TCREUR_Public/070419.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Thursday, April 19, 2007, Vol. 8, No. 77

                            Headlines


A U S T R I A

FINNOVA HAUS: Claims Registration Period Ends May 2
KEYCARD LLC: Claims Registration Period Ends May 2
KOSAN LLC: Claims Registration Period Ends May 7
METALLTECHNIK TANEV: Claims Registration Period Ends May 8
NEW BANK: Claims Registration Period Ends May 9

SIMIN LLC: Claims Registration Period Ends May 9
SUN SHINE: Claims Registration Period Ends May 9
VIKTORIA LLC: Claims Registration Period Ends May 8


C Y P R U S

BANK OF CYPRUS: Marfin Popular Proposes Strategic Cooperation
MARFIN POPULAR: Offers Strategic Cooperation for Bank of Cyprus


C Z E C H   R E P U B L I C

HRADEC KRALOVE: Regional Court Names Bankruptcy Administrator
HYUNDAI MOTOR: Building New Automobile Plant in Nosovice


F R A N C E

REMY COINTREAU: Group Brand Sales Up by 11.5% in 2007
EUROTUNNEL GROUP: Shuttle Arm Posts GBP75 Million Q1 Revenue


G E R M A N Y

B + B- BAU: Claims Registration Period Ends May 30
BAU GMBH: Claims Registration Ends May 4
BBW STEUERBERATUNGSGESELLSCHAFT: Claims Registration Ends May 15
BISS COMPUTER: Claims Registration Period Ends May 11
BOSENIUS GMBH: Claims Registration Period Ends May 14

CREHAARTIV HAIRSTYLING: Claims Registration Period Ends May 24
DAIMLERCHRYSLER: 2nd-Round Bids Expected for Chrysler, WSJ Says
DAIMLERCHRYSLER: Boosts Michigan Economy with US$1.78-Bln Deal
DHAL BAYERN: Claims Registration Period Ends May 14
DUERR AG: Duerr Family Raises Equity Stake to 45%

ECHTERHOELTER GMBH: Claims Registration Period Ends May 18
GT FASHION: Claims Registration Ends May 14
HALLENBAU BRETNIG: Claims Registration Ends June 14
HANS PUTZ: Claims Registration Period Ends May 7
HEINRICH MANDEWIRTH: Claims Registration Ends May 18

HUEPPE GMBH: Claims Registration Ends May 12
KAUTZ GMBH: Claims Registration Period Ends May 4
KDF KURIERDIENST: Claims Registration Ends May 8
KLINIK IM: Claims Registration Ends May 16
RKP PROJEKTMANAGEMENT: Claims Registration Period Ends May 25

SIEKERTAL-KLINIK: Claims Registration Period Ends May 31
SPECTRUM BRANDS: Shareholders Tender US$347 Million in Swap
STG TRANSPORT: Claims Registration Period Ends June 6
TENTRUP-PFLANZEN GMBH: Creditors' Meeting Slated for May 11
VERITAS TOURISTIK: Claims Registration Period Ends June 1

VIDEO + INTERAKTIVE: Claims Registration Period Ends May 18
W. & S. FONDS: Claims Registration Period Ends May 16
WERBETECHNIK HEYRATH: Claims Registration Period Ends June 1


G R E E C E

ASPIS BANK: Fitch Rates EUR40-Million Tier 1 Notes at BB-
YIOULA GLASSWORKS: Moody's Assigns Loss-Given-Default Rating


H U N G A R Y

GUESS? INC: Janney Montgomery Reaffirms "Buy" Rating on Shares


I T A L Y

SEAT PAGINE: Moody's Assigns Loss-Given-Default Rating


K A Z A K H S T A N

GMC LTD: Creditors Must File Claims by May 25
KARLYGASH LLP: Creditors' Claims Due May 18
R-MON LLP: Proof of Claim Deadline Slated for May 18
SHAHTOSTROITELNOMONTAJNOYE UPRAVLENIYE: Claims Due May 25
SHART JSC: Claims Registration Ends May 29

SNABOIL LLP: Creditors Must File Claims by May 18
SP BURGAN: Creditors' Claims Due May 18
TEMIR-KAGAN CJSC: Proof of Claim Deadline Slated for May 29
TRISTAN OIL: Moody's Assigns Loss-Given-Default Rating


K Y R G Y Z S T A N

AI-TUR & COMPANY: Creditors Must File Claims by June 6


L U X E M B O U R G

GOLDEN RING: S&P Assigns B Rating on US$150 Million Notes


N O R W A Y

CLEAR CHANNEL: Amends Merger Deal & Resets Shareholders' Mtg.
CLEAR CHANNEL: Inks Advertising Pact with Google


R U S S I A

AK TRANSNEFTEPRODUCT: S&P Puts B+ Rating on CreditWatch Positive
BARNAULSKIY FACTORY: Asset Sale Slated for May 21
CENTRE OF INVESTMENTS: Creditors Must File Claims by May 1
CREDO-PETERSBURG CJSC: Creditors Must File Claims by May 1
ELECTROMASH: Nizhniy Novgorod Court Hearing Slated for May 15

FIRST INVESTMENT: Creditors Must File Claims by May 1
GAMMA TEXTILE: Creditors Must File Claims by May 31
KRAY-AGRO-SERVICE: Creditors Must File Claims by May 1
MELENKOVSKIY FLAX: Creditors Must File Claims by May 1
MOCHEGAYSKOYE LLC: Orenburg Court Hearing Slated for June 19

PODOLSKIY MEAT-PACKING: Creditors Must File Claims by May 1
ROSNEFT OIL: Unit Wins Fifth Auction for Yukos Oil Assets
RUSSIAN BREAD: Court Names I. Chuvilin as Insolvency Manager
RYAZAN-AGRO-VOD: Creditors Must File Claims by May 1
SSMO LENSPECSMU: S&P Rates US$150 Million Notes at B

STROY-AVTO-SERVICE: Orel Bankruptcy Hearing Slated for July 25
VOLGA: Creditors Must File Claims by May 31
VTORMET OJSC: Creditors Must File Claims by May 1
YUKOS OIL: Monte-Valle Wins Energy Assets for RUR3.5 Billion
YUKOS OIL: Rosneft Unit Wins Assets in Fifth Auction

YUKOS OIL: Auctioneer to Sell Servicing Assets on May 16


S W E D E N

ARVINMERITOR: T. Kindem to Head CVA's N. America Sales Division


S W I T Z E R L A N D

ALTUS JSC: Creditors' Liquidation Claims Due May 4
CASEXPACK JSC: Bern Court Closes Bankruptcy Proceedings
CERAGEM VITA: Creditors' Liquidation Claims Due May 3
COMMUNIWORTH LLC: Creditors' Liquidation Claims Due May 3
CREDO JSC: Creditors' Liquidation Claims Due May 4

DENNER SATELLIT: St. Gallen Court Closes Bankruptcy Proceedings
DURR COM. SOFT: Creditors' Liquidation Claims Due May 3
H + B TRADING LLC: Creditors' Liquidation Claims Due May 3
PETROPLUS HOLDINGS: S&P Assigns BB Rating with Stable Outlook
RAIL4YOU.CH: Aargau Court Closes Bankruptcy Proceedings

SUTTER IMMOBILIEN: Aargau Court Closes Bankruptcy Proceedings


T U R K E Y

TURKCELL ILETISIM: Moody's Assigns Loss-Given-Default Rating


U K R A I N E

AMBER LLC: Claims Registration Deadline Set April 28
ANDROMEDA LLC: Claims Registration Deadline Set April 28
BUZNITSKY AGRICULTURAL: Claims Filing Bar Date Set April 29
KRYSKI ALCOHOL: Creditors Must File Claims by April 29
MICRODEVICE OJSC: Creditors Must File Claims by April 29

SHEPROS LLC: Claims Registration Bar Date Set April 29
SPECIAL TRADE: Claims Registration Deadline Set April 29
X-STUDIO LLC: Claims Registration Bar Date Set April 29


U N I T E D   K I N G D O M

AMERICAN GREETINGS: Starts US$100-Mln Share Repurchase Program
AMERICAN GREETINGS: Cuts 2007 Net Profit by Half to US$42 Mil.
APMS TRAINING: Joint Liquidators Take Over Operations
BARRY HAWKINS: Creditors' Meeting Slated for April 24
CAMTAG LTD: Brings In Liquidators from Vantis Plc

EMI GROUP: Expects 15 Percent Decline in EMI Music Revenue
ETS RESOURCES: Names Roderick Julian Jones Liquidator
FANTASY PUBLICATIONS: Calls In Liquidators from Vantis
FLYGHT TRAVEL: Hires Eric John Stonham as Liquidator
FOCUSBROOK LTD: Appoints Liquidator from Barringtons Ltd.

GEORGE MALLINSON: Claims Filing Period Ends July 5
GRAPHIC ARTS: J. M. Titley Leads Liquidation Procedure
KITE SECURITY: Taps Liquidators from Tenon Recovery
MANOR BUILDERS: Claims Filing Period Ends May 18
MOTT CENTRE: Claims Filing Period Ends June 8

NORTEL NETWORKS: Unit's Board Declares Preferred Share Dividends
RATAE NURSING: Appoints David John Watchorn as Liquidator
REMNANT MEDIA: Joint Liquidators Take Over Operations
SANDBACH TREATMENT: Creditors' Meeting Slated for April 23
SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit

SEA CONTAINERS: Taps Alixpartners for Restructuring Support
SERPENTINE FIRE: Paul Appleton Leads Liquidation Procedure
SUPREMA TILE: Names Mark Reynolds Liquidator
SUPREME WINDOWS: Appoints Stephen Lord as Liquidator
UNAGI INTERNATIONAL: Taps Neil Chesterton to Liquidate Assets

WARD LONGWORTH: Brings In Liquidator from CBA

* Upcoming Meetings, Conferences and Seminars

                            *********

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


FINNOVA HAUS: Claims Registration Period Ends May 2
---------------------------------------------------
Creditors owed money by LLC Finnova Haus (FN 260913x) have until
May 2 to file written proofs of claim to court-appointed estate
administrator Hans-Joerg Haftner at:

         Dr. Hans-Joerg Haftner
         Wiener Strasse 12
         3100 St. Poelten
         Austria
         Tel: 02742/35 42 34
         Fax: 02742/35 14 48
         E-mail: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on May 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in St. Poelten, Austria, the Debtor declared
bankruptcy on March 26 (Bankr. Case No. 14 S 56/07m).


KEYCARD LLC: Claims Registration Period Ends May 2
--------------------------------------------------
Creditors owed money by LLC KeyCard (FN 233449h) have until
May 2 to file written proofs of claim to court-appointed estate
administrator Volker Leitner at:

         Mag. Volker Leitner
         Wiener Strasse 3
         3100 St. Poelten
         Tel: 02742/35 43 55
         Fax: 02742/35 14 35
         E-mail: office@gpls.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on May 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Pressbaum, Austria, the Debtor declared
bankruptcy on March 23 (Bankr. Case No. 14 S 55/07i).


KOSAN LLC: Claims Registration Period Ends May 7
------------------------------------------------
Creditors owed money by LLC Kosan (FN 248661d) have until May 7
to file written proofs of claim to court-appointed estate
administrator Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         c/o Dr. Thomas Engelhart
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 23 (Bankr. Case No. 3 S 46/07w).  Thomas Engelhart
represents Mag. Lampersberger in the bankruptcy proceedings.


METALLTECHNIK TANEV: Claims Registration Period Ends May 8
----------------------------------------------------------
Creditors owed money by LLC Metalltechnik Tanev (FN 255616g)
have until May 8 to file written proofs of claim to court-
appointed estate administrator Erwin Senoner at:

         Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 4060551
         Fax: 4069601
         E-mail: kanzlei@jus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on May 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 22 (Bankr. Case No. 28 S 33/07t).


NEW BANK: Claims Registration Period Ends May 9
-----------------------------------------------
Creditors owed money by New Bank Ltd. have until May 9 to file
written proofs of claim to court-appointed estate administrator
Barbara Pogacar at:

         Mag. Barbara Pogacar
         Bauernmarkt 2
         1010 Vienna
         Austria
         Tel: 532 12 10
         Fax: 532 12 10 20
         E-mail: b.pogacar@bkp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on  May 23 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 22 (Bankr. Case No. 38 S 9/07m).  Marcus A. Wide
represents the Debtor in the bankruptcy proceedings.

The Debtor's representative can be reached at:

         Marcus A. Wide
         PricewaterhouseCoopers
         CIBC Building 600
         1809 Bearington Street
         Halifax
         England


SIMIN LLC: Claims Registration Period Ends May 9
------------------------------------------------
Creditors owed money by LLC Simin (FN 110442s) have until May 9
to file written proofs of claim to court-appointed estate
administrator Georg Freimueller at:

         Dr. Georg Freimueller
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 01/406 05 51
         Fax: 01/406 96 01
         E-mail: kanzlei@jus.at

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

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Bisamberg, Austria, the Debtor declared
bankruptcy on March 23 (Bankr. Case No. 36 S 42/07d).


SUN SHINE: Claims Registration Period Ends May 9
------------------------------------------------
Creditors owed money by LLC Sun Shine Media (FN 268752z) have
until May 9 to file written proofs of claim to court-appointed
estate administrator Martin Honemann at:

         Mag. Martin Honemann
         c/o Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 01/713 61 92
         Fax: 01/713 61 92 22
         E-mail: martin-honemann@kosesnik-langer.at
                 kanzlei@kosesnik-langer.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on May 23 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 Fischamend, Austria, the Debtor declared
bankruptcy on March 26 (Bankr. Case No. 36 S 43/07a).


VIKTORIA LLC: Claims Registration Period Ends May 8
---------------------------------------------------
Creditors owed money by LLC Viktoria (FN 255896v) have until
May 8 to file written proofs of claim to court-appointed estate
administrator Wolfgang Winkler at:

         Mag. Wolfgang Winkler
         Reisnerstrasse 32/12
         1030 Vienna
         Austria
         Tel: 715 504 5
         Fax: 715 504 74
         E-mail: office@anwalt-vienna.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 22 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 22 (Bankr. Case No. 28 S 34/07i).


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


BANK OF CYPRUS: Marfin Popular Proposes Strategic Cooperation
-------------------------------------------------------------
Shareholders of Marfin Popular Bank authorized its board on
April 17 to propose a strategic cooperation to Bank of Cyprus
that would fully integrate Marfin Popular's international
operations with those of Bank of Cyprus, AFX News reports citing
Thomson Financial News as its source.

According to the report, Marfin shareholders agreed that the
proposal would only be presented if the shareholders of Bank of
Cyprus also allow their board to engage on the negotiations.

Marfin added that the issue of Cyprus Bank's cooperation should
be put to another vote by shareholders of both banks, AFX
relates.

Marfin stated that the two bank's combined international
operations outside Cyprus would generate a EUR79.3 million
additional gains for the first year, EUR278 million for the
second year, and EUR361.2 million for the third year.

A full merger would generate an additional gain of EUR142.9
million for the first year, EUR278 million for the second year,
and EUR361.2 million for the third year, Thomson Finance
reports.

                        Proposal Rejected

On the same date, Eleftherios P. Ioannou, chairman of the board
of directors of the Bank of Cyprus Group rejected Marfin
Popular's proposal for a possible partnership with Bank of
Cyprus.

Mr. Ioannou reiterated the Bank of Cyprus Group decision that
any collaboration with Marfin Popular Bank is not in the
interests of its shareholders, customers and employees.

Consequently, the Bank of Cyprus Group does not intend to put at
risk its three-year business plan, which aims to ensure a major
increase in profits and which was received by the international
investment community and the Bank of Cyprus' shareholders.

According to BOC, Marfin Popular Bank's levels of profitability
and its constantly changing strategic direction differ from the
Bank of Cyprus Group's strategy and profit-generation profile.

The Bank of Cyprus Group also pointed out that it follows a
policy of not interfering with the corporate governance
procedures of its competitors.  This policy was applied in the
past in the cases of Laiki Bank and Hellenic Bank.

For this reason, it has not exercised the voting rights of its
subsidiaries' investment holdings at an Extraordinary General
Meeting of Marfin Popular Bank on April 17.

                      About Marfin Popular

Marfin Popular Bank Public Co. Ltd. -- http://www.laiki.com/--  
the new name for Cyprus Popular Bank Public Company Ltd.,
Cyprus' second-largest financial institution.  It offers full
banking and financial services and at the end of 2005, it had
114 branches and 2,416 staff in Cyprus as well as 55 branches in
Greece.

MPB has full banking operations in Cyprus, Greece, the United
Kingdom, Australia, Romania, Serbia, Estonia and Guernsey and
has representative offices in the United States, Canada, South
Africa and Russia.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus (fka Bank of
Cyprus Ltd., (the Bank)) -- http://www.bankofcyprus.com/--  
offers a wide range of financial products and services, which
include banking services in Cyprus, Greece, United Kingdom,
Australia and Channel Islands, finance, leasing, factoring,
brokerage, fund management, general and life insurance services
in Cyprus and Greece, and investment banking services in Cyprus.

                          *     *     *

As reported in the TCR-Europe on Nov. 10, 2006, Moody's
Investors Service changed to positive from stable the outlooks
for the Baa1 foreign currency long-term deposit rating and D+
financial strength rating assigned to Bank of Cyprus Public
Company Ltd.  Also changed to positive from stable, are the
outlooks for BOC's Baa1 foreign currency senior debt and Baa2
foreign currency subordinated debt ratings.  At the same time,
Moody's affirmed the Prime-2 for both foreign currency short-
term deposits and for commercial paper.


MARFIN POPULAR: Offers Strategic Cooperation for Bank of Cyprus
---------------------------------------------------------------
Shareholders of Marfin Popular Bank authorized its board on
April 17 to propose a strategic cooperation to Bank of Cyprus
that would fully integrate Marfin Popular's international
operations with those of Bank of Cyprus, AFX News reports citing
Thomson Financial News as its source.

According to the report, Marfin shareholders agreed that the
proposal would only be presented if the shareholders of Bank of
Cyprus also allow their board to engage on the negotiations.

Marfin added that the issue of Cyprus Bank's cooperation should
be put to another vote by shareholders of both banks, AFX
relates.

Marfin stated that the two bank's combined international
operations outside Cyprus would generate a EUR79.3 million
additional gains for the first year, EUR278 million for the
second year, and EUR361.2 million for the third year.

A full merger would generate an additional gain of EUR142.9
million for the first year, EUR278 million for the second year,
and EUR361.2 million for the third year, Thomson Finance
reports.

                        Proposal Rejected

On the same date, Eleftherios P. Ioannou, chairman of the board
of directors of the Bank of Cyprus Group rejected Marfin
Popular's proposal for a possible partnership with Bank of
Cyprus.

Mr. Ioannou reiterated the Bank of Cyprus Group decision that
any collaboration with Marfin Popular Bank is not in the
interests of its shareholders, customers and employees.

Consequently, the Bank of Cyprus Group does not intend to put at
risk its three-year business plan, which aims to ensure a major
increase in profits and which was received by the international
investment community and the Bank of Cyprus' shareholders.

According to BOC, Marfin Popular Bank's levels of profitability
and its constantly changing strategic direction differ from the
Bank of Cyprus Group's strategy and profit-generation profile.

The Bank of Cyprus Group also pointed out that it follows a
policy of not interfering with the corporate governance
procedures of its competitors.  This policy was applied in the
past in the cases of Laiki Bank and Hellenic Bank.

For this reason, it has not exercised the voting rights of its
subsidiaries' investment holdings at an Extraordinary General
Meeting of Marfin Popular Bank on April 17.

                      About Bank of Cyprus

Headquartered in Nicosia, Cyprus, Bank of Cyprus --
http://www.bankofcyprus.com/-- offers a wide range of financial
products and services, which include banking services in Cyprus,
Greece, United Kingdom, Australia and Channel Islands, finance,
leasing, factoring, brokerage, fund management, general and life
insurance services in Cyprus and Greece, and investment banking
services in Cyprus.

                      About Marfin Popular

Marfin Popular Bank Public Co. Ltd. -- http://www.laiki.com/--  
the new name for Cyprus Popular Bank, Cyprus' second-largest
financial institution.  It offers full banking and financial
services and at the end of 2005, it had 114 branches and 2,416
staff in Cyprus as well as 55 branches in Greece.

MPB has full banking operations in Cyprus, Greece, the United
Kingdom, Australia, Romania, Serbia, Estonia and Guernsey and
has representative offices in the United States, Canada, South
Africa and Russia.

                           *    *    *

As of March 7, Marfin Popular Bank Public Co. Ltd.'s Bank
Financial Strength carries Moody's Investors Service's D+ rating
and Fitch's C Individual Rating.


===========================
C Z E C H   R E P U B L I C
===========================


HRADEC KRALOVE: Regional Court Names Bankruptcy Administrator
-------------------------------------------------------------
The Honorable Judge Pavel Vosecek of the Regional court of
Hradec Kralove has declared Hradec Kralove Ltd. bankrupt and
appointed Karel Kavalir bankruptcy administrator, The Financial
Times reports, citing the Czech News Agency as its source.

                    About Hradec Kralove Ltd.

Headquartered in the Czech Republic, Hradec Kralove Ltd. --
http://www.skl-ustav.cz/-- is a state-owned glass research
institute.


HYUNDAI MOTOR: Building New Automobile Plant in Nosovice
--------------------------------------------------------
Hyundai Motor Manufacturing Czech will hold the launch ceremony
for the construction of its automobile plant in Nosovice on
Wednesday, April 25, The Prague Daily Monitor reports.

According to the report, Hyundai Motor Co. Vice Chairman Kim
Dong-Jin visited the site earlier this month.

The Nosovice plant is expected to begin test production in the
second half of 2008 and mass production in the first quarter of
2009.

The production capacity of the plant, manufacturing two types of
Hyundai cars, will reach 200,000 units/year in 2009 and will be
increased by adding one more type to 300,000 units/year in 2011.

The company is already seeking subcontractors to supply parts
and materials, The Prague Daily Monitor relates.

On March 21, after more than a year and a half of negotiations
and preparatory works, construction of the transmission plant,
the first production unit, was started.

Building permits for the press shop and for the body shop that
have been issued already will come into force followed by
permits for remaining buildings.

                       About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung has been indicted early in May 2006 for fraud
charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.


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


REMY COINTREAU: Group Brand Sales Up by 11.5% in 2007
-----------------------------------------------------
In the twelve months ended March 31, 2007, Remy Cointreau
reported consolidated turnover of EUR785.4 million.  Organic
growth was 3.7%.

Sales of the Group's own brands increased by 6.9%.  This
performance, mainly due to cognac and champagne, reinforces the
relevance of Remy Cointreau's premium strategy.

In the fourth quarter of the 2006/07 financial year, all the
Group's brands achieved growth of 11.5%, particularly cognac,
which recorded its best increase in the year.  All geographic
areas showed growth, with accelerated sales in Asia, the US and
Europe.

                             Cognac

Remy Martin accelerated its growth in the fourth quarter (+30%)
with its premium cognacs demonstrating the strongest increases.
The most buoyant markets were China, the US and Russia.  Remy
Martin thus confirms its commercial dynamism in its strategic
markets.

                       Liqueurs & Spirits

The growth in divisional sales was nominally penalized by
reductions in transfer prices to Maxxium, although this does not
affect profitability.  These results should not mask the good
performance achieved by Cointreau, particularly in the US.
France and Benelux remained good markets for Passoa.  Metaxa, St
Remy and Mount Gay Rum continued to grow in their markets.

                           Champagne

Sales growth of Piper-Heidsieck and Charles Heidsieck, against a
background of sustained price increases and an improvement in
product mix and markets, compensated for the planned decline in
secondary brands.

                        Partner Brands

The cessation of various distribution contracts since the end of
last year - in the US (wines) and in Europe (duty-free in
Germany) - accounted for the overall decline in sales in this
division.  In the US, Scotch whiskies (The Famous Grouse and The
Macallan) and Californian wines continued to grow while the
initial success of Imperia vodka was encouraging.

These results reflect the relevance of the Group's strategy to
focus on the strength of its brands and their move up market.
Remy Cointreau confirms double-digit organic growth in current
profit from operations for the 2006/07 financial year.

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

                          *     *     *

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

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

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

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

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

In December 2006, Standard & Poor's Ratings Services revised its
outlook on France-based spirits and wine group Remy Cointreau
S.A. to negative from stable.  At the same time, Standard &
Poor's affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on the group.


EUROTUNNEL GROUP: Shuttle Arm Posts GBP75 Million Q1 Revenue
------------------------------------------------------------
Eurotunnel Group reports a 10% increase in revenue from its
shuttle services.  For the first quarter of 2007, shuttle
services posted GBP75.8 million in revenue compared with GBP68.8
million in revenue for the same period in 2006

Revenues from the railway companies, which no longer include the
guaranteed payments through the Minimum Usage Charge, were
GBP40.9 million.  These revenues, without the effect of the MUC,
have increased by 6% in the first quarter of 2007.

In the first quarter of 2006, the payments from the MUC were
GBP21 million and their loss brings an automatic drop of 31% in
revenues from the railway operators.

Non-transport revenues remain marginal at GBP1.8 million.

Total revenues for Eurotunnel during the first quarter increased
to GBP118.5 million.  Excluding the effect of the loss of the
MUC, revenues have increased by 9% compared with the GBP109.1
million revenues for the same period in 2006.

             Eurotunnel's Shuttle services traffic

The number of trucks transported on Eurotunnel Shuttles was
349,359, an increase of 11% compared to the 315,566 for first
quarter in 2006.

The number of cars transported has risen by the same proportion
to 409,612 from 370,437 cars in 2006.

                        Railways activity

A total of 1,792,649 people traveled on Eurostar* during the
first quarter of 2007, from 1,698,831 during the same period in
2006, representing an increase of six percent.

Freight trains belonging to the railway operators, which used
the Tunnel during the first quarter of 2007, carried 365,642
tons of goods, a decrease of 7% compared with the 392,699 tons,
in the first quarter in 2006.

"These are very good figures and are particularly encouraging
for the new Groupe Eurotunne.  They underline the unanimous
decision by the Board to formally recommend shareholders to
tender their shares to the Offer before the 15th May," Jacques
Gounon, Eurotunnel's Chairman and CEO disclosed.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2 an order placing the channel operator
under the protection of the Court pursuant to the new safeguard
legislation (Procedure de sauvegarde).  At the end of 2006, the
group's creditors and bondholders approved a plan to decrease
its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, the Court approved Eurotunnel's safeguard plan,
backed by the court-appointed representatives to the company and
to the creditors.


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


B + B- BAU: Claims Registration Period Ends May 30
--------------------------------------------------
Creditors of B + B- Bau GmbH have until May 30 to register their
claims with court-appointed insolvency manager Thorsten
Springstub.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Thorsten Springstub
         Humboldtstrasse 24
         07743 Jena
         Germany

The District Court of Hof opened bankruptcy proceedings against
B + B- Bau GmbH on April 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         B + B- Bau GmbH
         Attn: Horst Bernhardt, Manager
         Hauptstr. 16
         95189 Koeditz
         Germany


BAU GMBH: Claims Registration Ends May 4
----------------------------------------
Creditors of Bau GmbH Balm have until May 4 to register their
claims with court-appointed insolvency manager Uwe Degen-
Gellenbeck.

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

The meeting of creditors will be held at:

         District Court of Stralsund
         Hall A4 21
         Haus A 4. OG
         Frankendamm 17
         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:

         Uwe Degen-Gellenbeck
         Joh.-Sebastian-Bach-Str. 21
         17489 Greifswald
         Germany

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

The Debtor can be reached at:

         Bau GmbH Balm
         Attn: Thomas Labahn, Manager
         Kamphoernstr. 2
         17429 Balm
         Germany


BBW STEUERBERATUNGSGESELLSCHAFT: Claims Registration Ends May 15
----------------------------------------------------------------
Creditors of BBW Steuerberatungsgesellschaft mbH have until
May 15 to register their claims with court-appointed insolvency
manager Holger Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 contacted at:

         Holger Bluemle
         76135 Karlsruhe
         Tel: (0721) 919570
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against BBW Steuerberatungsgesellschaft mbH on April 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BBW Steuerberatungsgesellschaft mbH
         Attn: Horst Winter, Manager
         Hardtwald 7
         76275 Ettlingen
         Germany


BISS COMPUTER: Claims Registration Period Ends May 11
-----------------------------------------------------
Creditors of BISS Computer GmbH have until May 11 to register
their claims with court-appointed insolvency manager Ulrich
Hauter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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 Muehlhausen
         Hall 35
         Untermarkt 17
         Muehlhausen
         Germany

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

The insolvency manager can be contacted at:

         Ulrich Hauter
         Untermarkt 12
         99974 Muehlhausen
         Germany

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

The Debtor can be contacted at:

         BISS Computer GmbH
         Leipziger Str. 7-9 a
         06556 Artern
         Germany


BOSENIUS GMBH: Claims Registration Period Ends May 14
-----------------------------------------------------
Creditors of Bosenius GmbH & Co. KG have until May 14 to
register their claims with court-appointed insolvency manager
Reiner Becher.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Hall 259
         Second Floor
         Heinitzstrasse 42/44
         58097 Hagen
         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:

         Reiner Becher
         Paulinenstr. 12
         58511 Luedenscheid
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Bosenius GmbH & Co. KG on April 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Bosenius GmbH & Co. KG
         Attn: Ulrich Schulz, Manager
         Hembecker Talstr. 23
         58256 Ennepetal
         Germany


CREHAARTIV HAIRSTYLING: Claims Registration Period Ends May 24
--------------------------------------------------------------
Creditors of Crehaartiv Hairstyling Make up Foto GmbH have until
May 24 to register their claims with court-appointed insolvency
manager Petra Mork.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Dr. Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Crehaartiv Hairstyling Make up Foto GmbH on March 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Crehaartiv Hairstyling Make up Foto GmbH
         Viktoriastr. 15
         44135 Dortmund
         Germany

         Attn: Christina Weick, Manager
         Metzerstr. 24
         44137 Dortmund
         Germany


DAIMLERCHRYSLER: 2nd-Round Bids Expected for Chrysler, WSJ Says
---------------------------------------------------------------
As moves for possible sale of DaimlerChrysler AG's Chrysler
Group get clearer, bidders interested in the automaker's U.S.
unit are expected to submit a second round of offers within the
next week or so, Gina Chon of The Wall Street Journal reports,
citing people familiar with the matter.

Afterwards, WSJ relates, DaimlerChrysler will likely narrow it
down to two bidders and then eventually choose one leading
candidate in early May.

Last week, WSJ said DaimlerChrysler executive Ruediger Grube, a
management-board member and head of strategy, was negotiating
with all Chrysler bidders, with the exception of billionaire
Kirk Kerkorian's Tracinda Corp.

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

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

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

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

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

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

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

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Boosts Michigan Economy with US$1.78-Bln Deal
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group will boost the Michigan
economy with an investment of US$1.78 billion, much of it to
start a multi-product "Powertrain Offensive."  The initiative
will consist of:

   * US$730 million for a new plant in Trenton, Mich., to
     produce the "Phoenix" family of V-6 engines;

   * US$700 million in Marysville, Mich., to build a new axle
     plant;

   * US$300 million in the Sterling Heights (Mich.) Assembly
     Plant (SHAP) to expand its paint shop; and

   * US$50 million for retooling of Warren Truck Assembly Plant
     and Warren Stamping Plant for future product.

"This is an important day for the future of the Chrysler Group,
and in particular for the continued competitiveness of our
operations in the State of Michigan," said Chrysler Group
President and CEO Tom LaSorda.  "We have a vision to grow our
business and transform the Chrysler Group into a stronger
company that will be competitive for the long run.  The
investments we are announcing today prove that we are investing
in this vision."

Government officials and community leaders joined Chrysler Group
executives to celebrate the milestone.

The US$1.78 billion Michigan program investment includes product
development costs and is part of the "Recovery and
Transformation Plan" that Mr. LaSorda announced on February 14.
Under the "Recovery and Transformation Plan" umbrella is the
"Powertrain Offensive" -- US$3 billion of investment for
building and retooling existing plants that will produce more
fuel-efficient engines, transmissions and axles and provide
Chrysler Group with a more competitive powertrain portfolio.
The Trenton Phoenix Engine Plant and Marysville Axle Plant are
the first two components of several that make up the "Powertrain
Offensive."

"Michigan is the best place in the country for these investments
to occur and we're proud to have worked hard to make that case
to DaimlerChrysler," said Governor Jennifer M. Granholm.  "When
I met with Dr. Zetsche during my recent investment mission to
Germany, I was emphatic that a strong DaimlerChrysler is
important to Michigan and we stand ready to help them thrive in
our state. DaimlerChrysler's vision for growth and strength
clearly includes Michigan and that's great news for all of us
for Michigan, Michigan workers and Michigan's economy."

   Trenton Phoenix Engine Plant
   ----------------------------
The new Trenton Phoenix Engine Plant, located adjacent to the
Chrysler Group Trenton Engine Plant, is expected to begin
production in 2009.

The Trenton plant will have a competitive labor agreement that
incorporates Smart manufacturing initiatives and flexible CNC-
based machining, volume-bundled parts purchasing, volume-bundled
capital investment and standardized tooling.

Over the long term, the Phoenix family of V-6 engines will
reduce manufacturing complexity by paring the Company's four
current V-6 engine architectures to one.

   Marysville Axle Plant
   ---------------------
The Marysville Axle Plant will be located in the city of
Marysville (St. Clair County).  The US$700 million investment
will include engineering and development for the creation of a
new family of axles that provide better fuel economy.  In
addition, the common axle will allow the Company to consolidate
the number of axles for better economies of scale.

   Sterling Heights Paint Shop
   ---------------------------
The investment at Sterling Heights Assembly Plant will include
retooling that will improve the coatings process in all key
areas of the paint shop including pretreatment, paint mix room
and spray booths.  In addition, the new technology will increase
flexibility and efficiency, which will contribute to improved
quality and reduce costs.

The new paint shop will have the capability to paint any vehicle
in the front-wheel-drive vehicle family, providing future
flexibility for the Corporation.  The paint shop will be
completed in 2009.

   Warren Truck Assembly Plant and Warren Stamping
   -----------------------------------------------
Warren Truck Assembly Plant and Warren Stamping will receive
multiple plant upgrades to improve quality, productivity and
worker ergonomics.  The retooling also will increase flexibility
and prepare it for its role in the Chrysler Group's 20 all-new
vehicle product offensive.

Chrysler Group will provide additional details of its
"Powertrain Offensive" at a later date.  All of these
investments are subject to final approval and incentive
packages.

   Michigan Investments
   --------------------
Since 2003, the Company has invested US$4 billion in its
Southeast Michigan manufacturing operations.  These investments
include:

   Date          Plant Facility                      Amount
   ----          --------------                      ------
   April 2007    Trenton (Mich.) Assembly Plant US$730 million
   April 2007    Marysville, Mich.              US$700 million
   April 2007    Sterling Heights (Mich.)       US$300 million
                 Assembly Plant
   April 2007    Warren Assembly Plant           US$50 million
                 and Warren Stamping
   June 2006     Detroit Axle                    US$60 million
   October 2005  Global Engine Manufacturing    US$803 million
                 Assembly
   May 2005      Trenton (Mich.) Assembly Plant US$300 million
   March 2005    Sterling Heights (Mich.)       US$506 million
                 Assembly/Sterling Heights
                 Stamping Plant
   August 2004   Jefferson North Assembly Plant US$241 million
   2002 - 2004   Warren Truck                   US$315 million

DaimlerChrysler facilities in Southeast Michigan include the
Chelsea Proving Grounds, Conner Avenue Assembly Plant,
DaimlerChrysler Transport, Detroit Axle, Global Engine
Manufacturing Alliance, Jefferson North Assembly Plant, Mack
Engine Plants I and II, Mopar Parts World Headquarters, Mt.
Elliott Tool and Die, National Parts Distribution Centers (3),
Plymouth Road Office Complex, Quality Engineering Center,
Sterling Heights Assembly Plant, Sterling Heights Stamping
Plant, Sterling Heights Vehicle Test Center, Trenton Engine
Plant, Warren Stamping Plant, Warren Truck Assembly Plant and
the General Motors, DaimlerChrysler and BMW Hybrid Development
Center.

                      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.


DHAL BAYERN: Claims Registration Period Ends May 14
---------------------------------------------------
Creditors of DHAL Bayern Vertriebs-GmbH have until May 14 to
register their claims with court-appointed insolvency manager
Michael George.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on June 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Halll 3/I
         Bahnhofstrasse 18
         Wolfratshausen
         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:

         Michael George
         Hans-Urmiller-Ring 11
         82515 Wolfratshausen
         Germany
         Tel: 08171/38730-100
         Fax: 08171/38730-222

The District Court of Wolfratshausen opened bankruptcy
proceedings against DHAL Bayern Vertriebs-GmbH on April 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         DHAL Bayern Vertriebs-GmbH
         Leiten 2
         82547 Eurasburg
         Germany


DUERR AG: Duerr Family Raises Equity Stake to 45%
-------------------------------------------------
The Duerr family increased its position as the largest
shareholder of Duerr AG.  Heinz Duerr GmbH and the foundation
Heinz und Heide Duerr Stiftung, Berlin, now holds 45% of the
capital of Duerr AG.  Previously, they owned 41.8%.

Heinz Duerr GmbH, Berlin, took over the shares which BWK GmbH
Unternehmensbeteiligungsgesellschaft, Stuttgart, held in Duerr
AG (1,001,000 shares) and has resold 500,000 of these shares to
institutional investors.  This has further increased the free
float; according to the method of calculation used by Deutsche
Boerse, the free float has risen from 46.7% to 49.9%.

Further, the pool agreement, which had existed since 2001
between Heinz Duerr GmbH, the foundation Heinz und Heide Duerr
Stiftung, BWK GmbH Unternehmensbeteiligungsgesellschaft and
Sued-Kapitalbeteiligungs-Gesellschaft mbH, has been annulled by
mutual agreement.

Sued-Kapital-beteiligungs-Gesellschaft mbH currently holds 10%
of the capital of Duerr AG and intends to hold an ownership
interest of at least 5% in the future.  Thus, the affiliate of
Landesbank Baden-Wrttemberg (LBBW) underlines its confidence in
the sustained, positive development of Duerr AG.

                         About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                          *     *     *

As of April 10, Duerr AG carries Moody's Long-term Corporate
Family rating of B2, Senior Subordinated Debt rating of Caa1
with Outlook Negative.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


ECHTERHOELTER GMBH: Claims Registration Period Ends May 18
----------------------------------------------------------
Creditors of Echterhoelter GmbH & Co. KG have until May 18 to
register their claims with court-appointed insolvency manager
Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Hall 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be contacted at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen
         Germany

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

The Debtor can be contacted at:

         Echterhoelter GmbH & Co. KG
         Ehlenbrucher Str. 97-100
         32791 Lage
         Germany


GT FASHION: Claims Registration Ends May 14
-------------------------------------------
Creditors of GT FASHION GmbH have until May 14 to register their
claims with court-appointed insolvency manager Jens Olinger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:35 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jens Olinger
         Zuelpicher Str. 117
         52349 Dueren
         Germany

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

The Debtor can be reached at:

         GT FASHION GmbH
         St. Jobserstr. 56
         52146 Wuerselen
         Germany


HALLENBAU BRETNIG: Claims Registration Ends June 14
---------------------------------------------------
Creditors of Hallenbau Bretnig GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Harald Busshardt.

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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Harald Busshardt
         Boltenhagener Platz 9
         01109 Dresden
         Germany
         Web: http://www.schubra.de/

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

The Debtor can be reached at:

         Hallenbau Bretnig GmbH
         GF Volker Mensch
         August-Berthelt-Str. 5
         01900 Grossroehrsdorf
         Germany


HANS PUTZ: Claims Registration Period Ends May 7
------------------------------------------------
Creditors of Hans Putz GmbH & Co. Kueche und Wohnen, KG have
until May 7 to register their claims with court-appointed
insolvency manager Dr. Werner Folger.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on May 24, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 9/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Dr. Werner Folger
         Gute Anger 11
         85356 Freising
         Germany
         Tel: 08161/9881 10

The District Court of Landshut opened bankruptcy proceedings
against Hans Putz GmbH & Co. Kueche und Wohnen, KG on April 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hans Putz GmbH & Co. Kueche und Wohnen, KG
         Industriestr. 2
         84364 Bad Birnbach
         Germany


HEINRICH MANDEWIRTH: Claims Registration Ends May 18
----------------------------------------------------
Creditors of Heinrich Mandewirth Bauunternehmung GmbH have until
May 18 to register their claims with court-appointed insolvency
manager Dr. Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Str. 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Heinrich Mandewirth Bauunternehmung GmbH on March 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Heinrich Mandewirth Bauunternehmung GmbH
         Zievericher Str. 2
         50126 Bergheim
         Germany

         Attn: Hilmar Mandewirth, Manager
         Roemerstr. 17
         50127 Bergheim
         Germany


HUEPPE GMBH: Claims Registration Ends May 12
--------------------------------------------
Creditors of Hueppe GmbH have until May 12 to register their
claims with court-appointed insolvency manager Oliver Spies.

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

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Oliver Spies
         Bahnhofstr. 26-28
         41236 Moenchengladbach
         Germany
         Tel: 02166/2172751
         Fax: +4921662172753

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

The Debtor can be reached at:

         Hueppe GmbH
         Attn: Dieter Hueppe, Manager
         Jettchenweg 55
         41836 Hueckelhoven
         Germany


KAUTZ GMBH: Claims Registration Period Ends May 4
-------------------------------------------------
Creditors of Kautz GmbH have until May 4 to register their
claims with court-appointed insolvency manager Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on May 30, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Hall 3
         Promenade 8
         91522 Ansbach
         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. Stefan Oppermann
         Aussere Sulzbacher
         Str. 118
         90491 Nuremberg
         Germany

The District Court of Ansbach opened bankruptcy proceedings
against Kautz GmbH on April 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Kautz GmbH
         Attn: Johann Kautz, Manager
         Windshofen 38
         91589 Aurach
         Germany


KDF KURIERDIENST: Claims Registration Ends May 8
------------------------------------------------
Creditors of KDF Kurierdienst GmbH have until May 8 to register
their claims with court-appointed insolvency manager Dr. Juergen
Toemp.

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

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1 (Schwanenburg)
         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:

         Dr. Juergen Toemp
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 02151-58130
         Fax: 02151-5813134

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

The Debtor can be reached at:

         KDF Kurierdienst GmbH
         Kastellstrasse 28
         47546 Kalkar
         Germany

         Attn: Ralf Fischer and Ulrike Boers, Managers
         Kleiststrasse 18
         47546 Kalkar
         Germany


KLINIK IM: Claims Registration Ends May 16
------------------------------------------
Creditors of Klinik im Roser-Areal GmbH have until May 16 to
register their claims with court-appointed insolvency manager
Michael Pluta.

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 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:

         Michael Pluta
         Albstr. 14
         70597 Stuttgart
         Germany
         Tel: 0711/76 96880
         Fax: 0711/76 968850

The District Court of Stuttgart opened bankruptcy proceedings
against Klinik im Roser-Areal GmbH on April 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Klinik im Roser-Areal GmbH
         Attn: Herrn Frank J. Neuhaus, Manager
         Stuttgarter Str. 33-35
         70469 Stuttgart
         Germany


RKP PROJEKTMANAGEMENT: Claims Registration Period Ends May 25
-------------------------------------------------------------
Creditors of RKP Projektmanagement GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against RKP Projektmanagement GmbH on March 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         RKP Projektmanagement GmbH
         Eiffestrasse 68
         20537 Hamburg
         Germany

         Attn: Pehluel Kara, Manager
         Hamburger Str. 20
         21481 Buchhorst
         Germany


SIEKERTAL-KLINIK: Claims Registration Period Ends May 31
--------------------------------------------------------
Creditors of Siekertal-Klinik Betriebs- GmbH have until May 31
to register their claims with court-appointed insolvency manager
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

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

The Debtor can be reached at:

         Siekertal-Klinik Betriebs- GmbH
         Attn: Gotthard Brand, Manager
         Schuetzenstr. 9
         32545 Bad Oeynhausen
         Germany


SPECTRUM BRANDS: Shareholders Tender US$347 Million in Swap
-----------------------------------------------------------
Spectrum Brands, Inc. disclosed:

   (i) the expiration, as of Midnight, New York City
       time, on April 13, 2007, of the exchange offer for all of
       the company's outstanding 8-1/2% Senior Subordinated
       Notes due 2013; and

  (ii) the acceptance of the Existing Notes that were validly
       tendered prior to the expiration of the Exchange Offer.

As of Midnight, New York City time, on April 13, 2007, a total
of US$347,127,000 in principal amount of the Existing Notes,
representing 99.18% of the aggregate outstanding principal
amount of Existing Notes were tendered in the Exchange Offer.

Approximately US$2,296,000 in additional principal amount of the
Existing Notes, representing approximately 0.66% of the
aggregate outstanding principal amount of Existing Notes, was
validly tendered in the Exchange Offer following the expiration
of the consent solicitation on March 29.  Holders tendering
after March 29, whose Existing Notes have been accepted by the
company, will promptly receive US$950 in principal amount of
Variable Rate Toggle Senior Subordinated Notes due 2013.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC) -
- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company's European headquarters is located at Sulzbach, Germany.

                          *     *     *

As reported in the Troubled Company Reporter on April 2, 2007,
Moody's Investors Service lowered Spectrum Brands Inc. corporate
family rating to Caa1 from B3.

Moody's also assigned a B2 rating to Spectrum's proposed new
senior secured term loan and a Caa3 rating to its US$350 million
variable rate toggle senior subordinated notes due 2013, which
the company is offering in exchange for the US$350 million 8.5%
senior subordinated notes due 2013.  Moody's also lowered the
rating of the company's US$700 million 7.375% senior
subordinated notes due 2015 and for the original notes to Caa3
from Caa2.

Standard & Poor's Ratings Services assigned its loan and
recovery ratings to Spectrum Brands Inc.'s planned US$1.6
billion senior secured bank financing, which includes a US$1.55
billion first-lien term loan B and a US$50 million first-lien
letter of credit facility both maturing in 2013.  A portion of
the term loan can be denominated in Euros and Canadian dollars.
The facilities are rated 'CCC+' with a recovery rating of '2',
indicating the expectation of substantial recovery of principal
in the event of a payment default.

Standard & Poor's also assigned a 'CCC-' rating to Spectrum
Brands' planned US$350 million variable rate toggle senior
subordinated notes due 2013.


STG TRANSPORT: Claims Registration Period Ends June 6
-----------------------------------------------------
Creditors of STG Transport GmbH have until June 6 to register
their claims with court-appointed insolvency manager Norbert
Kuepper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany

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

The Debtor can be reached at:

         STG Transport GmbH
         Wachtelweg 11
         33335 Guetersloh
         Germany

         Attn: Jochen Schulze, Manager
         Fuchsweg 29
         33335 Guetersloh
         Germany


TENTRUP-PFLANZEN GMBH: Creditors' Meeting Slated for May 11
-----------------------------------------------------------
The court-appointed insolvency manager for Tentrup-Pflanzen
GmbH, Michael C. Frege, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
8:40 a.m. on May 11.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on Aug. 24 at the same venue.

Creditors have until June 30 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Michael C. Frege
         Lennestr. 7
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Tentrup-Pflanzen GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tentrup-Pflanzen GmbH
         Schuetzallee 63 A
         14169 Berlin
         Germany


VERITAS TOURISTIK: Claims Registration Period Ends June 1
---------------------------------------------------------
Creditors of Veritas Touristik GmbH have until June 1 to
register their claims with court-appointed insolvency manager
Steuerberater Jens Hamdorf.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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:

         Steuerberater Jens Hamdorf
         Hallerstr. 76
         20146 Hamburg
         Germany
         Tel: 040-4146380
         Fax: 040-445635

The District Court of Celle opened bankruptcy proceedings
against Veritas Touristik GmbH on March 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Veritas Touristik GmbH
         Attn: Herbert Inselmann, Manager
         Sohlstrasse 13
         29633 Munster
         Germany


VIDEO + INTERAKTIVE: Claims Registration Period Ends May 18
-----------------------------------------------------------
Creditors of Video + Interaktive Medien Produktionsgesellschaft
MbH have until May 18 to register their claims with court-
appointed insolvency manager Jochen Wagner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jochen Wagner
         Rheinstr. 22
         80803 Muenchen
         Germany
         Tel: 309050980
         Fax: 3090509810

The District Court of Muenchen opened bankruptcy proceedings
against Video + Interaktive Medien Produktionsgesellschaft MbH
on March 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Video + Interaktive Medien
         Produktionsgesellschaft MbH
         Attn: Klaus-Werner Schafer, Manager
         Tengstr. 22
         80798 Muenchen
         Germany


W. & S. FONDS: Claims Registration Period Ends May 16
-----------------------------------------------------
Creditors of W. & S. Fonds GmbH have until May 16 to register
their claims with court-appointed insolvency manager Juergen
Holst.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Juergen Holst
         Flughafenstrasse 52b
         22335 Hamburg
         Germany

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

The Debtor can be reached at:

         W. & S. Fonds GmbH
         Segeberger Chaussee 23
         24626 Kleinkummerfeld
         Germany


WERBETECHNIK HEYRATH: Claims Registration Period Ends June 1
------------------------------------------------------------
Creditors of Werbetechnik Heyrath & Erwen GmbH have until June 1
register their claims with court-appointed insolvency manager
Joerg A. Wunderlich.

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

The meeting of creditors will be held at:

         The District Court of Trier
         Hall 63
         Justizstrasse 2,4,6
         54290 Trier
         Germany

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

The insolvency manager can be reached at:

         Joerg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany
         Tel: 0651/146930
         Fax: 0651/1469320

The District Court of Trier opened bankruptcy proceedings
against Werbetechnik Heyrath & Erwen GmbH on April 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Werbetechnik Heyrath & Erwen GmbH
         Attn: Thomas Schneider, Manager
         Bergstrasse 6
         54311 Trierweiler
         Germany


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


ASPIS BANK: Fitch Rates EUR40-Million Tier 1 Notes at BB-
---------------------------------------------------------
Fitch Ratings assigned Greece-based Aspis Bank's EUR15 million
and EUR25 million perpetual non-cumulative callable hybrid
Tier 1 capital notes 'BB-' ratings.

At the same time, the agency has assigned Aspis's EUR50 million
dated subordinated notes a rating of 'BB'.  Aspis uses the issue
proceeds to finance the acquisition of 51% of First Business
Bank, a small Greek shipping bank.

The ratings for the two Tier 1 issues are set two notches below
Aspis's Issuer Default Rating of 'BB+', in line with Fitch's
rating policy for hybrid securities.  The dated subordinated
notes, maturing in 2017, are notched down once from Aspis's IDR
commensurate with the agency's notching policy for senior
subordinated debt for all issuers.  All notes are issued by
Aspis Finance Jersey Ltd. and guaranteed by Aspis.

Both hybrid issues meet Fitch's 'guiding principles' under its
revised methodologies and qualify for equity credit.  These
securities are assigned a Class E equity treatment, giving them
100% equity credit.  This classification recognizes the
securities' subordinated ranking, perpetual nature, non-
cumulative coupons and deferral mechanisms that should provide
financial flexibility in a period of financial distress.  Equity
credit for these instruments and other hybrid securities are
limited to 30% of the total eligible capital as per Fitch's
definition.  Both issues are floating-rate non-cumulative non-
voting preferred securities with an issuer call in 2017, which
is subject to the Bank of Greece's prior consent.  Furthermore
the EUR15 million issue has a 100bp step-up after the first call
date, which, however, does not affect the notching or the equity
credit received.

Under Greek regulation, Tier 1 hybrids are limited to 25% of
Tier 1 capital with a 10% sub-limit for step-up Tier 1 hybrids.
After the issues, Aspis's Tier 1 ratio is - based on end-2006
risk-weighted assets - estimated at 13.1% excluding its FBB
acquisition.  Step-up hybrid Tier 1 capital makes up 7% of total
Tier 1 capital with total hybrid capital accounting for 19%.


YIOULA GLASSWORKS: 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
Yioula Glassworks 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.

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   9% Sr. Unsec. Regular
   Bond/Debenture
   Due 2015                B3       LGD4     63%

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

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

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

Headquartered in Athens, Greece, Yioula Glassworks S.A. produces
a wide variety of glass containers for the food and beverage
industries throughout southeastern Europe and the Ukraine as
well as glass tableware for the Greek and Romanian markets.


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


GUESS? INC: Janney Montgomery Reaffirms "Buy" Rating on Shares
--------------------------------------------------------------
Security brokerage firm Janney Montgomery Scott analysts have
reaffirmed to Newratings.com their "buy" recommendation on
Guess? Inc.'s shares.

According to Newratings.com, Janney Montgomery has set Guess?'s
target price to US$49 per share.

The analysts said in a research note that Guess? keeps on
expanding its portfolio across the world.

The analysts told Newratings.com that Guess? is expected to
continue to generate margin expansion and "top-line" growth
going forward, as Asia and Europe increasingly contribute to the
sales mix.

Guess?'s operation in Europe is "tracking ahead" of the plan,
Newratings.com states, citing Janney Montgomery.

Guess? Inc., -- http://www.guess.com/ -- designs, markets,
distributes and licenses a lifestyle collection of contemporary
apparel, accessories and related consumer products.  The company
owns and operates retail stores in the United States, Canada and
Mexico.  The company also distributes its products through
better department and specialty stores around the world,
including the Philippines, Hungary and the Dominican Republic.

                        *    *    *

Standard & Poor's Ratings Services revised its rating outlook on
Guess? Inc. to positive from stable.  At the same time,
Standard & Poor's affirmed the company's ratings, including its
'BB-' corporate credit rating.


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


SEAT PAGINE: 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 Seat
Pagine Gialle S.p.a.

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

* Issuer: Lighthouse International Company SA

                                             Projected
                           POD      LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   8% Sr. Sec. Regular
   Bond/Debenture
   Due 2014                B2       LGD5     86%

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 Turin, Italy, Seat Pagine Gialle S.p.A. --
http://www.seat.it/-- provides a multimedia platform for
assisting in the development of business contacts between users
and advertisers.


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


GMC LTD: Creditors Must File Claims by May 25
---------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region has declared LLP Gmc Ltd General Manufacturing Company
insolvent.

Creditors have until May 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakshtan


KARLYGASH LLP: Creditors' Claims Due May 18
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Karlygash insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Office 13
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan Region,
         Kazakhstan
         Tel: 8 (3112) 53-84-66


R-MON LLP: Proof of Claim Deadline Slated for May 18
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP R-Mon insolvent on Feb. 26.

Creditors have until May 18 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


SHAHTOSTROITELNOMONTAJNOYE UPRAVLENIYE: Claims Due May 25
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared OJSC Shahtinskoye Mine Construction Mounting
Administration Shahtostroitelnomontajnoye Upravleniye insolvent.

Creditors have until May 25 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Karaganda
         Jambyl Str. 9
         Karaganda
         Kazakshtan


SHART JSC: Claims Registration Ends May 29
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared JSC Insurance Company Shart insolvent.

Creditors have until May 29 to submit written proofs of claim
to:

  JSC Insurance Company Shart
  4-24 Micro District Mamyr-2
  Almaty
  Kazakshtan
  Tel: 8 (3272) 34-39-77
       8 701 772 00-03


SNABOIL LLP: Creditors Must File Claims by May 18
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Snaboil insolvent.

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

         LLP Snaboil
         15-29 Micro District Samal
         Taldykorgan
         Almaty
         Kazakshtan
         Tel: 8 (3282) 25-43-90


SP BURGAN: Creditors' Claims Due May 18
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sp Burgan insolvent.

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

         LLP Sp Burgan
         Zelenaya Str. 40
         Baiserke
         Ilyisky District
         Almaty
         Kazakhstan
         Tel: 8 777 315 19-66


TEMIR-KAGAN CJSC: Proof of Claim Deadline Slated for May 29
-----------------------------------------------------------
CJSC Temir-Kagan has declared insolvency.

Creditors have until May 29 to submit written proofs of claim
to:

         CJSC Temir-Kagan
         Respublika ave. 5/1-61
         Saryarka District
         Astana
         Kazakshtan
         Tel: 8 (3172) 22-11-86


TRISTAN OIL: 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
Tristan Oil Ltd.

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
   ----------              -------  -------  --------
   0.5% Sr. Sec. Regular
   Bond/Debenture
   Due 2012                B2       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%).

Tristan Oil is domiciled in the British Virgin Islands.  The
company is engaged in the exploration and development of oil and
gas fields, as well as in the production testing of oil,
condensate and gas in the Pre Caspian basin of Western
Kazakhstan.


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


AI-TUR & COMPANY: Creditors Must File Claims by June 6
------------------------------------------------------
CJSC Ai-Tur & Company Ltd. has declared insolvency.  Creditors
have until June 6 to submit written proofs of claim to:

         CJSC Ai-Tur & Company Ltd.
         Frunze Str. 429b
         Bishkek, Kyrgyzstan
         Tel: (+996 312) 28-44-33


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


GOLDEN RING: S&P Assigns B Rating on US$150 Million Notes
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
senior unsecured debt rating to the credit-linked notes issue,
of up to US$150 million, by Golden Ring Finance S.A., a
Luxembourg-registered special purpose entity, on behalf of
St. Petersburg-based integrated Russian construction and
development company CJSC SSMO LenSpecSMU.  LSS will guarantee
the notes.

"The rating on the CLN issue mirrors the long-term corporate
credit rating on LSS," said Standard & Poor's credit analyst
Lorenzo Sliusarev.  "We expect LSS to use the proceeds from the
debt issue to primarily fund land purchases, in line with its
growth-oriented investment program, and also partly to refinance
nearing debt maturities."

The ratings on LSS are constrained by:

   -- the company's aggressive growth appetite;

   -- the evolving and fairly complex regulatory environment;

   -- a lack of administrative transparency and predictability
      in Russia; and

   -- the company's limited market diversification and size.

A further constraining factor is the cyclical nature of Russia's
construction and development industry, which is exposed to
fluctuating economic dynamics, and uncertainty regarding
Russia's evolving political, legal, and business climate.

These risks are moderated by robust industry growth in Russia,
combined with:

   -- LSS' vertically integrated, competitive business model;

   -- sizable market position; established operating track
      record; and

   -- management's effectiveness in controlling costs and
      maintaining effective administrative relationships.

A moderate debt burden and adequate liquidity also benefit the
company's credit profile.


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


CLEAR CHANNEL: Amends Merger Deal & Resets Shareholders' Mtg.
-------------------------------------------------------------
Clear Channel Communications Inc. amended its merger agreement
with a private equity group co-led by Bain Capital Partners, LLC
and Thomas H. Lee Partners, L.P., providing for an increase to
US$39.00 per share in the price shareholders will receive in
cash for each share of Clear Channel common stock they hold.

This is an increase from the previous price of US$37.60 per
share in cash.

The increased all-cash merger consideration of US$39.00 per
share represents a premium of approximately 33.3% over the
average closing share price during the 60 trading days ended
October 24, 2006, the day prior to Clear Channel's announcement
of the board of directors' decision to consider strategic
alternatives.

The board of directors of Clear Channel, with the interested
directors recused from the vote, has unanimously approved the
amended merger agreement and recommends that the shareholders
approve the amended merger agreement and the merger.

In conjunction with the increased cash purchase price, Clear
Channel agreed to pay certain fees if the merger does not close
and Clear Channel subsequently consummates a sale of the
company.

                 Rescheduled Shareholders' Meeting

Clear Channel will promptly send updated proxy materials to
shareholders and has rescheduled the Special Meeting of
Shareholders to Tuesday, May 8, 2007, at 9:00 a.m., Central
Daylight Savings Time, to allow shareholders time to consider
the increase in merger consideration.  Shareholders of record as
of March 23, 2007, remain entitled to vote at the Special
Meeting.  Shareholders with questions about the merger or how to
vote their shares should call the Company's proxy solicitor,
Innisfree  M&A Incorporated, toll-free at (877) 456-3427.

                About Thomas H. Lee Partners, L.P.

THL Partners is one of the oldest and most successful private
equity investment firms in the United States.  Since its
founding in 1974, THL Partners has become the preeminent growth
buyout firm, investing approximately US$12 billion of equity
capital in more than 100 businesses with an aggregate purchase
price of more than US$100 billion, completing over 200 add-on
acquisitions for portfolio companies, and generating superior
returns for its investors and partners.  The firm currently
manages approximately US$20 billion of committed capital.
Notable transactions sponsored by the firm include Dunkin
Brands, Nielsen, Michael Foods, Houghton Mifflin Company, Fisher
Scientific, Experian, TransWestern, Snapple Beverage and
ProSiebenSat1 Media.

                  About Bain Capital Partners LLC

Bain Capital -- http://www.baincapital.com/-- is a global
private investment firm that manages several pools of capital
including private equity, high-yield assets, mezzanine capital
and public equity with more than US$40 billion in assets under
management. Since its inception in 1984, Bain Capital has made
private equity investments and add-on acquisitions in over 230
companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys "R" Us, AMC Entertainment, Sensata Technologies, Burlington
Coat Factory and ProSiebenSat1 Media.  Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.

                About Clear Channel Communications

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.
Outside 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: Inks Advertising Pact with Google
------------------------------------------------
Clear Channel Communications Inc.'s affiliate, Clear Channel
Radio, and Google Inc., have agreed to sell a guaranteed portion
of 30-second advertising inventory available up to 675 of Clear
Channel's AM/FM stations.  Specific financial terms are not
being disclosed.

"This is a true win-win," said John Hogan, Chief Executive
Officer of Clear Channel Radio.  "Clear Channel Radio gets
access to an entirely new group of advertisers within a new and
complementary sales channel, and Google adds another option for
its existing customers.  Google has proven its ability to gain
premiums for advertising inventory and that fits perfectly into
our broader strategy of building value for advertisers while
increasing our overall revenue yield.  We're committed to
working with the best-in-class and Google has a real economic
incentive to produce meaningfully higher CPMs."

Under the agreement, Google Audio Ads advertisers will enable
to reach specific audiences, at specific times, in targeted
geographies.  For Clear Channel, the agreement opens up an more
sales channel and provides supplemental revenue by making its
inventory available to other advertisers.

"Clear Channel is the market leader in delivering radio value to
consumers and advertisers and has built an innovative platform
to manage its on-air ad inventory," said Eric Schmidt, Chief
Executive Officer of Google.  "We look forward to working with
Clear Channel Radio by providing a unique set of advertisers and
a system that will increase the effectiveness and measurability
of connecting advertisers with radio listeners."

This agreement complements an existing online advertising
partnership in which Google provides text ads to Clear Channel's
radio-station Web sites through the company's Online Music &
Radio Unit.

                     About Clear Channel Radio

Clear Channel Radio -- http://www.clearchannel.com/-- is a
radio company.  It is a division of Clear Channel Communications
Inc.

                 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.


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


AK TRANSNEFTEPRODUCT: S&P Puts B+ Rating on CreditWatch Positive
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Russian government-owned oil product
pipeline company OJSC AK Transnefteproduct on CreditWatch with
positive implications after the Russian president signed a
decree to contribute TNP to the charter capital of Russian
government-owned oil pipeline company OAO AK Transneft.

"The CreditWatch placement reflects the potential benefits for
TNP of a merger with a stronger entity," said Standard & Poor's
credit analyst Elena Anankina.  "It also reflects likely higher
ongoing and extraordinary government support."

The merger plan is consistent with the Russian government's
policy aimed at strengthening the state's presence in strategic
sectors such as oil and gas.

To date, the ratings on TNP have been based on the company's
stand-alone credit quality, reflecting TNP's position as a
relatively small entity that operates essentially on a
commercial basis and competes with other transportation
providers.  The ratings on Transneft include a two-notch uplift
for extraordinary state support, however, reflecting Transneft's
position as a monopoly crude pipeline operator and the
government's key tool in the country's oil sector. If the merger
with Transneft proceeds as planned, TNP will become a part of a
larger and more politically important government-controlled
entity with much higher negotiating power and better access to
external financing from capital markets and state-controlled
banks.  In addition, the merger might bring TNP extra synergies
in terms of operations and investments.

Although TNP would bring Transneft some diversification and
certain synergies, TNP is small by comparison with Transneft and
is unlikely to have a substantial impact on its financial
metrics and business model.  No debt will be raised to finance
the transaction.  It is not yet clear whether Transneft, in
addition to issuing common stock in exchange for the
government's 100% stake in TNP, will also issue a proportional
amount of preferred stock to private shareholders.  The cash
proceeds are unlikely to be substantial, however.


BARNAULSKIY FACTORY: Asset Sale Slated for May 21
-------------------------------------------------
The insolvency manager and bidding organizer for OJSC
Barnaulskiy Factory Trans-Machine-Instrument will open a public
auction for the company's properties at 2:00 p.m. on May 21 at:

         OJSC Barnaulskiy Factory Trans-Machine-Instrument
         Kalinina Pr. 28, 418
         656037 Barnaul
         Russia

Interested participants have until May 19 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Barnaulskiy Factory Trans-Machine-Instrument
         Settlement Account 40702810600000702231
         OJSC CB Altaykapitalbank
         Barnaul
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Kalinina Pr. 28, 418
         656037 Barnaul
         Russia

The Debtor can be reached at:

         OJSC Barnaulskiy Factory Trans-Machine-Instrument
         Kalinina Pr. 28, 418
         656037 Barnaul
         Russia


CENTRE OF INVESTMENTS: Creditors Must File Claims by May 1
----------------------------------------------------------
Creditors of LLC Centre of Investments in Real Estate Territory
have until May 1 to submit proofs of claim to:

         S. Papenko
         Insolvency Manager
         Post User Box 7
         390029 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-19/2007-S6.

The Court is located at:

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

The Debtor can be reached at:

         LLC Centre of Investments in Real Estate Territory
         Ryazan
         Russia


CREDO-PETERSBURG CJSC: Creditors Must File Claims by May 1
----------------------------------------------------------
Creditors of CJSC Credo-Petersburg have until May 1 to submit
proofs of claim to:

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

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-36913/2006.

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 Credo-Petersburg
         Premise 16
         Vosstaniya 16
         St. Petersburg
         Russia


ELECTROMASH: Nizhniy Novgorod Court Hearing Slated for May 15
-------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene on May 15
to hear the bankruptcy supervision procedure on State Unitary
Enterprise Factory Electromash.  The case is docketed under Case
No. A43-36389/2006-27-1066.

The Temporary Insolvency Manager is:

         V. Kadzharduzov
         Post User Box 22
         Oktyabrskiy Pr. 211
         Lyubertsy
         140000 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         State Unitary Enterprise Factory Electromash
         Fedoseenko Str. 64
         603127 Nizhniy Novgorod
         Russia


FIRST INVESTMENT: Creditors Must File Claims by May 1
-----------------------------------------------------
Creditors of CJSC First Investment Company have until May 1 to
submit proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-80023/06-36-88B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC First Investment Company
         Ferganskaya Str. 11, 3
         Moscow
         Russia


GAMMA TEXTILE: Creditors Must File Claims by May 31
---------------------------------------------------
Creditors of CJSC Gamma Textile (TIN 6908006745) have until
May 31 to submit proofs of claim to:

         T. Matveeva
         Insolvency Manager
         Venetsianova Str. 1
         Udomlya
         171841 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-8642/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         CJSC Gamma Textile
         Krasnaya Str. 1
         V. Volochek
         Tver
         Russia


KRAY-AGRO-SERVICE: Creditors Must File Claims by May 1
------------------------------------------------------
Creditors of CJSC Kray-Agro-Service (TIN 2635034373) have until
May 1 to submit proofs of claim to:

         S. Lyapun
         Temporary Insolvency Manager
         Sotsialisticheskaya Str. 18/3
         Stavropol
         Russia

The Arbitration Court of Stavropol will convene at 3:30 p.m. on
July 24 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A63-1888/07-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol
         Russia

The Debtor can be reached at:

         CJSC Kray-Agro-Service
         50-letiya Oktyabrya Str. 39
         Izobilnyj
         356140 Stavropol
         Russia


MELENKOVSKIY FLAX: Creditors Must File Claims by May 1
------------------------------------------------------
Creditors of CJSC Melenkovskiy Flax Enterprise (TIN 3319005947)
have until May 1 to submit proofs of claim to:

         E. Kupin
         Insolvency Manager
         Building 15
         Nizhegorodskaya Str. 32
         109029 Moscow
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-249/2007-K1-26B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir
         Russia

The Debtor can be reached at:

         CJSC Melenkovskiy Flax Enterprise
         Kommunisticheskaya Str., 1.
         Melenki
         602101 Vladimir
         Russia


MOCHEGAYSKOYE LLC: Orenburg Court Hearing Slated for June 19
------------------------------------------------------------
The Arbitration Court of Orenburg will convene at 10:20 a.m. on
June 19 to hear the bankruptcy supervision procedure on LLC
Mochegayskoye.  The case is docketed under Case No. A47-5916/
2006-14gk.

The Temporary Insolvency Manager is:

         N. Stulkov
         Poymennaya Str. 20
         Solnechnyj
         460051 Orenburg
         Russia

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Mochegayskoye
         Mochegaj
         Asekeevskiy, Orenburg
         Russia


PODOLSKIY MEAT-PACKING: Creditors Must File Claims by May 1
-----------------------------------------------------------
Creditors of OJSC Podolskiy Meat-Packing Factory have until
May 1 to submit proofs of claim to:

         A. Lantsov
         Temporary Insolvency Manager
         Post User Box 58
         121614 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:45 on June 26
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A-41-K2-23467/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Podolskiy Meat-Packing Factory
         Bronnitskoye Shosse 5
         Podolsk
         112100 Moscow
         Russia


ROSNEFT OIL: Unit Wins Fifth Auction for Yukos Oil Assets
---------------------------------------------------------
OAO Rosneft Oil Co., through its Neft-Aktiv unit, won the
auction to acquire the fifth lot of OAO Yukos Oil Co.'s assets,
various reports say.

Rosneft offered RUR1.03 billion to acquire the lot, outbidding
rivals Akkord and MorTransInvest, RIA Novosti reports.  The lot
has a RUR992.31-billion starting price with a RUR9.92-million
bid increment.

Neft-Aktiv was among the bidders who joined in the fourth
auction for Yukos' assets on April 17.  However, the company
dropped out in the race after the bidding passed RUR3 billion,
The Moscow Times reports.  The assets, which include Yukos'
energy stakes in the Tambov and Belgorod Regions, went to Monte-
Valle for RUR3.5 billion instead.

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

Eduard Rebgun, Yukos' bankruptcy receiver, will sell the
company's finance units in tomorrow's auction.  The sixth lot
has a RUR3.2-million starting price and a RUR31,000 bid
increment.

Mr. Rebgun called off the auction for the third lot, which
includes Yukos' Moscow headquarters and R&D units, for lack of
bids.

                        About Yukos Oil

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

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

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

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

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

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

                         About Rosneft

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

                        *     *     *

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

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


RUSSIAN BREAD: Court Names I. Chuvilin as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Penza appointed Mr. I. Chuvilin as
Insolvency Manager for LLC Russian Bread.  He can be reached at:

         I. Chuvilin
         Maresyeva Str. 12
         440011 Penza
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A49-4509/2006-484B.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         LLC Russian Bread
         Komsomolskaya Str. 1
         N.Lomov
         Penza
         Russia


RYAZAN-AGRO-VOD: Creditors Must File Claims by May 1
----------------------------------------------------
Creditors of Subsidiary Joint-Stock Enterprise Mpreo Shilovskoye
OJSC Ryazan-Agro-Vod have until May 1 to submit proofs of claim
to:

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

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-5566/2006-S20.

The Court is located at:

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

The Debtor can be reached at:

         Subsidiary Joint-Stock Enterprise Mpreo Shilovskoye
         OJSC Ryazan-Agro-Vod
         Ryazanskaya Str.
         Shilovo
         391500 Ryazan
         Russia


SSMO LENSPECSMU: S&P Rates US$150 Million Notes at B
----------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term
senior unsecured debt rating to the credit-linked notes issue,
of up to US$150 million, by Golden Ring Finance S.A., a
Luxembourg-registered special purpose entity, on behalf of St.
Petersburg-based integrated Russian construction and development
company CJSC SSMO LenSpecSMU.  LSS will guarantee the notes.

"The rating on the CLN issue mirrors the long-term corporate
credit rating on LSS," said Standard & Poor's credit analyst
Lorenzo Sliusarev.  "We expect LSS to use the proceeds from the
debt issue to primarily fund land purchases, in line with its
growth-oriented investment program, and also partly to refinance
nearing debt maturities."

The ratings on LSS are constrained by the company's aggressive
growth appetite; the evolving and fairly complex regulatory
environment; a lack of administrative transparency and
predictability in Russia; and the company's limited market
diversification and size.  A further constraining factor is the
cyclical nature of Russia's construction and development
industry, which is exposed to fluctuating economic dynamics, and
uncertainty regarding Russia's evolving political, legal, and
business climate.

These risks are moderated by robust industry growth in Russia,
combined with LSS' vertically integrated, competitive business
model; sizable market position; established operating track
record; and management's effectiveness in controlling costs and
maintaining effective administrative relationships.  A moderate
debt burden and adequate liquidity also benefit the company's
credit profile.


STROY-AVTO-SERVICE: Orel Bankruptcy Hearing Slated for July 25
--------------------------------------------------------------
The Arbitration Court of Orel will convene at 2:30 p.m. on
July 25 to hear the bankruptcy supervision procedure on CJSC
Stroy-Avto-Service.  The case is docketed under Case No. A48-
638/
07-16B.

The Temporary Insolvency Manager is:

         V. Stavtsev
         Office 32
         Gorkogo Str. 45
         302004 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Stroy-Avto-Service
         Bazovaya Str. 6
         302020 Orel
         Russia


VOLGA: Creditors Must File Claims by May 31
-------------------------------------------
Creditors of Agricultural Company Volga have until May 31 to
submit proofs of claim to:

         T. Sivov
         Insolvency Manager
         Office 203
         Elektrozavodskaya Str. 7
         600009 Vladimir
         Russia

The Arbitration Court of Tver commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A66-6988/2006.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         Agricultural Company Volga
         Molodoy Tud
         Olechinskiy, Tver
         Russia


VTORMET OJSC: Creditors Must File Claims by May 1
-------------------------------------------------
Creditors of OJSC Vtormet have until May 1 to submit proofs of
claim to:

         P. Naumenko
         Insolvency Manager
         Karla Marksa Str. 104
         305014 Kursk
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-27385/2006-sg4-49.

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 Vtormet
         Frezernaya Str. 9
         Kazan
         420054 Tatarstan
         Russia


YUKOS OIL: Monte-Valle Wins Energy Assets for RUR3.5 Billion
------------------------------------------------------------
Monte-Valle, founded by an unnamed U.S. citizen, snatched up OAO
Yukos Oil Co.'s stakes in various energy companies at an auction
to sell the bankrupt firm's assets on April 17, published
reports say.

The auction winner offered RUR3.5 billion or US$138 million for
the assets, which included Yukos' stakes in:

    -- ZAO Energy Service Co. (100%),
    -- ESKOM- EnergoTrade (100%),
    -- Belgorodenergo (25.73%),
    -- Tambovenergo (25.15%),
    -- Tambov Energy Sales Company (25.15%),
    -- Tambov Trunk Grid Company (25.15%),
    -- Belgorod Trunk Grid Company (25%),
    -- Belgorod Sales Company (25%),
    -- Corporate Service Systems (25%), and
    -- Territorial Generation Company No. 4 (3.18%).

The assets, which were grouped in one lot, were sold in the
fourth round of Yukos auctions after a third one was called off
due to a lack of bids.

Other bidders who joined in the auction were Financial Agency,
Versar and Rosneft-linked Neft-Aktiv.  The lot carried a RUR2.6
billion starting price, with a RUR26.3 million minimal bid
increment.

According to The Moscow Times, although Monte-Valle paid the lot
35 percent higher than its starting price, the amount is still
below the assets' market value.

The Prime-Tass news agency reports that Monte-Valle was
registered in Moscow and opened in August 2003 by U.S. citizen
Steven Patrick Lynch.

                     Other Auction Winners

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

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

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

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

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

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

                        About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Rosneft Unit Wins Assets in Fifth Auction
----------------------------------------------------
OAO Rosneft Oil Co., through its Neft-Aktiv unit, won the
auction to acquire the fifth lot of OAO Yukos Oil Co.'s assets,
various reports say.

Rosneft offered RUR1.03 billion to acquire the lot, outbidding
rivals Akkord and MorTransInvest, RIA Novosti reports.  The lot
has a RUR992.31-billion starting price with a RUR9.92-million
bid increment.

Neft-Aktiv was among the bidders who joined in the fourth
auction for Yukos' assets on April 17.  However, the company
dropped out in the race after the bidding passed RUR3 billion,
The Moscow Times reports.  The assets, which include Yukos'
energy stakes in the Tambov and Belgorod Regions, went to Monte-
Valle for RUR3.5 billion instead.

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

Eduard Rebgun, Yukos' bankruptcy receiver, will sell the
company's finance units in tomorrow's auction.  The sixth lot
has a RUR3.2-million starting price and a RUR31,000 bid
increment.

Mr. Rebgun called off the auction for the third lot, which
includes Yukos' Moscow headquarters and R&D units, for lack of
bids.

                         About Rosneft

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

                        About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Auctioneer to Sell Servicing Assets on May 16
--------------------------------------------------------
The Russian Federal Property Fund will sell certain servicing
assets of bankrupt OAO Yukos Oil Company in one lot at an
auction on May 16, RosBusinessConsulting reports.

According to AK&M, the lot includes Yukos' stakes in:

   -- Neftepromstroiservice
   -- Alnas Tsunar
   -- Alias Electron
   -- Aliasmash
   -- Alnasmashservice
   -- Alnas RD
   -- Business Resource
   -- Contol Service
   -- Property-Service-SKK
   -- Sibintek Leasing
   -- Siberian Internet-Company

The entire lot carries a RUR1.6 billion starting price, with a
bid increment of RUR16.6 million or US$646,000.  An advance
payment of RUR333.8 million or US$12.9 million is required to
participate in the bid.  The bidding period is from April 16 to
May 14.

                        About Yukos Oil

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

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

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

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

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

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


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


ARVINMERITOR: T. Kindem to Head CVA's N. America Sales Division
---------------------------------------------------------------
ArvinMeritor Inc. has appointed Todd Kindem as director of
Commercial Vehicle Aftermarket's Sales and Marketing-North
America.

Mr. Kindem is responsible for leading ArvinMeritor's Aftermarket
North American sales and marketing teams including the strategic
sales growth.  His responsibilities will include the business'
increased efforts in supplying a larger portfolio of
remanufactured components.

"Todd's extensive background and track record in the
aftermarket, combined with his market and customer knowledge,
will be a real plus for our growing business here in North
America," said Joe Mejaly, vice president and general manager of
CVA.

Prior to joining ArvinMeritor, Mr. Kindem was most recently the
director Global Sales, Heavy Vehicle with Dana Corp.'s Heavy
Vehicle Technologies and Systems Service business unit.  He has
held a variety of management positions at Eaton Corp. and Dana
Corp., with increasing levels of responsibility for the
companies' aftermarket businesses.  Mr. Kindem also worked in
management roles for Horton Industries and Phillips Temro
Division of The Budd Co.

Mr. Kindem will be located in CVA's Florence, Ky., Parts
Distribution Center and executive offices.

ArvinMeritor's Commercial Vehicle Aftermarket group offers
replacement parts for the company's braking systems, drive
axles, trailer axles and suspension products in North America
and in Europe.  Distributed under the Meritor and Euclid brands,
ArvinMeritor's aftermarket parts are precision engineered to
original equipment specifications and carry the industry's best
aftermarket warranty.

                    About ArvinMeritor Inc.

Headquartered in Troy, Michigan, ArvinMeritor, Inc. (NYSE: ARM)
-- http://www.arvinmeritor.com/-- is a premier US$8.8
billion global supplier of a broad range of integrated systems,
modules and components to the motor vehicle industry.  The
company serves light vehicle, commercial truck, trailer and
specialty original equipment manufacturers and certain
aftermarkets.  ArvinMeritor employs approximately 29,000 people
at more than 120 manufacturing facilities in 25 countries.
These countries are: China, India, Japan, Singapore, Thailand,
Australia, Venezuela, Brazil, Argentina, Belgium, Czech
Republic, France, Germany, Hungary, Italy, Netherlands, Spain,
Sweden, Switzerland, United Kingdom, among others.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.

                           *     *     *

As reported in the Troubled Company Reporter on Feb. 12,
Dominion Bond Rating Service assigned a rating of BB (low) to
the US$175 million Convertible Senior Unsecured Notes of
ArvinMeritor Inc.  The trend is Stable.

In a TCR-Europe on Feb. 6, Moody's Investors Service has
downgraded ArvinMeritor's Corporate Family Rating to Ba3 from
Ba2.  Ratings on the company's secured bank obligations and
unsecured notes were lowered one notch as a result.

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

    -- Senior Secured bank debt to Ba1, LGD-2, 20% from Baa3,
       LGD-2, 18%

    -- Senior Unsecured notes to B1, LGD-4, 65% from Ba3,
       LGD-4, 64%

    -- Probability of Default to Ba3 from Ba2

    -- Shelf unsecured notes to (P)B1, LGD-4, 65% from (P)Ba3,
       LGD-4, 64%

Arvin Capital I

    -- Trust Preferred to B2, LGD-6, 96% from B1, LGD-6, 96%

Arvin International PLC

    -- Unsecured notes guaranteed by ArvinMeritor Inc. to B1,
       LGD-4, 65% from Ba3, LGD-4, 64%

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


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


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

         JSC Intactus Treuhand
         Liquidator
         Baarerstrasse 71
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC Altus
         Zug
         Switzerland


CASEXPACK JSC: Bern Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Bern entered March 26 an order closing
the bankruptcy proceedings of JSC Casexpack.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Burgdorf
         3400 Burgdorf BE
         Switzerland

The Debtor can be reached at:

         JSC Casexpack
         Buchmattstrasse 100
         3400 Burgdorf BE
         Switzerland


CERAGEM VITA: Creditors' Liquidation Claims Due May 3
-----------------------------------------------------
Creditors of LLC Ceragem Vita sana have until May 3 to submit
their claims to:

         Arnold Odermatt
         Liquidator
         Betzenbergstrasse 5 A
         9402 Morschwil
         Rorschach SG
         Switzerland

The Debtor can be reached at:

         LLC Ceragem Vita sana
         Chur
         Plessur GR
         Switzerland


COMMUNIWORTH LLC: Creditors' Liquidation Claims Due May 3
---------------------------------------------------------
Creditors of LLC Communiworth have until May 3 to submit their
claims to:

         Islisbergstrasse 1
         8905 Arni
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Communiworth
         Arni
         Bremgarten AG
         Switzerland


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

         JSC Intactus Treuhand
         Liquidator
         Baarerstrasse 71
         6302 Zug
         Switzerland

The Debtor can be reached at:

         JSC Credo
         Zug
         Switzerland


DENNER SATELLIT: St. Gallen Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of St. Gallen entered March 21 an order
closing the bankruptcy proceedings of JSC Denner Satellit.

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

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

The Debtor can be reached at:

         JSC Denner Satellit
         Oberdorfstrasse 19
         8887 Mels
         Sarganserland SG
         Switzerland


DURR COM. SOFT: Creditors' Liquidation Claims Due May 3
-------------------------------------------------------
Creditors of LLC Durr com.soft Schweiz have until May 3 to
submit their claims to:

         Bruno Muller
         Liquidator
         Riedstrasse 9c
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         LLC Durr com.soft Schweiz
         Freienbach SZ
         Switzerland


H + B TRADING LLC: Creditors' Liquidation Claims Due May 3
----------------------------------------------------------
Creditors of LLC H + B Trading have until May 3 to submit their
claims to:

         Rene Herrmann
         Liquidator
         Rustelweg 6
         5073 Gipf-Oberfrick
         Laufenburg AG
         Switzerland

The Debtor can be reached at:

         LLC H + B Trading
         Frick
         Laufenburg AG
         Switzerland


PETROPLUS HOLDINGS: S&P Assigns BB Rating with Stable Outlook
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
corporate credit rating to Switzerland-based crude oil refiner
Petroplus Holdings AG, one of Europe's largest independent crude
oil refiners.  The outlook is stable.

At the same time, the proposed US$1.2 billion senior unsecured
high-yield notes to be issued by Petroplus Finance Ltd. and
guaranteed by Petroplus Holdings AG were assigned a 'BB-'
rating, one notch lower than Petroplus' corporate credit rating,
reflecting the high US$0.7 billion level of secured inventory
working capital facilities.

"The rating factors in the group's acquisitive growth strategy,
its exposure to the cyclical and highly competitive northwest
European refining environment, and its average cost structure
and profitability," said Standard & Poor's credit analyst Karl
Nietvelt.  These weaknesses are offset by:

   -- Adequate asset diversity through five refineries in U.K.,
      Germany, Belgium, and Switzerland

   -- Favorable near-term refining outlook

   -- Experienced management team and

   -- Satisfactory balance sheet structure

The stable outlook factors in S&P's expectation of a favorable
refining environment in the near term and management's
commitment to maintain debt leverage in the order of 40%.
Under current favorable refining margin conditions, this should
result in funds from operations-to-debt ratios in the order of
40%, which could drop to roughly 25% when using Standard &
Poor's 2001-2005 margin assumptions.

After the 242 thousand barrel per day Coryton refinery
acquisition--finalization expected before the end of June 2007--
Petroplus' total capacity will be 625 kbpd, more than three-fold
its capacity at the start of 2006.  On the assumption that
US$0.5 billion of the Coryton acquisition will be funded through
equity, and thanks to a debt-free position at Jan. 31,
Petroplus' year-end net debt is forecast to remain at a
comfortable level of US$1.1 billion-US$1.3 billion.


RAIL4YOU.CH: Aargau Court Closes Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Service of Aargau entered March 19 an order
closing the bankruptcy proceedings of LLC Rail4you.ch.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Rail4you.ch
         Zelglistrasse 41
         5442 Fislisbach
         Baden AG
         Switzerland


SUTTER IMMOBILIEN: Aargau Court Closes Bankruptcy Proceedings
-------------------------------------------------------------
The Bankruptcy Service of Aargau entered March 23 an order
closing the bankruptcy proceedings of JSC Sutter Immobilien.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC Sutter Immobilien
         Hauptstrasse 36
         4322 Mumpf
         Rheinfelden AG
         Switzerland


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


TURKCELL ILETISIM: Moody's Assigns Loss-Given-Default Rating
------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba2 Corporate Family Rating for
Turkcell Iletisim Hizmetleri A.S.

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

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

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

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

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

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/-- provides high-quality
mobile voice and data services through its own GSM network, with
30.8 million subscribers as of September 2006.  The company also
operates in the Ukraine through its indirect subsidiary Astelit,
in Azerbaijan, Kazakhstan, Georgia and Moldova through its
associate Fintur, and in Northern Cyprus through its wholly
owned subsidiary Kibris Telekom.


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


AMBER LLC: Claims Registration Deadline Set April 28
----------------------------------------------------
Creditors of LLC Amber have until April 28 to submit written
proofs of claim to:

         Oleg Shestopalov
         Liquidator
         Gavrilov Str. 5
         69118 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as Case No. 19/37/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Amber
         Bazovaya Str. 9a
         69600 Zaporozhje
         Ukraine


ANDROMEDA LLC: Claims Registration Deadline Set April 28
--------------------------------------------------------
Creditors of LLC Andromeda (code EDRPOU 20474800) have until
April 28 to submit written proofs of claim to:

         S. Bagmet
         Liquidator
         P.O. Box 1064
         69140 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as Case No. 25/23.

The Court is located at:

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

The Debtor can be reached at:

         LLC Firm Andromeda
         Lobanovsky Str. 10/5
         69006 Zaporozhje
         Ukraine


BUZNITSKY AGRICULTURAL: Claims Filing Bar Date Set April 29
-----------------------------------------------------------
Creditors of CJSC Buznitsky Agricultural and Industrial
Association (code EDRPOU 30830746) have until April 29 to submit
written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 321/11b-06

The Debtor can be reached at:

         CJSC Buznitsky Agricultural and Industrial Association
         Chkalov Str. 38
         Mironovka
         08800 Kiev
         Ukraine


KRYSKI ALCOHOL: Creditors Must File Claims by April 29
------------------------------------------------------
Creditors of State Enterprise Kryski Alcohol Plant (code EDRPOU
00375378) have until April 29 to submit written proofs of claim
to:

         Svetlana Riazanova
         Temporary Insolvency Manager
         Belov Str. 18/77
         14032 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy supervision
procedure against the company on March 29.  The case is docketed
under Case No. 9/61b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         State Enterprise Kryski Alcohol Plant
         Lenin Str. 1
         Kryski
         Koropsky District
         16213 Chernigov
         Ukraine


MICRODEVICE OJSC: Creditors Must File Claims by April 29
--------------------------------------------------------
Creditors of OJSC Microdevice (code EDRPOU 23887224) have until
April 29 to submit written proofs of claim to:

         Sergey Lipsky
         Temporary Insolvency Manager
         Kiev Str. 38/2
         79013 Lvov
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 6/17-29/34.

The Court is located at:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         OJSC Microdevice
         Nischynsky Str. 35
         Lvov
         Ukraine


SHEPROS LLC: Claims Registration Bar Date Set April 29
------------------------------------------------------
Creditors of LLC Shepros have until April 29 to submit written
proofs of claim to:

         I. Gusar
         Liquidator
         P.O. Box 29
         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. 24/614B.

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 Shepros
         Magnitogorskaya Str. 1-A
         Kiev
         Ukraine


SPECIAL TRADE: Claims Registration Deadline Set April 29
--------------------------------------------------------
Creditors of LLC Special Trade Project (code EDRPOU 32800671)
have until April 29 to submit written proofs of claim to:

         Yaroslav Onushkanich
         Liquidator
         Striyskaya Str. 71b, ap. 3
         79031 Lvov
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 6/31-8/11.

The Court is located at:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Special Trade Project
         Ayvazovsky Str. 12/68
         79000 Lvov
         Ukraine


X-STUDIO LLC: Claims Registration Bar Date Set April 29
-------------------------------------------------------
Creditors of LLC X-Studio (code EDRPOU 32917184) have until
April 29 to submit written proofs of claim to:

         LLC Duet-S
         Liquidator
         Moscow Str. 7
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 24/154B.

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 X-Studio
         Kiev-Sviatoshyn District
         Moscow Str. 7
         08132 Kiev
         Ukraine


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


AMERICAN GREETINGS: Starts US$100-Mln Share Repurchase Program
--------------------------------------------------------------
The Board of Directors of American Greetings Corp. authorized a
new US$100 million share repurchase program as well as a 25%
increase in its quarterly cash dividend from 8 cents per share
to 10 cents per share.

The share repurchases will be made through a 10b5-1 program in
open market or privately negotiated transactions in compliance
with the SEC's Rule 10b-18, subject to market conditions,
applicable legal requirements and other factors.

The increased dividend will be paid on May 14, 2007, to
shareholders of record at the close of business on May 2, 2007.

                    About American Greetings

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

                          *     *     *

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

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

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

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

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

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


AMERICAN GREETINGS: Cuts 2007 Net Profit by Half to US$42 Mil.
--------------------------------------------------------------
American Greetings Corp. posted US$42.4 million in net profit on
US$1.7 billion in net sales for the full year ended Feb. 28,
2007, compared with US$84.4 million in net profit on US$1.9
million in net sales for the year ended Feb. 28, 2006.

The company posted US$12.2 million in net losses on
US$472.8 million in net sales for the fourth quarter ended
Feb. 28, 2007, compared with US$41.8 million in net profit on
US$507.4 million in net sales for the fourth quarter ended
Feb. 28, 2006.

"I am pleased that we continued to execute against our goal of
improving the return on capital employed and generating strong
cash flow," Zev Weiss, Chief Executive Officer, said.  "We
generated cash flow from operating activities less capital
expenditures of US$225 million, well above our initial estimates
and even beyond our December guidance."

                Outlook for Fiscal Year 2007-2008

"For fiscal year 2008, we are projecting earnings per share
between US$1.35 and US$1.55," Mr. Weiss said.  "I am looking
forward to improved earnings as a large portion of the
investments in our strategic card initiative is now behind us.
In addition, we are able to continue returning capital to our
shareholders by repurchasing shares and increasing the
dividend."

As of Feb. 28, 2007, American Greetings had US$1.7 billion in
total assets, US$736 million in total liabilities and
US$1 billion in total shareholders' equity.

                    About American Greetings

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

                          *     *     *

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

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

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

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

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

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


APMS TRAINING: Joint Liquidators Take Over Operations
-----------------------------------------------------
Graham Stuart Wolloff and Richard John Elwell of Elwell Watchorn
& Saxton LLP were appointed joint liquidators of APMS Training
Ltd. on April 5 for the creditors' voluntary winding-up
procedure.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

The company can be reached at:

         APMS Training Ltd.
         Broadway Business Park
         Broadway
         Yaxley
         Peterborough
         Cambridgeshire
         PE7 3EN
         England
         Tel: 01733 244 590


BARRY HAWKINS: Creditors' Meeting Slated for April 24
-----------------------------------------------------
Creditors of Barry Hawkins Narrowboats Ltd. will meet at
11:00 a.m. on April 24 at the office of:

         Irwin & Company
         Station House
         Midland Drive
         Sutton Coldfield
         West Midlands
         B72 1TU
         England

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

Gerald Irwin of Irwin & Company will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


CAMTAG LTD: Brings In Liquidators from Vantis Plc
-------------------------------------------------
P. Atkinson and G. Mummery of Vantis Business Recovery Services
were appointed joint liquidators of Camtag Ltd. on April 5 for
the creditors' voluntary winding-up procedure.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Camtag Ltd.
         Shoreline House 11-17
         Fowler Road
         Hainault Business Park
         Ilford
         Essex
         IG6 3UJ
         England
         Tel: 020 8500 4116


EMI GROUP: Expects 15 Percent Decline in EMI Music Revenue
----------------------------------------------------------
EMI Group Plc provided trading update for the financial year
ended March 31, 2007, ahead of the announcement of its
preliminary results on May 23.

The company said that, EMI Music's revenue for the year ended
March 31, 2007, is expected to have declined by 15% at constant
currency, in line with its announcement on Feb. 14.  Digital
revenue in the division is expected to have increased by 59% and
will represent around 10% of revenue.

EMI Music Publishing's revenue is expected to be broadly flat at
constant currency, with digital revenue increasing by 28% and
representing approximately 8% of total sales.

The company anticipated underlying Group EBITDA before
exceptional items of around GBP174 million.

The operating margin for EMI Music is expected to decline in the
year to March 31, 2007, as indicated in February, primarily as a
result of the negative flow through on the sales decline and
higher than expected returns in the post Christmas period.
Music Publishing's operating margin has continued to improve as
a result of reductions in that division's cost base.

EMI has made progress with its cost saving programs. With
respect to the GBP110 million restructuring program announced on
Jan. 12, EMI confirms that it has already executed the vast
majority of the actions envisaged in the plan.

As a result, the Company now expects at least GBP70 million of
the savings will be achieved by March 31, 2008, with the
remainder being reflected in the results for the year ending
March 31, 2009.

EMI also announces that the cash cost of this program will now
be no more than GBP125 million rather than the GBP150 million it
previously announced.

The implementation of the program designed to reduce costs by
GBP30 million, is complete.  Of the GBP30 million, EMI has
delivered savings for the year to March 31, 2007, of GBP17
million and the remaining GBP13 million will be achieved by
March 31, 2008.

Net debt at March 31, 2007, is expected to be around GBP910
million.  On Jan. 12, EMI said it had secured bank commitments
to finance the costs of restructuring and the acquisition of
Toshiba's 45% interest in TOEMI.  The Group has completed a full
refinancing of its revolving credit facilities to allow for
these payments.

As part of its objective to optimize its balance sheet, the
Group has been examining a potential securitization of its Music
Publishing assets, which EMI hopes to complete by the end of
this financial year.  The Company appointed Deutsche Bank and
the Royal Bank of Scotland as Lead Arrangers of the potential
securitization.

In view of the Company's funding requirements, the Board has
decided to suspend dividend payments until the benefits of the
restructuring process have been fully realized.  The Board will
keep the situation under review.

"Our industry is changing at an unprecedented pace and we are
committed to accelerating the transformation of our business to
realize the opportunities before us.  We have launched a number
of significant digital initiatives - most recently the
introduction of DRM-free superior sound quality downloads across
our entire digital repertoire - which reflect our optimism about
the digital environment.  Such initiatives, coupled with tough
management actions, position the Group to make good progress in
the future," Eric Nicoli, EMI Group CEO disclosed.

                          About EMI

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

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

                        *     *     *

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

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


ETS RESOURCES: Names Roderick Julian Jones Liquidator
-----------------------------------------------------
Roderick Julian Jones of Jackson Gregory & Co. was appointed
liquidator of ETS (Resources) Ltd. on April 3 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         ETS (Resources) Ltd.
         Suite 3a Anson Court
         Horninglow Street
         Burton on Trent
         Staffordshire
         DE14 1NG
         England
         Tel: 01283 515 511
         Fax: 01283 512 775


FANTASY PUBLICATIONS: Calls In Liquidators from Vantis
-------------------------------------------------------
Simon Elliott Glyn and Jonathan Mark Birch of Vantis Group Ltd.
were appointed joint liquidators of Fantasy Publications Ltd.
(formerly Portland Publishing Ltd.) on April 4 for the
creditors' voluntary winding-up proceeding.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Fantasy Publications Ltd.
         Northern and Shell Tower
         4 Selsdon Way
         Tower Hamlets
         London
         E14 9GL
         England
         Tel: 020 7308 5093
         Fax: 020 7538 2584


FLYGHT TRAVEL: Hires Eric John Stonham as Liquidator
----------------------------------------------------
Eric John Stonham of Stonham.Co was appointed liquidator of
Flyght Travel Ltd. on April 4 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Flyght Travel Ltd.
         3a Spur Road
         Cosham
         Portsmouth
         Hampshire
         PO6 3DY
         England
         Tel: 023 9232 7703
         Fax: 023 9238 2900


FOCUSBROOK LTD: Appoints Liquidator from Barringtons Ltd.
---------------------------------------------------------
Philip Barrington Wood of Barringtons Ltd. was appointed
liquidator of Focusbrook Ltd. on April 3 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Focusbrook Ltd.
         Ellgreave Street
         Stoke on Trent
         Staffordshire
         ST6 4DQ
         England
         Tel: 01782 839 989
         Fax: 01782 839 956


GEORGE MALLINSON: Claims Filing Period Ends July 5
--------------------------------------------------
Creditors of George Mallinson & Sons Ltd. have until July 5 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Gerald Maurice Krasner
         Liquidator
         Bartfields (U.K.) Ltd.
         Burley House
         12 Clarendon Road
         Leeds
         LS2 9NF
         England

Gerald Maurice Krasner of Bartfields (U.K.) Ltd. was appointed
liquidator of the company on April 5.


GRAPHIC ARTS: J. M. Titley Leads Liquidation Procedure
------------------------------------------------------
J. M. Titley of DTE Leonard Curtis was appointed liquidator of
Graphic Arts Finance Ltd. on April 11 for the creditors'
voluntary winding-up proceeding.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Graphic Arts Finance Ltd.
         Sinclair House
         11 Station Road
         Cheadle Hulme
         Cheadle
         Cheshire
         SK8 5AF
         Tel: 0161 488 4883
         Fax: 0161 488 4100


KITE SECURITY: Taps Liquidators from Tenon Recovery
---------------------------------------------------
Steven John Parker and Trevor John Binyon of Tenon Recovery were
appointed joint liquidators of Kite Security Management Ltd. on
April 10 for the creditors' voluntary winding-up procedure.

Tenon Recovery -- http://www.tenongroup.com/-- provides
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Kite Security Management Ltd.
         High Street
         Whitchurch
         Aylesbury
         Buckinghamshire
         HP22 4JU
         England
         Tel: 01296 640 840


MANOR BUILDERS: Claims Filing Period Ends May 18
------------------------------------------------
Creditors of Manor Builders (Yeovil) Ltd. (formerly Studley
Manor Ltd.) have until May 18 to send their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         I. E. Walker
         Liquidator
         Begbies Traynor
         Balliol House
         Southernhay Gardens
         Exeter
         EX1 1NP
         England

I. E. Walker of Begbies Traynor was appointed liquidator of the
company on April 5.

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


MOTT CENTRE: Claims Filing Period Ends June 8
---------------------------------------------
Creditors of The Mott Centre Ltd. have until June 8 to prove
their debts or claims and send in their full names, the
addresses of their solicitors (if any) to:

         Helen Timothe Phillips
         Liquidator
         Phillips & Co.
         21-23 Station Road
         Gerrards Cross
         Buckinghamshire
         SL9 8ES
         England

Helen Timothe Phillips of Phillips & Co. was appointed
liquidator of the company on April 10 by resolutions of members
and creditors.


NORTEL NETWORKS: Unit's Board Declares Preferred Share Dividends
----------------------------------------------------------------
Nortel Networks Limited's board of directors has declared a
dividend on each of the outstanding Cumulative Redeemable Class
A Preferred Shares Series 5 and the outstanding Non-cumulative
Redeemable Class A Preferred Shares Series 7.

The dividend amount for each series is calculated in accordance
with the terms and conditions applicable to each respective
series, as set out in the Company's articles.  The annual
dividend rate for each series floats in relation to changes in
the average of the prime rate of Royal Bank of Canada and The
Toronto-Dominion Bank during the preceding month and is adjusted
upwards or downwards on a monthly basis by an adjustment factor
which is based on the weighted average daily trading price of
each of the series for the preceding month, respectively.

The maximum monthly adjustment for changes in the weighted
average daily trading price of each of the series will be plus
or minus 4.0% of Prime.  The annual floating dividend rate
applicable for a month will in no event be less than 50% of
Prime or greater than Prime.  The dividend on each series is
payable on June 12 to shareholders of record of such series at
the close of business on May 31.

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

                       *    *    *

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

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

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

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


RATAE NURSING: Appoints David John Watchorn as Liquidator
---------------------------------------------------------
David John Watchorn of Elwell Watchorn & Saxton LLP was
appointed liquidator of Ratae Nursing Services Ltd. on April 10
for the creditors' voluntary winding-up proceeding.

Elwell Watchorn & Saxton -- http://www.ews-insolvency.co.uk/--  
provides insolvency and recovery services.  The firm's partners
have considerable expertise in all formal areas of insolvency,
both corporate and personal and have been offering turnaround
advice without the need for formal insolvency.

The company can be reached at:

         Ratae Nursing Services Ltd.
         St. Georges House
         6 St. Georges Way
         Leicester
         Leicestershire
         LE1 1SH
         England
         Tel: 0116 255 4391


REMNANT MEDIA: Joint Liquidators Take Over Operations
-----------------------------------------------------
Simon Elliott Glyn and Jonathan Mark Birch of Vantis Group Ltd.
were appointed joint liquidators of Remnant Media Ltd. on
April 4 for the creditors' voluntary winding-up procedure.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,
business and tax advisory services in the United Kingdom.

The company can be reached at:

         Remnant Media Ltd.
         Unit 9/10 Brooks Court
         Cringle Street
         London
         SW8 5BX
         England
         Tel: 0845 225 9740
         Fax: 0845 225 9749


SANDBACH TREATMENT: Creditors' Meeting Slated for April 23
----------------------------------------------------------
Creditors of Sandbach Treatment Services Ltd. will meet at 11:30
a.m. on April 23 at:

         Jackson Gregory & Co.
         14 Wood Street
         Bolton
         BL1 1DZ
         England

Roderick Julian Jones of Jackson Gregory & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require at the said address.


SEA CONTAINERS: Can Lend Up to US$7 Million to Non-Debtor Unit
--------------------------------------------------------------
Sea Containers Ltd. obtained authority from the Honorable Kevin
J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to provide a secured, intercompany line of credit of up
to US$7,000,000 to its non-debtor subsidiary Sea Containers
Treasury Ltd.

                      Intercompany Funding

Sean T. Greecher, Esq., at Young Conaway Stargatt & Taylor LLP,
in Wilmington, Delaware, disclosed that starting in 2002, SCL
initiated an operational restructuring program targeted at
evaluating and selling identified non-core assets held directly
by its foreign, non-debtor subsidiaries.  The Non-Core Asset
sale program requires support from SCL, both in the form of
management oversight and through case flow support.

Mr. Greecher said many of the businesses identified as Non-Core
Assets cannot fully fund their operations on a stand-alone basis
from cash receipts alone because they are cyclical businesses
that have significant funding needs during certain parts of the
year.  Hence, to maintain the operation of the businesses for a
sufficient time to allow for thorough marketing and maximization
of sale value, SCL has been required to fund their operations.

The Debtors believe that the targeted intercompany funding
accomplishes two primary objectives, both aimed at the ultimate
goal of maximizing the value of SCL's assets.

Mr. Greecher related that the Debtors have determined that
meeting the funding needs of certain non-debtor subsidiaries
will preserve the value of Non-Core Assets during a robust
marketing and sale process that will achieve its maximum value.
Also, the Debtors have identified a need to ease cash flow
problems of some non-debtor subsidiaries that could not survive
on their own to prevent creditors from initiating insolvency or
foreclosure proceedings in foreign jurisdiction that would be
detrimental on the Debtors' reorganization and could destroy
value for the stakeholders.

Before the Debtors' filing for bankruptcy, they formed SC
Treasury as a financing subsidiary that would carry out the
business of funding the operations of international subsidiaries
that are or hold Non-Core Assets.  Throughout the Chapter 11
cases, it has successfully operated to help fund operations for
various non-debtor subsidiaries.

SCL has identified a process by which funding requests are made
to SC Treasury and reviewed before any intercompany loans are
made to non-debtor foreign subsidiaries.  The SC Treasury
mechanism has proven to be an effective vehicle to preserve
value in the Non-Core Assets and allow for the orderly
reorganization of the Debtors without an undue cash drain, Mr.
Greecher noted.

As of March 2, 2007, the cash needs of SCL's non-debtor foreign
subsidiaries have been lower than originally projected.  As of
February 21, about US$2,520,000 remained in SC Treasury.  SCL
projects SC Treasury could reallocate the remaining funds and
allow for continued financing of the non-debtor subsidiaries
through March 2007 and will run out of funds after that.

Mr. Greecher told the Court that the Debtors' decision to make
the intercompany loan to facilitate the continued operation of
the SC Treasury funding mechanism for non-debtor foreign
subsidiaries is calibrated to maximize value of their estates
for the benefit of creditors in the form of increasing sale
values for the Non-Core Assets and reducing secondary liability
claims against SCL.  Indirectly, the mechanism avoids the
expense, distraction and potential value-destroying effect of a
series of international insolvency filings for the non-debtor
subsidiaries, he adds.

                        Funding Details

Judge Carey authorized SCL to make intercompany loans available
to non-debtor subsidiary SC Treasury in the form of a line of
credit of up to US$6,000,000, repayable on a demand basis,
secured by all assets of the SC Treasury, at an interest equal
to the London Interbank Offered Rate plus 50 basis points per
annum.

SC Treasury will be permitted to make first priority secured
loans, repayable on a demand basis, at an interest rate of LIBOR
plus 50 basis points per annum, to Sea Containers Opera Ltd.,
secured by a first priority mortgage on the Opera ferry, in an
aggregate maximum amount of US$1,000,000.

SC Treasury will likewise be permitted to make first priority
secured loans, repayable on a demand basis, at an interest rate
of LIBOR plus 50 basis points per annum, to Finnjet Bermuda
Ltd., secured by a firs priority mortgage on the Finnjet ferry,
in an aggregate maximum amount of US$2,500,000.

Moreover, SC Treasury will be permitted to make loans, repayable
on a demand basis, at an interest rate of LIBOR plus 50 basis
points per annum, to SC Finance Ireland Limited in an aggregate
maximum amount of US$900,000, which loans are secured by either:

   (i) a first priority security interest in all assets of SC
       Finance; or

  (ii) other security and priority terms as may be agreed by
       prior consent with the Official Committee of Unsecured
       Creditors and the U.S. Trustee.

Subject to prior written consent of the Creditors Committee and
the U.S. Trustee, SC Treasury will be permitted to make loans in
respect of the Helsinki-Tallinn Business, in an aggregate
maximum amount of US$3,200,000, either:

   (i) at an interest of LIBOR plus 50 basis points per annum to
       SC Finland Oy and Superseacat Ou, secured by a first
       priority interest in the Superseacat 3 and 4 vessels; or

  (ii) on other security, interest, repayment and priority terms
       as may be agreed.

SC Treasury will be permitted to make additional loans in an
aggregate amount of up to US$1,000,000, absent any objections by
either the U.S. Trustee or the Creditors Committee.  Any loan
that does not exceed US$50,000 will not require the consent of
the Creditors Committee and the U.S. Trustee.

SC Treasury may be permitted to reallocate funding under the
Intercompany Loan on these terms, subject to certain conditions.

                      About Sea Containers

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

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

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006 (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.  (Sea Containers Bankruptcy News, Issue No. 12 and 13;
Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


SEA CONTAINERS: Taps Alixpartners for Restructuring Support
-----------------------------------------------------------
Sea Containers Ltd. revealed a number of organizational and
management changes, which are subject to U.S. court approval.

As Sea Containers Ltd and Sea Containers Services Ltd enter a
new phase of the Chapter 11 process, preparatory to achieving an
inter-creditor settlement, and further progress non-core asset
sales; there is a growing emphasis on simplifying the corporate
structure.  These activities require more technical
restructuring skills and for this reason Sea Containers proposes
to engage AlixPartners, a prominent financial advisory firm
specializing in corporate restructuring.  This engagement will
result in a number of senior management changes at Sea
Containers.

Laura Barlow, a Managing Director in AlixPartners' London
Office, will be appointed Senior Vice- President, Chief
Restructuring Officer effective from April 2 and Chief Financial
Officer effective from May 1.  Ms Barlow, who will be assisted
by Craig Cavin, a Vice President of AlixPartners, will oversee
the disposal program and company simplification initiative.  She
has more than 15 years experience working with companies that
face significant operational and financial challenges and has
held interim restructuring and advisory positions including Dana
Corporation's European operations, Stolt Offshore SA, Boxclever,
Marconi plc and Hyder Consulting. She will report to Robert
Mackenzie, Chief Executive Officer of Sea Containers Ltd.

Ms. Barlow will succeed Ian Durant, who has been Chief Financial
Officer of Sea Containers Ltd since 1 January 2005.  Mr Durant
will be elected as a Director of Sea Containers Ltd and will
continue to serve as a Sea Containers' appointed Director of GE
SeaCo. Mr. Durant will also be available to advise the Sea
Containers' management team on an on-going basis, including with
respect to matters relating to GNER.  During his time at Sea
Containers Mr. Durant oversaw the final sale of Sea Containers'
interest in Orient-Express Hotels Ltd. in November 2005, the
sale of its Silja ferry subsidiary, the transition of GNER into
a management contract and the sale of other container and ferry
assets in 2006.  He also acted as interim Chief Executive
Officer during autumn 2005.

Commenting on the proposed changes, Mackenzie said: "We thank
Ian Durant for his sterling efforts, particularly during
difficult times.  The proposed appointment of AlixPartners
reflects the nature of the US Chapter 11 process in terms of an
increasing requirement for technical restructuring skills,
specialist legal tax needs and a diminishing emphasis on
operational business management and transactional support."

                    About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB)-- http://www.seacontainers.com/-- provides passenger and
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the

Debtors filed for protection from their creditors, they reported
US$1.7 billion in total assets and US$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 12
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


SERPENTINE FIRE: Paul Appleton Leads Liquidation Procedure
----------------------------------------------------------
Paul Appleton of David Rubin & Partners was appointed liquidator
of Serpentine Fire Ltd. on April 5 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Serpentine Fire Ltd.
         Borough High Street
         Southwark
         London
         SE1 1HR
         England
         Tel: 020 7022 2222
         Fax: 020 7939 9


SUPREMA TILE: Names Mark Reynolds Liquidator
--------------------------------------------
Mark Reynolds of Valentine & Co. was appointed liquidator of
Suprema Tile Design Ltd. on April 5 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Suprema Tile Design Ltd.
         161 St. Marys Lane
         Upminster
         Essex
         RM14 3BL
         England
         Tel: 01708 222 264


SUPREME WINDOWS: Appoints Stephen Lord as Liquidator
----------------------------------------------------
Stephen Lord of Poppleton & Appleby was appointed liquidator of
Supreme Windows And Conservatories (Retail) Ltd. on April 4 for
the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Supreme Windows & Conservatories (Retail) Ltd.
         137 Marsh House Lane
         Warrington
         Cheshire
         WA1 3QZ
         England
         Tel: 01925 242 430
         Fax: 01925 629 999


UNAGI INTERNATIONAL: Taps Neil Chesterton to Liquidate Assets
-------------------------------------------------------------
Neil Chesterton of The MacDonald Partnership plc was appointed
liquidator of Unagi International plc on April 5 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Unagi International plc
         50 Regent Street
         City of Westminster
         London
         W1B 5RD
         England
         Tel: 020 7470 7151


WARD LONGWORTH: Brings In Liquidator from CBA
---------------------------------------------
Neil Charles Money and Neil Richard Gibson of CBA were appointed
joint liquidators of Ward Longworth Camponi Ltd. (formerly
Phillipson Ward Longworth Camponi Ltd. and Ward Longworth &
Camponi Ltd.) on April 10 for the creditors' voluntary winding-
up proceeding.

CBA -- http://www.cba-insolvency.co.uk/-- provides solutions to
financial difficulties when the perceivable option is either
liquidation or bankruptcy.

The company can be reached at:

         Ward Longworth Camponi Ltd.
         46 The Calls
         Leeds
         West Yorkshire
         LS2 7EY
         England
         Tel: 0113 398 0120


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
April 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Personnel Issues in Bankruptcy
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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