TCREUR_Public/070426.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 26, 2007, Vol. 8, No. 82

                            Headlines


A U S T R I A

ANDRUCK & REPRO: Vienna Court Orders Business Shutdown
EUROFILM FINANZIERUNG: Claims Registration Period Ends May 16
F & F LLC: Claims Registration Period Ends May 18
G. HARTIG: Claims Registration Period Ends May 23
INN CRYSTAL: Ried im Innkreis Court Orders Business Shutdown

MEHMET HOEKE: Claims Registration Period Ends May 16
SEEGAST LLC: Claims Registration Period Ends May 15
SIVAN LLC: Claims Registration Period Ends May 29
WOLFSEGG-TRAUNTHALER: Claims Registration Period Ends June 4


B E L G I U M

M. FABRIKANT: Seeks Court Nod to Start Auction Process


B U L G A R I A

NOVA PLAMA: Pleven Regional Court Sets Asset Auction for May 5


C Z E C H   R E P U B L I C

TEXLEN TRUTNOV: Labor Office Pays CZK21.5 Million in Due Wages


F I N L A N D

STROMSDAL OYJ: Posts EUR1.7-Million Net Loss in Full Year 2006


F R A N C E

ADVANCED MICRO: Prices US$2 Billion of 6% Senior Notes Offering
ADVANCED MICRO: Weak First Quarter Cues Moody's Negative Outlook
ADVANCED MICRO: Lower Profits Cue S&P to Cut Credit Rating to B
ADVANCED MICRO: Potential Security Loss Cues Fitch's Junk Rating
LBC HOLDINGS: CIF Acquires Storage Terminal for EUR565-Million

LBC HOLDINGS: Buyout Cues S&P to Put B Rating on Watch Negative
RHODIA S.A.: Improved Coverage Ratio Cues Fitch to Keep BB- IDR


G E R M A N Y

ADLER SERVICE: Creditors' Meeting Slated for June 28
BAU-SAN BAU: Claims Registration Period Ends May 16
BENQ CORP: 250 Mobile Unit Employees Land in Siemens Jobs
BNU GMBH: Claims Registration Period Ends May 16
ELEKTRO LUEDCKE: Claims Registration Period Ends June 18

FAB FOLIEN: Creditors' Meeting Slated for May 29
FASHION SPORT: Claims Registration Period Ends May 10
GLOBUS BAU: Claims Registration Period Ends May 30
GOETTINGER GASTSTATTENBETRIEBS: Claims Registration Ends May 18
HEINZ BECKER: Claims Registration Ends May 21

HIGH SOFT: Claims Registration Period Ends May 11
IMMO-FINANZ-VERMITTLUNG: Claims Registration Ends May 18
INGENIEUR BAU FUERSTENWALDE: Claims Registration Ends May 24
K.S.A. BETONBAUTEILE: Creditors' Meeting Slated for May 14
KRAH & HOERLE: Creditors' Meeting Slated for May 21

LEUENHAGEN & PARIS: Creditors' Meeting Slated for May 14
LHC - LOGISTIK: Creditors' Meeting Slated for May 15
LOCON GMBH: Claims Registration Period Ends May 18
LOSS HUS: Claims Registration Ends May 25
LUSO 2000: Claims Registration Ends May 15

MBV MEDIEN: Claims Registration Ends June 15
PETER SCHMIDT: Creditors Must Register Claims by May 25
PMA WORXX: Creditors Meeting Slated for June 1
POWER LINE: Creditors Must Register Claims by May 11
R&S ALLGEMEINE: Creditors Must Register Claims by May 21

RE-FLEXX GMBH: Creditors Must Register Claims by May 15
ROHR DRUCK: Creditors Must Register Claims by May 18
SAGASSER'S GETRAENKERIE: Claims Registration Period Ends July 17
SARDONYX GMBH: Creditors Must Register Claims by May 11
SCHMUCK TEAMBAU: Claims Registration Period Ends June 1

SEIBA-BAU GMBH: Claims Registration Period Ends May 11
SEKONA FEDERN: Claims Registration Period Ends May 21
SICO GMBH: Creditors' Meeting Slated for May 23
STEFAN TUERK: Claims Registration Period Ends May 21
THORALF LUEDECKE: Claims Registration Period Ends May 29

TROSAPLAST FORMEN: Creditors' Meeting Slated for May 31
VETTE FERTIGBAU: Claims Registration Period Ends May 15
VG VERLEIH: Claims Registration Period Ends May 14
VHF MOBIL: Claims Registration Period Ends May 28
WELS GMBH: Claims Registration Period Ends June 6

ZYGCAR GMBH: Claims Registration Period Ends May 18


I R E L A N D

ELAN CORP: Posts US$93-Million Net Loss in First Quarter 2007


I T A L Y

BERRY PLASTICS: Merger Deal Cues S&P to Hold Junk Credit Rating
CLINICAL DATA: Names Herman Buis as Dutch Arm's Int'l Sales Head
M. FABRIKANT: Seeks Court Nod to Start Auction Process


K A Z A K H S T A N

AUTOCOMBINATE JSC: Creditors Must File Claims by June 2
DONETSKOYE LLP: Creditors' Claims Due May 25
JAYIKVODSTROY LLP: Proof of Claim Deadline Slated for May 22
MAGISTRAL SERVICE: Claims Registration Ends May 22
PLATINUM LLP: Claims Filing Period Ends May 25

TEMIR PLAST: Creditors Must File Claims by May 29
TEMIRZHOLU LOGISTIC: Creditors' Claims Due May 25


K Y R G Y Z S T A N

ASE ASIA: Creditors Must File Claims by June 13


N E T H E R L A N D S

CLINICAL DATA: Names Herman Buis as Dutch Arm's Int'l Sales Head


N O R W A Y

GENERAL CABLE: Completes Tender Offer for US$285-Million Notes


R U S S I A

ARBUZOVSKIY COMBINE: Creditors Must File Claims by May 7
BAKAKHNINSKAYA POULTRY: Creditors Must File Claims by May 1
BIRSKIY INDUSTRIAL: Creditors Must File Claims by May 31
CENTERTELECOM OAO: Earns RUR2 Billion for Financial Year 2006
ELECTROMECHANICAL FACTORY: Creditors Must File Claims by May 7

GALBSHTADT CJSC: Creditors Must File Claims by May 7
GAZPROM NEFT: Appoints Kirill Kravchenko as Vice President
KOZLOVSKIY BUTTER: Creditors Must File Claims by May 7
KRASNOTURANSKOYE REPAIR: Bankruptcy Hearing Slated for June 25
KUZBASS-POLY-METAL: Bankruptcy Hearing Slated for Aug. 8

LEN-SAN CJSC: Creditors Must File Claims by May 7
LUKOIL OAO: Posts US$7.5 Billion US GAAP Net Income in 2006
MAGSTRAL-DOR-STORY: Creditors Must File Claims by May 7
MOSCOW OBLAST: S&P Assigns BB Ratings to RUR16-Bln Bond Issue
OYASHINSKIY OJSC: Court Names M. Trubachev as Insolvency Manager

RAY LLC: Creditors Must File Claims by May 1
REGION-INVEST LLC: Creditors Must File Claims by May 1
SAMARA-AGRO-KHIM-PROM: Creditors Must File Claims by May 7
SBERBANK ROSSII: Reports 19% Net Profit Growth in Q1 2007
SEL-KHOZ-KHIMIYA: Court Names A. Dovlatbegov to Manage Assets

VIMPEL-COMMUNICATIONS: Acquires Armenia's 10% Stake in ArmenTel
VIMPEL-COMMUNICATIONS: Gains 3G Service License in Russia


S P A I N

CROWN CASTLE: Declares Quarterly Preferred Stock Dividend


S W I T Z E R L A N D

BAUFORUM JSC: Claims Registration Period Ends May 14
CAPITALTREND HOLDING: Banking Commission Ends Bankruptcy Process
CDS COMMUNICATIONS: Creditors' Liquidation Claims Due May 14
GIRASOL LLC: Creditors' Liquidation Claims Due June 1
HERCULES INC: Court Sustains US$119 Mil. Cleanup Costs Judgment

IMMOCALIF JSC: Creditors' Liquidation Claims Due May 14
INSTITUT BUBENBERG: Bern Court Starts Bankruptcy Proceedings
KASPAR WEBER: Creditors' Liquidation Claims Due May 21
NETJOBZZZ JSC: Creditors' Liquidation Claims Due May 14
OLIVIER KOSMETIK: Creditors' Liquidation Claims Due June 11

REALTEXA JSC: Creditors' Liquidation Claims Due May 14


U K R A I N E

ACTAREMIX LLC: Claims Registration Bar Date Set May 4
ECOLOGICAL INITIATIVE: Claims Registration Bar Date Set May 4
ELADABUSINESS LLC: Creditors Must File Claims by May 5
EUROTAXI LLC: Claims Registration Deadline Set May 5
MEDIA UKRAINE: Claims Registration Deadline Set May 4

MEGA TRADE-N: Claims Registration Deadline Set May 4
PRIDNIEPROVSK CHEMISTRY: Claims Registration Deadline Set May 4
SIVERSKODONETSK OJSC: SPF Selling 42.7% Stake at Auction
TAVRIYA LLC: Claims Registration Deadline Set May 4
TH UKRAINIAN: Claims Registration Deadline Set May 4

WESTTRADESERVICE LLC: Claims Registration Deadline Set May 4


U N I T E D   K I N G D O M

ALERIS INT'L: Inks Asset Acquisition Deal with Charter Oak
ALL AMERICAN: Files for Chapter 11 Protection in Florida
ALL AMERICAN: Case Summary & 40 Largest Unsecured Creditors
BERGAMOT LTD: Brings In Liquidators from PricewaterhouseCoopers
COLLINS & AIKMAN: Gets Court OK on IRS Closing Agreement

DAVRO COMMERCIAL: Appoints Lawrence I. Freedman as Liquidator
DUCT VENT: Alan H. Tomlinson Leads Liquidation Procedure
ENWORTH LTD: Taps Tenon Recovery as Joint Administrators
EQUATIONS BUSINESS: Brings In Joint Administrators from Tenon
GOOD IDEAS: Names Andrew John Whelan Liquidator

INTERNATIONAL PRESS: Hires Joint Liquidators from PwC
J.C. GLASS: Claims Filing Period Ends May 25
JACKSTONE FROSTER: Appoints Administrators from Tenon Recovery
NIPPON GLASS: British Unit Gets Charge Sheet from EU
PHOENIX 2002-1: Moody's Assigns Ba1 Rating to US$86.6-Mln Notes

PRINCIPIO FACILITIES: Names Tenon Recovery as Administrators
RAILTECH SOLUTIONS: Appoints Joint Administrators from Vantis
SCANMOOR RAIL: Brings In Administrators from Vantis Plc
SEA CONTAINERS: Selects AP Services as Crisis Managers
SEA CONTAINERS: Wants to Implement Non-Insider Retention Plan

SHAW GROUP: Appoints Gary Graphia as Corporate Development EVP
SLB HOLDINGS: Names Joint Administrators from Kroll
SMARTTECH CONSULTING: Hires Jonathan Lord as Liquidator
THEROS LTD: Brings in Joint Administrators from KPMG
VENTILATION GRILLE: Claims Filing Period Ends May 29

VETDENT LTD: Names Lyn Marie Green Liquidator
XENON DESIGN: Appoints Tony Freeman as Liquidator

* Upcoming Meetings, Conferences and Seminars

                            *********

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A U S T R I A
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ANDRUCK & REPRO: Vienna Court Orders Business Shutdown
------------------------------------------------------
The Trade Court of Vienna entered March 30 an order shutting
down the business of LLC Andruck & Repro (FN 107626z).

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

The estate administrator can be reached at:

         Dr. Johannes Mueller
         Landhausgasse 4
         Minoritenplatz 6
         1010 Vienna
         Austria
         Tel: 535 06 82
         Fax: 535 06 829
         E-mail: borth.mueller@aon.at  

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 26 (Bankr. Case No 28 S 36/07h).


EUROFILM FINANZIERUNG: Claims Registration Period Ends May 16
-------------------------------------------------------------
Creditors owed money by LLC Eurofilm Finanzierung & Verwertung
(FN 122556f) have until May 16 to file written proofs of claim
to court-appointed estate administrator Ulla Reisch at:

         Dr. Ulla Reisch  
         Praterstrasse 62-64
         1020 Vienna
         Austria
         Tel: 212 55 00
         E-mail: office.Wien@ulsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 a.m. on May 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 29 (Bankr. Case No. 2 S 146/06t).  


F & F LLC: Claims Registration Period Ends May 18
-------------------------------------------------
Creditors owed money by LLC F & F  (FN 237118d) have until
May 18 to file written proofs of claim to court-appointed estate
administrator Gerhard Bauer at:

         Mag. Gerhard Bauer  
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         Fax: 512 97 06 20
         E-mail: ra-g.bauer@aon.at

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 29 (Bankr. Case No. 5 S 27/07s).  


G. HARTIG: Claims Registration Period Ends May 23
-------------------------------------------------
Creditors owed money by LLC G. Hartig (FN 85374a) have until
May 23 to file written proofs of claim to court-appointed estate
administrator Eberhard Wallentin at:

         Dr. Eberhard Wallentin  
         Porzellangasse 4-6
         1090 Vienna
         Austria
         Tel: 313 74-0
         Fax: 313 74-80
         E-mail: office@ksw.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 30 (Bankr. Case No. 4 S 39/07y).  


INN CRYSTAL: Ried im Innkreis Court Orders Business Shutdown
------------------------------------------------------------
The Land Court of Ried im Innkreis entered April 2 an order
closing the glass pressing, lead crystallization, and enterprise
canteen businesses of LLC Inn Crystal-Glass (FN 111499w).

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

The estate administrator can be reached at:

         Dr. Hans Estermann
         c/o Mag. Michaela Speer
         Stadtplatz 6
         5230 Mattighofen
         Austria
         Tel: 07742 2319
         Fax: 07742 4984
         E-mail: dr.estermann-partner@aon.at  

Headquartered in Braunau am Inn, Austria, the Debtor declared
bankruptcy on March 20 (Bankr. Case No 17 S 8/07v).  Michaela
Speer represents Dr. Estermann in the bankruptcy proceedings.


MEHMET HOEKE: Claims Registration Period Ends May 16
----------------------------------------------------
Creditors owed money by KEG Mehmet Hoeke (FN 209293i) have until
May 16 to file written proofs of claim to court-appointed estate
administrator Werner Borns at:

         Dr. Werner Borns  
         c/o Dr. Reinhard Lachinger
         Dr.-Wilhelm-Exner-Platz 6
         2230 Ganserndorf
         Austria
         Tel: 02282/60 802
         Fax: 02282/60 824
         E-mail: insolvenzen@lawpartners.at
                 rlachinger@lawpartners.at  

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

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Ganserndorf, Austria, the Debtor declared
bankruptcy on March 29 (Bankr. Case No. 36 S 46/07t).  Reinhard
Lachinger represents Dr. Borns in the bankruptcy proceedings.


SEEGAST LLC: Claims Registration Period Ends May 15
---------------------------------------------------
Creditors owed money by LLC Seegast (FN 230111z) have until
May 15 to file written proofs of claim to court-appointed estate
administrator Christian Lind at:

         Dr. Christian Lind  
         Kremser Gasse 4
         3100 St. Poelten
         Tel: 02742/35 15 50
         Fax: 02742/35 15 50-5
         E-mail: office.st.poelten@ulrs.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:20 a.m. on June 5 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 30 (Bankr. Case No. 14 S 59/07b).  


SIVAN LLC: Claims Registration Period Ends May 29
-------------------------------------------------
Creditors owed money by LLC Sivan (FN 54217g) have until May 29
to file written proofs of claim to court-appointed estate
administrator Michael Lesigang at:

         Dr. Michael Lesigang  
         Landstrasser Hauptstrasse 14-16/8
         1030 Vienna
         Austria
         Tel: 715 25 26
         Fax: 715 25 26 27
         E-mail: michael@lesigang.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 2 (Bankr. Case No. 6 S 40/07k).  


WOLFSEGG-TRAUNTHALER: Claims Registration Period Ends June 4
------------------------------------------------------------
Creditors owed money by LLC Wolfsegg-Traunthaler (FN 78390f)
have until June 4 to file written proofs of claim to the court-
appointed estate administrator at:

         Trust Company LLC Insolvenz-Treuhand  
         Vogelweiderstrasse 9
         4600 Wels
         Austria
         Tel: 07242/41601-151
         Fax: 07242/41601-198
         E-mail: office@insolvenz-treuhand.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Ampflwang im Hausruckwald, Austria, the Debtor
declared bankruptcy on March 30 (Bankr. Case No. 20 S 50/07i).


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B E L G I U M
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M. FABRIKANT: Seeks Court Nod to Start Auction Process
------------------------------------------------------
M. Fabrikant & Sons, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Southern District of New York for
permission to start attracting bidders to auction the company's
assets in early May, The Associated Press reports.

The court will consider the Debtor's request today.

AP says the filing of the request strengthens the company's
preference for liquidation over a reorganization process.

Under the auction plan, M. Fabrikant will sell its assets,
including inventory, accounts and intellectual property.   After
the auction process, the Debtor would then file a liquidation
plan, AP relates.

According to the International Diamond Exchange, M. Fabrikant
hopes to sell the company as a whole to a single bidder,
although it has also broken down its assets into main groups,
each with a reserve price, to create an option to sell them in
parts.

The Debtor is asking for a total reserve price of US$48.5
million, Dow Jones Newswires says, citing papers filed with the
Bankruptcy Court.

Under the company's proposed auction rules, any stalking-horse
bidder would be offered payment for fees and costs up to two
percent of the bid or US$200,000 (EUR147,000), if the offer is
lost at auction, AP said.

According to the Chapter 11 filing, M. Fabrikant & Sons has
US$363 million in debts and US$225.9 in assets.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries.   
Established in 1895, the Company is one of the oldest diamond
and jewelry wholesaler in the world, including Canada, China,
Japan, Thailand, Israel, Belgium and Italy.  The Company and its
affiliates, Fabrikant-Leer International, Ltd., filed for
chapter 11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y. Case
Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel, Esq., at
Troutman Sanders LLP, represent the Debtors.  When the Debtors
filed for protection from their creditors, they listed estimated
assets and debts of more than US$100 million.


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


NOVA PLAMA: Pleven Regional Court Sets Asset Auction for May 5
--------------------------------------------------------------
The Pleven Regional Court in Bulgaria has scheduled for May 5 a
new auction for Nova Plama JSC's assets at a starting price of
BGN47.2 million or 80% of the BGN59-million mark set for the
previous procedure, which failed on April 19, Dnevnik a.m.
states.

According to the report, the auction covers the company's
production site, all on-site buildings, equipment, machinery,
and transportation vehicles.

Nova Plama owes more than BGN300 million to its creditors,
including State Receivables Collection Agency, HVB Bank Biochim,
UBB, DZI Bank, and International Asset Bank, Dnevnik reveals.

                        About Nova Plama

Nova Plama JSC is Bulgaria's No. 2 oil refinery with annual
processing capacity of 1,200,000 metric tons of crude oil.  
Until 1996, the refinery was the main supplier of base oils,
finished oils and special products for all local and most East-
European consumers.  The refinery is located near the town of
Pleven, approximately 160 km Northeast of Sofia and nearly 30 km
South from the Danube River.

The district court in Pleven opened a bankruptcy proceeding
against the company in July 2005.  The proceeding is the second
in seven years after the Bulgarian oil company failed to
implement its rehabilitation plan approved by creditors in 1999.  
The first proceeding was initiated by State Fund for
Reconstruction and Development.  The rehab plan extended Plama's
repayment of a BGN251.5 million debt until 2031, but in 2003 it
must repay creditors BGN30 million.

Creditors in the second proceedings claim Plama did not
implement this plan.  Jorset Holding and DZI Bank, which
collectively hold claims to over BGN8 million, asked the court
to appoint receivers and order the sale of Plama's assets to pay
its debt.

In January 2006, Yorset Holding and DZI Bank filed separate
insolvency petitions against Nova Plama.

Yorset failed to have Nova Plama declared insolvent, after the
Supreme Cassation Court stayed the proceedings against the oil
refinery.  The Court said Yorset does not own enough credit
percentage to ask for an insolvency ruling.  Court records show
that Yorset and DZI Bank own 14.83% and 7.9% respectively of
Nova Plama's BGL241 million debt.


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C Z E C H   R E P U B L I C
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TEXLEN TRUTNOV: Labor Office Pays CZK21.5 Million in Due Wages
--------------------------------------------------------------
The Trutnov Labour Office has paid 903 employees of Texlen
Trutnov a total of CZK21.5 million in unpaid wages for January
and February, CTK Czech News Agency reports citing Labour Office
Director Zdenek Smid.

As previously reported in the TCR-Europe, the Regional Court in
Hradec Kralove declared Texlen Trutnov bankrupt after parent
company Texlen Linen entered bankruptcy proceedings.

Texlen's board of directors told CTK some banks demanded the
early repayment of loans and blocked its accounts after a
potential investor ended due diligence at the company with a
negative result.  The lenders' demands prompted the Czech
textile group's insolvency.

In 2005, sales of the group fell 12% to CZK780 million while
losses reached CZK23 million, CTK relates.


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STROMSDAL OYJ: Posts EUR1.7-Million Net Loss in Full Year 2006
--------------------------------------------------------------
Stromsdal Oyj released its financial results for full year 2006.

Stromsdal posted EUR1.7 million in net losses against EUR12.9
million in net sales for year 2006, compared with EUR500,000 in
net profit against EUR15.1 million in net sales for the same
period in 2005.

At Dec. 31, 2006, Stromsdal's balance sheet showed EUR41 million
in total assets, EUR31.6 million in total liabilities and EUR9.4
million in total shareholders' equity.

The company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with EUR16.7 million in total current assets
available to pay EUR18.5 million in total current liabilities.

                 Business Environment and Demand

The business environment was difficult for Stromsdal throughout
2006.  The prices of many important raw materials, including
pulp, electricity and oil, rose during the year.  There was no
proportional increase in graphic board prices, however, while
the price competition was tough in many markets.

The board market's total volume grew slightly in 2006, but due
to intense price pressures there was little growth in euros.  
The board market in Eastern Europe has experienced growth which
is significantly above-average, partly due to the transfer of
print jobs to countries with lower labor costs.

Non-European boards have increased their presence markedly in
all of Stromsdal's European markets.  This is mainly due to the
euro's strong exchange rate and the increase in board production
capacity outside Europe, especially in China.  These have made
imports into Europe more lucrative.

Overall, demand for Stromsdal products was low all year, which
meant that the board mill was forced to shut down for a few days
in May, June and November.  In practice, the volume of orders
was too low all year for us to achieve optimal production
efficiency.

On the whole, the sale of Stromsdal's premium speciality grades
increased only slightly over the previous year.  However, the
sale of Tecta barrier boards grew relatively strongly.  In May-
June 2006, Stromsdal was forced to temporarily lay off its
entire staff for seven days when there was a severe lack of
orders.  Stromsdal's own U.K.-based sales company was closed
down during the year, and sales responsibility and employees
were transferred to the agent.  The closure of the sales company
caused no major costs for Stromsdal.

                            Outlook

The competitive scenario is expected to remain tough in the
European board market, particularly in cheaper board grades.  
The amount of imported non-European boards is expected to
continue growing as long as the price of the US dollar stays low
in relation to the euro.

The Turn-Around program actions will continue to be implemented
in 2007, in order to further improve quality and make operations
more efficient.  This is expected to increase the company's
revenues and improve its profits.

           Board's Proposal for Profit Distribution

The company has no distributable funds.  The Board of Directors
proposes that no dividends be paid for 2006.

Headquartered in Juankoski, Finland, Stromsdal Oyj --
http://www.stromsdal.fi/-- develops and manufactures graphical  
board to paper merchants, printers, publishers and producers of
cartons and packages.  Graphical board is used in greeting cards
and postcards, posters, folders, and in covers of books,
different publications and catalogues.  Stromsdal also produces
board for luxury packaging, which includes the consumer packages
of liquor, cosmetics, chocolate and pharmaceutical.  Its
subsidiaries include Juantehtaan Ymparisto Oy and Stromsdal U.K.
Ltd.  Juantehtaan Ymparisto owns and leases industrial real
estates and land areas.  Stromsdal U.K. Ltd. (registered in
Blackburn) is a sales company in charge of selling the parent
company's products in the U.K. and Ireland.

The company posted three consecutive annual net losses with
EUR1.9 million in 2005, EUR4.8 million in 2004 and EUR1.1
million in 2003.

The company blamed low profitability of its major investments
made in 2003 and losses from the pulp hedging for its tight
liquidity.


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F R A N C E
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ADVANCED MICRO: Prices US$2 Billion of 6% Senior Notes Offering
---------------------------------------------------------------
Advanced Micro Devices Inc. has priced US$2 billion aggregate
principal amount of 6% Convertible Senior Notes due 2015 in a
private placement to qualified institutional buyers pursuant to
Rule 144A under the Securities Act of 1933, as amended.  AMD
granted to the initial purchasers a 30-day option to purchase up
to US$200 million aggregate principal amount of additional notes
to cover over-allotments.

Interest on the notes will be paid semiannually on May 1 and
November 1 at a rate of 6% per year.  Upon the occurrence of
certain events, the notes will be convertible into cash up to
the principal amount, and if applicable, shares of common stock
in respect of any conversion value above the principal amount,
based on an initial conversion rate of 35.6125 shares of common
stock per US$1,000 principal amount of notes, which is
equivalent to an initial conversion price of US$28.08 per share.

This initial conversion price represents a premium of 100%
relative to the last reported sale price on April 23, 2007 of
AMD's common stock of US$14.04 per share.  Holders of the notes
may require AMD to repurchase the notes for cash equal to 100%
of the principal amount to be repurchased plus accrued and
unpaid interest upon the occurrence of certain designated
events.

In connection with the offering, AMD entered into a capped call
transaction, which is intended to reduce the potential dilution
to AMD's common stockholders upon any conversion of the notes.  
The capped call transaction will have a strike price that
matches the conversion price of the convertible notes and the
cap price in the capped call transaction will be US$42.12 per
share.

AMD has been advised that, in connection with establishing the
capped call transaction, the counter-party or its affiliates
expect to enter into various derivative transactions with
respect to AMD's common stock and purchase AMD's common stock in
secondary market transactions concurrently with or shortly after
the pricing of the notes.  The counter-party or its affiliates
may also enter into or unwind various derivative transactions
with respect to AMD's common stock and purchase or sell AMD's
common stock in secondary market transactions following the
pricing of the notes.

AMD estimates that the net proceeds from the offering will
e approximately US$1,972 million after deducting discounts,
commissions and estimated offering expenses.  AMD intends to use
a portion of the net proceeds of the offering to pay the cost of
the capped call transaction.  If the initial purchasers exercise
their option to purchase additional notes, AMD expects to use a
portion of the net proceeds from the sale of additional notes to
enter into an additional capped call transaction.

AMD expects to use at least US$500 million of the remaining net
proceeds of the offering to repay a portion of the term loan AMD
entered into with Morgan Stanley Senior Funding, Inc. to finance
a portion of the purchase price of, and expenses related to, the
acquisition of ATI Technologies Inc.  AMD expects to use any
amounts not applied to the repayment of the term loan for
general corporate purposes, including working capital and
capital expenditures.

                       About Advanced Micro

Based in Sunnyvale, California, Advanced Micro Devices Inc.
(NYSE: AMD) -- http://www.amd.com/-- designs and produces  
innovative microprocessor and graphics and media solutions for
the computer, communications, and consumer electronics
industries.  The company has corporate locations in Sunnyvale,
California, Austin, Texas, and Markham, Ontario, and global
operations and manufacturing facilities in the United States,
Europe, and Asia.  It maintains operations in Belgium,
France, Germany, the United Kingdom, Mexico and Brazil.


ADVANCED MICRO: Weak First Quarter Cues Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service changed the outlook for Advanced Micro
Devices, Inc. to negative from stable.

The action reflects AMD's reduced financial flexibility
following the company's weaker than expected operating
performance in the first quarter of 2007 and Moody's
expectations that the next couple of quarters will remain very
challenging even though the company plans to reduce costs and
preserve liquidity while at the same time rolling out its new
product platform dubbed Barcelona in the third quarter of 2007.

AMD's ratings could come under downward pressure to the extent
that product launches are delayed, if it experiences operating
losses in the second half of 2007, or if cash levels fall below
US$1 billion.  Alternatively, a stabilization of its ratings
outlook could emerge if AMD is able to make steady progress
towards sustainable free cash flow from operations, which would
enhance financial flexibility that is critical in the capital
intensive and volatile microprocessor segment.

The company ended the first quarter of 2007 with US$1.17 billion
of cash, slightly above the minimum level of US$1 billion that
Moody's had previously outlined would be a trigger to downwards
rating pressure.  Moody's notes that the company benefited in
the first quarter from very effective working capital
management, particularly the collection of trade receivables
that represented nearly a US$500 million source of cash, which
we do not believe will be repeated over the next few quarters.  
Absent this success, Moody's believes the company's cash
balances would have fallen below US$1 billion.

While the company's position in the server, desktop and notebook
business segments remains good, it lost an estimated 5% of share
in the overall microprocessor unit market share in the first
quarter after having reached an all time high of about 25% as of
year end 2006.  Although the company believes it is on track to
begin shipping products under its new product platform known as
Barcelona in the third quarter of 2007 for the server, desktop,
and mobile markets using 65 nanometer process technology, AMD
remains about one year behind Intel in introducing 45 nanometer
product.

To the extent that AMD is able to ship increasing volumes of
this more cost effective product, it would help to improve the
company's gross margins, however this potential benefit could be
muted as Intel begins to ship 45-nanometer product in the fourth
quarter of 2007.  Moody's recognizes that while the process
technology node by itself is not the sole determinant of product
competitiveness, it does create differences in manufacturing
costs and the ability to be aggressive in pricing.  In AMD's
case, Moody's believes this represents continued exposure to
aggressive pricing actions by Intel that could continue to
result in operating losses and the use of cash.  The exposure,
while not new, is more sensitive given the company's reduced
cash balances and the likelihood in Moody's view that AMD will
continue to consume cash over the near term.

Positively, management is implementing urgent efforts to reduce
its cost structure and to improve the company's overall
operating efficiency through a combination of hiring restraints,
more rigid discretionary cost controls, and a slight push out of
its capital expenditure program.  Specifically:

    (1) the company has reduced its capital spending plan in
        2007 from US$2.5 billion to US$2.0 billion and

    (2) the company is effectively freezing new hires except in
        very selected areas, with the expectation that operating
        expenses will decline by approximately US$100 million
        annually and headcount will decline by approximately 500
        or 3% by year end 2007.

While these actions are moderately helpful in the near term, any
delay in ramping efficient production volumes of near-leading
edge microprocessor product would negatively impact the
company's overall scale of operations, which is a critical
success factor given the highly capital intensive nature of the
business.

As a result, Moody's anticipates that AMD will be more
challenged than previously anticipated to internally fund the
build out of its 300 millimeter production capacity, which is
essential to AMD keeping pace with manufacturing cost reduction
and process node advances, while at the same time maintaining
strong balance sheet liquidity and reducing debt levels.

As Moody's commented in previous reports, to the extent that
secured debt declines to below a certain level, the security
package benefiting the US$390 million senior note holders would
be released.  Absent any other change, such collateral release
would cause the then unsecured senior note rating to decline by
up to two notches from its existing Ba3 level, reflecting its
more junior position in AMD's capital structure.

Advanced Micro Devices, Inc., headquartered in Sunnyvale,
California, designs and manufactures microprocessors and other
semiconductor products.


ADVANCED MICRO: Lower Profits Cue S&P to Cut Credit Rating to B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Advanced Micro Devices Inc. to 'B' from 'B+'.  The
outlook is negative.
      
"The action reflects recent subpar execution of its business
plans, as well as marketplace challenges which were
significantly more severe than had previously been expected,"
said Standard & Poor's credit analyst Bruce Hyman.  This
resulted in substantially lower profitability and cash flows,
expected to continue over the intermediate term.
     
Ratings on AMD continue to reflect aggressive competitive
conditions, highly volatile operating performance and
profitability, and ongoing substantially negative free cash
flows, in part offset by a generally improved product line,
anticipated adequate near-term liquidity, and expectations that
a planned change in business model will reduce the company's
asset intensity and capital expenditures.
     
Sunnyvale, California-based AMD is the second-largest supplier
of microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.
     
AMD did not balance anticipated growth in sales to brand name PC
makers against commitments to support its distributors in the
second half of 2006 and into 2007.  Branded PC sales proved to
be below expectations, while subsequent price discounts to the
distributors were not able to recapture the company's share loss
in that market, which may take time to recover.  Resulting March
2007 quarter revenues were US$1.2 billion, well below initial
expectations of US$1.6 billion-US$1.7 billion, and also well
below the US$2 billion reported in the year-ago quarter, pro
forma for the acquisition of ATI.  As OEM and distributor
inventories rebalance in coming months, the company expects
revenues in the June 2007 quarter to be flat to slightly above
March levels.  AMD's March 2007 quarter EBITDA was negative
US$144 million, versus pro forma US$500 million in the year-ago
quarter.
     
The negative outlook reflects the significant challenges that
AMD faces in recovering its market position, restoring its
profitability from currently depressed levels, and stabilizing
its cash flows notwithstanding a continued technology lag, while
financial metrics are expected to be quite weak for the rating
over the intermediate term.  If the company is not able to
execute those plans, the ratings could be lowered by early 2008.  
The outlook could be revised to stable over the intermediate
term should the company's product plans and marketplace
performance result in a rebound of EBITDA that supports the
company's debt levels, and as progress is made on its asset-
light manufacturing strategy.


ADVANCED MICRO: Potential Security Loss Cues Fitch's Junk Rating
----------------------------------------------------------------
Fitch has changed the Rating Outlook on Advanced Micro Devices
Inc. to Negative and affirmed these ratings:

    -- Issuer Default Rating at 'B'; and
    -- Senior Secured Term Loan B Facility at 'BB-/RR2'.

Fitch has downgraded the 7.75% senior notes due 2014 to
'CCC+/RR6' from 'BB-/RR2', due to potential loss of security and
lower recovery prospects, as the indenture and collateral trust
agreement permit AMD to remove the collateral securing this
tranche of debt.

In addition, Fitch expects to rate AMD's US$2.0 billion 6%
senior unsecured convertible notes due 2015, issued under Rule
144A, at 'CCC+/RR6'.  Initial purchasers also have a 30-day
option to purchase up to US$200 million of additional notes.  
The company plans to use the net proceeds to repay at least
US$500 million of outstanding Term Loan B balances, fund the
purchase of a capped call option intended to limit potential
dilution, and for general corporate purposes.

Fitch's actions affect approximately US$5.3 billion of pro forma
total debt, assuming AMD reduces US$500-million of the Term Loan
B.

The revision of the Outlook reflects Fitch's expectations that
AMD's operating performance will remain challenged over the
intermediate-term.  AMD's profitability continues to be
pressured by meaningfully lower than anticipated microprocessor
unit shipments and intensified competitive pressure from Intel
Corp., driven by a combination of Intel's manufacturing
advantage and strong operating momentum following its product
portfolio refresh in the third quarter of 2006.

As a result, AMD's revenues declined more than 30% sequentially
and gross profits dropped 46% to a Fitch-estimated 31% for the
seasonally weak first quarter ended March 31 from 40% for the
fourth quarter of 2006.  While AMD's planned cost reduction
efforts (headcount reductions, facility sales, and lower
discretionary spending) should yield modestly positive results
throughout the year, Fitch believes solid market acceptance of
AMD's refreshed product portfolio in the second half of 2007 and
realization of strong unit shipment from recent design wins with
previously under-penetrated original equipment manufacturers
will be critical to the company ability to internally fund a
significant portion of its substantial ongoing capital spending
and investments in research and development.  Therefore, a lack
of meaningful improvement in profitability and additional market
share losses could result in negative rating actions.

AMD's liquidity is adequate and has improved from the US$2.0
senior unsecured convertible debt placement, which should
increase cash balances to approximately US$2.7 billion from
US$1.2 billion as of March 31 (pro forma for the anticipated
US$500 million reduction in Term Loan B balances).  Fitch
believes AMD's plans to reduce capital expenditures by US$500
million in 2007, monetize its remaining investment in Spansion
Inc., sell 200mm manufacturing equipment, and collect on grants
and subsidies associated with its investments in Dresden,
Germany throughout the year will enable AMD to maintain adequate
liquidity through the near-term.  Longer-term, while recognizing
the company's need to continue upgrading its manufacturing
capabilities to compete with Intel's lower unit cost structure
and reliably serve a growing OEM customer base, Fitch believes
the company is likely to curtail capital spending further,
potentially by pursuing a more asset-light manufacturing model.

Despite the aforementioned revenue decline during the first
quarter and a likely non-recurring significant reduction in
accounts receivable balances, AMD has experienced more rapid
than anticipated erosion of financial flexibility as the company
burned approximately US$375 million cash for the quarter.  While
Fitch continues to anticipate negative free cash flow for 2007,
AMD's failure to curb significant cash burn over the next
several quarters could result in further negative rating
actions.

The Recovery Ratings continue to reflect Fitch's belief that AMD
would be reorganized rather than liquidated in a bankruptcy
scenario, given Fitch's estimates that AMD's current
reorganization value of US$2.3 billion is meaningfully higher
than its projected liquidation value of US$1.2 billion.  In
estimating reorganization, Fitch assumes a 5 times (x) multiple
and 50% stress to AMD's EBITDA for the latest 12 months ended
March 31 of approximately US$933 million (pro forma for the ATI
acquisition).  Fitch arrives at an adjusted reorganization value
of US$2.0 billion after subtracting administrative and
cooperative claims. Based upon these assumptions, the senior
secured debt, including the US$1.7 billion Term Loan B (pro
forma for the assumed repayment of US$500 million) recovers
approximately 68%.  While this results in an 'RR3' (51-70%
recovery) rating in Fitch's recovery model, Fitch considers the
potential for incremental Term Loan reductions and improved
profitability, thereby increasing adjusted reorganization value
going forward and, therefore, maintains an 'RR2' rating on the
Term Loan B.  Minimal recovery would be available for the senior
unsecured debt, including the US$390 million 7.75% senior notes
due 2014.  As a result, the estimated 5% recovery results in an
'RR6' rating for all of the senior unsecured debt.

The ratings continue to be supported by AMD's:

    -- meaningfully higher share of the MPU market, which Fitch
       believes remains at approximately 20% versus less than
       10% historically;

    -- expectations for the ability to provide platform products
       to the marketplace and additional revenue growth
       opportunities from the acquisition of ATI Technologies;
       and

    -- strengthened and expanding relationships with original
       equipment manufacturers, including Dell Inc. (rated
       'A/F1' on Rating Watch Negative by Fitch).

Ratings concerns center on:

    -- significant product technology risk associated with the
       MPU market, potentially resulting in meaningful share
       shifts between AMD and Intel going forward, as well as
       continued cyclical operating results;

    -- Intel's meaningful manufacturing technology advantage
       over AMD, driven by capital expenditures consistently in
       excess of US$5 billion, forcing AMD to aggressively
       upgrade manufacturing facilities; and

    -- AMD's limited financial flexibility due to high debt
       levels coupled with significant spending requirements on
       capital equipment, R&D investments, and marketing
       initiatives.

Pro forma for the aforementioned debt issuance and anticipated
reduction of the Term Loan B, total debt was US$5.3 billion at
March 31, 2007 and consisted of:

   (i) US$893-million Fab 36 Secured Term Loan due 2011

  (ii) US$1.7-billion senior secured Term Loan B facility due
       2013;

(iii) US$2.0-billion senior unsecured convertible notes due
       2015;

  (iv) US$390-million senior unsecured notes due 2014; and

   (v) other debt, including capital leases, of approximately
       US$320-million.


LBC HOLDINGS: CIF Acquires Storage Terminal for EUR565-Million
--------------------------------------------------------------
The Challenger Infrastructure Fund signed a binding sale and
purchase agreement on April 18 to acquire 100% of LBC Holdings
LLC from One Equity Partners LLC, the private equity arm of JP
Morgan Chase & Company, Inc., for EUR565-million.  

The sale and purchase agreement is conditional on the
satisfaction of certain conditions precedent including the
receipt of anti-trust approval.

Storage terminals are critical to the supply of chemicals to
manufacturers of every day products.  LBC's customers are
leading global chemical companies who contract for storage
capacity under 'rental like' take or pay contracts.

"Storage terminals, with their infrastructure characteristics
deliver long term predictable cash flows and growth
opportunities," Steve Bickerton, CIF's Fund Manager, said.  
"This acquisition extends the Fund's geographic diversification
into the US and Europe and enhances CIF's growth focus.  We look
forward to continuing to meet the growing needs of LBC's global
customer base.  LBC has an experienced management team who have
been retained and will continue to run the business for us."

Greg Martin, Chief Executive of Infrastructure for Challenger
Asset Management, said: "This is a very attractive class of
infrastructure with numerous opportunities to grow existing
capacity in North America and Western Europe and expand into new
regions and markets."

Tom Kichler, Chairman of the LBC Board and Managing Director at
One Equity Partners LLC, commented: "Over the past three years,
LBC has significantly expanded its capacity and built a strong
backlog of new business that will support its continued growth.
LBC combines excellent, service-oriented employees with a
diverse customer base and strategic terminal locations."

Niels von Hombracht, CEO of LBC Tank Terminals, remarked: "We
welcome the Challenger Infrastructure Fund as our new partner.
With their long-term ownership perspective and willingness to
invest in and grow the business, we look forward to a very
dynamic future together. Everyone at LBC worked hard to get to
where we are today, but our ambitions to expand further are by
no means satisfied.  Challenger is an ideal shareholder for us
since they share our ambition and have the means to support our
future growth."

              About Challenger Infrastructure Fund

Challenger Infrastructure Fund (ASX: CIF) --
http://www.challenger.com.au-- offers investors a stable income  
return with potential for capital growth via investment in a
diversified portfolio of global utility and infrastructure
assets.

                  About One Equity Partners LLC

One Equity Partners LLC manages over US$5 billion of private
equity commitments from JP Morgan Chase & Company, Inc.

                    About LBC Tank Terminals

Headquartered in Paris, France, LBC Tank Terminals --
http://www.lbctt.com/-- operates over 2.2 million cubic meters  
of storage capacity at 12 port locations throughout Western
Europe and the Unites States of America.  LBC is the world's
second largest chemical tank storage company.  The group also
provides additional value added services for its customers.  LBC
has a new site under construction in Antwerp, Belgium, and major
expansion projects at its terminals in Lisbon, Portugal and in
Houston and Baton Rouge, the United States.


LBC HOLDINGS: Buyout Cues S&P to Put B Rating on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on France-based liquid chemical products
storage company LBC Holdings LLC on CreditWatch with negative
implications, following an announced change of ownership.

"The rating could be lowered, depending on the financial and
operational impact of the transaction, notably in terms of debt,
capital expenditure, and growth projects," said Standard &
Poor's credit analyst Lucas Sevenin.  Bondholders benefit from a
change of control clause.  As of Dec. 31, 2006, the group had
about EUR200 million of debt.

In April 2007, the group announced that a consortium led by
Challenger Infrastructure Fund would become the new 100% owner.
CIF itself will own 66% of LBC, with the remainder placed with
other members of the consortium.  CIF is an investment vehicle
oriented toward utility and infrastructure assets and is listed
on the Australian Securities Exchange.  LBC Holdings was spun
off from France-based Fimalac three years ago, in an LBO led by
One Equity Partners, the private equity arm of Bank One
Corporation.

CIF's public information indicates that it values LBC's
enterprise value at a high EUR565-million of which it appears
about EUR350-million could be debt-funded.  Although credit
metrics could thus deteriorate, S&P may affirm the ratings when
resolving the CreditWatch status, if the aforementioned debt
structure is confirmed, and under the assumption that the
group's operating performance will strengthen further in the
coming years.  A downgrade cannot be excluded, however, notably
in case of debt levels that are higher than those mentioned
above.

With 2006 sales of EUR130-million, EBITDA of EUR50-million, and
600 employees, LBC rents tanks used to store liquid chemicals at
12 terminals located in key petrochemical ports in Europe and
the U.S. Roughly 80% of revenues derive from capacity rents and
"throughput" traffic.  The remainder stems from related basic
services.  Top clients are major oil, gas, and chemicals
companies.

"The CreditWatch status will be resolved once the transaction is
finalized and S&P have a precise view on the group's financial
structure and operational strategy," added Mr. Sevenin.  "We
will notably analyze the impact of changes to debt, equity, and
liquidity sources."


RHODIA S.A.: Improved Coverage Ratio Cues Fitch to Keep BB- IDR
---------------------------------------------------------------
Fitch Ratings affirmed the Issuer Default Rating of France's
Rhodia S.A. at 'BB-' and revised the Outlook to Positive from
Stable.  At the same time, Fitch has assigned Rhodia SA's
proposed issue of up to EUR595.125 million bonds convertible
and/or exchangeable for new and/or existing shares ("OCEANE") an
expected 'BB-' rating.  

The final rating of the convertible bond will be assigned
following settlement and review of the final bond documentation,
conforming to information already received.

Fitch has also affirmed the 'BB-' rating of Rhodia's Senior
Notes due 2013 and affirmed and withdrawn three others:

   -- EUR300-million Revolving Credit Facility affirmed at 'BB+'
      and withdrawn

   -- Senior Notes due 2010 affirmed at 'BB-' and withdrawn

   -- Senior Subordinated Notes due 2011 affirmed at 'B' and
      withdrawn

The revision of the Outlook to Positive from Stable reflects the
fact that the envisaged re-financing makes one of the previously
stated positive Rating or Outlook factors likely to materialize.
In its analysis dated March 13, Fitch outlined that a material
improvement in coverage ratios could positively influence
ratings or the Outlook.

The change in Outlook follows Rhodia's planned issue of
convertible debt to refinance its outstanding 2010 Senior Notes
and 2011 Senior Subordinated Notes.  "The newly proposed
financing structure for Rhodia leads to substantially lowered
interest expenses", says Oliver Kroemker, Associate Director in
Fitch's Corporate Industrials team.  "Provided that Rhodia
performs broadly in line with its guidance in FY07, including
further de-leveraging, key credit ratios should be substantially
improved towards the year end", Kroemker added.  Fitch expects
Rhodia to be free-cash-flow positive in FY07 and expects a
significant improvement in FCF in 2008, once re-structuring
charges and other one-off items have been paid.

At FYE06 Rhodia had total debt of EUR2.4-billion, of which
approximately EUR1.4-billion represented senior notes and
EUR467-million were senior subordinated notes.  Approximately
EUR320-million/US$415-million of senior notes have been prepaid.
Cash and liquid assets on balance sheet was EUR486-million.
Based on this and the newly agreed EUR600-million revolving
credit facility, liquidity is assumed to be comfortably
sufficient.

Rhodia is a diversified chemicals company based in France, which
achieved net sales of EUR4.8-billion in FY06.  Its products are
sold in a broad spectrum of consumer and industrial markets,
including cosmetics, detergents, pharmaceuticals, automotive,
electronics, agrochemicals and construction.


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


ADLER SERVICE: Creditors' Meeting Slated for June 28
----------------------------------------------------
The court-appointed insolvency manager for Adler Service- und
Verwaltungsgesellschaft mbH, Frank-Michael Rhode, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 9:50 a.m. on June 28.

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

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

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

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

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de

The District Court of Bremen opened bankruptcy proceedings
against Adler Service- und Verwaltungsgesellschaft mbH on
April 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Adler Service- und Verwaltungsgesellschaft mbH
         Klopstockstr. 6
         22765 Hamburg
         Germany

         Attn: Tajo Adler, Manager
         Wolfenbuetteler Str. 6
         38102 Braunschweig
         Germany


BAU-SAN BAU: Claims Registration Period Ends May 16
---------------------------------------------------
Creditors of Bau-San Bau- und Sanierungs GmbH have until May 16
to register their claims with court-appointed insolvency manager
Udo Feser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:25 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Bau-San Bau- und Sanierungs GmbH on
April 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Bau-San Bau- und Sanierungs GmbH
         Hauptstrasse 1 c
         15295 Wiesenau
         Germany


BENQ CORP: 250 Mobile Unit Employees Land in Siemens Jobs
---------------------------------------------------------
BenQ Mobile GmbH & Co, the bankrupt mobile subsidiary of Taiwan-
based BenQ Corp., found new jobs for 850 staff through its two
employment agencies, The Financial Times reports citing
Frankfurter Allgemeine Zeitung as its source.

Around 2,500 out of 3,300 former BenQ Mobile staff transferred
to temporary employment companies after the insolvency filing,
FT relates.  According to the report, roughly 250 workers found
employment at Siemens, the previous owner of the now insolvent
mobile phone unit.

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.

BenQ Mobile GmbH & Co., the company's wholly owned subsidiary,
operates from Munich, Germany.  BenQ Mobile filed for insolvency
in Germany on Sept. 29, after BenQ Corp.'s board decided to
discontinue capital injection into the mobile unit in order to
stem unsustainable losses.  The collapse follows a year after
Siemens sold the company to Taiwanese technology group BenQ.  
BenQ Mobile has lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after Mr. Prager failed to meet the
deadline in finding a buyer for the company on Dec. 31, 2006.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Dec. 5, 2006, that Taiwan Ratings Corp., assigned its long-term
twBB+ and short-term twB corporate credit ratings to BenQ Corp.

The outlook on the long-term rating is negative.  At the same
time, Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.

The ratings reflect BenQ's:

   * continuing operating losses from its handset operations;

   * high leverage; and

   * the competitive nature and low profitability of the LCD
     monitor industry.


BNU GMBH: Claims Registration Period Ends May 16
------------------------------------------------
Creditors of BNU GmbH have until May 16 to register their claims
with court-appointed insolvency manager Hans - Peter Guckel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Uelzen
         Hall 2
         Main Building
         Fritz-Roever-Str 5
         29525 Uelzen
         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:

         Hans - Peter Guckel
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040/650390
         Fax: 040/65039199

The District Court of Uelzen opened bankruptcy proceedings
against BNU GmbH on April 12.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         BNU GmbH
         Celler Strasse 4-8
         29525 Uelzen
         Germany

         Attn: Matthias Kutzner, Manager
         Vorberg 6
         29525 Uelzen
         Germany


ELEKTRO LUEDCKE: Claims Registration Period Ends June 18
--------------------------------------------------------
Creditors of Elektro Luedcke GmbH have until June 18 to register
their claims with court-appointed insolvency manager Gerd
Seibert.

Creditors and other interested parties are encouraged to attend
the meeting at noon on June 26, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at noon on July 24, at the same venue.

The insolvency manager can be contacted at:

         Gerd Seibert
         Hermannstrasse 16
         56203 H"hr-Grenzhausen
         Germany
         Tel: 02624 9595-0
         Fax: 02624 9595-95

The District Court of Koblenz opened bankruptcy proceedings
against Elektro Luedcke GmbH on April 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Elektro Luedcke GmbH
         Industriestrasse 3
         56355 Nastatten
         Germany


FAB FOLIEN: Creditors' Meeting Slated for May 29
------------------------------------------------
The court-appointed insolvency manager for FAB Folien Kunststoff
GmbH, Bjoern Gehde, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on May 29.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Sept. 11, at the same venue.

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

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against FAB Folien Kunststoff GmbH on April 16.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FAB Folien Kunststoff GmbH
         Nennhauser Damm 158
         13591 Berlin
         Germany


FASHION SPORT: Claims Registration Period Ends May 10
-----------------------------------------------------
Creditors of Fashion Sport Agentur Michael Trespe GmbH have
until May 10 to register their claims with court-appointed
insolvency manager Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Neumuenster
         Meeting Hall B 031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be contacted at:

         Helmut Gattermann
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Fashion Sport Agentur Michael Trespe GmbH on March 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Fashion Sport Agentur Michael Trespe GmbH
         Hasselt 15
         24576 Bad Bramstedt
         Germany


GLOBUS BAU: Claims Registration Period Ends May 30
--------------------------------------------------
Creditors of Globus Bau & Immobilien GmbH have until May 30 to
register their claims with court-appointed insolvency manager
Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         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:

         Marc Odebrecht
         A.-Bebel-Str. 4
         19055 Schwerin
         Germany

The District Court of Schwerin opened bankruptcy proceedings
against Globus Bau & Immobilien GmbH on April 5.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be contacted at:

         Globus Bau & Immobilien GmbH
         Schuetzenplatz 20
         19399 Goldberg
         Germany


GOETTINGER GASTSTATTENBETRIEBS: Claims Registration Ends May 18
---------------------------------------------------------------
Creditors of Goettinger Gaststattenbetriebs GmbH have until
May 18 to register their claims with court-appointed insolvency
manager Burghard Wegener.

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 Goettingen
         Hall B11
         Maschmuehlenweg 11
         37073 Goettingen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Burghard Wegener
         Obere Karspuele 36
         D 37073 Goettingen
         Germany
         Tel: 0551/9003660
         Fax: 0551/90036629

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

The Debtor can be reached at:

         Goettinger Gaststattenbetriebs GmbH
         Lange Str. 5
         37120 Bovenden
         Germany


HEINZ BECKER: Claims Registration Ends May 21
---------------------------------------------
Creditors of Heinz Becker GmbH have until May 21 to register
their claims with court-appointed insolvency manager Volker
Dick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Bonn
         Hall S 2.22
         Second Stock
         William-Strasse 21
         53111 Bonn
         Germany

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

The insolvency manager can be reached at:

         Volker Dick
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 0224121048

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

The Debtor can be reached at:

         Heinz Becker GmbH
         Hochfeldstr. 15a
         53842 Troisdorf
         Germany


HIGH SOFT: Claims Registration Period Ends May 11
-------------------------------------------------
Creditors of High Soft Tech Gesellschaft fuer Telekommunikation
mbH have until May 11 to register their claims with court-
appointed insolvency manager Edgar Groenda.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Bremerhaven
         Hall 209
         Nordstr. 10
         27580 Bremerhaven
         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:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/36860
         Fax: 0421/3686100

The District Court of Bremerhaven opened bankruptcy proceedings
against High Soft Tech Gesellschaft fuer Telekommunikation mbH  
on April 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HST High Soft Tech Gesellschaft fuer
         Telekommunikation mbH
         Barkhausenstr. 2
         27568 Bremerhaven
         Germany


IMMO-FINANZ-VERMITTLUNG: Claims Registration Ends May 18
--------------------------------------------------------
Creditors of Immo-Finanz-Vermittlung Grundstuecksverwertungs
Goettinger Gaststattenbetriebs GmbH have until May 18 to
register their claims with court-appointed insolvency manager
Frank Wiedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen
         Germany
         Tel: 0241/6052800
         Fax: 0241/6052799

The District Court of Aachen opened bankruptcy proceedings
against Immo-Finanz-Vermittlung Grundstuecksverwertungs
Goettinger Gaststattenbetriebs GmbH on April 13.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Immo-Finanz-Vermittlung Grundstuecksverwertungs
         Goettinger Gaststattenbetriebs GmbH
         Boxgraben 38
         52064 Aachen
         Germany


INGENIEUR BAU FUERSTENWALDE: Claims Registration Ends May 24
------------------------------------------------------------
Creditors of Ingenieur Bau Fuerstenwalde GmbH & Co. KG have
until May 24 to register their claims with court-appointed
insolvency manager Anika Leffler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 28, 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 Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         Germany

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

The insolvency manager can be reached at:

         Anika Leffler
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against Ingenieur Bau Fuerstenwalde GmbH & Co. KG on April 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Ingenieur Bau Fuerstenwalde GmbH & Co. KG
         Gellertstr. 7
         15517 Fuerstenwalde
         Germany


K.S.A. BETONBAUTEILE: Creditors' Meeting Slated for May 14
----------------------------------------------------------
The court-appointed insolvency manager for K.S.A. Betonbauteile
Spezialhandel GmbH, Detlef Ruediger Beckmann, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:30 a.m. on May 14.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:25 a.m. on Sept. 3, at the same venue.

Creditors have until July 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Detlef Ruediger Beckmann
         Lindenallee 33
         14050 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against K.S.A. Betonbauteile Spezialhandel GmbH on
April 10.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         K.S.A. Betonbauteile Spezialhandel GmbH
         Hauptstr. 117
         10827 Berlin
         Germany


KRAH & HOERLE: Creditors' Meeting Slated for May 21
---------------------------------------------------
The court-appointed insolvency manager for Krah & Hoerle GmbH,
Dr. Peter Theile, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:33 a.m. on
May 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 8:40 a.m. on Aug. 13 at the same venue.

Creditors have until July 12 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Peter Theile
         Kapellenstrasse 7
         65555 Limburg
         Germany
         Tel: 06431-779900
         Fax: 06431-7799035
         E-mail: limburg@ts-insolvenzanwaelte.de

The District Court of Montabaur opened bankruptcy proceedings
against Krah & Hoerle GmbH on April 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Krah & Hoerle GmbH
         56203 Hoehr-Grenzhausen
         Germany

         Attn: Birgit Hoerle, Manager
         Essener Strasse 7
         56249 Herschbach
         Germany


LEUENHAGEN & PARIS: Creditors' Meeting Slated for May 14
--------------------------------------------------------
The court-appointed insolvency manager for Leuenhagen & Paris
GmbH & Co.KG, Joachim Voigt-Salus, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at 12:20 p.m. on May 14.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:40 a.m. on July 16 at the same venue.

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

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

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany
         
The Debtor can be reached at:
         
         Leuenhagen & Paris GmbH & Co.KG
         Scharnweberstrasse 25
         13405 Berlin
         Germany


LHC - LOGISTIK: Creditors' Meeting Slated for May 15
----------------------------------------------------
The court-appointed insolvency manager for LHC - Logistik- und
Handels-Center GmbH, Thomas Becker, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:40 a.m. on May 15.

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

         The District Court of Saarbruecken
         Area Hall 24
         Second Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:40 a.m. on June 5 at the same venue.

Creditors have until May 24 to register their claims with the
court-appointed insolvency manager.

The District Court of Saarbruecken opened bankruptcy proceedings
against LHC - Logistik- und Handels-Center GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Thomas Becker
         Brueckenstrasse 60
         66763 Dillingen
         Germany
         Tel: (06831) 769980
         Fax: (06831) 7699870
         
The Debtor can be reached at:
         
         LHC - Logistik- und Handels-Center GmbH
         Attn: Roswitha Ensekat, Manager
         Vorderster Berg 9
         66333 Voelklingen
         Germany


LOCON GMBH: Claims Registration Period Ends May 18
--------------------------------------------------
Creditors of Locon GmbH Logistic Connections have until May 18
to register their claims with court-appointed insolvency manager
Moritz Hansberg.

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 Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Bochum opened bankruptcy proceedings
against Locon GmbH Logistic Connections on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Moritz Hansberg
         Huestr. 34
         44787 Bochum
         Germany
         
The Debtor can be reached at:
         
         Locon GmbH Logistic Connections
         Lennershofstr. 162
         44801 Bochum
         Germany
         
         Attn: Ulrich Hollmann, Manager
         Buscher Str. 17 d
         47269 Duisburg
         Germany


LOSS HUS: Claims Registration Ends May 25
-----------------------------------------
Creditors of LOSS HUS Grundstuecksgesellschaft mbH have until
May 25 to register their claims with court-appointed insolvency
manager Andre Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The Judicial Center of Magdeburg
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630 o. 39
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The District Court of Magdeburg opened bankruptcy proceedings
against LOSS HUS Grundstuecksgesellschaft mbH on April 5.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         LOSS HUS Grundstuecksgesellschaft mbH
         Spiegelsbergenweg 3
         38820 Halberstadt
         Germany

         Attn: Andreas Greiling, Manager
         San Ramon Nonat 7
         E-07610 Las Maravillas/Mallorca
         Spain


LUSO 2000: Claims Registration Ends May 15
------------------------------------------
Creditors of LUSO 2000 GmbH have until May 15 to register their
claims with court-appointed insolvency manager Olaf Seidel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Olaf Seidel
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web site: http://www.WORAKO.de

The District Court of Dresden opened bankruptcy proceedings
against LUSO 2000 GmbH on April 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         LUSO 2000 GmbH
         Schlossberg 2
         01662 Meissen
         Germany

         Attn: Eckhard Horn, Manager
         Marienhofstr. 2
         01662 Meissen
         Germany


MBV MEDIEN: Claims Registration Ends June 15
--------------------------------------------
Creditors of mbv medien&buch verlagsgesellschaft mbH have until
June 25 to register their claims with court-appointed insolvency
manager Thomas Farian.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 16, 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 Ludwigsburg
         Hall 2008
         Schorndorfer Str. 28
         Ludwigsburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Farian
         Stuttgarter Str. 78
         71638 Ludwigsburg
         Germany
         Tel: (07141) 95470

The District Court of Ludwigsburg opened bankruptcy proceedings
against mbv medien&buch verlagsgesellschaft mbH on April 17.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         mbv medien&buch verlagsgesellschaft mbH
         Attn: Joerg Moll, Manager
         Mollenbachstr. 23
         71229 Leonberg
         Germany


PETER SCHMIDT: Creditors Must Register Claims by May 25
-------------------------------------------------------
Creditors of Peter Schmidt GmbH have until May 25 to register
their claims with court-appointed insolvency manager Janine
Pfaff.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on July 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         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:

         Janine Pfaff
         Wertherstrasse 14 A
         35578 Wetzlar
         Germany
         Tel: 06441/9 48 20
         Fax: 06441/94 82 22
         E-mail: kanzlei@wsr-net.de

The District Court of Wetzlar opened bankruptcy proceedings
against Peter Schmidt GmbH on April 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Peter Schmidt GmbH
         Berliner Str. 21
         35614
         Germany

         Attn: Knut Christian Roemer, Manager
         Osemund Str. 8
         58091 Hagen
         Germany


PMA WORXX: Creditors Meeting Slated for June 1
----------------------------------------------
The court-appointed insolvency manager for PMA worxx Security-
Service GmbH, Christian Koehler-Ma, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:05 a.m. on June 1.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on Sept. 7 at the same venue.

Creditors have until July 13 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against PMA worxx Security-Service GmbH on April 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         PMA worxx Security-Service GmbH
         Stormstr. 1
         14050 Berlin
         Germany


POWER LINE: Creditors Must Register Claims by May 11
----------------------------------------------------
Creditors of Power Line GmbH have until May 11 to register their
claims with court-appointed insolvency manager Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 2:20 p.m. on June 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report 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:

         Volkhard Frenzel
         Magdeburger Str. 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

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

The Debtor can be reached at:

         Power Line GmbH
         Walter-Markov-Ring 92
         04288 Leipzig
         Germany


R&S ALLGEMEINE: Creditors Must Register Claims by May 21
--------------------------------------------------------
Creditors of R&S Allgemeine Geschaftsfuehrungs-GmbH & Co. have
until May 21 to register their claims with court-appointed
insolvency manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at noon of 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 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 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:

         Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against R&S Allgemeine Geschaftsfuehrungs-GmbH & Co.
on April 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         R&S Allgemeine Geschaftsfuehrungs-GmbH & Co.
         Pohlstr. 20
         10785 Berlin
         Germany


RE-FLEXX GMBH: Creditors Must Register Claims by May 15
-------------------------------------------------------
Creditors of RE-FLEXX GmbH have until May 15 to register their
claims with court-appointed insolvency manager Karl-Joachim
Meyer.

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

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Karl-Joachim Meyer
         Schiessgrabenstr. 8/9
         21335 Lueneburg
         Germany
         Tel: 20100
         Fax: 20 10 14

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

The Debtor can be reached at:

         RE-FLEXX GmbH
         An der Roten Bleiche 1
         21335 Lueneburg
         Germany

         Attn: Reiner Packross, Manager
         Landstrasse 20
         21354 Bleckede
         Germany


ROHR DRUCK: Creditors Must Register Claims by May 18
----------------------------------------------------
Creditors of Rohr Druck GmbH have until May 18 to register their
claims with court-appointed insolvency manager Paul Wieschemann.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 p.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kaiserslautern
         Hall 8
         Bahnhofstr. 24
         67655 Kaiserslautern
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Rohr Druck GmbH
         Mainzer Str. 105
         67657 Kaiserslautern
         Germany


SAGASSER'S GETRAENKERIE: Claims Registration Period Ends July 17
----------------------------------------------------------------
Creditors of Sagasser's Getraenkerie GmbH have until July 17 to
register their claims with court-appointed insolvency manager
Stefanie Luethje.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. today, April 26, 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 Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on Aug. 30 in the same venue.

The District Court of Bremen opened bankruptcy proceedings
against Sagasser's Getraenkerie GmbH on April 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Stefanie Luethje
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 792570
         Fax: 7925757
         E-Mail: Luethje@oelb.de
         Web: http://www.oelb.de/
         
The Debtor can be reached at:
         
         Sagasser's Getraenkerie GmbH
         Attn: Frank Siedenkamp, Manager
         Hoyaer Str. 1
         28205 Bremen
         Germany


SARDONYX GMBH: Creditors Must Register Claims by May 11
-------------------------------------------------------
Creditors of Sardonyx GmbH & Co. KG have until May 11 to
register their claims with court-appointed insolvency manager
Markus Dahmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen am Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen am Rhein
         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:

         Markus Dahmann
         Wimphelingstr. 13
         67346 Speyer
         Germany

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

The Debtor can be reached at:

         Sardonyx GmbH & Co. KG
         Attn: Semjon Indin, Manager
         Hauptstrasse 48a
         67227 Frankenthal
         Germany


SCHMUCK TEAMBAU: Claims Registration Period Ends June 1
-------------------------------------------------------
Creditors of Schmuck Teambau Haus GmbH & Co. KG have until
June 1 to register their claims with court-appointed insolvency
manager Henning Mordhorst.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Itzehoe
         Hall 2
         Theodor-Heuss-Platz 3
         25524 Itzehoe
         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. Henning Mordhorst
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Itzehoe opened bankruptcy proceedings
against Schmuck Teambau Haus GmbH & Co. KG on April 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schmuck Teambau Haus GmbH & Co. KG
         Lindenstr. 94
         25524 Itzehoe
         Germany


SEIBA-BAU GMBH: Claims Registration Period Ends May 11
------------------------------------------------------
Creditors of Seiba-Bau GmbH have until May 11 to register their
claims with court-appointed insolvency manager Stefan Oppermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 031
         Synagogenplatz 1
         96047 Bamberg
         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.jur. Stefan Oppermann
         Aussere Sulzbacher Str. 118
         90491 Nuremberg
         Germany
         Tel: 0911/59890-0
         Telefax: 091159890-11,12

The District Court of Bamberg opened bankruptcy proceedings
against Seiba-Bau GmbH on April 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Seiba-Bau GmbH
         Attn: Alfred Seitz, Manager
         Jagersburger Str. 4
         91330 Eggolsheim-Bammersdorf
         Germany


SEKONA FEDERN: Claims Registration Period Ends May 21
-----------------------------------------------------
Creditors of SEKONA Federn GmbH have until May 21 to register
their claims with court-appointed insolvency manager Gerhard
Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The insolvency manager can be reached at:

         Gerhard Walter
         Beim Kupferhammer 5/4
         72070 Tuebingen
         Germany
         
The Debtor can be reached at:
         
         SEKONA Federn GmbH
         Kapelleschweg 20
         72818 Trochtelfingen
         Germany
         
         Attn: Andreas Schwerdtle, Manager
         Fasanenweg 37
         72818 Trochtelfingen
         Germany


SICO GMBH: Creditors' Meeting Slated for May 23
-----------------------------------------------
The court-appointed insolvency manager for Sico GmbH u. Co.
Metall- und Kunststoffwaren KG, Christopher Seagon, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 11:15 a.m. on May 23.

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

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany         

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on July 25 at the same venue.

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

The District Court of Tuebingen opened bankruptcy proceedings
against Sico GmbH u. Co. Metall- und Kunststoffwaren KG on
April 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Christopher Seagon
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221/91180
         
The Debtor can be reached at:
         
         Sico GmbH u. Co. Metall- und
         Kunststoffwaren KG
         Attn: Gerhard Rein, Manager
         Bismarckstr. 72
         72072 Tuebingen
         Germany


STEFAN TUERK: Claims Registration Period Ends May 21
----------------------------------------------------
Creditors of Stefan Tuerk & Partner Wohnungsverwaltungs GmbH
have until May 21 to register their claims with court-appointed
insolvency manager Peter Naarmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         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. Peter Naarmann
         Dresdner Strasse 86
         09130 Chemnitz
         Germany
         Tel: (03 71) 44 43 90
         Telefax: (03 71) 444 39 11
         E-mail: info-ch@mne-insolvenzbuero.de

The District Court of Chemnitz opened bankruptcy proceedings
against Stefan Tuerk & Partner Wohnungsverwaltungs GmbH on
April 13.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Stefan Tuerk & Partner Wohnungsverwaltungs GmbH
         Attn: Stefan Tuerk, Manager
         Otto-Thoerner-Strasse 75
         09127 Chemnitz
         Germany


THORALF LUEDECKE: Claims Registration Period Ends May 29
--------------------------------------------------------
Creditors of Thoralf Luedecke Montage GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-mail: k.wrede@kwp-magdeburg.com

The District Court of Magdeburg opened bankruptcy proceedings
against Thoralf Luedecke Montage GmbH on April 13.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Thoralf Luedecke Montage GmbH
         Attn: Thoralf Luedecke, Manager
         Lange Str. 13
         38889 Blankenburg
         Germany


TROSAPLAST FORMEN: Creditors' Meeting Slated for May 31
-------------------------------------------------------
The court-appointed insolvency manager for Trosaplast Formen-
und Vorrichtungsbau GmbH & Co.KG, Franz J. Abel, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 3:00 p.m. on May 31.

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

         The District Court of Trier
         Hall 56
         Justizstrasse 2,4,6
         54290 Trier
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:30 a.m. on July 5 at the same venue.

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

The insolvency manager can be reached at:

         Franz J. Abel
         Kaiserstrasse 77
         66386 St. Ingbert
         Germany
         Tel: 06894/3272
         Fax: 06894/382185

The District Court of Trier opened bankruptcy proceedings
against Trosaplast Formen- und Vorrichtungsbau GmbH & Co.KG on
April 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Trosaplast Formen- und Vorrichtungsbau GmbH & Co.KG
         Attn: Cornelis Jacobs
         Manager, Tectro Geschaftsfuehrungs GmbH
         Thrasolstrasse 40
         54439 Saarburg
         Germany


VETTE FERTIGBAU: Claims Registration Period Ends May 15
-------------------------------------------------------
Creditors of VETTE Fertigbau Gmbh have until May 15 to register
their claims with court-appointed insolvency manager Thomas
Keller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Thomas Keller
         Glashuetter Strasse 104
         01277 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against VETTE Fertigbau Gmbh on April 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         VETTE Fertigbau Gmbh
         F.-Bodelschwingh-Str. 17
         02943 Weisswasser
         Germany

         Attn: Matthias Vette
         Nordweg 11
         02943 Weisswasser
         Germany


VG VERLEIH: Claims Registration Period Ends May 14
--------------------------------------------------
Creditors of VG Verleih der Filmemacher Beteiligungs GmbH have
until May 14 to register their claims with court-appointed
insolvency manager Christian Gerloff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 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:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Muenchen
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against VG Verleih der Filmemacher Beteiligungs GmbH on
April 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         VG Verleih der Filmemacher Beteiligungs GmbH
         Enhuberstr. 1
         80333 Muenchen
         Germany


VHF MOBIL: Claims Registration Period Ends May 28
-------------------------------------------------
Creditors of VHF Mobil Lease GmbH have until May 28 to register
their claims with court-appointed insolvency manager Ulrich
Kuehn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Kuehn
         Riehler Str. 26
         50668 Koeln
         Germany
         Tel: 9726157
         Fax: +492219726227

The District Court of Cologne opened bankruptcy proceedings
against VHF Mobil Lease GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         VHF Mobil Lease GmbH
         Siemensstr. 25
         50374 Erftstadt
         Germany


WELS GMBH: Claims Registration Period Ends June 6
-------------------------------------------------
Creditors of Wels GmbH have until June 6 to register their
claims with court-appointed insolvency manager Stephan
Geisslreiter.

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

The meeting of creditors will be held at:

         The District Court of Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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:

         Stephan Geisslreiter
         Kaiser-Wilhelm-Ring 18
         92224 Amberg
         Germany
         Tel: 09621/91 70 40
         Fax: 09621/91 70 45

The District Court of Amberg opened bankruptcy proceedings
against Wels GmbH on April 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Wels GmbH
         Am Rohrweiher 1
         92224 Amberg
         Germany


ZYGCAR GMBH: Claims Registration Period Ends May 18
---------------------------------------------------
Creditors of ZYGCAR GmbH have until May 18 to register their
claims with court-appointed insolvency manager Rainer M. Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report 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:

         Rainer M. Bahr
         Prager Strasse 34
         04317 Leipzig
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

The District Court of Leipzig opened bankruptcy proceedings
against ZYGCAR GmbH on April 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         ZYGCAR GmbH
         Attn: Harald Zygann, Manager
         Kurt-Eisner-Strasse 108
         04275 Leipzig
         Germany


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


ELAN CORP: Posts US$93-Million Net Loss in First Quarter 2007
-------------------------------------------------------------
Elan Corp. plc released unaudited financial results for the
first quarter ended March 31, 2007.

Elan posted US$93 million in net loss against US$176 million in
total revenues for the three months ended March 31, 2007,
compared with US$33.3 million in net losses against US$134.3
million in total revenues.

At March 31, 2007, Elan's balance sheet showed US$2.04 billion
in total assets, 2.03 billion in total liabilities and US$7.3
million in shareholders' equity.

According to Kelly Martin, Elan's president and chief executive
officer, "2007 started strongly in terms of revenue growth,
operating improvements and continued advancements in the
pipeline.  Of particular note this quarter is the receiving of
Fast Track designation from the FDA for ELND-005 in the area of
Alzheimer's, continued progress in the drug technology portfolio
and associated royalty streams, as well as the progress made in
the Tysabri patient uptake for MS in both Europe and the US.  
Our focus and commitment continue to center on delivering
results for shareholders that allow us to accelerate towards
profitability and drive value for the near, intermediate and
long term."

"We are very pleased with the strong start to the year reflected
in revenue growth of 31% and a reduction of two-thirds in
Adjusted EBITDA losses resulting from the continued improvement
in operating margins.  The net loss increased, mainly due to a
charge in respect of the early retirement of debt this quarter
and the inclusion of a gain on the sale of EU rights to Prialt
in 2006," Shane Cooke, Elan's executive vice president and chief
financial officer, said.

"Revenue growth reflects the solid performance of Tysabri driven
by the approximately 12,500 patients who have signed up for
therapy, a 30% increase over that reported only two months ago.
As previously guided, we remain optimistic that Elan will record
Adjusted EBITDA losses of less than US$50 million for 2007 based
on the strong performance reflected in the first quarter's
results," Mr. Cooke added.

                       About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/-- is a neuroscience-based biotechnology  
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors last week, the
rating agency confirmed its B3 Corporate Family Rating for Elan
Corporation plc and assigned a B2 probability-of-default rating
to the company.

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

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


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


BERRY PLASTICS: Merger Deal Cues S&P to Hold Junk Credit Rating
---------------------------------------------------------------
Following the merger of Berry Plastics Group Inc. and Covalence
Specialty Materials Holding Corp., Standard & Poor's Ratings
Services took five rating actions:
     
     -- S&P affirmed its 'B' corporate credit rating on Berry
        Plastics Holding Corp., a wholly owned subsidiary of
        Berry Plastics Group, which is now the obligor of
        substantially all the company's debt.
     
     -- S&P affirmed the 'B+' senior secured debt rating and '1'
        recovery rating on Berry Plastics Holding's US$1.2-
        billion term loan C due 2015.  The working name of the
        borrower had been New Berry Holding at the time the
        ratings were assigned.
     
     -- S&P affirmed the 'CCC+' subordinated debt rating on
        Berry Plastics Holding's US$265-million 10.25% senior
        subordinated notes due 2016.  These notes were formerly
        obligations of Covalence Specialty Materials Corp.
     
     -- S&P raised its rating on Berry Plastic Holding's
        US$750-million second-priority senior secured notes due
        2014 to 'B-' from 'CCC+' and removed the rating from
        CreditWatch where it had been placed with positive
        implications when the transaction was announced.  The
        recovery rating on these notes has been revised to '3'
        from '4'.
     
     -- S&P withdrew Covalence's corporate credit rating as well
        as the ratings on Berry's and Covalence's former credit
        facilities, which were refinanced.
     
The outlook is stable.  At the time of the merger, total debt
was about US$2.7 billion.
      
"The ratings reflect the strength of the merged business and the
potential that the company will improve its highly aggressive
financial profile to acceptable levels within the next couple of
years," said Standard & Poor's credit analyst Liley Mehta.
     
With more than US$3.2 billion in annual sales pro forma for the
merger, Berry ranks among the largest packaging companies in
North America, with leading positions in both the rigid and
flexible plastic packaging segments.  While primarily domestic
in terms of geographic coverage, the company boasts an
impressive operating footprint with approximately 65
manufacturing facilities throughout the U.S., serving an array
of end markets and customers.  The concentration of customers
has declined somewhat through the merger, and the combined
administrative and manufacturing operations will likely present
opportunities to realize synergies.  However, the large scale of
the businesses to be integrated presents meaningful execution
risk and operating uncertainty until tangible progress is
achieved.


CLINICAL DATA: Names Herman Buis as Dutch Arm's Int'l Sales Head
----------------------------------------------------------------
Clinical Data Inc. disclosed that Vital Scientific N.V., a unit
of its Vital Diagnostics division, has appointed Herman Buis to
the position of International Sales Manager.

Mr. Buis will have responsibility for managing the Vital
Scientific sales organization in Europe and will report to
Sakari Boman, Vital Scientific's Director of Sales and Business
Development.

"We are pleased to add to our team a sales and marketing
executive with Herman's knowledge and expertise," Mr. Boman
commented.  "Herman brings over twenty years of progressive
management responsibilities with leading diagnostics companies
in international markets.  Herman has in-depth experience in our
market space, and we all believe it will be valuable as we
expand our offerings and enter new territories throughout the
whole world."

"I am pleased to be joining Vital Scientific and look forward to
contributing to the organization's continued success," Mr. Buis
said.  "I trust that my experience and the strong relationships
in the clinical laboratory market should greatly benefit the
Company's growth."

Prior to joining Vital Scientific, Mr. Buis held several sales
and marketing positions for Ortho-Clinical Diagnostics, a
Johnson & Johnson company, and a leading provider of diagnostic
products and services for the global health care community.

                        About Clinical Data

Headquartered in Newton, Massachusetts Clinical Data Inc.
(NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive  
molecular and pharmacogenomics services as well as genetic
tests.  The Company has operations in the U.K., France, the
Netherlands, Italy and Australia.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2006.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.


M. FABRIKANT: Seeks Court Nod to Start Auction Process
------------------------------------------------------
M. Fabrikant & Sons, Inc., and its debtor-affiliates ask the
U.S. Bankruptcy Court for the Southern District of New York for
permission to start attracting bidders to auction the company's
assets in early May, The Associated Press reports.

The court will consider the Debtor's request today.

AP says the filing of the request strengthens the company's
preference for liquidation over a reorganization process.

Under the auction plan, M. Fabrikant will sell its assets,
including inventory, accounts and intellectual property.   After
the auction process, the Debtor would then file a liquidation
plan, AP relates.

According to the International Diamond Exchange, M. Fabrikant
hopes to sell the company as a whole to a single bidder,
although it has also broken down its assets into main groups,
each with a reserve price, to create an option to sell them in
parts.

The Debtor is asking for a total reserve price of US$48.5
million, Dow Jones Newswires says, citing papers filed with the
Bankruptcy Court.

Under the company's proposed auction rules, any stalking-horse
bidder would be offered payment for fees and costs up to two
percent of the bid or US$200,000 (EUR147,000), if the offer is
lost at auction, AP said.

According to the Chapter 11 filing, M. Fabrikant & Sons has
US$363 million in debts and US$225.9 in assets.

Headquartered in New York City, M. Fabrikant & Sons, Inc. --
http://www.fabrikant.com/-- sells diamonds and jewelries.   
Established in 1895, the Company is one of the oldest diamond
and jewelry wholesaler in the world, including Canada, China,
Japan, Thailand, Israel, Belgium and Italy.  The Company and its
affiliates, Fabrikant-Leer International, Ltd., filed for
chapter 11 protection on Nov. 17, 2006 (Bankr. S.D.N.Y. Case
Nos. 06-12737 & 06-12739).  Mitchel H. Perkiel, Esq., at
Troutman Sanders LLP, represent the Debtors.  When the Debtors
filed for protection from their creditors, they listed estimated
assets and debts of more than US$100 million.


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


AUTOCOMBINATE JSC: Creditors Must File Claims by June 2
-------------------------------------------------------
JSC Autocombinate has declared insolvency.  Creditors have until
June 2 to submit written proofs of claim to:

         JSC Autocombinate
         Altynsarin Str. 31
         Aktube
         Kazakshtan


DONETSKOYE LLP: Creditors' Claims Due May 25
--------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Donetskoye insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Akmola
         Office 75
         Auelbekov Str. 126
         Kokshetau
         Akmola
         Kazakshtan
         Tel: 8 (3162) 25-40-67


JAYIKVODSTROY LLP: Proof of Claim Deadline Slated for May 22
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Construction Company Jayikvodstroy insolvent.

Creditors have until May 22 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


MAGISTRAL SERVICE: Claims Registration Ends May 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Magistral Service insolvent.

Creditors have until May 22 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Building of Former Kindergarten #51
         Micro District 27
         Aktau
         Mangistau
         Kazakhstan


PLATINUM LLP: Claims Filing Period Ends May 25
----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Platinum 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
         Kazakhstan


TEMIR PLAST: Creditors Must File Claims by May 29
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Temir Plast insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         4-24 Micro District Mamyr-2
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
              8 701 772 00-03


TEMIRZHOLU LOGISTIC: Creditors' Claims Due May 25
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Temirzholu Logistic Co Ltd 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
         Kazakhstan


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


ASE ASIA: Creditors Must File Claims by June 13
-----------------------------------------------
LLC Ase Asia Africa Air Express Network Ltd. has declared
insolvency.  Creditors have until June 13 to submit written
proofs of claim to:

         LLC Ase Asia Africa Air Express Network Ltd.
         Abdrahmanov Str. 130-36
         Bishkek
         Kyrgyzstan


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


CLINICAL DATA: Names Herman Buis as Dutch Arm's Int'l Sales Head
----------------------------------------------------------------
Clinical Data Inc. disclosed that Vital Scientific N.V., a unit
of its Vital Diagnostics division, has appointed Herman Buis to
the position of International Sales Manager.

Mr. Buis will have responsibility for managing the Vital
Scientific sales organization in Europe and will report to
Sakari Boman, Vital Scientific's Director of Sales and Business
Development.

"We are pleased to add to our team a sales and marketing
executive with Herman's knowledge and expertise," Mr. Boman
commented.  "Herman brings over twenty years of progressive
management responsibilities with leading diagnostics companies
in international markets.  Herman has in-depth experience in our
market space, and we all believe it will be valuable as we
expand our offerings and enter new territories throughout the
whole world."

"I am pleased to be joining Vital Scientific and look forward to
contributing to the organization's continued success," Mr. Buis
said.  "I trust that my experience and the strong relationships
in the clinical laboratory market should greatly benefit the
Company's growth."

Prior to joining Vital Scientific, Mr. Buis held several sales
and marketing positions for Ortho-Clinical Diagnostics, a
Johnson & Johnson company, and a leading provider of diagnostic
products and services for the global health care community.

                        About Clinical Data

Headquartered in Newton, Massachusetts Clinical Data Inc.
(NASDAQ: CLDA) -- http://www.clda.com/-- provides comprehensive  
molecular and pharmacogenomics services as well as genetic
tests.  The Company has operations in the U.K., France, the
Netherlands, Italy and Australia.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal year
ended March 31, 2006.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.


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


GENERAL CABLE: Completes Tender Offer for US$285-Million Notes
--------------------------------------------------------------
General Cable Corp. has completed of cash tender offer for its
US$285-million 9.5% Senior Notes due 2010.

The Offer expired at midnight, New York City time, on April 2,
with approximately US$280.1 million in aggregate principal
amount of the Notes tendered and accepted for purchase,
representing approximately 98% of the outstanding Notes.  An
aggregate principal amount of approximately US$4.9 million of
Notes remains outstanding.

The around US$280.0 million in aggregate principal amount of the
Notes which were validly tendered as of 5:00 p.m., New York City
time, on March 15, 2007 were redeemed as of March 21, 2007.

After the Consent Expiration, an additional US$0.1 million in
aggregate principal amount of the Notes was validly tendered as
of the Expiration Time, which will be redeemed on or about
April 5, 2007.

Goldman, Sachs & Co. served as the sole dealer manager for the
Offer.

                       About General Cable

Headquartered in Highland Heights, KY, General Cable Corp. --
http://www.generalcable.com/-- makes aluminum, copper, and  
fiber-optic wire and cable products.  Brand names include Carol
and Brand Rex.  It also produces power cables, automotive wire,
mining cables, and custom-designed cables for medical equipment
and other products.

The company also operates in France, Turkey, Spain, Portugal,
Norway, China, Australia, New Zealand, Brazil, Angola, Dominican
Republic, Mexico, and Canada.

                          *     *     *

In a TCR-Europe report on March 13, Moody's Investors Service
assigned a rating of B1 to the proposed US$325 million senior
unsecured notes of General Cable Corporation consisting of $125
million of floating rate notes and US$200 million fixed rate
notes.  Concurrently, Moody's affirmed all other ratings for
this issuer.  The rating outlook remains stable.

Moody's took these rating actions:

Assigned:

   -- US$125 million senior unsecured floating rate notes due
      2015, B1, LGD4, 63%

   -- US$200 million senior unsecured notes due 2017, B1, LGD4,
      63%

Affirmed:

   -- US$355 million senior unsecured convertible notes due
      2013, at B1, LGD4, 63%

   -- US$285 million senior unsecured notes due 2010, at B1,
      LGD4, 63%

   -- Corporate Family Rating, at Ba3

   -- Probability of Default Rating, at Ba3

The outlook is stable.

The rating on the US$285 million senior unsecured notes due 2010
will be withdrawn upon the successful conclusion of the tender
offer.


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


ARBUZOVSKIY COMBINE: Creditors Must File Claims by May 7
--------------------------------------------------------
Creditors of OJSC Arbuzovskiy Combine of Grain Products have
until May 7 to submit proofs of claim to:

         E. Kuznetsov
         Insolvency Manager
         Office 310
         Trnavskaya Str. 3A
         Balakovo
         413840 Saratov
         Russia

The Arbitration Court of Saratov commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-57-3014/07-40.

The Court is located at:
         
         The Arbitration Court of Saratov  
         Babushkin Vvoz 1
         Saratov  
         Russia

The Debtor can be reached at:

         OJSC Arbuzovskiy Combine of Grain Products
         Arbuzovka
         Ivanteevskogo
         Saratov
         Russia


BAKAKHNINSKAYA POULTRY: Creditors Must File Claims by May 1
-----------------------------------------------------------
Creditors of LLC Bakakhninskaya Poultry Farm (TIN 53544012419)
have until May 1 to submit proofs of claim to:

         V. Kuzminykh
         Temporary Insolvency Manager
         Post User Box 5
         603005 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A43-28783/2006, 36-910.

The Court is located at:

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

The Debtor can be reached at:

         LLC Bakakhninskaya Poultry Farm
         Balakhninskiy 1st Maya
         Nizhniy Novgorod
         Russia


BIRSKIY INDUSTRIAL: Creditors Must File Claims by May 31
--------------------------------------------------------
Creditors of CJSC Birskiy Industrial Combine have until May 31
to submit proofs of claim to:

         M. Nigmatullin
         Insolvency Manager
         Burnovskaya Str. 2 E
         Birsk
         452450 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-21239/06-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         M. Nigmatullin
         Insolvency Manager
         Burnovskaya Str. 2 E
         Birsk
         452450 Bashkortostan
         Russia


CENTERTELECOM OAO: Earns RUR2 Billion for Financial Year 2006
-------------------------------------------------------------
OAO CenterTelecom posted RUR2.05 billion in net profit on
RUR28.4 billion in revenues for the year ended Dec. 31, 2006,
prepared according to Russian Accounting Standards, RIA Novosti
reports.

In 2005, CenterTelecom posted RUR665 million in net profit on
RUR27.6 million in net revenues.  

For the full year 2006, the company's EBITDA rose 36.14% to
RUR9.78 billion.

CenterTelecom had RUR6.31 billion in shareholders' equity as of
July 1, 2006, RIA Novosti relates.

                       About CenterTelecom

OAO CenterTelecom -- http://www.centertelecom.ru/eng-- provides  
fixed-line and mobile communications in the Russian Central
Federal District.  CenterTelecom had a charter capital of
RUR6.31 billion (about US$234 million) as of July 1, 2006.

The company's shares are listed on the Russian Trading System
stock exchange and the Moscow Inter-Bank Currency Exchange, and
its Level-1 American Depositary Receipts circulate on the U.S.
over-the-counter market and the Berlin and Frankfurt stock
exchanges.

                          *     *     *

As of Feb. 5, OAO CenterTelecom carries Standard & Poor's B
Corporate Credit Rating with stable outlook.  At the same time,
the company carries Fitch's Issuer Default B-, Short-term B,
National Long-term BB+ and a BB+ rating on its RUR3 billion
notes due August 2011 with stable outlook.


ELECTROMECHANICAL FACTORY: Creditors Must File Claims by May 7
--------------------------------------------------------------
Creditors of LLC Electromechanical Factory have until May 7 to
submit proofs of claim to:

         Y. Bezverbnyj
         Insolvency Manager
         Sennaya Square, 15
         603024 Nizhniy Novgorod
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-11469/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Electromechanical Factory
         Cheboksary
         Russia


GALBSHTADT CJSC: Creditors Must File Claims by May 7
----------------------------------------------------
Creditors of CJSC Management Agro Industrial Financial Company
Galbshtadt have until May 7 to submit proofs of claim to:

         V. Pitsun
         Temporary Insolvency Manager
         Post User Box 25
         Central Post Office
         Slavgorod
         658820 Altay
         Russia

The Arbitration Court of Altay will convene at 11:30 a.m. on
Aug. 22 to hear the company's bankruptcy supervision procedure.   
The case is docketed under Case No. A03-877/07-B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Management Agro Industrial Financial Company
         Galbshtadt
         Mendeleeva Str. 47
         Galbshtadt
         NNR
         658870 Altay
         Russia


GAZPROM NEFT: Appoints Kirill Kravchenko as Vice President
----------------------------------------------------------
OAO Gazprom Neft has named Kirill Kravchenko vice president in
charge of organizational development, personnel managing, and
other administrative duties, AK&M reports.

                       About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,  
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                        *     *     *

As reported in the TCR-Europe on Nov. 20, 2006, Standard &
Poor's Ratings Services placed its 'BB+' corporate credit rating
and 'ruAA+' national scale rating on Russia-based oil company
JSC Gazprom Neft on CreditWatch with positive implications.


KOZLOVSKIY BUTTER: Creditors Must File Claims by May 7
------------------------------------------------------
Creditors of OJSC Bogradskiy Cheese Factory have until May 7 to
submit proofs of claim to:

         Kh. Shayakbirov
         Temporary Insolvency Manager
         Post User Box 24
         420132 Kazan-132
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A79-1567/2007.

The Debtor can be reached at:

         OJSC Kozlovskiy Butter Making Plant
         Nikolaeva Str. 31
         Kozlovka
         429430 Chuvashiya
         Russia


KRASNOTURANSKOYE REPAIR: Bankruptcy Hearing Slated for June 25
--------------------------------------------------------------
The Arbitration Court of Krasnoyarsk will convene at 3:00 p.m.
on June 25 to hear the bankruptcy supervision procedure on OJSC
Krasnoturanskoye Repair-Technical Enterprise.  The case is
docketed under Case No. A33-20772/2006.

The Temporary Insolvency Manager is:

         V. Emelyanov
         Post User Box 4357
         660013 Krasnoyarsk
         Russia

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Krasnoturanskoye Repair-Technical Enterprise
         Aeroportnaya Str. 4
         Krasnoturansk
         Krasnoyarsk
         Russia


KUZBASS-POLY-METAL: Bankruptcy Hearing Slated for Aug. 8
--------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene at 9:30 a.m.
on Aug. 8 to hear the bankruptcy supervision procedure on LLC
Kuzbass-Poly-Metal.  The case is docketed under Case No.
A76-1242/2007-36-38.

The Temporary Insolvency Manager is:

         S. Anisimov
         Insolvency Manager
         Second Floor
         Fedorova Str. 1-a
         454048 Chelyabinsk
         Russia

The Court is located at:

         The Arbitration Court of Chelyabinsk  
         Vorovskogo Str. 2
         454091 Chelyabinsk  
         Russia

The Debtor can be reached at:

         LLC Kuzbass-Poly-Metal
         Office 421
         Blyukhera Str. 69
         454087 Chelyabinsk
         Russia


LEN-SAN CJSC: Creditors Must File Claims by May 7
-------------------------------------------------
Creditors of CJSC Len-San have until May 7 to submit proofs of
claim to:

         O. Khvorostinin
         Insolvency Manager
         Post User Box 366
         OPS-100
         170100 Tver
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A56-40239/2006.

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 Len-San
         Kirochnaya 17
         St. Petersburg
         Russia


LUKOIL OAO: Posts US$7.5 Billion US GAAP Net Income in 2006
-----------------------------------------------------------
OAO Lukoil posted US$7.5 billion in consolidated net profit on
US$67.7 billion in consolidated net revenues for the financial
year ended Dec. 31, 2006, compared with US$6.4 billion in
consolidated net profit on US$55.8 billion in consolidated net
revenues for the same period in 2005.

According to RIA Novosti, the company's Earnings before
interest, taxes, depreciation and amortization (EBITDA)
increased 18.2% in the reporting period to US$12.3 billion.

The financial results are prepared according to US Generally
Accepted Accounting Principles.

The company attributed the rise in net profit to:

   -- favorable price situation;
   -- increased oil production and refining;
   -- effective control of expenses; and
   -- an increase in the oil refining margin.

Lukoil, however, said the profit rise was pinned down by the
ruble's appreciation against the dollar and the increased tax
burden, RIA Novosti relates.

The company's oil output in 2006 hiked 5.8% year-on-year to 95.2
million metric tons.

                         About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces  
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                         *     *     *

OAO Lukoil carries Standard & Poor's BB+ long-term foreign and
local issuer credit ratings with a positive outlook.


MAGSTRAL-DOR-STORY: Creditors Must File Claims by May 7
-------------------------------------------------------
Creditors of OJSC Magstral-Dor-Stroy have until May 7 to submit
proofs of claim to:

         A. Korsakov
         Temporary Insolvency Manager
         Volgogradskiy Pr. 28B
         109316 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:15 a.m. on
July 19 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A41-K2-1580/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Magstral-Dor-Story
         Lenina Square 7
         Serpukhov
         142200 Moscow
         Russia


MOSCOW OBLAST: S&P Assigns BB Ratings to RUR16-Bln Bond Issue
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' long-term
debt rating and 'ruAA' Russia national scale rating to the
proposed seven-year 8% senior unsecured RUR16-billion bond
issue, to be placed on April 25, by the Moscow Oblast.  Interest
will be paid semiannually, and a bullet payment will be made
upon maturity.

The ratings on the bond are the same as those on the Oblast,
which reflect the region's still-low financial flexibility and
limited budget predictability, coupled with a lack of long-term
financial planning.  The ratings are supported, however, by
strong economic development and growth in the oblast's budget
revenues, which help fuel investments in local infrastructure
and raise public sector salaries.  Moreover, the ratings
continue to be supported by the oblast's proximity to the City
of Moscow, as well as its consistent policy priorities,
resulting in stable budgetary performance and a gradual
reduction in debt service payments.

"With this issue, the oblast's direct debt is expected to reach
a moderate level of 52% of operating revenues by the end of
2007, while the deficit after capital expenditures will likely
remain at about 10% of total revenues over the next two to three
years," said Standard & Poor's credit analyst Felix Ejgel.  "Due
to high revenue growth and gradual improvement in the debt
profile, debt service will fall to less than 12% of operating
revenues by year-end 2008."


OYASHINSKIY OJSC: Court Names M. Trubachev as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Novosibirsk appointed M. Trubachev as
Insolvency Manager for OJSC Flax Factory Oyashinskiy.  He can be
reached at:

         M. Trubachev
         Lenina Str. 62A-10
         660049 Krasnoyarsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A45-7182/04-SB/95.

The Court is located at:

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

The Debtor can be reached at:

         M. Trubachev
         Lenina Str. 62A-10
         660049 Krasnoyarsk
         Russia


RAY LLC: Creditors Must File Claims by May 1
--------------------------------------------
Creditors of LLC Ray have until May 1 to submit proofs of claim
to:

         V. Zanin
         Insolvency Manager
         Apartment 90
         Begovaya Str. 2/1
         Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-17050-2006/245/27b.

The Court is located at:

         The Arbitration Court of Voronezh
         Room 606
         Srednemoskovskaya Str. 77
         Voronezh  
         Russia

The Debtor can be reached at:

         LLC Ray
         Oktyabrskaya Str. 28
         Kozlovka
         Buturlinovskiy
         Voronezh
         Russia


REGION-INVEST LLC: Creditors Must File Claims by May 1
------------------------------------------------------
Creditors of LLC Region-Invest have until May 1 to submit proofs
of claim to:

         O. Kuvshinskaya
         Insolvency Manager
         Upita Str. 8-26
         Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-681/06-349/6.

The Court is located at:

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

The Debtor can be reached at:

         LLC Region-Invest
         Kirov
         Russia


SAMARA-AGRO-KHIM-PROM: Creditors Must File Claims by May 7
----------------------------------------------------------
Creditors of OJSC Samara-Agro-Khim-Prom have until May 7 to
submit proofs of claim to:

         V. Kitaev
         Temporary Insolvency Manager
         Post User Box 1057
         Post Office 90
         443090 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on OJSC Samara-Agro-Khim-Prom.  The case is docketed
under Case No. A55-228/2007.

The Court is located at:

         The Arbitration Court of Samara  
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         OJSC Samara-Agro-Khim-Prom
         Galaktionovskaya Str. 40
         443100 Samara
         Russia


SBERBANK ROSSII: Reports 19% Net Profit Growth in Q1 2007
---------------------------------------------------------
OAO Sberbank Rossii disclosed a 19.2% year-on-year increase in
its net profit for the first quarter of 2007 to RUR25.9 billion
(US$1.01 billion), RIA Novosti relates.

According to the report, Sberbank's pre-tax profit in January-
March rose 26.1% to RUR31.7 billion (US$1.23 billion) compared
with the same period in 2006, when the bank's profit grew 42% to
RUR89.3 billion (US$3.47 billion).

The bank's assets experienced an 18% boost, totaling RUR8.5
trillion (US$330.7 billion) in the first quarter, RIA Novosti
states.  "The sustainable development of business and receipts
in the reporting period from a new share offering were the main
factors behind growing assets," the bank explained in a
statement.

The TCR-Europe reported on March 30 that Sberbank had raised
about RUR230.2 billion from its initial public offering held
from Feb. 22 to March 24.  The amount represents 2,587,000
shares sold at RUR89,000 each.  The company received payment for
95% of the total submitted bids.  The company placed around
73.9% of the share offering.

                         About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii --
http://www.sbrf.ru/eng/-- provides a full range of banking  
services, including commercial, investment, merchant, mortgage,
and retail banking, and a complete range of travel, lending, and
credit services.  The Bank operates through 17 territorial
banks, 921 divisions, and 19,390 subdivisions across Russia.

                         *     *     *

As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's
D financial strength rating with stable outlook.

At the same time, the bank also carries Fitch's C Individual
Rating.


SEL-KHOZ-KHIMIYA: Court Names A. Dovlatbegov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Amur appointed A. Dovlatbegov as
Insolvency Manager for OJSC Sel-Khoz-Khimiya.  He can be reached
at:

         A. Dovlatbegov
         Room 212
         Svyatitelya Innokentiya Per. 13
         675000 Amur
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A04-7128/06-7/256 B.

The Debtor can be reached at:

         OJSC Sel-Khoz-Khimiya
         Zelvino
         Raychikhinsk
         Amur
         Russia


VIMPEL-COMMUNICATIONS: Acquires Armenia's 10% Stake in ArmenTel
---------------------------------------------------------------
OJSC Vimpel-Communications has acquired 10% of ZAO ArmenTel
shares from the Government of Armenia.

The price of these shares is around EUR38.6 million, which
constitutes 1/9 of the final price paid by VimpelCom for 90% of
the shares of ZAO ArmenTel acquired in November 2006.  

In addition, VimpelCom will pay an amount representing 10% of
ZAO ArmenTel's retained net profit for the period following the
closing of the acquisition of 90% of the ArmenTel shares and up
to the closing of the acquisition of 10% of the ArmenTel shares
from the Government of Armenia.

ArmenTel is a fixed-line and mobile operator in Armenia with
licenses in the GSM-900 and CDMA standards.  ArmenTel's
subscriber base includes approximately 608,500 fixed-line
subscribers and 452,000 mobile subscribers.

                       About VimpelCom

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

                        *     *     *

In a TCR-Europe report on April 16, 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, the rating agency confirmed its Ba2
Corporate Family Rating for OJSC Vimpel-Communication.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

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

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

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba2      Ba2      LGD4     52%

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


VIMPEL-COMMUNICATIONS: Gains 3G Service License in Russia
---------------------------------------------------------
OJSC Vimpel-Communications has won a license to provide IMT-
2000/UMTS (3G) mobile radiotelephony communications services in
Russia.

"We are satisfied with the tender results," said VimpelCom CEO
Alexander Izosimov.  "In our view, VimpelCom's victory was well
deserved, and we are pleased that our experience, knowledge and
resources will be fully utilized in the deployment of 3G
networks in Russia.  I believe that the decision made by the
commission will contribute to healthy competition in the Russian
telecommunications sector and is in the best interests of
Russian consumers, the Russian telecommunications industry and
the Russian economy in general."

                       About VimpelCom

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

                        *     *     *

In a TCR-Europe report on April 16, 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, the rating agency confirmed its Ba2
Corporate Family Rating for OJSC Vimpel-Communication.

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

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

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

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

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba2      Ba2      LGD4     52%

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


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


CROWN CASTLE: Declares Quarterly Preferred Stock Dividend
---------------------------------------------------------
Crown Castle International Corp. disclosed that the quarterly
dividend on its 6.25% Convertible Preferred Stock will be paid
on May 15 to holders of record on May 1.

The dividend will be paid in cash at a rate of US$0.781 per
share of Preferred Stock.

                       About Crown Castle

Based in Chatswood, Australia, Crown Castle International Corp.
-- http://www.crowncastle.com/-- engineers, deploys, owns and  
operates shared wireless infrastructure, including extensive
networks of towers.  Crown Castle offers wireless communications
coverage to 68 of the top 100 United States markets and to
substantially all of the Australian population.  Crown Castle
owns, operates and manages over 10,600 and over 1,300 wireless
communication sites in the U.S. and Australia, respectively.

                          *     *     *

Crown Castle carries B1 Corporate Family, B1 Senior Secured,
SGL-2 Liquidity, B1 Probability-of-Default ratings from Moody's
Investor Service.  The company also carries a Loss-Given-Default
assessment of LGD 3 (43%) on the senior secured facility.  The
outlook remains stable.

The company also carries 'BB' corporate credit rating, on
CreditWatch with negative implications, from Standard & Poor's
Ratings Services.


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


BAUFORUM JSC: Claims Registration Period Ends May 14
----------------------------------------------------
The Bankruptcy Court of St. Gallen commenced bankruptcy
proceedings against JSC Bauforum on March 5.

Creditors have until May 14 to file their written proofs of
claim.

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 Bauforum
         Schloss Grunenstein
         9436 Balgach
         Rheintal SG
         Switzerland


CAPITALTREND HOLDING: Banking Commission Ends Bankruptcy Process
----------------------------------------------------------------
The Banking Commission of the Swiss Confederation entered
March 29 an order closing the bankruptcy proceedings of JSC
Capitaltrend Holding.

The Banking Commission of the Swiss Confederation can be reached
at:

         Banking Commission of the Swiss Confederation
         3001 Bern
         Switzerland

The Debtor can be reached at:

         JSC Capitaltrend Holding
         Poststrasse 10
         4502 Solothurn
         Switzerland


CDS COMMUNICATIONS: Creditors' Liquidation Claims Due May 14
------------------------------------------------------------
Creditors of JSC CDS Communications have until May 14 to submit
their claims to:

         Sander F. Mallien
         Liquidator
         Management Services Mallien
         Am Schanzengraben 25
         8002 Zurich
         Switzerland

The Debtors can be reached at:

         JSC CDS Communications
         Zurich
         Switzerland


GIRASOL LLC: Creditors' Liquidation Claims Due June 1
-----------------------------------------------------
Creditors of LLC Girasol have until June 1 to submit their
claims to:

         Marlis Schneider
         Liquidator
         Promenade 68
         7270 Davos Platz GR
         Switzerland

The Debtor can be reached at:

         LLC Girasol
         Davos GR
         Switzerland


HERCULES INC: Court Sustains US$119 Mil. Cleanup Costs Judgment
---------------------------------------------------------------
The United States Supreme Court affirmed a lower federal court's
US$119 million judgment against Hercules Incorporated, Mark H.
Anderson of The Wall Street Journal reports.

The ruling relates to Hercules' Petition for Writ of Certiorari
in a lawsuit captioned United States of America v. Vertac
Chemical Corp., et al (Civil No. 4:80CV00109 GH, U.S. District
Court, Eastern District of Arkansas, Western Division).

In its Petition for Writ of Certiorari, Hercules requested the
Supreme Court to review a decision by the Court of Appeals for
the Eighth Circuit affirming a final judgment entered against
the Company by the U.S. District Court.

Hercules says in a regulatory filing that it has previously
accrued total net liability of US$124.9 million, including
interest, which is recorded as a current liability as of
March 31, 2007.  The company expects to pay the amount promptly,
together with interest accruing up to the date of payment.

                        Vertac Litigation

The Vertac Litigation is a cost-recovery action based upon the
Comprehensive Environmental Response, Compensation and Liability
Act, as well as other statutes.  The case has been in litigation
since 1980, and involves liability for costs in connection with
the investigation and remediation of the Vertac Chemical
Corporation site in Jacksonville, Arkansas.  

According to the company, it owned and operated the site from
December 1961 until 1971.  The site was used for the manufacture
of certain herbicides and, at the order of the United States,
Agent Orange.  

In 1971, the company says the site was leased to Vertac's
predecessor.  In 1976, the company sold the site to Vertac.  The
site was abandoned by Vertac in 1987, and Vertac was
subsequently placed into receivership.  

Both prior to and following the abandonment of the site, the EPA
and the Arkansas Department of Pollution Control and Ecology
were involved in the investigation and remediation of
contamination at and around the site.  Pursuant to several
orders issued under CERCLA, the Company actively participated in
many of those activities.  The cleanup is essentially complete,
except for certain on-going maintenance and monitoring
activities.  

The litigation primarily concerns the responsibility and
allocation of liability for the costs incurred in connection
with the activities undertaken by the EPA.

                        EPA Judgment Claim

In 1999, the District Court finalized a ruling holding the
company and Uniroyal jointly and severally liable for
approximately US$100 million in costs incurred by the EPA, as
well as costs to be incurred in the future.

In 2000, the District Court allocated 2.6% of the amounts to
Uniroyal and 97.4% of the amounts to the company.  Both the
company and Uniroyal appealed those rulings to the U.S. Court of
Appeals for the Eighth Circuit.

In 2001, the Court of Appeals reversed the District Court's
rulings as to joint and several liability and allocation, and
remanded the case back to the District Court for several
determinations, including a determination of whether the harms
at the site giving rise to the EPA's claims were divisible.  The
trial on remand occurred in late 2001.

By Memorandum Opinion and Order dated March 30, 2005, the
District Court largely affirmed its prior findings and prior
judgment against the company and Uniroyal, and the prior
allocation with respect to the company and Uniroyal, although
the District Court did agree that the company should not be
liable for costs associated with a particular off-site landfill,
and held that the judgment should be reduced accordingly.

By Order dated June 6, 2005, the District Court entered a Final
Judgment in favor of the United States and against the company
for US$119.3 million, of which amount Uniroyal has been held
jointly and severally liable for US$110.4 million, with the
company alone liable for the difference.

The Final Judgment also provided that both the company and
Uniroyal are responsible for any additional response costs
incurred or to be incurred by the United States after June 1,
1998, as well as post-judgment interest running from the date of
the Final Judgment.

In addition, the District Court re-affirmed its prior holding
which allocated 2.6% of the US$110.4 million in response costs
for which Uniroyal is jointly and severally liable, or US$2.9
million, to Uniroyal.

Finally, the Final Judgment found Uniroyal liable to the company
for 2.6% of the response costs incurred by the company of
approximately US$27.4 million, or US$0.7 million.  

Both the company and Uniroyal appealed the Final Judgment to the
Court of Appeals, asserting that the District Court had
committed reversible error.

              Court of Appeals Affirms Final Judgment

On July 13, 2006, a panel of the Court of Appeals affirmed the
Final Judgment of the District Court.  The company requested
that the panel's determination be reviewed en banc, but that
request was denied by Order dated Sept. 19, 2006.

On Dec. 14, 2006, the company filed a Petition for a Writ of
Certiorari with the United States Supreme Court, requesting that
the Supreme Court review the matter.

                        About Hercules Inc.

Headquartered in Wilmington, Delaware, Hercules Inc. (NYSE: HPC)
-- http://www.herc.com/-- is a global manufacturer and marketer  
of specialty chemicals and related services.  Its principal
products are chemicals for the paper industry, water-soluble
polymers, and specialty resins.  The company has its regional
eadquarters in China and Switzerland, and a production facility
in Brazil.

                          *     *     *

Hercules Inc. carries Moody's Ba2 Long-term Corporate Family,
Senior Unsecured Debt, and Probability of Default Ratings, and
B1 Junior Subordinated Debt Rating.

The company also carries Standard & Poor's BB Long-term Foreign
and Local Issuer Credit Ratings.


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

         Dr. iur. Romano Kunz
         Liquidator
         Ottoplatz 19
         7001 Chur
         Plessur GR
         Switzerland

The Debtors can be reached at:

         JSC Immocalif
         Chur
         Plessur GR
         Switzerland


INSTITUT BUBENBERG: Bern Court Starts Bankruptcy Proceedings
------------------------------------------------------------
The Bankruptcy Court of Bern-Mittelland commenced bankruptcy
proceedings against JSC Institut Bubenberg on March 29.

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

         Bankruptcy Service of Bern-Mittelland
         Office Bern
         3011 Bern
         Switzerland

The Debtor can be reached at:

         JSC Institut Bubenberg
         Kirchstrasse 8
         3097 Liebefeld
         Switzerland


KASPAR WEBER: Creditors' Liquidation Claims Due May 21
------------------------------------------------------
Creditors of JSC Kaspar Weber Holding, JSC Kaspar Weber
Restaurationsbetriebe and JSC Kaspar Weber Schwendi have until
May 21 to submit their claims to:

         Reto Keller
         Liquidator
         JSC Alfina Treuhand
         Rathausgasse 10
         7250 Klosters
         Prattigau/Davos GR
         Switzerland

The Debtors can be reached at:

         JSC Kaspar Weber Holding
         Klosters-Serneus
         Prattigau/Davos GR
         Switzerland


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

         Sander F. Mallien
         Liquidator
         Management Services Mallien
         Am Schanzengraben 25
         8002 Zurich
         Switzerland

The Debtors can be reached at:

         JSC NETJobZZZ
         Zurich
         Switzerland


OLIVIER KOSMETIK: Creditors' Liquidation Claims Due June 11
-----------------------------------------------------------
Creditors of LLC Olivier Kosmetik have until June 11 to submit
their claims to:

         JSC Seiler Treuhand
         Liquidator
         Seestrasse 359
         8038 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Olivier Kosmetik
         Wallisellen
         Bulach ZH
         Switzerland


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

         Dr. iur. Romano Kunz
         Liquidator
         Ottoplatz 19
         7001 Chur
         Plessur GR
         Switzerland

The Debtors can be reached at:

         JSC Realtexa
         Chur
         Plessur GR
         Switzerland


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


ACTAREMIX LLC: Claims Registration Bar Date Set May 4
-----------------------------------------------------
Creditors of LLC Actaremix (code EDRPOU 33947618) have until
May 4 to submit written proofs of claim to:

         Igor Luzan
         Liquidator
         Bauman Str. 20/a ap. 103
         03190 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 24/190-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Actaremix
         Bauman Str. 20/a ap. 103
         03190 Kiev
         Ukraine


ECOLOGICAL INITIATIVE: Claims Registration Bar Date Set May 4
-------------------------------------------------------------
Creditors of LLC Small Enterprise of Scientifically Production
Firm Ecological Initiative (code EDRPOU 16402166) have until
May 4 to submit written proofs of claim to:

         T. Savchuk
         Liquidator
         Mikhaylovsky Lane 4
         01001 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 151/14b-04.

The Court is located at:

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

The Debtor can be reached at:

         LLC Small Enterprise of Scientifically Production Firm
         Ecological Initiative
         Balukov Str. 1
         Kriukovschina
         Kiev
         Ukraine


ELADABUSINESS LLC: Creditors Must File Claims by May 5
------------------------------------------------------
Creditors of LLC Eladabusiness (code EDRPOU 33194815) have until
May 5 to submit written proofs of claim to:

         Viacheslav Letskan
         Temporary Insolvency Manager
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on March 3.  The case is docketed as
Case No. 15/135-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Eladabusiness
         Baggovutovskaya Str. 8/10
         04107 Kiev
         Ukraine


EUROTAXI LLC: Claims Registration Deadline Set May 5
----------------------------------------------------
Creditors of LLC Eurotaxi (code EDRPOU 30168630) have until
May 5 to submit written proofs of claim to:

         Nikolay Chuyka
         Liquidator
         P.O. Box 175
         Dnieprodzerzhynsk
         51909 Dniepropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as Case No. B 29/9705.

The Court is located at:

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

The Debtor can be reached at:

         LLC Eurotaxi
         Dnieprodzerzhynsk
         Petrovsky Str. 174
         51914 Dnipropetrovsk
         Ukraine


MEDIA UKRAINE: Claims Registration Deadline Set May 4
-----------------------------------------------------
Creditors of LLC Media Ukraine (code EDRPOU 34034430) have until
May 4 to submit written proofs of claim to:

         Vladimir Barantsov
         Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 10/91/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Media Ukraine
         Heroes of Stalingrad Avenue 113-a
         Nikolaev
         Ukraine


MEGA TRADE-N: Claims Registration Deadline Set May 4
----------------------------------------------------
Creditors of LLC Mega Trade-N (code EDRPOU 34034528) have until
May 4 to submit written proofs of claim to:

         Vladimir Barantsov
         Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed as Case No. 10/90/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mega Trade-N
         Spasskaya Str. 56
         Nikolaev
         Ukraine


PRIDNIEPROVSK CHEMISTRY: Claims Registration Deadline Set May 4
---------------------------------------------------------------
Creditors of State Enterprise Pridnieprovsk Chemistry Plant
(code EDRPOU 09305505) have until May 4 to submit written proofs
of claim to:

         Eugene Kirichenko
         Liquidator
         B. Hmelnitsky Str. 16
         49051 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company on March 20 after finding it
insolvent.  The case is docketed as Case No. B 26/24/147/00.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Pridnieprovsk Chemistry Plant
         Anoshkin Str. 179
         Dnieprodzerzhynsk
         51917 Dnipropetrovsk
         Ukraine


SIVERSKODONETSK OJSC: SPF Selling 42.7% Stake at Auction
--------------------------------------------------------
The State Property Fund of Ukraine is set to auction a 42.7%
stake in OJSC Siverskodonetsk resistor plant in 10 days,
Interfax News reports citing SPF's press service.

According to the press service, the initial price of the stake
was reduced by 30% to UAH1.61 million after a previously
scheduled auction did not push through due to lack of bids.

Conditions of the fixed tender include preserving the
specialization of the plant's output, and paying back accounts
payable to the budget and insurance companies, Interfax relates.

On Nov. 11, 2002, the Luhansk Regional Economic Court initiated
bankruptcy proceedings against Siverskodonetsk at the request of
the Siverskodonetsk Chief State Inspection, a creditor of the
company.  

Siverskodonetsk is currently undergoing economic readjustment.


TAVRIYA LLC: Claims Registration Deadline Set May 4
---------------------------------------------------
Creditors of LLC Tavriya (code EDRPOU 24242713) have until May 5
to submit written proofs of claim to:

         Kushnarev Dmitry
         Liquidator
         Melnikov Str. 2/10
         04050 Kiev
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as Case No. B 40/448-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tavriya
         Leningrad Str. 44-A
         49070 Dnipropetrovsk
         Ukraine


TH UKRAINIAN: Claims Registration Deadline Set May 4
----------------------------------------------------
Creditors of LLC TH Ukrainian Russian Trade (code EDRPOU
33660350) have until May 4 to submit written proofs of claim to:

         Svetlana Akayeva
         Liquidator
         P. Komuna Str. 1-B
         36020 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company on March 22 after finding it insolvent.  The
case is docketed as Case No. 4/15.

The Court is located at:

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

The Debtor can be reached at:

         LLC TH Ukrainian Russian Trade
         Liberation Str. 24
         36009 Poltava
         Ukraine


WESTTRADESERVICE LLC: Claims Registration Deadline Set May 4
------------------------------------------------------------
Creditors of LLC Westtradeservice (code EDRPOU 32341090) have
until May 4 to submit written proofs of claim to:

         I. Bogatykh
         Liquidator
         P.O. Box 94
         02166 Kiev
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed as Case No. 16/61/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Westtradeservice
         George Sapozhnikov Str. 8-A
         69006 Zaporozhje
         Ukraine


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


ALERIS INT'L: Inks Asset Acquisition Deal with Charter Oak  
----------------------------------------------------------
Aleris International Inc. has entered into a definitive
agreement with Charter Oak Capital Partners to acquire the
assets of EKCO Products, a light gauge sheet and heavy gauge
foil producer headquartered in Clayton, New Jersey.  Closing is
expected to occur in the second quarter and is subject to
customary closing conditions.

"We believe the acquisition of EKCO Products will be an
excellent strategic fit with Aleris's existing rolled products
operations and will provide outstanding opportunities to access
new customers and end-uses for our products," Steve Demetriou,
Chairman and Chief Executive Officer, stated.

"We look forward to adding the EKCO Products management team,
who have extensive knowledge of the light gauge aluminum segment
as well as their dedicated workforce who have a proven ability
to deliver high quality products to demanding customers," John
Wasz, Executive Vice President and President Aleris Rolled
Products-North America, added.

                  About Aleris International

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

                        *     *     *

As reported in the TCR-Europe on Dec. 22, 2006, Standard &
Poor's rated Aleris International Inc.'s senior secured first-
lien term loan carries at 'B+' loan and gave the company a '2'
recovery rating after the report that the company increased the
term loan by US$125 million.  

Ratings List:

   * Aleris International Group

      -- Corporate Credit Rating at B+/Stable/
      -- Senior Secured B+


ALL AMERICAN: Files for Chapter 11 Protection in Florida
--------------------------------------------------------
All American Semiconductor, Inc., yesterday filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
with the U.S. Bankruptcy Court for the Southern District of
Florida, Miami Division.

The filing includes All American's 33 subsidiaries in the United
States, Canada, Mexico, Europe and Asia.  All American
determined to file for relief under Chapter 11 after extensively
exploring and carefully evaluating all of its options.  All
American believes that the Chapter 11 process provides the best
alternative for maximizing the value of the Company for the
benefit of its stakeholders including suppliers, customers and
employees.

                        First Day Motions

Simultaneous with the filing of its petitions, All American
filed first day motions seeking relief that will enable it to
continue operations during the Chapter 11 process, including
debtor in possession financing from its existing bank group and
the payment of employee related obligations, which All American
expects the Court to grant.  All American expects to continue to
pay its post-petition obligations in the ordinary course.

                             Asset Sale

In addition, All American has filed a motion seeking Court
approval of a procedure for the sale of its businesses as a
going concern to be completed no later than June 8, 2007.  In
that regard, All American has entered into a nonbinding letter
of intent with a third party to acquire substantially all of All
American's and its subsidiaries' assets through a Chapter 11
sale process including Court approved bidding procedures.  The
net proceeds from such proposed sale are not expected to pay in
full the outstanding debt of All American's bank group at the
time of closing of such sale.  The proposed sale is subject to a
number of conditions, including but not limited to: (a) the
potential purchaser's completion of satisfactory due diligence,
(b) the parties entering into a definitive purchase and sale
agreement, (c) approval of the sale by the company's bank group,
(d) approval of the sale by the United States Bankruptcy Court
and (e) other customary conditions, terms and consents.

"The decision to file was a necessary step for our customers,
suppliers, and employees," said Bruce Goldberg, President and
CEO of All American.  "We will continue working with our
suppliers to service our customers throughout the Chapter 11
process in order to maximize the value of All American and its
subsidiaries and to maintain the going concern value of the
Company pending a sale."

                          DIP Financing

To provide All American with liquidity during the sale process,
All American has negotiated a debtor-in-possession financing of
up to $25 million with its existing bank group, which is also
subject to Bankruptcy Court approval.

All American's decision to file voluntary petitions for relief
under Chapter 11 followed the expiration of its second
forbearance agreement with its lenders which had provided
additional liquidity to the Company in the short term.  Prior to
its Chapter 11 filing, All American explored a variety of
strategic alternatives, including a sale, additional financing,
refinancing or recapitalization.

Squire, Sanders & Dempsey, LLP is acting as bankruptcy and
restructuring counsel and Raymond James & Associates, Inc.
continues to act as financial advisor to All American.

                  Non-Filing of Form 10-K

As previously reported, All American has not completed its year-
end audit and did not file its Form 10-K by April 17, 2007, the
extended due date pursuant to Form 12b-25 which the Company
previously filed with the Securities and Exchange Commission.

                          Delisting

As a result and as previously announced, All American received a
Staff Determination Letter from The NASDAQ Stock Market
providing that, unless the Company requested an appeal of the
Staff determination of its noncompliance with the continued
listing requirements set forth in NASDAQ Market Place Rule
4310(c)(14) by 4:00 p.m. Eastern Time on April 25, 2007, trading
of the Company's common stock would be suspended at the opening
of business on April 27, 2007 and the company's common stock
would be delisted from The NASDAQ Stock Market.  All American
does not plan to request an appeal.

                    About All American

All American Semiconductor, Inc. -- http://www.allamerican.com/
--
(Nasdaq: SEMI) is a Delaware corporation with its principle
place of business in Miami, Florida.  It also maintains
corporate offices for West Coast operations in San Jose,
California.  All American is a distributor of electronic
components manufactured by others.  The company distributes a
full range of semiconductors including transistors, diodes,
memory devices, microprocessors, microcontrollers, other
integrated circuits, active matrix displays and various board-
level products.  All American also distributes passive
components such as capacitors, resistors and inductors; and
electromechanical products such as power supplies, cable,
switches, connectors, filters and sockets.  All American also
offers complete solutions for flat panel display products.  In
total, the company offers approximately 40,000 products produced
by approximately 60 manufacturers.  These products are sold
primarily to original equipment manufacturers in a diverse range
of industries such as manufacturers of computers and computer-
related products, networking, satellite, wireless and other
communications products; Internet infrastructure equipment and
appliances; automobiles and automotive subsystems; consumer
goods; voting and gaming machines; defense and aerospace
equipment; and medical instrumentation.  The company also sells
products to contract electronics manufacturers who manufacture
products for companies in all electronics industry segments.

The company has 36 strategic locations throughout North America,
as well as operations in both Asia and Europe, particularly
South Korea and England and Wales.


ALL AMERICAN: Case Summary & 40 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: All American Semiconductor, Inc.
        16115 Northwest 52 Avenue
        Miami, FL 33014

Bankruptcy Case No.: 07-12963

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Palm Electronics Manufacturing Corp.       07-12965

      Aved Industries, Inc.                      07-12966

      Access Micro Products, Inc.                07-12967

      All American A.V.E.D., Inc.                07-12969

      All American Added Value, Inc.             07-12970

      All American IDT, Inc.                     07-12971

      All American Semiconductor of  
         Atlanta, Inc.                           07-12972

      All American Semiconductor of
         Chicago, Inc.                           07-12973

      All American Semiconductor of
         Florida, Inc.                           07-12974

      All American Semiconductor of
         Huntsville, Inc.                        07-12976

      All American Semiconductor of
         Massachusetts, Inc.                     07-12977

      All American Semiconductor of
         Michigan, Inc.                          07-12978

      American Semiconductor of
         Minnesota, Inc.                         07-12979

      All American Semiconductor of
         New York, Inc.                          07-12981

      All American Semiconductor of
         Ohio, Inc.                              07-12982

      All American Semiconductor of
         Philadelphia, Inc.                      07-12983

      All American Semiconductor of
         Phoenix, Inc.                           07-12984

      All American Semiconductor of
         Portland, Inc.                          07-12985

      All American Semiconductor of
         Rhode Island, Inc.                      07-12986

      All American Semiconductor of
         Rockville, Inc.                         07-12987

      All American Semiconductor of
         Salt Lake, Inc.                         07-12988

      All American Semiconductor of
         Texas, Inc.                             07-12989

      All American Semiconductor of
         Washington, Inc.                        07-12990

      All American Semiconductor of
         Wisconsin, Inc.                         07-12991

      All American Semiconductor-Northern
         California, Inc.                        07-12993

      All American Technologies, Inc.            07-12995

      All American Transistor of
         California Inc.                         07-12996

      AGD China, Inc.                            07-12997

      All American Semiconductor of
         Canada, Inc.                            07-12998

      AGD Electronics Limited                    07-12999

      AllAmMex Components, S. de R.L. de C.V.    07-13000

      AGD Electronics Asia Pacific Co., Ltd.     07-13001

      AmeriCapital, LLC                          07-13002
      

Type of Business: The Debtor is a distributor of electronic
                  components manufactured by others.  The
                  company distributes a full range of
                  semiconductors including transistors, diodes,
                  memory devices, microprocessors,
                  microcontrollers, other integrated circuits,
                  active matrix displays and various board-level
                  products.  All American also distributes
                  passive components such as capacitors,
                  resistors and inductors; and electromechanical
                  products such as power supplies, cable,
                  switches, connectors, filters and sockets.  
                  The company also offers complete solutions for
                  flat panel display products.  In total, the
                  company offers approximately 40,000 products
                  produced by approximately 60 manufacturers.  
                  The company has 36 strategic locations
                  throughout North America, as well as
                  operations in both Asia and Europe,
                  particularly South Korea and England and
                  Wales.  See http://www.allamerican.com/

Chapter 11 Petition Date: April 25, 2007

Court: Southern District of Florida (Miami)

Judge: Laurel M. Isicoff

Debtors' Counsel: Tina M. Talarchyk, Esq.
                  Squire Sanders & Dempsey LLP
                  1900 Phillips Point West
                  777 South Flagler Drive
                  West Palm Beach, FL 33401-6198
                  Tel: (561) 650-7261
                  Fax: (561) 655-1509

Financial Condition as of Feb. 28, 2007

Total Assets: $117,634,000

Total Debts:  $106,024,000

Debtors' Consolidated List of 40 Largest Unsecured Creditors:

   Entity                                           Claim Amount
   ------                                           ------------
   IXYS                                               $3,028,095
   3450 Bassett Street
   Santa Clara, CA 95054

   Samsung Semiconductor, Inc.                        $2,633,838
   3655 North First Street
   San Jose, CA 95134

   AMI Semiconductors                                 $2,086,501
   2300 Buckskin Road
   Pocatello, ID 83201

   Kyocera Industrial Ceramics                        $1,340,201
   5713 East Fourth Plain Road
   Vancouver, WA 98661

   Optrex America                                     $1,154,155
   46723 Five Mile Road
   Plymount, MI 48170

   Microsemi Commercial De Macau                      $1,093,524
   11861 Western Avenue
   Garden Grove, CA 92841

   Powerex, Inc.                                        $815,073
   P.O. Box 8500
   Philadelphia, PA 19178

   Asahi Kasei Microsystems Co.                         $690,549
   P.O. Box 374
   San Jose, CA 95103

   Zetex, Inc.                                          $685,854
   700 Veteran's Memorial Highway
   Hauppauge, NY 11788

   TDK Corporation of America                           $681,460
   1221 Business Center Drive
   Mt. Prospect, IL 60056

   Fairchild Semiconductor Corp.                        $681,384
   82 Running Hill Road
   South Portland, ME 04106

   Silicon Image, Inc.                                  $572,966
   1060 East Arques Avenue
   Sunnyvale, CA 94085

   Astec                                                $503,616
   5810 Van Allen Way
   Carlsbad, CA 92008

   On Semiconductor                                     $470,069
   5005 East McDowell Road
   Phoenix, AZ 85008

   Smart Power Systems Inc.                             $455,689
   1760 Stebbins Drive
   Houston, TX 77043

   Semtech Corporation                                  $432,365
   200 Flynn Road
   Camarillo, CA 93012

   BOE-Hydis America Inc.                               $429,708
   2290 North First Street, SYE 209
   San Jose, CA 95131

   Taiyo Yuden (U.S.A.), Inc.                           $419,992
   1770 La Coasta Meadows Drive
   San Marcos, CA 92078

   Clare Inc.                                           $379,294
   78 Cherry Hill Drive
   Beverly, MA 01915

   Omnivision Technologies Inc.                         $375,735
   1341 Orleans Drive
   Sunnyvale, CA 94089

   Truly Semiconductor Limited                          $364,099
   2/Floor, Chung Shun Knitting Centre
   Kwai Chung, Hong Kong

   Smart Modular Technologies                           $299,258
   Northwest 5337
   Minneapolis, MN 55485

   California Micro Devices Corp.                       $296,300
   490 North McCarthy Boulevard #100
   Milpitas, CA 95035

   Mtron PTI                                            $292,144
   P.O. Box 630
   Yankton, SD 57078

   Alliance Semiconductor                               $256,012
   2575 Augustine Drive
   Santa Clara, CA 95054

   APX Technology Corp.                                 $235,567

   Microsemi Corporation                                $224,886

   Methode Electronics                                  $217,704

   Microsemi Lowell                                     $215,211

   Mircosemi                                            $208,974

   United Chemi-Con Inc.                                $208,687

   Pixelworks, Inc.                                     $196,452

   Hyundai LCD America                                  $195,632

   AAEON Electronics Inc.                               $192,053

   Solomon Tech. (USA) Corp.                            $189,000

   Delta Prod Corp.                                     $179,199

   Everlight International Corp.                        $172,023

   Pletronics Inc.                                      $159,291

   Condor DC Power Supplies                             $158,897

   Diodes Inc.                                          $157,641


BERGAMOT LTD: Brings In Liquidators from PricewaterhouseCoopers
---------------------------------------------------------------
Lesley Dukes and Michael David Gercke of PricewaterhouseCoopers
LLP were appointed joint liquidators of Bergamot Ltd. on  
April 16 for the creditors' voluntary winding-up procedure.

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


COLLINS & AIKMAN: Gets Court OK on IRS Closing Agreement
--------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
approved Collins & Aikman Corp. and its debtor affiliates'
Closing Agreement with the U.S. Internal Revenue Service.

C&A has filed a consolidated United States federal income tax
return on behalf of itself and certain of its domestic
subsidiaries.  Since early 2005, the IRS has been engaged in an
examination of the C&A Group's U.S. federal income tax returns
for the taxable years 2001 through 2004.

Marc J. Carmel, Esq., at Kirkland & Ellis LLP, in New York,
relates that as part of the examination, the IRS scrutinized,
among other things, three contingent liability transactions
undertaken between certain members of the C&A Group in 1997.  
The contingent liability transactions were the basis for capital
losses claimed by the C&A Group on its consolidated 1997 federal
income tax return in the aggregate of US$91,934,701.

In the course of the examination, the IRS challenged the
validity of the capital losses claimed as a result of the
contingent liability transactions.

After significant negotiation, the C&A Group and the IRS have
agreed to a closing agreement, which resolves the tax treatment
of all losses claimed as a result of the contingent liability
transactions.  The Closing Agreement does not address any other
issue that may remain with regard to the C&A Group's 1997 return
or the returns for years 1998 through 2004.  The principal terms
are:

     * the entire loss arising from the contingent liability
       transactions in the aggregate of US$91,934,701 will be
       disallowed for taxable year 1997;

     * the C&A Group will not deduct, or file a claim or refund
       for, any portion of the loss arising from the contingent
       liability transactions in any taxable year;

     * the contingent liability transactions are treated as
       having not occurred; and

     * the C&A Group is not subject to a penalty under Section
       6662 of the Internal Revenue Code of 1986, as amended,
       for engaging in the contingent liability transactions.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.  
The hearing to consider confirmation of the Debtors' Amended
Joint Plan is set for April 19, 2007.  (Collins & Aikman
Bankruptcy News, Issue No. 58; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DAVRO COMMERCIAL: Appoints Lawrence I. Freedman as Liquidator
-------------------------------------------------------------
Lawrence I. Freedman of Hodgsons was appointed liquidator of
Davro Commercial Vehicles Ltd. on April 12 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Davro Commercial Vehicles Ltd.
         Hawarden Ind Park
         Manor Lane
         Hawarden
         Deeside
         CH5 3PP
         Wales
         Tel: 01244 535 104
         Fax: 01244 533 802


DUCT VENT: Alan H. Tomlinson Leads Liquidation Procedure
--------------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of Duct
Vent Services Ltd. on April 11 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Duct Vent Services Ltd.
         Tonge Bridge Industrial Estate
         Tonge Bridge Way
         Bolton
         BL2 6BD
         England
         Tel: 01204 365 002
         Fax: 01204 365 003


ENWORTH LTD: Taps Tenon Recovery as Joint Administrators
--------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Enworth Ltd. (Company Number
2288956) on March 23.

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

The company can be reached at:

         BKP Environmental Services Ltd
         Casbrook Park Timsbury  
         Romsey  
         Hampshire  
         SO51 0PG  
         England
         Tel: 01794 368889  
         Fax: 01794 367799  
         Web site: http://www.bkpgroup.com/


EQUATIONS BUSINESS: Brings In Joint Administrators from Tenon
-------------------------------------------------------------
T. J. Binyon and D. R. Beat of Tenon Recovery were appointed
joint administrators of Equations Business Supplies Ltd.
(Company Number 4220835) on April 5.

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

The company can be reached at:

         Equations Business Supplies Ltd.
         47 Skylines Village  
         Limeharbour  
         Tower Hamlets  
         London  
         E14 9TS  
         England
         Tel: 01708 684 880


GOOD IDEAS: Names Andrew John Whelan Liquidator
-----------------------------------------------
Andrew John Whelan of Marks Bloom was appointed liquidator of
Good Ideas (Design) Ltd. on April 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Good Ideas (Design) Ltd.
         7 Upper Grosvenor Street
         City of Westminster
         London
         W1K 2LX
         England
         Tel: 020 7235 0001
         Fax: 020 7495 8988


INTERNATIONAL PRESS: Hires Joint Liquidators from PwC
-----------------------------------------------------
Paul W. Harding and Derek A. Howell of PricewaterhouseCoopers
LLP were appointed joint liquidators of International Press
Network Ltd. on April 10 for the creditors' voluntary winding-up
proceeding.

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


J.C. GLASS: Claims Filing Period Ends May 25
--------------------------------------------
Creditors of J.C. Glass Ltd. have until May 25 to send their
names and addresses with full particulars of their debts or
claims to:

         David Moore
         Joint Liquidator
         Begbies Traynor
         No. 1 Old Hall Street
         Liverpool  
         L3 9HF
         England

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on April 12.

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


JACKSTONE FROSTER: Appoints Administrators from Tenon Recovery
--------------------------------------------------------------
T. J. Binyon and D. R. Beat of Tenon Recovery were appointed
joint administrators of Jackstone Froster Ltd. (Company Number
4102063) on April 4.

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

The company can be reached at:

         Jackstone Froster Ltd.
         Unit 31
         Wilks Avenue
         Questor Trading Estate
         Hawley Road  
         Dartford  
         DA1 1JS
         England
         Tel: +44 (0)1322 226418
         Fax: +44 (0)1322 224890
         Web site: http://www.jackstonefroster.com/


NIPPON GLASS: British Unit Gets Charge Sheet from EU
----------------------------------------------------
Nippon Sheet Glass Company Limited's British unit, Pilkington
PLC, received a charge sheet from the European Commission,
notifying the company that the Commission believes it took part
in a cartel, Reuters reports.

According to Reuters, two other makers of glass used in the car
industry confirmed they received charge sheets -- Asahi Glass's
AGC Automotive Europe unit and French glass maker Saint Gobain.

The European Commission, in a statement posted on its Web site,
said it has recently sent a Statement of Objections to a number
of undertakings regarding their alleged role in a cartel for car
glass.  The Statement of Objections alleges that the
undertakings concerned may have allocated customers and agreed
on supply quotas and prices for most of the motor vehicle
manufacturers in Europe, thereby restricting competition in the
EEA market in violation of EC Treaty rules outlawing restrictive
business practices (Article 81).

Car glass is made from float glass.  Car glass products consist
of different glass parts such as windscreens, sidelights
(windows for front and rear doors), backlights (rear windows),
quarter lights (small back windows next to rear door windows)
and sunroofs.  Car glass is a kind of safety glass that does not
shatter into sharp pieces on impact (which could be dangerous to
occupants of the vehicle in the event of an accident).  It can
be produced in different shapes, degrees of thickness and
colors.

The preliminary conclusions outlined in the Statement of
Objections are based on the results of inspections carried out
on February 22 and 23, 2005, and on March 15, 2005, on the
Commission's subsequent investigation and on information
supplied under the Commission's Leniency Notice.

Statements of Objections are a formal step in EU antitrust
investigations.  After receiving such statements, companies have
two months to defend themselves in writing.  They can also ask
the Commission to hear their case at an oral hearing, which
usually takes place about one month after the written reply has
been received.  Only after having heard the company's defense
can the Commission take a final decision, which may be
accompanied by fines of up to ten per cent of a company's
worldwide annual turnover.  Sending a Statement of Objections
does not prejudge in any way the final outcome of the procedure.

                         About Nippon Sheet

Headquartered in Tokyo, Japan, Nippon Sheet Glass Company,
Limited -- http://www.nsg.co.jp/-- operates in four business  
divisions.  Its Glass and Construction Material division
manufactures, processes and sells various types of glasses, such
as float plate, polished wire, heat absorbing, heat reflecting,
reinforced, laminated, double-layer, vacuum, fireproof,
template, mirror and ornamental glass, as well as sashes.  It
also supplies construction materials, and interior accessories
for stores.  The Information and Electronics division offers
optical products, fine glass products, industrial glass
products, liquid crystal display products and others.  Its Glass
Fiber division is engaged in the manufacture, processing and
sale of special glass fiber products, air filter-related items
and others.  The Others division is involved in the facility
engineering and the test analysis businesses, among others.

                        *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Standard & Poor's Ratings Services affirmed
its 'BB+' long-term corporate credit and long-term senior
unsecured debt ratings on Nippon Sheet Glass Co. Ltd., following
the company's successful acquisition of U.K.-based Pilkington
PLC.  At the same time, Standard & Poor's removed the ratings
from CreditWatch, where they were placed on Nov. 1, 2005.


PHOENIX 2002-1: Moody's Assigns Ba1 Rating to US$86.6-Mln Notes
---------------------------------------------------------------
Moody's Investors Service has taken these rating actions on
three classes of notes issued by Phoenix 2002-1 Limited:

   -- downgraded to Aa2 from Aa1, the Class A US$49,747,500
      Credit-Linked Floating Rate Notes due 2010,


   -- upgraded to Aa3 from A1, the Class B US$58,162,500 Credit-
      Linked Floating Rate Notes due 2010; and

   -- confirmed at Ba1, the Class C US$86,625,000 Credit-Linked
      Floating Rate Notes due 2010.

The Class A downgrade was due directly to the rating
deterioration of the underlying collateral, while the Class B
upgrade is the result of credit migration and trading in the
underlying pool, and reduced time to maturity despite the
underlying collateral deterioration.


PRINCIPIO FACILITIES: Names Tenon Recovery as Administrators
------------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint administrators of Principio Facilities
Management Ltd. (Company Number 3193228) on April 2.

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

The company can be reached at:

         Principio Facilities Management Ltd.
         Victoria Road  
         Avonmouth  
         Bristol  
         BS11 9DB  
         England
         Tel: 0117 316 7349  
         Fax: 0117 316 7349


RAILTECH SOLUTIONS: Appoints Joint Administrators from Vantis
-------------------------------------------------------------
Peter Hughes-Holland and Frank Wessely of Vantis Plc were
appointed joint administrators of Railtech Solutions Ltd.
(Company Number 03973036) on March 29.

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

Headquartered in Fareham, England, RailTech Solutions Ltd. --
http://www.railtech-solutions.co.uk/-- provides technological  
solutions for companies and organizations involved with railways
and highways.


SCANMOOR RAIL: Brings In Administrators from Vantis Plc
-------------------------------------------------------
Geoff Rowley and Nicholas O'Reilly of Vantis Plc were appointed
joint administrators of Scanmoor Rail Ltd. (Company Number
04527517) and Scanmoor Ltd. (Company Number 03046507) on
April 5.

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:

         Scanmoor Rail Ltd.
         80 Great Eastern Street  
         Hackney  
         London  
         EC2A 3RS  
         England
         Tel: 020 8515 0900


SEA CONTAINERS: Selects AP Services as Crisis Managers
------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to employ AP Services LLC to
provide them certain temporary employees and interim management
to oversee and manage their restructuring efforts.

The Debtors and AP Services executed an engagement letter on
April 12 for the firm's provision of temporary staff to the
Debtors.  Under the APS Engagement Letter, Laura Barlow will
serve as the Debtors' chief financial officer and chief
restructuring officer, and Craig Cavin will act as the Debtors'
restructuring manager.

Working collaboratively with the Debtors, Ms. Barlow and Mr.
Cavin will oversee the Debtors' evaluation and implementation of
strategic and tactical options through the restructuring
process.

As interim management for the Debtors, Ms. Barlow, Mr. Caving
and any designated Temporary Staff will, among others:

   -- manage the Debtors' financial, treasury and tax functions;

   -- oversee negotiations with potential acquirers of the
      Debtors' assets;

   -- oversee management of the "working group" professionals
      who are assisting the Debtors in the reorganization
      process or who are working for the Debtors' various
      stakeholders to improve coordination of their effort and
      individual work product to be consistent with the Debtors'
      restructuring goal;

   -- work with the Debtors to further identify and implement
      both short-term and long-term liquidity generating
      initiatives;

   -- oversee the Debtors' execution of its planned disposal
      program in respect of various non-core assets;

   -- oversee the Debtors' management of the relationship with
      its stakeholders and their advisers and in meeting its
      requirements to provide information to those stakeholders;

   -- oversee the Debtors' negotiation and restructuring of its
      current indebtedness with its key stakeholders, including
      liaising and negotiating with the different stakeholders;
      and

   -- manage other matters as may be requested by the Debtors
      that fall within APS Services' expertise and that are
      mutually agreeable.

AP Services will also occasionally provide part-time temporary
employees for certain activities related to the administration
of the Debtors' Chapter 11 cases.

AP Services will be paid a monthly fee of GBP75,000 for Ms.
Barlow's services and GBP50,000 for Mr. Cavin's services, Robert
S. Brady, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, relates.

With respect to any assisting Temporary Staff member, APS
Services will be paid on an hourly rate basis:

            Assisting Member            Hourly Rate
            ----------------            -----------
            Managing Directors         GBP485-GBP545
            Directors                  GBP415-GBP440
            Vice Presidents            GBP315-GBP360
            Associates                 GBP220-GBP285

In addition, the Debtors will pay AP Services a success fee, not
to exceed GBP500,000, for the first six-month period of the
engagement at an amount to be agreed between the parties by
May 2.

The Debtors have paid a GBP100,000 retainer to APS Services,
Mr. Brady says.  It will be applied against fees and expenses
incurred by the firm in connection with the contemplated
services.

Ms. Barlow assures the Court that AP Services does not hold or
represent any interest adverse to the Debtors' estate, and is
deemed a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code.

                       About Sea Containers

Headquartered 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).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a Chapter 11 plan of
reorganization expires on June 12, 2007.


SEA CONTAINERS: Wants to Implement Non-Insider Retention Plan
-------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates ask authority
from the Honorable Kevin J. Carey of the U.S. Bankruptcy Court
for the District of Delaware to implement a non-insider
retention plan, pursuant to Sections 363(b) and 503(c)(3) of the
Bankruptcy Code.

Since the Debtors' filing for bankruptcy, the stresses on the
Debtors' employees have continued to build as the Debtors
downsize their organization, and the workload of the remaining
employees has grown, Robert S. Brady, Esq., at Young Conaway
Stargatt & Taylor, LLP, in Wilmington, Delaware, relates.  
Moreover, the Debtors' difficult work environment has been
amplified by the additional requirements of running a business
in bankruptcy.

As a result of their financial difficulties, the Debtors no
longer offer their annual bonus programs.  The perceived value
of the Debtors' pension programs has also decreased and those
programs are currently closed to future accrual, Mr. Brady adds.

The circumstances translate to a loss of morale among the
Debtors' employees and instability in the workforce, Mr. Brady
says.

Under the circumstances, the Debtors believe that a more
traditional retention plan for their critical non-insider
employees is appropriate.

After careful consideration and detailed planning, the Debtors
and their compensation consultants, Towers Perrin, structured a
narrowly focused retention plan that identifies certain non-
insider, critical employees.

The Non-Insider Retention Plan provides for retention payments
to the Debtors' eligible non-insider, critical employees based
on the U.K. market but do so within the framework of a
traditional Chapter 11 retention plan, Mr. Brady states.

Under the Retention Plan, the Debtors will make cash payments in
multiple installments to 12 Eligible Employees, ranging from
GBP5,000 to GBP95,000, or approximately US$9,800 to US$186,000.

The Debtors estimate the maximum cost of the Retention Plan to
be about GBP455,000, or $891,000, plus approximately GBP60,000
in social security costs associated with the payments.

The retention payments, Mr. Brady avers, are aimed at:

   -- narrowing the gap between the Eligible Employees' current
      compensation and market compensation;

   -- rewarding the Eligible Employees for past performance; and

   -- incentivizing the Eligible Employees to remain with the
      Debtors and continue to perform up to the requirements of
      the job.

The Debtors' senior management will also consider these factors
in determining each Eligible Employee's retention payment:

   1. The effectiveness of an Employee's position,

   2. The Employee's knowledge of the Debtors' business,

   3. The Employee's demonstration of teamwork and work ethic,

   4. The need to incentivize an Employee to continue to perform
      at a high level through the Debtors' restructuring
      process, and

   5. The harm suffered by the Debtors if the Employee leaves.

With the exception of three employees who will receive their
entire retention payment on the first installment date, the
Retention Payments will be paid in three installments on:

      (i) October 15, 2007,
     (ii) January 15, 2008, and
    (iii) April 15, 2008.

The Employees who will receive their full retention payment on a
one-time basis are those employees whose current tasks involve
overseeing the outsourcing or elimination of their departments
or whose tasks will be completed prior to subsequent
installments.

Notwithstanding the schedule of payments, the Debtors retain the
discretion to decrease or eliminate payments if any of the
Eligible Employees do not meet their objectives or other
circumstances warrant it.  

The proposed cash payments are not guaranteed to any Eligible
Employee, Mr. Brady clarifies, but merely set the upper bound of
any bonus payments.

Furthermore, Eligible Employees who are terminated for cause
will forfeit their right to receive any accrued but unpaid
amounts under the Retention Plan.  For Eligible Employees who
voluntarily terminate their employment with the Debtors or who
are terminated without cause, the Board of Directors of Sea
Containers Ltd. will determine the level of vesting, if any.  
Any retention payments forfeited will not become available for
reallocation to other Eligible Employees.

Mr. Brady notes that the 12 Eligible Employees identified by the
Debtors were selected on the basis of the critical nature of the
Employee's job functions to the Debtors' overall restructuring
efforts and the Employee's individual performance within those
critical functions.  Each Eligible Employee has special skills
that relate to, among other things, the Debtors' non-core asset
sales, SCL's financial interest in GE SeaCo, accounting,
payroll, tax planning and reporting, cash flow, human resources
and other operational needs.

              Retained Employee Data Confidential

The critical knowledge and skills the Eligible Employees
possess, which cannot be replaced readily on the open market,
are necessary to maintain ongoing operations and assure
successful completion of the Debtors' restructuring process, Mr.
Brady maintains.  Thus, the Eligible Employees should be
compensated at par with job market standards due to their
significant contribution to the Debtors.

The proposed Retention Plan contains highly confidential
information, Mr. Brady informs the Court, that if exposed, may
be used by the Debtors' competitors to lure the Eligible
Employees away from the Debtors' business by offering enhanced
compensation and bonuses.

Thus, the Debtors seek the Court's authority to file the
Retention Plan under seal so that it may only be made available
to the Court, the U.S. Trustee and the counsel to the Official
Committee of Unsecured Creditors for Sea Containers Ltd., Sea
Containers Services Ltd. and Sea Containers Caribbean Inc.

                      About Sea Containers

Headquartered 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).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of $62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
14; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a Chapter 11 plan of
reorganization expires on June 12, 2007.


SHAW GROUP: Appoints Gary Graphia as Corporate Development EVP
--------------------------------------------------------------
The Shaw Group Inc. reported that Gary P. Graphia, recently
named Executive Vice President by Shaw Group's Board of
Directors, would assume a newly established senior executive
position of Executive Vice President - Corporate Development and
Strategy.  

In this new role, Mr. Graphia will assume responsibility over
the following areas: Mergers and Acquisitions, Shaw Capital,
Strategic Markets, Risk Management, Safety, QA/QC, Corporate
Communications, and Sales and Marketing.  He will also oversee
and serve on the company's Project Risk, Claims, and Sarbanes-
Oxley Committees.

Mr. Graphia joined Shaw Group in August 1999 as Corporate
Secretary and General Counsel and in January 2007, he was named
Executive Vice President, Chief Legal Officer and Corporate
Secretary.  Since joining Shaw Group, Mr. Graphia has presided
over the legal and corporate affairs of the company, working
closely with management and the board.  He has overseen the
growth of the Legal Department from 3 attorneys to 42
professionals, including 24 attorneys.

Over the years, the company has completed three major
acquisitions -- including Stone & Webster in 2000; IT Group in
2002; and most recently, a 20% equity interest in Westinghouse
in October 2006; as well as, numerous smaller transactions,
including acquisitions, divestitures, and joint ventures.

In addition, the company has completed seven public capital
markets transactions totaling over US$2.7 billion dollars, and
three increases to its bank credit facilities, the most recent
being to increase the facility to US$850 million.

Shaw Group also disclosed that Cliff S. Rankin would join Shaw
Group as General Counsel and Corporate Secretary beginning
May 7.  Mr. Rankin joins Shaw Group from the Houston law firm of
Vinson & Elkins LLP, where he was employed for 15 years and has
been a partner since 2001.  At Vinson & Elkins, Mr. Rankin
specialized in representing corporate clients and financial
institutions in a variety of complex transactional matters
including construction, acquisitions, project finance and
development, and structured and commercial finance.

Shaw Group further disclosed that Richard F. Gill, Executive
Vice President and Chairman of Shaw's Executive Committee, who
had been serving as acting President of the Power Group, has
officially been named to that position.  Mr. Gill will be
relocating to Shaw Group's Charlotte, North Carolina office.  
Charlotte is headquarters for the senior management within the
Fossil and Nuclear Divisions of the Power Group.  Mr. Gill's
move will facilitate increased opportunities for collaboration
within the Power Group, and allow for more rapid decision-
making.  Shaw Group believes that Mr. Gill's relocation will
allow it to further strengthen its leadership position within
the power industry.

Within the Power Group, David L. Brannen will join Shaw Group on
April 16 as Executive Vice President, working directly with Mr.
Gill.  Mr. Brannen's focus will be engineering execution and
project management processes.  Over the past five years, Mr.
Brannen has been a consultant to engineering and testing
services companies, primarily providing services to
telecommunications and power utilities markets.  As an
independent consultant, he participated in the cost and schedule
analysis of the Hanford Waste Treatment project, a major nuclear
waste management project sponsored by the U.S. Department of
Energy.  The Hanford team was made up of industry experts from
throughout the nuclear industry.  Previously, Mr. Brannen served
in numerous executive, managerial, and project capacities with
Bechtel International over an extensive and successful 35-year
career.

Headquartered in Baton Rouge, LA, The Shaw Group Inc. --
http://www.shawgrp.com/-- is a global provider of services to  
the environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure (E&I); Energy &
Chemicals (E&C); Maintenance, and Fabrication, Manufacturing &
Distribution (F&M).  In January 2005, the company sold
substantially all of the assets of its Shaw Power Technologies,
Inc. and Shaw Power Technologies International, Ltd. units to
Siemens Power Transmission and Distribution Inc., a unit of
Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
Oct. 2006.  The outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SLB HOLDINGS: Names Joint Administrators from Kroll
---------------------------------------------------
Robert Alexander, Henry Maxwell and Charles Peter Holder of
Kroll Ltd. were appointed April 5, joint administrators of:

   -- SLB Holdings Ltd. (Company Number 1301149);

   -- Sharps Group Ltd. (Company Number 1049895);  

   -- MKD Holdings Ltd. (Company Number 2340362);

   -- Homeform Group Ltd. (Company Number 4033315);

   -- Limelight Home Improvements Group Ltd.  
      (Company Number 2942798);  

   -- BCMB Ltd. (Company Number 1230709);

   -- DBC Holdings Ltd. (Company Number 388370);

   -- Limelight Home Improvements Holdings Ltd.  
      (Company Number 2611760); and

   -- Limelight Group Ltd. (Company Number 3174554).

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

The companies can be reached at:

         SLB Holdings Ltd.
         Unit 2  
         Albany Park  
         Camberley  
         GU16 7PU
         England  
         Tel: 01276 802 000  
         Fax: 01276 802 030


SMARTTECH CONSULTING: Hires Jonathan Lord as Liquidator
-------------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of
Smarttech Consulting Services Ltd. on April 5 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Smarttech Consulting Services Ltd.
         4 Lower Park Street
         Stow on the Wold
         Cheltenham
         GL54 1AH
         England
         Tel: 01451 870 637


THEROS LTD: Brings in Joint Administrators from KPMG
----------------------------------------------------
David John Crawshaw and Jane Bronwen Moriarty of KPMG LLP were
appointed April 10, joint administrators of:

   -- Theros Ltd. (Company Number 02378439);
   -- Magenta Studios Ltd. (Company Number 00284753); and
   -- Kangaroo Poo (U.K.) Ltd. (Company Number 05500330).  

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

The companies can be reached at:

         Kangaroo Poo (U.K.) Ltd.
         71 Gloucester Place
         London  
         W1U 8JW
         England


VENTILATION GRILLE: Claims Filing Period Ends May 29
----------------------------------------------------
Creditors of Ventilation Grille Co. Ltd. have until May 29 to
send in their names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors, if any, to:

         Neil Francis Hickling
         Liquidator
         Smith & Williamson Ltd.
         No. 1 St. Swithin Street  
         Worcester  
         WR1 2PY
         England

Neil Francis Hickling of Smith & Williamson Ltd. was appointed
liquidator of the company on April 17.

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


VETDENT LTD: Names Lyn Marie Green Liquidator
---------------------------------------------
Lyn Marie Green of Ward & Co. was appointed liquidator of
Vetdent Ltd. on April 12 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Vetdent Ltd.
         Green Lane
         Studley
         B80 7EY
         England
         Tel: 01527 853 022
         Fax: 01527 857 580


XENON DESIGN: Appoints Tony Freeman as Liquidator
-------------------------------------------------
Tony Freeman of Tony Freeman & Co. was appointed liquidator of
Xenon Design Ltd. on April 11 for the creditors' voluntary
winding-up proceeding.

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

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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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/


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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.

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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


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