TCREUR_Public/070418.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, April 18, 2007, Vol. 8, No. 76

                            Headlines


A U S T R I A

HAUS INFO: Claims Registration Period Ends May 2
MENUE ITALIANO: Claims Registration Period Ends April 30
MIKULICS LLC: Claims Registration Period Ends May 2
MTH-ENGINES: Claims Registration Period Ends May 21
PASCAL LLC: Claims Registration Period Ends May 17

R & R LLC: Claims Registration Period Ends May 16
SCHABAUER LLC: Claims Registration Period Ends May 2
THERMENHOTEL LUTZMANNSBURG: Claims Registration Ends April 30


B E L G I U M

GRAHAM PACKAGING: Dec. 31 Bal. Sheet Upside-Down by US$597.8 Mln
GOODYEAR TIRE: CEO Says Firm is Well Positioned for the Future
GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors
GOODYEAR TIRE: Directors Re-Elected at 2007 Annual Meeting


C Y P R U S

RITZIO ENTERTAINMENT: Moody's Assigns Loss-Given-Default Rating


D E N M A R K

CLEAR CHANNEL: Two Investors Moving On with Privatization Plan
CLEAR CHANNEL: Bain Capital's US$26.7-Bln Bid Faces Collapse


G E R M A N Y

BRUECKMANN GERUESTBAU: Claims Registration Period Ends July 13
DAIMLERCHRYSLER AG: Chrysler's Revenues Plummet Amid Sale Talks
ERNST PAUL: Hans Rudolf Wohrl May Acquire Business
FCR GEBRAUCHTFAHRZEUGE: Claims Registration Period Ends June 18
FRICOM KUEHLANLAGEN: Creditors' Meeting Slated for May 15

GRUNDSTUECKS SERVICE: Creditors' Meeting Slated for May 8
H. ELSEBERG: Claims Registration Period Ends May 23
HERRNBERGER - JANSEN: Claims Registration Period Ends May 31
HOTEL BADEPARK: Claims Registration Period Ends May 30
INGENIEUR-BUERO: Claims Registration Period Ends May 25

INTERSPA IMMOBILIEN: Claims Registration Ends May 14
JOHANNES BRONNER: Claims Registration Ends May 25
JUERGEN KLOTH: Claims Registration Ends May 29
KOROBAU GMBH: Claims Registration Ends May 7
MVWG VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 10

NICI AG: Founder Faces Accounts Manipulation Charges
P.M.C. GMBH: Creditors' Meeting Slated for May 21
PHOTO STOBER: Claims Registration Ends May 16
PMT POLYMER: Claims Registration Ends May 15
POPPE BAU: Creditors Meeting Slated for May 24

PST GMBH: Creditors Must Register Claims by May 21
ROPLASTO: Besaplast Kunststoffe Buys Firm Out of Administration
RUDOLF STELTZER: Creditors Must Register Claims by May 4
S & G FLEISCH: Creditors Must Register Claims by April 30
SALON FIGARO: Creditors' Meeting Slated for April 25

SATORI STOCKTEC: Claims Registration Period Ends May 15
SITZCOMFORT GMBH: Claims Registration Period Ends May 2
TRANSCOM GMBH: Creditors' Meeting Slated for May 11
TRANSPEXX TRANSPORTE: Claims Registration Period Ends May 4
TREOFAN GERMANY: Moody's Assigns Loss-Given-Default Rating

TSC CONSULTING: Claims Registration Period Ends May 2
VOLUMAX SYSTEMLOGISTIK: Claims Registration Period Ends May 8
VORRICHTUNGSBAU HOETENSLEBEN: Claims Registration Ends April 30


H U N G A R Y

INVITEL HOLDINGS: HTCC Unit Offers EUR200-Million Senior Notes
INVITEL HOLDINGS: Moody's Withdraws B1 Rating After PIK Issuance
INVITEL HOLDINGS: S&P Lifts EUR142-Million Bond Rating to B
MAGYAR TELECOM: Moody's Puts B1 Rating After PIK Notes Issuance
MAGYAR TELECOM: S&P Rates EUR200-Million Notes at B


I T A L Y

DRESSER INC: S&P Junks Proposed US$750-Million Facilities
FIAT SPA: Calls for Special Stockholders' Meetings on May 7


K A Z A K H S T A N

ABAI LLP: Creditors Must File Claims by May 16
ANTRASID LLP: Creditors' Claims Due May 18
MTD TURAN: Proof of Claim Deadline Slated for May 16
RAUAN LTD: Claims Registration Ends May 18
SHANO LLP: Claims Filing Period Ends May 18

SPATAI LLP: Creditors Must File Claims by May 16
STROYREMSERVICE-AINA LLP: Creditors' Claims Due May 18
TRIADY LLP: Proof of Claim Deadline Slated for May 16
TROL LLP: Claims Registration Ends May 16
VERONIKA &K: Claims Filing Period Ends May 18


K Y R G Y Z S T A N

RIVERA LLC: Creditors' Meeting Slated for April 25


P O L A N D

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


R U S S I A

COMMERCIAL CENTRE: Bankruptcy Hearing Slated for April 26
I. I. YUSHKINA: Creditors Must File Claims by April 24
KANDELLA-SERVICE CJSC: Creditors Must File Claims by April 24
KARABELLA CJSC: Creditors Must File Claims by April 24
LEADER LLC: Creditors Must File Claims by April 24

LUKOYANOVSKIY MEAT: Creditors Must File Claims by May 24
MAMADYSH-AGRO-KHIM-SERVICE: Court Hearing Slated for Aug. 23
MEGAFON OJSC: Moody's Assigns Loss-Given-Default Rating
NORTH-WEST FISHING: Court Names V. Khodonovich to Manage Assets
NIZHEGORODSKIY FLOUR MILL: Asset Sale Slated for April 24

NOVOLIPETSK STEEL: Shareholders' Meeting Slated for June 5
PETRAKOVSKOYE CJSC: Creditors Must File Claims by May 24
RED & BLACK: Moody's Rates US$18.6-Mln Class C Notes at Ba2
RED & BLACK: Fitch Puts BB+ Rating to Class C Notes
RUSSIA CJSC: Creditors Must File Claims by May 24

SKB-BANK: Moody's Assigns B2/NP/E+ Global Scale Ratings
SORVIZHSKOYE PROCESSING: Creditors Must File Claims by May 24
SUPERMARKET OJSC: Creditors Must File Claims by April 24
TMK OAO: Moody's Assigns Loss-Given-Default Rating
TSIMLYANSKAYA CARPET: Bankruptcy Hearing Slated for July 24

VOZROZHDENIYE-21 OJSC: Creditors Must File Claims by April 24
YAMAL-NENETS: S&P Affirms BB+ Rating with Positive Outlook

* S&P Affirms City of Ufa's B+ Rating with Positive Outlook


S P A I N

UCI 17: S&P Puts Junk Rating to EUR15.4 Million Class D Notes
UCI 17: Fitch Junks EUR15.4-Million Class D Notes


S W E D E N

CONCORDIA BUS: Moody's Assigns Loss-Given-Default Rating


S W I T Z E R L A N D

A & O COMPUTER: Zurich Court Closes Bankruptcy Proceedings
BIGRAPH JSC: Creditors' Liquidation Claims Due May 4
CARAMA JSC: Aargau Court Starts Bankruptcy Proceedings
COWI-FOODART JSC: St. Gallen Court Starts Bankruptcy Proceedings
FEROPRO JSC: Creditors' Liquidation Claims Due May 2

IBR-PARTNER: Zurich Court Closes Bankruptcy Proceedings
LAMM SPORT: Creditors' Liquidation Claims Due May 2
PAVIZA JSC: Creditors' Liquidation Claims Due May 2
RED BEAR: Creditors' Liquidation Claims Due May 3
SCHAR IMMOBILIEN: Creditors' Liquidation Claims Due May 2


T U R K E Y

DOGUS HOLDING: Moody's Assigns Loss-Given-Default Rating
ULKER GIDA: Moody's Assigns Loss-Given-Default Rating


U K R A I N E

ABSOLUT FINANCE: Claims Registration Bar Date Set April 28
AZARIA DNIEPRO: Creditors Must File Claims by April 27
LIM GROUP: Claims Registration Deadline Set April 28
LOKHVITSA SUGAR: Creditors Must File Claims by April 28
OSTBUILDING-INVEST LLC: Claims Filing Bar Date Set April 28

SPHERE LLC: Claims Registration Deadline Set April 27
TRANSTRADE-2 LLC: Claims Registration Deadline Set April 27
UKRAINIAN ALLOY A: Claims Registration Deadline Set April 28
VORONEZH SUGAR: Creditors Must File Claims by April 28
WEST BUILDING: Claims Registration Bar Date Set April 27

WIND ROSE: Claims Registration Deadline Set April 28
ZAPORIZHSTAL OJSC: Moody's Assigns Loss-Given-Default Rating


U N I T E D   K I N G D O M

6721 LTD: Shuts Down Business Following Financial Difficulties
ACADEMY DECORATING: Creditors' Meeting Slated for May 10
ACTUANT CORP: Earns US$18.9 Million in Second Quarter 2007
BRITISH AIRWAYS: May Purchase Up to 15 Airbus Planes, Paper Says
BRAMHALL WOODWARE: Creditors' Meeting Slated for April 26

BRENTWOOD SPORTS: Creditors' Meeting Slated for April 27
CAIRNGORM LTD: Fitch Lifts GBP9-Million Class D Notes to BB+
CLS SCAFFOLDING: Creditors' Meeting Slated for April 26
CONNAIR PLANT: Creditors' Meeting Slated for April 26
EASTGATE INDUSTRIES: Creditors' Meeting Slated for May 8

HANOVER COMPRESSOR: To Redeem US$30-Million Notes on May 8
HARPERS SPORTS: Creditors' Meeting Slated for April 27
MALCRO LIGHTING: Creditors' Meeting Slated for April 26
NO. 1 PERSONNEL: Creditors' Meeting Slated for May 4
PETROPLUS FINANCE: Moody's Puts (P)Ba3 Corporate Family Rating

R. E. ROWLANDS: Creditors' Meeting Slated for May 2

                            *********


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


HAUS INFO: Claims Registration Period Ends May 2
------------------------------------------------
Creditors owed money by LLC Haus Info (FN 82727h) have until
May 2 to file written proofs of claim to court-appointed estate
administrator Bernhard Huber at:

         Dr. Bernhard Huber
         Schillerstrasse 12
         4020 Linz
         Austria
         Tel: 0732/656969
         Fax: 0732/65696960
         E-mail: b.huber@hep.co.at

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

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Haid bei Ansfelden, Austria, the Debtor
declared bankruptcy on March 22 (Bankr. Case No. 38 S 20/07f).


MENUE ITALIANO: Claims Registration Period Ends April 30
--------------------------------------------------------
Creditors owed money by LLC Menue Italiano (FN 214547k) have
until April 30 to file written proofs of claim to court-
appointed estate administrator Franz Doppelhofer at:

         Mag. Franz Doppelhofer
         Reitschulgasse 1
         8010 Graz
         Austria
         Tel: 0316/810030
         Fax: 0316/810080
         E-mail: office@fritschpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on May 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Graz - Puntigam, Austria, the Debtor declared
bankruptcy on March 22 (Bankr. Case No. 26 S 20/07x).


MIKULICS LLC: Claims Registration Period Ends May 2
---------------------------------------------------
Creditors owed money by LLC Mikulics (FN 222805f) have until
May 2 to file written proofs of claim to court-appointed estate
administrator Nikolaus Vogt at:

         Mag. Nikolaus Vogt
         Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 01/402 57 01
         Fax: 01/402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at
                 law@riess.co.at

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

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

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


MTH-ENGINES: Claims Registration Period Ends May 21
---------------------------------------------------
Creditors owed money by LLC MTH-Engines (FN 273683a) have until
May 21 to file written proofs of claim to court-appointed estate
administrator Guenther Auer at:

         Dr. Guenther Auer
         Kirchgasse 3
         5110 Oberndorf bei Salzburg
         Austria
         Tel: 06272-70870
         Fax: 06272-7088-14
         E-mail: office@greger-auer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on May 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Obertrum am See, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No. 23 S 17/07f).


PASCAL LLC: Claims Registration Period Ends May 17
--------------------------------------------------
Creditors owed money by LLC Pascal (FN 251529x) have until
May 17 to file written proofs of claim to court-appointed estate
administrator Beate Holper at:

         Mag. Beate Holper
         c/o Dr. Susi Pariasek
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55 28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 6 S 35/07z).  Susi Pariasek
represents Mag. Holper in the bankruptcy proceedings.


R & R LLC: Claims Registration Period Ends May 16
-------------------------------------------------
Creditors owed money by LLC R & R (FN 258423i) have until May 16
to file written proofs of claim to court-appointed estate
administrator Hans Rant at:

         Dr. Hans Rant
         c/o Dr. Kurt Freyler
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 2 S 42/07z).  Kurt Freyler
represents Dr. Rant in the bankruptcy proceedings.


SCHABAUER LLC: Claims Registration Period Ends May 2
----------------------------------------------------
Creditors owed money by LLC Schabauer (FN 238160k) have until
May 2 to file written proofs of claim to court-appointed estate
administrator Guenther Viehboeck at:

         Dr. Guenther Viehboeck
         c/o Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49239
         E-mail: office@viehboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on May 16 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Krumbach, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No. 10 S 25/07s).  Maria-
Christina Nau represents Dr. Viehboeck in the bankruptcy
proceedings.


THERMENHOTEL LUTZMANNSBURG: Claims Registration Ends April 30
-------------------------------------------------------------
Creditors owed money by LLC Thermenhotel Lutzmannsburg (FN
196795f) have until April 30 to file written proofs of claim to
court-appointed estate administrator Gerwald Holper at:

         Mag. Gerwald Holper
         Technologiezentrum
         Marktstrasse 3
         7000 Eisenstadt
         Austria
         Tel: 02682/704266-0
         Fax: 02682/704266-15
         E-mail: eisenstadt@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Lutzmannsburg, Austria, the Debtor declared
bankruptcy on March 26 (Bankr. Case No. 26 S 38/07a).


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


GRAHAM PACKAGING: Dec. 31 Bal. Sheet Upside-Down by US$597.8 Mln
----------------------------------------------------------------
At Dec. 31, 2006, Graham Packaging Company LP's balance sheet
showed US$2.4 billion in total assets, US$3 billion in total
liabilities and US$597.8 million in stockholders' deficit.

General partners' deficit in 2006 was US$31 million, up from
US$25 million a year ago.  Limited partners' deficit in 2006 was
US$595.1 million, up from US$478.5 million a year ago.

For the year ended Dec. 31, 2006, the company recorded a net
loss of US$120.4 million on net sales of US$2.5 billion, as
compared with a net loss of US$52.6 million on net sales of
US$2.5 billion for the year ended Dec. 31, 2006.   Net sales in
2006 increased by US$47.5 million from net sales in 2005.

Gross profit for the year ended Dec. 31, 2006, decreased to
US$287.5 million from US$295.5 million for the year ended
Dec. 31, 2005.  Selling, general and administrative expenses for
the year 2006 increased to US$131.4 million from US$127.5
million for the year 2005.   Impairment charges were US$25.9
million for the year ended Dec. 31, 2006, as compared with
US$7.3 million for the year ended Dec. 31, 2005.

Interest expense, net increased to US$207 million for the year
ended Dec. 31, 2006, from US$184.4 million for the year ended
Dec. 31, 2005.  Other expense, net increased to US$2.2 million
for the year 2006 from US$200,000 for the year 2005, primarily
due to higher foreign exchange losses.  Income tax provision
increased to US$27.6 million for the year ended Dec. 31, 2006,
from US$14.4 million for the year ended Dec. 31, 2005.

                 Liquidity and Capital Resources

In 2006, 2005 and 2004, the company generated US$490.4 million
of cash from operations and US$1.4 billion from increased debt.
This US$1.9 billion was primarily used to fund US$565.5 million
of net cash paid for property, plant and equipment, US$1.3
billion of investments and US$81.5 million of debt issuance fee
payments.

Working capital, defined as current assets less current
liabilities, decreased US$108.6 million in 2006, primarily due
to a decrease in inventories of US$48.9 million.

The company's Credit Agreement currently consists of a senior
secured B Loan to the Graham Packaging Holdings I LP, the
operating company, totaling US$1.9 billion and a Revolving
Credit Facility to the Operating Company totaling US$250
million.  The Acquisition and refinancing of substantially all
of the company's prior debt included the issuance of US$250
million of Senior Notes due 2012 and the issuance of US$375
million of Senior Subordinated Notes due 2014.  At Dec. 31,
2006, the company's total debt was US$2.5 billion.  Its unused
lines of credit at Dec. 31, 2006, and 2005 were US$196.2 million
and US$61.8 million, respectively.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1d0c

                      About Graham Packaging

Based in York, Pennsylvania, Graham Packaging Company, LP,
formerly known as Graham Packaging Holdings I LP, --
http://www.grahampackaging.com/-- designs and manufactures
customized blow-molded plastic containers for branded food and
beverages, household and personal care products, and automotive
lubricants.  The company has manufacturing facilities in
Argentina, Belgium, Brazil, Canada, Ecuador, England, Finland,
France, Hungary, Mexico, the Netherlands, Poland, Spain, Turkey,
the U.S. and Venezuela.  The company has no assets, liabilities
or operations other than its direct and indirect investments in
the Operating Company and its ownership of GPC Capital Corp. II,
its wholly owned subsidiary.


GOODYEAR TIRE: CEO Says Firm is Well Positioned for the Future
--------------------------------------------------------------
In his address at The Goodyear Tire & Rubber Company's 2007
Annual Shareholder Meeting on April 10, Chairman and Chief
Executive Officer Robert J. Keegan said the tiremaker is well
positioned for the future thanks to strong business platforms
created last year.

"When you combine our core business focus with strong top line
growth, a better cost structure and a stronger balance sheet,
you have an organization that is capable of moving forward at a
much quicker pace than anything you have seen from Goodyear to
date," Mr. Keegan said.

"The market is presenting Goodyear with significant
opportunities in 2007 and beyond.  We plan to aggressively
capitalize on those opportunities."

The year 2006 will be remembered as a pivotal year in Goodyear's
strategic, operational and cultural transformation, Mr. Keegan
said.  "I am proud of our accomplishments in 2006.  The way we
embraced a myriad of challenges and quickly converted those to
opportunities was a credit to the entire Goodyear team.  In a
word, we have been innovative."

Mr. Keegan said he hopes investors and others also see Goodyear
associates "as innovators not only of products and technology,
but innovators throughout all aspects of our business."

Despite the challenges presented in 2006, he said the company
delivered on several significant accomplishments, including:

   -- continued strong product leadership,

   -- a renewed focus on innovative marketing,

   -- improved revenue per tire,

   -- reduced cost structure,

   -- exited businesses with low profitability,

   -- record results in Goodyear's emerging market businesses,
      and

   -- a new, lower-cost union contract in North America.

Mr. Keegan cited the company's important financial milestones in
2006, including record sales of US$20.3 billion and market
capitalization nearly US$5 billion higher than the company's low
point in February 2003.

"This market cap increase is strong evidence that our intense
focus on our Seven Strategic Drivers has created tremendous
value for our shareholders," he said.

The successes of 2006, combined with actions taken in the first
quarter of 2007, puts Goodyear on pace to achieve the next stage
financial metrics Mr. Keegan first discussed with investors in
September 2005.

"With the strong business platforms we have created to drive our
performance and the pace at which we are now executing, I am
confident we have the ability to achieve these goals," said Mr.
Keegan.

"While there are still plenty of challenges ahead, we now have a
proven track record and much stronger business platforms than
when our journey began four years ago."

Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company
(NYSE:GT) -- http://www.goodyear.com/-- manufactures tires,
engineered rubber products and chemicals in more than 90
facilities in 28 countries around the world. Goodyear employs
more than 75,000 people worldwide.  Goodyear Tire has marketing
operations in almost every country around the world including
Chile, Colombia, Guatemala and Peru in Latin America.  Goodyear
employs more than 80,000 people worldwide.  The company's
European operationis headquartered in Belgium.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company, including:

   -- 'B' Issuer Default Rating; 'BB/RR1' rating of its
      US$1.5 billion first-lien credit facility;

   -- 'BB/RR1' rating of its US$1.2 billion second-lien term
      loan;

   -- 'B/RR4' rating of its US$300 million third-lien term loan;

   -- 'B/RR4' rating of its US$650 million third-lien senior
      secured notes; and

   -- 'CCC+/RR6' Senior unsecured debt rating.


GOODYEAR TIRE: W. Alan McCollough Elected to Board of Directors
---------------------------------------------------------------
W. Alan McCollough, former chairman and chief executive officer
of Circuit City Stores Inc., has been elected to the Board of
Directors of The Goodyear Tire & Rubber Company.

"Alan McCollough is a respected business leader who led a
turnaround at Circuit City," Goodyear Chairman and Chief
Executive Officer Robert J. Keegan said.  "His retail experience
and marketing knowledge will be of significant value to our
board of directors."

Mr. McCollough was elected chairman, president and chief
executive officer of Circuit City in 2002 and served in that
capacity until 2005.  He remained chairman and chief executive
officer until his retirement in 2006.

He led the consumer electronic retailer as president and chief
executive officer from 2000 to 2002 and served as president and
chief operating officer from 1997 to 2000.

Mr. McCollough joined Circuit City in 1987 as general manager of
corporate operations.  He was named assistant vice president in
1989, president of central operations in 1991 and senior vice
president of merchandising in 1994.  Before joining Circuit
City, McCollough worked 12 years at Milliken & Company, where he
held various positions including director of marketing.

Mr. McCollough, 57, holds a Bachelor of Science degree from
Missouri Valley College and a Master of Business Administration
degree from Southern Illinois University.  He is a director of
La-Z-Boy Inc. and VF Corporation.

The election of Mr. McCollough brings the size of Goodyear's
board to 12 members.

Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company
(NYSE:GT) -- http://www.goodyear.com/-- manufactures tires,
engineered rubber products and chemicals in more than 90
facilities in 28 countries around the world. Goodyear employs
more than 75,000 people worldwide.  Goodyear Tire has marketing
operations in almost every country around the world including
Chile, Colombia, Guatemala and Peru in Latin America.  Goodyear
employs more than 80,000 people worldwide.  The company's
European operationis headquartered in Belgium.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company, including:

   -- 'B' Issuer Default Rating; 'BB/RR1' rating of its
      US$1.5 billion first-lien credit facility;

   -- 'BB/RR1' rating of its US$1.2 billion second-lien term
      loan;

   -- 'B/RR4' rating of its US$300 million third-lien term loan;

   -- 'B/RR4' rating of its US$650 million third-lien senior
      secured notes; and

   -- 'CCC+/RR6' Senior unsecured debt rating.


GOODYEAR TIRE: Directors Re-Elected at 2007 Annual Meeting
----------------------------------------------------------
Shareholders of The Goodyear Tire & Rubber Company re-elected 11
members of the company's Board of Directors at their 2007 Annual
Meeting.

Re-elected were:

   * James C. Boland, vice chairman, Cavaliers Operating
     Company, LLC;

   * John G. Breen, former chairman of the board, The Sherwin-
     Williams Company;

   * William J. Hudson Jr., former president and chief operating
     officer, AMP Inc.;

   * Robert J, Keegan, chairman, chief executive officer and
     president, Goodyear;

   * Steven A. Minter, former president and executive director,
     The Cleveland Foundation;

   * Denise M. Morrison, senior vice president, Campbell USA
     Soup, Sauce and Beverage;

   * Rodney O'Neal, chief executive officer and president,
     Delphi Corporation;

   * Shirley D. Peterson, former partner, Steptoe & Johnson LLP;

   * G. Craig Sullivan, former chairman and chief executive
     officer, The Clorox Company;

   * Thomas H. Weidemeyer, former senior vice president and
     chief operating officer, United Parcel Service Inc.; and

   * Michael R. Wessel, president, The Wessel Group Inc.

The shareholders also approved the appointment of
PricewaterhouseCoopers LLP as the company's independent
registered public accounting firm for 2007.

A shareholder proposal requesting the adoption of a simple
majority vote standard for all issues subject to shareholder
vote failed to receive a majority of votes outstanding.

In other business, shareholder proposals related to executive
compensation and retirement benefits failed to receive a
majority of votes outstanding.

Headquartered in Akron, Ohio, Goodyear Tire and Rubber Company
(NYSE:GT) -- http://www.goodyear.com/-- manufactures tires,
engineered rubber products and chemicals in more than 90
facilities in 28 countries around the world. Goodyear employs
more than 75,000 people worldwide.  Goodyear Tire has marketing
operations in almost every country around the world including
Chile, Colombia, Guatemala and Peru in Latin America.  Goodyear
employs more than 80,000 people worldwide.  The company's
European operationis headquartered in Belgium.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company, including:

   -- 'B' Issuer Default Rating; 'BB/RR1' rating of its
      US$1.5 billion first-lien credit facility;

   -- 'BB/RR1' rating of its US$1.2 billion second-lien term
      loan;

   -- 'B/RR4' rating of its US$300 million third-lien term loan;

   -- 'B/RR4' rating of its US$650 million third-lien senior
      secured notes; and

   -- 'CCC+/RR6' Senior unsecured debt rating.


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


RITZIO ENTERTAINMENT: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B2 Corporate Family Rating for
Ritzio Entertainment Group.

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

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

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

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

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

Headquartered in Nicosia, Cyprus, Ritzio Entertainment Group
(REG) -- http://www.ritzio.net/en/-- is an international
business operator in the field of entertainment and recreation.
Ritzio is also developing its restaurant and real estate
management businesses.

REG holds strong positions in a number of markets, including
Russia, Ukraine, Kazakhstan, the Baltic States and Romania.
In 2006, it entered the Latin American market and is currently
represented in Bolivia, Peru and Mexico.


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


CLEAR CHANNEL: Two Investors Moving On with Privatization Plan
--------------------------------------------------------------
Private-equity groups Thomas H. Lee Partners and Bain Capital
Partners have been courting more shareholders in line with an
upcoming shareholder meeting regarding a plan to privatize Clear
Channel Communications Inc., Sarah McBride and Dennis K. Berman
of The Wall Street Journal report.

According to WSJ, two big investment funds, which declined to be
identified, said representatives of parties involved in the deal
had reached out to them to suggest adjustments to the deal that
might satisfy them.

In addition, the source says bankers at Goldman Sachs were
huddling with Clear Channel's board Sunday, discussing options
that could be taken at the last moment.

One possibility, the Journal says, is a specialized, private
security that would give the shareholders an ongoing, albeit
illiquid, stake in the newly private company.

Last month, Clear Channel disclosed in a regulatory filing
with the U.S. Securities and Exchange Commission that Highfields
Capital Management LP beneficially owns a 5% stake in the
company, equivalent to 24,854,400 shares at US$0.10 par value
per share.

Ms. McBride of WSJ noted in a related report that Highfields
Capital previously held about 3% of Clear Channel's outstanding
shares.

Boston, Mass.-based Highfields Capital is an investment
management firm focused on identifying long-term value
investments on behalf of public and private charitable
foundations, school endowments and other institutional and
private investors.  Highfields Capital currently manages
approximately US$10 billion in investment funds.

The increase indicates that the investment company wants more
influence in a coming vote on a possible privatization of Clear
Channel, which Highfields opposes, Ms. McBride said in that
related report, citing people familiar with the matter.

Ms. McBride added that Clear Channel, along with investors Bain
& Co. and Thomas H. Lee, are offering US$37.60 a share, but many
investors, including Highfields, believe the company is worth
more.

Clear Channel shareholders of record as of March 23, are due to
vote on the issue at the special meeting, which will be held
tomorrow, April 19.

Highfields is Clear Channel's second-biggest holder, Ms. McBride
said.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
-- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays in various countries
around the world.  Aside from the U.S., the company operates in
11 countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico and New Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


CLEAR CHANNEL: Bain Capital's US$26.7-Bln Bid Faces Collapse
------------------------------------------------------------
Bain Capital Partners LLC and Thomas H. Lee Partners L.P.'s
US$26.7-billion proposal to acquire Clear Channel Communications
Inc. could fall to pieces unless the company's shareholders
approve the deal, the Financial Times reports.

The deal must merit a two-thirds vote by Clear Channel
shareholders, who will vote on the deal during an April 19
meeting.  The company's major investors, including Fidelity and
Highfields Capital Management LP, plan to reject the proposal,
the FT states.

The TCR-Europe reported on Nov. 21, 2006, that Clear Channel had
executed a definitive merger agreement with the two private
equity groups in a transaction that includes the assumption or
repayment of approximately US$8 billion of net debt.

Under the terms of the agreement, Clear Channel shareholders
will receive US$37.60 in cash for each share of Clear Channel
common stock they hold, representing a premium of approximately
25% over the company's average closing share price of US$29.99
during the 30 trading days ended Oct. 24, 2006, the day before
the Company first acknowledged that it was evaluating strategic
alternatives.

The deal's rejection would prove unfavorable to Morgan Stanley,
Citigroup, Credit Suisse, Deutsche Bank, and Royal Bank of
Scotland as they stand to earn substantial fees from advising on
the deal and providing financing, the FT observes.

               About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc. -
- http://www.clearchannel.com/-- (NYSE:CCU) is a global leader
in the out-of-home advertising industry with radio and
television stations and outdoor displays in various countries
around the world.  Aside from the U.S., the company operates in
11 countries -- Norway, Denmark, the United Kingdom, Singapore,
China, the Czech Republic, Switzerland, the Netherlands,
Australia, Mexico, and New Zealand.

                          *     *     *

Clear Channel's long-term local and foreign issuer credits carry
Standard & Poor's BB+ rating.

In addition, the company's senior unsecured debt and long-term
issuer default ratings were placed by Fitch at BB- on Nov. 16,
2006.


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


BRUECKMANN GERUESTBAU: Claims Registration Period Ends July 13
--------------------------------------------------------------
Creditors of Brueckmann Geruestbau- und Bedachungs GmbH have
until July 13 to register their claims with court-appointed
insolvency manager Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be contacted at:

         Dr. Jan Markus Plathner
         Lyoner Strasse 14
         60528 Frankfurt (Main)
         Germany

The District Court of Frankfurt (Main) opened bankruptcy
proceedings against Brueckmann Geruestbau- und Bedachungs GmbH
on April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Brueckmann Geruestbau- und Bedachungs GmbH
         Fuellerstrasse 51
         60431 Frankfurt (Main)
         Germany


DAIMLERCHRYSLER AG: Chrysler's Revenues Plummet Amid Sale Talks
---------------------------------------------------------------
DaimlerChrysler AG's Feb. 14 announcement that it is putting
Chrysler Group on the block has triggered a decline in the
ailing unit's sales, Steven Landry, Chrysler's vice president
for sales and field operations, told The Associated Press in an
interview.

According to the report, Chrysler's revenues dropped 8.3 percent
in February 2007, compared with its February 2006 numbers.  The
unit reported a 1 percent rise in its January 2007 sales from
the same month last year.  March sales showed a 4.6 percent dip
although Mr. Landry claims that the division exceeded internal
goals by 1 percent.  Overall, Chrysler's revenues for the first
quarter of 2007 were down 4 percent from the same period in
2006.

Concurrently, two Magna International Inc. directors said
reports that the auto parts maker has submitted a joint tender
with a partner for Chrysler are premature as Magna's board has
yet to receive a proposal from its management, The Star relates.
Magna had issued a statement that it is mulling over options
regarding a possible Chrysler purchase.

Meanwhile, Tracinda Corp.'s US$4.5-billion bid to acquire
Chrysler, which is significantly lower than its rivals, could
unravel unless it finds a way to negotiate with DaimlerChrysler
soon, The Financial Times states.

DaimlerChrysler has so far ignored Tracinda's offer not only
because of its considerably smaller offer, but also due to the
investment firm's demand for exclusive negotiations with the
automaker.  Plus, billionaire Kirk Kerkorian, who controls
Tracinda, has had a long and adverse relationship with the
German company, made worse by his lawsuit alleging that Daimler
paid too little when it acquired Chrysler in 1998, FT observes.

The TCR-Europe reported on April 13 that DaimlerChrysler
executive Ruediger Grube, a management-board member and head of
strategy, is presently negotiating with all Chrysler bidders,
with the exception of billionaire Kirk Kerkorian's Tracinda
Corp.

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

                      About DaimlerChrysler

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

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

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

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

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


ERNST PAUL: Hans Rudolf Wohrl May Acquire Business
--------------------------------------------------
German entrepreneur Hans Rudolf Wohrl is eyeing to acquire Ernst
Paul Lehmann Patentwerk OHG jointly with LGB of America, The
Financial Times reports citing Die Welt as its source.

According to Hermann Schontag, owner of Ernst Paul Lehmann
Patentwerk, it took a while to find investors for the model
railway company, which is valued at EUR3.7 million.

                       About the Company

Headquartered in Nuremberg, Germany, Ernst Paul Lehmann
Patentwerk OHG -- http://www.lgb.de/english/-- created the
world's first "G-scale" train, Lehmann Gross Bahn, in 1968, and
continues to make the most popular garden railway model in
Europe.

Ernst Paul Lehmann Patentwerk filed for bankruptcy protection in
the Nuremberg district court on Sept. 18, 2006.  The court then
ordered temporary bankruptcy administration, and Dr. Steffen
Goede of the law firm Goede, Bergfeld, Waldherr & Hussmann was
appointed as the temporary bankruptcy trustee.


FCR GEBRAUCHTFAHRZEUGE: Claims Registration Period Ends June 18
---------------------------------------------------------------
Creditors of FCR Gebrauchtfahrzeuge GmbH have until June 18 to
register their claims with court-appointed insolvency manager
Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 29, 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 Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Aug. 16, at the same venue.

The insolvency manager can be contacted at:

         Jutta Ruedlin
         Markt 4
         34212 Melsungen
         Germany
         Tel: 05661 926280
         Fax: 05661 9262820
         E-mail: melsungen@Henningsmeier.de

The District Court of Kassel opened bankruptcy proceedings
against FCR Gebrauchtfahrzeuge GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         FCR Gebrauchtfahrzeuge GmbH
         Attn: Thomas Herwig and Andreas Schuett, Managers
         Buerstoss 1
         34212 Melsungen
         Germany


FRICOM KUEHLANLAGEN: Creditors' Meeting Slated for May 15
---------------------------------------------------------
The court-appointed insolvency manager for Fricom Kuehlanlagen
GmbH, Christian Koehler-Ma, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:10 a.m. on May 15.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Aug. 28, at the same venue.

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

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Fricom Kuehlanlagen GmbH
         Nunsdorfer Ring 24
         12277 Berlin
         Germany


GRUNDSTUECKS SERVICE: Creditors' Meeting Slated for May 8
---------------------------------------------------------
The court-appointed insolvency manager for Grundstuecks-Service
Rolf Meissel GmbH, Wolfgang Schroeder, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:40 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:

         Dr. Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Grundstuecks-Service Rolf Meissel GmbH on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Grundstuecks-Service Rolf Meissel GmbH
         Bismarckallee 10
         14193 Berlin
         Germany


H. ELSEBERG: Claims Registration Period Ends May 23
---------------------------------------------------
Creditors of H. Elseberg GmbH have until May 23 to register
their claims with court-appointed insolvency manager
Thorsten Snyders.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Lingen (Ems)
         Hall Z 16
         New Building
         Burgstrasse 28
         49808 Lingen (Ems)
         Germany

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

The insolvency manager can be contacted at:

         Thorsten Snyders
         Heideweg 72
         48529 Nordhorn
         Germany
         Tel: 05921/7139145
         Fax: 05921/7139146
         E-mail: Snyders@raehp.de

The District Court of Lingen (Ems) opened bankruptcy proceedings
against H. Elseberg GmbH on April 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         H. Elseberg GmbH
         Nordhorner Strasse 1
         49808 Lingen (Ems)
         Germany

         Attn: Helmut Elseberg, Manager
         Saarlander Strasse 18 a
         49835 Wietmarschen
         Germany


HERRNBERGER - JANSEN: Claims Registration Period Ends May 31
------------------------------------------------------------
Creditors of Herrnberger - Jansen GmbH have until May 31 to
register their claims with court-appointed insolvency manager
Wolfgang Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall E
         Courthouse
         23701 Eutin
         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:

         Wolfgang Weidemann
         Wendenstrasse 4
         20097 Hamburg
         Germany

The District Court of Eutin opened bankruptcy proceedings
against Herrnberger - Jansen GmbH on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Herrnberger - Jansen GmbH
         Attn: Dr. Juergen Herrnberger, Manager
         Luebecker Landstrasse 36
         23701 Eutin
         Germany


HOTEL BADEPARK: Claims Registration Period Ends May 30
------------------------------------------------------
Creditors of Hotel Badepark Vulkamar GmbH have until May 30 to
register their claims with court-appointed insolvency manager
Oliver Brand.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 9, 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 Bitburg
         Hall 128
         Gerichtsstrasse 2/4
         54634 Bitburg
         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:

         Oliver Brand
         Dietrichstr. 20
         54290 Trier
         Germany
         Tel: 0651/97024-60
         Fax: 0651/97024-66

The District Court of Bitburg opened bankruptcy proceedings
against Hotel Badepark Vulkamar GmbH on March 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Hotel Badepark Vulkamar GmbH
         Attn: Rainer Schulte Strathaus, Manager
         Kurallee 13-15
         54579 Stadtkyll
         Germany


INGENIEUR-BUERO: Claims Registration Period Ends May 25
-------------------------------------------------------
Creditors of Ingenieur-Buero fuer Gebaudetechnik Klaus Reitz &
Partner GmbH have until May 25 to register their claims with
court-appointed insolvency manager Bernd Reuss.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Hanau
         Hall 205
         Aussenstelle Insolvenzgericht
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be contacted at:

         Bernd Reuss
         Mainzer-Tor-Anlage 33
         61169 Friedberg/H.
         Germany
         Tel: 06031/797-0
         Fax: 06031/7971-00

The District Court of Hanau opened bankruptcy proceedings
against Ingenieur-Buero fuer Gebaudetechnik Klaus Reitz &
Partner GmbH on April 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be contacted at:

         Ingenieur-Buero fuer Gebaudetechnik
         Klaus Reitz & Partner GmbH
         Attn: Klaus Reitz, Manager
         Kathe-Kollwitz-Ring 62
         63486 Bruchkoebel
         Germany


INTERSPA IMMOBILIEN: Claims Registration Ends May 14
----------------------------------------------------
Creditors of interSPA Immobilien GmbH have until May 14 to
register their claims with court-appointed insolvency manager
Wolfgang Illig.

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 Stuttgart
         Hall 4
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Illig
         Kriegerstr. 3
         70191 Stuttgart
         Germany
         Tel: 0711/22 55 830
         Fax: 0711/22 55 83 20

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

The Debtor can be reached at:

         interSPA Immobilien GmbH
         Loeffelstr. 44
         70597 Stuttgart
         Germany


JOHANNES BRONNER: Claims Registration Ends May 25
-------------------------------------------------
Creditors of Johannes Bronner GmbH Sagewerk und Holzverarbeitung
have until May 25 to register their claims with court-appointed
insolvency manager Stefano Buck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         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:

         Stefano Buck
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel.Nr. 07841/708311
         Fax Nr. 07841/708301

The District Court of Rottweil opened bankruptcy proceedings
against Johannes Bronner GmbH Sagewerk und Holzverarbeitung on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Johannes Bronner GmbH Sagewerk und Holzverarbeitung
         Attn: Johannes Bronner, Manager
         Schlosswiesenstr. 25
         72175 Dornhan
         Germany


JUERGEN KLOTH: Claims Registration Ends May 29
----------------------------------------------
Creditors of Juergen Kloth Bauunternehmung GmbH have until
May 29 to register their claims with court-appointed insolvency
manager Dr. Sebastian Braun.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Sebastian Braun
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/2065
         Fax: 09343/3833

The District Court of Offenbach am Main opened bankruptcy
proceedings against Juergen Kloth Bauunternehmung GmbH on
April 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Juergen Kloth Bauunternehmung GmbH
         Am Stiergraben 16
         63128 Dietzenbach
         Germany

         Attn: Juergen Kloth, Manager
         Am Stiergraben 16
         63128 Dietzenbach
         Germany


KOROBAU GMBH: Claims Registration Ends May 7
--------------------------------------------
Creditors of Korobau GmbH have until May 7 to register their
claims with court-appointed insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on May 22, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         Korobau GmbH
         Ernestinenstr. 61
         45141 Essen
         Germany


MVWG VERWALTUNGSGESELLSCHAFT: Claims Registration Ends May 10
-------------------------------------------------------------
Creditors of MVWG Verwaltungsgesellschaft mbH have until May 10
to register their claims with court-appointed insolvency manager
Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Kaiserslautern
         Hall 8
         Bahnhofstrasse 24
         67655 Kaiserslautern
         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:

         Paul Wieschemann
         Flickerstal 2
         67657 Kaiserslautern
         Germany
         Tel: 0631/341950
         Fax: 0631/470269

The District Court of Kaiserslautern opened bankruptcy
proceedings against MVWG Verwaltungsgesellschaft mbH on April 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MVWG Verwaltungsgesellschaft mbH
         Glanstr. 16
         66887 St. Julian
         Germany


NICI AG: Founder Faces Accounts Manipulation Charges
----------------------------------------------------
Ottmar Pfaff, former chairman and founder of Nici AG, faced
charges of accounts manipulation from the public prosecutor's
office of Hof, the Financial Times reports citing Suddeutsche
Zeitung as its source.

According to the report, the public prosecutor accused Mr. Pfaff
of producing false invoices for fictitious deliveries and of
selling them to factoring companies.  He allegedly used the
proceeds from these transactions to pay off other debts.

Mr. Pfaff was also accused of manipulating the company's
accounts by EUR59 million in order to cover up his system, which
resulted to the factoring companies' loss of EUR86 million,
Suddeutsche Zeitung said.

A date is yet to be set for the main hearing in the case against
Mr. Pfaff.

Headquarteredin Altenkunstadt, Germany, Nici AG --
http://www.nici.de/-- manufactures high quality plush
characters and matching fashion oriented accessories.  Nici
declared itself insolvent on May 16, 2006.


P.M.C. GMBH: Creditors' Meeting Slated for May 21
-------------------------------------------------
The court-appointed insolvency manager for P.M.C. GmbH, Dr.
Hans-Gert Dhonau, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:45 a.m. on
May 21.

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

         The District Court of Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         Germany

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

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

The insolvency manager can be reached at:

         Dr. Hans-Gert Dhonau
         Bahnhofstr. 7, D
         55566 Bad Sobernheim
         Germany
         Tel: 06751/938013
         Fax: 06751/9380-36

The District Court of Bad Kreuznach opened bankruptcy
proceedings against P.M.C. GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         P.M.C. GmbH
         Hugo-Wagner-Str.
         55481 Kirchberg
         Germany

         Attn: Dieter Niewolik, Manager
         95692 Konnersreuth
         Germany


PHOTO STOBER: Claims Registration Ends May 16
---------------------------------------------
Creditors of Photo Stober GmbH have until May 16 to register
their claims with court-appointed insolvency manager
Dr. Thomas Kaiser.

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

The meeting of creditors will be held at:

         The District Court of Freiburg
         Hall I
         Holzmarkt 2
         79098 Freiburg
         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. Thomas Kaiser
         LG-Fach 37
         Wilhelmstr. 1b
         79098 Freiburg
         Germany
         Tel: 0761/703940
         Fax: 0761/7039410

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

The Debtor can be reached at:

         Photo Stober GmbH
         Attn: Marianne Moser and Markus Ruths, Managers
         Universitatsstr. 10
         79098 Freiburg
         Germany


PMT POLYMER: Claims Registration Ends May 15
--------------------------------------------
Creditors of PMT Polymer Trading GmbH have until May 15 to
register their claims with court-appointed insolvency manager
Dr. Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Meeting Hall W 1.26
         First 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. Rainer Maus
         Sporergasse 7
         50667 Cologne
         Germany
         Tel: 0221 - 2726120
         Fax: 0221-27261299

The District Court of Bonn opened bankruptcy proceedings against
PMT Polymer Trading GmbH on March 29.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         PMT Polymer Trading GmbH
         Attn: Dieter Zander, Manager
         Sternenstr. 26
         53842 Tro¡sdorf
         Germany


POPPE BAU: Creditors Meeting Slated for May 24
----------------------------------------------
The court-appointed insolvency manager for Poppe Bau GmbH,
Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on May 24.

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 10:00 a.m. on Aug. 30 at the same venue.

Creditors have until July 5 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Poppe Bau GmbH on April 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Poppe Bau GmbH
         Suedstr. 14
         04539 Groitzsch
         Germany


PST GMBH: Creditors Must Register Claims by May 21
--------------------------------------------------
Creditors of PST 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 10:15 a.m. on June 20, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         PST GmbH
         Kapellenweg 6
         81371 Munich
         Germany


ROPLASTO: Besaplast Kunststoffe Buys Firm Out of Administration
---------------------------------------------------------------
Besaplast Kunststoffe GmbH has bought Roplasto Fensterprofile
GmbH out of administration for an undisclosed sum, just days
after the District Court of Cologne opened bankruptcy
proceedings against the company on March 30, Plastics
Information Europe relates.

According to the report, Besaplast has acquired Roplasto's
assets, which include the insolvent company's main plant at
Bergisch-Gladbach; two production sites in Poland and Russia;
and all branches, patents, and licenses.

                About Besaplast Kunststoffe GmbH

Headquartered in Borken, Germany, Besaplast Kunststoffe GmbH --
http://www.besaplast.com/-- manufactures extruded thermoplastic
articles, comprising waterstops and special purpose profiles.

                 About Roplasto Fensterprofile

Headquartered in Gladbach, Germany, Roplasto Fensterprofile GmbH
-- http://www.roplasto.com/en/-- specializes in the extrusion
of PVC window and door systems.

The company filed for the opening of insolvency proceedings on
Jan. 12 in the wake of an imminent collapse in liquidity.  The
District Court of Cologne opened bankruptcy proceedings against
Roplasto Fensterprofile GmbH on March 30.


RUDOLF STELTZER: Creditors Must Register Claims by May 4
--------------------------------------------------------
Creditors of Rudolf Steltzer Briefmarken Auktionshaus GmbH have
until May 4 to register their claims with court-appointed
insolvency manager Frank Schmitt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Frank Schmitt
         Olof-Palme-Strasse 13
         60439 Frankfurt
         Germany
         Tel: 069-509860
         Fax: 069-50986110

The District Court of Bad Homburg v.d.Hoehe opened bankruptcy
proceedings against Rudolf Steltzer Briefmarken Auktionshaus
GmbH on April 4.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Rudolf Steltzer Briefmarken Auktionshaus GmbH
         Adenauerallee 2
         61440 Oberursel/Ts
         Germany


S & G FLEISCH: Creditors Must Register Claims by April 30
---------------------------------------------------------
Creditors of S & G Fleisch GmbH have until April 30 to register
their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on May 22, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         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

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

The Debtor can be reached at:

         S & G Fleisch GmbH
         Schulstrasse 34
         48455 Bad Bentheim
         Germany


SALON FIGARO: Creditors' Meeting Slated for April 25
----------------------------------------------------
The court-appointed insolvency manager for Salon Figaro Taucha
GmbH, Axel Roth, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:00 a.m. on
April 25.

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

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

Creditors have until May 11 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Axel Roth
         Dittrichring 18-20
         04109 Leipzig
         Germany
         Tel: 0341/1493105
         Telefax: 0341/1493111

The District Court of Leipzig opened bankruptcy proceedings
against Salon Figaro Taucha GmbH on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Salon Figaro Taucha GmbH
         Portitzer Strasse 2
         04425 Taucha
         Germany

         Attn: Karin Fregin, Manager
         Geschwister-Scholl-Strasse 19
         04425 Taucha
         Germany


SATORI STOCKTEC: Claims Registration Period Ends May 15
-------------------------------------------------------
Creditors of Satori Stocktec GmbH have until May 15 to register
their claims with court-appointed insolvency manager Jan H.
Wilhelm.

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

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

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

The Debtor can be reached at:

         Satori Stocktec GmbH
         Rendsburger Strasse 93
         24537 Neumuenster
         Germany


SITZCOMFORT GMBH: Claims Registration Period Ends May 2
-------------------------------------------------------
Creditors of Sitzcomfort GmbH have until May 2 to register their
claims with court-appointed insolvency manager Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C315
         Third Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Sitzcomfort GmbH
         Attn: Georg Luschgy, Manager
         Oststrasse 159 - 171
         47057 Duisburg
         Germany


TRANSCOM GMBH: Creditors' Meeting Slated for May 11
---------------------------------------------------
The court-appointed insolvency manager for TransCom GmbH & Co.
KG, Bernhard Dorissen, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:15 a.m. on May 11.

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

         The District Court of Cloppenburg
         Hall 6
         Main Building
         Burgstrasse 9
         49661 Cloppenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on June 1 at the same venue.

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

The insolvency manager can be reached at:

         Bernhard Dorissen
         Osterstr. 22
         49661 Cloppenburg
         Germany
         Tel: 04471/9102-0
         Fax: 04471/9102-22

The District Court of Cloppenburg opened bankruptcy proceedings
against TransCom GmbH & Co. KG on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TransCom GmbH & Co. KG
         Hansestrasse 14
         49685 Emstek-Schneiderkrug
         Germany


TRANSPEXX TRANSPORTE: Claims Registration Period Ends May 4
-----------------------------------------------------------
Creditors of Transpexx Transporte & Kurierdienste GmbH have
until May 4 to register their claims with court-appointed
insolvency manager Dr. Margit Watzinger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on May 24, 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 Rosenheim
         Room 108
         Rosenheim
         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. Margit Watzinger
         Stollstr. 5
         83022 Rosenheim
         Germany
         Tel: 08031/233890
         Fax: 08031/13892

The District Court of Rosenheim opened bankruptcy proceedings
against Transpexx Transporte & Kurierdienste GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Transpexx Transporte & Kurierdienste GmbH
         Graf-Arco-Str. 4
         83104 Tuntenhausen
         Germany


TREOFAN GERMANY: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for
Treofan Germany GmbH & Co. KG.

Moody's also assigned a B3 Probability-of-Default rating to the
company.

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

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   11% Senior Subordinated
   Regular Bond/Debenture
   Due 2013                Caa1     LGD4     65%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Raunheim, Germany, Treofan Group --
http://www.treofan.de/-- develops, manufactures and markets
under the brand name Treofan biaxially oriented polypropylene
film (BOPP) and cast polypropylene film, as well as under the
brand name Biophan sustainable and compostable polylacticacid
film.

With more than 40 years of experience in global markets, Treofan
markets its products in more than 20 countries, manufacturing
some 220,000 tonS of film a year at 7 sites in Europe, North
America and South Africa.  The group reported sales of EUR460
million in 2005.


TSC CONSULTING: Claims Registration Period Ends May 2
-----------------------------------------------------
Creditors of TSC Consulting GmH have until May 2 to register
their claims with court-appointed insolvency manager Thomas
Kind.

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

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         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:

         Thomas Kind
         Eisenbahnstr. 19-23
         77855 Achern
         Germany
         Tel: (07 8 41) 70 80

The District Court of Karlsruhe opened bankruptcy proceedings
against TSC Consulting GmH on Aplril 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TSC Consulting GmH
         Attn: Karlheinz Thierbach, Manager
         Wachhausstr. 5B
         76227 Karlsruhe
         Germany


VOLUMAX SYSTEMLOGISTIK: Claims Registration Period Ends May 8
-------------------------------------------------------------
Creditors of Volumax Systemlogistik GmbH have until May 8 to
register their claims with court-appointed insolvency manager
Tobias Hoefer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mannheim
         Area 232
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Tobias Hoefer
         Soldnerstr. 2
         68219 Mannheim
         Germany
         Tel: 0621/877080

The District Court of Mannheim opened bankruptcy proceedings
against Volumax Systemlogistik GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Volumax Systemlogistik GmbH
         Attn: Joachim Reichert, Manager
         Reichenbachstr. 1 - 3
         69309 Mannheim
         Germany


VORRICHTUNGSBAU HOETENSLEBEN: Claims Registration Ends April 30
---------------------------------------------------------------
Creditors of Metall- und Vorrichtungsbau Hoetensleben MbH have
until April 30 to register their claims with court-appointed
insolvency manager Ruediger Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on May 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall E
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Ruediger Bauch
         Schleinufer 11
         39104 Magdeburg
         Germany
         Tel: 0391/5354-0
         Fax: 0391/5354-100
         E-mail: RBauch@schubra.de

The District Court of Magdeburg opened bankruptcy proceedings
against Metall- und Vorrichtungsbau Hoetensleben, Gesellschaft
fr Metall- und Vorrichtungsbau mbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Metall- und Vorrichtungsbau Hoetensleben MbH
         Auf dem Rathwege 3
         39393 Hoetensleben
         Germany

         Attn: Hans-Willi Dather, Manager
         Steinweg 22 A
         39393 Hoetensleben
         Germany


=============
H U N G A R Y
=============


INVITEL HOLDINGS: HTCC Unit Offers EUR200-Million Senior Notes
--------------------------------------------------------------
Hungarian Telephone and Cable Corp. disclosed an offering
through its wholly owned subsidiary, HTCC Holdco II B.V., of
Floating Rate Senior Notes for approximately EUR200 million.

Upon consummation of the acquisition of Invitel ZRt. by
Hungarian Telephone and Cable Corp., Magyar Telecom B.V., the
current parent company of Invitel ZRt., will assume the
obligations under the Notes, and also become the parent company
of Hungarotel ZRt., PanTel Kft. and PanTel Technocom Kft.  The
proceeds from the Offering will be used partly to finance the
acquisition of Invitel by Hungarian Telephone and Cable Corp.
and refinance the indebtedness of Hungarotel and PanTel.

             About Hungarian Telephone and Cable

Headquartered in Seattle, Washington, -- Hungarian Telephone and
Cable Corp. (AMEX:HTC) -- http://www.htcc.hu/-- is a holding
company, which owns and operates local wire line telephone
networks in Hungary.  It provides basic local wire line
telephone services within three defined regions of Hungary. HTCC
also provides long-distance services.  The company operates
through its subsidiary, Hungarotel Tavkozlesi Zrt.

                         About Invitel

Headquartered in Budaors, Hungary, Invitel (fka Vivendi Telecom
Hungary) -- http://www.invitel.hu/-- is the second largest
fixed-line telecommunications provider in Hungary.  For the six
months ending June 30, 2006, the company reported revenues and
EBITDA of approximately EUR87.7 million and EUR35.9 million,
respectively.

                          *     *     *

As reported in the TCR-Europe on Oct. 18, 2006, Moody's
Investors Service assigned a B1 corporate family rating to
Invitel Holdings N.V., an indirect holding company of Magyar
Telecom B.V. and Invitel Tavkozlesi Szolgaltato Rt.
Concurrently, Moody's has put the B1 rating on review for
possible downgrade following the company's announcement to issue
EUR125 million Floating Rate Senior PIK Notes due 2013.

Moody's is also reviewing the following ratings:

   -- EUR127.9 million senior secured facility at Ba3
   -- EUR142.0 million senior notes at B3

Moody's has also withdrawn a B1 corporate family rating
previously assigned at the level of Magyar Telecom B.V.

Standard & Poor's Ratings Services revised its outlook on
Hungarian fixed-line telecommunications operator Magyar Telecom
B.V. (Invitel Zrt.) to negative from stable, owing to its plans
to issue debt to pay further dividends.  At the same time, the
'B+' long-term corporate credit rating on the company was
affirmed.


INVITEL HOLDINGS: Moody's Withdraws B1 Rating After PIK Issuance
----------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Magyar Telecom B.V.  Concurrently, the rating agency withdrew
the B1 corporate family rating at Invitel Holdings N.V. assigned
following the company's issuance of EUR125-million Paid-In-Kind
notes in 2006.

The rating was put on review for downgrade in conjunction with
the PIK note issuance and prior to the announcement of its
acquisition by Hungarian Telephone and Cable Corp.

Following the completion of the acquisition by HTCC and
finalization of the review, Moody's has also applied its Loss
Given Default methodology to the instrument ratings.  As a
result, Moody's upgraded:

   (i) the rating on the Invitel Tavkozlesi Szolgaltato senior
       secured facility to Ba1 from Ba3; and

  (ii) the rating on the existing Magyar Telecom B.V. EUR142-
       million senior notes to B2 from B3.

The rating agency has furthermore assigned a (P)B2 rating to the
proposed issuance by Magyar Telecom B.V. of EUR200-million
floating rate notes.  The outlook on the ratings is positive.

The B1 corporate family rating reflects the increased scale and
potential operating efficiencies of the combined entity.
Moody's believes that integration risk associated with this
transaction is reasonably low and potential operating synergies
are easily identifiable as the two companies operate similar
businesses in adjacent geographical areas.  Furthermore, Moody's
takes into account Invitel's management team's proven track
record to improve operational efficiency of the combined group
and to realize any potential synergies.

The B1 rating is further supported by a relatively moderate
leverage of 3.7x total cash pay debt to reported EBITDA on a
pro-forma 2006 basis (excluding synergies).  The corporate
family rating credit metrics do not currently incorporate the
EUR125-million PIK note as it is issued outside the restricted
group, albeit the terms and conditions of the new notes allow
its potential refinancing within the restricted group.

At the same time, the corporate family rating reflects:

   (i) declining revenues from the fixed line business endemic
       to fixed line operators;

  (ii) competition with the incumbent Magyar Telekom plc (rated
       Baa1) for the provision of telecommunications services,
       particularly broadband in "out of the company's
       concession areas";

(iii) a possible entry into provision of mobile services if
       such were to occur; and

  (iv) uncertainty over the company's shareholding structure
       over the medium to long term.

The Ba1 rating (LGD-2, 12%) on the senior secured facility
reflects its most senior position in the capital structure and
its strong security and collateral position.  The B2 rating on
the existing notes and (P)B2 rating (LGD-4, 68%) on the proposed
notes reflect their structural and contractual subordination to
the senior secured facilities.

The company is strongly positioned in its rating category.  The
positive outlook on the ratings reflects Moody's expectations
that the company will be able to offset declining revenue and
EBITDA from traditional voice services with growth in broadband
Internet services and will achieve its operating synergies.

What Could Change the Rating -- UP

Further positive pressure on the rating could develop should the
company successfully grow its revenue and EBITDA despite a
decline in traditional voice services; realize its operating
synergies with HTCC and de-leverage on an organic basis below
4.0x debt to EBITDA after assuming the potential refinancing of
the PIK notes within the restricted group.  Moody's will also
seek greater visibility on the impact, if any, of possible
future changes in the company's shareholding structure.

What Could Change the Rating -- Down

An increase in leverage towards 5.0x debt to EBITDA including
the potential refinancing of the PIK notes within the restricted
group due either to a change in its debt capital structure or
weaker operating performance

Headquartered in Budaors, Hungary, Invitel is the second largest
fixed-line telecommunications provider in Hungary.  In 2006, the
company reported revenues and EBITDA of approximately US$425.7
million and US$162 million respectively on a pro-forma basis.


INVITEL HOLDINGS: S&P Lifts EUR142-Million Bond Rating to B
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Hungarian fixed-line telecommunications operator Magyar Telecom
B.V. to positive from developing, reflecting the implementation
of a new capital structure and the credit-enhancing features of
the proposed acquisition of its ultimate parent company, Invitel
Holdings N.V., by Hungarian Telephone and Cable Corp.

In addition, the 'B+' long-term corporate credit and senior
secured bank loan ratings on Invitel were affirmed.

At the same time, Standard & Poor's assigned a 'B' debt rating
to the newly offered EUR200 million floating rate senior
unsecured notes, which will be used to finance the transaction.
The subordinated debt rating on Invitel's existing EUR142
million bonds was raised to 'B' from 'B-'.

A 'B+' long-term corporate credit rating was assigned to the
newly created parent company Holdco I B.V., which will assume
the obligations of the existing payment-in-kind notes.  The
outlook on the parent is also positive.  The 'B-' rating on the
PIK notes has been affirmed.  The corporate credit rating on
Invitel Holdings has been withdrawn.

"The transaction combines the two leading alternative telecoms
providers in Hungary, with leading positions in 14 out of 54
Hungarian historical concession areas," said Standard & Poor's
credit analyst Matthias Raab.  "The combined entity's revenues
are more diversified and, together, both companies should be in
a better position to compete with the market leader, Magyar
Telekom, and cope with continuing regulatory and competitive
pressures."

In addition, pro forma leverage ratios will be less aggressive
after the transaction thanks to a less-leveraged capital
structure at HTCC.  The new capital structure also offers fully
hedged interest-rate and foreign-exchange risks for the cash-
paying debt facilities.  Furthermore, the combined entity should
be able to improve its operating efficiency by optimizing
network operations and joining support functions or marketing
activities, and therefore generate solid free cash flows to
service its high indebtedness.

On the other hand, meaningful risks remain for the combined
entity, such as integration and growth execution risks;
continuing pressure from regulation and competition, especially
on fixed-line voice and broadband revenues; and a still highly
leveraged capital structure.  Importantly, there is a
substantial risk that HTCC's parent company, TDC A/S, will seek
to dispose of the combined entity once the merger is executed.
This implies substantial uncertainties about the capital
structure and the financial policy in the medium term.

An upgrade is possible over the medium term if the company
succeeds in extracting the benefits of the combination and
gradually moderates its still aggressive leverage.
Specifically, S&P expects the group to successfully offset
declining fixed-line voice revenues through growing business,
wholesale, and broadband-internet revenues.

A higher rating would require the maintenance of a Standard &
Poor's lease-adjusted total-debt-to-EBITDA ratio that does not
materially exceed 4x, as well as continuing strong free cash
flow generation.  S&P would also seek to anticipate the group's
evolution of ownership and capital structure, including
discussion with HTCC's owner, TDC.

Conversely, although less likely in S&P's view, an unexpected
material deterioration in the company's EBITDA or cash flow base
and market position, any weakening of liquidity, or a negative
change in the capital structure could result in a downgrade or a
revision of the outlook back to stable.


MAGYAR TELECOM: Moody's Puts B1 Rating After PIK Notes Issuance
---------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Magyar Telecom B.V.  Concurrently, the rating agency withdrew
the B1 corporate family rating at Invitel Holdings N.V. assigned
following the company's issuance of EUR125-million Paid-In-Kind
notes in 2006.

The rating was put on review for downgrade in conjunction with
the PIK note issuance and prior to the announcement of its
acquisition by Hungarian Telephone and Cable Corp.

Following the completion of the acquisition by HTCC and
finalization of the review, Moody's has also applied its Loss
Given Default methodology to the instrument ratings.  As a
result, Moody's upgraded:

   (i) the rating on the Invitel Tavkozlesi Szolgaltato senior
       secured facility to Ba1 from Ba3; and

  (ii) the rating on the existing Magyar Telecom B.V. EUR142-
       million senior notes to B2 from B3.

The rating agency has furthermore assigned a (P)B2 rating to the
proposed issuance by Magyar Telecom B.V. of EUR200-million
floating rate notes.  The outlook on the ratings is positive.

The B1 corporate family rating reflects the increased scale and
potential operating efficiencies of the combined entity.
Moody's believes that integration risk associated with this
transaction is reasonably low and potential operating synergies
are easily identifiable as the two companies operate similar
businesses in adjacent geographical areas.  Furthermore, Moody's
takes into account Invitel's management team's proven track
record to improve operational efficiency of the combined group
and to realize any potential synergies.

The B1 rating is further supported by a relatively moderate
leverage of 3.7x total cash pay debt to reported EBITDA on a
pro-forma 2006 basis (excluding synergies).  The corporate
family rating credit metrics do not currently incorporate the
EUR125-million PIK note as it is issued outside the restricted
group, albeit the terms and conditions of the new notes allow
its potential refinancing within the restricted group.

At the same time, the corporate family rating reflects:

   (i) declining revenues from the fixed line business endemic
       to fixed line operators;

  (ii) competition with the incumbent Magyar Telekom plc (rated
       Baa1) for the provision of telecommunications services,
       particularly broadband in "out of the company's
       concession areas";

(iii) a possible entry into provision of mobile services if
       such were to occur; and

  (iv) uncertainty over the company's shareholding structure
       over the medium to long term.

The Ba1 rating (LGD-2, 12%) on the senior secured facility
reflects its most senior position in the capital structure and
its strong security and collateral position.  The B2 rating on
the existing notes and (P)B2 rating (LGD-4, 68%) on the proposed
notes reflect their structural and contractual subordination to
the senior secured facilities.

The company is strongly positioned in its rating category.  The
positive outlook on the ratings reflects Moody's expectations
that the company will be able to offset declining revenue and
EBITDA from traditional voice services with growth in broadband
Internet services and will achieve its operating synergies.

What Could Change the Rating -- UP

Further positive pressure on the rating could develop should the
company successfully grow its revenue and EBITDA despite a
decline in traditional voice services; realize its operating
synergies with HTCC and de-leverage on an organic basis below
4.0x debt to EBITDA after assuming the potential refinancing of
the PIK notes within the restricted group.  Moody's will also
seek greater visibility on the impact, if any, of possible
future changes in the company's shareholding structure.

What Could Change the Rating -- Down

An increase in leverage towards 5.0x debt to EBITDA including
the potential refinancing of the PIK notes within the restricted
group due either to a change in its debt capital structure or
weaker operating performance

Headquartered in Budaors, Hungary, Invitel is the second largest
fixed-line telecommunications provider in Hungary.  In 2006, the
company reported revenues and EBITDA of approximately US$425.7
million and US$162 million respectively on a pro-forma basis.


MAGYAR TELECOM: S&P Rates EUR200-Million Notes at B
---------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Hungarian fixed-line telecommunications operator Magyar Telecom
B.V. to positive from developing, reflecting the implementation
of a new capital structure and the credit-enhancing features of
the proposed acquisition of its ultimate parent company, Invitel
Holdings N.V., by Hungarian Telephone and Cable Corp.

In addition, the 'B+' long-term corporate credit and senior
secured bank loan ratings on Invitel were affirmed.

At the same time, Standard & Poor's assigned a 'B' debt rating
to the newly offered EUR200 million floating rate senior
unsecured notes, which will be used to finance the transaction.
The subordinated debt rating on Invitel's existing EUR142
million bonds was raised to 'B' from 'B-'.

A 'B+' long-term corporate credit rating was assigned to the
newly created parent company Holdco I B.V., which will assume
the obligations of the existing payment-in-kind notes.  The
outlook on the parent is also positive.  The 'B-' rating on the
PIK notes has been affirmed.  The corporate credit rating on
Invitel Holdings has been withdrawn.

"The transaction combines the two leading alternative telecoms
providers in Hungary, with leading positions in 14 out of 54
Hungarian historical concession areas," said Standard & Poor's
credit analyst Matthias Raab.  "The combined entity's revenues
are more diversified and, together, both companies should be in
a better position to compete with the market leader, Magyar
Telekom, and cope with continuing regulatory and competitive
pressures."

In addition, pro forma leverage ratios will be less aggressive
after the transaction thanks to a less-leveraged capital
structure at HTCC.  The new capital structure also offers fully
hedged interest-rate and foreign-exchange risks for the cash-
paying debt facilities.  Furthermore, the combined entity should
be able to improve its operating efficiency by optimizing
network operations and joining support functions or marketing
activities, and therefore generate solid free cash flows to
service its high indebtedness.

On the other hand, meaningful risks remain for the combined
entity, such as integration and growth execution risks;
continuing pressure from regulation and competition, especially
on fixed-line voice and broadband revenues; and a still highly
leveraged capital structure.  Importantly, there is a
substantial risk that HTCC's parent company, TDC A/S, will seek
to dispose of the combined entity once the merger is executed.
This implies substantial uncertainties about the capital
structure and the financial policy in the medium term.

An upgrade is possible over the medium term if the company
succeeds in extracting the benefits of the combination and
gradually moderates its still aggressive leverage.
Specifically, S&P expects the group to successfully offset
declining fixed-line voice revenues through growing business,
wholesale, and broadband-internet revenues.

A higher rating would require the maintenance of a Standard &
Poor's lease-adjusted total-debt-to-EBITDA ratio that does not
materially exceed 4x, as well as continuing strong free cash
flow generation.  S&P would also seek to anticipate the group's
evolution of ownership and capital structure, including
discussion with HTCC's owner, TDC.

Conversely, although less likely in S&P's view, an unexpected
material deterioration in the company's EBITDA or cash flow base
and market position, any weakening of liquidity, or a negative
change in the capital structure could result in a downgrade or a
revision of the outlook back to stable.


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


DRESSER INC: S&P Junks Proposed US$750-Million Facilities
---------------------------------------------------------
Standard and Poor's Ratings Services affirmed its 'B' corporate
credit rating on oilfield products manufacturer Dresser Inc.,
based on the expectation that the company's debt leverage will
improve, following its acquisition, to levels consistent with
the ratings over the medium term.  The outlook is negative.

At the same time, the ratings on Dresser were removed from
CreditWatch with developing implications, where they were placed
on March 12.

Standard & Poor's also assigned:

   -- its 'B' rating and '2' recovery rating (indicating the
      expectation of substantial (80%-100%) recovery of
      principal in the event of a payment default) to Dresser's
      proposed US$1.3 billion first-lien bank facilities; and

   -- its 'CCC+' rating and '5' recovery rating (indicating the
      expectation of negligible (0%-25%) recovery of principal
      in the event of a payment default) to Dresser's proposed
      US$750 million second-lien bank facilities.

On March 12, private equity firms Riverstone Holdings LLC, First
Reserve Corp., and Lehman Brothers Co-Investment Partners
announced that they had signed an agreement to purchase Dresser.
The purchase is being financed with US$1.15 billion of first-
lien debt, US$750 million of second-lien debt, and US$500
million in equity from the financial sponsors.  The US$150
million revolver will remain undrawn as of closing, although it
will be used to support approximately US$56 million of
outstanding LOCs.  At the close of the transaction, debt to 2006
EBITDA is expected to be in excess of 7.5x, which is weak for
the rating.

Pro forma for the transaction, Dresser will have US$2.13 billion
in debt, adjusted for operating leases and postretirement
benefit obligations.

"The ratings on Dresser reflect concerns associated with its
highly leveraged financial profile, marginal fixed-charge
coverage, and ongoing accounting issues," said Standard & Poor's
credit analyst Aniki Saha-Yannopoulos.  "These weaknesses are
only partially offset by its well-established and diverse
product offerings and by the large aftermarket services
component of its revenues," Ms. Saha-Yannopoulos continued.

The outlook is negative.  The marginal credit measures make
Dresser susceptible to a downgrade in case of any operational
setbacks or if financial performance deteriorates.  In addition,
Standard & Poor's has lingering concerns about unresolved
financial controls and reporting issues that weigh on the
ratings.  An outlook revision to stable is contingent on
improved credit measures, decreased leverage, and audited
financial statements.


FIAT SPA: Calls for Special Stockholders' Meetings on May 7
-----------------------------------------------------------
Holders of Fiat S.p.A.'s savings shares will hold a special
stockholders' meeting on May 7, on the first call and, if
necessary, for May 8 and 9 on the second and third call,
respectively.

The meeting aims to discuss the advisability of carrying out a
mandatory conversion at par of non-convertible savings shares
into ordinary shares of the company.

Stockholders will also discuss the conversion of the outstanding
non-convertible savings shares of Fiat S.p.A. into the same
number of ordinary shares having the same characteristics as the
currently outstanding ordinary stock.

                        About Fiat S.p.A.

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

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

                        *     *     *

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

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

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


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


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


ANTRASID LLP: Creditors' Claims Due May 18
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Antrasid insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 705 203 30-32


MTD TURAN: Proof of Claim Deadline Slated for May 16
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has
declared LLP Mtd Turan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Aiteke bi Str. 29
         Kyzylorda
         Kazakshtan


RAUAN LTD: Claims Registration Ends May 18
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Rauan Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr 050052
         Almaty
         Kazkshtan
         Tel: 8 (3272) 93-19-22
              8 333 559 68-31
              8 333 258 50-41


SHANO LLP: Claims Filing Period Ends May 18
-------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Shano insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Beloye
         Mamlutsky District
         North Region
         Kazakhstan


SPATAI LLP: Creditors Must File Claims by May 16
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan has declared LLP Spatai 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
         Kazakhstan
         Tel: 8 (3252) 54-53-29


STROYREMSERVICE-AINA LLP: Creditors' Claims Due May 18
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Stroyremservice-Aina insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 705 203 30-32


TRIADY LLP: Proof of Claim Deadline Slated for May 16
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Triady insolvent on Feb. 22.

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


TROL LLP: Claims Registration Ends May 16
-----------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Trol 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


VERONIKA &K: Claims Filing Period Ends May 18
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Veronika &K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr 050052
         Almaty
         Kazkshtan
         Tel: 8 (3272) 93-19-22
              8 333 559 68-31
              8 333 258 50-41


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


RIVERA LLC: Creditors' Meeting Slated for April 25
--------------------------------------------------
Creditors of LLC Rivera will convene at 2:00 p.m. on April 25
at:

         Rest Home Utes
         Branch of LLC Rivera
         Kadgy-Sai
         Tonsky District
         Issyk-Kul
         Kyrgyzstan

The Bankruptcy Department under the State Property Committee of
the Kyrgyz Republic dismissed Mr. Kubatbek Samaibekov as
temporary insolvency manager of LLC Rivera on March 22.

Subsequently, Mr. Bilim Rayimkulov was appointed temporary
insolvency manager of the company on March 23.

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

The representatives of the creditors must have authorization to
vote.

The temporary insolvency manager can be reached at:

         Mr. Bilim Rayimkulov
    Tel: (0-555) 92-88-40


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


ZLOMREX SA: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its B2 Corporate Family Rating for Zlomrex S.A.

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

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

* Issuer: Zlomrex International Finance S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   8.5% Sr. Sec. Regular
   Bond/Debenture
   Due 2014                Caa1     Caa1     LGD5     79%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Poraj, Poland, Zlomrex S.A. is the largest
trader of steel scrap and one of the leading producers and
distributors of high-grade long steel products in its domestic
market.  Founded in 1990 as a pure scrap trader, the company has
transformed itself into a fully integrated producer of steel
products through a range of acquisitions in the long steel
production and distribution business.


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


COMMERCIAL CENTRE: Bankruptcy Hearing Slated for April 26
---------------------------------------------------------
The Arbitration Court of Saratov will convene at 10:10 a.m. on
April 26 to hear the bankruptcy supervision procedure on OJSC
Company Commercial Centre.  The case is docketed under Case No.
A-57-168B/06-32.

The Temporary Insolvency Manager is:

         L. Nikonov
         Barnaulskaya Str. 34
         410049 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         L. Nikonov
         Barnaulskaya Str. 34
         410049 Saratov
         Russia


I. I. YUSHKINA: Creditors Must File Claims by April 24
------------------------------------------------------
Creditors of CJSC Combine Of Man-Made Fiber I.I.Yushkina have
until April 24 to submit proofs of claim to:

         A. Pupkov
         Temporary Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A03-15019/06-B.

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay
         Russia

The Debtor can be reached at:

         CJSC Combine of Man-Made Fiber I.I.Yushkina
         Kalinina Pr. 116
         Barnaul
         Altay
         Russia


KANDELLA-SERVICE CJSC: Creditors Must File Claims by April 24
-------------------------------------------------------------
Creditors of CJSC Kandella-Service have until April 24 to submit
proofs of claim to:

         Y. Nasunov
         Insolvency Manager
         Dorozhnaya Str. 37
         Yashkul
         Yashkulskiy
         359150 Kalmykiya
         Russia
         Tel: 9-17-24

The Arbitration Court of Kalmykiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A22-557/06/15-76.

The Debtor can be reached at:

         Y. Nasunov
         Insolvency Manager
         Dorozhnaya Str. 37
         Yashkul
         Yashkulskiy
         359150 Kalmykiya
         Russia
         Tel: 9-17-24


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

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-26711/2006.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Karabella
         Bolsheokhtinskiy Pr. 21
         St. Petersburg
         Russia


LEADER LLC: Creditors Must File Claims by April 24
--------------------------------------------------
Creditors of LLC Transport Company Leader have until April 24 to
submit proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-26707/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Transport Company Leader
         Letter B
         Magnitogorskaya Str. 11
         St. Petersburg
         Russia


LUKOYANOVSKIY MEAT: Creditors Must File Claims by May 24
--------------------------------------------------------
Creditors of LLC Lukoyanovskiy Meat Factory (TIN 5221003859)
have until May 24 to submit proofs of claim to:

         N. Vasilenko
         Insolvency Manager
         Karla Marksa Str. 8/32
         603159 Nizhniy Novgorod
         Russia
         Tel: (8312) 478-579

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-30704/2006 33-322.

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod
         Russia

The Debtor can be reached at:

         LLC Lukoyanovskiy Meat Factory
         Pushkina Str. 17a
         Lukoyanov
         Nizhniy Novgorod
         Russia


MAMADYSH-AGRO-KHIM-SERVICE: Court Hearing Slated for Aug. 23
------------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 1:20 p.m. on
Aug. 23 to hear the bankruptcy supervision procedure on OJSC
Mamadysh-Agro-Khim-Service.  The case is docketed under Case No.
A65-1696/2007-SG4-40.

The Temporary Insolvency Manager is:

         I. Gilyazov
         Post User Box 5
         GOS-3
         Chistopol
         422983 Tatarstan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Mamadysh-Agro-Khim-Service
         Dorozhnikov
         Mamadyshskiy
         422192 Tatarstan
         Russia


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

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: MegaFon S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba3      Ba3      LGD4     50%

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

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

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

Headquartered in Moscow, OJSC MegaFon is the third nationwide
GSM operator in Russia.  For the nine months ending Sept. 30,
2006, MegaFon generated revenues of US$2.6 billion and a
reported EBITDA of US$1.3 billion.


NORTH-WEST FISHING: Court Names V. Khodonovich to Manage Assets
---------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad appointed
Mr. V. Khodonovich as Insolvency Manager for LLC North-West
Fishing Company (TIN 4718009198).  He can be reached at:

         V. Khodonovich
         Post User Box 211
         196084 St. Petersburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A56-19196/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC North-West Fishing Company
         Selivanovo 9
         Volkhovskiy
         187423 Leningrad
         Russia


NIZHEGORODSKIY FLOUR MILL: Asset Sale Slated for April 24
---------------------------------------------------------
The insolvency manager for OJSC Nizhegorodskiy Flour Mill will
open a public auction for the company's properties at 11:00 a.m.
on April 24 at:

         OJSC Nizhegorodskiy Flour Mill
         Internatsionalnaya Str. 96
         Nizhniy Novgorod
         Russia

Bidding documents must be submitted to:

         OJSC Nizhegorodskiy Flour Mill
         Internatsionalnaya Str. 96
         Nizhniy Novgorod
         Russia
         Tel: (8312) 775-773


NOVOLIPETSK STEEL: Shareholders' Meeting Slated for June 5
----------------------------------------------------------
OJSC Novolipetsk Steel will hold its Annual General
Shareholders' Meeting on June 5.

The annual general meeting of the company's shareholders will
discuss:

   1. approval of the company's 2006 annual report; annual
      financial statements, including statement of income;
      allocation of profit (including dividend payment) and
      losses for the financial year 2006;

   2. election of members to the company's Board of Directors;

   3. election of company president (Chairman of the
      Management Board);

   4. election of members to the company's Internal Audit
      Commission;

   5. approval of company auditor;

   6. approval of revised corporate documents:

         6.1. company charter
         6.2. regulations of the Board of Directors
         6.3. NLMK dividend policy

   7. approval of related party transaction; and

   8. payment of remuneration to the members of the Board of
      Directors.

The company's Board of Directors has recommended that the
general shareholders' meeting approve a decision to declare cash
dividends for 2006 on ordinary issued shares in the amount of
RUR3 per ordinary share.  Taking into account previous interim
dividend payments for the first half of 2006 of RUR1.5 per
ordinary share, the Board of Directors recommends paying an
additional RUR1.5 per ordinary share.

The list of persons entitled to participate in the annual
general meeting of the company's shareholders will be prepared
on the basis of the NLMK Shareholders' Register as of 12:00 a.m.
on April 17.

                        About Novolipetsk

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

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

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its Ba1 Corporate Family Rating for Novolipetsk Steel
OJSC.

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

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

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


PETRAKOVSKOYE CJSC: Creditors Must File Claims by May 24
--------------------------------------------------------
Creditors of CJSC Petrakovskoye have until May 24 to submit
proofs of claim to:

         Ya. Gomerov
         Insolvency Manager
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia
         Tel: 348-60-77

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-17412/06-48/335.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Petrakovskoye
         Petraki
         Zdvinskiy
         Novosibirsk
         Russia


RED & BLACK: Moody's Rates US$18.6-Mln Class C Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the Notes issued by Red & Black Prime Russia MBS
No. 1 Ltd.:

   -- US$173.2-million Class A Senior Mortgage Backed Floating
      Rate Notes due 2035: A2;

   -- US$14.5-million Class B Mezzanine Mortgage Backed Floating
      Rate Notes due 2035: Baa2; and

   -- US$18.6-million Class C Junior Mortgage Backed Floating
      Rate Notes due 2035: Ba2.

Moody's previously assigned provisional ratings to these notes
on March 16.

This transaction is the fifth public RMBS transaction in Russia.
Red & Black Prime Russia MBS No. 1 Ltd., a special purpose
vehicle incorporated under the laws of Ireland, has issued three
classes of U.S. dollar-denominated notes to fund the purchase of
receivables arising from Russian mortgage loans originated by
DeltaCredit Bank and some of its Partner Banks.  The transfer of
the receivables and the related collateral is governed by
Russian law, while the remaining transaction documents are
governed by English law.

The ratings of the notes are inter alia based on:

   (i) favorable pool characteristics (as of Feb. 3, 2007) such
       as the moderate weighted average LTV of 65.0%, average
       seasoning of 10 months and moderate average loan size of
       US$67,856;

  (ii) the sound legal structure including the notification to
       borrowers within eight weeks after closing;

(iii) the high credit quality of the transaction parties, in
       particular DeltaCredit Bank (global long-term local
       currency deposit rating A2) and its parent company
       Societe Generale (Aa2/Prime-1) which also acts as Swap
       Counterparty and Liquidity Facility Provider and

  (iv) the credit enhancement provided by Excess Spread, Reserve
       Fund and Notes subordination.

The pool consists mainly of fixed rate loans 96.4%, denominated
in U.S. dollars and secured by mortgages on properties in the
Moscow and the St. Petersburg areas.  DeltaCredit Bank will do
the servicing, while Bank Societe Generale Vostok is the
designated stand-by servicer at closing for the transaction.
The SPV will enter into two interest rate swaps agreement with
Societe Generale in order to hedge its exposure due to the
mismatch of the fixed and floating rate interest received under
the mortgage pool and the floating rate interest payments due
under the Notes.

Besides a Reserve Fund of 2.7% of the initial note balance at
closing (building up to 4.2%), the notes are supported by an
amortising Liquidity Facility of initially 6% of the initial
note balance, provided by Societe Generale.  Unlike previous
Russian RMBS transactions, this transaction features a Principal
Deficiency Ledger mechanism which is debited once the loans are
in arrears for more than 180 days, which allows for stronger and
earlier excess spread trapping mechanism than once it is debited
on the occurrence of losses.

The Notes will start to amortize sequentially and might switch
to pro-rata amortization if certain criteria are met.

The definitive ratings address the expected loss posed to
investors by the legal final maturity of the Notes.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal at par on or before the final
legal maturity date.


RED & BLACK: Fitch Puts BB+ Rating to Class C Notes
---------------------------------------------------
Fitch Ratings assigned Red & Black Prime Russia MBS No.1 Ltd.'s
Class A, Class B, Class C notes final ratings of 'A', 'BBB+' and
'BB+' respectively.

The transaction is a securitization of mortgage loans originated
by DeltaCredit Bank, or purchased from partner banks of DCB.
The latter is a financial institution specialized in residential
mortgage lending that is wholly owned by Societe Generale.  DCB
is the third-largest mortgage loan originator in the Russian
Federation.

The issuance totals US$206.3 million and represents the debut
RMBS transaction for DCB.  The final ratings address the timely
payment of interest and ultimate payment of principal in
accordance with the terms of the notes.  They are based on the
quality of the collateral, available credit enhancement, the
underwriting and servicing capabilities of the originator and
the legal structure of the transaction.  Credit enhancement of
18.7% for the Class A note is provided by subordination of the
Class B note, and the Class C note.  A reserve fund of 2.7% at
closing is in place to cover defaults, building up to 4.2% of
the original principal balance of the loans.  In addition, a
separate offshore liquidity facility equivalent to 6% of
issuance volume is available to cover temporary liquidity
shortfalls as well as up to six months of Class A interest and
senior costs.

The mortgage loans are denominated in U.S. dollars, so the
transaction does not benefit from an exchange rate swap.
Furthermore, the majority of obligor income is either indexed or
denominated in U.S. dollars, which offers a natural hedge
against currency risks.  Nonetheless, a portion of borrower
income is denominated in Russian rubles, so the rating analysis
takes into account the effect of currency devaluation on loan
performance.  The Class A notes achieve a rating above the 'A-'
Country Ceiling for the Russian Federation as a result of an
offshore liquidity facility covering the relevant transfer and
convertibility risks.

The transaction may also be vulnerable to event risks such as
government intervention, including the expropriation of property
and a possible re-denomination of the currency in which the
assets are denominated.  These factors become more risky when
rating above the Sovereign and Country Ceiling, as the
government concerned is deemed to be in a very difficult
situation at such a time.  However, in Fitch's view, these risks
are not associated with the final rating of the Class A notes in
this transaction.  Nonetheless, modest credit linkage exists
between the transaction's final rating and the rating of the
Russian sovereign.


RUSSIA CJSC: Creditors Must File Claims by May 24
-------------------------------------------------
Creditors of CJSC Russia have until May 24 to submit proofs of
claim to:

         I. Rak
         Insolvency Manager
         Apartment 62
         15th Block 20
         Kuybyshev
         632382 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-8564/06-48/93.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Russia
         Ostyatsk
         Severnyj
         632080 Novosibirsk
         Russia


SKB-BANK: Moody's Assigns B2/NP/E+ Global Scale Ratings
-------------------------------------------------------
Moody's Investors Service assigned these global scale ratings
with a stable outlook to SKB-Bank:

   -- B2 long-term and Not-Prime short-term foreign
      currency deposit ratings; and

   -- E+ financial strength rating.

At the same time, Moody's Interfax Rating Agency has assigned a
Baa1.ru long-term national scale credit rating to the bank.
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B2/NP/E+ global
scale ratings reflect global default and loss expectation, while
the Baa1.ru NSR reflects the standing of the bank's credit
quality relative to its domestic peers.

SKB-Bank was ranked 79th in terms of total assets in Russia at
the end of third quarter 2006 and is the third-largest bank in
Russia's industrially developed Sverdlovsk region, which has
enjoyed strong economic growth in recent years and has attracted
many nationwide banks and branches of subsidiaries of foreign
banks.  The bank combines its focus on individuals, companies
and organisations in the Urals region with the aspiration to
expand its geographical presence in line with the business
interests of its clients and partners.

The bank is 96% owned by Dmitry Pumpyansky, who also owns Tube
Metallurgic Company (TMK; B1 corporate family rating with a
positive outlook), Russia's largest and one of the world's
leading manufacturers of value-added steel pipe products for the
oil & gas industry, and is also a controlling party in the
Sinara group of companies, which are active in machine building,
metallurgy, financial services, real estate development and
agribusiness, primarily in the Urals region.

According to Moody's, the ratings assigned to SKB reflect its
rapidly growing retail and SME franchise based on its well-
established territorial coverage in the highly competitive Urals
region of the Russian Federation, as well as its established
niche in providing mortgage loans under the Federal Program for
Mortgage Lending.  SKB's ratings are also supported by the
pending entry of the European Bank for Reconstruction and
Development as a strategic shareholder with a minority stake due
to be acquired via the new share issue scheduled for 2007, which
in Moody's opinion will support the bank's capital resources and
funding during the current period of rapid growth.

At the same time, SKB's ratings are constrained by a number of
risks associated with the bank's rapid growth in business areas
where it is a relative newcomer.  Also constraining SKB's
ratings is:

   (i) the insufficient provisioning coverage of the loan book
       as at year-end 2005 that may prove inadequate going
       forward given the rising risk profile of the lending
       operations and unseasoned and untested nature of the
       bank's retail and SME loan portfolios (however, Moody's
       has been informed by the bank that provisioning coverage
       was significantly increased as at year-end 2006);

  (ii) weak economic capitalization, with a significant part of
       SKB's capital being tied up in hefty investments in fixed
       assets;

(iii) the relatively large single-name concentrations in the
       loan portfolio; and

  (iv) a tight liquidity position.

SKB's B2/Not-Prime long- and short-term foreign currency deposit
ratings are commensurate with the bank's intrinsic financial
strength and factor in only a limited degree of support from the
96% stakeholder.  It is Moody's view that although such support
cannot be completely ruled out, its scope and timeliness is not
easy to predict.

Moody's also notes that in spite of SKB's historically close
relationships with the local administration, it may count on
only a limited degree of support from the Sverdlovsk regional
government given the bank's minor importance to the local
economy and relatively modest regional market share (about 5% of
retail deposits in Sverdlovsk region as of Oct. 1, 2006).

Headquartered in Yekaterinburg, Russia, SKB reported under total
IFRS-consolidated assets of US$405.8 million and net
consolidated income of US$4.5 million as at year-end 2005.


SORVIZHSKOYE PROCESSING: Creditors Must File Claims by May 24
-------------------------------------------------------------
Creditors of OJSC Sorvizhskoye Processing Enterprise have until
May 24 to submit proofs of claim to:

         G. Savinov
         Insolvency Manager
         Sverdlova Str. 36
         Osa
         618210 Perm
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-514/06-299/24.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Sorvizhskoye Processing Enterprise
         Sovetskaya Str. 1
         Sorvizhi
         Arbazhskiy
         612192 Kirov
         Russia


SUPERMARKET OJSC: Creditors Must File Claims by April 24
--------------------------------------------------------
Creditors of OJSC Central Trading House Supermarket have until
April 24 to submit proofs of claim to:

         D. Krutov
         Insolvency Manager
         Office 804 v
         Svobody Str. 173
         Izhevsk
         426011 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya will convene on Aug. 16 to
hear the company's bankruptcy supervision procedure.  The case
is docketed under Case No. A71-1025/2007 G15.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Central Trading House Supermarket
         K. Marksa Str. 191
         Izhevsk
         426057 Udmurtiya
         Russia


TMK OAO: Moody's Assigns Loss-Given-Default Rating
--------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for TMK.

Moody's also assigned a B1 Probability-of-Default rating to the
company.

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

* Issuer: TMK Capital S.A.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   8.5% Sr. Unsec.
   Regular Bond/Debenture
   Due 2009                B2       B2       LGD5     71%

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

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

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

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


TSIMLYANSKAYA CARPET: Bankruptcy Hearing Slated for July 24
-----------------------------------------------------------
The Arbitration Court of Rostov will convene at 3:30 p.m. on
July 24 to hear the bankruptcy supervision procedure on OJSC
Tsimlyanskaya Carpet Factory.  The case is docketed under Case
No. A53-1589/07-S1-8.

The Temporary Insolvency Manager is:

         N. Ushanov
         Office 15
         Krasnoarmeyskaya Str. 208
         344000 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tsimlyanskaya Carpet Factory
         Moskovskaya Str. 61
         Tsimlyansk, Rostov
         Russia


VOZROZHDENIYE-21 OJSC: Creditors Must File Claims by April 24
-------------------------------------------------------------
Creditors of CJSC Ojsc Building Company Vozrozhdeniye-21 have
until April 24 to submit proofs of claim to:

         M. Magomedov
         Insolvency Manager
         Askerkhanova Str. 5v
         Makhachkala
         367000 Dagestan
         Russia

The Arbitration Court of Dagestan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A15-2075/2006.

The Debtor can be reached at:

         OJSC Building Company Vozrozhdeniye-21
         Dagestanskiye Ogni
         Dagestan
         Russia


YAMAL-NENETS: S&P Affirms BB+ Rating with Positive Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Russian Yamal-Nenets Autonomous Okrug to positive from stable on
sustained strong performance, low debt, and the expectation that
the okrug will set and adhere to prudent medium-term financial
targets.

At the same time, the 'BB+' long-term issuer credit rating and
the 'ruAA+' Russia national scale rating on the okrug were
affirmed.

"The ratings continue to be constrained by high concentration in
the oil and gas sector, exacerbated by the dependence on a
single taxpayer, OAO Gazprom, limited revenue predictability due
to the evolving intergovernmental and tax systems, and potential
pressure on the expenditures side, " said Standard & Poor's
credit analyst Irina Pilman.  "These factors are mitigated by
the okrug's strong financial performance, comfortable liquidity,
and low debt burden, which are all expected to be maintained in
the medium term.  The ratings are further supported by positive
prospects in the strategically important gas sector."

Yamal-Nenets has been showing strong financial performance, with
operating surpluses at 23.4% of operating revenues and small
deficits after capital expenditures at 1.5% of total revenues in
2006.  In the next few years, the Okrug is expected to maintain
a similar level of budgetary performance.

The Okrug's total debt was a low 4.3% of total revenues at year-
end 2006.  High cash reserves will enable the okrug to finance
capital programs for at least the next two years without any
significant recourse to debt.

"We expect that Yamal-Nenets will institutionalize its realistic
medium-term financial planning, including investment, liquidity,
and debt policies," said Ms. Pilman. "In addition, the extension
of the planning horizon could also be supported by stabilization
of both revenue distribution between Russian regions and the
fuel sector taxation system.   The introduction of medium-term
planning will, at the same time, fix a financial framework for
the municipal sector."


* S&P Affirms City of Ufa's B+ Rating with Positive Outlook
-----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
Russian City of Ufa to positive from stable, reflecting dynamic
investments in the city's economy and ongoing improvement in
fiscal predictability.

At the same time, Standard & Poor's affirmed its 'B+' long-term
issuer credit rating and the 'ruA+' Russia national scale rating
on the city.

The rating on Ufa, the administrative center of the Republic of
Bashkortostan, reflects the concentrated structure of the city's
economy, dependence on federal and regional decisions, and
contingencies related to increasing issuance of debt guarantees.
The ratings are supported, however, by the city's continued
strong financial performance, moderate debt levels, and
improving economy.

"The positive outlook incorporates our expectation that observed
economic growth will continue to diversify the city's economy
and revenues as well as improve per capita budget revenues,"
said Standard & Poor's credit analyst Pavel Kochanov.  Should
the city achieve its expected increase in capital expenditures
without significant deterioration of its debt profile in 2007-
2008, the rating could be raised.

Conversely, a deterioration of Ufa's operating surplus to less
than 5% of operating revenues, together with a riskier debt
policy, debt rising above 40% of revenues, and increased
involvement in commercial projects, could result in a revision
of the outlook back to stable.


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


UCI 17: S&P Puts Junk Rating to EUR15.4 Million Class D Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the floating-rate notes to be issued by Fondo
de Titulizacion de Activos UCI 17, a special purpose entity.

UCI 17 will acquire credit rights backed by mortgage loan
participations, and possibly by an associated personal or
second-lien mortgage loan.

These are ultimately backed by a pool of first-ranking mortgages
secured over owner-occupied residential properties in Spain, and
a pool of unsecured personal and second-lien mortgage loans
associated with the first-ranking mortgages from the seller,
UCI.  To fund this purchase, UCI 17 will issue four classes of
floating-rate notes.

This transaction is similar to the previous mortgage
securitization undertaken by UCI in October 2006, Fondo de
Titulizacion de Activos UCI 16, in terms of the type of assets
being securitized.  In terms of the structure, a basis swap has
been added to the structure for UCI 17.

                           Ratings List

Fondo de Titulizacion de Activos UCI 17
   EUR1.415 Billion Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mln. EUR)
           -----          ------            --------
           A1             AAA               325.0
           A2             AAA               974.2
           B              A                  72.8
           C              BBB                28.0
           D              CCC-               15.4


UCI 17: Fitch Junks EUR15.4-Million Class D Notes
-------------------------------------------------
Fitch Ratings assigned expected ratings to Fondo de Titulizacion
de Activos, UCI 17 EUR1.415 billion mortgage-backed floating-
rate notes due in December 2049:

   -- EUR325 million Class A1: 'AAA'
   -- EUR974.2 million Class A2: 'AAA'
   -- EUR72.8 million Class B: 'A'
   -- EUR28 million Class C: 'BBB'
   -- EUR15.4 million Class D: 'CCC'

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

This transaction is a cash flow securitization of a
EUR1.5 billion static pool of first- and second-ranking
residential mortgages loans and personal loans granted to
individuals in Spain to finance the purchase of a residential
property by Union de Creditos Inmobiliarios EFC, S.A., which
will continue to service the collateral.

The expected ratings are based on the quality of the collateral,
available credit enhancement, the legal and financial structure
of the deal, the underwriting and servicing of the collateral
and Santander de Titulizacion S.A. S.G.F.T.'s administrative
capabilities.  The ratings on the Class A1 to C notes address
the payment of interest on the notes according to the terms and
conditions of the documentation, subject to a deferral trigger
on the Class B and C notes, as well as the repayment of
principal by the legal final maturity for each note.  The Class
D notes will be issued to finance the cash reserve fund.  The
Class D notes are ultimately likely to default, and their
ratings are supported by the expected recovery.

The Spanish Securitisation Law 19/1992 and Royal Decree 926/1998
regulates UCI 17. Its sole purpose will be to acquire a
portfolio of mortgage participations, mortgage certificates and
personal loans and to finance this acquisition by the issuance
of fixed-income securities.  The fund will be legally
represented and managed by Santander de Titulizacion S.A.
S.G.F.T., a limited liability company incorporated under Spanish
law, whose activities are limited to the management of
securitization funds.

Of the global pool by value, 21.2% benefits from a mortgage
insurance guarantee provided by Genworth Financial Mortgage
Insurance Ltd.

This is UCI's 16th securitization and the fourth rated by Fitch.
UCI is an established mortgage lending company, equally owned by
Banco Santander Central Hispano and BNP Paribas.  As in previous
transactions, the collateral incorporates variable-rate loans
with features such as initial fixed interest rates, lower
initial installments and payment options.


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


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

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
   ----------              -------  -------   ------
   9.125% Senior Secured
   Regular Bond/Debenture
   Due 2009                B3       LGD4      65%

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

Probability-of-default ratings are assigned only to issuers, not
specific debt instruments, and use the standard Moody's
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 Stockholm, Sweden, Concordia Bus Nordic AB --
http://www.concordiabus.com/-- is the largest private bus
transportation company in the Nordic region with revenues for
the six months period ended Aug. 31, 2005, of SEK2.3 billion.


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


A & O COMPUTER: Zurich Court Closes Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Service of Wallisellen in Zurich entered March 7
an order closing the bankruptcy proceedings of JSC A & O
Computer.

The Bankruptcy Service of Wallisellen can be reached at:

         Bankruptcy Service of Wallisellen
         8304 Wallisellen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC A & O Computer
         Opfikon
         Europastr. 19
         8152 Glattbrugg
         Bulach ZH
         Switzerland


BIGRAPH JSC: Creditors' Liquidation Claims Due May 4
----------------------------------------------------
Creditors of JSC Bigraph have until May 4 to submit their claims
to:

         JSC MPP Immobilien und Verwaltungs
         Liquidator
         Poststrasse 9
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Bigraph
         Urdorf
         Dietikon ZH
         Switzerland


CARAMA JSC: Aargau Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Carama on March 12.

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

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Carama
         Tellistrasse 118
         5000 Aarau AG
         Switzerland


COWI-FOODART JSC: St. Gallen Court Starts Bankruptcy Proceedings
----------------------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC COWI-foodart on March 26.

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

         Bankruptcy Service of St. Gallen
         Addolorata Tazza
         9001 St. Gallen
         Switzerland

The Debtor can be reached at:

         JSC COWI-foodart
         Industriestrasse 135
         9200 Gossau SG
         Switzerland


FEROPRO JSC: Creditors' Liquidation Claims Due May 2
----------------------------------------------------
Creditors of JSC Feropro have until May 2 to submit their claims
to:

         Ruedi Stockly
         Liquidator
         Splugenstrasse 6
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Feropro
         Zurich
         Switzerland


IBR-PARTNER: Zurich Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Winterthur-Altstadt in Zurich entered
March 16 an order closing the bankruptcy proceedings of JSC IBR-
Partner.

The Bankruptcy Service of Winterthur-Altstadt can be reached at:

         Bankruptcy Service of Winterthur-Altstadt
         8401 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         JSC IBR-Partner
         Reto Anderes
         Schutzenstr. 8
         8400 Winterthur ZH
         Switzerland


LAMM SPORT: Creditors' Liquidation Claims Due May 2
---------------------------------------------------
Creditors of JSC Lamm Sport have until May 2 to submit their
claims to:

         Marco Lamm
         Liquidator
         Ches'Agne
         7504 Pontresina
         Maloja GR
         Switzerland

The Debtor can be reached at:

         JSC Lamm Sport
         Pontresina
         Maloja GR
         Switzerland


PAVIZA JSC: Creditors' Liquidation Claims Due May 2
---------------------------------------------------
Creditors of JSC Paviza have until May 2 to submit their claims
to:

         Ruedi Stockly
         Liquidator
         Splugenstrasse 6
         8027 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Paviza
         Zurich
         Switzerland


RED BEAR: Creditors' Liquidation Claims Due May 3
-------------------------------------------------
Creditors of LLC Red Bear have until May 3 to submit their
claims to:

         Hanspeter Ruoss
         Liquidator
         Schutzenstrasse 37
         8570 Weinfelden TG
         Switzerland

The Debtor can be reached at:

         LLC Red Bear
         Zurich
         Switzerland


SCHAR IMMOBILIEN: Creditors' Liquidation Claims Due May 2
---------------------------------------------------------
Creditors of JSC Schar Immobilien have until May 2 to submit
their claims to:

         Werner Schar and Johanna Schar-Kursener
         Liquidators
         Brittnauerstrasse 29
         4802 Strengelbach
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         JSC Schar Immobilien
         Strengelbach
         Zofingen AG
         Switzerland


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


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

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 Maslak, Turkey, Dogus Holding A.S. --
http://www.dogusgrubu.com.tr/-- is the holding company of The
Dogus Group, which is active in over five sectors, including
finance, automotive, construction, tourism and media. It employs
over 18,000 employees.


ULKER GIDA: 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 B1 Corporate Family Rating for Ulker Gida Sanayi
ve Ticaret A.S.

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 Istanbul, Turkey, Ulker Gida Sanayi ve Ticaret
A.S. is the market leader in the manufacturing of biscuits,
chocolate and crackers.  It is a sub-division of the broader
Ulker Group, whose activities span food production, packaging,
and domestic and foreign marketing.


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


ABSOLUT FINANCE: Claims Registration Bar Date Set April 28
----------------------------------------------------------
Creditors of LLC Absolut Finance (code EDRPOU 34276212) have
until April 28 to submit written proofs of claim to:

         Alexander Chechelnitsky
         Liquidator
         Koroliov Avenue 2-V
         03134 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. B 11/077-07.

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 Absolut Finance
         L. Ukrainka Str. 64
         Vishnevoe
         Kiev-Sviatoshyn District
         08132 Kiev
         Ukraine


AZARIA DNIEPRO: Creditors Must File Claims by April 27
------------------------------------------------------
Creditors of LLC Azaria Dniepro (code EDRPOU 33807112) have
until April 27 to submit written proofs of claim to:

         Vadim Koloshyn
         Temporary Insolvency Manager
         Rabochaya Str. 152/47
         49006 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed as
Case No. B 40/43-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Azaria Dniepro
         Kalinov Str. 3
         49000 Dnipropetrovsk
         Ukraine

LIM GROUP: Claims Registration Deadline Set April 28
----------------------------------------------------
Creditors of LLC Lim Group (code EDRPOU 33589854) have until
April 28 to submit written proofs of claim to:

         Larisa Timofeeva
         Liquidator
         P.O. Box 179
         54017 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 5/112/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Lim Group
         Inzhenernaya Str. 13
         Nikolaev
         Ukraine


LOKHVITSA SUGAR: Creditors Must File Claims by April 28
-------------------------------------------------------
Creditors of OJSC Lokhvitsa Sugar Plant (code EDRPOU 00372285)
have until April 28 to submit written proofs of claim to:

         Sergey Boltik
         Temporary Insolvency Manager
         St. Kondratenko Str. 6
         36009 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company on March 15.  The case is docketed as
Case No. 7/120.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Lokhvitsa Sugar Plant
         Matrosov Str. 10
         Krasnozavodskoe
         Lokhvitsa District
         37240 Poltava
         Ukraine


OSTBUILDING-INVEST LLC: Claims Filing Bar Date Set April 28
-----------------------------------------------------------
Creditors of LLC Ostbuilding-Invest (code EDRPOU 33634163) have
until April 28 to submit written proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 43/755.

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 Ostbuilding-Invest
         Rusanovskaya quay Str. 10b
         02147 Kiev
         Ukraine


SPHERE LLC: Claims Registration Deadline Set April 27
-----------------------------------------------------
Creditors of LLC Sphere (code EDRPOU 23919734) have until
April 27 to submit their proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. B-19/52-07.

The Debtor can be reached at:

         LLC Sphere
         Gatsev Str. 1, ap. 82
         Kharkov
         Ukraine


TRANSTRADE-2 LLC: Claims Registration Deadline Set April 27
-----------------------------------------------------------
Creditors of LLC Transtrade-2 (code EDRPOU 34204719) have until
April 27 to submit written proofs of claim to:

         Eugenie Shtepenko
         Liquidator
         Independency Square 1-B
         Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 18/11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Transtrade-2
         Zheleznodorozhnaya Str. 22
         Poltava
         Ukraine


UKRAINIAN ALLOY A: Claims Registration Deadline Set April 28
------------------------------------------------------------
Creditors of LLC Ukrainian Alloy A (code EDRPOU 31621744) have
until April 28 to submit written proofs of claim to:

         Andrew Potapenko
         Liquidator
         Vesely Lane 74-a
         83077 Donetsk
         Ukraine

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

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrainian Alloy A
         Vesely Lane 74-a
         83077 Donetsk
         Ukraine


VORONEZH SUGAR: Creditors Must File Claims by April 28
------------------------------------------------------
Creditors of OJSC Voronezh Sugar Plant (code EDRPOU 00372954)
have until April 28 to submit written proofs of claim to:

         Andrew Savochka
         Temporary Insolvency Manager
         Sumy and Kiev Divisions Str. 20
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on March 12. The case is docketed as
Case No. 7/6-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Voronezh Sugar Plant
         Kiev Str. 4
         Voronezh
         Shostka District
         41140 Sumy
         Ukraine


WEST BUILDING: Claims Registration Bar Date Set April 27
--------------------------------------------------------
Creditors of have until April 27 to submit written proofs of
claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  LLC West
Building Trade (code EDRPOU 33444652).  The case is docketed as
Case No. 43/754.

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 West Building Trade
         Kibalchich Str. 3-b
         02183 Kiev
         Ukraine


WIND ROSE: Claims Registration Deadline Set April 28
----------------------------------------------------
Creditors of LLC Wind Rose (code EDRPOU 22156263) have until
April 28 to submit written proofs of claim to:

         Jury Zinchenko
         Liquidator
         Spartakovskaya Str. 8
         Guliaypole
         70200 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as Case No. 19/38/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Wind Rose
         Voroshylov Str. 120
         Guliaypole
         70200 Zaporozhje
         Ukraine


ZAPORIZHSTAL OJSC: 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 Zaporizhstal OJSC.

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.

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%).

Ukraine-based, Zaporizhstal OJSC produces steel by volume and
world 52nd with a steel production capacity of 4.45 million
tones of steel in 2004.


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


6721 LTD: Shuts Down Business Following Financial Difficulties
--------------------------------------------------------------
6721 Ltd. has ceased trading due to financial difficulties, The
Western Mail reports.

On April 12, a creditors' meeting was convened at the offices
of:

         Harris Lipman
         Coptic House
         4-5 Mount Stuart Square
         Cardiff Bay
         CF10 5EE
         Wales

Headquartered in Cardiff, Wales, 6721 handled a number of high-
profile branding projects under its managing director Matthew
Talfan Davies including the new logo of the Welsh Development
Agency and the Wales Tourist Board, which costs GBP119,000, The
Western Mail relates.  The creative marketing and design agency
provided services to both the public and private sectors.


ACADEMY DECORATING: Creditors' Meeting Slated for May 10
--------------------------------------------------------
Creditors of Academy Decorating Ltd. will meet at 11:00 a.m. on
May 10 at:

         4 St. Giles Court
         Southampton Street
         Reading
         RG1 2QL
         England

Creditors who want to vote at the meeting have until noon on
May 9 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 May 8.


ACTUANT CORP: Earns US$18.9 Million in Second Quarter 2007
----------------------------------------------------------
Actuant Corporation reported net earnings of US$18.9 million for
the second quarter ended Feb. 28.  This compares with net
earnings of US$19.3 million for the same period ended Feb. 28,
2006.  Fiscal 2007 second quarter results include a US$3.8
million restructuring charge covering a portion of the company's
restructuring of its European Electrical business.

Second quarter sales increased 24% to US$341 million from
US$276 million in the prior year, reflecting strong core growth,
the weaker U.S. dollar, and approximately US$35 million of sales
from acquired businesses.  Excluding foreign currency exchange
rate changes and business acquisitions, second quarter fiscal
2007 sales increased approximately 7%.  This increase reflected
core growth in all four segments, including 12% in the
Industrial Segment.

Robert C. Arzbaecher, president and chief executive officer of
Actuant, commented, "We are pleased with our second quarter
results, including the 24% sales growth and 13% growth in EPS
excluding restructuring, which were led by the strong
performance of the Industrial Segment.  Consistent with our
business model, acquisitions made a significant contribution to
the sales growth, however, each of our four segments contributed
to the 7% core growth."

Arzbaecher added, "We continued to see significant operating
profit margin improvement in our Industrial Segment.  While
consolidated operating profit margins were down slightly on a
year-over-year basis due to lower profitability in the
Electrical and Actuation Systems segments, Industrial Segment
margins improved by 160 basis points.  Progress was made in
improving Automotive and Recreational Vehicle margins during the
quarter, which positions Actuant well for strong second half
earnings growth.  We expect operating margin improvement in both
Electrical and Actuation Systems Segments in the third and
fourth quarter, and expect margin expansion for Actuant in total
for the fiscal year."

Net debt, which is total debt of US$595 million less
approximately US$25 million of cash, was US$570 million, an
increase of US$115 million from the beginning of the quarter.
Excluding the approximate US$110 million of cash used for
acquisitions and the US$9 million decline in accounts receivable
securitization, Actuant generated approximately US$5 million of
cash flow in the second quarter, which is a seasonally weak
cash-flow period.

The company had availability under its revolving credit facility
in excess of US$200 million as of Feb. 28.

At Feb. 28, the company's balance sheet showed
US$1,389.2 million in total assets, US$971.1 million in total
liabilities, and US$418.1 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended Feb. 28, 2007, are available
for free at http://researcharchives.com/t/s?1d36

                       About Actuant Corp.

Headquartered in Butler, Wis., Acuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.

                          *     *     *

As reported in the TCR-Europe on Oct. 24, Moody's Investors
Service's affirmed its Ba2 Corporate Family Rating for Actuant
Corp. in connection with the rating agency's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the U.S. manufacturing sector.

Additionally, Moody's held its Ba2 ratings on the company's
US$250 million Senior Unsecured Revolver Due 2009, and US$250
million Senior Term Loan Due 2009.  Moody's assigned those
debentures an LGD3 rating suggesting lenders will experience a
43% loss in the event of a default



BRITISH AIRWAYS: May Purchase Up to 15 Airbus Planes, Paper Says
----------------------------------------------------------------
British Airways Plc Chief Executive Willie Walsh told a German
paper that he could imagine buying 10 to 15 Airbus jets.

P-I Reporter relates that British Airways showed no enthusiasm
to be an early client for Airbus A380 -- a 555-passenger,
double-deck plane.  British Airways had said in 2001 that the
aircraft wasn't appropriate for the airline's routes because it
was too big.

Meanwhile, The Boeing Co. -- a competitor of Airbus -- is hoping
to sell British Airways its 747-8, P-I Reporter notes.  Boeing
is also offering the airline the 787 and more 777s, against
Airbus' A350 and A330.

P-I Reporter underscores that British Airways runs one of the
world's largest fleets of 747-400 passenger planes, planning to
gradually replace the older planes with the 777 rather than
adding more 747s.  British Airways has been evaluating the
747-8.

According to the report, Airbus' A380 sales slow down due, in
part, to a two-year delay in getting the plane into the hands of
clients.  Meanwhile, Boeing needs another big order from an
important airline customer like British Airways, as only
Lufthansa ordered the aircraft.

It could take several months before British Airways decides
which aircraft to order, P-I Reporter states.

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

                        *     *     *

British Airways' 7-1/4% senior unsubordinated notes due 2016 and
10-7/8% notes due 2008 carry Moody's Investors Service's Ba2
ratings and Standard & Poor's BB- ratings.


BRAMHALL WOODWARE: Creditors' Meeting Slated for April 26
---------------------------------------------------------
Creditors of Bramhall Woodware Ltd. will meet at 10:30 a.m. on
April 26 at:

         The P&A Partnership
         93 Queen Street
         Sheffield
         S1 1WF
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 24.

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.


BRENTWOOD SPORTS: Creditors' Meeting Slated for April 27
--------------------------------------------------------
Creditors of Brentwood Sports Ltd. will meet at 11:00 a.m. on
April 27 at:

         Smith & Williamson
         No. 1 Bishops Wharf
         Walnut Tree Close
         Guildford
         GU1 4RA

Creditors who want to vote at the meeting have until noon on
April 26 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

Tony Murphy of Smith & Williamson will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates and non-profit organizations.


CAIRNGORM LTD: Fitch Lifts GBP9-Million Class D Notes to BB+
------------------------------------------------------------
Fitch Cairngorm Ltd.'s Classes B, C and D notes due in November
2016 and affirmed Class A:

   -- GBP28.1 million Class A affirmed at 'AAA'
   -- GBP9.8 million Class B upgraded to 'AA-' from 'A'
   -- GBP9.5 million Class C upgraded to 'A-' from 'BBB'
   -- GBP9 million Class D upgraded to 'BB+' from 'BB'

The transaction is a synthetic securitization of senior and
mezzanine leveraged loans originated in the UK, France and
Germany.

The rating actions reflect the substantial increase in credit
enhancement levels resulting from the amortization of the
portfolio.  Approximately 50% of the initial portfolio remains
outstanding.  Since the transaction's close in December 2001,
there have been one credit event in the portfolio in December
2006 affecting both senior and mezzanine loans and representing
approximately 2.5% of the initial portfolio.  Both loans are in
the work-out stage.  One defaulted name is a senior leveraged
loan where Fitch assumed a 70% recovery rate; the second entity
is a mezzanine leveraged loan where Fitch assumed no recovery.
Overall, the increase in available credit enhancement
significantly outweighs negative impact of defaults on the
transaction resulting in the upgrades.

Cairngorm has reached the end of its revolving period where no
further substitutions, replacements or additions of reference
entities are allowed.  As of February 2007 data, the average
credit quality of the portfolio has remained in the 'B'/'B-'
bracket since December 2001.  There are no names in the current
pool rated below 'CCC', compared to 1.87% in the review in March
2006.

All Classes of credit-linked notes are backed by a cash deposit
or 'AAA'-rated sterling denominated government bonds and a
credit default swap between the Cairngorm and The Royal Bank of
Scotland PLC, in which the issuer receives a premium from the
swap counterparty in exchange for writing loss protection on the
reference portfolio.

Cairngorm, a special purpose vehicle incorporated with limited
liability in Jersey, issued GBP87 million of various Class
notes.  The notes assumed the economic risk of the total
reference portfolio of a maximum of GBP300 million as of full
ramp-up, 12 months after the closing date in December 2001.
Substitution, replacement or addition of reference entities was
allowed, in accordance with certain criteria, during the
revolving period for five years after closing.


CLS SCAFFOLDING: Creditors' Meeting Slated for April 26
-------------------------------------------------------
Creditors of CLS Scaffolding Ltd. will meet at 10:30 a.m. on
April 26 at:

         Darlington Football Club
         Neasham Road
         County Durham
         DL2 1DL
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 24 at the offices of:

         David Horner & Co.
         11 Clifton Moor Business Village
         James Nicolson Link
         Clifton Moor
         York
         YO30 4XG
         England

David Horner & Co. -- http://www.davidhornerandco.co.uk/--  
offers practical advice and solutions to all types of
businesses, individuals and creditors, often enabling formal
insolvency to be avoided.


CONNAIR PLANT: Creditors' Meeting Slated for April 26
-----------------------------------------------------
Creditors of Connair Plant Hire Ltd. will meet at 11:00 a.m. on
April 26 at:

         Hotel Elizabeth Grimsby
         Little Coates Road
         Grimsby
         DN34 4LX
         England

Creditors who want to vote at the meeting have until noon on
April 25 to submit their proxy forms together with particulars
of their claims or of any security at the at the offices of:

         Bond Partners LLP
         Suite 2
         First Floor
         Birmingham Road
         Alcester
         B49 5JG
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 24 at the offices of Bond Partners LLP.

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.


EASTGATE INDUSTRIES: Creditors' Meeting Slated for May 8
--------------------------------------------------------
Creditors of Eastgate Industries Ltd. will meet at 11:30 a.m. on
May 8 at the offices of:

         Lewis Alexander & Connaughton
         Boulton House
         Second Floor
         17-21 Chorlton Street
         Manchester
         M1 3HY
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 4.


HANOVER COMPRESSOR: To Redeem US$30-Million Notes on May 8
----------------------------------------------------------
Hanover Compressor Company disclosed the call for redemption on
May 8, of US$29,897,000 aggregate principal amount of the
Convertible Junior Subordinated Debentures Due 2029.

All of the Debentures are owned by Hanover Compressor Capital
Trust and the Trust is required to use the proceeds received
from such redemption to redeem US$29 million aggregate
liquidation amount of its 7-1/4% Convertible Preferred
Securities and US$897,000 aggregate liquidation amount of its 7-
1/4% Convertible Common Securities.  Hanover owns all of the
Common Securities of the Trust.

The Preferred Securities to be redeemed will be selected in
accordance with the applicable procedures of The Depository
Trust Company for partial redemptions.

Prior to 5:00 p.m., Eastern Time, on May 7, holders may convert
their Preferred Securities called for redemption on the basis of
one Preferred Security per US$50 principal amount of Debentures
which will then be immediately converted into shares of Hanover
Compressor Company common stock at a price of US$17.88 per
share, or 2.80 shares of Hanover common stock per US$50
principal amount.  Cash will be paid in lieu of fractional
shares.

Alternatively, holders may have their Preferred Securities that
have been called for redemption, redeemed on May 8, 2007.  Upon
redemption, holders will receive US$50 for each of their
Preferred Securities, plus accrued and unpaid distributions
thereon from March 15, 2006 up to but not including May 8, 2007.
Any of the Preferred Securities called for redemption and not
converted on or before 5:00 p.m., Eastern Time, on May 7, will
be automatically redeemed on May 8, and no further distributions
will accrue.

Holders of the Preferred Securities should complete the
appropriate instruction form for redemption or conversion, as
applicable, pursuant to The Depository Trust Company's book-
entry system and follow such other directions as instructed by
The Depository Trust Company.

                     About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company,
(NYSE: HC) -- http://www.hanover-co.com/-- rents and repairs
compressors and performs natural gas compression services for
oil and gas companies.  The company's subsidiaries also provide
service, fabrication, and equipment for oil and natural gas
processing and transportation applications.  It has locations in
India, China, Indonesia, Japan, Korea, Taiwan, the United
Kingdom, and Vietnam, among others.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 8, 2007,
Standard & Poor's Ratings Services placed the 'BB-' corporate
credit ratings on oilfield service company Hanover Compressor
Co. and its related entity Hanover Compression L.P. on
CreditWatch with positive implications.


HARPERS SPORTS: Creditors' Meeting Slated for April 27
------------------------------------------------------
Creditors of Harpers Sports Ltd. will meet at 11:30 a.m. on
April 27 at:

         Smith & Williamson
         1 Bishops Wharf
         Walnut Tree Close
         Guildford
         Surrey
         GU1 4RA
         England

Creditors who want to vote at the meeting have until noon on
April 26 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

Tony Murphy of Smith & Williamson will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

Smith & Williamson -- http://www.smith.williamson.co.uk/--  
provides investment management, financial advisory and
accountancy services to private clients, professional practices,
mid to large corporates, and non-profit organizations.


MALCRO LIGHTING: Creditors' Meeting Slated for April 26
-------------------------------------------------------
Creditors of Malcro Lighting Ltd. will meet at 11:30 a.m. on
April 26 at:

         Benedict Mackenzie LLP
         62 Wilson Street
         London
         EC2A 2BU
         England

Creditors who want to vote at the meeting have until noon on
April 25 to submit their proxy forms together with particulars
of their claims or of any security at the said address.

Laurence Pagden of Benedict Mackenzie LLP will furnish creditors
with information concerning the company's affairs free of
charge.


NO. 1 PERSONNEL: Creditors' Meeting Slated for May 4
----------------------------------------------------
Creditors of No. 1 Personnel Ltd. will meet at 2:30 p.m. on May
4 at:

         1 Kings Avenue
         Winchmore Hill
         London
         N21 3NA
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 2.


PETROPLUS FINANCE: Moody's Puts (P)Ba3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service assigned (P)Ba3 corporate family and
Probability-of-Default ratings to Petroplus Holdings AG as well
as (P)B1 and LDG5 (81%) ratings to the proposed US$1.2-billion
senior unsecured notes at Petroplus Finance Ltd., a subsidiary
of Petroplus Holdings AG.  Outlook is stable.

The assignment of the provisional ratings is subject to the
successful completion of US$1.7 billion acquisition of the
Coryton refinery expected to take place in second quarter 2007
and to be financed through the placement of US$1.2 billion
senior notes and US$0.5 billion rights issue announced by the
Company.

Moody's issues provisional ratings in advance of the final sale
of securities, and these ratings only represent Moody's
preliminary opinion.  Upon a conclusive review of the
transaction and associated documentation and completion of the
Coryton acquisition and the associated debt and equity funding,
Moody's will endeavor to assign definitive ratings to the
securities.  A definitive rating may differ from a provisional
rating.

Petroplus Holding AG is building European pure-refining business
through a series of acquisitions, including purchases of the BRC
refinery in 2006 and Ingolstadt refinery on March 31, 2007. On
Feb. 1, 2007, Petroplus Holdings AG announced the agreement
reached with BP for the acquisition of the Coryton refinery in
the U.K., the adjacent bulk terminal and BP's U.K. bitumen
business for US$1.4 billion (plus working capital). Petroplus
expects to complete the acquisition in second quarter 2007 and
to finance the transaction with the proceeds of the proposed
US$1.2 billion senior notes and US$0.5 b equity placement.

The (P)Ba3 corporate family ratings assigned to Petroplus
Holdings AG reflect:

   (a) the scale and diversification of the business that
       following the acquisition of Coryton will comprise 5
       refineries with total crude distillation capacity of 577
       bpd (total throughput capacity of 625 bpd);

   (b) strong profitability of the refineries at this part of
       the cycle and the expectation that the prevailing
       supply/demand fundamentals for middle distillates in
       Europe and global demand level will remain supportive to
       the refining margins in the medium term;

   (c) moderate CAPEX requirements anticipated at this stage by
       the management at the newly acquired refineries;

   (d) management's strong expertise in operating refineries and
       continuous focus on maintaining reliability of the
       facilities, as well as an established track-record in
       building resilient refining businesses in the U.S.

The corporate family rating also takes into account:

   (a) risks associated with the integration of the newly
       acquired refining facilities at Ingolstadt and expected
       acquisition of Coryton;

   (b) a growing environmental and HES regulatory pressure on
       the refining industry and potential need for associated
       additional investment and costs;

   (c) expected volatility in margins of Petroplus reflecting
       limited use of hedging going forward, management's policy
       to limit exposure to retail operations, as well as
       current margin benefits derived from the widening of the
       sour/sweet spread; as well as

   (d) expectation that implementation of the growth strategy
       may affect financial flexibility of the group, while
       noting a balanced approach to funding growth exercised by
       the management team in the past.

The stable outlook for the ratings reflect Moody's expectation
that the economic environment and supply/demand fundamentals for
light refining products will remain supportive to the
profitability of the group in the next 12 month.

The provisional (P)B1 rating and LGD assessment of LGD5 (81%)
assigned to the proposed US$1.2-billion senior unsecured notes
of Petroplus Finance Ltd. reflect the existence of substantial
senior secured bank facilities supporting liquidity position of
the company.  Moody's notes that the structure of liabilities is
likely to evolve as the group profile is developing, which may
affect LGD assessment going forward.

Petroplus maintains sufficient liquidity facilities that are
expected to cover its working capital requirements and provide
additional funding to support execution of the announced
acquisitions.

On Dec. 31, 2006, Petroplus Holdings AG reported US$91.6 million
in cash on its balance sheet.  Furthermore, the Group also has
access to committed credit lines of US$1.6 billion with a
further option to increase the revolving credit facility by
US$0.8 billion and the ability to obtain additional availability
on an uncommitted basis under this facility.

Petroplus Holdings AG operates 4 refineries in North-West of
Europe and is expected to complete the acquisition of the
Coryton refinery in the United Kingdom in second quarter 2007.
In 2006, Petroplus reported sales of US$6.9 billion and crude
distillation capacity of 295 bpd.  Following the completion of
the Coryton acquisition, the group is estimated to reach crude
distillation capacity of 577 bpd (and total throughput capacity
of 625 bpd) and expects to reach US$10 billion in revenues in
2007.

Moody's has previously rated Petroplus group, the ratings were
withdrawn in 2005 following the repayment of all rated debt by
the group.


R. E. ROWLANDS: Creditors' Meeting Slated for May 2
---------------------------------------------------
Creditors of R. E. Rowlands Ltd. will meet at 11:00 a.m. on
May 2 at:

         The Marriott Hotel
         Pipers Way
         Wiltshire
         SN3 1SH
         England

Creditors who want to vote at the meeting have until noon on
May 1 to submit their proxy forms together with particulars of
their claims or of any security at:

         R. E. Rowlands Ltd.
         6c Church Street
         Reading
         Berkshire
         RG1 2SB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on April 30 at the registered office of the company.

                           *********

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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