TCREUR_Public/070427.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

            Friday, April 27, 2007, Vol. 8, No. 83

                            Headlines


A U S T R I A

AE AUSTRIA: Claims Registration Period Ends May 29
ENCOSYS LLC: Claims Registration Period Ends May 29
FSL LLC: Claims Registration Period Ends May 29
HEINISCH TEXTILVEREDELUNG: Claims Registration Ends June 12
LENZ LLC: Claims Registration Period Ends May 16

OR-BAU KEG: Claims Registration Period Ends May 31
PCB LLC: Claims Registration Period Ends May 29
SEVCAN ULUSOY: Claims Registration Period Ends May 31


B E L G I U M

AMR CORP: Earns US$81 Million in First Quarter 2007


C Z E C H   R E P U B L I C

HYUNDAI MOTOR: Starts Construction of EUR1.1 Billion Czech Plant

* Czech Senate Delays Implementation of New Bankruptcy Law


D E N M A R K

TDC A/S: Tax Disclosure Cues Fitch to Watch BB- Rating


F R A N C E

ADVANCED MICRO: S&P Puts B- Rating on Proposed US$1.8 Bil. Notes


G E R M A N Y

AMP GMBH: Claims Registration Period Ends May 29
AUTOHAUS TURQUIE: Claims Registration Period Ends May 25
AUTOSERVICE MOTORAMA: Claims Registration Period Ends May 30
BENQ CORP: Mobile Unit's Woes Cue Sixth Straight Quarterly Loss
BENQ CORP: Eric Yu Still Detained Amidst Insider Trading Probe

BLUMEN TARA: Claims Registration Period Ends May 18
BOXGO LOGISTIK: Claims Registration Period Ends June 4
CHS RECYCLING: Claims Registration Period Ends June 8
COGNIS GMBH: Moody's May Cut Low-B Ratings After Review
COGNIS GMBH: Refinance Plan Cues S&P to Affirm B Ratings

D.B. BAUMANAGEMENT: Claims Registration Period Ends June 18
D.G.L. TRADING: Claims Registration Period Ends June 1
DIGIPA MEDIEN: Claims Registration Ends June 9
E-MOTION GMBH: Claims Registration Ends May 29
ENERGIEDIENSTLEISTUNGEN SAUERLANDWARME: Claims Due by May 30

FILMKONTOR MEDIEN: Claims Registration Ends May 8
GENERAL MOTORS: CEO Takes the Challenge to Beat Toyota's Sales
GRUBER VERBINDUNGSSYSTEME: Claims Registration Ends June 8
HAFA - BAU: Claims Registration Ends May 23
HARDER & SOHN: Claims Registration Ends May 31

HOFFMANN GMBH: Claims Registration Ends June 1
KIRCHMEDIA GMBH: Former Owner May Settle Trial Out of Court
MC BETEILIGUNGS-GMBH: Creditors Must Register Claims by June 12
MOTORAMA HEIDENAU: Creditors Must Register Claims by May 30
MUELLER SANIERUNGS: Claims Registration Period Ends May 23

NWU SCHNEIDE: Creditors Must Register Claims by May 31
OSTSEE DRUCK: Claims Registration Period Ends May 23
PMH-PARTNER-MASSIVHAUS: Creditors Must Register Claims by May 24
PRO-ENT PROJEKTENTWICKLUNG: Creditors' Claims Due June 22
RACKET CENTER: Claims Registration Period Ends May 21

ROLF GMBH: Claims Registration Period Ends June 1
RUBIN WOHNBAU: Claims Registration Period Ends May 15
SCHUBERT GMBH: Creditors Must Register Claims by May 30
TERRA ABBRUCH: Claims Registration Period Ends June 1
TOMA GMBH: Meeting of Creditors Slated for July 13

TRIPOS INC: Gets Delisting Notice from NASDAQ on Low Equity
TRIPOS INC: Receives US$3 Mln Bid for Discovery Research Unit
VIERHAUS VERWALTUNG: Claims Registration Period Ends May 30


H U N G A R Y

WARNER MUSIC: Receives US$110 Mil. from Bertelsmann-Napster Deal


I R E L A N D

SMURFIT KAPPA: Debt Prepayment Spurs Fitch to Hike Ratings to BB


I T A L Y

GAMESTOP CORP: Earns US$158.3 Million for Year Ended February 3


K A Z A K H S T A N

AKAN JSC: Creditors Must File Claims by June 5
AKJOL CJSC: Creditors' Claims Due June 1
BATA & K: Proof of Claim Deadline Slated for May 25
INTERNATIONAL CONSUMER: Claims Registration Ends May 25
KAMBIZ TRADING: Claims Filing Period Ends May 22

KAZTRANSUGOL LLP: Creditors Must File Claims by May 29
NARODNOY MEDITSINY: Creditors' Claims Due June 1
SINA GROUP: Proof of Claim Deadline Slated for May 29
STROYMONTAGE-AK LLP: Claims Registration Ends May 29


K Y R G Y Z S T A N

NIPPON SERVICE: Creditors Must File Claims by June 13


L U X E M B O U R G

EVRAZ GROUP: Terminates Joint Venture Deal with Mitsui
EVRAZ GROUP: Board Approves 2006 Annual Accounts and Corp. Codes


N E T H E R L A N D S

HEAD N.V.: Financial Policy Cues S&P to Watch B Ratings
KONINKLIJKE AHOLD: Buys Back EUR110 Million Bonds to Cut Debt
TBIH FINANCIAL: Moody's Withdraws B3 Rating for Business Reasons


N O R W A Y

GENERAL CABLE: Creates Two Joint Ventures in India


R U S S I A

BANK SPURT: Fitch Assigns B- IDR with Stable Outlook
BUILDER LLC: Creditors Must File Claims by June 7
EVRAZ GROUP: Terminates Joint Venture Deal with Mitsui
EVRAZ GROUP: Board Approves 2006 Annual Accounts and Corp. Codes
IDEAL CJSC: Creditors Must File Claims by May 7

KALININGRAD AMBER: Alrosa Is Drafting Crisis Management Plan
KRASNYANSKOYE CJSC: Creditors Must File Claims by June 7
LUKOIL OAO: Raises US$250 Mln Loan Facility to Finance Debts
MAGNITOGORSK IRON: Moody's Lifts Corporate Family Rating to Ba2
MOSCOW TOUR: Creditors Must File Claims by June 7

NESTEROVSKIY DISTILLERY: Creditors Must File Claims by June 7
NIKL LLC: Creditors Must File Claims by May 7
OGK-5 JSC: Enel to Submit Bid for RAO's 25% Stake in Firm
PETERSBURG-DIET: Creditors Must File Claims by May 7
PLATOVSKIY ELEVATOR: Creditors Must File Claims by May 7

ROSNEFT OIL: Bids for Yukos' East Siberian Assets, Report Says
SEMENOVSKOYE CJSC: Creditors Must File Claims by June 7
SMOLEOZERNOYE CJSC: Creditors Must File Claims by June 7
URAL-NICKEL-PROJECT: Creditors Must File Claims by June 7
VASILYEVSKOYE LLC: Creditors Must File Claims by May 7

VNESHTORGBANK: Buys Yukos' 7.69% VTB AG Stake for RUR234 Million
VTOR-CHER-MET: Creditors Must File Claims by May 7
WEST-URAL CRANE: Creditors Must File Claims by June 7
YUKOS OIL: Vneshtorgbank Buys 7.69% VTB AG Stake for RUR234 Mil.
YUKOS OIL: J.B.P. Invest Wins 1.9% Stake in Khanty Mansiysk Bank

YUKOS OIL: Rosneft Bids for East Siberian Assets, Report Says
ZAVOLZHSKIY CHEMICAL: Creditors Must File Claims by June 7


S L O V A K   R E P U B L I C

U.S. STEEL: Earns US$273 Million in Quarter Ended March 31


S P A I N

BBK I: Moody's Assigns Ba2 Rating to EUR14.3 Mln Series D Notes


S W I T Z E R L A N D

COMPACTLIFE LLC: Creditors' Liquidation Claims Due May 14
EUROSTAR ENERGIE: Creditors' Liquidation Claims Due May 14
PURA VIDA: Creditors' Liquidation Claims Due May 14
REXTRONIC JSC: Creditors' Liquidation Claims Due May 16
WEST STYLE: Creditors' Liquidation Claims Due May 14


U K R A I N E

BARVINKOVE MILL: Creditors Must Register Claims by May 5
BRICK PLANT: Creditors Must Register Claims by May 5
CHERKASSY ENERGY: Creditors Must Register Claims by May 5
CHERNUHINSKY FEED: Creditors Must Register Claims by May 5
EKOMED LTD: Creditors Must Register Claims by May 5

MAKEDONY LLC: Claims Filing Bar Date Set May 5
NAIR LLC: Creditors Must Register Claims by May 5
ZOLOTONOSHA PLANT: Creditors Must Register Claims by May 5


U N I T E D   K I N G D O M

6721 LTD: John D. Cullen Leads Liquidation Procedure
AFFINIA GROUP: Posts US$5 Million Net Loss in Full Year 2006
BALTICPINE HOLDINGS: Joint Liquidators Take Over Operations
BELLS INCORPORATED: Appoints David Hill as Liquidator
BRITISH AIRWAYS: Delisting American Depositary Shares from NYSE

COLLINS & AIKMAN: Seeks Court OK on Soft Trim Auction Protocol
COLLINS & AIKMAN: Court OKs Sale Process for Interior Plastics
COMMAND PUBLICITY: Taps Chris Williams to Liquidate Assets
DGK STRUCTURES: Names Tracy Ann Taylor Liquidator
FINEFORM EUROPE: Claims Filing Period Ends May 30

GORDON RUSSELL: Hires Smith & Williamson to Administer Assets
HINTRENT LTD: Claims Filing Period Ends May 29
HOMESAFE SYSTEMS: Brings In A. Poxon to Liquidate Assets
INNOVATION RECRUITMENT: Calls On Creditors to Submit Claims
INVENSYS PLC: Applies to List 590,000 Ordinary Shares on LSE

KJB CONSTRUCTION: Claims Filing Period Ends September 17
KWIKFRUITS NORTHERN: Claims Filing Period Ends May 11
MANA ENTERPRISES: Hires J. M. Titley as Liquidator
OMEGA TILE: Calls In Liquidator from HKM LLP
OWEN OWEN: Philip Duffy Confident About Department Stores' Sale

OXFORD INDOOR: Appoints Liquidator from Bridgestones
PETER REED: Names In William Kings Liquidator
PUBLISHERS BOOK: Taps Liquidators from The P&A Partnership
PUMMELO LTD: Brings In Liquidator from Cranfield Recovery
RECRUITMENT EXHIBITIONS: Hires Liquidator from Singlan & Co.

SEA CONTAINERS: Court Approves PwC Legal as U.K. Counsel
SOLUTIA INC: Wants to Extend Plan Filing Period Through July 30
SOLUTIA INC: Committees Want Exclusive Periods Terminated
TECSEC EUROPE: Claims Filing Period Ends June 25
TRIPOS INC: Gets Delisting Notice from NASDAQ on Low Equity

TRIPOS INC: Receives US$3 Mln Bid for Discovery Research Unit
TYNE TUNNEL: Hires Liquidators from Tait Walker
VENTEK LTD: Appoints Paul J. Webb as Liquidator

* BOOK REVIEW: A Treatise on the Right of Property in Tide
               Waters


                            *********


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


AE AUSTRIA: Claims Registration Period Ends May 29
--------------------------------------------------
Creditors owed money by LLC AE Austria (FN 140325k) have until
May 29 to file written proofs of claim to court-appointed estate
administrator Stephan Riel at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 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 42/07d).  Johannes Jaksch
represents Dr. Riel in the bankruptcy proceedings.


ENCOSYS LLC: Claims Registration Period Ends May 29
---------------------------------------------------
Creditors owed money by LLC EnCoSys (FN 264794d) have until
May 29 to file written proofs of claim to court-appointed estate
administrator Maria-Christina Nau at:

         Mag. Maria-Christina Nau
         c/o Dr. Guenther Viehboeck
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Brunn am Gebirge, Austria, the Debtor declared
bankruptcy on April 2 (Bankr. Case No. 11 S 40/07d).  Guenther
Viehboeck represents Mag. Nau in the bankruptcy proceedings.


FSL LLC: Claims Registration Period Ends May 29
-----------------------------------------------
Creditors owed money by LLC FSL (FN 156717t) have until May 29
to file written proofs of claim to court-appointed estate
administrator Maria-Christina Nau at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Hennersdorf bei Wien, Austria, the Debtor
declared bankruptcy on April 2 (Bankr. Case No. 11 S 41/07a).
Guenther Viehboeck represents Mag. Nau in the bankruptcy
proceedings.


HEINISCH TEXTILVEREDELUNG: Claims Registration Ends June 12
-----------------------------------------------------------
Creditors owed money by LLC Heinisch Textilveredelung & Co KG
(FN 149955y) have until June 12 to file written proofs of claim
to court-appointed estate administrator Erhard Hackl at:

         Dr. Erhard Hackl
         c/o  Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz
         Tel: 0732/776234
         Fax: 0732/77623422
         E-mail: hackl.hatak@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Hall 522
         Fifth Floor
         Linz
         Austria

Headquartered in Hoersching, Austria, the Debtor declared
bankruptcy on April 2 (Bankr. Case No. 38 S 23/07x).  Markus
Weixlbaumer represents Dr. Hackl in the bankruptcy proceedings.


LENZ LLC: Claims Registration Period Ends May 16
------------------------------------------------
Creditors owed money by LLC LENZ (FN 69515d) have until May 16
to file written proofs of claim to court-appointed estate
administrator Georg Kahlig at:

         Dr. Georg Kahlig
         c/o Mag. Gerhard Stauder
         Siebensterngasse 42/3
         1070 Vienna
         Austria
         Tel: 523 47 91-0
         Fax: 523 47 91-33
         E-mail: kahlig.partner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on May 30 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 2 (Bankr. Case No. 3 S 54/07x).  Gerhard Stauder
represents Dr. Kahlig in the bankruptcy proceedings.


OR-BAU KEG: Claims Registration Period Ends May 31
--------------------------------------------------
Creditors owed money by KEG Or-Bau (FN 258519a) have until
May 31 to file written proofs of claim to court-appointed estate
administrator Felix Stortecky at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Platz 2
         1010 Vienna
         Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 14 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 April 3 (Bankr. Case No. 5 S 45/07p).


PCB LLC: Claims Registration Period Ends May 29
-----------------------------------------------
Creditors owed money by LLC PCB (FN 198745y) have until May 29
to file written proofs of claim to court-appointed estate
administrator Matthias Klissenbauer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon 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 41/07g).  Beate Holper
represents Dr. Klissenbauer in the bankruptcy proceedings.


SEVCAN ULUSOY: Claims Registration Period Ends May 31
-----------------------------------------------------
Creditors owed money by KEG Sevcan Ulusoy (FN 262749x) have
until May 31 to file written proofs of claim to court-appointed
estate administrator Johannes Leon at:

         Dr. Johannes Leon
         Reichsratsstrasse 5
         1010 Vienna
         Austria
         Tel: 402 15 54
         Fax: 402 15 54 54
         E-mail: office@leonlaw.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 14 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 April 2 (Bankr. Case No. 5 S 42/07x).


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


AMR CORP: Earns US$81 Million in First Quarter 2007
---------------------------------------------------
AMR Corporation reported net income of US$81 million for the
first quarter ended March 31, 2007.  The current quarter results
compare to a net loss of US$92 million in the first quarter of
2006.

AMR reported first quarter consolidated revenues of
approximately US$5.4 billion, an increase of 1.6 percent over
first quarter of 2006 consolidated revenues of approximately
US$5.3 billion.  AMR estimates that severe weather disruptions
reduced first quarter consolidated revenue by approximately
US$60 million.  American's mainline cost per available seat mile
in the first quarter was up 0.9 percent year over year, which
was 1.6 percentage points higher than originally anticipated
largely because of weather impacts that caused American to
cancel 2.9 percent of mainline scheduled departures for the
first quarter.  Excluding fuel, mainline unit costs in the first
quarter increased by 2.2 percent year over year.

"In spite of significant weather challenges, we continued to
build on our momentum by generating a profit in the first
quarter.  This is our fourth consecutive profitable quarter and
the first time we have generated a profit in the first quarter
since 2000," said AMR chairman and chief executive officer
Gerard Arpey.  "We strengthened our balance sheet and liquidity,
took a key step in our fleet renewal plan and reinvested in our
products and services.  While we must continue to improve our
financial performance, we believe our results show that we have
started 2007 on the right track."

                     Operational Performance

American's mainline passenger revenue per available seat mile
increased by 4.5 percent in the first quarter compared to the
year-ago quarter.  Mainline capacity, or total available seat
miles, in the first quarter decreased 2.5 percent compared to
the same period in 2006.

American's mainline load factor - or the percentage of total
seats filled - was a record 78.1 percent during the first
quarter, compared to 77.2 percent in the first quarter of 2006.
American's first-quarter yield, which represents average fares,
increased
3.3 percent compared to the first quarter of 2006, its eighth
consecutive quarter of year-over-year yield increases.

                    Balance Sheet Improvement

Arpey noted that AMR continued to strengthen its balance sheet
in the first quarter by reducing debt and improving its
liquidity position.

AMR ended the first quarter with US$5.9 billion in cash and
short-term investments, including a restricted balance of US$471
million, compared to a balance of US$4.8 billion in cash and
short-term investments, including a restricted balance of US$510
million, at the end of the first quarter of 2006.

AMR reduced Total Debt, which it defines as the aggregate of its
long-term debt, capital lease obligations, the principal amount
of airport facility tax-exempt bonds and the present value of
aircraft operating lease obligations, to US$17.5 billion at the
end of the first quarter of 2007, compared to US$19.7 billion a
year earlier.  AMR reduced Net Debt, which it defines as Total
Debt less unrestricted cash and short-term investments, from
US$15.4 billion at the end of the first quarter of 2006 to
US$12.2 billion in the first quarter of 2007.

AMR contributed US$62 million to its employees' defined benefit
pension plans in the first quarter and made an additional
US$118 million contribution on April 13, as the company
continues to meet this important commitment to its employees.
"As we continue to execute on our turnaround plan, we are
seeking to strike the right balance between reinvestment in the
business and the need for further financial improvement," Arpey
said.  "We have more hard work ahead of us, but we believe that
we have the right strategy in place to continue building our
company for the long term and to continue delivering benefits to
shareholders, customers and employees."

At March 31, 2007, the company's balance sheet showed
US$29.9 billion in total assets, US$29.6 million in total
liabilities, and US$226 million in total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?1de3

                         About AMR Corp.

Headquartered in Forth Worth, Texas, AMR Corporation (NYSE:
AMR) operates with its principal subsidiary, American Airlines
Inc. -- http://www.aa.com/-- a worldwide scheduled passenger
airline.  At the end of 2006, American provided scheduled jet
service to approximately 150 destinations throughout North
America, the Caribbean, Latin America, Europe and Asia.
American is also a scheduled airfreight carrier, providing
freight and mail services to shippers throughout its system.

Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two
regional airlines, American Eagle Airlines Inc. and Executive
Airlines Inc., and does business as "American Eagle."  American
Beacon Advisors Inc., a wholly owned subsidiary of AMR, is
responsible for the investment and oversight of assets of AMR's
U.S. employee benefit plans, as well as AMR's short-term
investments.

                          *     *     *

As reported in the Troubled Company Reporter on April 12,
Standard & Poor's Ratings Services affirmed its ratings on AMR
Corp. (B/Positive/B-2) and subsidiary American Airlines Inc.
(B/Positive/--).  The rating outlook is revised to positive from
stable.


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


HYUNDAI MOTOR: Starts Construction of EUR1.1 Billion Czech Plant
----------------------------------------------------------------
Hyundai Motor Co. broke ground for the construction of its
EUR1.1 billion manufacturing plant in Nosovice, Czech Republic,
on April 25.

When completed in March 2009, Hyundai Motor Manufacturing Czech
(HMMC), a fully owned subsidiary of Seoul-based Hyundai Motor
Co., will have the capacity to build 200,000 vehicles annually
beginning with the i30 C-class five-door hatchback and a yet-to-
be-revealed compact minivan.  In the second phase, an additional
100,000 units per annum of capacity will be added by 2011 to
build a third model.

The newly established manufacturing arm will strengthen
Hyundai's price competitiveness and enhance awareness of the
Hyundai brand, thus enabling Hyundai to compete on an equal
footing with other European-based automakers.

"With Hyundai's accumulated manufacturing experience in Korea,
China, the U.S.A., Turkey and India, we have created a truly
state-of-the-art manufacturing facility that will set the
standard for efficiency and productivity.  When combined with
the high capabilities of the Czech worker and the Czech
reputation for excellent craftsmanship, HMMC has the potential
to make the highest quality cars in all of Europe," Chung Mong-
Koo, Hyundai Motor's chairman and CEO disclosed.

Hyundai deemed a European manufacturing base essential in order
to face the intensifying competition in the European C-segment,
which accounts for approximately 30 percent of EU sales.  As
part of its preparations to better serve the needs of its
European customers, Hyundai Motor Co. invested EUR50 million in
a European Design and Technical Center, which designed the i30
hatchback and estate wagon.

In 2006, it opened a new European sales and marketing
headquarters in Offenbach to better support local sales.  The
Czech plant is the final link in the chain providing Hyundai
will have the full range of local capabilities to serve the
European market from design and engineering, to production,
marketing, sales and after-service.

In the first phase, it is anticipated that 2,845 new jobs will
be directly created by the HMMC.  An additional 675 jobs will be
created by the second phase expansion, bringing total employment
at HMMC to 3,520 people.  At the supplier level, it is
anticipated a further 4,000 jobs will be created, providing a
significant impetus to the growth and development of the Czech
economy.

In compliance with EU guidelines, Czech authorities extended
incentives valued at 15 percent of the total investment, the
maximum permissible under EU regulation.

A European manufacturing base was deemed essential in order to
achieve Hyundai's long-term sales targets in Europe.  With HMMC
coming on-stream in 2009, Hyundai's European sales are forecast
to grow to 620,000 units in 2010.  In 2003, Hyundai Motor Europe
sold 300,000 units and in 2006, sales passed the 400,000 mark,
which included the Russia and Turkey sales.

                       About Hyundai Motor

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

                        *     *     *

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

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

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


* Czech Senate Delays Implementation of New Bankruptcy Law
----------------------------------------------------------
The Czech Republic's Senate has confirmed an earlier vote by the
Chamber of Deputies postponing the start date of the new
bankruptcy law by six months, from July 1, 2007 to Jan. 1, 2008,
Viktor Velek writes for The Prague Post.

"The delay is caused mainly by the demands of preparing the
insolvency register," said Zuzana Kuncova, spokeswoman for the
Justice Ministry.  She added that the Justice Ministry has
already selected the contractor for the insolvency register and
the result of the tender will be announced soon.

According to the report, the register is a system of online
databases designed to hold information on all bankruptcy
proceedings in the Czech Republic and allow electronic
communication with the courts.

                           New vs. Old

Economic experts and business organizations have incessantly
criticized the existing law because the amount of power it
grants to judges often leads to costly and lengthy proceedings.
The new law, however, streamlines this system, the Post
observes.

The new law is meant to speed up bankruptcy proceedings,
strengthen the position of creditors, help aid the recovery of
failing companies, and improve the Czech business climate.

The measure will allow debtors to settle their obligations
within five years through scheduled repayments and asset sales
without the intervention of collectors.  It will also grant
additional protection of debtors' assets, the Post relates,
quoting Ms. Kuncova.

The law was signed by Czech President Vaclav Klaus in early 2006
after years of political struggle that dates back more than six
years, culminating in a compromise between both sides of the
government, the report says.

                      World Bank Statistics

The World Bank recently released statistics that say Czech
creditors recover the least amount of money from bankruptcy
claims in the European Union.  They get back on average less
than CZK19 (US$0.91) from a claim worth CZK100 (US$4.85),
compared with the CZK73 (US$3.54) recovered from the same claim
by Austrian creditors, the Post reveals.


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


TDC A/S: Tax Disclosure Cues Fitch to Watch BB- Rating
------------------------------------------------------
Fitch Ratings placed TDC A/S's Issuer Default rating of 'BB-' on
Rating Watch Negative, following the company's disclosure of
anticipated additional tax charges from July 1.  The ratings of
TDC's and NTC Holdings' debt are also put on RWN

Fitch understands from its dialogue with TDC that additional
cash tax outlay for 2007 are estimated at DKK700-million at the
TDC A/S level, with a further DKK100-million at the NTC Holdings
level.  An additional DKK400-million liability would be incurred
at the NTC Investment ApS level, which would reduce negative
taxable income at that level but would not require cash payment.
With the ruling expected to come into effect from July 1, the
impact on 2007 cash flow is expected to be DKK350-million.
However, the level of additional tax payable is only an estimate
at this stage, as the bill has yet to be passed into law.

"This level of additional annual cash cost would represent
around 6.5% of 2006 attributable EBITDA and reduce the
anticipated cash flow headroom available to TDC and NTC Holdings
going forward and limit their financial flexibility," says
Michelle De Angelis, Senior Director in Fitch's Leveraged
Finance Group.  "Although we take comfort from the recent use of
approximately EUR900-million cash to prepay senior debt, the
annual interest cost saving will not offset the additional taxes
in full.  Fitch have therefore placed all of TDC's ratings on
Negative Watch, pending a management review meeting to discuss
operational performance and outlook as well as further
disclosure and developments regarding estimated future cash
taxes."

The Rating Watch is expected to be resolved following further
detailed discussion with the company and their advisors, and
finalization of the bill into law.  Resolution of the Rating
Watch is expected to take the form of either an affirmation of
the ratings at the current level or a maximum of a single-notch
downgrade of the IDR to 'B+' from 'BB-'.

TDC's debt instruments:

   -- Senior secured bank facilities: 'BB+'/Rating Watch
      Negative

   -- EMTN bonds - DEM 5% notes due 2008, JPY 1.28% notes due
      2008, EUR 5.625% notes due 2009 and EUR 6.5% notes due
      2012: 'BB-'/Rating Watch Negative:

   -- NTC Holdings' EUR800-million 8.25% senior notes due 2016,
      US$600-million 8.875% senior notes due 2016 and
      EUR750-million floating-rate notes due 2016: 'B+'/ Rating
      Watch Negative:


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


ADVANCED MICRO: S&P Puts B- Rating on Proposed US$1.8 Bil. Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating on Sunnyvale, California-based Advanced Micro
Devices Inc.'s.

"At the same time, we assigned our 'B-' rating to the company's
planned sale of US$1.8 billion in senior unsecured convertible
notes due in 2015," said Standard & Poor's credit analyst Bruce
Hyman. The outlook is negative.

Proceeds of the new issue will be used in part to repay
US$500 million of the company's term loan, and for other
corporate purposes.  The 'B-' issue rating, one notch below the
corporate credit rating, reflects the substantial amount of
secured debt in the capital structure relative to the company's
assets.

The ratings on AMD reflect subpar execution of the company's
business plans in a very challenging market, the company's
highly volatile operating performance and profitability, and
ongoing substantially negative free cash flows, in part offset
by a generally improved product line, expected adequate near-
term liquidity, and expectations that a planned change in
business model will reduce the company's asset intensity and
capital expenditures.  AMD is the second-largest supplier of
microprocessors and is a major supplier of other chips for
personal computers and consumer electronics.


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


AMP GMBH: Claims Registration Period Ends May 29
------------------------------------------------
Creditors of AMP GmbH Akustikbau, Maler- und Putzarbeiten have
until May 29 to register their claims with court-appointed
insolvency manager Gudrun Hopf.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 20, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Gudrun Hopf
         Hilblestr. 7
         80636 Munich
         Germany
         Tel: 089/183690
         Fax: 089/184160

The District Court of Munich opened bankruptcy proceedings
against AMP GmbH Akustikbau, Maler- und Putzarbeiten on
April 12.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         AMP GmbH Akustikbau, Maler- und Putzarbeiten
         Karl-Benz-Str. 15
         85221 Dachau
         Germany

         Attn: Siegfried Fischer, Manager
         Karl-Rehm-Str. 2
         88326 Aulendorf
         Germany


AUTOHAUS TURQUIE: Claims Registration Period Ends May 25
--------------------------------------------------------
Creditors of Autohaus Turquie GmbH have until May 25 to register
their claims with court-appointed insolvency manager Martin
Wiedemann.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Martin Wiedemann
         O 3, 9-12
         68161 Mannheim
         Germany
         Tel: 0621/16680

The District Court of Mannheim opened bankruptcy proceedings
against Autohaus Turquie GmbH on April 13.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         Autohaus Turquie GmbH
         Attn: Tamer Ergene, Manager
         Duisburger Str. 9
         68723 Schwetzingen
         Germany


AUTOSERVICE MOTORAMA: Claims Registration Period Ends May 30
------------------------------------------------------------
Creditors of Autoservice MOTORAMA Heidenau GmbH have until
May 30 to register their claims with court-appointed insolvency
manager Nicola Walter.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 27, 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 Dresden
         Hall D132
         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 contacted at:

         Nicola Walter
         Bautzner Landstrasse 21
         01324 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Autoservice MOTORAMA Heidenau GmbH on April 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Autoservice MOTORAMA Heidenau GmbH
         Attn: Volker Schneider, Manager
         Nickerner Weg 5
         01257 Dresden
         Germany


BENQ CORP: Mobile Unit's Woes Cue Sixth Straight Quarterly Loss
---------------------------------------------------------------
BenQ Corp. posted its sixth straight quarterly loss due to its
ailing mobile phone business, and said it would spin off its
branded business into a new company, Reuters reports.

According to the report, BenQ incurred a net loss of
NTT$1.76 billion for the first quarter ended March 31, 2007,
narrowing sharply from a year-ago loss of NTT$5 billion.

The result, according to Reuters, was wider than an average
forecast for a NTT$1.47 billion loss from four analysts the news
agency surveyed.

BenQ would spin off its branded products business into a
separate company on Sept. 1, Reuters adds.  After the spin-off,
the new company would keep the BenQ name, while the non-branded
business would retain the company's current ticker symbol and be
renamed Jia Da Corp., focusing on the ODM business.

                      About the Company

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, 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, 2006, 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 and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BENQ CORP: Eric Yu Still Detained Amidst Insider Trading Probe
--------------------------------------------------------------
BenQ Corp.'s Chief Financial Officer Eric Yu remains in
detention as part of a probe into insider trading, retracting an
earlier statement from the company that he was released on
April 20, China Post reports.

"We gave out the wrong information," BenQ's spokeswoman Daisy
Lee said in an interview with The Post while declining to
elaborate on how the mistake was made.  According to the paper,
Ms. Lee announced last Friday that Mr. Yu was released without
posting bail.

Deputy Prosecutor Chang Chin-fung confirmed in a telephone
interview that indeed Mr. Yu was never released from the
detention center, writes Chinmei Sung and Tim Culpan for The
Post.

                      About the Company

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, 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, 2006, 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 and high leverage, and the competitive nature
and low profitability of the LCD monitor industry.


BLUMEN TARA: Claims Registration Period Ends May 18
---------------------------------------------------
Creditors of Blumen Tara GmbH have until May 18 to register
their claims with court-appointed insolvency manager Katrin
Bringezu.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 contacted at:

         Katrin Bringezu
         Prager Strasse 34
         04317 Leipzig
         Germany
         Tel: 0341/486930
         Fax: 0341/4869393
         E-mail: leipzig@hbml.de

The District Court of Leipzig opened bankruptcy proceedings
against Blumen Tara GmbH on April 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Blumen Tara GmbH
         Attn: Volker Tara, Manager
         Dieselstr. 11
         04683 Naunhof
         Germany


BOXGO LOGISTIK: Claims Registration Period Ends June 4
------------------------------------------------------
Creditors of BOXGO Logistik GmbH have until June 4 to register
their claims with court-appointed insolvency manager Jana
Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 4, 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 Cologne
         Meeting Hall 1240
         12th 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 contacted at:

         Jana Dettmer
         Weyerstr. 54
         50829 Cologne
         Germany
         Tel: 0221/92 1217 - 0
         Fax: +4922192121720

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

The Debtor can be contacted at:

         BOXGO Logistik GmbH
         Attn: Cicek Mehmet, Manager
         Venloer Str. 1305
         50829 Cologne
         Germany


CHS RECYCLING: Claims Registration Period Ends June 8
-----------------------------------------------------
Creditors of CHS Recycling & Handels GmbH have until June 8 to
register their claims with court-appointed insolvency manager
Jens Oehler.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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:

         Jens Oehler
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
CHS Recycling & Handels GmbH on April 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         CHS Recycling & Handels GmbH
         Attn: Harold Schwarting, Manager
         Rusitzer Weg 28
         07554 Gera
         Germany


COGNIS GMBH: Moody's May Cut Low-B Ratings After Review
-------------------------------------------------------
Moody's Investors Service placed all ratings of Cognis GmbH
(Corporate Family Rating at B1) and its subsidiary Cognis
Deutschland GmbH & Co. KG under review for possible downgrade
following the company's announcement of the consent solicitation
under the 2014 9.5% notes to allow refinancing of its senior
secured first lien and second lien obligations and a portion of
the 2015 PIK notes (raised by Cognis Holding GmbH, a direct
parent of Cognis GmbH).

Moody's review will focus on the terms of the proposed
refinancing, the anticipated increase in leverage and cash costs
of the debt at Cognis GmbH going forward to assess the
appropriate level for the Corporate Family Rating.

Moody's notes that Cognis' operating performance in 2006
remained strong supported by robust pricing environment in its
key segments.  In 2006, Cognis reported EUR3.37 million in sales
and EUR367 million in EBITDA and turned break-even in terms of
Net Profit.  The review will include the analysis of the medium
term operating outlook and opportunities for deleveraging.

These ratings of Cognis GmbH have been affected by the press
release:

   -- Corporate Family rating -- B1/PDR B1;

   -- First Lien senior secured bank facilities -- Ba2/
      LGD2 (24%);

   -- Second Lien senior notes and loans -- B2/LGD4 (64%);

   -- Senior Secured 2014 notes -- B3/LGD5 (86%).

Moody's does not rate senior PIK notes at Cognis Holding GmbH.

Cognis GmbH, with headquarters in Monheim, Germany, is a leading
global manufacturer of natural-oil based specialty chemicals
products.


COGNIS GMBH: Refinance Plan Cues S&P to Affirm B Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit ratings on Germany-based specialty chemicals
and intermediate manufacturer Cognis GmbH and related entity
Cognis Deutschland GmbH & Co. KG, in response to the company's
refinancing plans.  All related issue ratings were also
affirmed.  The outlook is stable.

Cognis plans to refinance its EUR898-million senior loans,
EUR392-million second-lien loans and notes, and up to
EUR350-million of its payment-in-kind notes including accrued
interest issued by Cognis Holding GmbH with EUR1.7-billion
senior secured floating rate notes and loans issued by Cognis
GmbH.  There will be no dividend payments to sponsors. Cognis
plans to simplify the group's structure by integrating its key
operating subsidiary Cognis Deutschland GmbH & Co. KG into
Cognis GmbH, which has been only a holding company up to now.

S&P will re-evaluate recovery prospects for the proposed
EUR1.7- billion senior secured floating rate notes and loans,
planned to be issued by Cognis GmbH, if and when the transaction
is executed and detailed terms of the new financing are made
public.

"The affirmation of the corporate credit ratings reflect that
our assessment already included the PIK note as part of Cognis'
financial debt," said S&P's credit analyst Tobias Mock. "Post a
successful refinancing transaction, the new financial structure
would increase the cash-pay interest by about EUR15-million.
This is offset by better business performance in 2006 and only
moderate capital expenditures expected in 2007."  As well as
reducing the total annual interest expense by about EUR40-
million, Cognis will start to address the mounting PIK debt
burden.

The ratings reflect the group's high leverage, following an LBO
in late 2001 and subsequent dividend payouts to shareholders
that were debt-financed, such as the issuance of PIK notes by
Cognis Holding GmbH in January 2005.

Cognis has a satisfactory business profile as the leading
worldwide manufacturer of natural-based specialty chemicals and
intermediates and a midsize producer of synthetic specialty
chemicals.

"The stable outlook reflects our expectation that Cognis'
operating cash flow will improve, as it benefits from lower
restructuring costs, still favorable pricing of lauric oil in
contrast to crude oil, and solid demand in key end markets,"
said Mr. Mock.  "However, deleveraging is expected to be only
modest over the next few years and FFO to debt is expected to be
about 10%, in line with the 'B' rating."


D.B. BAUMANAGEMENT: Claims Registration Period Ends June 18
-----------------------------------------------------------
Creditors of d.b. Baumanagement GmbH have until June 18 to
register their claims with court-appointed insolvency manager
Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 17, 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 145
         First 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 contacted at:

         Dr. Rainer Eckert
         Kathe-Kollwitz-Strasse 9
         04109 Leipzig
         Germany
         Tel: 0341/910470
         Fax: 0341/9104710
         E-mail: eckert-leipzig@rae-eckert.de

The District Court of Leipzig opened bankruptcy proceedings
against d.b. Baumanagement GmbH on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         d.b. Baumanagement GmbH
         Attn: Basri Demirel, Manager
         Alois-Mck-Strasse 1
         04827 Gerichshain
         Germany


D.G.L. TRADING: Claims Registration Period Ends June 1
------------------------------------------------------
Creditors of D.G.L. Trading GmbH have until June 1 to register
their claims with court-appointed insolvency manager Berend
Boehme.

Creditors and other interested parties are encouraged to attend
the meeting at 3:20 p.m. on June 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Delmenhorst
         Hall 2
         Branch 1
         Cramerstrasse 183
         27749 Delmenhorst
         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:

         Berend Boehme
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 0421/79257-0
         Fax: 0421/79257-57
         E-mail: boehme@oelb.de

The District Court of Delmenhorst opened bankruptcy proceedings
against D.G.L. Trading GmbH on April 12.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         D.G.L. Trading GmbH
         Ohlenbuschweg 9
         27777 Ganderkesee
         Germany


DIGIPA MEDIEN: Claims Registration Ends June 9
----------------------------------------------
Creditors of DIGIPA Medien GmbH have until June 9 to register
their claims with court-appointed insolvency manager Dr.
Wolfgang Delhaes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Wolfgang Delhaes
         Im Media Park 6A
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against DIGIPA Medien GmbH on April 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DIGIPA Medien GmbH
         Neusser Landstr. 2
         50735 Cologne
         Germany


E-MOTION GMBH: Claims Registration Ends May 29
----------------------------------------------
Creditors of e-motion GmbH have until May 29 to register their
claims with court-appointed insolvency manager Dr. Frank
Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany
         Tel: 0211/4976 59-0
         Fax: +49211497659 59

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

The Debtor can be reached at:

         e-motion GmbH
         Am Sandberg 19a
         42799 Leichlingen
         Germany
         Attn: Heinz-Dieter Heidelberg, Manager
         Am Sandberg 19 a
         42799 Leichlingen
         Germany


ENERGIEDIENSTLEISTUNGEN SAUERLANDWARME: Claims Due by May 30
------------------------------------------------------------
Creditors of Energiedienstleistungen Sauerlandwarme GmbH have
until May 30 to register their claims with court-appointed
insolvency manager Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Room 328
         Eichholzstr. 4
         59821 Arnsberg
         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:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

The District Court of Arnsberg opened bankruptcy proceedings
against Energiedienstleistungen Sauerlandwarme GmbH on April 18.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Energiedienstleistungen Sauerlandwarme GmbH
         Kapellenstr. 1
         59909 Bestwig
         Germany


FILMKONTOR MEDIEN: Claims Registration Ends May 8
-------------------------------------------------
Creditors of Filmkontor Medien GmbH have until May 8 to register
their claims with court-appointed insolvency manager Dirk
Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on May 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: 02151-5813-0
         Fax: 02151-5813134

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

The Debtor can be reached at:

         Filmkontor Medien GmbH
         Am Zollhof 2 A
         47829 Krefeld
         Germany


GENERAL MOTORS: CEO Takes the Challenge to Beat Toyota's Sales
--------------------------------------------------------------
In response to Toyota Motor Corp.'s disclosure early this week
that it topped General Motors Corp. in quarterly sales for the
first time, GM Chairman and Chief Executive Rick Wagoner vowed
to "fight hard for every sale," the Associated Press reports.

AP cited Mr. Wagoner as saying that GM's business strategies
around the globe were working and would help the auto
manufacturer succeed.

"We still have the majority of the year in front of us, and we
will fight hard for every sale -- all the while staying focused
on our long-term goals as a global, growing company," Mr.
Wagoner said in an email obtained by AP.

Toyota said it sold 2.35 million vehicles world-wide in the
first quarter of 2007, AP relates, citing preliminary figures.

Early this month, GM said in a press statement that for the
first quarter of 2007, the company delivered 909,094 vehicles, a
decline of 5.6%, driven by reductions of almost 60,000 daily
rental vehicle sales.  GM's retail sales for the first quarter
of 2007 were up 0.5%.  The reductions in fleet sales have
resulted in a significant improvement in the retail/fleet mix,
the company explained.

In addition, GM Latin America, Africa and Middle East region set
a new first quarter sales record in 2007, selling over 269,000
vehicles, up approximately 39,000 units over the same period
last year.  GM said its quarterly market share in the region
increased 0.2% to 16.3%.

                     About General Motors

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries including Belgium, France, Germany, India, Mexico,
and its vehicles are sold in 200 countries.  In 2006, nearly 9.1
million GM cars and trucks were sold globally under these
brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden,
HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


GRUBER VERBINDUNGSSYSTEME: Claims Registration Ends June 8
----------------------------------------------------------
Creditors of Gruber Verbindungssysteme GmbH have until June 8 to
register their claims with court-appointed insolvency manager
Michael Bleek.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Hall A 0105
         Lindenallee 15
         Meiningen
         Germany

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

The insolvency manager can be reached at:

         Michael Bleek
         Andreasstrasse 39
         99084 Erfurt
         Germany

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

The Debtor can be reached at:

         Gruber Verbindungssysteme GmbH
         Attn: Gernot Gruber, Manager
         Gewerbegebiet Im Wolfsgraben
         36414 Unterbreizbach
         Germany


HAFA - BAU: Claims Registration Ends May 23
-------------------------------------------
Creditors of HAFA - Bau GmbH have until May 23 to register their
claims with court-appointed insolvency manager Stefan Meyer.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany
         Tel: 05741-337300
         Fax: +495741337338

The District Court of Muenster opened bankruptcy proceedings
against HAFA - Bau GmbH on April 17.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HAFA - Bau GmbH
         Schlickelderstrasse 40
         49477 Ibbenbueren
         Germany

         Attn: Bernd Hackmann, Manager
         Wersborgweg 63
         49477 Ibbenbueren
         Germany


HARDER & SOHN: Claims Registration Ends May 31
----------------------------------------------
Creditors of Harder & Sohn Bau GmbH have until May 31 to
register their claims with court-appointed insolvency manager
Boris Freiherr.

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 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 reached at:

         Boris Freiherr
         Lueneburgerstrasse 43a
         29456 Hitzacker
         Germany
         Tel: 05862/5088
         Fax: 05862/5089

The District Court of Uelzen opened bankruptcy proceedings
against Harder & Sohn Bau GmbH on April 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Harder & Sohn Bau GmbH
         Attn: Monika Harder, Manager
         Schmiedestr. 1
         29462 Wustrow
         Germany


HOFFMANN GMBH: Claims Registration Ends June 1
----------------------------------------------
Creditors of Hoffmann GmbH have until June 1 to register their
claims with court-appointed insolvency manager Marianne Poeppel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 22, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Marianne Poeppel
         Stiftstrasse 21
         32427 Minden
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Hoffmann GmbH on April 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Hoffmann GmbH
         Albertstr. 5
         32423 Minden
         Germany

         Attn: Heiko Hoffmann, Manager
         Im Hafacker 2
         08261 Hemishofen - CH
         Germany


KIRCHMEDIA GMBH: Former Owner May Settle Trial Out of Court
-----------------------------------------------------------
Litigation between KirchMedia GmbH founder Leo Kirch and Taurus
Holding insolvency administrator Kurt Bruder could be settled
out of court, The Financial Times relates, citing Suddeutsche
Zeitung as its source.

The TCR-Europe previously reported that Mr. Kirch and five
people close to the media company, including his son, Thomas
Kirch, and former Kirch manager Dieter Hahn, are being
investigated in relation to consulting contracts worth EUR8
million and loans of between EUR50 million and EUR60 million.

The district court of Munich has unexpectedly postponed a
hearing that was scheduled for April 23 until May 14 and both
parties have issued different reasons for the delay, FT cites
Suddeutsche Zeitung as saying.

According to the report, Mr. Bruder, who is demanding over
EUR9 million in total, said that representatives of Mr. Kirch
wanted to have more time to put forward proposals for a
settlement.  Concurrently, a spokesperson for Mr. Kirch claims
they have made Mr. Bruder an offer, which he is currently
mulling over, but denies that they have proposed a settlement.

                           About Kirch

Headquartered in Ismaning, Germany, KirchMedia GmbH --
http://www.kirchmedia.de/-- was the country's second-largest
media company prior to its insolvency filing in June 2002.  The
firm's collapse, caused by a US$5.7 billion debt incurred during
an expansion drive, was Germany's biggest since World War II.
Taurus Holding is the former holding company for the Kirch
group.


MC BETEILIGUNGS-GMBH: Creditors Must Register Claims by June 12
---------------------------------------------------------------
Creditors of MC Beteiligungs-GmbH & Co. Schwabengalerie KG have
until June 12 to register their claims with court-appointed
insolvency manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 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 Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         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:

         Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against MC Beteiligungs-GmbH & Co. Schwabengalerie KG on April
16.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         MC Beteiligungs-GmbH & Co. Schwabengalerie KG
         Stiftsplatz 11
         40213 Duesseldorf
         Germany

         Attn: Carsten Reichel, Manager
         Eichenweg 4
         06120 Halle
         Germany


MOTORAMA HEIDENAU: Creditors Must Register Claims by May 30
-----------------------------------------------------------
Creditors of Motorama Heidenau GmbH Service rund ums Auto have
until May 30 to register their claims with court-appointed
insolvency manager Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 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:

         Frank Ruediger Scheffler
         C.-D.-Friedrich-Str. 6
         01219 Dresden
         Germany

The District Court of Dresden opened bankruptcy proceedings
against Motorama Heidenau GmbH Service rund ums Auto on April
12.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Motorama Heidenau GmbH Service rund ums Auto
         Nickerner Weg 5
         01257 Dresden
         Germany


MUELLER SANIERUNGS: Claims Registration Period Ends May 23
----------------------------------------------------------
Creditors of Mueller Sanierungs GmbH have until May 23 to
register their claims with court-appointed insolvency manager
Marcello Di Stefano.

Creditors and other interested parties are encouraged to attend
the meeting at 11:55 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 Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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:

         Marcello Di Stefano
         Jonny-Schehr-Str. 1
         99085 Erfurt
         Germany

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

The Debtor can be reached at:

         Mueller Sanierungs GmbH
         Attn: Hans-Georg Mueller, Manager
         Thomas-Muentzer-Str. 9a
         98646 Hildburghausen
         Germany


NWU SCHNEIDE: Creditors Must Register Claims by May 31
------------------------------------------------------
Creditors of NWU Schneide- und Verpackungstechnik GmbH have
until May 31 to register their claims with court-appointed
insolvency manager Manfred Vellmer.

Creditors and other interested parties are encouraged to attend
the meeting at 8:25 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Manfred Vellmer
         Rothenburg 20/21
         48143 Muenster
         Germany
         Tel: 0251/511801
         Fax: +492519277785

The District Court of Muenster opened bankruptcy proceedings
against NWU Schneide- und Verpackungstechnik GmbH on April 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         NWU Schneide- und Verpackungstechnik GmbH
         Kinderhauser Strasse 199 b
         48147 Muenster
         Germany


OSTSEE DRUCK: Claims Registration Period Ends May 23
----------------------------------------------------
Creditors of Ostsee Druck Rostock GmbH have until May 23 to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 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 Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Stampfmuellerstrasse 39
         18057 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings
against Ostsee Druck Rostock GmbH on April 10.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Ostsee Druck Rostock GmbH
         Attn: Wolf-Eckard Siegfried Grossefeste, Manager
         Koppelweg 2
         18107 Rostock
         Germany


PMH-PARTNER-MASSIVHAUS: Creditors Must Register Claims by May 24
----------------------------------------------------------------
Creditors of pmh-partner-massivhaus Gesellschaft fuer modernes
Bauen mbH have until May 24 to register their claims with court-
appointed insolvency manager Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Torben Ottmar Herbold
         Langenstuecken 34
         22393 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against pmh-partner-massivhaus Gesellschaft fuer modernes Bauen
mbH on April 2.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         pmh-partner-massivhaus Gesellschaft fuer
         modernes Bauen mbH
         Bimoehler Strasse 102
         24576 Bad Bramstedt
         Germany


PRO-ENT PROJEKTENTWICKLUNG: Creditors' Claims Due June 22
---------------------------------------------------------
Creditors of pro-ent Projektentwicklung und Immobilien GmbH have
until June 22 to register their claims with court-appointed
insolvency manager Dr. T. Dithmar.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 25, at which time the
insolvency manager will present the first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. T. Dithmar
         Barbarossahof 3
         99092 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against pro-ent Projektentwicklung und Immobilien GmbH on April
13.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         pro-ent Projektentwicklung und Immobilien GmbH
         Carl-von Ossietzky Strasse 67 a
         99423 Weimar
         Germany


RACKET CENTER: Claims Registration Period Ends May 21
-----------------------------------------------------
Creditors of Racket Center Sport Team GmbH have until May 21 to
register their claims with court-appointed insolvency manager
Udo Feser.

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

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Racket Center Sport Team GmbH on April 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Racket Center Sport Team GmbH
         Landhausstrasse 16-18
         15344 Strausberg
         Germany


ROLF GMBH: Claims Registration Period Ends June 1
-------------------------------------------------
Creditors of Rolf GmbH have until June 1 to register their
claims with court-appointed insolvency manager Frank Kreuznacht.

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

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Frank Kreuznacht
         Wolbecker Windmuehle 15 a
         48167 Muenster
         Germany
         Tel: 02506/821-0
         Fax: +492506821100

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

The Debtor can be reached at:

         Rolf GmbH
         Hauptstr. 48
         17348 Mildenitz
         Germany

         Attn: Monika Rolf, Manager
         Eisenbahnstrasse 15
         48231 Warendorf
         Germany


RUBIN WOHNBAU: Claims Registration Period Ends May 15
-----------------------------------------------------
Creditors of Rubin Wohnbau GmbH have until May 15 to register
their claims with court-appointed insolvency manager Dr.
Siegfried Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Nuernberg
         Meeting Hall 152/I
         Flaschenhofstrasse 35
         Nuernberg
         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. Siegfried Beck
  Stahlstr. 17
  90411 Nuernberg
  Germany
  Tel: (0911) 951285-0
  Fax: (0911) 951285-10

The District Court of Nuernberg opened bankruptcy proceedings
against Rubin Wohnbau GmbH on Aprilo 17.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rubin Wohnbau GmbH
         Attn: Alfred Bich, Manager
         Woelckernstr. 29
         91126 Schwabach
         Germany


SCHUBERT GMBH: Creditors Must Register Claims by May 30
-------------------------------------------------------
Creditors of Schubert GmbH have until May 30 to register their
claims with court-appointed insolvency manager Wolfgang
Weidemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 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 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:

         Wolfgang Weidemann, Manager
         Wendenstr. 4
         20097 Hamburg
         Germany

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

The Debtor can be reached at:

         Schubert GmbH
         Artlenburger Landstrasse 39-41
         21365 Adendorf
         Germany

         Atth: Juergen Schubert, Manager
         Hofweg 17
         22085 Hamburg
         Germany


TERRA ABBRUCH: Claims Registration Period Ends June 1
-----------------------------------------------------
Creditors of Terra Abbruch- und Recycling GmbH have until June 1
to register their claims with court-appointed insolvency manager
Dr. Dirk Rueffert.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Meppen
         Hall 1
         Obergerichtsstrasse 20
         49716 Meppen
         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. Dirk Rueffert
         Donnerschweer Strasse 398
         26123 Oldenburg
         Germany
         Tel: 0441340770
         Fax: 0441-34077340

The District Court of Meppen opened bankruptcy proceedings
against Terra Abbruch- und Recycling GmbH on April 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Terra Abbruch- und Recycling GmbH
         Gewerbepark 10
         49832 Beesten
         Germany


TOMA GMBH: Meeting of Creditors Slated for July 13
--------------------------------------------------
The court-appointed insolvency manager for Toma GmbH, Carl
Wiegand, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:30 a.m. on
July 13.

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

         The District Court of Krefeld
         Meeting Hall 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 31 at the same venue.

Creditors have until July 7 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Carl Wiegand
         Kempener Strasse 27
         47839 Krefeld
         Germany
         Tel: 02151-74810
         Fax: +4902151748120

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

The Debtor can be reached at:

         Toma GmbH
         Wehrhahnweg 39 b
         47807 Krefeld
         Germany

         Attn: Recep Sahin, Manager
         Lerchenstr. 47
         47057 Duisburg
         Germany


TRIPOS INC: Gets Delisting Notice from NASDAQ on Low Equity
-----------------------------------------------------------
Tripos Inc. has received a letter from the Nasdaq Listing
Qualifications Department advising the company that for the year
ended Dec. 31, 2006, Tripos did not comply with the minimum
US$10 million stockholders' equity requirement for continued
inclusion on the NASDAQ Global Market.

Tripos was given until May 3 to provide NASDAQ with a specific
plan to achieve and sustain compliance with all NASDAQ Global
Market listing requirements, including the minimum stockholders'
equity standard, and to indicate a time frame to resolve the
listing deficiency.

As previously reported, Tripos sold its Discovery Informatics
business in March and is currently engaged in efforts to sell
its Discovery Research business.  Tripos is a party to two
letters of intent providing for the sale of its Discovery
Research business and is endeavoring to complete a transaction
in the very near future.  Upon the sale of its Discovery
Research business, Tripos will request that the NASDAQ Global
Market immediately delist its stock and at that time would close
its stock transfer books.

In addition, Tripos is in the process of closing its books for
the first quarter of 2007, and thus does not presently know
whether the gain recognized on its Discovery Informatics sale
will be sufficient to regain compliance with the NASDAQ listing
standard.

If by May 3 Tripos has not completed the sale of its Discovery
Research business and/or has not computed the gain on its
Discovery Informatics sale, the company will inquire of NASDAQ
about what additional steps should be taken to avert a delisting
due to the net worth requirement, including a deferral of any
action by NASDAQ pending completion of the sale of the discovery
research business.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


TRIPOS INC: Receives US$3 Mln Bid for Discovery Research Unit
-------------------------------------------------------------
Commonwealth Biotechnologies Inc. has offered to acquire Tripos
Inc.'s wholly owned subsidiary, Tripos Discovery Research Ltd.,
for US$500,000 in cash, plus base receivables in the amount of
US$1.8 million, as well as the repayment of US$720,559 of inter-
company loans made to the unit by the company.

Under the terms of a term sheet that Tripos and CBI agreed upon,
they will negotiate in good faith a definitive acquisition
agreement pursuant to which CBI will acquire all of the capital
stock of TDR, thereby acquiring the business as a going concern.
The company may, at its discretion, make additional advances to
TDR prior to closing the transaction, which advances will be
repaid out of additional TDR receivables.

The parties are currently negotiating a definitive agreement
with a goal to complete the transaction within 15 days following
the execution of the term sheet, or as promptly thereafter as
practical.

Consummation of the sale will be subject to a number of
conditions, including consent by the boards of both the company
and CBI, receipt of all necessary regulatory approvals in both
the United States and United Kingdom, completion of satisfactory
due diligence by CBI, and certain other customary closing
conditions.  In addition, the definitive agreement will contain
customary representations and warranties, covenants, and closing
conditions and will provide customary indemnities.

The term sheet will expire on May 4 unless the parties have
executed a definitive agreement by that time.  In addition, CBI
may terminate the term sheet at any point prior to its
expiration.

Pursuant to the terms of the term sheet, the company has
retained the right to continue to negotiate with TDR management
regarding the previously disclosed offer to purchase the
business.  Other than this outstanding offer, the company has
agreed that it will not actively solicit any third parties, or
receive and consider other offers to purchase the business, for
a period of 15 days following the execution of the term sheet.
In addition, the company has agreed that there will be no change
in the business structure of the company while the term sheet is
in effect, other than the pursuit of legitimate opportunities to
grow the company's business.

The sale of the business is part of a process, set forth in the
plan of dissolution adopted by the company's board of directors
and recently approved by a vote of the company's shareholders,
that is intended to result in the winding up of the company and
the distribution of the sale proceeds, after the satisfaction of
all debts and other liabilities and corporate obligations, to
shareholders.

As previously disclosed, upon the sale of the business, the
company will be delisted from trading on the Nasdaq Global
Market because it will no longer be an operating business.  At
that point, the company will close its stock transfer books and
there will be no further trading of the company's common stock.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


VIERHAUS VERWALTUNG: Claims Registration Period Ends May 30
-----------------------------------------------------------
Creditors of Vierhaus Verwaltung GmbH have until May 30 to
register their claims with court-appointed insolvency manager
Holger Zbick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 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 Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Holger Zbick
         Marktplatz 2/4
         48712 Gescher
         Germany
         Tel: 02542/9178-0
         Fax: +492542917829

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

The Debtor can be reached at:

         Vierhaus Verwaltung GmbH
         Eichendorffstr. 58
         42654 Suedlohn
         Germany

         Attn: Dieter Vierhaus, Manager
         Rosenstr. 6
         46354 Suedlohn
         Germany


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


WARNER MUSIC: Receives US$110 Mil. from Bertelsmann-Napster Deal
----------------------------------------------------------------
Warner Music Group Corp. disclosed Tuesday in a regulatory
filing with the Securities and Exchange Commission that it will
receive US$110 million from a settlement of contingent claims
held by the company relating to Bertelsmann AG's relationship
with Napster in 2000-2001.

Warner Music says the settlement covers the resolution of the
legal claims of the company's recorded music and music
publishing businesses.

According to the company, Bertelsmann admits no liability in
making the settlement.

Last month, Standard & Poor's Ratings Services noted that as of
Dec. 31, 2006, Warner Music had approximately US$2.27 billion of
debt outstanding.

Warner Music's credit status prompted S&P to place its ratings
on the company, including the 'BB-' corporate credit rating, on
CreditWatch with negative implications, following the company's
statement that it is exploring a possible merger agreement with
EMI Group PLC, which EMI management has confirmed.

"The two companies have not announced a deal or the possible
structure of financing, other than indicating that consideration
for any deal would be entirely in cash," said Standard & Poor's
credit analyst Michael Altberg.  "This has prompted our
consideration of a potential downgrade."

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries, including
the Brazil, China, Hungary, Philippines, among others.


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


SMURFIT KAPPA: Debt Prepayment Spurs Fitch to Hike Ratings to BB
----------------------------------------------------------------
Fitch Ratings upgraded Smurfit Kappa Funding's EUR33 million and
US$72 million senior notes to 'BB' from 'BB-'.  This follows the
completion of Smurfit Kappa Funding's second tender offer in
respect of its remaining EUR131 million and US$280 million
senior notes due 2012, which resulted in redemption of a further
EUR98 million and US$208 million of senior notes.  The ratings
are removed from Rating Watch Positive.  All other ratings are
affirmed:

   -- Smurfit Kappa Acquisitions' Issuer Default rating: 'BB-'

   -- Smurfit Kappa Acquisitions' senior secured facilities:
      'BB+'

   -- Smurfit Capital Funding guaranteed debentures due 2025:
      'BB+'

   -- Smurfit Kappa Funding's senior subordinated notes due
      2015: 'B+'

The company also redeemed its remaining PIK notes on April 20.

Following the further prepayment of senior notes, pro forma
leverage for this class of debt has fallen to 4.3x from 5.3x at
fourth quarter of 2006.  This has narrowed the leverage
differential between senior secured debt and the senior notes
and therefore the rating differential between the senior secured
debt and the senior notes is reduced to a single notch.

Smurfit Kappa Group is the largest European producer of
containerboard and the global leader in the production of
corrugated packaging, with an extensive presence throughout
Europe as well as in Latin America.


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


GAMESTOP CORP: Earns US$158.3 Million for Year Ended February 3
---------------------------------------------------------------
GameStop Corp. released its unaudited financial results for the
full year and fourth quarter ended Feb. 3, 2007.

GameStop posted US$158.3 million in net profit on US$5.32
billion in net revenues for the year ended Feb. 3, 2007,
compared with US$100.8 million in net profit on US$3.09 billion
in net revenues for the year ended Jan. 8, 2006.

GameStop posted US$129.8 million in net profit on US$2.3 billion
in net revenues for the fourth quarter ended Feb. 3, 2007,
compared with US$85.0 million in net profit on US$1.67 billion
in net revenues for the fourth quarter ended Jan. 8, 2006.

As of Feb. 3, 2007, GameStop had US$3.35 billion in total
assets, US$1.97 billion in total liabilities, and US$1.38
billion in total shareholders' equity.

"2006 was a remarkable year for GameStop," Richard Fontaine,
GameStop's Chairman and Chief Executive Officer, said.  "During
the year we successfully and fully integrated over 2,000 EB
Games stores into the GameStop portfolio and opened 421 new
stores worldwide; 276 in the United States and 145 in the
international divisions.  In fact, our internal rate of return
for new stores was the highest ever and, in aggregate,
significantly exceeded plan.

"While we are in the very early stages of another strong growth
cycle, it is not a mirror of the past," Mr. Fontaine added. "In
fact, our 2007 guidance is based on our belief that this cycle
will be deeper, wider, and longer than any previous period of
new console introductions.  From the technology powerhouses of
Xbox 360 and PS3, to the uniquely engaging ease of play and
inventiveness of the Wii, to the portability of the DS Lite, to
the value of the PS2, there is a product and a price range to
stimulate the core and casual gamer, and attract new customers
to the video game experience."

                  Outlook for Fiscal Year 2007

For fiscal 2007 ending Feb. 2, 2008, sales are projected to grow
between 19.0% and 21.0%, with comparable store sales ranging
from +14.0% to +16.0%, backed by a strong release slate of video
game titles across all platforms.  Diluted earnings per share
for the full year are expected to range from US$1.37 to US$1.40.
GameStop expects to open between 500-550 stores worldwide in
2007.

For the first quarter of fiscal 2007, the company expects
comparable store sales to range from +12.0% to +14.0%, driven by
the expected launches of Sony's PlayStation 3 in Europe and
Australia, Sony's GOD OF WAR II for the PlayStation 2 in the
U.S., the worldwide launch of Nintendo's POKEMON DIAMOND and
PEARL for the Nintendo DS, as well as continued strong demand
for Microsoft Xbox 360 titles.  Diluted earnings per share are
expected to range from US$0.15 to US$0.16. This compares to
earnings per share of US$0.07 in the first quarter of 2006.

Based on expected strong video game industry fundamentals, the
company's expanding worldwide retail portfolio, and sound cash
generation, GameStop currently expects earnings per share to
grow at least 25% annually in fiscals 2008 and 2009.

                      About GameStop Corp.

Headquartered in Grapevine, TX, GameStop Corp. retails video
game and entertainment software.  The company operates 4,778
retail stores in the U.S., Puerto Rico, Ireland, Australia,
Canada, Denmark, Germany, Guam, Italy, New Zealand, Norway, and
Sweden.

                          *     *     *

GameStop carries a Ba3 Corporate Family and a B1 Probability-of-
Default ratings from Moody's Investor Service.

The company also carries a B+ Corporate Credit Rating from
Standard & Poor's Ratings Services.  Outlook is positive.


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


AKAN JSC: Creditors Must File Claims by June 5
----------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared JSC Akan insolvent.

Creditors have until June 5 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Seifullin Str. 16
         Arykbalyk
         Aiyrtausky District
         North Kazakhstan
         Kazakhstan


AKJOL CJSC: Creditors' Claims Due June 1
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Corporation Akjol insolvent.

Creditors have until June 1 to submit written proofs of claim
to:

         CJSC Corporation Akjol
         50a-32 Buhar-Jyrau
         Almaty
         Kazakhstan
         Tel: 8 701 785 28-00


BATA & K: Proof of Claim Deadline Slated for May 25
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Bata & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 74
         Kazybek bi Str. 50
         Almaty
         Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


INTERNATIONAL CONSUMER: Claims Registration Ends May 25
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP International Consumer Products Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 74
         Kazybek bi Str. 50
         Almaty
         Kazakhstan
         Tel: 8 (3272) 72-12-50
              8 (3272) 72-18-09


KAMBIZ TRADING: Claims Filing Period Ends May 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Kambiz Trading insolvent.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


KAZTRANSUGOL LLP: Creditors Must File Claims by May 29
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kaztransugol insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk Ave. 44-99
         Almaty
         Kazakshtan
         Tel: 8 (3272) 91-43-47
              8 701 205 30-32


NARODNOY MEDITSINY: Creditors' Claims Due June 1
------------------------------------------------
CJSC Respublikansky Nauchno-Praktichesky Centre Narodnoy
Meditsiny has declared insolvency.  Creditors have until June 1
to submit written proofs of claim to:

         CJSC Respublikansky Nauchno-Praktichesky
         Centre Narodnoy Meditsiny
         Kasymkanov Str. 114
         458000 Kostanai
         Kazakhstan
         Tel: 8 (3142) 54-67-13


SINA GROUP: Proof of Claim Deadline Slated for May 29
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Sina Group insolvent.

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

         LLP Firm Sina Group
         Third Floor
         Makataev Str. 117
         Almaty
         Kazakshtan
         Tel: 8 (3272) 34-39-77
              8 701 111 77-02


STROYMONTAGE-AK LLP: Claims Registration Ends May 29
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Stroymontage-Ak 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


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


NIPPON SERVICE: Creditors Must File Claims by June 13
-----------------------------------------------------
LLC Nippon Service Company has declared insolvency.  Creditors
have until June 13 to submit written proofs of claim to:

         LLC Nippon Service Company
         Akchy
         Free Economic Zone Bishkek
         Bishkek
         Kyrgyzstan


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


EVRAZ GROUP: Terminates Joint Venture Deal with Mitsui
------------------------------------------------------
Evraz Group S.A. and Mitsui & Co. Ltd. have terminated their
joint venture agreement to develop the Denisovskoye coal field
in Yakutia.

Development of this greenfield project was challenged by its
remote location with limited available infrastructure.  The
project which included building of an underground mine and
construction of a coal beneficiation plant, as adversely
impacted by difficult geotechnical conditions such as permafrost
areas and excessive water ingress, not identified during the
preliminary geological exploration stage.  Although some of the
challenges had been successfully overcome, the actual
development turned out to be less economically attractive than
originally estimated.

In view of these new circumstances, Evraz and Mitsui reassessed
the project and concluded to terminate the joint venture
agreement at this early stage and pursue an exit option to avoid
additional risk and investment.

Evraz and Mitsui have built a strong business relationship
through the course of the Denisovskoye joint venture and will
continue to discuss joint collaboration, mainly in the field of
mineral resources and steel products, making full use of their
respective competencies, including management, financing, and
product marketing.

The termination of the joint venture was followed by a sale of
Evraz's interests in the project to local "Yakutia Coal - New
Technology" company for a total consideration of approximately
US$94 million in cash.

                          About Evraz

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

                          *     *     *

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

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.

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

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


EVRAZ GROUP: Board Approves 2006 Annual Accounts and Corp. Codes
----------------------------------------------------------------
The Board of Directors of Evraz Group S.A., which convened on
Wednesday, April 25, in London, has resolved, inter alia, to:

   -- approve the Annual Accounts of the company and the
      Report, as well as the report of the Chairman of the Audit
      Committee on the review of the Annual Accounts.

   -- convene the annual general meeting of the company's
      shareholders with the following agenda addressing, inter
      alia, these matters:

         a. approval of the annual accounts for the year ending
            Dec. 31, 2006;

         b. authorization to the Board of Directors to delegate
            the daily management of the company's business and
            to appoint Mr. Alexander Frolov as managing director
            of the company with the mandate expiring on the date
            of approval by the annual shareholders meeting of
            the company's accounts for the period ending on
            Dec. 31, 2007; and

         c. other issues to be approved by the annual general
            meeting of shareholders according to the Luxembourg
            legislation.

   -- approve the corporate codes, i.e. the Corporate Governance
      Code, the Code of Ethics and the Code of Business Conduct,
      and to make them publicly available by way of uploading
      them to the corporate Web site.

   -- approve Evraz's Social Investments Programme.

                          About Evraz

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

                          *     *     *

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

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.

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

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


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


HEAD N.V.: Financial Policy Cues S&P to Watch B Ratings
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Netherlands-based and Austrian-
managed sports equipment manufacturer Head N.V. on CreditWatch
with negative implications.

At the same time, the 'B-' senior unsecured debt rating on
related entity HTM Sport und Freizeitgeraete AG was also placed
on CreditWatch with negative implications.

"The CreditWatch placement reflects our concerns that the
company's financial policy is becoming more aggressive at a time
when business conditions in Head's key winter sports equipment
division are expected to deteriorate significantly, following
disappointing snow conditions in most of its key skiing
markets," said Standard & Poor's credit analyst Philip Temme.

In addition, the company's unexpected announcement earlier that
it plans, subject to shareholder approval at an AGM on May 30,
2007, to repay EUR7.5-million to shareholders will place
additional pressure on the company's cash resources and
liquidity at a time when its highly seasonal business is coming
under greater pressure.

The CreditWatch status will be resolved following discussions
with management in May, after the company announces its first-
quarter results on May 10.  At this point, the situation
regarding retail reorders of ski equipment should become
clearer.  Discussions with management will also focus on the
company's prospective liquidity position, future shareholder
returns, and degree of aggressiveness of its financial policy.


KONINKLIJKE AHOLD: Buys Back EUR110 Million Bonds to Cut Debt
-------------------------------------------------------------
Koninklijke Ahold N.V. has repurchased, to a total principal
notional amount of approximately EUR110 million, these notes and
bonds, as part of the company's debt reduction strategy.

   -- an aggregate principal notional amount, of approximately
      EUR94 million of seven year notes due May 9, 2008 (issue
      details: coupon 5.875%, issue size of EUR1.5 billion
      under the EUR5 billion Euro Medium Term Note Program, ISIN
      code XS0128973590 and common code 012897359) referred to
      as the "May 2008 Notes", a part of which, approximately
      EUR437 million, had been repurchased as announced on
      Oct. 20, 2005; and

   -- an aggregate principal notional amount of approximately
      NLG35 million (EUR16 million) of ten-year bonds due
      Dec. 19, 2007 (issue details: coupon 5.875%, issue size of
      NLG300 million (EUR136 million) and ISIN code NL
      0000121838), referred to as the "December 2007 Bonds.

The repurchased notes and bonds, representing approximately 8.9%
of the outstanding amount of the May 2008 Bonds and
approximately 11.6% of the December 2007 Bonds will be
cancelled.  The buyback and cancellation will leave an
outstanding amount of approximately EUR969 million of the May
2008 Notes and an outstanding amount of approximately NLG265
million (EUR120 million) of the December 2007 Bonds.

                         About Ahold

Headquartered in Amsterdam, Koninklijke Ahold N.V. --
http://www.ahold.com/-- retails food through supermarkets,
hypermarkets and discount stores in North and South America,
Europe.  It has operations in Argentina.  The company's chain
stores include Stop & Shop, Giant, TOPS, Albert Heijn and
Bompreco.  Ahold also supplies food to restaurants, hotels,
healthcare institutions, government facilities, universities,
stadiums, and caterers.

                        *     *     *

As reported on Dec. 22, 2006, Standard & Poor's Ratings Services
revised its outlook on the Dutch food retailer and food service
distributor Koninklijke Ahold N.V. to positive from stable.  At
the same time, the 'BB+/B' long- and short-term corporate credit
ratings were affirmed.

Moody's Investors Service and Standard and Poor's has assigned
low-B ratings to the company's 5.625% senior notes due 2007.
Also, the company's 5.875% senior unsubordinated notes due 2008
and 6.375% senior unsubordinated notes due 2007 carry Moody's,
S&P's and Fitch's low-B ratings.


TBIH FINANCIAL: Moody's Withdraws B3 Rating for Business Reasons
----------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for TBIH
Financial Services Group NV for business reasons.  This action
does not reflect a change in the issuer's creditworthiness.

The rating for TBIH Financial Services Group NV was withdrawn:

   -- LT Issuer Rating: B3.

The rating had a stable outlook


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


GENERAL CABLE: Creates Two Joint Ventures in India
--------------------------------------------------
General Cable Corp. will form two joint venture companies in
India with the Plaza Cable Group of Companies.

The ventures, headquartered in New Delhi, will incorporate all
of Plaza's existing wire and cable assets.  Plaza, with annual
revenues of approximately US$25 million, currently manufactures
low and medium voltage energy and construction cables for the
Indian market.

When completed, General Cable will hold a majority interest in
both companies with the remaining interest held by the current
owners.  The Company expects to use available cash to fund both
the initial purchase price and any required short-term capital
investments.  The energy cable venture is effective today, while
the construction cable venture will be completed during the
second quarter.  Over the next two years the company plans to
invest up to US$40 million to expand cable production of low,
medium and high voltage electric utility products.

"We have worked hard to create the optimal entry strategy for
the Indian market and believe the combination of Plaza's strong
brand and business network coupled with our technical resources
and management expertise provides us the best possible platform
to grow our business in India," Campbell Whyte, President and
Chief Executive Officer, General Cable Asia Pacific, said.
"India's energy cable market is expected to continue to grow in
the 7%-8% range over the next several years.  With an
experienced local management team led by Aviral Garg, General
Cable's India Country Manager, we will significantly expand
current production capabilities and capacity to serve this
growing market for energy infrastructure and construction cables
in India."

"This transaction, along with the recent acquisition in China,
further our strategy of global expansion into economies that are
building (or rebuilding) their energy infrastructure," Gregory
B. Kenny, President and Chief Executive Officer of General
Cable, said.  "We have ambitious plans for further growth in
India and expect to quickly become a leading supplier in the
Indian market.  We continue to actively seek additional
acquisition opportunities to grow our position in this
strategically important market."

                       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
===========


BANK SPURT: Fitch Assigns B- IDR with Stable Outlook
----------------------------------------------------
Fitch Ratings assigned Russia's Bank Spurt ratings at Issuer
Default 'B-', Short-term 'B', Individual 'D/E', Support '5'.
The Outlook for the Issuer Default rating is Stable.

The ratings reflect the bank's small size, risks associated with
the concentrated balance sheet and modest bottom-line results.
However, they also take into account its currently low level of
impaired loans and adequate capitalization.

"The bank is pursuing a strategy of diversifying its now
predominantly corporate franchise into SME and retail
businesses.  Credit facilities from EBRD and KfW should support
this strategy," says Vladimir Markelov, Associate Director of
Fitch's Financial Institutions team in Moscow.  "EBRD's
acquisition of a 28% stake should positively affect corporate
governance practices", Mr. Markelov added.

The bank's performance was moderate in 2006, mainly due to a
narrowing of the net interest margin, albeit underpinned by a
sound cost/income ratio.  However, said margin should benefit
from growth of SME and retail lending, which has been actively
pursued since 2005.  Credit concentration is high, with the 20
largest borrowers accounting for more than double the equity at
the end of third quarter of 2006.  Credit quality has been
strong, with doubtful and problem loans comprising around 1% of
the loan book, which were well covered by loan impairment
reserves.  Fitch acknowledges the bank's efforts to diversify
its non-equity funding base through wholesale borrowings on the
domestic capital market and facilities from international
financial institutions, and notes that tap the international
capital markets may be pursued.  Adequate at present, Bank
Spurt's Tier I capital adequacy ratio may come under pressure in
2007-2008 as growth continues.

Upside potential to Bank Spurt's ratings, while not likely in
the near term, may arise from the expansion of its franchise via
further implementation of its SME and retail lending programs.
Downside risk is not expected at present, but could result from
a significant deterioration in asset quality.

Bank Spurt is a small Russian bank in the Republic of Tatarstan
with approximately US$270 million of assets at end-2006.
Ownership is comprised of the bank's management,
Nizhnekamskneftekhim as well as several minority shareholders.
EBRD is currently in the process of buying 28% of the bank's
shares.


BUILDER LLC: Creditors Must File Claims by June 7
-------------------------------------------------
Creditors of LLC Builder (TIN 5649001888) have until June 7 to
submit proofs of claim to:

         S. Smagin
         Insolvency Manager
         Apartment 45
         Berezka Str. 2/3
         460044 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-15062/2005-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Builder
         Tereshkovoy Str. 3
         Totskoye
         Orenburg
         Russia


EVRAZ GROUP: Terminates Joint Venture Deal with Mitsui
------------------------------------------------------
Evraz Group S.A. and Mitsui & Co. Ltd. have terminated their
joint venture agreement to develop the Denisovskoye coal field
in Yakutia.

Development of this greenfield project was challenged by its
remote location with limited available infrastructure.  The
project which included building of an underground mine and
construction of a coal beneficiation plant, as adversely
impacted by difficult geotechnical conditions such as permafrost
areas and excessive water ingress, not identified during the
preliminary geological exploration stage.  Although some of the
challenges had been successfully overcome, the actual
development turned out to be less economically attractive than
originally estimated.

In view of these new circumstances, Evraz and Mitsui reassessed
the project and concluded to terminate the joint venture
agreement at this early stage and pursue an exit option to avoid
additional risk and investment.

Evraz and Mitsui have built a strong business relationship
through the course of the Denisovskoye joint venture and will
continue to discuss joint collaboration, mainly in the field of
mineral resources and steel products, making full use of their
respective competencies, including management, financing, and
product marketing.

The termination of the joint venture was followed by a sale of
Evraz's interests in the project to local "Yakutia Coal - New
Technology" company for a total consideration of approximately
US$94 million in cash.

                          About Evraz

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

                          *     *     *

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

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.

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

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


EVRAZ GROUP: Board Approves 2006 Annual Accounts and Corp. Codes
----------------------------------------------------------------
The Board of Directors of Evraz Group S.A., which convened
Wednesday, April 25, in London, has resolved, inter alia, to:

   -- approve the Annual Accounts of the company and the
      Report, as well as the report of the Chairman of the Audit
      Committee on the review of the Annual Accounts.

   -- convene the annual general meeting of the company's
      shareholders with the following agenda addressing, inter
      alia, these matters:

         a. approval of the annual accounts for the year ending
            Dec. 31, 2006;

         b. authorization to the Board of Directors to delegate
            the daily management of the company's business and
            to appoint Mr. Alexander Frolov as managing director
            of the company with the mandate expiring on the date
            of approval by the annual shareholders meeting of
            the company's accounts for the period ending on
            Dec. 31, 2007; and

         c. other issues to be approved by the annual general
            meeting of shareholders according to the Luxembourg
            legislation.

   -- approve the corporate codes, i.e. the Corporate Governance
      Code, the Code of Ethics and the Code of Business Conduct,
      and to make them publicly available by way of uploading
      them to the corporate Web site.

   -- approve Evraz's Social Investments Programme.

                          About Evraz

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

                          *     *     *

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

Moody's also assigned a Ba3 Probability-of-Default Rating to the
company.

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

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


IDEAL CJSC: Creditors Must File Claims by May 7
-----------------------------------------------
Creditors of CJSC Ideal have until May 7 to submit proofs of
claim to:

         R. Farrakhov
         Temporary Insolvency Manager
         Klyuchevoj 11a
         Izhevsk
         426063 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A71- 820/2007-G9.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ideal
         Lenina Str. 3a
         Sharkhan
         427070 Udmurtiya
         Russia


KALININGRAD AMBER: Alrosa Is Drafting Crisis Management Plan
------------------------------------------------------------
Russian diamond-mining monopoly Alrosa is preparing a crisis
management plan to restore Kaliningrad Amber Works's solvency
and strengthen its market position, Interfax states.

According to the report, the Russian government had assigned
Alrosa to manage the insolvent company following an agreement
last year among the firm, Kaliningrad's regional authorities,
and the federal Finance Ministry that the diamond company and
the regional government would become the owners of the amber
works.  A group of managers and analysts from Alrosa are now
working there.

Kaliningrad Amber Works, Russia's only producer of amber, was
the world's largest amber maker before it was declared bankrupt
in 2003.


KRASNYANSKOYE CJSC: Creditors Must File Claims by June 7
--------------------------------------------------------
Creditors of CJSC Krasnyanskoye (TIN 3662072436) have until
June 7 to submit proofs of claim to:

         T. Vodolazskaya
         Insolvency Manager
         Zavodskaya Str. 5
         Krasnoye
         Novokhoperskiy
         397411 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-27221/2005 23/27b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Krasnyanskoye
         Zavodskaya Str. 5
         Krasnoye
         Novokhoperskiy
         397411 Voronezh
         Russia


LUKOIL OAO: Raises US$250 Mln Loan Facility to Finance Debts
------------------------------------------------------------
OAO Lukoil has secured a syndicated unsecured US$250 million
term loan facility.

The facility pays a margin of 0.40% per annum and has a five-
year maturity.  It was pre-funded by ABN Amro and Calyon on
April 23 and utilized same day to refinance the remaining
outstanding portion of Lukoil's US$765 million syndicated
pre-export facility arranged in 2003.

As previously reported in the TCR-Europe on March 29, Lukoil
will also use the facility to restructure a part of its debt by
replacing a relatively expensive secured facility with a less
expensive unsecured loan.

                           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.


MAGNITOGORSK IRON: Moody's Lifts Corporate Family Rating to Ba2
---------------------------------------------------------------
Moody's Investor's Service upgraded to Ba2 from Ba3 the
corporate family rating for Magnitogorsk Iron and Steel Works as
well as the rating on the company's guaranteed medium term notes
issued by MMK Finance SA.

The outlook for both ratings is stable.  The Moody's Interfax
Rating Agency has upgraded the national scale rating for MMK to
Aa2.ru from Aa3.ru.

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.  The US$300 million
guaranteed senior unsecured medium term notes, issued by MMK
Finance SA, are also rated at Ba2 (Loss Given Default Assessment
LGD4, 50%), at the same level as the Corporate Family Rating,
reflecting the benefit of a senior guarantee from the operating
company MMK which positions the notes at the same level as the
approx.  US$600 million bank loans and US$572 million trade
claims of MMK, based on nine months 2006 results.

The upgrade of the corporate family and instrument ratings
reflects:

   (i) MMK's growing track record of continued solid operating
       performance, as evidenced by EBIT margins in 2006 of
       30.6% which are expected to remain above 25% in 2007, as
       well as

  (ii) low cash operating costs and strong internal cash
       generation which protect its global competitive position
       and have facilitated the modernization of its asset base;

(iii) successful negotiation of long-term supply contracts for
       coking coal and iron ore in 2006 that have enhanced the
       reliability of its raw material supplies;

  (iv) a continuous capital investment over the last years which
       has lead to increasing asset efficiency.

The upgrade also reflects Moody's view that the implementation
of the downstream growth strategy with the aim of further
developing high value-added products will succeed and should
further reduce earnings volatility going forward.

Moody's also notes MMK's disciplined approach towards
acquisitive growth and the company's consistency in its strategy
and financial policy.  Therefore the Ba2 ratings assume that MMK
will not significantly increase indebtedness, but that the
company will continue to demonstrate a prudent approach to debt-
funded acquisitions in the medium-term future, and that the
future cash outflows to shareholders will be limited, allowing
the company to maintain a positive free cash flow going forward.

Moody's further noted its belief that MMK's strengthened margins
are also a partial reflection of a structural improvement in
domestic demand.  This improvement has been triggered by
increased investments into infrastructure and real estate
construction and a growing domestic production base among the
international auto producers; in Moody's view, these structural
improvements will not fully insulate MMK or its domestic peers
against ongoing volatilities of global steel prices, but they
should reduce the impact of such swings on MMK and some of its
domestic peers as long as the benign domestic environment
continues.

On a more cautious note, Moody's stated that the Ba2 corporate
family rating continues to reflect:

   (i) a high level of earnings cyclicality which is
       characteristic for the steel industry and which Moody's
       expects to continue despite some structural improvements;

   (ii) MMK's lack of full integration in iron ore and
        coking/energy coal, which continues to expose it to the
        changes in the raw material prices;

  (iii) the concentrated ownership with management holding 85.5%
        of the company's shares and the resulting recent and
        potential significant dividend payments in 2005 and 2006
        which are not governed by a transparent dividend policy;

   (iv) continuous dependency on export revenues, the company's
        exposure to protectionist barriers, and concentration of
        export on the Middle East (43% of total export
        shipments) and EU markets;

    (v) large continuing capital requirements, both for
        modernization of the existing facilities calling for a
        further US$2.7 billion in CAPEX in 2007-2009, as well as
        additional capital required for the development of new
        mineral deposits and the financing of green-field mining
        projects under the recently acquired mining licenses;

  (vi) the challenging operating environment in Russia,
       characterized by significant political, legal, fiscal and
       exchange rate risks.

Moody's concluded that - in view of the very strong financial
profile which would already support higher ratings - further
upward rating pressure in the short- to medium term would
primarily result from an improved business profile, i.e. greater
access to iron ore and coking coal raw-materials at cost, but
also an improved and more balanced geographic diversification of
both assets and sales indicating MMK's ability to compete
globally both on price and quality.  Clear and transparent
ownership structures with the shareholders' firm commitment to
financial policies such as dividend payout ratios would further
support upward rating pressure.

MMK is one of Russia's largest integrated steel manufacturers
(by volume and assets).  MMK's principal assets include a single
site for crude steel located in Magnitogorsk.  In 2006, MMK
produced 12.5 million tons of steel.


MOSCOW TOUR: Creditors Must File Claims by June 7
-------------------------------------------------
Creditors of CJSC Tourist Company Moscow Tour (TIN 7703145531)
have until June 7 to submit proofs of claim to:

         L. Serdyuk
         Insolvency Manager
         Apartment 6
         Building 3
         Moldagulovoj Str. 16
         111395 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-24925/06-78-344B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tourist Company Moscow Tour
         Building 2
         B. Tishinskiy Per. 40
         123557 Moscow
         Russia


NESTEROVSKIY DISTILLERY: Creditors Must File Claims by June 7
-------------------------------------------------------------
Creditors of OJSC Nesterovskiy Distillery have until June 7 to
submit proofs of claim to:

         I. Khlystov
         Insolvency Manager
         Post User Box 155
         390035 Ryazan
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-4777/2006 S20.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Nesterovskiy Distillery
         Zavodskaya Str. 11
         Nesterovo
         Pitelinskiy
         391621 Ryazan
         Russia


NIKL LLC: Creditors Must File Claims by May 7
---------------------------------------------
Creditors of LLC NIKL have until May 7 to submit proofs of claim
to:

         D. Kuzmenkov
         Insolvency Manager
         Office 300
         Lenina Str. 13
         Gagarin
         215010 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A62-1051-N/2006 (4197/06).

The Debtor can be reached at:

         LLC NIKL
         Pervomayskaya Str. 1
         Gagarin
         Smolensk
         Russia


OGK-5 JSC: Enel to Submit Bid for RAO's 25% Stake in Firm
---------------------------------------------------------
Italy's Enel SpA will participate in the June 6 auction of RAO
UES' 25.03% stake in OGK-5 JSC, Forbes reports citing AFX News
Limited as its source.

Enel hopes the gas assets it recently acquired from OAO Yukos
Oil Co. would help strengthen its bid for RAO's Russian power
generating assets, as this would mean cheaper gas to fuel the
power stations, a source familiar with the matter told AFX News.

As reported in the Troubled Company Reporter-Europe on April 5,
EniNeftegaz, a joint venture of Eni (60%) and Enel SpA (40%) won
the auction to acquire Yukos's:

   -- 20% stake in OAO Gazprom Neft,
   -- a 100% stake in OAO Arcticgaz;
   -- a 100% stake in ZAO Urengoil; and
   -- 19 other Yukos assets.

The consortium paid about RUR150.7 billion for the assets, which
initially carried a RUR144.8 billion starting price.

Forbes relates that Enel expects to access roughly 7 billion
cubic meters of gas per year for use in Russia under the Yukos
agreement.

Enel CEO Fulvio Conti said his company has set aside up to
RUR140 billion for its Russian investments, including the Yukos
deal, Forbes relates.

According to press reports, Gazprom and KES Holding are also
interested in the OGK-5 auction.

RAO will keep a controlling stake in OGK-5 with its 50% holding.

                        About Enel SpA

Enel SpA is Italy's largest power company, and Europe's third-
largest listed utility by market capitalization.  Listed on the
Milan and New York stock exchanges since 1999, Enel has the
largest number of shareholders of any European company, at some
2.3 million.  It has a market capitalization of about EUR50
billion at current prices.

                         About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                        *     *     *

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, the rating
agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5.

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


PETERSBURG-DIET: Creditors Must File Claims by May 7
----------------------------------------------------
Creditors of CJSC Petersburg-Diet Product (TIN 7814077380) have
until May 7 to submit proofs of claim to:

         B. Remnev
         Insolvency Manager
         Shpalernaya Str. 60
         191015 St. Petersburg
         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. A56-47227/2006.

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 Petersburg-Diet Product
         Premise 1
         Novosibirskaya Str. 18/5
         197342 St. Petersburg
         Russia


PLATOVSKIY ELEVATOR: Creditors Must File Claims by May 7
--------------------------------------------------------
Creditors of OJSC Platovskiy Elevator have until May 7 to submit
proofs of claim to:

         T. Bolotina
         Temporary Insolvency Manager
         Chelyuskintsev Str. 17a, 51B
         460014 Orenburg
         Russia

The Arbitration Court of Orenburg will convene at 10:40 a.m. on
June 19 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A47-11923/06-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Platovskiy Elevator
         Pokrovka
         Novosergievskiy
         Orenburg
         Russia


ROSNEFT OIL: Bids for Yukos' East Siberian Assets, Report Says
--------------------------------------------------------------
OAO Rosneft Oil has submitted a bid to acquire OAO Yukos Oil
Co.'s East Siberian assets at a May 3 auction, Reuters reports
citing a Rosneft source.

The lot, which carries a RUR166.3 billion starting price, will
consist of:

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

Reuters relates that the source said Rosneft would bid for the
assets through its Neft-Aktiv unit, which earlier won Yukos'
fifth lot for RUR1.03 billion on April 18.  The lot carried a
RUR992.3 billion starting price and a RUR9.9 million bid
increment.

Six out of 14 lots have been auctioned to date.  These include:

Lot                                                Winning Bid
No.          Assets              Auction Winner     (in RUR)
---  ------------------------    --------------   -------------
1    9.44% in Rosneft            Rosneft through  197.8 billion
      12 Yuganskneftegaz          RN-Razvitiye
        promissory notes

2    20% in Gazprom Neft         EniNeftegaz for  151.5 billion
      100% in OAO Arcticgaz       Gazprom
      100% in ZAO Urengoil
      19 other assets

4    100% in ZAO Energy          Monte-Valle        3.5 billion
        Service Co.
      100% in ESKOM- EnergoTrade
      25.73% in Belgorodenergo
      25.15% in Tambovenergo
      25.15% in Tambov Energy
        Sales Company
      25.15% in Tambov Trunk
        Grid Company
      25% in Belgorod Trunk
        Grid Company
      25% in Belgorod Sales
        Company
      25% in Corporate Service
        Systems
      3.18% in Territorial
        Generation Company
        No. 4

5    energy assets in the        Rosneft through   1.03 billion
        Tambov and Belgorod       Neft-Aktiv
        regions

6  7.69% stake in VTB          Vneshtorgbank    234.1 million
        Bank (Deutschland) AG

7    1.998% stake in Khanty      J.B.P. Invest    333.3 million
        Mansiysk Bank

The auction for Lot No. 3, which is comprised of Yukos' research
and development assets, was called off due to a lack of bids.
Interfax relates the assets will be grouped together with Lot
No. 14, which will be sold next month.

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

Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitled Rosneft a seat in the firm's creditors' committee.

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

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                        *     *     *

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

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


SEMENOVSKOYE CJSC: Creditors Must File Claims by June 7
-------------------------------------------------------
Creditors of CJSC Semenovskoye (TIN 5028000779) have until
June 7 to submit proofs of claim to:

         A. Sergovskiy
         Insolvency Manager
         Building 1
         Lubyanskiy Pr. 5
         101000 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-12410/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Semenovskoye
         Semenovskoye
         Mozhayskiy
         143273 Moscow
         Russia


SMOLEOZERNOYE CJSC: Creditors Must File Claims by June 7
--------------------------------------------------------
Creditors of CJSC Smoleozernoye have until June 7 to submit
proofs of claim to:

         E. Klejn
         Insolvency Manager
         Room 308
         Gagarina Str. 51
         454046 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-10766/2006-36-107.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Smoleozernoye
         Gagarina Str. 51
         Chelyabinsk
         Russia


URAL-NICKEL-PROJECT: Creditors Must File Claims by June 7
---------------------------------------------------------
Creditors of OJSC Ural-Nickel-Project have until June 7 to
submit proofs of claim to:

         V. Dvornik
         Insolvency Manager
         Apartment 57
         Mashinostroitelnaya Str. 5
         462428 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-6593/2005-14GK.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ural-Nickel-Project
         Orsk
         Orenburg
         Russia


VASILYEVSKOYE LLC: Creditors Must File Claims by May 7
------------------------------------------------------
Creditors of LLC Vasilyevskoye have until May 7 to submit proofs
of claim to:

         L. Titova
         Temporary Insolvency Manager
         Room 22
         4th floor
         Saltykova-Shedrina Str., 21
         302028 Orel
         Russia

The Arbitration Court of Orel will convene on July 18 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A48-718/07-17B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Vasilyevskoye
         Vasilyevskiy
         Verkhovskiy
         Orel
         Russia


VNESHTORGBANK: Buys Yukos' 7.69% VTB AG Stake for RUR234 Million
----------------------------------------------------------------
State-controlled JSC Vneshtorgbank won an auction to acquire OAO
Yukos Oil Co.'s 7.69% stake in VTB Bank (Deutschland) AG, RIA
Novosti reports citing the Russian Federal Property Fund as its
source.

According to the report, VTB competed with Interfin Trade
finance company for the bank's 100 ordinary registered non-
documentary shares.  VTB won Wednesday's auction with its
RUR234.1 million (US$9.1 million) offer, from the lot's initial
starting price of RUR231.8 million (US$8.9 million).

                         About Yukos Oil

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

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

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

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

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

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

                       About Vneshtorgbank

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

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

                        *     *     *

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


VTOR-CHER-MET: Creditors Must File Claims by May 7
--------------------------------------------------
Creditors of OJSC Vtor-Cher-Met have until May 7 to submit
proofs of claim to:

         A. Kamynin
         Temporary Insolvency Manager
         Post User Box 23
         Central Post Office
         410000 Saratov
         Russia

The Arbitration Court of Saratov will convene at 10:00 a.m.
Sept. 20 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A-57-2724/07-32.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov
         Russia

The Debtor can be reached at:

         OJSC Vtor-Cher-Met
         Ordzhonikidze Str. 65
         410015 Saratov
         Russia


WEST-URAL CRANE: Creditors Must File Claims by June 7
-----------------------------------------------------
Creditors of LLC West-Ural Crane Factory have until June 7 to
submit proofs of claim to:

         I. Pismanik
         Insolvency Manager
         Post User Box 7645
         614007 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-15831/06-B.

The Court is located at:

         The Arbitration Court of Perm
         Lunacharskogo Str. 3
         Perm
         Russia

The Debtor can be reached at:

         LLC West-Ural Crane Factory
         Bytovoj Per. 30
         Stoiteley
         Kizel
         Perm
         Russia


YUKOS OIL: Vneshtorgbank Buys 7.69% VTB AG Stake for RUR234 Mil.
----------------------------------------------------------------
State-controlled JSC Vneshtorgbank won an auction to acquire OAO
Yukos Oil Co.'s 7.69% stake in VTB Bank (Deutschland) AG, RIA
Novosti reports citing the Russian Federal Property Fund as its
source.

According to the report, VTB competed with Interfin Trade
finance company for the bank's 100 ordinary registered non-
documentary shares.  VTB won Wednesday's auction with its
RUR234.1 million (US$9.1 million) offer, from the lot's initial
starting price of RUR231.8 million (US$8.9 million).

                       About Vneshtorgbank

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

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

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: J.B.P. Invest Wins 1.9% Stake in Khanty Mansiysk Bank
----------------------------------------------------------------
The Russian Federal Property Fund sold OAO Yukos Oil Co.'s
1.998% stake in Khanty Mansiysk Bank to J.B.P. Invest for
RUR333.3 million, AK&M reports.

Bidders who participated in yesterday's auction included Infin
FC, Orginfomrporekt, IC Eurofinancies and TsentrInvest BS.

The stake had an initial price of RUR162.1 million.

Khanty Mansiysk Bank operates 16 branch offices with 70
additional outlets and operational teller counters.  It also has
representative offices in Prague, Czech Republic, and
Ekaterinburg, Russia.  It earned RUR215.7 million in first
quarter 2007, a 25.6% increase from a RUR171.7 million profit in
fourth quarter 2006.

The government the Khanty-Mansi autonomous territory - YUGRA
holds an 86.5% stake in the bank.

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Rosneft Bids for East Siberian Assets, Report Says
-------------------------------------------------------------
OAO Rosneft Oil has submitted a bid to acquire OAO Yukos Oil
Co.'s East Siberian assets at a May 3 auction, Reuters reports
citing a Rosneft source.

The lot, which carries a RUR166.3 billion starting price, will
consist of:

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

Reuters relates that the source said Rosneft would bid for the
assets through its Neft-Aktiv unit, which earlier won Yukos'
fifth lot for RUR1.03 billion on April 18.  The lot carried a
RUR992.3 billion starting price and a RUR9.9 million bid
increment.

Six out of 14 lots have been auctioned to date.  These include:

Lot                                                Winning Bid
No.          Assets              Auction Winner     (in RUR)
---  ------------------------    --------------   -------------
1    9.44% in Rosneft            Rosneft through  197.8 billion
      12 Yuganskneftegaz          RN-Razvitiye
        promissory notes

2    20% in Gazprom Neft         EniNeftegaz for  151.5 billion
      100% in OAO Arcticgaz       Gazprom
      100% in ZAO Urengoil
      19 other assets

4    100% in ZAO Energy          Monte-Valle        3.5 billion
        Service Co.
      100% in ESKOM- EnergoTrade
      25.73% in Belgorodenergo
      25.15% in Tambovenergo
      25.15% in Tambov Energy
        Sales Company
      25.15% in Tambov Trunk
        Grid Company
      25% in Belgorod Trunk
        Grid Company
      25% in Belgorod Sales
        Company
      25% in Corporate Service
        Systems
      3.18% in Territorial
        Generation Company
        No. 4

5    energy assets in the        Rosneft through   1.03 billion
        Tambov and Belgorod       Neft-Aktiv
        regions

6  7.69% stake in VTB          Vneshtorgbank    234.1 million
        Bank (Deutschland) AG

7    1.998% stake in Khanty      J.B.P. Invest    333.3 million
        Mansiysk Bank

The auction for Lot No. 3, which comprised of Yukos' research
and development assets, was called off due to a lack of bids.
Interfax relates the assets will be grouped together with Lot
No. 14, which will be sold next month.

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

Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitled Rosneft a seat in the firm's creditors' committee.

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

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


ZAVOLZHSKIY CHEMICAL: Creditors Must File Claims by June 7
----------------------------------------------------------
Creditors of CJSC Zavolzhskiy Chemical Factory have until June 7
to submit proofs of claim to:

         A. Ryabov
         Insolvency Manager
         Office 608
         15th Proezd 4
         153006 Ivanovo
         Russia

The Arbitration Court of Ivanovo commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A17-1330/05-14-B.

The Arbitration Court of Ivanovo is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo
         Russia

The Debtor can be reached at:

         CJSC Zavolzhskiy Chemical Factory
         Zavodskaya Str. 1
         Zavolzhsk
         Ivanovo
         Russia


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


U.S. STEEL: Earns US$273 Million in Quarter Ended March 31
----------------------------------------------------------
United States Steel Corporation reported first quarter 2007 net
income of US$273 million on net sales of US$3.76 billion,
compared to fourth quarter 2006 net income of US$297 million on
net sales of US$3.77 billion and first quarter 2006 net income
of US$256 million on net sales of US$3.73 billion.

Commenting on results, U. S. Steel chairman and chief executive
officer John P. Surma said, "Considering market conditions, we
had a good quarter with solid results from Flat-rolled and
Tubular and a particularly strong performance by our European
segment.  We continued to generate substantial cash, redeemed
US$49 million of debt and made a voluntary contribution of US$35
million to our main defined benefit pension plan."

The company reported first quarter 2007 income from operations
of US$346 million, compared with income from operations of
US$341 million in the fourth quarter of 2006 and US$369 million
in the first quarter of 2006.

In the first quarter of 2007, net interest and other financial
costs included a US$3 million pre-tax charge related to the
early redemption of the company's 10% Senior Quarterly Income
Debt Securities.  This charge reduced net income by US$2
million.  In the fourth quarter of 2006, net interest and other
financial costs included a US$32 million pre-tax charge related
to the early redemption of most of the company's 10-3/4% Senior
Notes.  This item and other items not allocated to segments
decreased net income by US$33 million.  Other items not
allocated to segments in the first quarter of 2006 consisted of
an asset impairment charge, which reduced net income by US$5
million.

During the first quarter of 2007, the company repurchased
305,000 shares of common stock for US$25 million.

             Reportable Segments and Other Businesses

Total segment income from operations was US$385 million, or
US$76 per ton, in the first quarter of 2007, compared with
US$414 million, or US$85 per ton, in the fourth quarter of 2006
and US$429 million, or US$80 per ton, in the first quarter of
2006.

First quarter 2007 segment results decreased from fourth quarter
2006 as was expected.  Flat-rolled income more than doubled from
the fourth quarter due primarily to higher contract prices and
improved operating efficiencies, partially offset by lower spot
prices and higher raw material costs.  U. S. Steel Europe income
increased mainly due to higher shipment volumes.  Tubular
results were lower than the fourth quarter on lower shipments
and prices, reflecting continued high imports and customer
inventory levels.  The decline in results for Other Businesses
was related to normal seasonal effects at the company's iron ore
operations in Minnesota and the non-recurrence of fourth quarter
land sales.

At March 31, the company's balance sheet showed US$10.91 billion
in total assets, US$6.25 billion in total liabilities, and
US$4.66 billion in total stockholders' equity.

                 Update on Lone Star Acquisition

Concerning the March 28, definitive agreement between U. S.
Steel and Lone Star Technologies Inc., regulatory filings have
been made under the Hart-Scott-Rodino Act in the United States
and in several other nations.  U. S. Steel expects that the
transaction, which is subject to the approval of Lone Star's
shareholders and regulatory approvals, will be completed late in
the second quarter or early in the third quarter of 2007.

                    About United States Steel

Headquartered in Pittsburgh, Pa., United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons.

U. S. Steel's domestic primary steel operations are: Gary Works
in Gary, Ind.; Great Lakes Works in Ecorse and River Rouge,
Mich.; Mon Valley Works, which includes the Edgar Thomson and
Irvin plants, near Pittsburgh and Fairless Works near
Philadelphia, Pa.; Granite City Works in Granite City, Ill.;
Fairfield Works near Birmingham, Ala.; Midwest Plant in Portage,
Ind.; and East Chicago Tin in East Chicago, Ind.  The company
also operates two seamless tubular mills, Lorain Tubular
Operations in Lorain, Ohio; and Fairfield Tubular Operations
near Birmingham, Ala.

Internationally, U. S. Steel has steelmaking subsidiaries in
Kosice, Slovakia, and in Sabac and Smederevo, Serbia.

                          *     *     *

U.S. Steel carries Standard & Poor's BB+ rating.


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


BBK I: Moody's Assigns Ba2 Rating to EUR14.3 Mln Series D Notes
---------------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
four series of notes issued by AyT Colaterales Global
Hipotecario BBK I under AyT Colaterales Global Hipotecario
program, a Spanish asset securitization program that has been
created by Ahorro y Titulizacion, S.G.F.T, S.A. Moody's has
assigned these ratings:

   -- EUR1.39-billion Series A notes: Aaa;
   -- EUR81-million Series B notes: A2;
   -- EUR13.5-million Series C notes: Baa3; and
   -- EUR14.3-million Series D notes: Ba2.

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

This transaction marks the forth time that BBK has tapped the
residential mortgage-backed securities market.  The products
being securitized are first-lien mortgage loans granted to
individuals resident in Spain.  All of the mortgage loans were
originated by BBK, which will continue to service them.

According to Moody's, this deal benefits from several strengths,
including:

   (1) a swap agreement, which guarantees a 70-bppa spread;

   (2) a Reserve Fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism; and

   (4) the securing of 100% of the loans by residential
       mortgages.

However, the transaction poses several challenging features,
namely:

   (1) the fact that the portfolio comprises loans with high LTV
       (98.48% over 70% LTV); and

   (2) geographical concentration in the Basque Country (56%),
       mitigated in part by the fact that this is the region of
       BBK's origin, where it has its highest expertise.  These
       increased risks were reflected in the credit enhancement
       calculation.

As of February 2007, the provisional portfolio is made up of
12,376 loans for a total amount of EUR1,844,557,906.  The
current WALTV is 85.61% and the average loan size is EUR149,539.
The loans are originated between 1996 and November 2006 with a
weighted average seasoning of 1.96 years.  Almost all the loans
are paid through monthly installments via direct debit.  At
closing there will be no loans more than 30 days in arrears

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance information;

(iii) the swap agreement partially hedging the interest rate
       risk;

  (iv) the credit enhancement provided through the GIC account,
       the pool spread, the reserve fund and the subordination
       of the notes; and

  (v) the legal and structural integrity of the transaction.

Moody's ratings address only the credit risks associated with
the transaction.  Other non-credit risks have not been
addressed, but may have a significant effect on yield to
investors.


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


COMPACTLIFE LLC: Creditors' Liquidation Claims Due May 14
---------------------------------------------------------
Creditors of LLC Compactlife have until May 14 to submit their
claims to:

         Heinz I. Ackermann
         Liquidator
         Falknisstrasse 13a
         7320 Sargans
         Wahlkreis Sarganserland SG
         Switzerland

The Debtor can be reached at:

         LLC Compactlife
         Zurich
         Switzerland


EUROSTAR ENERGIE: Creditors' Liquidation Claims Due May 14
----------------------------------------------------------
Creditors of LLC Eurostar Energie have until May 14 to submit
their claims to:

         Nicolae Dan Ionescu
         Liquidator
         Pilatusstrasse 2
         2502 Biel
         Switzerland

The Debtor can be reached at:

         LLC Eurostar Energie
         Biel/Bienne BE
         Switzerland


PURA VIDA: Creditors' Liquidation Claims Due May 14
---------------------------------------------------
Creditors of LLC Pura Vida have until May 14 to submit their
claims to:

         Guido Menzi
         Liquidator
         Rumlikerstrasse 1
         8320 Fehraltorf
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Pura Vida
         Pfaffikon ZH
         Switzerland


REXTRONIC JSC: Creditors' Liquidation Claims Due May 16
-------------------------------------------------------
Creditors of JSC Rextronic have until May 16 to submit their
claims to:

         Hess Michel
         Liquidator
         Knettnauweg 7
         2560 Nidau BE
         Switzerland

The Debtor can be reached at:

         JSC Rextronic
         Biel/Bienne BE
         Switzerland


WEST STYLE: Creditors' Liquidation Claims Due May 14
----------------------------------------------------
Creditors of LLC West Style Company have until May 14 to submit
their claims to:

         Daniel Furrer
         Liquidator
         Birmensdorferstrasse 32
         8902 Urdorf
         Dietikon ZH
         Switzerland

The Debtor can be reached at:

         LLC West Style Company
         Urdorf
         Dietikon ZH
         Switzerland


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


BARVINKOVE MILL: Creditors Must Register Claims by May 5
--------------------------------------------------------
Creditors of LLC Barvinkove Mill (code EDRPOU 31268999) have
until May 5 to submit written proofs of claims to:

         State Tax Inspection of Izium
         Liquidator
         Frunze Str. 32
         Izium
         64300 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/42-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Barvinkove Mill
         Sverdlova Str. 6
         Barvinkove
         64700 Kharkov
         Ukraine


BRICK PLANT: Creditors Must Register Claims by May 5
----------------------------------------------------
Creditors of LLC Brick Plant (code EDRPOU 32284111) have until
May 5 to submit written proofs of claims to:

         State Tax Inspection of Izium
         Liquidator
         Frunze Str. 32
         Izium
         64300 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company on March 1 after finding it insolvent.  The
case is docketed under Case No. B-19/41-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Brick Plant
         Staropochtovaya Str. 16
         Izium
         Kharkov
         Ukraine


CHERKASSY ENERGY: Creditors Must Register Claims by May 5
---------------------------------------------------------
Creditors of LLC Cherkassy Energy Company (code EDRPOU 32584122)
have until May 5 to submit written proofs of claim to:

         Vladimir Rekun
         Liquidator
         Ilyin Str. 330
         18000 Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/2642.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         LLC Cherkassy Energy Company
         Blagovesnaya Str. 195
         Cherkassy
         Ukraine


CHERNUHINSKY FEED: Creditors Must Register Claims by May 5
----------------------------------------------------------
Creditors of Chernuhinsky Feed Mill (code EDRPOU 00687405) have
until May 5 to submit written proofs of claim to:

         V. Nesvit
         Liquidator
         Independency Square 1-B
         36003 Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/34.

The Court is located at:

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

The Debtor can be reached at:

         Chernuhinsky Feed Mill
         Galiavoe
         Chernuhinsky District
         Poltava
         Ukraine


EKOMED LTD: Creditors Must Register Claims by May 5
---------------------------------------------------
Creditors of LLC Ekomed Ltd. (code EDRPOU 33194815) have until
May 5 to submit written proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Dovzhenko Str. 16V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/148-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ekomed Ltd.
         Leontovich Str. 1
         01030 Kiev
         Ukraine


MAKEDONY LLC: Claims Filing Bar Date Set May 5
----------------------------------------------
Creditors of LLC Makedony (code EDRPOU 03755992) have until
May 5 to submit written proofs of claim to:

         Alexander Sedletsky
         Temporary Insolvency Manager
         Polovetskaya Str. 16
         04107 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
B11/071-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Makedony
         Makedony
         Kiev
         Ukraine


NAIR LLC: Creditors Must Register Claims by May 5
-------------------------------------------------
Creditors of LLC Nair (code EDRPOU 23733432) have until May 5 to
submit written proofs of claim to:

         Ivan Gusar
         Liquidator
         Podlesnaya Str. 5/21
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/54-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Nair
         Byelorussia Str. 26/1
         04050 Kiev
         Ukraine


ZOLOTONOSHA PLANT: Creditors Must Register Claims by May 5
----------------------------------------------------------
Creditors of OJSC Zolotonosha Plant of Ferroconcrete Products
(code EDRPOU 01349791) have until May 5 to submit written proofs
of claim to:

         Oleg Bilera
         Liquidator
         Volkov Str. 59
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 01/3328.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Zolotonosha Plant of Ferroconcrete Products
         Obukhov Str. 65
         Zolotonosha
         19700 Cherkassy
         Ukraine


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


6721 LTD: John D. Cullen Leads Liquidation Procedure
----------------------------------------------------
John D. Cullen of Harris Lipman LLP was appointed liquidator of
6721 Ltd. (formerly Filbuk 487 Ltd. and Creative Fuel Ltd.) on
April 12 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         6721 Ltd.
         Cambrian Buildings
         Mount Stuart Square
         Cardiff
         CF10FL
         Wales
         Tel: 029 2040 6721
         Fax: 029 2040 5100


AFFINIA GROUP: Posts US$5 Million Net Loss in Full Year 2006
------------------------------------------------------------
Affinia Group Inc. reported results for the fourth quarter and
fiscal year ended Dec. 31, 2006.

                          2006 Year End

Net income for the year ended Dec. 31, 2006, improved by
US$25 million to a loss of US$5 million, as compared to a loss
of US$30 million for the year ended Dec. 31, 2005.

For the fiscal year 2006, sales were US$2.16 billion, as
compared to US$2.13 billion for 2005.  The increase reflects
strong filtration product and European heavy-duty product sales.
The company's 2006 sales grew 1.4% despite the termination of a
customer relationship in early 2006, which reduced sales by
US$30 million.  In addition, the company's sales increased US$39
million related to the impact of foreign currency changes.

Gross profit increased 27% to US$376 million in fiscal year
2006, as compared to US$295 million for the same period in 2005.
The improvement is primarily due to an overall improvement in
operational efficiency as a result of the company's business
restructuring.

As of Dec. 31, 2006, Affinia had US$70 million of cash.
Total long-term debt outstanding as of Dec. 31, 2006 was
US$597 million, a decrease of US$15 million from the year ended
Dec. 31, 2005.  Affinia had no borrowings under the company's
receivables securitization program at Dec. 31, 2006.  At
Dec. 31, 2006, Affinia continued to be in compliance with all
covenants in its senior credit agreement including financial
covenants consisting of a cash interest expense ratio, a
leverage ratio, and a maximum annual capital expenditure.

"Affinia gross profit increased 27%, while sales rose 1.4% as we
continue to strengthen our competitive position in the dynamic
aftermarket," Thomas Madden, Affinia's Senior Vice President and
Chief Financial Officer, said.

"This year, Affinia continued to implement its restructuring
plan with great success," Terry McCormack, Affinia Group's
President and Chief Executive Officer, said.  "Costs were down;
and sales and gross profitability were up during this
transitional period.  We now look ahead to completing our
restructuring plan, which will significantly strengthen our
position as a cost competitive global manufacturer."

                         Fourth Quarter

Net income for the quarter ended Dec. 31, 2006, improved by
US$14 million to a loss of US$9 million, as compared to a net
loss of US$23 million for the quarter ended Dec. 31, 2005.

For the fourth quarter 2006, sales were US$502 million, as
compared to US$514 million for the fourth quarter of 2005.

Gross profit for the quarter increased 45% to US$87 million, as
compared to US$60 million for the fourth quarter of 2005.

                       About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


BALTICPINE HOLDINGS: Joint Liquidators Take Over Operations
-----------------------------------------------------------
Trevor O'Sullivan and Nigel Morrison of Grant Thornton U.K. LLP
were appointed joint liquidators of Balticpine Holdings Ltd.,
Balticpine Investments Ltd. (formerly West Country Investments
Ltd.) and Loadlink Ltd. on April 2 for the creditors' voluntary
winding-up proceeding.

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

The company can be reached at:

         Balticpine Holdings Ltd.
         Unit 14
         Long Rock Industrial Estate
         Long Rock
         Penzance
         TR20 8HX
         England
         Tel: 01736 332 200


BELLS INCORPORATED: Appoints David Hill as Liquidator
-----------------------------------------------------
David Hill of Begbies Traynor was appointed liquidator of Bells
Incorporated Ltd. on April 17 for the creditors' voluntary
winding-up procedure.

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

The company can be reached at:

         Bells Incorporated Ltd.
         Apex House
         Wonastow Road Industrial Estate (East)
         Monmouth
         NP25 5JB
         Wales
         Tel: 01600 713 368
         Fax: 01600 712 202


BRITISH AIRWAYS: Delisting American Depositary Shares from NYSE
---------------------------------------------------------------
The board of directors of British Airways plc has approved the
delisting of BA's American Depositary Shares, each representing
the right to receive ten ordinary shares of the company, from
the New York Stock Exchange and the deregistration of the
company and termination of its reporting obligations under the
Securities Exchange Act of 1934.

The company has provided written notice to the NYSE of its
intent to delist.  The company intends to file a Form 25 with
the U.S. Securities and Exchange Commission on or about May 8 to
effect the delisting.  By operation of law, the delisting will
be effective ten days after this filing (unless the Form 25 is
earlier withdrawn by the company).  The company reserves the
right to delay the filing of the Form 25 or withdraw the Form 25
for any reason prior to its effectiveness.

The company intends to file a Form 15F with the SEC to
deregister and terminate its reporting obligations under the
Exchange Act as soon as practicable following June 4 the date
when the revised SEC rules on deregistration become effective.
By operation of law, the deregistration will be effective 90
days after the filing, unless the Form 15F is earlier withdrawn
by the company.  The company reserves the right to delay the
filing of the Form 15F or withdraw the Form 15F for any reason
prior to its effectiveness.

The company intends to maintain its American Depositary Receipt
facility with Citibank as a Level I program.  This means that
the company's ADSs will be traded on the over-the-counter
market.  Accordingly, the company has not arranged for the
listing of its ADSs or ordinary shares on another national
securities exchange or for the quotation of its ADSs or ordinary
shares in a quotation medium in the United States.  The
company's ordinary shares will continue to trade on the London
Stock Exchange.

"British Airways will continue to comply with the Combined Code
on Corporate Governance and the UKLA Listing Rules," British
Airways Chief Financial Officer Keith Williams said.  " As only
three percent of our shares are held in the ADS program and the
average trading volume for the year ended March 31, 2007 was
less than five percent, it no longer makes sense from a cost and
administrative perspective to submit to the reporting
obligations under the Exchange Act.  This decision is entirely
consistent with our strategy of simplification as it reduces
cost and complexity without in any way detracting from the
integrity of our governance and control processes."

The company expects to continue to publish its Annual Report and
Accounts and other documents and communications in accordance
with Exchange Act Rule 12g3-2 on its Investor Relations website
www.bashares.com

The board has decided to delist from the NYSE and deregister
under the Exchange Act in accordance with the new SEC rules to
reduce both the costs and complexity of complying with two sets
of regulations that are substantively quite similar.  This is in
line with the company's strategy of simplification which it has
been pursuing since the Future Size and Shape program was
disclosed in 2002 and should reduce its costs by around GBP10
million annually (including GBP5 million paid to external
parties).

                      About British Airways

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

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

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

* Issuer: British Airways, Plc

                                                      Projected
                           Old Debt New Debt LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

* Issuer : British Airways Finance (Jersey) L.P.

  EUR300-million
  Preferred Stock          B1       Ba3      LGD6     97%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


COLLINS & AIKMAN: Seeks Court OK on Soft Trim Auction Protocol
--------------------------------------------------------------
Collins & Aikman Corp. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
approve proposed bidding procedures for their Carpet & Acoustics
Business.

As part of the Bidding Procedures, the Debtors seek approval of
certain bid protections, including a break-up fee, expense
reimbursement and overbid protections.

During the course of Debtors' Chapter 11 case, certain potential
purchasers expressed significant interest in acquiring the
Carpet & Acoustics Business as a stand-alone entity.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York,
relates that, in October 2006, after the Debtors determined that
the possibility of a stand-alone reorganization was not viable,
the Debtors re-initiated the sale process for the Carpet &
Acoustics Business.  The Debtors determined that solicitation of
a stalking horse bid to serve as a minimum bid in an auction
would best ensure that the Debtors' maximized the value received
for the sale of the Carpet & Acoustics Business.

The Debtors and their advisors identified six parties that had
shown interest in the Carpet & Acoustics Business.  The Debtors
provided these parties with an information package, a draft
asset purchase agreement and proposed bidding procedures and
requested that initial bids be submitted by Nov. 6, 2006.

The Debtors, in consultation with agent for their prepetition
senior, secured lenders, conducted extensive negotiations with
the superior bidders.  After the negotiations, the Debtors
considered, among other things, the value of the competing
offers, the financing of the offers and the conditionality of
the agreements and determined the highest and best offer for the
Carpet & Acoustics Business would most likely be obtained by
selecting International Automotive Components Group North
America Inc., as the stalking horse bidder.

On April 20, 2007, as a result of extensive, arm's-length
negotiations, the Debtors and the IAC NA entered into the
Purchase Agreement regarding the purchase of the assets of the
Carpet & Acoustics Business.

The sale of the Carpet & Acoustics Business pursuant to the APA
is subject to higher and better offers.  To ensure that the
highest and best price is received for the Purchased Assets, the
Debtors have established the proposed bidding procedures to
govern the submission of competing bids at an auction.

                        Bid Protections

Pursuant to the APA, the Debtors have agreed to:

   (a) pay the IAC NA a break-up fee of US$1,340,000, which is
       1% of the US$134,000,000 cash it offered to pay for the
       Purchased Assets under the APA; and

   (b) reimburse IAC NA for its documented out-of-pocket costs,
       fees and other expenses incurred by IAC NA in connection
       with its due diligence investigation of the Debtors'
       businesses, the negotiation of the APA and in furtherance
       of the transaction up to US$3,000,000, provided that if
       IAC NA terminates the APA as a result of its due
       diligence on or before May 2, 2007, IAC NA will be
       entitled to half of its documented out-of-pocket expenses
       incurred since Nov. 1, 2006, up to a maximum of
       US$750,000.

The Break-Up Fee would be payable only upon the consummation of
a sale of all or a substantial portion of the Purchased Assets
as a going concern to another entity within six months.

The Debtors request that the Bid Protections be allowed as
administrative expenses of each of the Debtors' estates under
Sections 363(b) and 503(b) of the Bankruptcy Code.

Further, the Debtors ask the Court to direct that the Bid
Protections owing to IAC NA be a carve-out from any liens and
security interests of the Debtors' senior, secured lenders in
the Purchased Assets that must be paid to IAC NA before any
distribution can be made to any Lender from the Purchased
Assets.

In addition, pursuant to the APA, the Debtors have agreed to
provide certain overbid protections.  In particular, (a) a
competing bidder, if any, for all or a substantial part of the
Purchased Assets must submit an initial minimum overbid of
US$5,340,000 more than the Purchase Price and (b) any bids made
thereafter must be in additional increments of at least
US$500,000 more than the Purchase Price; provided that the
Debtors will retain the right to modify the bid increment
requirements at the Auction.

                        Bidding Process

To participate in the sale process, each potential bidder will
deliver to the Debtors:

   (a) an executed confidentiality agreement in form and
       substance satisfactory to the Debtors; and

   (b) current audited financial statements or other financial
       information of the potential bidder demonstrating its
       ability to close the proposed transaction and to provide
       adequate assurance of future performance to
       counterparties to any executory contracts and unexpired
       leases to be assumed and assigned.

The Debtors may afford each potential bidder due diligence
access to the Purchased Assets.  Lazard Freres & Co. LLC will
coordinate all reasonable requests for additional information
and due diligence access from the bidders.

The Debtors, in consultation with JPMorgan Chase Bank, N.A., as
agent for the Debtors' prepetition senior secured lenders; and
the Official Committee of Unsecured Creditors, will select the
qualified bidders.  A Qualified Bidder is a Potential Bidder
determined to be reasonably likely to submit a bona fide offer
and to be able to consummate the Sale if selected as the
successful bidder.

Only Qualified Bids will be considered by the Debtors.
Qualified Bids must include:

   (a) An executed copy of an asset purchase agreement that is:

         i. marked to reflect changes to the APA;

        ii. irrevocable until the earlier of June 30, 2007 or
            two business days after a Sale is consummated; and

       iii. for the purchase of the Purchased Assets "as is,
            where is" in exchange for a cash purchase price that
            exceeds the Purchase Price by at least US$5,340,000
            and the assumption or otherwise equivalent value of
            at least the Assumed Liabilities;

   (b) Provides for payment of the US$1,340,000 Break-Up Fee and
       US$3,000,000 Expense Reimbursement directly to IAC NA
       upon closing of the Sale;

   (c) Financial and other information setting forth adequate
       assurance of future performance under Section 365 of the
       Bankruptcy Code in a form requested by the Debtors to
       allow them to serve the information within one business
       day after the receipt on counterparties to any executory
       contracts and unexpired leases being assigned in
       connection with the proposed transaction that have
       requested, in writing, the information;

   (d) A good faith cash deposit in the form of a bank or
       certified check payable to the order of Collins & Aikman
       Corp. in an amount equal to at least 5% of the cash
       purchase price included in the APA; and

   (e) A written statement that the bid is not conditioned on
      (i) obtaining financing or other financing contingencies
       or (ii) the outcome of unperformed due diligence by the
       bidder or any other due diligence contingencies.

Bid Packages must be received on or before 4:00 p.m. prevailing
Eastern Time on May 17 and, except as may be instructed
otherwise with respect to the Good Faith Deposit, should be
delivered to:

    -- Counsel to the Debtors

         David L. Eaton
         Ray C. Schrock
         Marc J. Carmel
         Kirkland & Ellis LLP

         200 East Randolph Drive
         Chicago, Illinois 60601
         Telephone: (312) 861-2000
         Facsimile: (312) 861-2200

    -- Investment Bankers to the Debtors

         Eric Mendelsohn
         Lazard Freres & Co. LLC
         30 Rockefeller Plaza
         New York, New York 10020
         Telephone: (212) 632-6000
         Facsimile: (212) 830-3411

The Debtors, upon receipt of each Bid Package, will distribute a
copy of the Bid Package to counsel for JPMorgan, the Creditors
Committee and IAC NA.

After the Bid Deadline and after consulting with JPMorgan and
the Committee, the Debtors will determine which Qualified Bid
represents the Initial Bid, the bid, at that point, that
provides the highest or otherwise best value to the Debtors.

                            Auction

If the Debtors receive a Qualified Bid in addition to the IAC NA
Asset Purchase Agreement by the Bid Deadline, they will conduct
an Auction.  The Auction will take place at Kirkland & Ellis
LLP, Citigroup Center, 153 East 53rd Street, New York, New York,
on May 21 commencing at 10:00 a.m. prevailing Eastern Time.

The Auction will be governed by these procedures:

   (a) Only a Qualified Bidder who has submitted a Qualified
       Bid will be eligible to participate at the Auction.

   (b) Each Qualified Bidder will be required to confirm that
       it has not engaged in any collusion with respect to the
       bidding or the Sale.

   (c) The Auction will begin with the Initial Bid and proceed
       in minimum additional increments of US$500,000.

   (d) US$4,340,000, the amount of the Expense Reimbursement and
       the Break- Up Fee, will be added to and deemed a part of
       any bid of IAC NA.

   (e) The Auction will be conducted openly and each bidder
       shall be informed of the terms of the previous bid.

   (f) The Auction will continue until there is only one offer
       that the Debtors determine, after consulting with
       JPMorgan and the Committee, is the Successful Bid.

In determining which Qualified Bid to select as the Successful
Bid, the Debtors may consider, among other things,

   (i) the amount of the purchase price,

  (ii) the form of consideration being offered,

(iii) the likelihood of the Qualified Bidder's ability to close
       a transaction and the timing thereof, and

  (iv) the net benefit to the Debtors' estates and their
       creditors.

                         Sale Hearing

The Debtors will present the Successful Bid to the Bankruptcy
Court for approval on May 24 at 2:00 p.m. prevailing
Eastern Time.

Following the Sale Hearing, if the Successful Bidder fails to
consummate an approved Sale because of a breach or failure to
perform on the part of the Successful Bidder,

   (a) the next highest or otherwise best Qualified Bid, as
       disclosed at the Sale Hearing, will be automatically
       deemed to be the Successful Bid,

   (b) the bidder will be subject to these Bidding Procedures as
       if the bidder were originally determined to be the
       Successful Bidder, and

   (c) the Debtors will be authorized to consummate such Sale
       without further order of the Bankruptcy Court.

                 Return of Good Faith Deposit

Good Faith Deposits of all Qualified Bidders will be held in
escrow until the earlier of:

   (a) three business days after all assets upon which the
       bidder is bidding have been disposed of pursuant to the
       Bidding Procedures; or

   (b) July 1, 2007 and (ii) if a Successful Bidder fails to
       close the Sale, the party's Good Faith Deposit will be
       forfeited to, and retained irrevocably by, the Debtors,
       and the Debtors specifically reserve the right to seek
       all appropriate additional damages from the Successful
       Bidder.

                     Reservation of Rights

The Debtors may in their sole discretion, after consulting with
JPMorgan and the Creditors Committee, modify the Bidding
Procedures or impose, at or prior to the Auction, additional
customary terms and conditions on the Sale of the Purchased
Assets so long as the modifications or additional terms are
consistent with and the provisions of the APA.

As previously reported in the TCR-Europe on April 25, the Carpet
& Acoustics Division include 16 facilities located in the United
States,Canada and Mexico with annual revenues of approximately
US$615,000,000.  The facilities supply a broad range of
automotive interior carpet and acoustic products including
molded flooring systems, accessory mats, dash insulators,
package trays and trunk liners.

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. 59; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


COLLINS & AIKMAN: Court OKs Sale Process for Interior Plastics
--------------------------------------------------------------
The Honorable Judge Steven W. Rhodes of the U.S. Bankruptcy
Court for the Southern District of Michigan grants Collins &
Aikman Corp. and its debtor-affiliates' request regarding the
sale process for their Interiors Plastics Group, including the
bidding procedures, expense reimbursement, determination of
final cure amounts, and approval and authorization to serve the
sale notice.

The expense reimbursement will be the exclusive remedy of the
proposed purchaser and its affiliate of the asset purchase
agreement.

The overbid protections are approved in accordance with the
terms of the Asset Purchase Agreement dated March 30, 2007,
between the Debtors and Cadence Innovation LLC.  The Debtors are
authorized, without further action or order by the Court, to pay
the expense reimbursement in accordance with the APA.

Except as otherwise agreed to by the parties to an assumed
agreement, at the closing, the Debtors will cure the defaults
under the Assumed Agreements that have been assumed at the
Closing that need to be cured in accordance with Section 365(b)
of the Bankruptcy Code, by payment of the cure amounts and
providing adequate assurance of promptly paying the cure
amounts.

Any credit bid for equipment and related property will not be a
qualified bid, if it would make the sale of the remainder of the
property at the relevant plant and the related business
reasonably impracticable at what would otherwise be the highest
and best terms available to the Debtors' estates.

                          Bidding Process

In determining the successful bid at the auction, the Debtors
will consider, among other things, the total consideration to be
received by their estates as well as other financial and
contractual terms relevant to the sale, including those factors
affecting speed and certainty of consummating the sale.

To participate in the sale process, each bidder will deliver to
the Debtors:

   (a) an executed confidentiality agreement in form and
       substance satisfactory to the Debtors; and

   (b) current audited financial statements or other financial
       information of the bidder, or, if the bidder is an entity
       formed for the purpose of acquiring the Purchased Assets,
       current audited financial statements or other financial
       information of the equity holders of the bidder, or other
       forms of financial disclosure acceptable to the Debtors,
       demonstrating the bidder's ability to close the proposed
       transaction and to provide adequate assurance of future
       performance to counterparties to any executory contracts
       and unexpired leases to be assumed and assigned.

A potential bidder that desires to make a bid will deliver
written copies of its bid on or before 4:00 p.m. prevailing
Eastern Time on May 3 to:

    -- the Debtors' counsel, Kirkland & Ellis LLP;

    -- Debtors' investment bankers, Donnelly Penman & Partners;

    -- agent for their senior, secured prepetition lenders;

    -- counsel for the Official Committee of Unsecured
       Creditors; and

    -- counsel to Cadence.

All Qualified Bids must include these documents:

   (a) An executed copy of an asset purchase agreement including
       schedules and exhibits all marked to reflect changes to
       the Cadence APA for the purchase of the Purchased Assets
       "as is, where is", which will remain irrevocable until
       the earlier of:

          (i) two business days after the Purchased Assets have
              been disposed of pursuant to the Bidding
              Procedures and

         (ii) June 30;

   (b) The Qualified Bidder APA will provide for:

          (1) a cash purchase price no less than the sum of (a)
              the Purchase Price plus (b) US$3,000,000 plus (c)
              US$1,000,000; and

          (2) the assumed liabilities to be no less than the
              Assumed Liabilities that would otherwise be
              postpetition liabilities even in the event of the
              rejection of contracts provided by the Proposed
              Purchaser;

   (c) Financial and other information setting forth adequate
       assurance of future performance under Section 365 of the
       Bankruptcy Code in a form requested by the Debtors to
       allow the Debtors to serve the information within one
       business day after the receipt on counterparties to any
       executory contracts and unexpired leases being assigned
       in connection with the proposed transaction that have
       requested, in writing, the information;

   (d) With the exception of Cadence, a good faith cash deposit
       in the form of a bank or certified check payable to the
       order of Collins & Aikman Corp. in an amount equal to at
       least 5% of the cash purchase price included in the APA;
       and

   (e) A written statement that the bid is not conditioned on
      (i) obtaining financing or other financing contingencies
       or (ii) the outcome of unperformed due diligence by the
       bidder or any other due diligence contingencies.

The Debtors may afford each potential bidder due diligence
access to the Purchased Assets.  The Debtors designate KZC
Services LLC to coordinate all reasonable requests for
additional information and due diligence access from such
bidders.

                            Auction

An auction is scheduled for May 14 if a qualifying bid in
addition to the APA timely received.

The auction will take place at Kirkland & Ellis LLP, Citigroup
Center, 153 East 53rd Street, New York, New York 10022.

The auction will be governed by these procedures:

   (1) Only a bidder who has submitted a Qualified Bid will be
       eligible to participate at the Auction.

   (2) Each bidder will be required to confirm that it has not
       engaged in any collusion with respect to the bidding or
       the Sale.

   (3) Bidding will commence at the amount of the highest
       Qualifying Bid submitted prior to the Auction and each
       bidder shall then be permitted to increase its bid
       consistent with the overbid protections to Cadence.

   (4) The Auction will be conducted openly and each bidder will
       be informed of the terms of the previous bid.

   (5) The auction will continue until there is only one offer
       that the Debtors determine, after consulting with the
       Prepetition Agent and the Committee, is the highest or
       otherwise best offer from among the bids submitted by the
       Proposed Purchaser and the other bidders at the Auction.
       In making this determination, the Debtors may consider,
       among other things, (i) the amount of the purchase price,
       (ii) the form of consideration being offered, (iii) the
       likelihood of the bidder's ability to close a transaction
       and the timing thereof and (iv) the net benefit to the
       Debtors' estates, which bid will be designated the
       "Successful Bid."  The Debtors will present the
       Successful Bid to the Bankruptcy Court for approval at
       the sale hearing.

   (6) Within one business day after adjournment of the Auction,
       the Successful Bidder will complete and execute all
       agreements, contracts, instruments or other documents
       evidencing and containing the terms and conditions upon
       which the Successful Bid was made.

                         Sale Hearing

The sale hearing will be conducted on May 17, at 9:30 a.m.,
Eastern Time.

Upon failure to consummate the sale because of a breach on the
part of the successful bidder after an order entered at or after
the sale hearing, the Debtors will be permitted to select the
next highest or otherwise best bid to be the successful bid and
to consummate the transaction without further Court order.

Good Faith Deposits of all bidders will be held in escrow until
the earlier of (a) three business days after all assets upon
which the bidder is bidding have been disposed of pursuant to
these Bidding Procedures and (b) July 1, 2007.  If a Successful
Bidder fails to close the Sale, the party's Good Faith Deposit
will be forfeited to, and retained irrevocably by, the Debtors,
and the Debtors reserve the right to seek all appropriate
additional damages from the Successful Bidder.

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. 59; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


COMMAND PUBLICITY: Taps Chris Williams to Liquidate Assets
----------------------------------------------------------
Chris Williams of McTear Williams & Wood was appointed
liquidator of Command Publicity Ltd. on April 13 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Command Publicity Ltd.
         1 The Matchyns
         London Road
         Rivenhall
         Witham
         CM8 3HA
         England
         Tel: 01376 535 400
         Fax: 01376 535 422


DGK STRUCTURES: Names Tracy Ann Taylor Liquidator
-------------------------------------------------
Tracy Ann Taylor of Abbey Taylor Ltd. was appointed liquidator
of DGK Structures Ltd. on April 12 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         DGK Structures Ltd.
         Manor Farm Business Center
         Gussage St. Michael
         Wimborne
         BH21 5HZ
         England
         Tel: 01258 841 084
         Fax: 01258 841 094


FINEFORM EUROPE: Claims Filing Period Ends May 30
-------------------------------------------------
Creditors of Fineform Europe Ltd. have until May 30 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         David Kirk
         Liquidator
         5 Barnfield Crescent
         Exeter
         Devon
         EX1 1RF
         England

David Kirk was appointed liquidator of the company on April 12
by resolutions of members and creditors.


GORDON RUSSELL: Hires Smith & Williamson to Administer Assets
-------------------------------------------------------------
Anthony Murphy and Robert Horton of Smith & Williamson Ltd. were
appointed joint administrators of Gordon Russell (U.K.) Ltd.
(Company Number 04398285) on April 4.

According to Tony Donnely of Evesham Journal, Mr. Murphy
confirmed that seven jobs were lost through compulsory
redundancy in its factory at Worcester.

Mr. Murphy also added that the company still continues to trade
normally and that several offer for the company had been made.

"We would expect to have several firm offers on the table by the
end of this week or the beginning of next," Mr. Murphy was
quoted by Evesham Journal as saying.

Headquartered in Worcester, England, Gordon Russell --
http://www.gordon-russell.com/-- is a leading British
manufacturer of quality office furniture.


HINTRENT LTD: Claims Filing Period Ends May 29
----------------------------------------------
Creditors of Hintrent Ltd. have until May 29 to send their names
and addresses with particulars of their debts or claims, and the
names and addresses of their solicitor (if any) to:

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

Ashok K. Bhardwaj of Bhardwaj Insolvency Practitioners was
appointed liquidator of the company on April 16.


HOMESAFE SYSTEMS: Brings In A. Poxon to Liquidate Assets
--------------------------------------------------------
A. Poxon of DTE Leonard Curtis was appointed liquidator of
Homesafe Systems Ltd. on April 16 for the creditors' voluntary
winding-up proceeding.

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

The company can be reached at:

         Homesafe Systems Ltd.
         Dale Street
         Milnrow
         Rochdale
         OL16 3NW
         England
         Tel: 01706 718 404
         Fax: 01706 655 530


INNOVATION RECRUITMENT: Calls On Creditors to Submit Claims
-----------------------------------------------------------
Creditors of Innovation Recruitment (Kettering) Ltd. are invited
to prove their debts and submit their claims in writing to:

         A. S. Wood
         Joint Liquidator
         Mazars LLP
         Lancaster House
         67 Newhall Street
         Birmingham
         B3 1NG
         England


INVENSYS PLC: Applies to List 590,000 Ordinary Shares on LSE
------------------------------------------------------------
Application has been made to The U.K. Listing Authority and the
London Stock Exchange for a block listing of 590,000 Invensys
plc Ordinary shares of 10p each under the Invensys 1998 Senior
Executive Long Term Incentive Plan, to trade on the London Stock
Exchange and to be admitted to the Official List upon issuance.

                        About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.

At Dec. 31, 2006, the company's balance sheet showed GBP1.9
billion in total assets and GBP2.1 billion in total liabilities,
resulting in a GBP219-million stockholders' deficit.

                        *     *     *

Invensys Plc carry these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B2
      -- Outlook: Stable

   * Standard & Poor's Ratings Services:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook: Positive

   * Fitch Ratings:

      -- Long-Term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: B+
      -- Short Term: B
      -- Outlook: Stable


KJB CONSTRUCTION: Claims Filing Period Ends September 17
--------------------------------------------------------
Creditors of KJB Construction Ltd. have until Sept. 17 to send
in their full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to:

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

Michael Francis McCarthy of Walletts Insolvency Services was
appointed liquidator of the company on April 17.


KWIKFRUITS NORTHERN: Claims Filing Period Ends May 11
-----------------------------------------------------
Creditors of Kwikfruits (Northern) Ltd. have until May 11 to
send in their names and addresses, with particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to:

         Alex Kachani
         Liquidator
         Crawfords
         Stanton House
         41 Blackfriars Road
         Salford
         Manchester
         M3 7DB
         England


MANA ENTERPRISES: Hires J. M. Titley as Liquidator
--------------------------------------------------
J. M. Titley of DTE Lenard Curtis was appointed liquidator of
Mana Enterprises Ltd. (formerly Mia Enterprises Ltd.) on April
13 for the creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Mana Enterprises Ltd.
         41 Broughton Street
         Manchester
         M8 8AN
         England
         Tel: 0161 819 2323


OMEGA TILE: Calls In Liquidator from HKM LLP
--------------------------------------------
Jason Groocock of HKM LLP was appointed liquidator of Omega Tile
Ltd. on April 13 for the creditors' voluntary winding-up
procedure.

HKM LLP -- http://www.hkm.co.uk/-- is an independent and
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.

The company can be reached at:

         Omega Tile Ltd.
         3 Millsborough Road
         Redditch
         B98 7BY
         England
         Tel: 01527 666 08
         Fax: 01527 659 42


OWEN OWEN: Philip Duffy Confident About Department Stores' Sale
---------------------------------------------------------------
Philip Duffy, joint administrator of Owen Owen Ltd. department
store chain, is confident that a buyer will emerge to rescue the
Lewis's department store, Daily Post reports.

"We are in talks with two companies.  They are both retailers,
not property firms, but I don't know what their plans are if
they buy the stores," Mr. Duffy told Daily Post.  "I'm hopeful
there will be some news sooner rather than later, but I can't
give any guarantees."

According to the report, Mr. Duffy hopes to sell Lewis's, Robbs
and Joplings stores in a single deal with a buyer.

Esslemont & MacIntosh, another Owen Owen Ltd. chain, is expected
to close early May with the loss of 107 jobs.

"It is disappointing that a buyer for Esslemont & MacIntosh has
not been secured to date.  Without a decision from interested
parties, the level of stockholding in this store makes the
continuity of trade non-profitable beyond May 5 and unless a
deal can be reached before this date, we will be forced to close
the store next month," Mr. Duffy was quoted by Daily Post as
saying.

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.

Owen Owen Ltd. operates department stores in the U.K.  The
largest store it operates is Lewis's in Liverpool, England,
which employs 250 staff.  It operates three other stores in
Sunderland, Hexhamand Aberdeen.  The Owen Owen brand name is no
longer used, but Owen Owen is the name of the operating company.
Owen Owen Ltd. (Company Number 00167385) went into
administration on Feb. 28.


OXFORD INDOOR: Appoints Liquidator from Bridgestones
----------------------------------------------------
Jonathan Lord of Bridgestones was appointed liquidator of Oxford
Indoor Paintball Ltd. on April 5 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Oxford Indoor Paintball Ltd.
         Threeways House
         Gloucester Green
         Oxford
         OX1 2BT
         England
         Tel: 01865 200 233
         Fax: 01865 201 150


PETER REED: Names In William Kings Liquidator
----------------------------------------------
Ian William Kings of Tenon Recovery was appointed liquidator of
Peter Reed Contracts Ltd. on April 11 for the creditors'
voluntary winding-up procedure.

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

The company can be reached at:

         Peter Reed Contracts Ltd.
         Petersbrooke Field House Farm
         Dalton Piercy
         Hartlepool
         TS27 3HY
         England
         Tel: 01429 223 746
         Fax: 01429 267 367


PUBLISHERS BOOK: Taps Liquidators from The P&A Partnership
----------------------------------------------------------
Allan Cooper and Christopher Michael White of The P&A
Partnership were appointed joint liquidators of Publishers Book
Clearance Ltd. on April 11 for the creditors' voluntary winding-
up proceeding.

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

The company can be reached at:

         Publishers Book Clearance ltd.
         44 Sandside
         Scarborough
         YO11 1PG
         England
         Tel: 01723 500 350


PUMMELO LTD: Brings In Liquidator from Cranfield Recovery
---------------------------------------------------------
Tony Mitchell of Cranfield Recovery Ltd. was appointed
liquidator of Pummelo Ltd. on April 17 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Pummelo Ltd.
         7a Shrieves Walk
         Stratford upon Avon
         CV37 6GJ
         England
         Tel: 01789 262 523


RECRUITMENT EXHIBITIONS: Hires Liquidator from Singlan & Co.
------------------------------------------------------------
Surjit Kumar Singla of Singla & Co. was appointed liquidator of
Recruitment Exhibitions Ltd. on April 18 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Recruitment Exhibitions Ltd.
         Amersham House
         Mill Street
         Berkhamsted
         HP4 2DT
         England
         Tel: 01442 200 120
         Fax: 01442 876 644


SEA CONTAINERS: Court Approves PwC Legal as U.K. Counsel
--------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates obtained authority
from the U.S. Bankruptcy Court for the District of Delaware to
employ PricewaterhouseCoopers Legal LLP as their United Kingdom
pension and labor counsel, nunc pro tunc to Feb. 23.

As reported in the Troubled Company Reporter on Apr. 16, SCL
related that the UK pension laws underwent significant reform
from April 2005.  Given the prior decision of management to
engage Kirkland & Ellis LLP as its lead bankruptcy counsel, the
Debtors require the assistance of experienced outside pension
counsel, who can provide advice regarding the new pension laws,
during the pendency of the Chapter 11 cases.

SCL told the Court that PwC Legal's assistance is also required
in respect of UK labor law, predominantly on daily labor law
advice arising in the course of or in relation to the Debtors'
business and the Chapter 11 process, including verification and
endorsement that actions taken by the Debtors to comply with the
Bankruptcy Code do not conflict with the requirements of United
Kingdom labor law.  The Debtors also need assistance on matters
where joint pension and labor law assistance is required.

PwC Legal is expected to:

   (1) as to issues arising from their or their subsidiaries'
       participation in defined benefit pension schemes
       established under U.K. law, including advice in relation
       to regulatory issues and ceasing to participate;

   (2) on daily issues that arise, including verification and
       endorsement that the Debtors' actions comply with the
       Bankruptcy Code and do not conflict with the requirements
       of the U.K.; and

   (3) on contentious matters, including claims brought against
       the Debtors in any court or employment tribunal.

PwC Legal's services will be paid based on the firm's customary
hourly rates:

      Designation                             Hourly Rate
      -----------                           ---------------
      Partners & Heads of Practice Areas    GBP450 - GBP500
      Assistant Solicitors                  GBP275 - GBP350
      Trainee Solicitors                    GBP150 - GBP170

Darryl Evans, Esq., a member of PwC Legal, assures the Court
that his firm is a "disinterested person" as that term is
defined in Section 101(14) of the Bankruptcy Code.

Sea Containers Ltd. also discloses that PwC Legal is a member of
PricewaterhouseCoopers LLP's network of firms and is the
associated law firm of PwC in the U.K.  It is a separate legal
entity from PwC.

                       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.


SOLUTIA INC: Wants to Extend Plan Filing Period Through July 30
---------------------------------------------------------------
Solutia Inc., et al., ask the U.S. Bankruptcy Court for the
Southern District of New York to extend their exclusive periods
an additional 90 days each, with their exclusive period to file
a reorganization plan through and including July 30, and their
exclusive period to solicit acceptances for that plan through
and including September 28.

The Debtors relate that since the March 12 hearing on their
prior request for an extension, they have continued to make
significant progress with plan of reorganization negotiations by
bringing all of its stakeholders together for settlement
discussions.

On April 10, Solutia met with and provided its stakeholders with
a proposal to modify the plan of reorganization as a starting
point for negotiations between and among Solutia and all of its
stakeholders.

Solutia believes that the plan proposal sets forth a rational
and reasonable settlement of all of the unresolved issues in the
Chapter 11 cases and intended for the proposal to act as a
platform for discussion and good faith negotiations.

At the end of the April 10 meeting, Monsanto Company and the Ad
Hoc Committee of Solutia Noteholders informed Solutia that they
had reached a settlement between themselves and wanted Solutia
to join the settlement.

On April 16, after extensive deliberations regarding the
settlement with its Board of Directors, Solutia responded by
letter to the settlement by proposing to modify the Plan
proposal.  Other major stakeholders were also invited to
participate in a follow up negotiation session scheduled for
April 23.

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
states that the negotiations demonstrate the divergent interests
of Solutia's stakeholders on familiar Plan confirmation issues.
However, they also highlight what the creditors have in common.

Solutia believes that the creditors understand the importance of
the settlement reached between Solutia and Monsanto regarding
the reallocation of legacy liabilities.  As a result, Solutia
believes the creditors want to structure a modification to the
Plan that preserves the legacy liability reallocation
settlement.

Mr. Henes points out that since the last exclusivity hearing,
Solutia has completed three key value-maximizing efforts:

    -- Proposed auction of its Dequest water-treatment
       phosphonates business.  The auction is scheduled for
       May 16, and the sale hearing on May 18.  Even if no
       higher or better offers are received, Solutia will
       receive at least US$60,000,000.

    -- Acquisition of Akzo Nobel N.V.'s stake in Flexsys, the
       50%/50% rubber chemicals joint venture between Akzo and
       Solutia.  Owning Flexsys will improve Solutia's earnings
       and cash flow and enhance Solutia's credit metrics by
       decreasing Solutia's debt-to-EBITDAR ratio.

    -- Proposed settlement of Solutia's claims against FMC
       Corporation relating to the Astaris joint venture.  Under
       the settlement, Solutia will receive US$22,500,000 from
       FMC.  The settlement proposal will be heard on May 1.

Solutia assures the Court that it is not seeking an extension of
exclusivity to pressure creditors.  Given the significant
progress made since the March 12 hearing, Solutia should be
afforded additional time to continue the ongoing negotiations
with its stakeholders and to file a plan in the very near
future, Mr. Henes says.

There is no dispute that the Debtors' Chapter 11 cases are
complex and involve a number of competing and ever-evolving
stakeholders, Mr. Henes notes.  Moreover, no party will be
prejudiced by an extension of the Exclusive Periods because
Solutia is paying its debts as they become due -- a factor that
strongly favors extending exclusivity, he adds.

Unresolved contingent liabilities, including the JPMorgan
Adversary Proceeding and the Equity Committee Adversary
Proceeding also warrant an extension of exclusivity.  The
contingent liabilities shape the overall structure of any
confirmable plan, Mr. Henes states.  Only the Debtors are in a
position to balance the competing interests among the
stakeholders and to propose a plan at this point that addresses
the contingent liabilities and satisfies the Bankruptcy Code's
distribution scheme, he asserts.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 84; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


SOLUTIA INC: Committees Want Exclusive Periods Terminated
---------------------------------------------------------
The Official Committee of Equity Security Holders and Ad Hoc
Committee of Solutia Inc. Noteholders ask the U.S. Bankruptcy
Court for the Southern District of New York to terminate the
Debtors' exclusive period to file a plan of reorganization and
solicit acceptances.

(1) Equity Committee

The Equity Committee relates that the Debtors' Chapter 11 cases
have been stagnant for almost four years and the Debtors remain
mired in litigation with the Ad Hoc Committee of Noteholders, at
the same time cling to the core of a proposed settlement with
Monsanto Company and Pharmacia Corp. that significantly limits
the Debtors' reorganization options.

Karen B. Dine, Esq., at Pillsbury Winthrop Shaw Pitman LLP, in
New York, asserts that the Debtors have proven unable to develop
a confirmable plan that realizes the full value of their
estates.  The Equity Committee believes that the plan the
Debtors will finally propose will once again fail to maximize
the value of the estates and will be uncomfortable, she says.

"Termination of exclusivity will open the plan of reorganization
process so that the Equity Committee can propose a plan designed
to maximize value of these estates through a sale of certain
business assets, and reorganize around viable and strong
remaining businesses, which the Equity Committee submits could
provide a full recovery for unsecured creditors as well as a
meaningful recovery to the public shareholders," Ms. Dine tells
the Court.

If the Court terminates exclusivity, permitting the Equity
Committee access the Debtors' books and records, and other
confidential information, the Equity Committee is confident that
it can find potential buyers willing to purchase the sale
businesses for considerable value in an open, competitive
process.

The Equity Committee is also considering and analysing whether,
even without the sale of assets, a plan can be proposed
providing for full recovery to the senior creditors and preserve
and provide any additional value for the public shareholders,
Ms. Dine informs the Court.

Moreover, at this late stage of the Debtors' Chapter 11
proceedings, the Court, together with all of the Debtors'
constituents, should be entitled to consider alternative plans,
on parallel tracks, Ms. Dine points out.

Ms. Dine states that it has become apparent that the Debtors are
now focused only on an expedient plan proposal designed to allow
them to exit Chapter 11 as quickly as possible, rather than
focusing on a result that would maximize value to benefit all
parties-in-interest.

For instance, she notes, the Debtors' 2007 annual incentive
program originally proposed to reward "those executives and
other key employees of the Company who have a significant role
in the bankruptcy process to incent them to strive for a prompt
emergence from bankruptcy for the Company, and to focus on the
maximization of enterprise value."

While the Equity Committee proposed a supplement to be added to
the AIP to provide even greater rewards to management for
maximizing value in the plan process, in a last-minute effort to
appease the Bondholders, the Debtors amended the AIP to, among
other things, eliminate the language tying senior management's
bonuses to the enterprise value of the company, and instead,
encourages management to focus on a speedy emergence from
Chapter 11 at the expense of the incentive to obtain the maximum
value for the Debtors, Ms. Dine argues.

Although the Debtors' sole priority is now a speedy emergence
from Chapter 11, it still remains unclear which path towards
emergence Solutia intends to pursue.  In contrast, the Equity
Committee is extremely focused on developing a resolution and
plan that will maximize recoveries to all stakeholders, Ms. Dine
maintains.

The Debtors cannot use adversary proceedings as a shield to
protect themselves in light of the Equity Committee's ability to
propose a plan that would satisfy the parties' claims for relief
in the litigations, Ms. Dine says.

Ms. Dine relates that JPMorgan Chase Bank, National Association,
as indenture trustee, commenced on May 27, 2005 Adversary
Proceeding No. 05-01843 against Solutia.  The trial was
concluded on July 10, 2006, however, the Court has not yet ruled
on it.

The Debtors are quick to assume that a confirmable plan can
provide for a reserve in an amount sufficient to satisfy the
claims of the Bondholders to the extent liens are reinstated.
The Equity Committee's modified sale plan, however, provides
that the Bondholders will be paid in full, thus nullifying the
Bondholder Adversary Proceeding, Ms. Dine tells the Court.

The Equity Committee filed an adversary proceeding on March 7,
2005, against New Monsanto and Pharmacia.  The parties agreed to
a standstill on January 11.  On April 6, the Equity Committee
notified New Monsanto and Pharmacia of its intent to terminate
the standstill agreement and move forward with the adversary
proceeding.

Any plan proposed by the Debtors that does not take the Equity
Committee Adversary Proceeding into account is simply
unrealistic and unconfirmable, Ms. Dine insists.

Furthermore, terminating the exclusive periods will not impede
the Debtors' ability to continue to formulate their own plan of
reorganization and move forward with their own efforts to emerge
from bankruptcy, Ms. Dine points out.

(2) Noteholders Committee

Bennett J. Murphy, Esq., at Hennigan, Bennett & Dorman LLP, in
Lose Angeles, California, relates that after three and a half
years, the Debtors' principal constituencies -- Monsanto and the
Noteholders, have agreed on terms for a plan of reorganization.

The modified Plan, which is the product of the settlement
discussions suggested by the Court on March 12, 2007, at the
conclusion of the Debtors' 10th request to extend their
exclusive periods, provides for Monsanto and the Noteholders to
make major concessions in a fair and reasonable compromise of
pending litigation and to general unsecured creditors.  It is
also confirmable whether or not the class accepts the settlement
Plan, he says.

On April 10, the Noteholders Committee and Monsanto
presented the Settlement Plan with the following key components:

    -- Monsanto would substantially reduce the equity stake it
       would receive in reorganized Solutia, as compared to the
       global settlement;

    -- Monsanto would fully perform all of the obligations of
       the former Global Settlement notwithstanding receiving
       less compensation via its reduced equity stake;

    -- Noteholders would receive less than the full recovery
       they would receive as secured creditors, in a fair and
       reasonable compromise of the JPMorgan Adversary
       Proceeding;

    -- Noteholders would agree to commit new capital to assure
       that the Debtors will have adequate cash for the funding
       obligations under the Global Settlement and the retiree
       settlement by "backstopping" a US$200,000,000 rights
       offering;

    -- general unsecured creditors would receive equity in
       reorganized Solutia and an opportunity to acquire more in
       the rights offering;

    -- general unsecured creditors and equity security holders
       would be offered warrants for stock in reorganized
       Solutia, allowing them to participate in the potential
       "upside" value of reorganized Solutia post-emergence;

    -- general unsecured creditors would receive substantially
       more than if the Noteholders were successful in the
       JPMorgan Adversary Proceeding; and

    -- all complex issues in the pending JPMorgan and Equity
       Committee adversary proceedings will be resolved without
       the delay and expense attendant to further proceedings in
       the Court and potential appeals.

"In an astonishing and dismaying response, the Debtors have
refused to seek confirmation of the plan. . . The Debtors - as
stakeholders - should not be permitted to stand in the way of a
confirmable plan providing for a comprehensive settlement of
litigation that will otherwise mire these cases in expense and
delay for years," Mr. Bennett argues.

Mr. Bennett tells the Court that it has been evident to the
Noteholders Committee for quite some time that the Debtors are
pursuing a different strategy as partisans, aimed at serving the
interests of general unsecured creditors over those of
Noteholders, even if the results are enormous litigation costs
and long delays in the Debtors' emergence from bankruptcy.

The Debtors have even withheld from the Court the fact that the
discussions held at the direction of the Court succeeded by
producing a confirmable settlement plan, Mr. Bennett points out.
The Debtors' refusal to seek confirmation of the Settlement Plan
makes it obvious that they are merely using their exclusive
periods to pressure the Noteholders and Monsanto into making
further concessions to the holdout class of general unsecured
creditors, he contends.

Mr. Bennett asserts that the Debtors' exclusive period should be
terminated so that the Settlement Plan can be filed and advanced
to confirmation.

                          Debtors Object

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
relates that Solutia pursued an exploratory sales process in the
Fall of 2006.  Solutia received six non-binding indications of
interests wherein three conformed to Solutia's request that
potential purchasers submit bids to purchase substantially all
of the equity of reorganized Solutia.

However, the indications of interest, while robust, were not
sufficient enough to win the support of Solutia's stakeholders,
Mr. Henes says.  The three non-conforming indications of
interest led Solutia to explore the potential of selling certain
businesses in an attempt to generate additional value, he adds.

Mr. Henes argues that the Equity Committee has failed to satisfy
its burden to prove that exclusivity should be terminated.  Its
request, which is tantamount to the appointment of the Equity
Committee itself as a Chapter 11 trustee, is not supported by
the facts or case law, he maintains.

Moreover, the Equity Committee's professed concern that
Solutia's yet-to-be filed Plan will not maximize value should be
resolved in the context of a confirmation hearing, Mr. Henes
asserts.  The Equity Committee's request should be denied, he
tells the Court.

The Equity Committee's goal of requiring single-minded pursuit
of only the Modified Sale Plan should not be forced upon
Solutia, its Board of Directors, or the many other creditors of
Solutia's estates, Mr. Henes argues.  The Board's judgment,
which is the product of significant deliberation and
investigation, to pursue alternatives other than the Modified
Sale Plan, is reasonable and should not be disturbed, he
maintains.

Mr. Henes contends that the Equity Committee's request is in
reality an objection to an as-yet unfilled plan of
reorganization.  It speculates that an amended plan will not
maximize the value of the estate and that it is "highly unlikely
to satisfy the 'best interests of creditors test' under Section
1129(a)(7)(A)(ii) of the Bankruptcy Code.  This is an issue for
plan confirmation and not a ground to terminate exclusivity now,
he points out.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 84; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


TECSEC EUROPE: Claims Filing Period Ends June 25
------------------------------------------------
Creditors of Tecsec Europe Ltd. have until June 25 to send their
names and addresses and the particulars of their debts or
claims, and the names and addresses of their solicitors, if any,
to:

         Peter Richard Dewey
         Liquidator
         Dewey & Co.
         17 St Andrew's Crescent
         Cordiff
         CF10 3DB
         Wales

Peter Richard Dewey of Dewey & Co. was appointed liquidator of
the company on April 16.


TRIPOS INC: Gets Delisting Notice from NASDAQ on Low Equity
-----------------------------------------------------------
Tripos Inc. has received a letter from the Nasdaq Listing
Qualifications Department advising the company that for the year
ended Dec. 31, 2006, Tripos did not comply with the minimum
US$10 million stockholders' equity requirement for continued
inclusion on the NASDAQ Global Market.

Tripos was given until May 3 to provide NASDAQ with a specific
plan to achieve and sustain compliance with all NASDAQ Global
Market listing requirements, including the minimum stockholders'
equity standard, and to indicate a time frame to resolve the
listing deficiency.

As previously reported, Tripos sold its Discovery Informatics
business in March and is currently engaged in efforts to sell
its Discovery Research business.  Tripos is a party to two
letters of intent providing for the sale of its Discovery
Research business and is endeavoring to complete a transaction
in the very near future.  Upon the sale of its Discovery
Research business, Tripos will request that the NASDAQ Global
Market immediately delist its stock and at that time would close
its stock transfer books.

In addition, Tripos is in the process of closing its books for
the first quarter of 2007, and thus does not presently know
whether the gain recognized on its Discovery Informatics sale
will be sufficient to regain compliance with the NASDAQ listing
standard.

If by May 3 Tripos has not completed the sale of its Discovery
Research business and/or has not computed the gain on its
Discovery Informatics sale, the company will inquire of NASDAQ
about what additional steps should be taken to avert a delisting
due to the net worth requirement, including a deferral of any
action by NASDAQ pending completion of the sale of the discovery
research business.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


TRIPOS INC: Receives US$3 Mln Bid for Discovery Research Unit
-------------------------------------------------------------
Commonwealth Biotechnologies Inc. has offered to acquire Tripos
Inc.'s wholly owned subsidiary, Tripos Discovery Research Ltd.,
for US$500,000 in cash, plus base receivables in the amount of
US$1.8 million, as well as the repayment of US$720,559 of inter-
company loans made to the unit by the company.

Under the terms of a term sheet that Tripos and CBI agreed upon,
they will negotiate in good faith a definitive acquisition
agreement pursuant to which CBI will acquire all of the capital
stock of TDR, thereby acquiring the business as a going concern.
The company may, at its discretion, make additional advances to
TDR prior to closing the transaction, which advances will be
repaid out of additional TDR receivables.

The parties are currently negotiating a definitive agreement
with a goal to complete the transaction within 15 days following
the execution of the term sheet, or as promptly thereafter as
practical.

Consummation of the sale will be subject to a number of
conditions, including consent by the boards of both the company
and CBI, receipt of all necessary regulatory approvals in both
the United States and United Kingdom, completion of satisfactory
due diligence by CBI, and certain other customary closing
conditions.  In addition, the definitive agreement will contain
customary representations and warranties, covenants, and closing
conditions and will provide customary indemnities.

The term sheet will expire on May 4 unless the parties have
executed a definitive agreement by that time.  In addition, CBI
may terminate the term sheet at any point prior to its
expiration.

Pursuant to the terms of the term sheet, the company has
retained the right to continue to negotiate with TDR management
regarding the previously disclosed offer to purchase the
business.  Other than this outstanding offer, the company has
agreed that it will not actively solicit any third parties, or
receive and consider other offers to purchase the business, for
a period of 15 days following the execution of the term sheet.
In addition, the company has agreed that there will be no change
in the business structure of the company while the term sheet is
in effect, other than the pursuit of legitimate opportunities to
grow the company's business.

The sale of the business is part of a process, set forth in the
plan of dissolution adopted by the company's board of directors
and recently approved by a vote of the company's shareholders,
that is intended to result in the winding up of the company and
the distribution of the sale proceeds, after the satisfaction of
all debts and other liabilities and corporate obligations, to
shareholders.

As previously disclosed, upon the sale of the business, the
company will be delisted from trading on the Nasdaq Global
Market because it will no longer be an operating business.  At
that point, the company will close its stock transfer books and
there will be no further trading of the company's common stock.

                        About Tripos Inc.

Headquartered in St. Louis, Missouri, Tripos Inc. --
http://www.tripos.com/-- combines leading-edge technology and
innovative science to deliver consistently superior chemistry-
research products and services for the biotechnology,
pharmaceutical and other life science industries.

Within Tripos' Discovery Informatics business, the company
provides software products and consulting services to develop,
manage, analyze and share critical drug discovery information.

Within Tripos' Discovery Research business, Tripos' medicinal
chemists and research scientists partner directly with clients
in their research initiatives, leveraging state-of-the-art
information technologies and research facilities.

At Dec. 31, 2006, the company's balance sheet showed US$35.4
million in total assets and US$36.9 million in total
liabilities, resulting in a US$5.4 million total stockholders'
deficit.


TYNE TUNNEL: Hires Liquidators from Tait Walker
-----------------------------------------------
Gordon Goldie and Allan David Kelly of Tait Walker was appointed
liquidator of Tyne Tunnel Engineering Ltd. (formerly Groomlodge
Ltd.) on April 13 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Tyne Tunnel Engineering Ltd.
         Narvik Way
         Tyne Tunnel Trading Estate
         North Shields
         NE29 7XJ
         England
         Tel: 0191 258 0585
         Fax: 0191 296 1745


VENTEK LTD: Appoints Paul J. Webb as Liquidator
-----------------------------------------------
Paul J. Webb of Mayfields Insolvency Practitioners was appointed
liquidator of Ventek Ltd. on April 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Ventek Ltd.
         Starcrest Industrial Estate
         Talbots Lane
         Brierley Hill
         DY5 2YT
         England
         Tel: 01384 794 14
         Fax: 01384 794 34


* BOOK REVIEW: A Treatise on the Right of Property in Tide
               Waters
----------------------------------------------------------
Author:     Joseph K. Angell
Publisher:  Beard Books
Paperback:  440 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/158798105X/internetbankru
pt

Jospeh Angell's A Treatise on the Right of Property in Tide
Waters has been widely received as a leading authority on this
topic both in the United States and in England.

This was the first detailed work published in the United States
concerning principles which relate to the right of property in
tide waters, i.e., those waters in which there is an ebbing and
flowing of the tide.

There is a broad scope of topics covering such areas as the
development of common law doctrines, the right of fishery,
delimitation, the right to seaweed, rights acquired by
prescription and custom, statutes and usage, adjoining owner
rights, and wrecked property thrown on the shore.

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *