft acquired the lot at 10 percent less than the market
price.

                     Possible Stake Swap

RosBusinessConsulting says Rosneft may swap around 1-2 percent
of its newly bought stake for China National Petroleum
Corporation's assets in order to access China's local oil
market.  However, sources privy to the matter insists that no
final decision has been made yet, RBC Daily reports.

                    Creditor Distribution

Yukos bankruptcy receiver Eduard Rebgun said creditor
distribution would start as soon as payments are received from
the first or second auctions and before all the auctions are
completed, Interfax relates.  

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

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

Nikolai Lashkevich, spokesman for Mr. Rebgun, told Interfax that
EniNeftegaz has fully paid for the acquisition immediately after
the auction.

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

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

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

                         About Rosneft

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

                        About Yukos Oil

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

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

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

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

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

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


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


SLOVAK AIRLINES: Seagle Air to Take Over Operations
---------------------------------------------------
Seagle Air is set to replace Slovak Airlines as it absorbs about
80 percent of the insolvent carrier's employees, leases two new
Boeing 737 aircrafts, and prepares to embark on a charter
transport business, the Financial Times reports, citing the
Czech News Agency as its source.

According to the report, Seagle Air plans to offer flights
specifically to foreign travel agencies and currently has no
plans to provide regular flights, although it might do so in the
future.

The TCR-Europe reported on March 21 that the regional court in
Bratislava has declared Slovak Airlines bankrupt and has given
creditors until May 3 to file written proofs of claims against
the carrier.

                        About Seagle Air

Headquartered in Zilina, Slovakia, Seagle Air --
http://www.seagleair.sk/-- operates scheduled and non-scheduled  
air services, including passenger, cargo, and mail charter
flights, to domestic and international destinations.  It also
operates domestic and international flights on scheduled cargo
and mail routes.  The company also specializes in private and
VIP flights, logistics services, and aircraft maintenance.

                      About Slovak Airlines

Headquartered in Bratislava, Slovak Republic, Slovak Airlines --
http://www.slovakairlines.sk/-- has been operating on the  
Slovak airlines market for almost 10 years.  The company's main
target is to operate regular and irregular passenger air
transport.

In January 2005, Austrian Airlines purchased a 62% stake in the
company under the condition that the Slovakian government will
take on the company's debts.

After the company finished its transformation in January 2006,
the maintenance of the aircrafts was shifted on a contractual
basis to Austrian Airlines Technik.

Austrian Airlines terminated scheduled flights in mid-February
in the wake of the Slovakian government's failure to meet a
final extension for the repayment of its unsettled debts.

The Austrian national carrier had withdrawn all financial
support for the company since Jan. 17 and also recalled its two
Boeing 737 300s from Slovak Airlines' custody, forcing the
company to cease its operations.


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


ALLIANCE ATLANTIS: Ontario Court Set May 18 Fairness Hearing
------------------------------------------------------------
Alliance Atlantis Communications Inc. disclosed that, at its
request, the Ontario Superior Court scheduled on May 18, 2007 a
fairness hearing in connection with the Plan of Arrangement
pursuant to which AA Acquisition Corp. (formerly 6681859 Canada
Inc.) would acquire all of the outstanding shares of Alliance
Atlantis for US$53.00 cash per share.   

Alliance Atlantis and AA Acquisition Corp. agreed with Movie
Distribution Income Fund to now schedule the fairness hearing on
this date and have also agreed that the claim by the Fund
announced in a media release on April 4 relating to whether the
Fund's consent was required in connection with the Arrangement
would be heard on the same date.  

The Fund is the indirect owner of 49% of Motion Picture
Distribution LP and it has publicly stated that it believes,
based on publicly available information, the Fund's consent is
required in connection with the Arrangement.  

Alliance Atlantis indirectly owns 51% of MPD and previously
responded in a media release on April 5 that it does not believe
the Arrangement itself requires the Fund's consent.

"Scheduling the court date for the fairness hearing on May 18
will give the parties time to properly respond to the claim made
by the Fund.  We do not expect the new date to have any impact
on the timing of closing of the Plan of Arrangement, which is
currently expected to occur in July or early August," said David
Lazzarato, Executive VP and Chief Financial Officer of Alliance
Atlantis.  

"As I indicated on April 5, we understand that the Fund
trustees, together with AA Acquisition Corp. and management of
MPD, continue to engage in discussions.  We believe there is
ample time for this process to run its course and we are hopeful
that the parties will reach a satisfactory understanding but,
of course, we cannot currently predict its outcome."

                     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.


TOWER AUTOMOTIVE: Exclusive Plan-Filing Period Extended to May 3
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
extended the period during which Tower Automotive Inc. and its
debtor-affiliates may exclusively file a plan or plans of
reorganization through and including May 3.  The Debtors'
exclusive right to solicit acceptances of the plan is extended
through and including June 29.

If by April 30, the Debtors have already filed a plan, the
Exclusive Plan Filing Period will be automatically extended
through and including June 6, without further Court order, Judge
Gropper says.

Headquartered in Grand Rapids, Michigan, Tower Automotive, Inc.
-- http://www.towerautomotive.com/-- is a global designer and    
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The Company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


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


ALIN RE: Creditors' Liquidation Claims Due May 4
------------------------------------------------
Creditors of JSC Alin Re have until May 4 to submit their claims
to:

         Dr. Hans J. Rohrer
         Liquidator
         Eggmann Hanhart Rohrer
         Bellerivestrasse 5
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Alin Re
         Zug
         Switzerland


AUGSBURG RE: Creditors' Liquidation Claims Due May 2
----------------------------------------------------
Creditors of JSC Augsburg Re have until May 2 to submit their
claims to:

         Herrn Daniel Hayek
         Liquidator
         Prager Dreifuss
         Muhlebachstrasse 6
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Augsburg Re
         Schaffhausen
         Switzerland


EWB ARMIERUNGEN: St. Gallen Court Starts Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC EWB Armierungen on March 12.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Max Banziger
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         LLC EWB Armierungen
         Kirchrain 29
         9422 Staad SG
         Switzerland


FEBA SON BACO: Creditors' Liquidation Claims Due May 31
-------------------------------------------------------
Creditors of JSC Feba Son Baco have until May 31 to submit their
claims to:

         JSC Ari Secunda
         Liquidator
         Gotthardstrasse 3
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC Feba Son Baco
         Zug
         Switzerland


FM-PHARMA JSC: Appenzell Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Appenzell Ausserrhoden commenced
bankruptcy proceedings against JSC FM-Pharma on March 22.

The Bankruptcy Service of Appenzell Ausserrhoden can be reached
at:

         Bankruptcy Service of Appenzell Ausserrhoden
         Branch Heiden
         9410 Heiden AR
         Switzerland

The Debtor can be reached at:

         JSC FM-Pharma
         Dorf 28
         9044 Wald AR
         Switzerland


GASTROLINE LLC: St. Gallen Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against LLC Gastroline on March 20.

The Bankruptcy Service of St. Gallen can be reached at:

         Bankruptcy Service of St. Gallen
         Branch Buchs
         Yves Beljean
         9471 Buchs
         Werdenberg SG
         Switzerland

The Debtor can be reached at:

         LLC Gastroline
         Bahnhofstrasse 5
         9470 Buchs
         Werdenberg SG
         Switzerland


INTERSUB JSC: Creditors' Liquidation Claims Due May 7
-----------------------------------------------------
Creditors of JSC Intersub have until May 7 to submit their
claims to:

         Wilhelm Damm
         Liquidator
         Im Grunenhof 13
         8625 Gossau ZH
         Switzerland

The Debtor can be reached at:

         JSC Intersub
         Gossau ZH
         Switzerland


LION RESEARCH: Thurgau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against JSC Lion Research on March 13.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         JSC Lion Research
         Seeweg 3
         8280 Kreuzlingen TG
         Switzerland


VASOPA JSC: Creditors' Liquidation Claims Due May 14
----------------------------------------------------
Creditors of JSC Vasopa have until May 14 to submit their claims
to:

         Georg Peter
         Liquidator
         Oberer Graben 14
         9000 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC Vasopa
         St. Gallen
         Switzerland


VINODE LLC: Creditors' Liquidation Claims Due May 7
---------------------------------------------------
Creditors of LLC VinoDe have until May 7 to submit their claims
to:

         Martin Suter
         Liquidator
         Bruelstrasse
         8932 Mettmenstetten
         Affoltern ZH
         Switzerland

The Debtor can be reached at:

         LLC VinoDe
         Mettmenstetten
         Affoltern ZH
         Switzerland


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


ATLANTIS LLC: Claims Registration Bar Date Set April 29
-------------------------------------------------------
Creditors of LLC Atlantis (code EDRPOU 30023645) have until
April 29 to submit written proofs of claim to:

         Liudmila Zaikina
         Liquidator
         Melnikov Str. 2/10
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 15/77b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Atlantis
         General Naumov Str. 23-B
         03164 Kiev
         Ukraine


DNIEPRORUDNOE CHEESEMAKING: Creditors' Claims Due April 27
----------------------------------------------------------
Creditors of OJSC Dnieprorudnoe Cheesemaking Enterprise (code
EDRPOU 05496046) have until April 27 to submit written proofs of
claim to:

         Vitaly Mischenko
         Temporary Insolvency Manager
         40 Years of Soviet Ukraine Str. 45-B
         69037 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company on March 6.  The case is
docketed as Case No. 16/56/07.  

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dnieprorudnoe Cheesemaking Enterprise
         Stepovaya Str. 2
         Dnieprorudnoe
         Zaporozhje
         Ukraine


EDELWEISS LLC: Claims Registration Bar Date Set April 28
--------------------------------------------------------
Creditors of LLC Edelweiss (code EDRPOU 31575824) have until
April 28 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 16 after finding it insolvent.  The
case is docketed as Case No. 342/11b-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Edelweiss
         Dnieprovskaya Str. 7
         Dimer
         Vyshgorod District
         07300 Kiev
         Ukraine


FEODOSIYA SHIP: Creditors Must File Claims by April 27
------------------------------------------------------
Creditors of State Enterprise of Ministry of Defense of Ukraine
Feodosiya Ship Mechanics Plant (code EDRPOU 08385169) have until
April 27 to submit written proofs of claim to:

         Sergey Mikheev
         Temporary Insolvency Manager
         Sevastopol Str. 23/3
         Simferopol
         95015 AR Krym Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company on March 20 after finding it insolvent.  The
case is docketed as Case No. 2-5/2572-2007.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         State Enterprise of Ministry of Defense of Ukraine
         Feodosiya Ship Mechanics Plant
         Feodosiya, Gorky Str. 19
         98108 AR Krym
         Ukraine


FRIENDSHIP LLC: Claims Registration Deadline Set April 29
---------------------------------------------------------
Creditors of have until April 29 to submit written proofs of
claim to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 5/223B.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Friendship
         Lenin Str. 53
         Urzuf
         Pershotravneve District
         Donetsk
         Ukraine


KHALAL LLC: Claims Registration Bar Date Set April 28
-----------------------------------------------------
Creditors of LLC Khalal (code EDRPOU 31863348) have until
April 28 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 5/122-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Khalal
         Kostychev Str. 7;
         Academic
         Kiev
         Ukraine


MIREX LLC: Claims Registration Bar Date Set April 27
----------------------------------------------------
Creditors of LLC Company Mirex (code EDRPOU 33887231) have until
April 27 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 21 after finding it insolvent.  The
case is docketed as Case No. 43/118.

The Court is located at:

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

The Debtor can be reached at:

         LLC Company Mirex
         Bliukher Str. 11
         04128 Kiev
         Ukraine


SOLTI TRADE: Claims Registration Bar Date Set April 27
------------------------------------------------------
Creditors of LLC Solti Trade (code EDRPOU 33396894) have until
April 27 to submit written proofs of claim to:


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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 21 after finding it insolvent.  The
case is docketed as Case No. 43/117.

The Court is located at:

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

The Debtor can be reached at:

         LLC Solti Trade
         Lubomirskaya Str. 14
         03131 Kiev
         Ukraine


UVENTA LK: Claims Registration Bar Date Set April 29
----------------------------------------------------
Creditors of LLC Uventa LK (code EDRPOU 32253020) have until
April 29 to submit written proofs of claim to:

         D. Kushnarev
         Liquidator
         Melnikov Str. 2/10
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company on March 20 after finding it insolvent.
The case is docketed as Case No. 15/78b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Uventa LK
         Tupolev Str. 17
         04128 Kiev
         Ukraine


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


ABBOTT INTERNATIONAL: Brings In BDO Stoy as Joint Administrators
----------------------------------------------------------------
Geoffrey Stuart Kinlan and David Gilbert of BDO Stoy Hayward LLP
were appointed joint administrators of Abbott International Plc.
(Company Number 03282946) on April 2.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Headquartered in Burnham on Crouch, England, Abbott
International Plc -- http://www.abbottonline.co.uk/--  
manufactures and distributes shopfittings.


ADVANCED MARKETING: Publishers Group Inc.'s Schedules of Assets
---------------------------------------------------------------

A.      Real Property                                      US$0

B.      Personal Property                                     0

        TOTAL SCHEDULED ASSETS                               $0
        =======================================================

C.      Property Claimed as Exempt               Not applicable

D.      Creditors Holding Secured Claims
           Wells Fargo Foothill, Inc.               $41,514,348

E.      Creditors Holding Unsecured
        Priority Claims                                       0

F.      Creditors Holding Unsecured Claims                    0

        TOTAL SCHEDULED LIABILITIES                 $41,514,348
        =======================================================

                About Advanced Marketing Services

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007.


ADVANCED MARKETING: Publishers Group West's Schedules of Assets
---------------------------------------------------------------

A.      Real Property                                      US$0

B.      Personal Property
B.2     Bank accounts
           Cash in Bank -- Main                       ($370,438)
           Cash in Bank -- New York                       2,555
B.3     Security Deposits                                30,000
B.16    Accounts receivable
           Accounts Receivable, net                  36,778,094
           Vendor and Misc. Receivables                  56,402
B.28    Office equipment and supplies                   267,990
B.29    Machinery, furniture and fixtures               576,181
B.35    Other personal property
           Notes Receivable                           2,136,687
           Prepaid Expense                              163,647
           Prepaid Insurance                             58,333

        TOTAL SCHEDULED ASSETS                      $39,699,451
        =======================================================

C.      Property Claimed as Exempt               Not applicable

D.      Creditors Holding Secured Claims
           Wells Fargo Foothill, Inc.               $41,514,348

E.      Creditors Holding Unsecured
        Priority Claims                                 565,365


F.      Creditors Holding Unsecured Claims
           Intercompany payable
              Advanced Marketing Services             6,476,038
           Publisher
              Amber Allen Publishing                  1,038,857
              Avalon Travel Publishing                1,186,831
              Backbeat Books                            654,548
              Berrett-Koehler                           248,440
              Canongate Books                           613,616
              Carroll & Graf                          1,128,619
              Carus Publishing                          399,022
              Children's Book Press                     106,004
              Cleis Press                               326,091
              CMP Books                                 185,802
              Dark Horse                                177,006
              Demos Medical                             120,142
              DH Press                                  221,492
              Douglas & McIntyre/Greyst                 151,621
              Emmis Books                               230,615
              Footprint Handbooks                       162,265
              Frog Ltd.                                 774,285
              Gallup                                    677,179
              Gibbs Smith                               118,074
              Groundwood                                203,034
              Grove/Atlantic                          3,816,335
              H J Kramer                                156,518
              Hugh L. Levin Associates                1,108,605
              Hunter House                              177,385
              Inside Communications                     363,379
              Kabbalah Centre                           151,435
              Marlowe & Company                         990,593
              McSweeney's Publishing                    548,773
              Milkweed Editions                         139,815
              New World Library                       1,333,414
              New World Library/AAP                     100,829
              North Atlantic Books                      589,051
              Paperblank Book Company                   809,166
              Parallax Press                            176,749
              Passporter Travel Press                   121,720
              Plexus Publishing                         106,315
              Portable Press                            459,340
              Rich Publishing                         4,513,830
              Sasquatch Books                           295,414
              Seal Press                                222,999
              Shelter Publications                      216,677
              Shoemaker & Hoard                         176,373
              Silver Dolphin                            526,528
              The Audio Partners                        286,731
              Thunder Bay                               437,866
              Thunder's Mouth Press                     224,080
              Time Out                                  229,854
              Tinwood Books                             109,307
              Travelers Tales                           172,439
              Trinity University Press                  290,467
              Ulysses Press                             650,425
              Underwood Books                           308,097
              Windsor Peak                              346,372
              Wisdom Publications                       399,285
           Accounts Payable -- Vendor
              Federal Express Corp.                     227,680
              Grove/Atlantic                            105,256
              Yellow Transportation                     307,943
           Others                                     4,796,158

        TOTAL SCHEDULED LIABILITIES                 $83,272,493
        =======================================================

                About Advanced Marketing Services

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than $100 million.  The Debtors' exclusive period to file a
chapter 11 plan expires on Apr. 28, 2007.


AMBER NURSING: Appoints Jean M. Ellis as Liquidator
---------------------------------------------------
Jean M. Ellis of Duncan Sheard Glass was appointed liquidator of
Amber Nursing Services Ltd. on March 22 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Amber Nursing Services Ltd.
         Unit 1G
         Wavertree Boulevard South
         Liverpool
         Merseyside
         L7 9PF
         England
         Tel: 0151 288 9888
         Fax: 0151 283 5439


BLOOMFIELD DENTAL: Joint Liquidators Take Over Operations
---------------------------------------------------------
Philip Anthony Brooks and Julie Willetts of Blades Insolvency
Services was appointed liquidator of Bloomfield Dental
Laboratories Ltd. on April 3 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Bloomfield Dental Laboratories Ltd.
         O P M House
         Haydn Road
         Nottingham
         Nottinghamshire
         NG5 2LB
         England
         Tel: 0115 969 2808


BRITANNIA BULK: Earns US$2.4 Million in Year Ended December 31
--------------------------------------------------------------
Britannia Bulk Plc released its financial results for the year
ended Dec. 31, 2006.

Britannia reported US$2.4 million in net income for the year
ended Dec. 31, 2006, compared with US$8.2 million in net income
for the year ended Dec. 31, 2005.

Total voyage revenues were US$191.5 million for the year ended
Dec. 31, 2006 compared to US$184.6 million for the year ended
Dec. 31, 2005, an increase of 4%.  The increase in revenues was
largely due to an increase in the total number of operating days
offset by a weakening day-rate market from 2005 to 2006.

Total voyage expenses for the year ended Dec. 31, 2006 were
US$71.8 million compared with US$49.3 million for the year ended
Dec. 31, 2005, an increase of US$22.5 million.  This increase is
primarily a result of an US$11.5 million increase in bunker
costs and US$7.6 million increase in port costs for 2006 as
compared with 2005.  In addition, total vessel operating
expenses for the year ended Dec. 31, 2006 were US$12.9 million
compared with US$12.1 million for the year ended Dec. 31, 2005,
an increase of US$0.8 million.

General and administrative expenses for the year ended Dec. 31,
2006 were US$9.4 million compared to US$3.7 million for the year
ended Dec. 31, 2005, an increase of US$5.7 million.  This
increase was primarily a result in increased salary and office
costs to manage our expanding fleet, as well as increases in
travel, legal and accounting fees and expenses.
    
In November 2006, Britannia completed the sale and issuance of
US$185 million of senior secured notes due 2011.  The notes were
sold to qualified institutional buyers under Rule 144A and
Regulation S. Gross proceeds from the offering, net of
discounts, commissions and offering expenses, were approximately
US$166.4 million.  US$140 million of the proceeds were deposited
in a vessel acquisition account, and the remaining funds were
used to repay all outstanding indebtedness and for general
corporate purposes.  Britannia successfully filed a registration
statement with the U.S. Securities and Exchange Commission and
completed its exchange offer on April 11, 2007 allowing holders
to exchange their senior secured notes for identical notes which
have been registered under the Securities Act of 1933, as
amended.
    
"We are pleased with our 2006 performance," Arvid Tage,
Britannia Chief Executive Officer, stated.  "Completion of the
company's notes issuance in 2006 provided the company with a
solid financial foundation and the ability to expand our fleet
and further grow our business.  We believe the market for our
services is strong and we see continued growth opportunities
within the Baltic region market as well as new opportunities to
expand our service offerings and customer base."

                   Vessel Acquisition Update

Britannia has acquired and taken delivery of two additional
Panamax bulkers in 2007 for US$28.5 million and US$36.7 million,
respectively.  In addition, the company has contracted for the
purchase of a third Panamax bulker and Handysize vessel for
US$36.7 million and US$10.8 million, respectively.  It expects
to take delivery of the third Panamax and Handymax vessels in
May 2007.  Substantially all of the acquisition costs associated
with the purchase of these vessels have been funded from the net
proceeds of the sale and issuance of our senior secured notes.

Headquartered in London, England, Brittania Bulk Plc --
http://www.britbulk.net/-- is a holding company whose  
subsidiaries operates a dry bulk fleet of about 20 ships and
barges.  

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors last week, the rating agency
confirmed its B3 Corporate Family Rating for Britannia Bulk Plc.

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

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

                                              Projected
                           POD      LGD       Loss-Given
   Debt Issue              Rating   Rating    Default
   ----------              -------  -------   ------
   11% Senior Secured
   Regular Bond/Debenture
   Due 2011                B3       LGD4      62%


BRITANNIA CONTRACTING: Claims Filing Period Ends April 30
---------------------------------------------------------
Creditors of Britannia Contracting Services Ltd. have until  
April 30 to send their names and addresses together with written
details of their claims and supporting documentation, including
copy invoices to:

         D. J. Blenkarn and I. C. Oakley Smith  
         Joint Liquidators
         PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth  
         BH2 6HR
         England

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


BRITISH WOODWARES: Claims Filing Period Ends July 30
----------------------------------------------------
Creditors of British Woodwares Ltd. have until July 30 to send
in their names, addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to:

         Andrew Andronikou
         Joint Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London  
         EC2Y 5DH
         England

Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint liquidators of the company on March 30 by
resolutions of members and creditors.


BROTHER 2 BROTHER: Brings In Liquidators from The P&A
-----------------------------------------------------
John Russell and Andrew Philip Wood of The P&A Partnership were
appointed liquidators of Brother 2 Brother Ltd. on March 29 for
the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Brother 2 Brother Ltd.
         Unit 11 The Plaza
         8 Fitzwilliam Street
         Sheffield
         South Yorkshire
         S1 4JB
         England
         Tel: 0114 263 4155
         Fax: 0114 263 4122


BURGHILL VALLEY: Taps David Hughes to Liquidate Assets
------------------------------------------------------
David Hughes of Janes was appointed liquidator of Burghill
Valley Members Club Ltd. and Burghill Valley Visitors Club Ltd.
on April 3 for the creditors' voluntary winding-up proceeding.

The company can be reached at:
    
         Burghill Valley Members Club Ltd.
         Tillington Road
         Hereford
         Herefordshire
         HR4 9QJ
         England
         Tel: 01432 760 456


CASTLEFIELD DEMOLITION: Creditors' Meeting Slated for April 24
--------------------------------------------------------------
Creditors of Castlefield Demolition Ltd. will meet at 11:30 a.m.
on April 24 at:

         Unity Business Services LLP
         Unity House  
         Clive Street
         Bolton  
         BL1 1E
         England

Creditors who want to vote at the meeting have until noon on
April 23 to submit their proxy forms together with particulars
proofs of claims at the said address.

M. C. Bowker of Unity Business Services LLP will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require during the period befor
the day of the meeting.


CIRCA TECHNOLOGIES: Hires Liquidator from Sharma & Co.
------------------------------------------------------
Gagen Dulari Sharma of Sharma & Co. was appointed liquidator of
Circa Technologies Ltd. (formerly API CAD Design Services Ltd.)
on March 30 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Circa Technologies Ltd.
         Edward Street
         Redditch
         Worcestershire
         B97 6HA
         England    
         Tel: 077 7477 5563
         Fax: 0121 313 2111


COUNTRYCARE FARM: Brings In Liquidators from CBA
------------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
joint liquidators of Countrycare Farm Supplies Ltd. on April 3
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Countrycare Farm Supplies Ltd.
         23 Church Street
         Billesdon
         Leicester
         Leicestershire
         LE7 9AE    
         England
         Tel: 0116 259 8522


DESIGNER VISION: Taps Joint Administrators from UHY Hacker
----------------------------------------------------------
Andrew Andronikou and Peter Alan Kubik of UHY Hacker Young were
appointed joint administrators of Designer Vision Group Plc.
(Company Number 04801525) on April 3.

The administrators can be reached at:

         Andrew Andronikou and Peter Alan Kubik
         UHY Hacker Young
         St Alphage House
         2 Fore Street
         London  
         EC2Y 5DH
         Tel: 020 7216 4600
         Fax: 020 7638 2159

The company can be reached at:

         Designer Vision Group Plc
         Capitol Industrial Park  
         Capitol Way  
         Brent  
         London  
         NW9 0EW  
         England
         Tel: 020 8200 1515


DRAIN TECHNICIANS: Claims Filing Period Ends May 3
--------------------------------------------------
Creditors of The Drain Technicians (U.K.) Ltd. have until May 3
to send their names and addresses, with particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Tyrone Shaun Courtman and
         Joint Liquidator
         Cooper Parry LLP
         14 Park Row
         Nottingham  
         NG1 6GR  
         England
  
            -- or --

         Evelyn Gabrielle Exley
         Joint Liquidator
         3 Centro Place  
         Pride Park
         Derby  
         DE24 8RF
         England

Tyrone Shaun Courtman and Evelyn Gabrielle Exley were appointed
joint liquidators of the company on March 22.

Cooper Parry LLP -- http://www.cooperparry.com/-- are advisers  
to private business.


DYNAMO SITE: Taps Asher Miller to Liquidate Assets
--------------------------------------------------
Asher Miller of David Rubin & Partners was appointed liquidator
of Dynamo Site Services Ltd. on April 2 for the creditors'
voluntary winding-up procedure.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

The company can be reached at:

         Dynamo Site Services Ltd.
         2 Gayton Road
         Harrow
         Middlesex
         HA1 2XU
         England
         Tel: 020 8901 7563
         Fax: 020 8901 4001


EXPRESS LINK: Calls In Liquidators from KPMG
--------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Express Link Ltd. on April 1 for the
creditors' voluntary winding-up proceeding.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.  

The joint liquidators can be reached at:

         Paul Andrew Flint and Brian Green  
         KPMG LLP
         8 Princes Parade
         Liverpool  
         L3 1QH
         England


FAST TRACK: Creditors' Meeting Slated for April 25
--------------------------------------------------
Creditors of Fast Track Refurbishments Ltd. will meet at 11:30  
a.m. on April 25 at:
  
         Huntingdon Marriott Hotel
         Kingfisher Way
         Hinchingbrooke Business Park
         Huntingdon
         Cambridgeshire  
         PE29 6FL
         England

Creditors who want to vote at the meeting have until noon on  
April 24 to submit their proxy forms together with particulars
of their claims or of any security at:

         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex  
         SS1 2EG
         England
  
Wayne MacPherson of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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


FOOD CONCEPTS: Brings In Administrators from David Rubin
--------------------------------------------------------
Paul Robert Appleton and Asher David Miller of David Rubin &
Partners were appointed joint administrators of Food Concepts
International Ltd. (Company Number 04365872) on April 5.

David Rubin & Partners -- http://www.drpartners.com/--  
specializes in corporate and personal insolvency, recovery,
forensic accounting and litigation support.

The company can be reached at:

         Food Concepts International Ltd.
         40 Wimbledon Hill Road  
         Merton  
         London  
         SW19 7PA  
         England
         Tel: 020 8947 3355  
         Fax: 020 8947 4567


G L FOUNDRIES: Claims Filing Period Ends September 2
----------------------------------------------------
Creditors of G L Foundries Ltd. have until Sept. 2 to send in
their full particulars of their debts or claims and the names
and addresses of their solicitors (if any) to:

         Michael F. McCarthy
         Liquidator
         Walletts Insolvency Services
         2-6 Adventure Place
         Hanley Stoke-on-Trent  
         ST1 3AF
         England

Michael Francis McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on April 2.


GLOBAL CONSULTANCY: Calls In Liquidators from Harrisons
-------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of Global Consultancy & Security Solutions
Ltd. on April 2 for the creditors' voluntary winding-up
proceeding.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.   

The company can be reached at:

         Global Consultancy & Security Solutions Ltd.
         19-20 Pentonville
         Newport
         Gwent
         NP205HB
         Wales
         Tel: 01633 272 726
         Fax: 01633 255 350


HCCT HOLIDAYS: Claims Filing Period Ends May 11
-----------------------------------------------
Creditors of HCCT (Holidays) Ltd. (t/a CT2, Club Travel 2000,
LOCOflights) have until May 11 to send in writing their names
and addresses and the particulars of their debts or claims, and
the names and addresses of their solicitors (if any) to:

         Ian Christopher Oakley Smith and David John Blenkarn  
         Joint Liquidators
         PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth  
         BH2 6HR
         England

Ian Christopher Oakley Smith and David John Blenkarn of
PricewaterhouseCoopers LLP were appointed joint liquidators of
the company on March 15.

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


HEWSON-STUBBS PRODUCTS: Claims Filing Period Ends June 30
---------------------------------------------------------
Creditors of Hewson-Stubbs Products Ltd. have until June 30 to
send their names and addresses and particulars of their claims,
and the names and addresses of their solicitors, if any, to:

         Simon Gwinnutt
         Liquidator
         Smith Cooper
         Wilmot House
         St. James Court
         Friar Gate
         Derby  
         England
         DE1 1BT

Simon Gwinnutt of Smith Cooper was appointed liquidator of the
company on April 3.


HUMBERSIDE HYGIENE: Creditors' Meeting Slated for April 25
----------------------------------------------------------
Creditors of Humberside Hygiene & Property Services Ltd. will
meet at 11:00 a.m. on April 25 at:
  
         Alexandra Dock Business Centre  
         Fisherman's Wharf
         Grimsby  
         DN31 1UL
         England

Creditors who want to vote at the meeting have until noon on  
April 24 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on April 23.


INDIGO CITY: Appoints Liquidators from Moore Stephens
-----------------------------------------------------
Nigel Price and Mark Elijah Thomas Bowen of Moore Stephens LLP
were appointed joint liquidators of Indigo City Blue Ltd. on
March 6 for the creditors' voluntary winding-up proceeding.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

         Indigo City Blue Ltd.
         Top Barn Business Centre
         Worcester Road
         Holt Heath
         Worcester
         Worcestershire
         WR6 6NH
         England
         Tel: 01905 621 433


INSTEP LTD: Appoints Joint Administrators from BDO Stoy
-------------------------------------------------------
Shay Bannon and Antony David Nygate of BDO Stoy Hayward LLP were
appointed joint administrators of Instep Ltd. (Company Number
02268600) on March 30.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

Headquartered in Borehamwood, England, Instep Ltd. --
http://www.instepshoes.co.uk/-- retails footwear and leather  
goods.


JAMES WATT: Taps Liquidators from Begbies Traynor
-------------------------------------------------
Robert Michael Young and Paul Finnity of Begbies Traynor were
appointed joint liquidators of James Watt Automotive Ltd. on
March 29 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         James Watt Automotives Ltd.
         Raleigh Hall Industrial Estate
         Eccleshall
         Stafford
         Staffordshire
         ST21 6JL
         England
         Tel: 01785 851 122
         Fax: 01785 859 297


K J SOLUTIONS: Names Liquidators to Wind Up Business
----------------------------------------------------
Christopher Michael White and Allan Cooper of The P&A
Partnership were appointed joint liquidators of K J Solutions
Ltd. on March 22 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         K J Solutions Ltd.
         93 Queen Street
         Sheffield
         South Yorkshire
         S1 1WF
         England
         Fax: 020 8761 6641


KW PIPEWORK: Gerald Irwin Leads Liquidation Procedure
-----------------------------------------------------
Gerald Irwin of Irwin & Co. was appointed liquidator of KW
Pipework and Welding Services Ltd. on April 2 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         KW Pipework & Welding Services Ltd.
         201 Inkerman Street
         Birmingham
         West Midlands
         B7 4SA
         England
         Tel: 0121 386 6775


LIEBSIDE DISTRIBUTION: Lloyd Biscoe Leads Liquidation Procedure
---------------------------------------------------------------
Lloyd Biscoe of Begbies Traynor was appointed liquidator of
Liebside Distribution Ltd. on March 28 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Liebside Distribution Ltd.
         Scimitar Park Industrial Estate
         Courtauld Road
         Basildon
         Essex
         SS13 1ND
         England
         Tel: 01268 725 915
         Fax: 01268 560 474


LONGWOOD ENTERPRISES: Claims Filing Period Ends May 30
------------------------------------------------------
Creditors of Longwood Enterprises Ltd. have until May 30 to send
in their names and addresses with particulars of their debts or
claims to:

         Paul Flint and Brian Green
         Joint Liquidators
         KPMG LLP
         8 Princes Parade
         Liverpool  
         L3 1QH
         England

Paul Flint and Brian Green of KPMG LLP were appointed joint
liquidators on April 1.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


LONGWOOD ENTERPRISES: Hires Liquidators from KPMG
-------------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Longwood Enterprises Ltd. on April 1 for
the creditors' voluntary winding-up procedure.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

The joint liquidators can be reached at:

         Paul Andrew Flint and Brian Green
         KPMG LLP
         8 Princes Parade
         Liverpool  
         L3 1QH
         England


M K DIGITAL: Appoints Grant Thornton as Joint Administrators
------------------------------------------------------------
Ian Carr and Nigel Morrison of Grant Thornton U.K. LLP were
appointed joint administrators of M K Digital Ltd. (Company
Number 04598190) on March 27.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--  
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         M K Digital Ltd.
         60 Alston Drive  
         Bradwell Abbey  
         Milton Keynes  
         Buckinghamshire  
         MK13 9HB  
         England
         Tel: 0845 230 3504  
         Fax: 0190 822 2270


MEDILANE LTD: Appoints Liquidators from KPMG
--------------------------------------------
Paul Andrew Flint and Brian Green of KPMG LLP were appointed
joint liquidators of Medilane Ltd. on April 1 for the creditors'
voluntary winding-up procedure.

The joint liquidators can be reached at:

         Paul Andrew Flint and Brian Green
         KPMG LLP
         8 Princes Parade
         Liverpool  
         L3 1QH
         England


MEDILANE LTD: Claims Filing Period Ends May 30
----------------------------------------------
Creditors of Medilane Ltd. have until May 30 to send in their
names and addresses with particulars of their debts or claims
to:

         Paul Flint and Brian Green
         Joint Liquidators
         KPMG LLP  
         8 Princes Parade
         Liverpool  
         L3 1QH
         England

Paul Flint and Brian Green of KPMG LLP were appointed joint
liquidators of the company on April 1.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


MULTIBASE CONTRACTING: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Jeffrey Mark Brenner and Filippa Conner of B & C Associates were
appointed joint liquidators of Multibase Contracting Ltd. on  
April 3 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Multibase Contracting Ltd.
         First Floor
         462-464 Saint Albans Road
         Watford
         WD24 6PD
         England  
         Tel: 01923 256 221


OGBOURNE LTD: Appoints Alan H. Tomlinson as Liquidator
------------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of
Ogbourne Ltd. on April 2 for the creditors' voluntary winding-up
procedure.

Tomlinsons -- http://www.tomlinsons.co.uk/-- specializes in all  
types of business recovery and insolvency procedures, as well as
offering advice to companies and individuals who believe they
may be heading towards, or are already in, financial difficulty.

The company can be reached at:

         Ogbourne Ltd.
         Kingsbridge Road
         Manchester
         Lancashire
         M9 5SQ
         England
         Tel: 0161 205 5544
         Fax: 0161 203 4950


PANTOGRAPH PRECISION: Joint Liquidators Take Over Operations
------------------------------------------------------------
Lynn Gibson and Robert David Hewitt of Gibson Hewitt were
appointed joint liquidators of Pantograph Precision Ltd. on  
April 3 for the creditors' voluntary winding-up procedure
proceeding.

The company can be reached at:

         Pantograph Precision Ltd.
         15 Willow Road
         Colnbrook
         Slough
         Berkshire
         SL3 0BS
         England
         Tel: 01753 684 343


PEOPLE NOW: Andrew Rosler Leads Liquidation Procedure
-----------------------------------------------------
Andrew Rosler was appointed liquidator of People Now Ltd. on
April 3 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         People Now Ltd.
         Circus House
         26 Little Portland Street
         City of Westminster
         London
         W1W 8BX
         England
         Fax: 020 7637 2527


PREMIER LANDSCAPING: Claims Filing Period Ends June 2
-----------------------------------------------------
Creditors of Premier Landscaping Construction and Maintenance
Ltd. have until June 2 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:

         Andrew Andronikou
         Liquidator
         UHY Hacker Young
         St. Alphage House  
         2 Fore Street
         London  
         EC2Y 5DH
         England  

Andrew Andronikou of UHY Hacker Young was appointed liquidator
of the company on March 26.


PREMIER LANDSCAPING: Claims Filing Period Ends June 2
-----------------------------------------------------
Creditors of Premier Landscaping North East Ltd. have until  
June 2 to send in their full forenames and surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:  

         Andrew Andronikou
         Liquidator
         UHY Hacker Young
         St. Alphage House
         2 Fore Street
         London  
         EC2Y 5DH
         England

Andrew Andronikou of UHY Hacker Young was appointed liquidator
of the company on March 26 by resolutions of members and
creditors.


RANK GROUP: S&P Affirms Low-B Ratings & Puts Negative Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on U.K.-
based gaming company The Rank Group PLC to negative from stable.  
At the same time, the 'BB-' long-term and 'B' short-term
corporate credit ratings were affirmed.

"The outlook revision follows indications that key leverage
ratios for 2007 will exceed the target levels we had previously
set, not helped by recent changes in U.K. gaming taxation and
earnings pressures arising from the extension of the smoking ban
in Scotland to Wales and England," said Standard & Poor's credit
analyst Philip Temme.

"Although the recent House of Lords decision to reject the
government's recommendations on new casino locations will likely
lessen immediate competitive pressures in the company's U.K.
casino businesses, and although Rank maintains an adequate
liquidity position, lease-adjusted leverage will remain high for
longer than previously expected," Mr. Temme added.

Standard & Poor's considers that it will be difficult for Rank
to achieve the target for the ratings of lease-adjusted net debt
to EBITDA of or below 4.5x. Ratings could be lowered in the
absence of uninterrupted improvement to lease-adjusted leverage
measures.  Any downgrade would be likely to be limited to one
notch.  No further material shareholder returns or significant
acquisitions are factored into the ratings beyond the GBP350
million special dividend paid in March 2007.


RDH COMPONENTS: Appoints Joint Administrators from PKF
------------------------------------------------------
Matthew Gibson and Kerry Bailey of PKF (U.K.) LLP were appointed
joint administrators of RDH Components Ltd. (Company Number
05139896) on March 28.

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in  
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

The company can be reached at:

         RDH Components Ltd.
         Nelson Lane  
         Warwick  
         Warwickshire  
         CV34 5JB  
         England
         Tel: 01926 409 330


RIDGEWOOD TEXTILES: Appoints Michael Ioannou to Liquidate Assets
----------------------------------------------------------------
Michael Ioannou of Gregory Michaels & Co. was appointed
liquidator of Ridgewood Textiles Ltd. on April 4 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ridgewood Textiles Ltd.
         364 Mare Street
         Hackney
         London
         E8 1HR
         England
         Fax: 020 8988 0729


RIVELIN INSTALLATIONS: Claims Filing Period Ends May 16
-------------------------------------------------------
Creditors of Rivelin Installations Ltd. have until May 16 to
send their names and addresses with particulars of their debts
or claims and the names and addresses of their solicitors (if
any) to:

         Ashok K. Bhardwaj  
         Liquidator       
         Bhardwaj Insolvency Practitioners
         47-49 Green Lane
         Northwood
         Middlesex  
         HA6 3AE
         England

Ashok K. Bhardwaj of Bhardwaj Insolvency Practitioners was
appointed liquidator of the company on April 3.


SOLO SERVICES: Hires Liquidators from BWC Business Solutions
------------------------------------------------------------
Gary E. Blackburn and Paul A. Whitwam of BWC Business Solutions
were appointed joint liquidators of Solo Services (Northern)
Ltd. on March 29 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Solo Services Northern Ltd.
         Coach Fold Works
         Haley Hill
         Halifax
         West Yorkshire
         HX3 6ED
         England
         Tel: 01422 359 955
         Fax: 01422 359 966


STANDFITTING UK: Appoints Norwan Cowan as Liquidator
----------------------------------------------------
Norman Cowan of Wilder Coe was appointed liquidator of
Standfitting U.K. Ltd. on March 23 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Standfitting U.K. Ltd.
         233-236 Nestles Avenue
         Hayes
         Middlesex
         UB3 4QG
         England
         Tel: 020 8569 1078
         Fax: 020 8569 1035


TARGET TOOLS: Names Joint Administrators from Kroll
---------------------------------------------------
S. C. E. Mackellar and C. P. Holder of Kroll Ltd. were appointed
joint administrators of Target Tools Ltd. (Company Number
04568682) on April 4.

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Target Tools Ltd
         Unit 40A  
         Spring Valley Industrial Estate  
         Douglas  
         IM2 2QS  
         Isle of Man
         Tel: 01624 613 332  
         Fax: 01624 613 334


TIBBATTS ASSOCIATES: Brings In Menzies as Joint Administrators
--------------------------------------------------------------
Paul David Williams and Jason James Godefroy of Menzies
Corporate Restructuring were appointed joint administrators of
Tibbatts Associates Ltd. (Company Number 02412657) on April 2.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

The company can be reached at:

         Tibbatts Associates Ltd.
         1 St. Pauls Square  
         Birmingham  
         West Midlands  
         B3 1QU  
         England
         Tel: 0121 236 9000  
         Fax: 0121 236 8705


TK - ENTEC LTD: Claims Filing Period Ends May 4
-----------------------------------------------
Creditors of TK - Entec Ltd. have until May 4 to send in their
full names, their addresses and descriptions, full particulars
of their debts or claims and the names and addresses of their
solicitors (if any) to:

         Stephen P. J. White
         Liquidator
         White & Co.
         Unit 10
         Trident Park
         Trident Way
         Blackburn
         England

Stephen P. J. White of White & Co. was appointed liquidator of
the company on March 23 by resolutions of members.   

Subsequently, creditors confirmed the appointment on April 4.


TM KINGDOM: Creditors' Meeting Slated for April 23
--------------------------------------------------
Creditors of TM Kingdom Ltd. (T/A Toymaster) will meet at noon
on April 23 at:
  
         Quy Mill Hotel
         Church Road
         Stow-cum-Quy
         Cambridge  
         CB5 9AF
         England

Creditors have until noon on April 22 to submit their proxy
forms at:
          
         KPMG LLP    
         1 Waterloo Way
         Leicester  
         LE1 6LP
         England

A list of names and addresses of the company's creditors will be
available for inspection at the offices of KPMG LLP on April 20.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


TOUCH OF CLASS: Hires Liquidators from Mitchell Charlesworth
------------------------------------------------------------
Jeremy Paul Oddie and Geoffrey Michael Weisgard of Mitchell
Charlesworth were appointed joint liquidators of Touch Of Class
(Garment Processors) Ltd. on April 3 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Touch of Class (Garment Processors) Ltd.
         Edge Lane Street
         Royton
         Oldham
         Lancashire
         OL2 6DX
         England
         Tel: 0161 626 9769


TOWN AND COUNTRY: Claims Filing Period Ends May 11
--------------------------------------------------
Creditors of Town and Country Coaches Ltd. have until May 11 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their Solicitors (if any) to:

         Michelle Anne Weir  
         Liquidator
         Lameys
         One Courtenay Park
         Newton Abbot
         Devon  
         TQ12 2HD
         England

Michelle Anne Weir of Lameys was appointed liquidator of the
company on March 30.


UNIVERSAL CONTRACT: Creditors' Meeting Slated for April 23
----------------------------------------------------------
Creditors of Universal Contract Management Ltd. will meet at
11:00 a.m. on April 23 at:
  
         Stones & Co.
         63 Walter Road
         Swansea  
         SA1 4PT  
         Wales

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on April 20.


WALES WILLIAMS: Creditors' Meeting Slated for April 25
------------------------------------------------------
Creditors of Wales Williams Ltd. will meet at 11:30 a.m. on  
April 25 at:
  
         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex
         SS1 2EG
         England

Creditors who want to vote at the meeting have until noon on
April 24 to submit their proxy forms together with particulars
of their claims or of any security at the said address.
  
Lloyd Biscoe of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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


WARMAC LTD: Taps Tony Freeman to Liquidate Assets
-------------------------------------------------
Tony Freeman of Tony Freeman & Company was appointed liquidator
of Warmac Ltd. (formerly Advanceclaim Ltd.), Warmac Pump
Services Ltd. and Warmac Planned Maintenance Ltd. on March 28
for the creditors' voluntary winding-up proceeding.

Creditors of the company are required to send in full
particulars of their debts or claims to:

         Tony Freeman
         Tony Freeman & Company
         New Maxdov House
         130 Bury New Road
         Prestwich
         Manchester     
         M25 0AA
         England.


WATMOUGH CARS: Calls In Liquidators from Fisher Partners
--------------------------------------------------------
Stephen Katz and David Birne of Fisher Partners were appointed
joint liquidators of Watmough Cars Ltd. (formerly Wellington
Motors Ltd.) on April 2 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Watmough Cars Ltd.
         100 Upper Wickham Lane
         Welling
         Kent       
         DA16 3DR
         England
         Tel: 020 8854 3080
         Fax: 020 8316 7276


WINDERMERE X: Fitch Rates EUR14.5-Million Class F Notes at BB
-------------------------------------------------------------
Fitch Ratings assigned Windermere X CMBS Ltd. floating-rate
notes due 2015 final ratings:

   -- EUR1.18 billion Class A: 'AAA'
   -- EUR50,000 Class X: 'AAA'
   -- EUR56 million Class B: 'AA+'
   -- EUR64 million Class C: 'AA'
   -- EUR112.9 million Class D: 'A'
   -- EUR70 million Class E: 'BBB'
   -- EUR14.506 million Class F: 'BB'

The final ratings reflect the positive and negative features of
the underlying collateral and the integrity of the legal and
financial structures.  They address the timely payment of
interest on the notes and the ultimate repayment of principal by
final legal maturity in October 2019.

This transaction is the securitization of a multi-borrower pool
of 15 commercial mortgage loans.  The loans are originated by
subsidiaries of Lehman Brothers Inc. and secured by real estate
located in Germany, France, the Netherlands, Switzerland and
Italy.  The largest loan accounts for 23.8% of the loan pool and
is secured by six office properties located across Germany, with
a concentration in and around Frankfurt.  The transaction
includes four capex facilities and proceeds from the sales of
the notes relating to these facilities are kept in separate
accounts invested in eligible investment and are only
transferred to the issuer once certain tests are met.

The underlying loan collateral consists of 167 properties
located in Germany, France, Netherlands, Switzerland, and Italy,
with a total market value of EUR2 billion.  The note issuance
represents an initial weighted average loan-to-value ratio of
72.1%, reducing to a balloon LTV of 69.6%, assuming no changes
in value, prepayments or defaults occur prior to individual loan
maturities.  Payments due on the issued notes are funded from
principal and interest payments on the Swiss unsecured loans and
the German, French, Italian and Dutch secured loans.

Interest and principal for the notes are paid quarterly in
arrears on each payment date, commencing in July 2007.  
Scheduled amortization on the loans is allocated sequentially.  
Prepayments and final repayments on the loans are allocated to
the notes on a 50% sequential and 50% pro rata basis.  The
transaction benefits from a liquidity facility which amounts to
GBP97.3 million.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Hamon S.A.                HAMO       (12)         236      (58)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (788)       6,681      171
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (3)         207      (30)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (22)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates      
   Corporation            POUL       (28)         124      (31)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         800      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)
BW Offshore               BWO        (85)         487     (516)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)  

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)
Vimpel Ship               SOVP       (77)         188     (927)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (10)         358     (596)
Dniprooblenergo                      (38)         478     (797)
Donetskoblenergo                    (166)         706   (1,320)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874     (20)
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,144)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

                             *********

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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