TCREUR_Public/070501.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Tuesday, May 1, 2007, Vol. 8, No. 85

                            Headlines


A U S T R I A

3-A LLC: Estate Administrator Declares Insufficient Assets
AMADESS ZIEGELHAUS: Vienna Court Orders Business Closure
AUTOMONDIAL KFZ: Estate Administrator Says Insufficient Assets
BSF LLC: Claims Registration Period Ends May 23
CONSUM LLC: Claims Registration Period Ends May 23

ROEHRENBACHER LLC: Claims Registration Period Ends May 17
TRAKYALIM KEG: Claims Registration Period Ends May 23
WUB LLC: Claims Registration Period Ends May 18


B E L G I U M

CHIQUITA BRANDS: Loss Prompts Firm Not To Issue Bonuses in 2006
GOODYEAR TIRE: March 31 Balance Sheet Upside-Down by US$90 Mil.
MEGA BRANDS: Hires Andree Pinard as Treasury & Investor Director


C Z E C H   R E P U B L I C

ON SEMICONDUCTOR: Reports US$157 Million Deficit at March 30


F R A N C E

REXEL SA: Moody's Lifts Corporate Family Rating from B2 to Ba1


G E R M A N Y

B & W METALLVERARBEITUNGS: Claims Registration Ends June 4
BECKER & HAGER: Claims Registration Period Ends May 10
BFT FUSSBODENTECHNIK: Creditors' Meeting Slated for April 21
BOSSERT VERANSTALTUNGSSERVICE: Creditors' Meeting Set for June 4
BRANDLAND GMBH: Claims Registration Period Ends July 21

BUCK FENSTERBAU: Creditors' Meeting Slated for May 10
BULUT BAU: Claims Registration Period Ends May 21
DECCO GMBH: Claims Registration Period Ends June 6
DELME LOTTO: Claims Registration Period Ends June 4
FENSTER GMBH: Claims Registration Period Ends May 15

FRIESLAND & LANDHAUS: Claims Registration Ends June 5
FUSSBODENSPEZIALBETRIEB HEINRICH: Claims Deadline Due May 30
GENERAL MOTORS: Halts Vehicle Development Programs in Two Plants
HOTEL RESTAURANT: Claims Registration Period Ends May 24
ICC MANAGEMENT: Creditors Must Register Claims by May 26

INNOVATIVE OPTISCHE: Creditors Meeting Slated for June 16
KANT GMBH: Claims Registration Ends June 8
KNAACK WERBUNG: Claims Registration Ends June 15
LINE FEED: Claims Registration Period Ends May 21
LUX DEUTSCHLAND: Creditors Must Register Claims by June 18

MARX GMBH: Creditors Must Register Claims by June 25
MBT SOMMER: Claims Registration Period Ends May 9
MC BETEILIGUNGS: Creditors Must Register Claims by June 12
MC DEL-KON: Claims Registration Period Ends May 30
MERTEN & STORCK: Creditors' Meeting Slated for May 8

MOTORRAD-HANDEL: Creditors Must Register Claims by June 4
MSK-LEISTUNGSGESELLSCHAFT: Creditors Must File Claims by May 30
NIENHAUS HOLZ: Claims Registration Period Ends June 20
PLANUNGSGESELLSCHAFT KNOECHELMANN: Creditors' Claims Due June 12
PROFI LINE: Claims Registration Period Ends June 22

R. MAIER GMBH: Claims Registration Period Ends May 11
ROSTOCKER HOCHBAU: Claims Registration Period Ends June 20
SPECTRUM BRANDS: Fitch Affirms CCC Issuer Default Rating
TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating
VOSS GMBH: Claims Registration Period Ends May 31

WATT WINDKRAFTANLAGEN: Creditors' Meeting Slated for May 10

* SEC & German BaFin Sign Regulatory Cooperation Arrangement


I R E L A N D

AFFILIATED COMPUTER: Acquires Albion Assets for US$25.5 Million
DRYDEN XV: Moody's Rates EUR16.2 Mln Class E Notes at Ba3


I T A L Y

TRW AUTOMOTIVE: Moody's Holds Ba3 Rating on US$1.5 Bln Sr. Notes


K A Z A K H S T A N

AGRO INTERNATIONAL: Creditors Must File Claims by June 2
CONCORD LLP: Creditors' Claims Due May 29
INVEST-REGION LLP: Proof of Claim Deadline Slated for May 29
JUMA TRADE-SYSTEMS: Claims Registration Ends May 29
KAZPRIMEIMPEX LLP: Claims Filing Period Ends May 29

KAZSERVICEINVEST 2: Creditors Must File Claims by May 25
MATTECHSNAB LLP: Creditors' Claims Due May 29
NURKAZGAN-SERVICE LLP: Proof of Claim Deadline Slated for May 25
PRO MEDIA: Claims Registration Ends May 29


K Y R G Y Z S T A N

IMPEX ALCO: Creditors Must File Claims by June 11
OMEGA PLUS: Claims Filing Period Ends June 11


L I T H U A N I A

MAZEIKIU NAFTA: Shareholders Approve 2006 Financial Statements


L U X E M B O U R G

BASELL AF: Reduced Leverage Cues S&P to Raise Ratings to BB-


N E T H E R L A N D S

EXIDE TECH: Moody's Junks US$290 Million Junior-Lien Notes
KONINKLIJKE AHOLD: Anders Moberg Resigns as Chief Executive
QUEEN STREET: S&P Rates EUR18 Million Class E Notes at BB-


P O L A N D

OMNOVA SOLUTIONS: S&P Rates Proposed US$150 Mil. Term Loan at B+


R U S S I A

ADAMANTAN-BREAD CJSC: Court Names I. Gorn as Insolvency Manager
AIF CJSC: Creditors Must File Claims by June 7
ALFA BANK: Earns US$190.3 Million for Year Ended Dec. 31, 2006
ARLEKINO CJSC: Creditors Must File Claims by June 7
BALAROM CJSC: Creditors Must File Claims by June 7

BENQ CORP: Russian Subsidiaries to Liquidate Assets This Month
DAL-LEASING CJSC: Creditors Must File Claims by June 7
EUROCHEM MINERAL: Novomoskovsk Unit Hikes Q1 Fertilizer Output
KEM CJSC: Creditors Must File Claims by May 31
MAGNITOGORSK METALLURGICAL: S&P Holds BB Corporate Credit Rating

MICHURIN CJSC: Creditors Must File Claims by May 31
MIKHAYLOVSKIY MEAT: Creditors Must File Claims by June 7
MUROMSKOYE CJSC: Court Names G. Ivanov as Insolvency Manager
NEVA CJSC: Creditors Must File Claims by June 7
NOVOLIPETSK STEEL: Installs Slitting Line at Grain-Oriented Site

REGIONAL INDUSTRIAL LLC: Names A. Mavzyutov to Manage Assets
ROSNEFT OIL: Pegs Net Proved Reserves at 20 Billion BOE
RUS' LLC: Creditors Must File Claims by June 7
TNK-BP HOLDING: Annual Shareholders' Meeting Slated for June 15
TRANS-SERVICE CJSC: Court Names Y. Shishkov to Manage Assets

VOLGA-ROS-OIL-TRANS: Creditors Must File Claims by May 31
WIMM-BILL-DANN: Improved Operations Cue S&P to Watch B+ Rating
ZHURAVLIKHINSKOYE CJSC: Creditors Must File Claims by June 7


S W I T Z E R L A N D

BRACHER JSC: Creditors' Liquidation Claims Due May 31
COMETRA JSC: Creditors' Liquidation Claims Due June 18
DENISE BIELLMANN: Creditors' Liquidation Claims Due June 11
FLUMO LLC: Claims Registration Period Ends May 16
MCF CARROSSERIE: Creditors' Liquidation Claims Due May 18

REBARCA GASTROBETRIEBE: Lucerne Court Starts Bankruptcy Process
SHOP-GLOBAL JSC: Creditors' Liquidation Claims Due May 18
SKY-HAWK LLC: Creditors' Liquidation Claims Due May 18
TRADENDA CAPITAL: Creditors' Liquidation Claims Due May 31
VINDONISSA VERWALTUNGS: Aargau Court Starts Bankruptcy Process


U K R A I N E

AGRICULTURAL TECHNICS: Creditors Must Register Claims by May 10
ANDRAMET-K LLC: Creditors Must Register Claims by May 11
AVANGARD OJSC: Creditors Must Register Claims by May 11
DREVLIANY LLC: Creditors Must Register Claims by May 11
EASTERN ALLIANCE: Claims Filing Bar Date Set May 10

LOZOVAYA FORGE: Creditors Must Register Claims by May 11
MOSCOWSKY OJSC: Creditors Must Register Claims by May 11
TECHNICAL INDUSTRY: Creditors Must Register Claims by May 10
TRANSPORT WORKER: Creditors Must Register Claims by May 10
UKRAINIAN SPECIAL: Creditors Must Register Claims by May 11


U N I T E D   K I N G D O M

ABANELE KIRKBRIDE: Names Peter Maurice Levy Liquidator
ALBA 2007-1: S&P Rates Class F Notes at BB
ALBA 2007-1: Fitch Assigns BB Ratings to Class F Notes
AVENTI DISTRIBUTION: Hires Liquidator from Maidment Judd
B.D. GRAPHICS: Joint Liquidators Take Over Operations

BAA PLC: Unveils GBP9 Bln Investment Program for U.K. Airports
BIG DISPLAY: Creditors' Meeting Slated for May 8
BRETT CIVIL: Appoints Joint Administrators from Begbies Traynor
BRITISH AIRWAYS: Hikes Longhaul Fuel Surcharge to GBP33
BUSINESS MORTGAGE FINANCE 6: Moody's Rates Two Classes at (P)Ba1

BUSINESS MORTGAGE FINANCE 6: Fitch Rates Class C Notes at BB
CLOVERLEAF PRESS: Taps Liquidators from SFP
COLT TELECOM: Earns EUR8.1 Million in First Quarter 2007
DEARLE & HENDERSON: Creditors' Meeting Slated for May 3
EMI GROUP: Former Warner CEO to Head North American Units

EURO ALUMINIUM: Brings In Liquidators from KPMG
EXAGO LTD: Robert Stone Leads Liquidation Procedure
GEO. A. WILLIAMS: Calls In Liquidators from KPMG
GETTY IMAGES: Completes Purchase of WireImage & Two Sub-Brands
GRIP ENGINEERING: Appoints Peter Maurice Levy as Liquidator

HEATING DIRECT: Creditors' Meeting Slated for May 3
HILL MASON: Names Liquidators to Wind Up Business
HILTON HOTELS: Closes Scandic Chain Sale to EQT for US$1.1 Bil.
HILTON HOTELS: S&P's BB+ Rating Unaffected by Sale of 10 Hotels
HOPKINSON CATERING: Creditors' Meeting Slated for May 8

INIMOD ONNA: Creditors' Meeting Slated for May 4
ISOFT GROUP: Contemplates Debt Refinancing Options
JMN BUILDING: Claims Filing Period Ends June 15
KESTREL ROOFING: Creditors' Meeting Slated for May 9
LEVEL 3: Incurs US$647 Million Net Loss in First Quarter 2007

METRONET RAIL: May Fall Into Insolvency, London Mayor Says
MOSES GATE: Claims Filing Period Ends May 31
MULTICOLOR UK: Taps Andrew McTear to Liquidate Assets
OWEN OWEN: Creditors' Meeting Slated for May 8
PARAMOUNT PROJECTS: Creditors' Meeting Slated for May 9

POWER PRESS: Creditors' Meeting Slated for May 10
RADNOR HOLDINGS: Court Approves Stipulation on Utility Deposits
RADNOR HOLDINGS: Court Okays Rejection of 10 Executory Contracts
RETROVEND LTD: Hires H. J. Sorsky as Liquidator
RUBY JEANS: Names Situl Devji Raithatha Liquidator

SAFEGUARD SECURITY: Brings In PwC as Joint Administrators
SAVVIS INC: March 31 Balance Sheet Upside-Down by US$13 Million
SOLENT LEADWORK: Brings In Liquidators from Tenon Recovery
SOLUTIA INC: Judge Beatty Approves Dequest Bidding Protocol
TAURATEC SYSTEMS: Brings In Administrators from PwC

THERMASHIELD WINDOW: Creditors' Meeting Slated for May 9
TOWER RECORDS: Assumes & Assigns IP Contracts to Caiman Holdings

* Harper Macleod LLP Promotes Five Associates to Partner Status
* James Decker Inducted Fellow to American College of Bankruptcy

                            *********

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


3-A LLC: Estate Administrator Declares Insufficient Assets
----------------------------------------------------------
Dr. Wolfgang Pitzal, the court-appointed estate administrator
for LLC 3-A (FN 261596a), declared April 5 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 20 (Bankr. Case No. 2 S 43/07x).  Katharina Pitzal
represents Dr. Pitzal in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Wolfgang Pitzal
         c/o Mag. Katharina Pitzal
         Paulanergasse 9
         1040 Vienna
         Austria
         Tel: 587 31 11
         Fax: 587 87 50-50
         E-mail: office@heller-pitzal.at


AMADESS ZIEGELHAUS: Vienna Court Orders Business Closure
--------------------------------------------------------
The Trade Court of Vienna entered April 5 an order closing the
business of LLC Amadess Ziegelhaus (FN 158459d).

Court-appointed estate administrator Eva Wexberg recommended the
business closure after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Eva Wexberg
         c/o Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 26 (Bankr. Case No 2 S 44/07v).  Walter Kainz
represents Dr. Wexberg in the bankruptcy proceedings.


AUTOMONDIAL KFZ: Estate Administrator Says Insufficient Assets
--------------------------------------------------------------
Dr. Matthias Schmidt, the court-appointed estate administrator
for LLC Automondial Kfz (FN 276421b), declared April 5 that the
Debtor's property is insufficient to cover creditors' claim.

The Trade Court of Vienna gave an order to shutdown the business
on the same day.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 30 (Bankr. Case No. 28 S 38/07b).

The estate administrator can be reached at:

         Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: schmidt@preslmayr.at


BSF LLC: Claims Registration Period Ends May 23
-----------------------------------------------
Creditors owed money by LLC BSF (FN 269247b) have until May 23
to file written proofs of claim to court-appointed estate
administrator Kurt Freyler at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 2 S 51/07y).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


CONSUM LLC: Claims Registration Period Ends May 23
--------------------------------------------------
Creditors owed money by LLC Consum (FN 247628i) have until
May 23 to file written proofs of claim to court-appointed estate
administrator Michael Enzinger  at:

         Dr. Michael Enzinger
         c/o Mag. Johannes Bousek
         Mahlerstrasse 11
         1010 Vienna
         Austria
         Tel: 513 17 84
         Fax: 513 75 94
         E-mail: office@lattenmayer-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 2 S 50/07a).  Johannes Bousek
represents Dr. Enzinger in the bankruptcy proceedings


ROEHRENBACHER LLC: Claims Registration Period Ends May 17
---------------------------------------------------------
Creditors owed money by LLC Roehrenbacher (FN 233604k) have
until May 17 to file written proofs of claim to court-appointed
estate administrator Edwin Schubert at:

         Dr. Edwin Schubert
         Triester Str. 21
         2620 Neunkirchen
         Austria
         Tel: 02635-62611
         Fax: 02635-62611-13
         E-mail: ra.e.schubert@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:00 p.m. on May 31 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 Ternitz, Austria, the Debtor declared
bankruptcy on April 4 (Bankr. Case No. 10 S 33/07t).


TRAKYALIM KEG: Claims Registration Period Ends May 23
-----------------------------------------------------
Creditors owed money by KEG Trakyalim (FN 257611s) have until
May 23 to file written proofs of claim to court-appointed estate
administrator Stefan Jahns at:

         Mag. Stefan Jahns
         c/o Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50
         Fax: 536 50 14
         E-mail: officewien@aaa-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 2 S 48/07g).  Michael Neuhauser
represents Dr. Stefan Jahns in the bankruptcy proceedings.


WUB LLC: Claims Registration Period Ends May 18
-----------------------------------------------
Creditors owed money by LLC WUB (FN 187682d) have until May 18
to file written proofs of claim to court-appointed estate
administrator Stefan Geiler at:

         Dr. Stefan Geiler
         Maria-Theresien-Strasse 17-19
         6020 Innsbruck
         Austria
         Tel: 0512/58 27 60
         Fax: 0512/5827606
         E-mail: office@ullmann-geiler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 a.m. on June 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on April 4 (Bankr. Case No. 7 S 16/07y).


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


CHIQUITA BRANDS: Loss Prompts Firm Not To Issue Bonuses in 2006
---------------------------------------------------------------
Cliff Peale at The Enquirer reports that Chiquita Brands
International Inc. Chairperson and Chief Executive Officer
Fernando Aguirre and other company executives didn't get
performance-based bonuses for 2006.

The Cincinnati Business Courier relates that Chiquita Brands'
proxy statement indicated that bonuses were denied because the
firm failed to meet net income goals.

The Enquirer's Mr. Peale relates that Chiquita Brands lost US$96
million in 2006.

Chiquita Brands said in its proxy statement filed with the U.S.
Securities and Exchange Commission that Mr. Aguirre's US$795,769
salary increased 6.7% in 2006 from 2005, but he received a bonus
of almost US$1.9 million in 2005.

The Enquirer's Mr. Peale notes that Mr. Aguirre's total
compensation, including stock awards and stock options, was
slightly over US$3 million in 2006.

The Business Courier relates that Mr. Aguirre took a 29% pay
reduction last year.

According to The Business Courier, Chiquita Brands had a US$28-
million operating loss in 2006 on net sales of US$4.5 billion,
compared to a US$188-million operating profit and net sales of
US$3.9 billion in 2005.  Last year's results included a US$43-
million goodwill impairment charge related to its acquisition of
Atlanta AG and a US$25-million charge to settle a criminal probe
involving protection payments that Chiquita Brands made to
Colombian terrorist groups.

Mr. Aguirre told Chron.com that the payments made were motivated
by concern for the workers' safety.

Chiquita Brands' board set earnings goals over a three-year
period that will result in the award of just over US$1 million
in shares, assuming that the company meets performance targets,
The Business Courier states.

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

                        *     *     *

Moody's Investors Service downgraded the ratings for Chiquita
Brands L.L.C., as well as for its parent Chiquita Brands
International, Inc.  Moody's said the outlook on all ratings is
stable.

Standard & Poor's Ratings Services also lowered its ratings on
Cincinnati, Ohio-based Chiquita Brands International Inc.,
including its corporate credit rating, from 'B+' to 'B'.


GOODYEAR TIRE: March 31 Balance Sheet Upside-Down by US$90 Mil.
---------------------------------------------------------------
The Goodyear Tire & Rubber Company's balance sheet at
March 31, 2007, showed US$15.86 billion in total assets and
US$15.95 billion in total liabilities, resulting in a
US$90 million total stockholders' deficit.

The Goodyear Tire & Rubber Company reported a net loss of
US$174 million for the first quarter ended March 31, 2007,
compared with net income of US$74 million for the same period of
fiscal 2006.  This net loss includes a loss from discontinued
operations of US$64 million related to classifying the
Engineered Products business as "held for sale".  This compares
to income from discontinued operations of US$28 million in the
fiscal 2006 period.

The company reported first quarter sales from continuing
operations of US$4.50 billion, up 1 percent from first quarter
sales from continuing operations in fiscal 2006 of US$4.46
billion despite the impact of a fourth quarter strike last year
in North America.

The improvement in global sales was driven by Goodyear's three
emerging market tire businesses, which were up 11 percent from
last year.  Each of these businesses had record first quarter
sales.  The sales improvement was also supported by a faster-
than-expected recovery from the United Steelworkers strike in
North America.

This growth offset a 10 percent decline in sales for Goodyear's
North American Tire business, which was impacted by the strike
and an exit from certain segments of the private label tire
business, which together reduced sales by about US$200 million.

"Our first quarter represented a strong start to the year, with
revenue per tire up 8 percent.  This reflected strong pricing
and product mix, which exceeded raw material cost increases in
the quarter.  Our focus on speed and the pace of change at
Goodyear is having a meaningful impact," said Robert J. Keegan,
chairman and chief executive officer.

"Our recovery from the strike is going much better than
expected. We restored production faster than anticipated and
weaker consumer OE demand enabled us to sell more high-value-
added tires into the replacement market," he said.

As a result of improved profitability from increased replacement
market sales, the company has reduced its estimated impact of
the USW strike on North American Tire to between US$100 million
and US$120 million for the year.  The previous estimate was
US$200 million to US$230 million.

Including an estimated US$34 million impact from the strike,
Goodyear's first quarter segment operating income from
continuing operations was US$226 million in 2007.  This compares
to income of US$282 million last year, which included US$30
million in settlements from suppliers.

For the 2007 first quarter, Goodyear reported a loss from
continuing operations of US$110 million, compared to income from
continuing operations of US$46 million during the 2006 period.

In addition to the strike, the loss in the 2007 quarter was also
impacted by after-tax curtailment charges of US$64 million due
to salaried benefit plan changes and US$31 million for
rationalizations, including accelerated depreciation related to
previously announced plant closures.

Improved pricing and product mix of approximately US$165 million
more than offset increased raw material costs of approximately
US$120 million.

Income from continuing operations in the 2006-quarter benefited
from after-tax items including supplier settlements of
US$26 million, a pension plan change of US$13 million and a
legal settlement of US$10 million.  Negatively impacting the
quarter was an after-tax charge of US$29 million for
rationalizations, including accelerated depreciation and asset
write-offs.

                      Discontinued Operation

As a result of its agreement on March 23, 2007 to sell
substantially all of its Engineered Products business, Goodyear
now reports these results as a discontinued operation.

Sales from discontinued operations in the first quarter of 2007
totaled US$383 million, down from US$394 million the previous
year.

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?1e12

                 Liquidity and Capital Resources

At March 31, the company had US$2.08 billion in cash and cash
equivalents as well as US$1.72 billion of unused availability
under its various credit agreements, compared to US$3.86 billion
and US$533 million at Dec. 31, 2006.  Cash and cash equivalents
decreased primarily due to repayments on the amounts borrowed
under the US$1.0 billion revolving portion of the US$1.5 billion
First Lien Credit Facility, the 8.5% Notes due 2007 and the
German revolving credit facility due 2010.  Cash and cash
equivalents do not include restricted cash.

Net cash used in operating activities from continuing operations
in the first quarter of 2007 of US$393 million decreased from
US$315 million in the first quarter of 2006. The decrease was
due primarily to lower operating results offset by improved
working capital.

Net cash used in investing activities from continuing operations
was US$55 million during the first quarter of 2007, compared to
US$144 million in the first quarter of 2006.  Capital
expenditures were US$97 million and US$111 million in the first
quarter of 2007 and 2006, respectively.  The change in cash used
in investing activities was primarily the result of the 2006
acquisition of the remaining outstanding shares of South Pacific
Tyres Ltd.

Net cash used in financing activities from continuing operations
was US$1.31 billion in the first quarter of 2007 compared to
US$150 million in the first quarter of 2006.  The increase in
cash used was due primarily to the payments of US$873 million on
the U.S. revolving credit facility, US$300 million on the 8.5%
Notes due 2007, and approximately US$200 million repayment of
the German revolving credit facility due 2010.

                       About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire and Rubber
Company (NYSE:GT) -- http://www.goodyear.com/-- manufactures
tires, engineered rubber products and chemicals in more than 90
facilities in 28 countries around the world. Goodyear employs
more than 75,000 people worldwide.

                          *     *     *

As reported in the Troubled Company Reporter on April 10, 2007,
Fitch Ratings has affirmed ratings for The Goodyear Tire &
Rubber Company, including 'B' Issuer Default Rating; 'BB/RR1'
rating of its US$1.5 billion first-lien credit facility;
'BB/RR1' rating of its US$1.2 billion second-lien term loan;
'B/RR4' rating of its US$300 million third-lien term loan;
'B/RR4' rating of its US$650 million third-lien senior secured
notes; and 'CCC+/RR6' Senior unsecured debt rating.


MEGA BRANDS: Hires Andree Pinard as Treasury & Investor Director
----------------------------------------------------------------
MEGA Brands Inc. appointed Andree Pinard as Director, Treasury
and Investor Relations, effective immediately.  In addition to
her Treasury responsibilities, she will be the corporation's
lead contact with the financial community including financial
analysts, equity and debt institutional investors, and credit
agencies.

Ms. Pinard brings a strong background in financial management
and corporate finance to MEGA Brands.  Prior to her current
appointment, she served six years as Treasurer of COGECO Inc.
after joining the company in 1997 as Director, Financial
Planning.  Ms. Pinard has also worked in corporate finance with
Nesbitt Burns Inc.  She is a McGill University alumnus with a
Bachelor of Commerce and a Graduate Diploma in Public
Accounting.  Ms. Pinard received her designation as a Chartered
Accountant in 1990 and obtained an MBA in Finance and
International Affairs from the University of Chicago in 1994.

Montreal, Canada-based Mega Brands Inc. fka Mega Bloks Inc.
-- http://www.megabloks.com/-- distributes a range of toys,
puzzles, and craft-based products worldwide.  The company has
offices in Mexico and Belgium.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 25,
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit and bank loan ratings on MEGA Brands Inc. on
CreditWatch with negative implications.  The bank loan's '2'
recovery rating was also placed on CreditWatch.

In a TCR-Europe report on April 24, Moody's placed the Ba3
corporate family rating and other long-term ratings of MEGA
Brands, Inc. on review for possible downgrade after the company
announced weaker than expected results for the fourth quarter of
2006 and for the full year.  The speculative grade liquidity
rating was affirmed at SGL-3.

Ratings under review for possible downgrade:

  MEGA Brands Inc.

     -- Ba3 Corporate Family Rating

  MEGA Brands Inc.

     -- Ba2 rating on the 5-year revolving credit facility;
        LGD 2; 24%

  MEGA Blocks US

     -- Ba2 rating on the 5-year revolving credit facility;
        LGD 2; 24%

  MEGA Brands Inc.

     -- Ba2 rating on the US$40 million, 5-year term loan A
     facility; LGD 2; 24%

  MEGA Brands Finco

     -- Ba2 rating on the US$260 million 7-year term loan B
        facility; LGD 2; 24%

  MEGA Brands Inc.

     -- Probability of Default rating at B1


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


ON SEMICONDUCTOR: Reports US$157 Million Deficit at March 30
------------------------------------------------------------
ON Semiconductor Corporation disclosed that as of March 30, the
company listed total assets of US$1.4 billion, total liabilities
of US$1.5 billion, and minority interests of US$19 million,
resulting in a total stockholders' deficit of US$157.2 million.

Total revenues in the first quarter ended March 30, were
US$374.2 million, a decrease from the first quarter ended
March 31, 2006, of US$334 million.  Total revenues during the
first quarter included about US$347.8 million of product
revenues and about US$26.4 million of manufacturing services
revenues.  During the first quarter of 2007, the company
reported net income of US$54 million, up from a net income of
US$40.4 million for the first quarter of 2006.

First quarter 2007 results include about US$3.3 million
associated with stock based compensation expense.  During the
fourth quarter of 2006, the company reported net income of
US$87.4 million.  Fourth quarter 2006 results included about
US$3 million associated with stock based compensation expense
and a gain of US$10.2 million from a favorable insurance
settlement and idle real property sales.

"The first quarter of 2007 was a seasonally slower period for
the semiconductor industry.  Our consumer driven end-markets of
Computing, Consumer Electronics and Wireless, in particular,
experienced some headwinds as anticipated in the first quarter,"
said Keith Jackson, ON Semiconductor president and chief
executive officer.  "Despite the weaker demand environment in
the consumer driven end-markets during the first quarter of
2007, I am excited about how our overall business performed with
product revenues at over US$347 million and product revenue
gross margins at about 40 percent.  We believe the inventory
correction that has taken place in the industry over the past
two quarters is largely behind us and as we look into the second
half, we are beginning to see our backlog fill in nicely.  We
continue to expect a strong second half of 2007."

                   Second Quarter 2007 Outlook

"Based upon product booking trends, backlog levels, anticipated
manufacturing services revenue and estimated turns levels, we
anticipate that total revenues will be approximately US$375 to
US$385 million in the second quarter of 2007," Mr. Jackson said.
"We also anticipate that approximately US$25 million of our
total revenues will come from manufacturing services revenue.
While backlog levels at the beginning of the second quarter of
2007 were down slightly from backlog levels at the beginning of
the first quarter of 2007, they still represent approximately 85
percent of our anticipated second quarter 2007 revenues.  We
expect that average selling prices for the second quarter of
2007 will be down approximately one to two percent sequentially.
We expect our product gross margin in the second quarter to be
approximately flat with the first quarter of 2007 and expect our
manufacturing services gross margin to be similar to the first
quarter of 2007.  We currently expect our stock based
compensation in accordance with FAS No. 123 (R) to be
approximately US$3 to US$4 million in the second quarter of
2007."

                      About ON Semiconductor

ON Semiconductor Corporation of Phoenix, Arizona (NASDAQ: ONNN)
-- http://www.onsemi.com/-- designs, manufactures, and markets
power and data management semiconductors, and standard
semiconductor components worldwide.  It offers automotive and
power regulation products.  The company has operations in Japan
and the Czech Republic.


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


REXEL SA: Moody's Lifts Corporate Family Rating from B2 to Ba1
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of Ray Acquisition SCA to Ba1 from B2 and re-assigned it to
Rexel SA, the new publicly listed entity, following the
completion of the company's initial public offering and debt
repayment.

This concludes Moody's review of ratings for possible upgrade.
A probability of default rating of Ba2 for the corporate family
has been assigned under Moody's Loss Given Default Methodology
given the company's all bank debt capital structure.  The
outlook is Stable.

Moody's has concurrently withdrawn the Caa1 rating on the
EUR600-million 9.375% Senior Subordinated Notes due 2015 at Ray
Acquisition SCA following the full redemption of these notes.

The IPO comprised these elements:

   (i) raising EUR1.05 billion in new equity;

  (ii) conversion of EUR1.05-billion in shareholder loans to
       equity;

(iii) full redemption of EUR600-million 2015 notes and

  (iv) around a EUR300-million reduction in drawings under
       syndicated credit facilities.

Credit metrics on a 2006 pro-forma basis were estimated by
Moody's as:

   (i) net debt to EBITDA approaching 3.5 times;

  (ii) EBITDA interest cover approaching 4.0 times;

(iii) retained cash flow to net debt as a percentage moving
       toward the high teens.

Moody's expects the company to strengthen further within the
rating category such that we expect it to be solidly positioned
within the Ba1 rating category by 2008 through organic growth,
small bolt-on acquisitions, cost containment, lower interest
charges and improved margins.

Expected credit metrics are supported by the company's positive
momentum and demonstrated historic growth and are commensurate
with industry peers at the Ba1 level.  Whilst the company
operates in cyclical and highly competitive markets, its scale
and the level of diversification both across residential,
industrial and commercial markets and across geographies assist
to mitigate these risks to acceptable levels for the rating
category.

The stable outlook reflects Moody's view of Rexel's market
positions, its competitive strengths, historic growth in its
operating performance, a satisfactory liquidity position and
current momentum.  The outlook reflects Moody's expectation that
the company will move to a more strongly positioned Ba1 rating.
Future ratings migration will be driven by the impact of how the
company redeploys future expected improvements in operating cash
flow on the company's financial profile in light of management's
intention to operate with more conservative financial policies
going forward taking into account the impacts of industry
cycles, competition and the company's acquisition program.

These ratings, which are currently under review for possible
upgrade, are affected by this rating action:

   -- Corporate family rating at Ray Acquisition SCA upgraded to
      Ba1/Stable from B2 and re-assigned to Rexel SA.

   -- Caa1 rating for the EUR-600 million 9.375% Senior
      Subordinated Notes due 2015 at Ray Acquisition SCA
      withdrawn.

Rexel SA is the world's largest distributor of low and ultra low
voltage electrical parts and components.  For the twelve months
ended Dec. 31, 2006, Ray reported total sales and EBITDA of
EUR9.30 billion and EUR638 million respectively.


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


B & W METALLVERARBEITUNGS: Claims Registration Ends June 4
----------------------------------------------------------
Creditors of B & W Metallverarbeitungs GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Thomas Steger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bonn
         Hall S 2.18
         Second Floor
         William-Strasse 23
         53111 Bonn
         Germany

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

The insolvency manager can be contacted at:

         Thomas Steger
         Koelnstrasse 135
         53757 Sankt Augustin
         Germany
         Tel: 02241/90600
         Fax: 02241/21048

The District Court of Bonn opened bankruptcy proceedings against
B & W Metallverarbeitungs GmbH on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         B & W Metallverarbeitungs GmbH
         Wiehler Str. 5
         51545 Waldbroel
         Germany

         Attn: Martin Winkler, Manager
         Weidenweg 5
         51545 Waldbroel
         Germany


BECKER & HAGER: Claims Registration Period Ends May 10
------------------------------------------------------
Creditors of Becker & Hager GmbH have until May 10 to register
their claims with court-appointed insolvency manager Eva Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 District Court of Cologne opened bankruptcy proceedings
against Becker & Hager GmbH on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Eva Klein
         Werlestrasse 38
         42289 Wuppertal
         Germany
         Tel: 0202 26 26 40

The Debtor can be reached at:

         Becker & Hager GmbH Assekuranzmakler
         Im blauen Hof 2 a
         51674 Wiehl
         Germany


BFT FUSSBODENTECHNIK: Creditors' Meeting Slated for April 21
------------------------------------------------------------
The court-appointed insolvency manager for BFT Fussbodentechnik
GmbH, Steuerberater Thomas Linse, will present his first report
on the Company's insolvency proceedings at a creditors' meeting
at April 21.

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

         The District Court of Bamberg
         Meeting Hall 317
         Synagogenplatz 1
         96047 Bamberg
         Germany

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

The insolvency manager can be reached at:

         Steuerberater Thomas Linse
         Rosenauer Str. 22
         96450 Coburg
         Germany
         Tel: 09561/8034-0
         Fax: 09561/8034-34

The Debtor can be reached at:

         BFT Fussbodentechnik GmbH
         Attn: Rolf Bucklitsch, Manager
         Geisfelder Str. 97
         96050 Bamberg
         Germany


BOSSERT VERANSTALTUNGSSERVICE: Creditors' Meeting Set for June 4
----------------------------------------------------------------
The court-appointed insolvency manager for Bossert
Veranstaltungsservice & Circusproduktions GmbH, Helmut Hopmeier,
will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 11:30 a.m. on June 4.

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

         The District Court of Pirmasens
         Area 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on July 16 at the same venue.

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

The insolvency manager can be reached at:

         Helmut Hopmeier
         Berliner Ring 31
         66955 Pirmasens
         Germany
         Tel: 06331-24800
         Fax: 06331-78513

The District Court of Pirmasens opened bankruptcy proceedings
against Bossert Veranstaltungsservice & Circusproduktions GmbH
on April 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Bossert Veranstaltungsservice & Circusproduktions GmbH
         Attn: Gabriele Bossert, Manager
         In der Herget 12
         66955 Pirmasens
         Germany


BRANDLAND GMBH: Claims Registration Period Ends July 21
-------------------------------------------------------
Creditors of Brandland GmbH have until July 21 to register their
claims with court-appointed insolvency manager Peter-Alexander
Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 2:40 p.m. on May 30, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Niebuell
         Hall 1
         Sylter Bogen 1 A
         25899 Niebuell
         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:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Niebuell opened bankruptcy proceedings
against Brandland GmbH on April 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Brandland GmbH
         Attn: Kim Holst, Manager
         Fasanenweg 4
         25923 Suederluegum
         Germany


BUCK FENSTERBAU: Creditors' Meeting Slated for May 10
-----------------------------------------------------
The court-appointed insolvency manager for Buck Fensterbau GmbH,
Dr. Peter May, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 8:25 a.m. on
May 10.

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

         The District Court of Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         Germany

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

The insolvency manager can be reached at:

         Dr. Peter May
         Bachstr. 6
         84036 Landshut
         Germany
         Tel: 0871/94321-0
         Fax: 0871/9432150

The Debtor can be reached at:

         Buck Fensterbau GmbH
         Landshuter Str. 7
         84169 Altfraunhofen
         Germany


BULUT BAU: Claims Registration Period Ends May 21
-------------------------------------------------
Creditors of Bulut Bau GmbH have until May 21 to register their
claims with court-appointed insolvency manager Udo Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Magdeburg
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033

The District Court of Magdeburg opened bankruptcy proceedings
against Bulut Bau GmbH on April 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bulut Bau GmbH
         Attn: Selahattin Bulut, Manager
         Saarstr. 12 a
         39387 Oschersleben
         Germany


DECCO GMBH: Claims Registration Period Ends June 6
--------------------------------------------------
Creditors of DECCO GmbH have until June 6 to register their
claims with court-appointed insolvency manager Christina
G. Siegert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 23, 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 Ingolstadt
         Meeting Room 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

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

The insolvency manager can be reached at:

         Christina G. Siegert
         Oskar-von-Miller Ring 34-36
         80333 Muenchen
         Germany
         Tel: 089/244 409 30
         Fax: 089/244 409 365

The District Court of Ingolstadt opened bankruptcy proceedings
against DECCO GmbH on April 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DECCO GmbH
         Attn: Andreas Wilhelm Kexel, Manager
         Wolfshof 8
         86558 Hohenwart
         Germany


DELME LOTTO: Claims Registration Period Ends June 4
---------------------------------------------------
Creditors of Delme Lotto GmbH have until June 4 to register
their claims with court-appointed insolvency manager Alexandra
Ohlhorst.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.m. on July 9, 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 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 reached at:

         Alexandra Ohlhorst
         C/o Kuhmann Insolvenzverwaltung GmbH
         Schuesselkorb 3
         28195 Bremen
         Germany
         Tel: 0421/33061-0
         Fax: 0421/330611-0

The District Court of Delmenhorst opened bankruptcy proceedings
against Delme Lotto GmbH on April 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Delme Lotto GmbH
         Attn: Ingeborg Meyer, Manager
         Lessingstr. 99
         27753 Delmenhorst
         Germany


FENSTER GMBH: Claims Registration Period Ends May 15
----------------------------------------------------
Creditors of Fenster GmbH have until May 15 to register their
claims with court-appointed insolvency manager Dr. Ulf Martini.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV/1.OG
         Schlossplatz 23
         76131 Karlsruhe
         Germany

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

The insolvency manager can be reached at:

         Dr. Ulf Martini
         E 3, 16
         68159 Mannheim
         Germany
         Tel: (0621) 4017 1500

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

The Debtor can be reached at:

         Fenster GmbH
         Weiherweg 35
         68794 Oberhausen-Rheinhausen
         Germany


FRIESLAND & LANDHAUS: Claims Registration Ends June 5
-----------------------------------------------------
Creditors of Friesland & Landhaus GmbH have until June 5 to
register their claims with court-appointed insolvency manager
Claudia Langholz.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 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:

         Claudia Langholz
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040/650390
         Fax: 040/65039199

The District Court of Lueneburg opened bankruptcy proceedings
against Friesland & Landhaus GmbH on April 17.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Friesland & Landhaus GmbH
         Zum Reiherhorst 26a
         21435 Stelle
         Germany


FUSSBODENSPEZIALBETRIEB HEINRICH: Claims Deadline Due May 30
------------------------------------------------------------
Creditors of Fussbodenspezialbetrieb Heinrich Niemann GmbH & Co.
KG have until May 30 to register their claims with court-
appointed insolvency manager Olaf Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckburg
         Germany

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

The insolvency manager can be reached at:

         Olaf Handschuh
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/1018

The District Court of Bueckeburg opened bankruptcy proceedings
against Fussbodenspezialbetrieb Heinrich Niemann GmbH & Co. KG
on April 16.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Fussbodenspezialbetrieb Heinrich Niemann GmbH & Co. KG
         Bensenstr. 6
         31675 Bueckeburg
         Germany


GENERAL MOTORS: Halts Vehicle Development Programs in Two Plants
----------------------------------------------------------------
General Motors Corp. suspended development activities on
vehicles at its Fairfax, Kan., and Lordstown, Ohio, plants after
the United Auto Workers union backed out of negotiations on cost
cuts at the facilities, John D. Stoll and Jeffrey McCracken of
The Wall Street Journal report.

According to WSJ, the suspended programs include the Epsilon
midsize-car program and the Delta compact-car program.

Sharon Terlep of The Detroit News relates that the stoppage came
after the UAW ordered its local negotiating teams to stop
bargaining with the company on work rules designed to make the
factories more competitive specially with the automaker's
Japanese rivals.

"The management and union leadership at both Lordstown and
Fairfax are in discussions about improving the competitiveness
of both plants and putting both plants in a better position to
secure future products," Detroit News cited GM spokesman Dan
Flores as saying.

          CEO Takes the Challenge to Beat Toyota's Sales

In response to Toyota Motor Corp.'s disclosure early last week
that it topped GM in quarterly sales for the first time, GM
Chairman and Chief Executive Rick Wagoner vowed to "fight hard
for every sale," the Associated Press said.

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 said, 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 Corp.

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.  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.


HOTEL RESTAURANT: Claims Registration Period Ends May 24
--------------------------------------------------------
Creditors of Hotel Restaurant Walsrode GmbH have until May 24 to
register their claims with court-appointed insolvency manager
Heiko Fialski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Walsrode
         Hall 130
         Lange Strasse 29-33
         29664 Walsrode
         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:

         Heiko Fialski
         Raboisen 38
         20095 Hamburg
         Germany
         Tel: (040) 33 446 - 0
         Fax: (040) 33 4461 - 11

The District Court of Walsrode opened bankruptcy proceedings
against Hotel Restaurant Walsrode GmbH on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Hotel Restaurant Walsrode GmbH
         Lange Strasse 4-6
         29664 Walsrode
         Germany

         Attn: Olaf Behr, Manager
         Knoellgasse 19-21
         Stiege 1
         Whg. 16
         1100 Vienna
         Austria


ICC MANAGEMENT: Creditors Must Register Claims by May 26
--------------------------------------------------------
Creditors of ICC Management GmbH have until May 26 to register
their claims with court-appointed insolvency manager
Thomas Lauterfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Lauterfeld
         Friedrich-Ebert-Str. 34
         45468 Muelheim an der Ruhr
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against ICC Management GmbH on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ICC Management GmbH
         Centroallee 263 b
         46047 Oberhausen
         Germany


INNOVATIVE OPTISCHE: Creditors Meeting Slated for June 16
---------------------------------------------------------
The court-appointed insolvency manager for Innovative Optische
Messtechnik GmbH, Christian Koehler-Ma, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:10 a.m. on June 16.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Sept. 14 at the same venue.

Creditors have until July 15 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Koehler-Ma
         Kurfuerstendamm 212
         10719 Berlin
         Germany

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

The Debtor can be reached at:

         Innovative Optische Messtechnik GmbH
         Rudower Chaussee 29
         12489 Berlin
         Germany


KANT GMBH: Claims Registration Ends June 8
------------------------------------------
Creditors of Kant GmbH und Co. Objekt Nordhorn KG have until
June 8 to register their claims with court-appointed insolvency
manager Dr. Wolfgang Ott.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Dr. Wolfgang Ott
         Nymphenburgerstr. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026127

The District Court of Munich opened bankruptcy proceedings
against Kant GmbH und Co. Objekt Nordhorn KG on April 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kant GmbH und Co. Objekt Nordhorn KG
         Fichtenstr. 41
         85640 Putzbrunn
         Germany


KNAACK WERBUNG: Claims Registration Ends June 15
------------------------------------------------
Creditors of Knaack Werbung GmbH have until June 15 to register
their claims with court-appointed insolvency manager Dr. Juergen
Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Knaack Werbung GmbH on April 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Knaack Werbung GmbH
         Pasteurstr. 27
         14482 Potsdam
         Germany


LINE FEED: Claims Registration Period Ends May 21
-------------------------------------------------
Creditors of Line Feed Logistics GmbH have until May 21 to
register their claims with court-appointed insolvency manager
Dr. Sebastian Henneke.

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

The meeting of creditors will be held at:

         The District Court 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:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 0 28 71/2 35 48 77
         Fax: +4928712354879

The District Court of Muenster opened bankruptcy proceedings
against Line Feed Logistics GmbH on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Line Feed Logistics GmbH
         Gewerbering 19
         48734 Reken
         Germany

         Attn: Juergen Zimmermann
         Tossestrasse 1
         45894 Gelsenkirchen
         Germany


LUX DEUTSCHLAND: Creditors Must Register Claims by June 18
----------------------------------------------------------
Creditors of Lux Deutschland GmbH have until June 18 to register
their claims with court-appointed insolvency manager
Christian Hanz.

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

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Hanz
         Bachstrasse 5-7
         68165 Mannheim
         Germany

The District Court of Ludwigshafen am Rhein opened bankruptcy
proceedings against Lux Deutschland GmbH on April 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lux Deutschland GmbH
         Am Schaferstock 2-4
         Mannheim
         Germany


MARX GMBH: Creditors Must Register Claims by June 25
----------------------------------------------------
Creditors of Marx GmbH Bauunternehmung have until June 25 to
register their claims with court-appointed insolvency manager
Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Krefeld
         Meeting Hall H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         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:

         Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany
         Tel: 0211 13940
         Fax: +4902111394251
         Germany

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

The Debtor can be reached at:

         Marx GmbH Bauunternehmung
         Kindt 99
         41334 Nettetal
         Germany


MBT SOMMER: Claims Registration Period Ends May 9
-------------------------------------------------
Creditors of MBT Sommer Maschinenbautechnik GmbH have until
May 9 to register their claims with court-appointed insolvency
manager Dr. Fritz Westhelle.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on May 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         Germany

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

The District Court of Kassel opened bankruptcy proceedings
against MBT Sommer Maschinenbautechnik GmbH on March 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Fritz Westhelle
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-Mail: ks@leonhardt-westhelle.eu

The Debtor can be reached at:

         MBT Sommer Maschinenbautechnik GmbH
         Attn: Cornelia Hartl and Hans-Gerd Megens, Managers
         Altmuellerstr. 6-8
         34117 Kassel
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 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 on April 18.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         MC Beteiligungs GmbH
         Stiftsplatz 11
         40213 Duesseldorf
         Germany


MC DEL-KON: Claims Registration Period Ends May 30
--------------------------------------------------
Creditors of MC DEL-KON Bau GmbH have until May 30 to register
their claims with court-appointed insolvency manager Achim
Thomas Thiele.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

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

The District Court of Dortmund opened bankruptcy proceedings
against MC DEL-KON Bau GmbH on March 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The Debtor can be reached at:

         MC DEL-KON Bau GmbH
         Cappenberger Str. 51
         44534 Luenen
         Germany

         Attn: Mahmut Sahin, Manager
         Am Alten Garten 13
         44357 Dortmund
         Germany


MERTEN & STORCK: Creditors' Meeting Slated for May 8
----------------------------------------------------
The court-appointed insolvency manager for Merten & Storck GmbH
& Co., Dr. Norbert Kuepper, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:00
a.m. on May 8.

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

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

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

The insolvency manager can be reached at:

         Dr. Norbert Kuepper
         Paderborner Str. 11
         33415 Verl
         Germany
         Tel: 05246/9275-0
         Fax: +495246927511

The Debtor can be reached at:

         Merten & Storck GmbH & Co.
         Attn: Klaus Storck, Manager
         Am Ladestrang 1
         48317 Drensteinfurt
         Germany


MOTORRAD-HANDEL: Creditors Must Register Claims by June 4
---------------------------------------------------------
Creditors of Motorrad-Handel Bredstedt GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Kay Hassler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:50 p.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Husum
         Saal 4
         Theodor-Storm-Strasse 55
         Husum
         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:

         Kay Hassler
         Wrangelstrasse 17-19
         24937 Flensburg
         Germany

The District Court of Husum opened bankruptcy proceedings
against Motorrad-Handel Bredstedt GmbH on April 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Motorrad-Handel Bredstedt GmbH
         Husumer Strasse 6
         25821 Bredstedt
         Germany


MSK-LEISTUNGSGESELLSCHAFT: Creditors Must File Claims by May 30
---------------------------------------------------------------
Creditors of MSK-Leistungsgesellschaft mbH have until May 30 to
register their claims with court-appointed insolvency manager
Heiko Rautmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Heiko Rautmann
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033

The District Court of Magdeburg opened bankruptcy proceedings
against MSK-Leistungsgesellschaft mbH on April 13.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MSK-Leistungsgesellschaft mbH
         Winkel 24 A
         39387 Krottorf
         Germany


NIENHAUS HOLZ: Claims Registration Period Ends June 20
------------------------------------------------------
Creditors of Nienhaus Holz und mehr GmbH & Co.KG have until
June 20 to register their claims with court-appointed insolvency
manager Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be contacted at:

         Dr. Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany
         Tel: 028 71/2 3548 77
         Fax: 084 31/7214

The District Court of Muenster opened bankruptcy proceedings
against Nienhaus Holz und mehr GmbH & Co.KG on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Nienhaus Holz und mehr GmbH & Co.KG
         Attn: Ludger Nienhaus, Manager
         Kotten Buesken 91
         46325 Borken
         Germany


PLANUNGSGESELLSCHAFT KNOECHELMANN: Creditors' Claims Due June 12
----------------------------------------------------------------
Creditors of Planungsgesellschaft Knoechelmann mbH have until
June 12 to register their claims with court-appointed insolvency
manager Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         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. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511 353991-0
         Fax: 0511 353991-10

The District Court of Hannover opened bankruptcy proceedings
against Planungsgesellschaft Knoechelmann mbH on April 17.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Planungsgesellschaft Knoechelmann mbH
         Attn: Heinz Knoechelmann, Manager
         Am Bahnhof 20
         31515 Wunstorf
         Germany


PROFI LINE: Claims Registration Period Ends June 22
---------------------------------------------------
Creditors of Profi Line GmbH have until June 22 to register
their claims with court-appointed insolvency manager Ursula
Paulus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be contacted at:

         Ursula Paulus
         Oppenhoffallee 120
         52066 Aachen
         Germany
         Tel: 0241/9039775
         Fax: 0241/9039816

The District Court of Aachen opened bankruptcy proceedings
against Profi Line GmbH on April 18.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Profi Line GmbH
         Handwerkerzentrum 1
         52156 Monschau
         Germany

         Attn: Sonja Schneider, Manager
         Huetter Privatweg 12
         BEL-4700 Eupen
         Germany


R. MAIER GMBH: Claims Registration Period Ends May 11
-----------------------------------------------------
The court-appointed insolvency manager for R. Maier GmbH
Heizung, Dr. Thomas Wazlawik, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on May 14.

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

         The District Court of Passau
         Meeting Room 12A
         Ground Floor
         Schustergasse 4
         Passau
         Germany

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

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

The District Court of Passau opened bankruptcy proceedings
against R. Maier GmbH Heizung on April 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         R. Maier GmbH Heizung
         Kanzelweg 5
         94130 Obernzell
         Germany


ROSTOCKER HOCHBAU: Claims Registration Period Ends June 20
----------------------------------------------------------
Creditors of Rostocker Hochbau GmbH have until June 20 to
register their claims with court-appointed insolvency manager
Achim Ahrendt.

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

The meeting of creditors will be held at:

         The District Court of 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 contacted at:

         Dr. Achim Ahrendt
         Lange Strasse 1a
         Haus der Schiffahrt
         18055 Rostock
         Germany

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

The Debtor can be contacted at:

         Rostocker Hochbau GmbH
         Attn: Lars Trampe, Manager
         Ahornring 2
         18184 Roggentin
         Germany


SPECTRUM BRANDS: Fitch Affirms CCC Issuer Default Rating
--------------------------------------------------------
Fitch Ratings has affirmed the ratings of Spectrum Brands, Inc:

   -- Issuer default rating 'CCC';

   -- US$1.6 billion 6-year Credit Agreement 'B/RR1';

   -- US$700 million 7-3/8% Senior Subordinated Note
      due 2015 'CCC-/RR5'; and

   -- US$350 million 11.25% Variable Rate Toggle Interest
      pay-in-kind Senior Subordinated Note due 2013 'CCC-/RR5'.

The Credit Agreement and Variable Rate Toggle Interest Note have
relatively the same terms and conditions and are rated the same
as the facilities being replaced.  The Outlook remains Negative.

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company operates in 13
Latin American nations including El Salvador, Guatemala, Costa
Rica, Colombia and Nicaragua.  The company's European
headquarters is located at Sulzbach, Germany.


TRW AUTOMOTIVE: Moody's Affirms Ba2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service affirmed TRW Automotive, Inc.'s
Corporate Family Rating at Ba2, and the ratings on the US$1.5
billion of recently issued senior unsecured notes, at Ba3.

The rating agency also raised the company's Speculative Grade
Liquidity Rating to SGL-1 from SGL-2.  The outlook remains
stable.

In related actions, Moody's assigned Baa3 ratings to the new
senior secured bank facilities of TRW Automotive, Inc.,
including:

   -- US$1.4 billion of revolving credit facilities,
   -- a US$600 million term-loan A, and
   -- a US$500 million term-loan B.

TRW Automotive intends to use the proceeds from the new senior
secured bank facilities to refinance the existing senior secured
credit facilities.  The bank credit facility refinancing
continues TRW Automotive's efforts to opportunistically extend
its debt maturity profile, and reduce debt service costs.

As a leading supplier of components and systems to automotive
OEM's (original equipment manufacturer), TRW Automotive's
business profile has many characteristics that are consistent
with ratings higher than the assigned Ba2 Corporate Family
Rating.  The company enjoys a well-diversified revenue base,
including long-standing supply arrangements with European and
Asian automakers, as well as aftermarket sales.  Continuous
investment in new technologies should support future revenues,
even as automotive demand softens.  However, TRW Automotive has
experienced the effects of ongoing pricing pressures from OEM
customers as well as commodity price increases.  EBIT margins of
below 5% are considered moderate, and more consistent with the
assigned ratings.  For the last twelve months ended
Dec. 31, 2006, TRW Automotive's consolidated total debt/EBITDA
leverage was 3.5x; EBIT coverage of interest was 2.0x; free cash
flow was approximately US$191 million.  These metrics are viewed
as consistent with speculative grade rated companies and with
the company's Corporate Family Ratings at the Ba2 level.

The stable outlook continues to anticipate that the company's
geographic, customer and product diversification will support
revenues even in the face of weaker automotive demand.  Ongoing
cost reduction efforts should benefit margins.  This margin
improvement, in conjunction with the lower debt service costs
stemming from the refinancing, should support credit metrics
consistent with the Ba2 Corporate Family Rating through the
intermediate term.  At year-end 2006, TRW Automotive maintained
good liquidity with cash and cash equivalents of US$578 million,
approximately US$830 million of availability under its revolving
credit facility and about US$104 million of availability under
its U.S. accounts receivable facility.  The new US$1.4 billion
revolving credit facility is expected to provide TRW Automotive
with the same level of unused and available borrowing capacity
provided by the facility being replaced.  The company's
Speculative Grade Liquidity rating of SGL-1 reflects the lower
expected reliance on incremental funding under the proposed
revolvers combined with expected covenant cushion improvement.

These ratings were assigned:

   -- Baa3 (LGD2, 17%) rating for the new US$900 million
      senior secured domestic revolving credit facility;

   -- Baa3 (LGD2, 17%) rating for the new US$500 million
      senior secured global revolving credit facility;

   -- Baa3 (LGD2, 17%) rating for the new US$600 million
      senior secured term loan A;

   -- Baa3 (LGD2, 17%) rating for the new $500 million
      senior secured term loan B;

These rating was raised:

   -- Speculative Grade Liquidity Rating, to SGL-1 from SGL-2

These ratings were affirmed:

   -- Ba2 Corporate Family rating;

   -- Ba2 Probability of Default rating;

   -- Ba3 (LGD5, 72%) on the US$500 million senior unsecured
      notes due 2014;

   -- Ba3 (LGD5, 72%) on the EUR275 million senior unsecured
      notes due 2014;

   -- Ba3 (LGD5, 72%) on the US$600 million senior unsecured
      notes due 2017;

These ratings are withdrawn as a result of the successful tender
for the overwhelming majority of the outstandings:

   -- B1 (LGD6, 97%) for the 9-3/8% Senior Notes due 2013;

   -- B1 (LGD6, 97%) for the 10.125% (Euro denominated)
      Senior Notes due 2013;

   -- B1 (LGD6, 97%) for the 11.75% (Euro denominated) Senior
      Subordinated Notes due 2013; and

   -- B1 (LGD6, 97%) for the 11% Senior Subordinated Notes
      due 2013.

Upon closing of the new senior secured bank facilities these
ratings will be withdrawn:

   -- Ba1 (LGD2, 26%) rating for the existing senior
      secured credit facilities

The last rating action was on March 12, 2007, when Ba3 ratings
were assigned to the company's US$1.5 billion of newly-issued
unsecured notes.

Consideration for downward outlook or rating migration would
arise if any combination of factors were to increase leverage to
over 3.5x or if EBIT/ Interest coverage under 2.0x.

Future events that would be likely to improve TRW Automotive's
outlook or ratings include further debt and leverage reduction
from free cash flow, the realization of substantial new business
awards, expansion into new markets, or improved operating
margins resulting from new business wins or productivity
improvement.  Consideration for upward outlook or rating
migration would arise if any combination of these factors were
to reduce leverage to under 2.5x or increase EBIT/interest
coverage to a level approximating 3.0x.

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE:TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, the company employs
approximately 63,800 people in 26 countries including Brazil,
China, Germany and Italy.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services.


VOSS GMBH: Claims Registration Period Ends May 31
-------------------------------------------------
Creditors of Voss GmbH i.L. have until May 31 to register their
claims with court-appointed insolvency manager Inge Rall.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on June 19, 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 Stuttgart
         Hall 181
         Hauffstr. 5
         70190 Stuttgart
         Germany

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

The insolvency manager can be contacted at:

         Inge Rall
         Neckarstr. 144-146
         70190 Stuttgart
         Germany
         Tel: 0711/120 900 00
         Fax: 0711/120 900 09

The District Court of Stuttgart opened bankruptcy proceedings
against Voss GmbH i.L. on April 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         Voss GmbH i.L.
         Attn: Gnter Voss, Manager
         Lerchenstr. 84
         70176 Stuttgart
         Germany


WATT WINDKRAFTANLAGEN: Creditors' Meeting Slated for May 10
-----------------------------------------------------------
The court-appointed insolvency manager for WATT Windkraftanlagen
- Technologie Temme GmbH, Joerg A. Wunderlich, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 12:30 p.m. on May 10.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 12:15 p.m. on June 14, at the same venue.

Creditors have until May 31 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Trier opened bankruptcy proceedings
against WATT Windkraftanlagen - Technologie Temme GmbH on
April 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WATT Windkraftanlagen - Technologie Temme GmbH
         Attn: Joerg Temme, Manager
         Kirchenbungert 2
         54292 Trier
         Germany


* SEC & German BaFin Sign Regulatory Cooperation Arrangement
------------------------------------------------------------
The U.S. Securities and Exchange Commission and the German
Federal Financial Supervisory Authority (Bundesanstalt f?r
Finanzdienstleistungsaufsicht, or BaFin) signed on April 26 a
comprehensive arrangement to facilitate their supervision of
internationally active firms and their oversight of markets.

At a meeting in Berlin, SEC Chairman Christopher Cox and BaFin
President Jochen Sanio executed a memorandum of understanding
that provides clear mechanisms for consultation, cooperation,
and exchanges of information between their agencies.  The MOU
sets forth the terms and conditions for the sharing of
information about regulated entities and financial groups that
operate in the United States and Germany and, in view of the
growing trend toward cross-border exchange affiliations,
outlines a framework for cooperation in the oversight of markets
in both countries.

"The SEC and BaFin share a commitment to keeping our markets
open, fair and transparent in an ever-changing and increasingly
global marketplace," Chairman Cox said.  "We must continue
working together to facilitate the seamless and efficient
regulation of internationally active firms in the United States
and Germany.  This arrangement helps the SEC and BaFin have
access to the information necessary to supervise global
securities firms and oversee markets."

President Sanio said, "There is already a tradition of
cooperation between the SEC and BaFin. By signing this MOU we
are now giving it an even wider framework. In times of
increasing globalization, such agreements are very valuable -
for the regulators of both countries and for the companies
involved."

Ethiopis Tafara, Director of the SEC's Office of International
Affairs, said, "This MOU builds on the SEC's recent efforts to
formalize information-sharing arrangements for regulatory
cooperation with our counterparts, as the Commission
historically has done in the area of securities enforcement.
Such arrangements infuse predictability and efficiency into our
international cooperative efforts, and help ensure that global
firms are being looked at in a coordinated fashion. The SEC and
BaFin have had a long-standing cooperative relationship, and we
are pleased to enhance that relationship here today."


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


AFFILIATED COMPUTER: Acquires Albion Assets for US$25.5 Million
---------------------------------------------------------------
Affiliated Computer Services, Inc., has completed acquisition of
certain assets of Albion, Inc., for US$25.5 million, subject to
certain adjustments.  The purchase was funded through a
combination of cash and borrowings under Affiliated Computer's
existing credit facility.  The trailing 12-month revenue of the
acquired assets was approximately US$25 million.

The acquisition enables Affiliated Computer to address key HHS
challenges facing State and Local government clients, including:

   * expensive legacy systems;
   * a need for cost effectiveness; and
   * a client-centered approach to service delivery.

The acquired proprietary @Vantage software addresses these
clients' challenges while meeting Federal financial support
requirements for a commercial, off-the-shelf or COTS solution.

"This capability is emerging as a standard for federal financial
support among health and human services agencies," said Tom
Burlin, Executive Vice President and Chief Operating Officer of
Affiliated Computer Services Government Solutions.  "Albion's
@Vantage solution and our extensive experience in eligibility
will provide ACS with a distinct advantage in the growing
eligibility services market that will translate into better
service for our clients."

The combination of Affiliated Computer's BPO service offerings
with the @Vantage solution enables Affiliated Computer to offer
an end-to-end integrated eligibility offering across multiple
HHS programs, including temporary assistance for needy families,
food stamps, and Medicaid and significantly enhances Affiliated
Computer's ability to bid competitively on future state
eligibility systems contracts.

Approximately 170 employees will transition to Affiliated
Computer as part of the acquisition.

                        About Albion

Founded in 1994, Albion is headquartered in Atlanta, Georgia,
with additional operations in Massachusetts, Minnesota, New
Mexico, Tennessee, and Wyoming.  The company specializes in
integrated eligibility software solutions.  Approximately 170
employees will transition to ACS as part of the acquisition.

                About Affiliated Computer Services

Affiliated Computer Services Inc. (NYSE: ACS)
-- http://www.acs-inc.com/-- provides business process
outsourcing and information technology solutions to world-
class commercial and government clients.  The company has more
than 58,000 employees supporting client operations in nearly 100
countries.  The company has global operations in Brazil, China,
Dominican Republic, India, Guatemala, Ireland, Philippines,
Poland, and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 30, Moody's Investors Service confirmed Affiliated
Computer Services' Ba2 corporate family rating and assigned a
stable rating outlook, following the company's conclusion of an
internal investigation into its options granting practices and
restoration to current U.S. Securities and Exchange Commission
financial reporting.

As reported in the Troubled Company Reporter on March 29, 2007,
Fitch Ratings placed Affiliated Computer Services Inc. on
Rating Watch Negative after the proposed offer from Darwin
Deason, founder and current chairman of ACS, and Cerberus
Capital Management L.P. to acquire the company in a leveraged
buyout transaction valued at US$8.2 billion, including existing
debt.

Ratings affected were (i) Issuer Default Rating 'BB'; (ii)
Senior secured revolving credit facility at 'BB'; (iii) Senior
secured term loan at 'BB'; and (iv) Senior notes at 'BB-'.


DRYDEN XV: Moody's Rates EUR16.2 Mln Class E Notes at Ba3
---------------------------------------------------------
Moody's has assigned definitive ratings to eight classes of
Notes issued on March 15, 2007 by Dryden XV-Euro CLO 2006
P.L.C., a special purpose vehicle incorporated in Ireland:

   -- EUR198 million Class A1 Senior Floating Rate Notes due
      2023: Aaa;

   -- GBP20 million Class A2 Senior Floating Rate Notes due
      2023: Aaa;

   -- EUR80 million Class A3 Senior Revolving Floating Rate
      Notes due 2023: Aaa;

   -- EUR34 million Class B Senior Floating Rate Notes due 2023:
      Aa2;

   -- EUR29 million Class C Mezzanine Deferrable Interest
      Floating Rate Notes due 2023: A2;

   -- EUR23 million Class D Mezzanine Deferrable Interest
      Floating Rate Notes due 2023: Baa3;

   -- EUR16.2 million Class E Mezzanine Deferrable Interest
      Floating Rate Notes due 2023: Ba3;

   -- EUR7 million Class V Combination Notes due 2023: A3.

The ratings of the Class A1,A2, A3, B, C, D and E Notes address
the expected loss posed to investors by their legal final
maturity (in April 2023).

The rating of the Class V Combination Notes addresses the
expected loss posed to investors by the legal final maturity (in
April 2023) as a proportion of the Rated Balance, where the
Rated Balance is equal, at any time, to the principal amount of
the Combination Notes on the closing date minus the aggregate of
all payments made from the closing date to such date, either
through interest or principal payments.  The Class V Combination
Notes comprise a notional amount of EUR4.2-million of Class C
Notes, and a notional amount of EUR2.8-million of Class E Notes.

The Issuer has also issued Subordinated Notes, which are not
rated.

In this transaction, Dryden XV-Euro CLO 2006 P.L.C. will
purchase a portfolio of high-yield debt, mostly senior secured
loans and bonds, in an amount equal to EUR439.3 million.  The
portfolio is managed by Pramerica Investment Management.  This
portfolio is being partially acquired at closing and partially
acquired during the ramp-up period, subject to portfolio
guidelines.  After the ramp-up period, the portfolio of assets
will be actively managed and the collateral manager will have
the option, on behalf of the issuer to buy or sell assets.  Any
addition or removal of assets will be subject to a number of
portfolio criteria, including a rating factor test, a diversity
score test, a recovery rate test, a spread test and a weighted
average life test.

These ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The analysis of the foreign currency exchange risk
      involved in the transaction;

   4. The expertise of Pramerica as collateral manager; and

   5. The legal and structural integrity of the issue.


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


TRW AUTOMOTIVE: Moody's Holds Ba3 Rating on US$1.5 Bln Sr. Notes
----------------------------------------------------------------
Moody's Investors Service assigned Baa3 ratings to the new
senior secured bank facilities of TRW Automotive, Inc. --
(including US$1.4 billion of revolving credit facilities, a
US$600 million term-loan A, and a US$500 million term-loan B).

In related actions, Moody's affirmed the company's Corporate
Family Rating at Ba2, and the ratings on the US$1.5 billion of
recently issued senior unsecured notes, at Ba3.  The rating
agency also raised the company's Speculative Grade Liquidity
Rating to SGL-1 from SGL-2.  The outlook remains stable.  TRW
intends to use the proceeds from the new senior secured bank
facilities to refinance the existing senior secured credit
facilities.  The bank credit facility refinancing continues
TRW's efforts to opportunistically extend its debt maturity
profile, and reduce debt service costs.

As a leading supplier of components and systems to automotive
OEM's, TRW's business profile has many characteristics that are
consistent with ratings higher than the assigned Ba2 Corporate
Family Rating.  The company enjoys a well diversified revenue
base, including long standing supply arrangements with European
and Asian auto makers, as well as aftermarket sales.  Continuous
investment in new technologies should support future revenues,
even as automotive demand softens.

However, TRW has experienced the effects of ongoing pricing
pressures from OEM customers as well as commodity price
increases.  EBIT margins of below 5% are considered moderate,
and more consistent with the assigned ratings.  For the last
twelve months ended December 31, 2006 (using Moody's standard
adjustments), TRW's consolidated total debt/EBITDA leverage was
3.5x; EBIT coverage of interest was 2.0x; free cash flow was
approximately US$191 million. (Note that the Moody's standard
adjustments now reflect TRW's reported pension liabilities as
required under FASB 158).  These metrics are viewed as
consistent with speculative grade rated companies and with the
company's Corporate Family Ratings at the Ba2 level.

The stable outlook continues to anticipate that the company's
geographic, customer and product diversification will support
revenues even in the face of weaker automotive demand.  Ongoing
cost reduction efforts should benefit margins.  This margin
improvement, in conjunction with the lower debt service costs
stemming from the refinancing, should support credit metrics
consistent with the Ba2 Corporate Family Rating through the
intermediate term.  At year-end 2006, TRW maintained good
liquidity with cash and cash equivalents of US$578 million,
approximately US$830 million of availability under its revolving
credit facility and about US$104 million of availability under
its U.S. accounts receivable facility.  The new US$1.4 billion
revolving credit facility is expected to provide TRW with the
same level of unused and available borrowing capacity provided
by the facility being replaced.  The company's Speculative Grade
Liquidity rating of SGL-1 reflects the lower expected reliance
on incremental funding under the proposed revolvers combined
with expected covenant cushion improvement.

These ratings were assigned:

    * Baa3 (LGD2, 17%) rating for the new US$900 million senior
      secured domestic revolving credit facility;

    * Baa3 (LGD2, 17%) rating for the new US$500 million senior
      secured global revolving credit facility;

    * Baa3 (LGD2, 17%) rating for the new US$600 million senior
      secured term loan A;

    * Baa3 (LGD2, 17%) rating for the new US$500 million senior
      secured term loan B;

This rating was raised:

    * Speculative Grade Liquidity Rating, to SGL-1 from SGL-2

These ratings were affirmed:

    * Ba2 Corporate Family rating;

    * Ba2 Probability of Default rating;

    * Ba3 (LGD5, 72%) on the US$500 million senior unsecured
      notes due 2014;

    * Ba3 (LGD5, 72%) on the Euro 275 million senior unsecured
      notes due 2014;

    * Ba3 (LGD5, 72%) on the US$600 million senior unsecured
      notes due 2017;

These fratings are withdrawn as a result of the successful
tender for the overwhelming majority of the outstandings:

    * B1 (LGD6, 97%) for the 9 3/8% Sr Notes due 2013;

    * B1 (LGD6, 97%) for the 10.125% (Euro denominated) Sr Notes
      due 2013;

    * B1 (LGD6, 97%) for the 11.75% (Euro denominated) Sr Sub
      Notes due 2013;

    * B1 (LGD6, 97%) for the 11% Sr Sub Notes due 2013

Upon closing of the new senior secured bank facilities the
following ratings will be withdrawn:

Ba1 (LGD2, 26%) rating for the existing senior secured credit
facilities

The last rating action was on March 12, 2007 when Ba3 ratings
were assigned to the company's US$1.5 billion of newly-issued
unsecured notes.

Consideration for downward outlook or rating migration would
arise if any combination of factors were to increase leverage to
over 3.5x or if EBIT/ Interest coverage under 2.0x.

Future events that would be likely to improve TRW Automotive's
outlook or ratings include further debt and leverage reduction
from free cash flow, the realization of substantial new business
awards, expansion into new markets, or improved operating
margins resulting from new business wins or productivity
improvement.  Consideration for upward outlook or rating
migration would arise if any combination of these factors were
to reduce leverage to under 2.5x or increase EBIT/interest
coverage to a level approximating 3.0x.

TRW Automotive, Inc., headquartered in Livonia, Michigan, is
among the world's largest and most diversified suppliers of
automotive systems, modules, and components to global vehicle
manufacturers and related aftermarket.  The company has three
operating segments; Chassis Systems, Occupant Safety Systems,
and Automotive Components.  Its primary business lines encompass
the design, manufacture and sale of active and passive safety
related products.  Annual revenues are approximately US$13
billion


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


AGRO INTERNATIONAL: Creditors Must File Claims by June 2
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Agro International insolvent.

Creditors have until June 2 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 4
         Kassin Str. 2/1
         Mamyr
         050052 Almaty
         Kazakhstan
         Tel: 8 777 559 68-31
              8 777 258 50-41


CONCORD LLP: Creditors' Claims Due May 29
-----------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Concord insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         25-12 Micro District 28
         Aktau
         Mangistau
         Kazakshtan
         Tel: 8 (3292) 40-31-47


INVEST-REGION LLP: Proof of Claim Deadline Slated for May 29
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Invest-Region insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakshtan


JUMA TRADE-SYSTEMS: Claims Registration Ends May 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Juma Trade-Systems insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakshtan


KAZPRIMEIMPEX LLP: Claims Filing Period Ends May 29
---------------------------------------------------
According to decision of the Specialized Inter-Regional Economic
Court of Almaty has declared LLP Kazprimeimpex insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Third Floor
         Makataev Str. 117
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
              8 701 111 77-02


KAZSERVICEINVEST 2: Creditors Must File Claims by May 25
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Kazserviceinvest 2 insolvent.

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

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


MATTECHSNAB LLP: Creditors' Claims Due May 29
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Mattechsnab 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
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 701 205 30-32


NURKAZGAN-SERVICE LLP: Proof of Claim Deadline Slated for May 25
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Nurkazgan-Service insolvent.

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

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


PRO MEDIA: Claims Registration Ends May 29
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Pro Media 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
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 701 205 30-32


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


IMPEX ALCO: Creditors Must File Claims by June 11
-------------------------------------------------
LLC Impex Alco Trade has declared insolvency.  Creditors have
until June 11 to submit written proofs of claim to:

         LLC Impex Alco Trade
         Tolstoy Str. 9
         Bishkek
         Kyrgyzstan


OMEGA PLUS: Claims Filing Period Ends June 11
---------------------------------------------
Joint Kyrgyz-American LLC Omega Plus has declared insolvency.
Creditors have until June 11 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-55-55.


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: Shareholders Approve 2006 Financial Statements
--------------------------------------------------------------
At an ordinary general meeting of AB Mazeikiu Nafta held on
April 27, shareholders decided to:

   -- take into consideration Report prepared by UAB
      PricewaterhouseCoopers, the Auditor of AB Mazeikiu Nafta,
      on AB Mazeikiu Nafta Company Financial Statements (Stand
      Alone) for the year ended Dec. 31, 2006, and AB Mazeikiu
      Nafta Consolidated Financial Statements for the year ended
      Dec. 31, 2006, while considering the issues on the agenda
      of this ordinary General Meeting of Shareholders regarding
      the approval of the indicated financial statements;

   -- approve AB Mazeikiu Nafta Company Financial Statements
      (Stand Alone) for the year ended Dec. 31, 2006;

   -- approve AB Mazeikiu Nafta Consolidated Financial
      Statements for the year ended Dec. 31, 2006.

   -- approve the profit (loss) appropriation of AB Mazeikiu
      Nafta for the financial year 2006.  Based on the profit
      (loss) appropriation approved, the amount of US$52
      thousand or EUR38 thousand has been appropriated to legal
      reserves, while the balance of the profit to be
      appropriated in the amount of US$463,918 or EUR330,489 has
      been carried forward to the next financial year;

   -- elect UAB KPMG Baltics as the Auditor of AB Mazeikiu
      Nafta for the period of one year, and establish the
      fee amounting to LTL870,000, without VAT, payable for
      audit of the annual financial statements for the year 2007
      and review of the interim financial statements, including
      all necessary associated expenses;

   -- recall Vytautas Aroauskas, Vladas Kazimieras Gagilas
      and Genovaite Gele_evieiene from the members of the
      Supervisory Council of AB Mazeikiu Nafta before expiry of
      the term of the current Supervisory Council; and

   -- elect Arunas Laurinaitis, Robertas Tamooiunas and
      Gediminas Vaieiunas as new members of the Supervisory
      Council of Mazeikiu Nafta for the term of the current
      Supervisory Council.

                         About Mazeikiu

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en/-- is an integrated downstream oil
company that comprises in one complex pipeline operations, oil
refining, marine terminal operations, and logistics of crude oil
and refined products.

                        *     *     *

As of April 30, 2007, Mazeikiu Nafta AB carries Fitch Ratings'
Issuer Default rating of B+ with outlook Positive.  MN's short-
term rating is affirmed at B.


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


BASELL AF: Reduced Leverage Cues S&P to Raise Ratings to BB-
------------------------------------------------------------
Standard & Poor's Ratings raised its long-term corporate credit
rating on Luxembourg-based plastics producer Basell AF S.C.A. to
'BB-' from 'B+' reflecting the company's deleveraging and the
good prospects for the coming two years for the polyolefins
industry.  All related issue ratings were also raised by one
notch.  The outlook is stable.

"The upgrade reflects our expectation that the downturn in the
polyolefin industry will be delayed until 2010, giving Basell
another two years of strong free cash flow generation with which
to fund its growth plans and possible dividend payouts and still
achieve adequate cash flow protection ratios for the 'BB'
category," said Standard & Poor's credit analyst Tobias Mock.
Basell generated free operating cash flow of about EUR370
million in 2006, according to Standard & Poor's calculations.

The ratings on Basell reflect its aggressive financial risk
profile and weak business risk profile, resulting from high
cyclicality in the polyolefins' industry.  The ratings are
supported by Basell's position as the largest producer and
marketer of polypropylene worldwide and the largest producer and
marketer of polyethylene in Europe with sales of EUR10.5 billion
in 2006.  Basell also enjoys a very strong technological
position in polyolefins production processes, is the world's
largest licenser of polyolefin process technologies, and has a
leading position as producer of catalysts for the production of
PP and PE.

"The stable outlook reflects Standard & Poor's expectation that
Basell will finance its growth plans and possible dividend
payouts and still achieve adequate cash flow protection ratios
in the coming years," said Mr. Mock.  "However, we have not
included large debt-financed acquisitions or dividends exceeding
EUR150 million per year into our calculations."  Standard &
Poor's expects Basell to achieve funds from operations to debt
of about 20% and debt to EBITDA of below 4x through the cycle.


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


EXIDE TECH: Moody's Junks US$290 Million Junior-Lien Notes
----------------------------------------------------------
Moody's Investors Service assigned a B1 rating to the new senior
secured bank facility of Exide Technologies, Inc.

In a related action, Moody's affirmed the company's Corporate
Family Rating at Caa1, and has changed the outlook to stable
from negative.  Exide intends to use the proceeds from the new
senior secured term loan and a new senior secured ABL revolving
credit facility to repay the existing senior secured bank credit
facilities and pay related expenses.  The ratings continue to
reflect weak credit metrics, and cyclical industry conditions.

The stable outlook reflects the company's progress in applying
selective customer price increases and improved operational
efficiencies.  The company's recent performance further
indicates that price increases have taken hold and should
further improve performance and free cash flow in the near term.
These actions should result in improvement in DEBT/EBITDA (using
Moodys's standard adjustments) from approximately 8.3x as of the
LTM period ending Dec. 30, 2006 and improved interest coverage.
In addition to approximately US$64 million of cash on hand at
Dec. 31, 2006, the company's bond indentures will permit
increased availability under the asset based revolver with
further improvement in EBITDA performance.

Ratings assigned:

Exide Technologies, Inc. and its foreign subsidiary Exide Global
Holdings Netherlands CV:

    * B1 (LGD2, 15%) to the US$200 million asset based revolving
      credit facility;

    * B1 (LGD2, 15%) to the US$130 million senior secured term
      loan at Exide Technologies, Inc.;

    * B1 (LGD2, 15%) to the US$165 million senior secured term
      loan at Exide Global Holdings Netherlands CV.;

Ratings affirmed:

Exide Technologies, Inc.

    * Caa1 Corporate Family Rating;

    * Caa1 Probability of Default Rating;

    * Caa1 (LGD3, 45%) rating of US$290 million of senior
      secured junior-lien notes due March 2013;

These ratings will be withdrawn upon their refinancing:

Exide Technologies, Inc. and its foreign subsidiary Exide Global
Holdings Netherlands CV:

    * B1 (LGD2, 17%) ratings of approximately US$265 million
      equivalent of remaining guaranteed first-lien senior
      secured credit facilities

Exide Technologies, Inc.'s existing US$60 million floating rate
convertible subordinated note due September 2013 are not rated
by Moody's.

Exide, headquartered in Alpharetta, GA, is one of the largest
global manufacturers of lead acid batteries, with net sales
approximating US$2.8 billion.  The company manufactures and
supplies lead acid batteries for transportation and industrial
applications worldwide.


KONINKLIJKE AHOLD: Anders Moberg Resigns as Chief Executive
-----------------------------------------------------------
Anders Moberg, President and Chief Executive Officer of
Koninklijke Ahold N.V., will leave the company effective July 1,
to pursue other career interests.

Mr. Moberg's decision to leave the company was taken in
consultation with the Supervisory Board who agreed that now is
the right time for a change of leadership at Ahold as the
company moves into the next phase of its development.

The Supervisory Board has appointed John Rishton, currently
Ahold's Chief Financial Officer, as Acting President and CEO,
effective July 1.  While in that position, Mr. Rishton will
continue to conduct his duties as CFO.  It is expected that a
final decision on succession will be announced in the latter
part of 2007.

Mr. Moberg joined Ahold in 2003. During the past four years he
has been the principal architect of the company's Road to
Recovery strategy, which established a sound corporate
governance model, restored financial health and put Ahold on
track for sustainable profitable growth.

"Anders has made a great contribution to restoring the health of
Ahold," Rene Dahan, Chairman of Ahold's Supervisory Board, said.
"With this achieved, and the strategy for Ahold's future
profitable growth in place, now is a good time for new
leadership to be appointed to take the company through its next
set of challenges and opportunities.  We wish Anders every
success in his future endeavors."

                         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.


QUEEN STREET: S&P Rates EUR18 Million Class E Notes at BB-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR407.25 million senior secured floating-
rate notes to be issued by Queen Street CLO II B.V., a special
purpose entity.  At the same time, an unrated portion of
EUR42.75 million class F notes will be issued as part of the
credit support.

At closing, Queen Street will issue the notes and use the
proceeds to purchase a portfolio of predominantly senior secured
loans.  Approximately 75% of the target portfolio is expected to
be purchased at closing, with the remainder to be acquired over
the 285-day ramp-up period.  The transaction has a reinvestment
period of six years.

The portfolio will be managed for the life of the transaction.
The manager will be entitled to sell assets and reinvest in
substitute assets, subject to a set of reinvestment criteria.
During the reinvestment period, the manager will also be allowed
to make discretionary trades, provided that the amount traded
does not exceed 20% in any 12-month period.

Indicus Investment Management Ltd. (Cayman), is the transaction
manager but will delegate all of its management responsibilities
under this transaction to its London-based affiliate, Indicus
Advisors LLP.

Indicus is a recently established manager, founded by former
senior members of the JPMorgan CDO structuring team. This will
be its second CLO transaction.

                           Ratings List

Queen Street CLO II B.V.
   EUR450 Million Senior Secured Floating-Rate And Subordinated
   Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mil. EUR)
           -----          ------            --------
           A-1            AAA                239.400
           A-2            AAA                 59.850
           B              AA                  34.875
           C              A-                  38.250
           D              BBB-                16.875
           E              BB-                 18.000
           F              NR                  42.750
           Combination notes
           X              NR                     TBD
           Y              NR                     TBD
           Z              NR                     TBD


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


OMNOVA SOLUTIONS: S&P Rates Proposed US$150 Mil. Term Loan at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
secured debt rating to OMNOVA Solutions Inc.'s proposed
US$150 million senior secured term loan B due 2014.

The term loan rating is the same as the corporate credit rating,
with a recovery rating of '3', indicating the expectation for
meaningful (50%-80%) recovery of principal in the event of a
payment default.  The ratings are based on preliminary terms and
conditions.

At the same time, Standard & Poor's affirmed the 'B+' corporate
credit rating on Fairlawn, Ohio-based OMNOVA.  The outlook is
stable.

"The ratings reflect OMNOVA's business position as a niche
provider of emulsion polymers, specialty chemicals, and
decorative products to mature and highly competitive markets,"
said Standard & Poor's credit analyst David Bird.  The ratings
also reflect OMNOVA's exposure to volatile raw-material costs,
many of which are derived from oil and natural gas, and its
highly leveraged financial profile.  These attributes are
partially offset by competitive business positions as the No. 1
or No. 2 supplier in each of its key end markets, and moderate
product diversification

OMNOVA was created in October 1999 as a spin-off of GenCorp
Inc.'s polymer products businesses.  The performance chemicals
division, which accounts for approximately 63% of pro forma
revenues, focuses on the manufacture of latex and a portfolio of
specialty chemicals.  The company is the second-largest producer
of styrene butadiene latex, which is used as an adhesive in
carpet-backing applications and in manufacturing coated paper.
The decorative products division (about 37% of pro forma
revenues) focuses on polyvinyl chloride and paper-based
decorative surface products.  Proficiency in vinyl applications
and design capabilities support the company's well-established
global share of commercial wall coverings and good positions in
the North American coated fabrics and decorative laminates
markets.


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


ADAMANTAN-BREAD CJSC: Court Names I. Gorn as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed I. Gorn as Insolvency
Manager for CJSC Adamantan-Bread.  He can be reached at:

         I. Gorn
         Post User Box 183
         127018 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A41-K2-18565/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Adamantan-Bread
         Kommunisticheskaya Str., 81
         Shuvoye
         Egoryevskiy
         Moscow
         Russia


AIF CJSC: Creditors Must File Claims by June 7
----------------------------------------------
Creditors of CJSC AIF (TIN 0224003223) have until June 7 to
submit proofs of claim to:

         M. Milyukov
         Insolvency Manager
         Post User Box 20
         Central Post Office
         Ufa
         450000 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-13666/06-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         CJSC AIF
         Lenina Str. 238
         Iglino
         Iglinskiy
         452410 Bashkortostan
         Russia


ALFA BANK: Earns US$190.3 Million for Year Ended Dec. 31, 2006
--------------------------------------------------------------
Alfa-Bank Group posted US$190.3 million in net profit for the
year ended Dec. 31, 2006, compared with US$180.6 million in net
profit for the year ended Dec. 31, 2005.

PricewaterhouseCoopers audited the results according to IFRS.

The Group's total gross loan portfolio increased significantly
by 64.0% to US$9.8 billion at the end of 2006 from US$6.0
billion at the end of 2005.  The corporate loan portfolio grew
by 54.1% to US$9.0 billion, while loans to retail clients
increased 5.6 times to US$809.3 million at Dec. 31, 2006.

The retail loan portfolio share in total loans of Alfa Banking
Group increased to 8.3% by the end of 2006 from 2.4% at the end
of 2005. The amount of funds raised from individuals and
corporate clients stood at US$7.9 billion at Dec. 31, 2006, up
45.7% from US$5.5 billion at December 31, 2005.

"The year 2006 is best characterized as a year of strong growth
across all business lines and, in particular, of substantial
progress in our retail business development," Petr Smida, CEO of
Alfa-Bank, said.  "Our clear business strategy, analysis of
market and operational risks, combined with our ability to
execute set goals and objectives, further strengthened Alfa-
Bank's position as the leading private Russian bank."

"Our corporate and retail client base grew considerably - by the
end of 2006 we served over 45 000 corporate and 2.4 million
retail customers," Mr. Smida added.  "Our branch network was
extended to 229 offices across Russia and abroad from 121 at the
end of 2005.  Our evolving business model -- focused on
profitable and dynamic business segments, investing in operating
platforms and in highly-qualified personnel, contributed
substantially to the bank's success and helped to achieve strong
results in 2006.  We are looking forward to serving the
interests of our shareholders, our clients and employees and to
continue delivering outstanding performance in 2007 and beyond."

                         About Alfa Bank

Headquartered in Moscow, Russia, Alfa Bank --
http://www.alfabank.com/-- provides services in every key
sector of the financial service industry, including corporate
banking, retail banking, investment banking, trade finance,
insurance and asset management.  Alfa Bank's branch network has
grown to 121, including subsidiary banks in Russia, Ukraine,
Kazakhstan and the Netherlands.

In 2005 total assets of the Alfa Bank and its subsidiaries grew
to US$9.8 billion, total equity increased to US$855.8 million,
loan portfolio net of provisions increased to US$5.7 billion.
The net profit for a year 2005 was US$180.6 million.

                        *     *     *

In a TCR-Europe report on March 5, Fitch Ratings assigned Alfa
Bond Issuance PLC's US$300 million issue of limited recourse
8.635% loan participation notes due February 2017 a Long-term
rating of 'B+'.

As reported in the TCR-Europe on Dec 26, Standard & Poor's
Ratings Services raised its long-term counterparty credit rating
on Alfa-Bank to BB from BB-.  The short-term rating on the bank
was affirmed at B.  The outlook is stable.  At the same time,
the Russian national scale rating was raised to ruAA from ruAA-.

As reported in the TCR-Europe on Oct. 6, Fitch Ratings assigned
Alfa MTN Issuance Limited's US$400 million 7.875% notes issue
due October 2009 a Long-term BB- rating.  The proceeds from the
issue will be on-lent to Alfa Bank, rated Issuer Default BB-
/Outlook Stable, Short-term B, Support 4, Individual C/D, and
National Long-term A+/Outlook Stable.


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

         I. Grigoryeva
         Temporary Insolvency Manager
         Post User Box 166
         603000 N. Novgorod
         Russia

The Arbitration Court of Moscow commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case
No. A40-75899/06-95-1179 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Arlekino
         Building 4
         Znamenka 8/13
         Moscow
         Russia


BALAROM CJSC: Creditors Must File Claims by June 7
--------------------------------------------------
Creditors of CJSC Balarom (TIN 0277011605) have until June 7 to
submit proofs of claim to:

         M. Mulyukov
         Insolvency Manager
         Central Post User Box 20
         Ufa
         450000 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-12080/06-G-ADM.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Balarom
         Ulyanovykh Str. 74
         Ufa
         450029 Bashkortostan
         Russia


BENQ CORP: Russian Subsidiaries to Liquidate Assets This Month
--------------------------------------------------------------
BenQ Corp.'s Russian subsidiaries, BenQ Mobile BV and BenQ
Mobile Europe, will liquidate assets in Moscow this month,
published reports say.

BenQ Mobile Director General Sergey Yakovlev said BenQ Mobile
BV, which owns 99% of the Russian company's shares, is now in
the liquidation stage following the introduction of external
management proceedings in Moscow, CNews reports.

Kommersant says the closure will result to Russian dealers
importing BenQ phones from and working directly with Taiwan-
based parent company BenQ Corp.

Mr. Yakovlev said BenQ Corp., which owes about EUR100,000 to the
Russian company, has laid down unacceptable conditions for
further cooperation.  BenQ and BenQ Mobile will hold talks in
September regarding BenQ's further presence in Russia.

According to Mobile Research Group, in a report carried by
Kommersant, BenQ's share in the Russian cell phone market
dropped from 11.5 percent in mid-2006 to 3.8 percent by the end
of the year.  Kommersant notes that experts are speculating
SonyEricsson and Samsung would likely occupy the market space
vacated by BenQ.

                      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 German-based wholly owned
subsidiary, filed for insolvency in Munich 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 secure a
buyer for the company by the Dec. 31, 2006 deadline.

                          *     *     *

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.


DAL-LEASING CJSC: Creditors Must File Claims by June 7
------------------------------------------------------
Creditors of CJSC Dal-Leasing have until June 7 to submit proofs
of claim to:

         G. Chmutina
         Insolvency Manager
         Office 806
         Sheronova Str. 56 A
         680000 Khabarovsk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A73-8775/2006-38.

The Debtor can be reached at:

         CJSC Dal-Leasing
         Kalinina Str. 107
         680028 Khabarovsk
         Russia


EUROCHEM MINERAL: Novomoskovsk Unit Hikes Q1 Fertilizer Output
--------------------------------------------------------------
Novomoskovsk JSC Azot, a unit of OJSC EuroChem Mineral and
Chemical Co., increased nitrogen fertilizer output (100%
nutrient content) by 3.4% to 198,970 tons in the first quarter
of 2007.

In January to March 2007, the enterprise produced 397,170 tons
of ammonia, up 0.8% from the same period in 2006.  Ammonium
nitrate output grew 16% to 320,000 tons.  Due to the upgrade of
Urea-3 shop, the urea production was reduced during the first
quarter to 190,000 tons (down 5.5% from 2006).

A successful product launch and favorable market conditions were
the main reasons for more than a threefold increase in the
output of a new nitrogen-lime fertilizer.  In total, the year-
to-date output of this product was 20,460 tons.

A substantial growth was seen in separate chlorine segments.
Thus, the enterprise produced:

   -- 4,670 tons of sodium hypochlorite (up 8.9%);

   -- 1,520 tons of granulated calcium chloride (up 3.5%);

   -- 3,010 tons of calcium chloride solution (a 3.6-fold
      increase).

An upward trend was observed in organics segment as well.  In
total, 5,980 tons of various products was produced (up 4.1%).
The total year-to-date output of methanol was 112,620 tons, up
9.3% from the previous year; while vinyl chloride output was
6,650 tons (up 1.0%).

                         About EuroChem

Headquartered in Moscow, Russia, OJSC EuroChem Mineral and
Chemical Company -- http://www.eurochem.ru/-- engages in raw
materials extraction, and production of fertilizers, organics,
feed phosphates in Russia and abroad.

                          *     *     *

In a TCR-Europe report on April 5, 2007, Fitch Ratings assigned
EuroChem Finance p.l.c.'s issue of loan participation notes for
the aggregate principal amount of US$300 million 7.895% due 2012
a final senior unsecured 'BB-' rating.

Fitch Ratings assigned Russia-based OJSC EuroChem Mineral and
Chemical Co. an Issuer Default 'BB-' (BB minus) rating and a
Short-term 'B' rating.  The Outlook on the Issuer Default rating
is Stable.


KEM CJSC: Creditors Must File Claims by May 31
----------------------------------------------
Creditors of CJSC Trading House Kem have until May 31 to submit
proofs of claim to:

         G. Izmaylov
         Insolvency Manager
         Kuznetskiy Pr. 33
         650000 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A27-12744/2006-4.

The Court is located at:

         The Arbitration Court of Kemerovo
         Krasnaya Str. 8
         Kemerovo
         Russia

The Debtor can be reached at:

         CJSC Trading House Kem
         Kuznetskiy Pr. 33
         650000 Kemerovo
         Russia


MAGNITOGORSK METALLURGICAL: S&P Holds BB Corporate Credit Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia-based steelmaker OAO Magnitogorsk Metallurgical Kombinat
to positive from stable.  At the same time, the 'BB' long-term
corporate credit and 'ruAA' Russia national scale ratings on MMK
were affirmed.

"The outlook revision follows MMK's successful US$1 billion
share placement, improvements in corporate governance practices,
and a review of the company's strong 2006 operating and
financial performance," said Standard & Poor's credit analyst
Elena Anankina.

The successful share placement has had a positive effect on the
company's corporate governance practices and transparency and
its access to international financial markets.  The nearly
US$1 billion raised through the share placement (US$850 million
received from an offering of newly issued shares not subscribed
by MMK's existing shareholders and US$150 million to be received
from one shareholder selling some of his shares and then
exercising pre-emptive rights to buy from the other
shareholders) will be used to finance the company's investment
program (US$5.2 billion in 2007-2013).

At Dec. 31, 2006, the company's debt was US$970 million.

As a major weakness, S&P notes that MMK is a land-locked,
single-site producer, lacking vertical integration in raw
materials and exposed to the inherently volatile commodity
markets. This is a major constraint on the company's business
profile and the current rating.  In addition, MMK has
substantial capital expenditure plans to continue the
modernization of its facilities.

MMK's financial risk is now considered intermediate, with funds
from operations to debt for 2006 at a healthy 169%, and adjusted
debt to EBITDA at just 0.5x.  Although a cyclical downturn or
the company's own growth ambitions could dilute MMK's financial
position, S&P expects a comfortable financial profile to be
maintained.

"An upgrade is possible in the next 12 months or so, if MMK
adheres to a prudent investment policy, as well as a dividend
policy that is in line with its new conservative payout target
of about 15%-25% of net income under U.S. GAAP, which should not
jeopardize its capital structure," said Ms. Anankina.

Strong free cash flow generation and share placement proceeds
will help finance the company's capital-expenditure program.

"We also note that upgrade potential will likely be limited to
one notch, as long as MMK remains a land-locked producer lacking
diversification and vertical integration in raw materials,"
added Ms. Anankina.

The national-scale rating is likely to move in line with the
global scale rating.


MICHURIN CJSC: Creditors Must File Claims by May 31
---------------------------------------------------
Creditors of CJSC Named After Michurin have until May 31 to
submit proofs of claim to:

         O. Khvorostinin
         Insolvency Manager
         Office 409
         Kuteladze Str. 4
         630128 Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A45-3095/05-29/4.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Named After Michurin
         Nizhniy Uryum
         Zdvinskiy
         623963 Novosibirsk
         Russia


MIKHAYLOVSKIY MEAT: Creditors Must File Claims by June 7
--------------------------------------------------------
Creditors of CJSC Mikhaylovskiy Meat Packing Factory (TIN
3437008574) have until June 7 to submit proofs of claim to:

         M. Mazalov
         Insolvency Manager
         Post User Box 3115
         400105 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A12-882/07-s58.

The Debtor can be reached at:

         CJSC Mikhaylovskiy Meat Packing Factory
         A. Nevskogo Str.
         Mikhaylovka
         403348 Volgograd
         Russia


MUROMSKOYE CJSC: Court Names G. Ivanov as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Kaliningrad appointed G. Ivanov as
Insolvency Manager for CJSC Muromskoye.  He can be reached at:

         G. Ivanov
         Apartment 10
         Yuzhnyj Avenue, 47
         236011 Kaliningrad
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A 21-805/07.

The Court is located at:

         The Arbitration Court of Kaliningrad
         Rokossovskogo Str. 2
         Kaliningrad
         Russia

The Debtor can be reached at:

         G. Ivanov
         Apartment 10
         Yuzhnyj Avenue, 47
         236011 Kaliningrad
         Russia


NEVA CJSC: Creditors Must File Claims by June 7
-----------------------------------------------
Creditors of CJSC Building Company Neva have until June 7 to
submit proofs of claim to:

         S. Tsvetkov
         Insolvency Manager
         Kavalergardskaya Str. 6
         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. A56-58468/2005.

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 Building Company Neva
         Room 1
         9th January Pr. 3
         St. Petersburg
         Russia


NOVOLIPETSK STEEL: Installs Slitting Line at Grain-Oriented Site
----------------------------------------------------------------
Novolipetsk Steel OJSC has installed a new coil slitting line
with a capacity of 60 tpy at its grain-oriented steel plant.

The new equipment will enable the company to introduce a new
product -- grain-oriented (GO) steel strip -- with a width
ranging from 80 to 400 mm, and a thickness of 0.23 to 0.30 mm.

This investment of US$10.5 million (RUR270 million) was carried
out within the framework of the second phase of the Technical
Upgrading Program.  This program will take place from 2007 to
2011 and is aimed at increasing the output of high value-added
products.

The line is capable of performing high-precision coil slitting
in automatic mode and produces steel products of a high quality.

By the end of 2007, at NLMK's grain-oriented steel plant, a
reverse cold strip mill will be upgraded and new pickling line
is to be commissioned replacing two obsolete production lines.

                        About Novolipetsk

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

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

                        *     *     *

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

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

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

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


REGIONAL INDUSTRIAL LLC: Names A. Mavzyutov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed A. Mavzyutov as
Insolvency Manager for LLC Regional Industrial Company.  He can
be reached at:

         A. Mavzyutov
         M. Karima Str. 6-23
         Ufa
         450077 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A07-9582/06-G-ADM.

The Court is located at:

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

The Debtor can be reached at:

         LLC Regional Industrial Company
         M. Karima Str. 6-23
         Ufa
         450077 Bashkortostan
         Russia


ROSNEFT OIL: Pegs Net Proved Reserves at 20 Billion BOE
-------------------------------------------------------
OAO Rosneft Oil Co. disclosed the results of the annual
independent audit of its oil and gas reserves prepared by
DeGolyer and MacNaughton.

As of Dec. 31, 2006, Rosneft had estimated net proved reserves
of 20.089 billion barrels of oil equivalent, which include
15.963 billion barrels (2.195 billion tons) of oil and 24.758
trillion cubic feet (701 billion cubic meters) of gas according
to the SPE classification.

In 2006, proved hydrocarbon reserves grew 6.1% over 2005, with
oil and gas condensate reserves increasing by 7.3% and gas
reserves increasing by 1.5%. Reserve replacement including
acquisitions was 273%, while organic hydrocarbon reserves
replacement was 224%. Rosnefts hydrocarbon reserve life was 30
years -- 27 years for oil and 51 years for gas.

The increase in proved reserves was due primarily to further
exploration and development of the fields at Yuganskneftegaz and
the Vankor field, as well as the acquisition of an effective
49.4% stake in Udmurtneft.  Excluding acquisitions, Rosnefts
proved reserves amounted to 19.765 billion barrels of oil
equivalent, which include 15.639 billion barrels (2.150 billion
tons) of oil and 24.758 trillion cubic feet (701 billion cubic
meters) of gas.

Rosnefts probable and possible reserves at 11.305 and 10.410
billion barrels of oil equivalent, respectively.  These reserves
include 8.758 billion barrels of oil and 15.284 trillion cubic
feet of gas of probable reserves and 7.827 billion barrels of
oil and 15.493 trillion cubic feet of gas of possible reserves,
according to the SPE classification.

                          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.


RUS' LLC: Creditors Must File Claims by June 7
----------------------------------------------
Creditors of LLC Consulting Company Rus' have until June 7 to
submit proofs of claim to:

         V. Suvorov
         Insolvency Manager
         Post User Box 960
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A47-10052/2006-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Consulting Company Rus'
         Severnyj Pr. 1
         460052 Orenburg
         Russia


TNK-BP HOLDING: Annual Shareholders' Meeting Slated for June 15
---------------------------------------------------------------
TNK-BP Holding Ltd. set the next Annual General Meeting of
shareholders on June 15.

At the AGM, TBH will report its performance for the year and
present its full year 2006 accounts, the first to be prepared
under .U.S Generally Accepted Accounting Principles.

Other AGM agenda items will include consideration of the
recommended dividend for 2006, which will be based on TBH RAS
unconsolidated accounts.  For dividend purposes, the date for
establishing TBH shareholders of record is April 27, 2007.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP operates six refineries in
Russia and Ukraine, and markets products through 2,100 retail
service stations operating under TNK and BP brand.  BP Plc and
Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP
on Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


TRANS-SERVICE CJSC: Court Names Y. Shishkov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod appointed Y. Shishkov
as Insolvency Manager for CJSC Trans-Service.  He can be reached
at:

         Y. Shishkov
         Minina Str. 3-1
         Nizhniy Novgorod
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A43-11337/2006 24-148.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trans-Service
         Strelka Str. 12
         Nizhniy Novgorod
         Russia


VOLGA-ROS-OIL-TRANS: Creditors Must File Claims by May 31
---------------------------------------------------------
Creditors of CJSC Volga-Ros-Oil-Trans have until May 31 to
submit proofs of claim to:

         A. Raspopin
         Insolvency Manager
         Sennaya Square 15
         603024 N. Novgorod
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A79-11489/2006.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         CJSC Volga-Ros-Oil-Trans
         Filling Station 126
         42nd KM
         Road Tsivilsk-Syzran
         Kanashskiy
         Chuvashiya
         Russia


WIMM-BILL-DANN: Improved Operations Cue S&P to Watch B+ Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating and 'ruA+' Russia national scale rating
on Russia's largest dairy and leading fruit juice producer Wimm-
Bill-Dann Foods OJSC on CreditWatch with positive implications.
This follows preliminary analysis of the company's recently
announced 2006 operating and financial results.

"The CreditWatch placement reflects the continuing positive
trend in WBD's operating performance, together with a resilient
financial risk profile," said Standard & Poor's credit analyst
Anton Geyze.

Expanding economies of scale, corporate streamlining, and
increased focus on cost control have helped the company to
improve its operating profitability, as demonstrated by its
year-end 2006 EBITDA margin, which climbed to above 12%. Cash
flow protection is strengthening, buoyed by operating cash flow
growth of nearly 70% year on year in 2006 and a moderate
increase in leverage.

"We will resolve the CreditWatch placement after we have met
with WBD's management, which we expect to happen in May-June
2007, and once we have more details regarding the company's
future business strategy and financial plans," Mr. Geyze added.


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

         M. Polyakov
         Insolvency Manager
         Post User Box 130
         Vorovskogo Str. 140
         Barnaul
         656002 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-9141/06-B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Zhuravlikhinskoye
         Zhuravlikha
         Pervomayskiy
         658055 Altay
         Russia


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


BRACHER JSC: Creditors' Liquidation Claims Due May 31
-----------------------------------------------------
Creditors of JSC Bracher have until May 31 to submit their
claims to:

         Peter Hodel
         Liquidator
         Industriestrasse 13c
         Postfach 4339
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Bracher
         Olten SO
         Switzerland


COMETRA JSC: Creditors' Liquidation Claims Due June 18
------------------------------------------------------
Creditors of JSC Cometra have until June 18 to submit their
claims to:

         LLC Fiscom Treuhand
         Liquidator
         Haldenstrasse 5
         6342 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Cometra
         Oberageri ZG
         Switzerland


DENISE BIELLMANN: Creditors' Liquidation Claims Due June 11
-----------------------------------------------------------
Creditors of LLC Denise Biellmann Fashion have until June 11 to
submit their claims to:

         Erika Breuleux
         Liquidator
         Witikonerstrasse 186
         8053 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Denise Biellmann Fashion
         Volketswil
         Uster ZH
         Switzerland


FLUMO LLC: Claims Registration Period Ends May 16
-------------------------------------------------
The Bankruptcy Court of Thurgau commenced bankruptcy proceedings
against LLC Flumo on March 12.

Creditors have until May 16 to file their written proofs of
claim.

The Bankruptcy Service of Thurgau can be reached at:

         Bankruptcy Service of Thurgau
         8510 Frauenfeld TG
         Switzerland

The Debtor can be reached at:

         LLC Flumo
         Beat Fluckiger
         Seetalstrasse 72
         8280 Kreuzlingen TG
         Switzerland


MCF CARROSSERIE: Creditors' Liquidation Claims Due May 18
---------------------------------------------------------
Creditors of JSC MCF Carrosserie have until May 18 to submit
their claims to:

         Lino Monti
         Liquidator
         Schneckelerstrasse 18
         4414 Fullinsdorf
         Liestal BL
         Switzerland

The Debtor can be reached at:

         JSC MCF Carrosserie
         Fullinsdorf
         Liestal BL
         Switzerland


REBARCA GASTROBETRIEBE: Lucerne Court Starts Bankruptcy Process
---------------------------------------------------------------
The Bankruptcy Court of Hochdorf in Lucerne commenced bankruptcy
proceedings against LLC Rebarca Gastrobetriebe on March 22.

The Bankruptcy Service of Hochdorf can be reached at:

         Bankruptcy Service of Hochdorf
         6020 Emmenbrucke
         Switzerland

The Debtor can be reached at:

         LLC Rebarca Gastrobetriebe
         Gerliswilstrasse 78
         6020 Emmenbrucke
         Switzerland


SHOP-GLOBAL JSC: Creditors' Liquidation Claims Due May 18
---------------------------------------------------------
Creditors of JSC Shop-Global have until May 18 to submit their
claims to:

         Peter Schnyder
         Liquidator
         Bahnhofstrasse 4
         6052 Hergiswil NW
         Switzerland

The Debtor can be reached at:

         JSC Shop-Global
         6052 Hergiswil NW
         Switzerland


SKY-HAWK LLC: Creditors' Liquidation Claims Due May 18
------------------------------------------------------
Creditors of LLC Sky-hawk have until May 18 to submit their
claims to:

         Weinbergstrasse 9
         9500 Wil SG
         Switzerland

The Debtor can be reached at:

         LLC Sky-hawk
         Wil SG
         Switzerland


TRADENDA CAPITAL: Creditors' Liquidation Claims Due May 31
----------------------------------------------------------
Creditors of JSC Tradenda Capital Partners have until May 31 to
submit their claims to:

         JSC SwissInterTax
         Liquidator
         Herzogstrasse 14
         8044 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Tradenda Capital Partners
         Zurich
         Switzerland


VINDONISSA VERWALTUNGS: Aargau Court Starts Bankruptcy Process
--------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Vindonissa Verwaltungs on April 3.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Vindonissa Verwaltungs
         BDO Visura
         Entfelderstrassse 1
         5000 Aarau AG
         Switzerland


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


AGRICULTURAL TECHNICS: Creditors Must Register Claims by May 10
---------------------------------------------------------------
Creditors of OJSC Agricultural Technics (code EDRPOU 03743641)
have until May 10 to submit written proofs of claim to:

         Jury Gorodchuk
         Liquidator
         Industrial Lane 6
         Tlumach
         78000 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-16/266.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         OJSC Agricultural Technics
         Vysochanaya Str. 11
         Gorodenka
         78100 Ivano-Frankovsk
         Ukraine


ANDRAMET-K LLC: Creditors Must Register Claims by May 11
--------------------------------------------------------
Creditors of LLC Andramet-K (code EDRPOU 34033479) have until
May 11 to submit written proofs of claim to:

         O. Tomashevsky
         Liquidator
         Rabochaya Str. 7
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/146/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Andramet-K
         Masterskaya Str. 4-A
         Nikolaev
         Ukraine


AVANGARD OJSC: Creditors Must Register Claims by May 11
-------------------------------------------------------
Creditors of Agricultural OJSC Avangard (code EDRPOU 05418514)
have until May 11 to submit written proofs of claim to:

         Liudmila Shvediuk
         Liquidator
         Shkolny Lane 9
         10025 Zhytomir
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 4/9-B.

The Debtor can be reached at:

         Agricultural OJSC Avangard
         Tovscha
         Romanovka District
         Zhytomir
         Ukraine


DREVLIANY LLC: Creditors Must Register Claims by May 11
-------------------------------------------------------
Creditors of LLC Drevliany (code EDRPOU 25177047) have until
May 11 to submit written proofs of claims to:

         Sergey Korchan
         Liquidator
         Petrovsky Str. 6/8
         61002 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 50/162-06.

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 Drevliany
         Shevchenko Str. 319
         61033 Kharkov
         Ukraine


EASTERN ALLIANCE: Claims Filing Bar Date Set May 10
---------------------------------------------------
Creditors of LLC Eastern Alliance (code EDRPOU 32675324) have
until May 10 to submit written proofs of claims to:

         Viacheslav Zaryvayko
         Temporary Insolvency Manager
         Petrovsky Str. 6/8
         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-50/07-07.

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 Eastern Alliance
         Chernyshevsky Str. 65
         Kharkov
         Ukraine


LOZOVAYA FORGE: Creditors Must Register Claims by May 11
--------------------------------------------------------
Creditors of OJSC Lozovaya Forge and Mechanical Plant (code
EDRPOU 05750289) have until May 11 to submit written proofs of
claims to:

         Andrew Fedorchenko
         Liquidator 61058
         R. Rolan Str. 12
         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-39/126-04.

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:

         OJSC Lozovaya Forge and Mechanical Plant
         Svoboda Str. 2a
         Lozovaya
         64600 Kharkov
         Ukraine


MOSCOWSKY OJSC: Creditors Must Register Claims by May 11
--------------------------------------------------------
Creditors of OJSC Moscowsky (code EDRPOU 00412441) have until
May 11 to submit written proofs of claims to:

         Alexander Bandola
         Liquidator
         S. Khokhlovykh Str. 6-B, ap.31
         04119 Kiev
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/11-04.

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:

         OJSC Moscowsky
         Lenin Avenue 1
         Grushovka
         Kupiansk District
         63751 Kharkov
         Ukraine


TECHNICAL INDUSTRY: Creditors Must Register Claims by May 10
------------------------------------------------------------
Creditors of OJSC Technical Industry (code EDRPOU 21971624) have
until May 10 to submit written proofs of claim to:

         Aleksey Kondratenko
         Liquidator
         Budionny Str. 41
         83053 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/230b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Technical Industry
         Titov Str. 63
         Sedilovo
         85400 Donetsk
         Ukraine


TRANSPORT WORKER: Creditors Must Register Claims by May 10
----------------------------------------------------------
Creditors of OJSC Transport Worker (code EDRPOU 30124736) have
until May 10 to submit written proofs of claim to:

         Andrew Ivashkov
         Liquidator
         P.O. Box 1535
         79008 Lvov

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/32-8/13.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Transport Worker
         Samborskaya Str. 3
         Drogobych
         82100 Lvov
         Ukraine


UKRAINIAN SPECIAL: Creditors Must Register Claims by May 11
-----------------------------------------------------------
Creditors of LLC Ukrainian Special Trade (code EDRPOU 20909095)
have until May 11 to submit written proofs of claim to:

         Michael Tsurika
         Liquidator
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/160/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrainian Special Trade
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine


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


ABANELE KIRKBRIDE: Names Peter Maurice Levy Liquidator
------------------------------------------------------
Peter Maurice Levy of Levy & Partners was appointed liquidator
of Abanele Kirkbride Ltd. on April 12 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Abanele Kirkbride Ltd.
         47 Wyresdale Crescent
         Perivale
         Greenford
         UB6 8TH
         England
         Tel: 020 8998 3492
         Fax: 020 8341 1030


ALBA 2007-1: S&P Rates Class F Notes at BB
------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the mortgage-backed floating-rate note to be
issued by ALBA 2007 - 1 PLC, a special purpose entity.

The collateral comprises a pool of first-ranking mortgages
secured over freehold and leasehold residential properties in
England and Wales.

This will be Oakwood Homeloans Ltd.'s fourth securitization,
which largely repeats the structure of ALBA 2006 - 2 PLC.

The notes will be provided strong protection by the relevant
subordinated notes and the cash reserve.  There will be no
prefunded loans in this transaction, reducing the variation
between the provisional and final pools.

                          Ratings List

ALBA 2007-1 PLC
GBP975.3 Million Mortgage-Backed Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mil. GBP)
           -----          ------            --------
           A1             AAA                 TBD
           A2             AAA                 TBD
           A3             AAA                 TBD
           B              AAA                 TBD
           C              AA                  TBD
           D              A                   TBD
           E              BBB                 TBD
           F              BB                  TBD
           MERCS          AAA                 N/A


ALBA 2007-1: Fitch Assigns BB Ratings to Class F Notes
------------------------------------------------------
Fitch Ratings assigned expected ratings to ALBA 2007-1's
mortgage-backed floating-rate notes due in 2039.  Only the
shares of the issue size are provided as the exact amounts have
yet to be finalized.

   -- Class A1 notes amounting to 23.8% of issue size: 'AAA'
   -- Class A2 notes amounting to 23.8% of issue size: 'AAA'
   -- Class A3 notes amounting to 27.7% of issue size: 'AAA'
   -- Class B notes amounting to 10.9% of issue size: 'AAA'
   -- Class C notes amounting to 5.7% of issue size: 'AA-'
   -- Class D notes amounting to 3.55% of issue size: 'A-'
   -- Class E notes amounting to 2.45% of issue size: 'BBB'
   -- Class F notes amounting to 2.1% of issue size: 'BB'
   -- Mortgage early redemption certificates: 'AAA'

All the notes have a final legal maturity of 2039.

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

This transaction is a securitization of non-conforming
residential mortgages originated and located in the UK.  The
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria of GMAC-RFC and
the sound legal structure of the transaction.  Credit
enhancement for the Class A notes is initially 25.65%, provided
by the subordination of the Class B, Class C, Class D, Class E
notes and Class F and an initial and target reserve fund with a
balance of 0.95% of the total aggregate note balances for the A1
to F notes as of closing.  There is also a liquidity facility
available to meet income deficiencies, including interest
shortfalls on the Class A notes.  However, it will not be
available to fund any periodic principal deficiencies.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model Criteria.  The agency also modeled cash flows
using the results of the default model with structural stresses
including various prepayment and interest rate scenarios.  The
cash flow tests showed that each Class of notes could withstand
loan losses at a level corresponding to the related stress
scenario without incurring any principal loss or interest
shortfall and can retire the principal by legal final maturity.


AVENTI DISTRIBUTION: Hires Liquidator from Maidment Judd
--------------------------------------------------------
Anthony David Kent of Maidment Judd was appointed liquidator of
Aventi Distribution Ltd. on April 17 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Aventi Distribution Ltd.
         575-599 Maxted Road
         Hemel Hempstead Industrial Estate
         Hemel Hempstead
         HP2 7ED
         England
         Tel: 01923 228 314


B.D. GRAPHICS: Joint Liquidators Take Over Operations
-----------------------------------------------------
John Michael Munn and Joseph Gordon Maurice Sadler of Elwell
Watchorn & Saxton LLP were appointed joint liquidators of B.D.
Graphics Ltd. on April 19 for the creditors' voluntary winding-
up proceeding.

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

The company can be reached at:

         B.D. Graphics Ltd.
         3 Navigation Street
         Leicester
         LE1 3UR
         England
         Tel: 0116 262 2222
         Fax: 0116 262 3003


BAA PLC: Unveils GBP9 Bln Investment Program for U.K. Airports
--------------------------------------------------------------
BAA plc has published its 11* year traffic forecasts and capital
investment plans for Heathrow, Gatwick and Stansted airports,
its three price regulated London airports.

BAA is forecasting average passenger traffic growth for these
three airports of 2.8% per annum over this period, along with
capital investment of approximately GBP9.3 billion (in 2007/08
prices).

"Last month [March] BAA announced its ongoing investment to cut
airport queues quickly, [Wednes]day we are focused on our long-
term plans to free the traveling public from congestion and
provide a good experience at our airports, Stephen Nelson, Chief
Executive Officer, BAA said.  "Our investment program is big,
ambitious and long-term, yet will require no subsidy from
taxpayers.  The size and strength of BAA's balance sheet and our
unrivalled experience in developing new airport facilities, give
us great confidence that we can deliver this scale of investment
on time and on budget.  We now look to the regulatory
authorities to deliver the stable regulatory system and sensible
financial incentives necessary to deliver these plans."

Major new airport facilities that are planned include:

   -- G2 - Stansted's second runway and Terminal,
   -- Heathrow East - replacement for Terminal 2,
   -- Renovation of Heathrow's Terminals 3 and 4, and
   -- T5C, second satellite for Terminal 5.

* Plans are for 11 years so that they cover next two regulatory
  periods, 2008-2013 and 2013-18.  Previously, BAA has issued
  10-year investment plans.

                          About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the
United Kingdom, including Healthrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.  Its airports in the U.K.
handled over 117 million international passenger during the 12
months up to October 2005.  International passengers make up 81%
of its total U.K. airport traffic.  BAA had total assets of
GBP15.2 billion and pre-tax profits of GBP757 million for the
year ended March 31, 2006.

                        *     *     *

As of Feb. 6, BAA Plc carries these ratings from Moody's:

   -- Issuer Rating: Ba1
   -- GBP425-million convertible bonds due August 2009: Ba1
   -- GBP424-million convertible bonds due April 2008: Ba1
   -- GBP200-million 7.875% bonds due February 2007: Ba1


BIG DISPLAY: Creditors' Meeting Slated for May 8
------------------------------------------------
Creditors of Big Display Ltd. will meet at 11:30 a.m. on May 8
at:

         The Express by Holiday Inn Newcastle
         Waterloo Square
         St. James Boulevard
         Newcastle upon Tyne
         NE1 4DN
         England

Creditors who want to vote at the meeting have until noon on
May 7 to submit their proxy forms together with particulars of
their claims or of any security at the company's registered
office at:

         C12 Marquis Court
         Marquis Way
         Team Valley
         Gateshead
         NE11 0RU
         England

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


BRETT CIVIL: Appoints Joint Administrators from Begbies Traynor
---------------------------------------------------------------
S. L. Conn and D. Bailey of Begbies Traynor were appointed joint
administrators of Brett Civil Engineering Ltd. (Company Number
03963733) on April 16.

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:

         Brett Civil Engineering Ltd.
         394 Tottington Road
         Bury
         BL8 1TU
         England
         Tel: 0161 763 1354


BRITISH AIRWAYS: Hikes Longhaul Fuel Surcharge to GBP33
-------------------------------------------------------
British Airways plc is to increase its longhaul fuel surcharge
with effect from Wednesday, May 2, as a result of recent trends
in the price of oil.

The fuel surcharge on longhaul flights of less than nine hours
will rise from GBP30 per sector (GBP60 return) to GBP33 (GBP66
return) and from GBP35 per sector to GBP38 (GBP76 return) on
flights longer than nine hours.

The shorthaul fuel surcharge remains unchanged at GBP8 per
sector (GBP16 return).

"The latest increase in the longhaul fuel surcharge is
regrettable. Robert Boyle, British Airways' commercial director,
said.  "The cost of fuel has risen significantly in recent
weeks.  Unfortunately, we have little choice but to pass on some
of this extra cost to our customers.

"Fuel continues to be our second largest cost and we expect our
fuel bill for the year 2007/2008 to be more than GBP2 billion,"
Mr. Boyle continued.

"The price of oil continues to be extremely volatile.
Therefore, we believe the fuel surcharge continues to be the
most transparent way for our customers to understand what they
are paying and allows us to adjust the direct cost to our
customers appropriately, whether that is increasing or reducing
the fuel surcharge as we did on some of our longhaul flights in
January," Mr. Boyle added.

British Airways will also increase its fuel surcharges by
similar levels in markets outside the U.K.

                      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.


BUSINESS MORTGAGE FINANCE 6: Moody's Rates Two Classes at (P)Ba1
----------------------------------------------------------------
Moody's Investors Service assigned these provisional ratings to
the CMBS issuance of Business Mortgage Finance 6 plc:

   -- GBP Class A1 Mortgage Backed Floating Rate Notes due 2040:
      (P)Aaa;

   -- Euro Class A2 Mortgage Backed Floating Rate Notes due
      2040: (P)Aaa;

   -- Detachable Class A1 Coupons due 2040: (P)Aaa;

   -- Detachable Class A2 Coupons due 2040: (P)Aaa;

   -- GBP Class M1 Mortgage Backed Floating Rate Notes due 2040:
      (P)A2;

   -- Euro Class M2 Mortgage Backed Floating Rate Notes due
      2040: (P)A2;

   -- GBP Class B1 Mortgage Backed Floating Rate Notes due 2040:
      (P)Ba1;

   -- Euro Class B2 Mortgage Backed Floating Rate Notes due
      2040: (P)Ba1; and

   -- Mortgage Early Redemption Certificates due 2040: (P)Aaa.

The total debt raised by Business Mortgage Finance 6 plc,
approximately GBP500 million, will be used to purchase a
portfolio of non-conforming UK commercial mortgage loans from
Commercial First Mortgages Ltd, and will be split as follows:

   -- [76.0] per cent Class A1 Notes and Class A2 Notes
      (Class A Notes);

   -- [15.2] per cent Class M1 and Class M2 Notes
      (Class M Notes); and

   -- [5.35] per cent Class B1 and B2 Notes (Class B Notes).

The ratios of GBP and Euro amounts for the Class A, Class M and
Class B Notes have yet to be determined.  Moody's has not
assigned a rating to the Class C Notes (3.45 per cent of
proposed issuance).

The ratings on the Notes are based upon:

   (i) Moody's assessment of the real estate quality and
       characteristics of the underlying property portfolio, its
       loan-to-value and current debt service coverage;

  (ii) a loan-by-loan analysis of the mortgage pool backing the
       Notes;

(iii) additional loans of approximately GBP [163.5] million to
       be acquired by the Issuer at closing (approximately
       May 15, 2007) or by the Prefunding Purchase Date
       (August 2007), subject to satisfaction of certain
       eligibility criteria;

  (iv) the availability of a committed liquidity facility
       provided by Deutsche Bank AG, London Branch (Aa3),
       initially sized at [10] per cent of the outstanding notes
       to cover shortfalls in payments of interest on the Notes
       and certain senior expenses;

   (v) the sequential pay structure, switching to pro rata
       subject to strict trigger conditions ;

  (vi) Issuer-level currency, basis and interest rate hedging
       contracts to be provided by Barclays Bank PLC (Aa1, P-1);

(vii) an opening reserve amount of GBP [11.25] million and,
       subject to sufficient excess spread, rising to a target
       balance of approximately GBP [21.25] million after
       closing; and

(viii) the legal and structural characteristics of the issue.

The initial pool as at the Cut-Off Date of March 31, 2001
contains [1483] commercial mortgages secured by first ranking
legal mortgages on [1483] mixed use properties.  The properties
are all located in England, Scotland, Wales and Northern Ireland
with the largest proportion of [18.9] per cent being in the
South East.  Although Moody's has reflected in its analysis the
portfolio's small size and lack of granularity compared to
residential mortgage pools, the portfolio is somewhat
diversified geographically and by property type.

Moody's issues provisional ratings in advance of the final sale
of securities, but these ratings only represent Moody's
preliminary credit opinion.  Upon a conclusive review of the
transaction and the associated documentation, Moody's will
endeavor to assign definitive ratings to the Notes.  A
definitive rating may differ from a provisional rating.  Moody's
will disseminate the assignment of definitive ratings though its
Client Service Desk.

The ratings of the Class A, Class M and Class B Notes address
the expected loss posed to investors by the legal final
maturity.  In Moody's opinion, the structure allows for timely
payment of interest and ultimate payment of principal at par on
or before the rated final legal maturity date.  Moody's ratings
address only the credit risks associated with the transaction,
other non-credit risks have not been addressed, but may have
significant effect on yield to investors.

The Detachable Class A1 and A2 Coupons do not receive any
payments of principal, and earn interest at a certain rate (2.75
per cent) calculated on the outstanding balance of the Class A
Notes.  The ratings of the DACs address the Issuer's ability to
make the promised payment of interest.  However, it does not
address the size of balance used to calculate the amount due.

The Mortgage Early Redemption Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The provisional Aaa rating on the MERC's is
qualified as it addresses the likelihood of receipt by MERC
holders of such amounts only if they are received by the Issuer.
It assumes, without any independent investigation:

   (i) that payment of the mortgage early redemption charges
       under the mortgage loans is legally valid, binding and
       enforceable, and

  (ii) that such amounts are actually collected from borrowers
       and received by the Issuer.

The amount receivable by MERC holders also depends on prepayment
rates within the pool.  The rating does not address such
prepayment rates.


BUSINESS MORTGAGE FINANCE 6: Fitch Rates Class C Notes at BB
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Business Mortgage
Finance 6 plc's upcoming GBP500 million issue of mortgage-backed
notes due 2040:

   -- GBP380 million Class A1/A2 floating-rate notes: 'AAA';
   -- Detachable A1/A2 coupons: 'AAA';
   -- GBP76 million Class M1/M2 floating-rate notes: 'A';
   -- GBP26.75 million Class B1/B2 floating-rate notes: 'BBB';
   -- GBP17.25 million Class C floating-rate notes: 'BB' and
   -- Mortgage early redemption certificates: 'AAA'

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

This transaction is a securitization of a pool of commercial
mortgages originated in the UK by Commercial First Mortgages
Ltd.

The expected ratings reflect the credit enhancement provided to
each Class by subordination of the Classes junior to it, the
positive and negative features of the underlying real estate
collateral and the integrity of the transaction's legal and
financial structures.

The rating on the MERCs addresses only the likelihood that the
MERC-holders will receive early redemption amounts actually
received by the issuer, if enforceable.  The detachable A
coupons are extremely sensitive to the prepayment rate, an issue
that the rating does not address.  If borrowers prepay on the
loans faster or slower than expected, investors in the interest-
only Class or MERCs, respectively, may fail to recover their
initial investment.

Fitch's analysis is based on a provisional pool consisting of
1,483 loans with an aggregate outstanding balance of
GBP336.5 million, secured by 1,556 secondary and tertiary
quality commercial, mixed-use and residential properties in the
UK.  Additional loans of approximately GBP64.5 million will be
included on the transaction's closing date in May 2007, and a
further, pre-funded loan portfolio of approximately
GBP100 million will be included on the first interest payment
date in August 2007.

This transaction is the sixth securitization of mortgages
originated by CFML; the previous five transactions have thus far
performed in line with Fitch's expectations.

While approximately 27% of the pool balance is secured by
commercial properties, a large proportion of the remaining
balance is secured by assets that are of a semi-commercial
nature and/or subject to business-related uses.  The pool has
many characteristics that are normally found in RMBS
transactions.  These include full borrower recourse, minimal
exposure to individual borrower and asset concentrations, a
large proportion of owner occupation and some exposure to
borrowers with self-certified income and/or impaired credit
histories.


CLOVERLEAF PRESS: Taps Liquidators from SFP
-------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP was appointed
liquidator of Cloverleaf Press Ltd. on April 4 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Cloverleaf Press Ltd.
         Hythe Quay
         Colchester
         CO2 8JB
         England
         Tel: 01473 274 777
         Fax: 01473 222 237


COLT TELECOM: Earns EUR8.1 Million in First Quarter 2007
--------------------------------------------------------
COLT Telecom Group S.A. released its financial results for the
first quarter ended March 31, 2007.

COLT Telecom reported EUR8.1 million in net profit against
EUR425.6 million in net revenues for the first quarter ended
March 31, 2007, compared with EUR10.7 million in net losses
against EUR448.4 million in net revenues for the same period in
2005.

At March 31, 2007, the Group's balance sheet showed EUR1.8
billion in total assets, EUR886.9 million in total liabilities
and EUR928.7 million in total stockholders' equity.

The Group's balance sheet at March 31, 2007, also showed
strained liquidity with EUR548.1 million in total current assets
available to pay EUR580.6 million in total liabilities coming
due within the next 12 months.

"After excluding reductions in fixed to mobile prices, headline
revenues fell by EUR12.2 million over Q1 2006 to EUR425.6
million, driven mainly by a drop in low margin carrier voice
revenues," Rakesh Bhasin, COLT Telecom Chief Executive Officer,
said.  "Data revenues grew by 9.4% to EUR200.2 million compared
to Q1 2006.  Deferred data revenues, which result from up front
installation payments, again increased substantially, rising by
EUR14.4 million in Q1 compared to an increase of EUR15.5 million
for the whole of 2006."

"COLT has made substantial progress over the last few years but
there are nevertheless many opportunities still to grasp and
many challenges still to address.  I look forward to working
with our customers, partners and team to ensure that COLT
continues to move forward," Mr. Bhasin added.

                       Outlook for 2007

In February, the Group said that it expected to make further
progress during 2007 but that it faced a number of
uncertainties.

The Group now expects that market conditions, particularly in
Germany, will continue to be difficult throughout 2007.  The
financial impact of the review will be to accelerate investment
in network, data centers, IT systems and people.

The Group therefore currently expects that EBITDA for 2007 will
be broadly in line with EBITDA for 2006.  The mobile termination
issue in Germany will remain an additional uncertainty.

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

As of Feb. 23, Colt Telecom Group S.A. carries Moody's B2 long-
term corporate family rating.  Moody's said the outlook is
stable.

Standard & Poor's rates Colt Telecom's long-term foreign issuer
credit and long-term local issuer credit at B.  The outlook is
stable.


DEARLE & HENDERSON: Creditors' Meeting Slated for May 3
-------------------------------------------------------
Creditors of Dearle & Henderson Energy Ltd. (Company Number
03940461), Dearle & Henderson Ltd. (Company Number 02681659),
Dearle & Henderson Group Ltd. (Company Number 04221789), Dearle
& Henderson Technologies Ltd. (Company Number 05427196), and
Dearle & Henderson Total Sourcing Ltd. (Company Number 05427198)
will meet at 11:00 a.m. on May 3 at:

         The Selfridge Hotel
         Orchard Street
         London
         W1H 6JS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 2 at:

         Angela Swarbrick and Roy Bailey
         Joint Administrators
         Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


EMI GROUP: Former Warner CEO to Head North American Units
---------------------------------------------------------
EMI Group Plc appointed Roger Ames as head of its North American
recorded-music operations, a company spokeswoman told Ethan
Smith of The Wall Street Journal.

The spokeswoman also disclosed to Mr. Smith the exit of Ivan
Gavin as chief operating officer of EMI Music North America,
with no replacement to be named.

According to the report, Mr. Ames will oversee units like the
Capitol Music Group and Blue Note Records.  He will report
directly to EMI Music CEO Eric Nicoli.

Mr. Ames is the former chairman and chief executive of Warner
Music Group.  He has been serving as consultant to EMI, before
the appointment.

                          About EMI

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

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

                        *     *     *

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

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


EURO ALUMINIUM: Brings In Liquidators from KPMG
-----------------------------------------------
Howard Smith and Richard Dixon Fleming of KPMG LLP were
appointed joint liquidators of Euro Aluminium Systems Ltd.
(formerly Mobilestep Ltd.) on April 19 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Euro Aluminium Systems Ltd.
         Bradley junction Industrial Estate
         Leeds Road
         Huddersfield
         HD2 1UR
         England
         Tel: 01484 429 987
         Fax: 01484 429 937


EXAGO LTD: Robert Stone Leads Liquidation Procedure
---------------------------------------------------
Robert Stone of R Duncan Stone & Co. was appointed liquidator of
Exago Ltd. on April 17 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Exago Ltd.
         Surrey Technology Centre
         Occam Road
         Surrey Research Park
         Guildford
         GU2 7YG
         England
         Tel: 01483 549 055


GEO. A. WILLIAMS: Calls In Liquidators from KPMG
------------------------------------------------
Mark Granville Firmin and Howard Smith of KPMG LLP were
appointed joint liquidators of Geo. A. Williams & Son (Holdings)
Ltd. on April 17 for the creditors' voluntary winding-up
procedure.

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

The joint liquidators can be reached at:

         Mark Granville Firmin and Howard Smith
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England


GETTY IMAGES: Completes Purchase of WireImage & Two Sub-Brands
--------------------------------------------------------------
Getty Images, Inc., has completed the acquisition of WireImage.
The deal, which was announced Feb. 22, also includes MediaVast,
Inc. -- the owner of WireImage, and sub-brands FilmMagic and
Contour Photos.

"Celebrity, entertainment and sports photography is a fast-
growing and vital part of the imagery industry, and this
acquisition positions us to meet and exceed the demand for
nearly instantaneous content," said Jonathan Klein, co-founder
and CEO of Getty Images.  "Growing our entertainment imagery
business has been a key strategic focus, resulting in revenue
growth of approximately 60 percent in each of the last three
quarters of 2006.  We see further growth opportunity as a result
of this acquisition.  The real winners will be our customers who
can now expect to see exciting new developments with products
and services including podcasts, editorial video, multimedia,
mobile and exclusive imagery."

Getty Images intends to maintain MediaVast's three brands and
its market Web sites.  With the combined resources of Getty
Images and WireImage, Getty Images will continue to generate new
imagery for their respective celebrity and entertainment
collections and make it available for online distribution
globally.

The acquisition was driven by the rapidly evolving celebrity
imagery business.  A recent article in Variety pointed out that
the category is increasingly being led by online publications
that publish articles at breakneck speed and therefore demand
images immediately.

Getty Images is shortening the time between image capture and
the worldwide distribution of the image through its industry-
leading Web site, which features search in local languages and
purchase in local currencies, and leads the industry in delivery
speed, service and international distribution.  The acquisition
of WireImage and MediaVast gives the company more coverage
capabilities for events and portraiture, and expands the
entertainment and celebrity imagery segment.

The acquisition of WireImage will also enable Getty Images to
accelerate the growth of its video distribution business.  The
company increased its portfolio of video and film footage in
2006 and has been preparing a build out of its back end delivery
systems.  WireImage established a foothold in the video business
and Getty Images will continue to grow the category by adding
editorial footage to the mix.

Headquartered in Seattle, Washington, Getty Images, Inc. is a
leading creator and distributor of high quality imagery and
related services to creative professionals at advertising
agencies, graphic design firms, corporations, and film and
broadcasting companies; editorial customers involved in
newspaper, magazine, book, CD-ROM and online publishing; and
corporate marketing departments and other business customers.
Revenues are principally derived from licensing rights to use
images that are delivered digitally over the Internet.  Revenues
for the year ended Dec. 31, 2006 are expected to be about US$807
million.  The company has corporate offices in Australia, the
United Kingdom and Argentina.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on March 30,
Moody's Investors Service affirmed the Ba1 Corporate Family
Rating and Ba2 rating on the US$265-million of convertible
subordinated debentures of Getty Images, Inc.  The rating
outlook remains stable.

Moody's affirmed these ratings:

   -- US$265-million series B convertible subordinated notes due
      2023, Ba2 (LGD 5, 77% from LGD 5, 71%);

   -- Corporate family rating, Ba1; and

   -- Probability of default rating, Ba1.


GRIP ENGINEERING: Appoints Peter Maurice Levy as Liquidator
-----------------------------------------------------------
Peter Maurice Levy of Levy & Partners was appointed liquidator
of Grip Engineering Supplies Ltd. on April 12 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Grip Engineering Supplies Ltd.
         4 Portobello Parade
         Fawkham Road
         West Kingsdown
         Sevenoaks
         TN15 6JP
         England
         Tel: 01474 853 153
         Fax: 01474 854 625


HEATING DIRECT: Creditors' Meeting Slated for May 3
---------------------------------------------------
Creditors of Heating Direct Ltd. (Company Number 04112064) will
meet at 10:00 a.m. on May 3 at:

         The Selfridge Hotel
         Orchard Street
         London
         W1H 6JS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 2 at:

         Angela Swarbrick and Roy Bailey
         Joint Administrators
         Ernst & Young LLP
         1 More London Place
         London
         SE1 2AF
         England

Ernst & Young -- http://www.ey.com/-- is global organization
help companies in businesses across all industries-from emerging
growth companies to global powerhouses-deal with a broad range
of business issues.  It has 107,000 people in 140 countries
around the globe pursue the highest levels of integrity, quality
and professionalism to provide clients with a broad array of
services relating to audit and risk-related services, tax, and
transactions.


HILL MASON: Names Liquidators to Wind Up Business
-------------------------------------------------
Simon Franklin Plant and Daniel Plant of SFP were appointed
joint liquidators of Hill Mason Signs Ltd. (formerly Cherrydale
Ltd.) on April 4 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Hill Mason Signs Ltd.
         108 Mytchett Road
         Mytchett
         Camberley
         GU16 6ET
         England
         Tel: 01252 541 315
         Fax: 01252 521 725


HILTON HOTELS: Closes Scandic Chain Sale to EQT for US$1.1 Bil.
---------------------------------------------------------------
Hilton Hotels Corporation completed the sale of the 132-hotel
Scandic chain to EQT for EUR833 million or approximately US$1.1
billion.  Net proceeds after transaction costs and taxes are
expected to be approximately US$1.04 billion and will be used to
pay down debt.

As announced on March 2, 2007, this transaction is expected to
reduce the company's 2007 recurring EPS by US$.10 per share.

                           About EQT

EQT private equity group with operations in Northern Europe and
Greater China.  EQT manages funds with activities in buy-outs as
well as mezzanine finance.  EQT currently manages approximately
EUR10.5 billion in 10 funds.  In total, EQT funds have invested
approximately EUR5 billion in about 50 companies.

                       About Hiton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Barbados, Costa Rica and Trinidad and Tobago in Latin
America.  Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam.

                        *     *     *

As reported in the Troubled Company Reporter on March 9, 2007,
Standard & Poor's Ratings Services raised its ratings on the
US$25 million class A and B trust certificates issued by Public
STEERS Series 1998 HLT-1 Trust to 'BB+' from 'BB' and removed
them from CreditWatch, where they were placed with positive
implications Feb. 5, 2007.

Moody's Investors Service upgraded Hilton Hotels' corporate
family rating to Ba1 from Ba2 reflecting a reduction in leverage
from a faster than expected pace of asset sales and strong
earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.  Moody's capitalizes
total rent at 8x and adds a debt equivalent of approximately 20%
of Hilton's guaranty exposure to debt.  Moody's said the rating
outlook is stable.

As reported in the Troubled Company Reporter on Feb. 2, 2007,
Fitch Ratings upgraded Hilton Hotels Issuer Default Rating to
'BB+' from 'BB'; Senior credit facility to 'BB+' from 'BB'; and
Senior notes to 'BB+' from 'BB'.

The ratings apply to its US$5.75 billion credit facility and
roughly US$2.6 billion of its senior notes.  Fitch has also
revised Hilton's Rating Outlook to Positive from Stable.


HILTON HOTELS: S&P's BB+ Rating Unaffected by Sale of 10 Hotels
---------------------------------------------------------------
Standard & Poor's Ratings Services said its rating and outlook
on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by
the company's announcement that it has entered into an agreement
with Morgan Stanley Real Estate to sell up to 10 hotels for
approximately US$612 million in proceeds (net of property level
debt repayment, taxes, and transaction costs).  Upon the close
of the transactions, Hilton Hotels plans to use the net proceeds
to repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Barbados, Costa Rica and Trinidad and Tobago in Latin
America.  Hilton Hotels also operates in the United Kingdom,
Germany, Belgium, Estonia, Lithuania, Norway, Denmark, Finland,
Italy, The Netherlands, Sweden, Indonesia, Australia, Austria,
India, Philippines, Vietnam.


HOPKINSON CATERING: Creditors' Meeting Slated for May 8
-------------------------------------------------------
Creditors of Hopkinson Catering Ltd. (Company Number 3217619)
will meet at 1:00 p.m. on May 8 at:

         KPMG LLP
         2 Cornwall Street
         Birmingham
         B3 2DL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 7 at:

         Mark Jeremy Orton
         Joint Administrator
         KPMG LLP
         St. Nicholas House
         Park Row
         Nottingham
         NG1 6FQ
         England

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


INIMOD ONNA: Creditors' Meeting Slated for May 4
------------------------------------------------
Creditors of Inimod Onna Ltd. (fka Anno Domini Ltd.) (Company
Number 01875015) will meet at 11:00 a.m. on May 4 at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 3 at:

         Frank Wessely and Peter Hughes-Holland
         Joint Administrators
         Vantis Plc
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

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


ISOFT GROUP: Contemplates Debt Refinancing Options
--------------------------------------------------
iSOFT Group plc is providing a pre-close update prior to the
release of its full financial results for the year ended
April 30, 2007.

The Board of iSOFT is currently considering its options for
refinancing the Company's bank borrowings and facilities.  These
options include discussions with several external parties that
have expressed an interest in acquiring iSOFT or taking a
significant stake in the Company.  These discussions have taken
longer to conclude than the Board originally expected because of
the need for extensive consultation in respect of the Company's
role in the National Programme for IT in England.  However
discussions are well advanced with several parties, both trade
and private equity, and the Company will make a statement about
the outcome as soon as is appropriate.

As a result of these discussions, the Company is formally in an
"offer period" under the conditions of the U.K. Takeover Code
and therefore is limited in what statements it is able to make
at the current time.  Nevertheless, the Company confirms that
operational conditions and performance remain in line with
indications given when it announced its results for the six
months to Oct. 31, 2006, in mid-December 2006.

The Company said at that time that it expected revenues for the
full year ending April 30, 2007 to be in the range GBP171 to
GBP181 million and currently it expects the outcome to be
towards the upper end of that range.  The Company expects to
progress from this base in the financial year ending April 30,
2008.

Operating costs before exceptional items for the first half of
the financial year were GBP85.9 million, which resulted in a
break-even result for that period.  In the second half, the
Company has invested additional costs to strengthen operations
and product management.  Notwithstanding this, the radical
program of operational change within the business (referred to
as the "Regeneration Plan") has continued and has broadly
succeeded in offsetting these additional costs.  Overall, this
performance is better than originally expected and the Company
continues to initiate actions to reduce the cost base, as a
proportion of revenue, still further.

While the Company still needs to address its long-term
financing, the cash position continues to exceed expectations,
in particular because of the receipt of the balance of a GBP21
million tax rebate in the second half, the pace of the
Regeneration Plan and measures taken to improve working capital.
As at April 27, total utilization of the term and revolving
credit facilities with the banks amounted to GBP93 million of
which GBP49 million related to letters of credit and guarantees,
leaving unused facilities of GBP48 million at that date.  Given
this cash performance to date, the Board currently believes that
the Company has sufficient headroom to continue operations as
normal until Nov. 14 when its existing banking facilities are
due for renewal.

At the present time the Company expects to disclose its full
results for the year ended April 30, 2007 in early July, subject
to events that may occur as a result of the Board's
consideration of its options.

                           About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed of a change in accounting
policy, as a consequence of which it became necessary to review
revenue recognition in prior years, in order to re-state some
prior year revenues.  Arising out of that review, a number of
possible accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                        Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


JMN BUILDING: Claims Filing Period Ends June 15
-----------------------------------------------
Creditors of Building & Maintenance Services Ltd. have until
June 15 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:

         Martin Henry Linton
         Liquidator
         Leigh & Co.
         Brentmead House
         Britannia Road
         London
         N12 9RU
         England

Martin Henry Linton of Leigh & Co. was appointed liquidator of
the company on April 13.


KESTREL ROOFING: Creditors' Meeting Slated for May 9
----------------------------------------------------
Creditors of Kestrel Roofing Ltd. will meet at 11:30 a.m. on
May 9 at:

         Bishop Fleming
         21 Highnam Business Centre
         Highnam
         Gloucester
         GL2 8DN
         England

Creditors who want to vote at the meeting have until noon on
May 8 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 7 and May 8 at the offices of Bishop Fleming.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides
services that include tax advice, financial forecasts, business
planning and corporate finance.


LEVEL 3: Incurs US$647 Million Net Loss in First Quarter 2007
-------------------------------------------------------------
Level 3 Communications, Inc. reported net loss of US$647 million
for the first quarter ended March 31, 2007, as compared with a
net loss of US$237 million for the previous quarter.

Included in the net loss for the first quarter 2007 was a US$427
million loss on the extinguishment or refinancing of about US$3
billion of long-term debt during the quarter.  Included in the
net loss for the fourth quarter 2006 was a US$54 million loss on
the extinguishment or refinancing of US$497 million of long-term
debt.  Consolidated revenue was about US$1 billion for the first
quarter 2007, an increase of US$210 million, as compared with
consolidated revenue of US$846 million for the fourth quarter
2006.

"We are pleased with our results for the first quarter,
particularly with the substantial progress we made in reducing
and restructuring our long-term debt and the integration of our
acquired businesses, as well as the continued revenue growth
from our core services," said James Q. Crowe, chief executive
officer of Level 3.  "We met or exceeded all guidance measures
this quarter, and believe we will see continued revenue and
EBITDA growth as a result of customer demand, strong sales and
the benefit of our integration activities going forward."

                     Cash Flow and Liquidity

During the first quarter 2007, Unlevered Cash Flow was negative
US$69 million, versus positive US$65 million for the previous
quarter.  Consolidated Free Cash Flow for the first quarter 2007
was negative US$248 million, versus negative US$29 million for
the previous quarter.  Net cash interest expense for the first
quarter 2007 was US$179 million.

                        Integration Update

"In the first quarter, we made significant progress on our
integration of acquired companies, with our primary focus of
maintaining sales and revenue growth momentum," said Kevin
O'Hara, president and chief operating officer of Level 3.  "We
are slightly ahead of schedule in terms of overall integration
work to be completed this year, including overall integration-
related reductions in workforce.  We are also on track to
deliver overall integration related expense reductions, which
earlier in the year we disclosed would be US$200 million of
network and operating expenses on an annualized basis.

In March 2007, Level 3 Financing refinanced its senior secured
credit agreement, which increased the amount of senior secured
debt from US$730 million to US$1.4 billion, reduce the interest
rate on that debt from LIBOR + 300 bps to LIBOR + 225 bps and
extended the final maturity from 2011 to 2014.

During the quarter, Level 3 also redeemed US$722 million
aggregate principal amount and repurchased US$941 million
aggregate principal amount of debt due 2008 to 2011.

As of March 31, 2007, the company listed total assets of about
US$10.6 billion, total liabilities of about US$9.2 billion,
resulting in a total stockholders' equity of US$1.4 billion.
The company had long-term debt of about US$6.8 billion as of
March 31, 2007.

                       2007 Business Outlook

"We are pleased with the continued growth in revenue and sales
activity in the first quarter," said Mr. Patel.  "We expect
continued strong Core Communications Services revenue growth in
the second quarter.  As such, we are projecting Total
Communications Revenue of US$1,000-US$1,045 million in the
second quarter.  As we begin to see additional benefits of
merger-related synergies, we are projecting Consolidated
Adjusted EBITDA to increase to US$180-US$200 million in the
quarter. Additionally, we are reaffirming our previously
disclosed full-year guidance for 2007 and 2008."

                          About Level 3

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an
international communications company.  The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.

                          *     *     *

Level 3 Communications Inc. and wholly owned subsidiary, Level 3
Financing Inc. carry Standard & Poor's Rating Services' 'B-'
corporate credit rating.  The outlook is stable.

The company's new US$1 billion term loan carries Moody's
Investors Service's B1 rating and the company's US$1 billion
fixed and floating rate notes at its Financing subsidiary carry
Moody's B3 rating.  It also bears Moody's Caa1 corporate family
rating with a stable outlook.


METRONET RAIL: May Fall Into Insolvency, London Mayor Says
----------------------------------------------------------
The Metronet Rail Group, the company responsible for upgrading,
replacing and maintaining two-thirds of London Underground's
infrastructure under a 30-year Public Private Partnership
contract, may opt for insolvency if shareholders fail to address
a projected cost overrun of GBP750 million, Dan Milmo of The
Guardian reports citing London Mayor Ken Livingstone.

Mr. Livingstone disclosed that the London Underground management
would take over maintenance and renewal work should Metronet
collapse.

                      Extraordinary Review

In February, Mr. Livingstone called for Metronet to seek an
Extraordinary Review by the Public-Private Partnership Arbiter,
to try to resolve the issue of massive cost overruns.

The Mayor also made clear that he would not allow the cost of
Metronet's inefficient performance to fall on London by bailing
them out.  It is also crucial that the upgrade and renewal of
the London Underground, also known as the Tube, vital to
London's future prosperity and growth, must proceed as planned
and cannot suffer any delay.

In November 2006, Chris Bolt, the PPP Arbiter published his
first Annual Review of Metronet's performance.  The report
concluded that overall, Metronet has not performed in an
economic and efficient manner, or in line with Good Industry
Practice.

The Mayor's call for an Extraordinary Review follows advice from
London Underground Managing Director, Tim O'Toole that
Metronet's financial performance has not improved and that the
cost overruns have not been brought under control.

"I have made clear many times that Metronet's performance in the
maintenance and renewal of two thirds of the Tube network must
improve," Mr. Livingstone said.  "In these circumstances, the
PPP contracts lack any real teeth.  Following a further report
to me by Tim O'Toole on Metronet's performance, I have
reluctantly come to the conclusion that an Extraordinary Review
by the PPP Arbiter is called for.  He is the only person to
decide how much of the cost overrun must be borne by the
Metronet shareholders - Atkins, Balfour Beatty, Bombardier, EDF
Energy and Thames Water."

"We have consistently made clear our frustration with Metronet's
overall performance in the delivery of projects and in track
maintenance, but unfortunately I have yet to see any real
evidence of improvement, Mr. O'Toole said.  "It is intolerable
that passengers continue to face unnecessary delay and
disruption to their journeys, but that Metronet's costs have
increased."

Metronet, however, is prepared to undergo an extraordinary
review by the PPP Arbiter, Andrew Lezala, Metronet chief
executive, was quoted by The Financial Times as saying.

Mr. Lezala argued that it was wrong to assume London Underground
would end up paying none of the GBP750 million overspend,
because much of the expenditure resulted from the latter's
demands to increase the scope of the upgrade work, FT relates.

                      Financial Pressures

According to Balfour Beatty plc, Metronet's finances are under
increasing pressure as a result of the high level of
unanticipated costs, which have been and continue to be incurred
and the continuing absence of a commercial settlement with LUL
in respect of these costs.  As a result, the likelihood of a
lengthy extraordinary review, under which the PPP Arbiter would
advise on the attribution of these unanticipated costs, with its
attendant uncertainties, has increased significantly.

The carrying value (GBP59 million as at December 2006) of
Balfour Beatty's shareholding in Metronet will continue to be
under review as the parties seek an appropriate way forward.
Balfour Beatty has invested a further GBP13 million since
December 2006 and is committed to investing a further GBP19
million in the future.

                       Exceptional Loss

With respect to the Metronet Enterprise, the continued delays in
and higher than anticipated costs of the capital program,
combined with uncertainties around the recoverability of
additional costs, leads the Board of WS Atkins plc, which has a
20% shareholding in the Metronet PPP companies, to expect that
an exceptional loss before tax of approximately GBP36 million
(after JV tax) will be included in the Group's results for the
year ended March 31, 2007.

This exceptional loss will be reflected in the Group's Joint
Ventures, Metronet and Trans4m, and within the Group's business
segments.  The overall cash impact of this exceptional loss is
expected to be approximately GBP50 million in the year to
March 2008, of which approximately GBP30 million was provided
for at March 31, 2006.

Metronet's day-to-day operating performance in the second half
of the year has been variable and the costs of delivering its
capital program, including for the stations, are expected to be
greater than originally anticipated.  Many of these additional
costs may, in the long-term, be recoverable if incurred in an
"Economic and Efficient" manner but at this stage it is not
clear how much of these additional costs will be borne by
Metronet.  As a result of this increase in costs, Metronet has
accelerated the equity contributions from its shareholders and
the Group injected GBP12.7 million in the second half of the
year, bringing the Group's investment in Metronet to GBP50.7
million.  The Group has commitments for further equity
contributions of GBP19.3 million, which may also be accelerated
and injected this year, to take its total investment to GBP70
million.

Given the current uncertainties associated with Metronet, it is
expected that an exceptional loss of GBP21.3 million (after JV
tax) will be included in the results for the year ended
March 31, 2007.  This has no cash impact but reduces the
carrying value of the Group's investment in Metronet to the par
value of the investment made to date.

                          About Metronet


The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.


MOSES GATE: Claims Filing Period Ends May 31
--------------------------------------------
Creditors of Moses Gate Welding Works Ltd. have until May 31 to
send their names and addresses and particulars of their debts or
claims, and the names and addresses of the solicitors (if any),
to:

         D. Bailey
         Liquidator
         Begbies Traynor
         Elliot House
         151 Deansgate
         Manchester
         M3 3BP
         England

D. Bailey of Begbies Traynor was appointed liquidator of the
company on April 17.

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


MULTICOLOR UK: Taps Andrew McTear to Liquidate Assets
-----------------------------------------------------
Andrew McTear & ChrisWilliams of McTear Williams & Wood was
appointed liquidator of Multicolor U.K. Ltd. (formerly
Multicolor CMS Ltd. and Colour Marketing Services Ltd.) on
April 13 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Multicolor U.K. Ltd.
         Nacton Road
         Ipswich
         IP3 9QP
         England
         Tel: 01473 321 100
         Fax: 01473 270 671


OWEN OWEN: Creditors' Meeting Slated for May 8
----------------------------------------------
Creditors of Owen Owen Ltd. (Company Number 00167385) will meet
at 1:00 p.m. on May 8 at:

         Adelphi Britannia Hotel
         Ranelagh Square
         Liverpool
         L3 5UL
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 7 at:

         Philip Francis Duffy and David John Whitehouse
         Joint Administrators
         Kroll
         The Observatory
         Chapel Walks
         Manchester
         M2 1HL
         England

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.


PARAMOUNT PROJECTS: Creditors' Meeting Slated for May 9
-------------------------------------------------------
Creditors of Paramount Projects Ltd. will meet at 11:15 a.m. on
May 9 at:

         DTE Leonard Curtis
         Bamfords Trust House
         85-89 Colmore Row
         Birmingham
         B3 2BB
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 7 at the offices of DTE Leonard Curtis.

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.


POWER PRESS: Creditors' Meeting Slated for May 10
-------------------------------------------------
Creditors of Power Press Enterprises Ltd. will meet at 11:30
a.m. on May 10 at:

         6 Ridge House
         Ridgehouse Drive Festival Park
         Stoke on Trent
         ST1 5TL
         England

Creditors who want to vote at the meeting have until noon on
May 9 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 8.


RADNOR HOLDINGS: Court Approves Stipulation on Utility Deposits
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
a stipulation between Radnor Holdings Corporation and its
debtor-affiliates, and Tennenbaum Capital Partners LLC and TR
Acquisition Co. Inc. for the assumption or rejection of
contracts pertaining to deposits to utility companies.

The Court previously authorized the Debtors to deliver deposits
to utility companies in connection with providing adequate
assurance of payment for post-bankruptcy utility services.

In that order, TCP was granted an allowed super-priority
administrative expense claim for US$128,835,557 and replacement
liens on and security interests in all assets of the Debtors'
estates.  These replacement liens are first priority liens on
and security interests in all of the utility deposits.

TR Acquisition subsequently entered into a purchase agreement
with the Debtors, pursuant to which it acquired designation
rights to assume, assign, or reject the Debtors' unexpired
leases and executory contracts.  The purchase agreement was
concurrent with the sale of substantially all of the Debtors'
assets to TR Acquisition.

While the Debtors, TCP, and TR Acquisition agree that the
purchaser is entitled to all utility deposits, the parties
interpret differently the treatment of the utility deposits
under the purchase agreement.  However, the moving parties agree
that all utility deposits are subject to TCP's replacement lien,
and should be distributed to TCP to reduce TCP's remaining
allowed secured claim.

The parties agreed in the Court-approved stipulation that:

   a) for utility contracts assumed by the Debtors and assigned
      to the purchaser, the utility deposits be turned over to
      TR Acquisition;

   b) for utility contracts rejected by the Debtors, the utility
      deposits be turned over to the purchaser, but TCP's
      remaining allowed secured claim will be reduced by the
      amount of the utility deposits;

   c) the purchaser will reimburse the Debtors for all allowed
      post-closing attorney fees and expenses associated with
      the resolution of the utility deposits; and

   d) the Debtors consent to relief from the automatic stay in
      favor of TCP to permit the purchaser to obtain possession
      and dispose the utility deposits.

Based in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/-- manufactured and
distributed a broad line of disposable food service products in
the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serve the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed total assets of US$361,454,000 and
total debts of US$325,300,000.


RADNOR HOLDINGS: Court Okays Rejection of 10 Executory Contracts
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
authorized Radnor Holdings Corporation and its debtor-affiliates
to reject 10 executory contracts with utility companies, and to
assume and assign a certain natural gas contract to TR
Acquisition Co. LLC, the Debtors' purchaser.

TR Acquisition acquired rights to designate the Debtors' various
executory contracts and unexpired leases for assumption,
assignment, or rejection, pursuant to a purchase agreement
concurrent with the sale of substantially all assets of the
Debtor to the purchaser.  In exercise of its designation rights,
TR Acquisition required the Debtors to reject these contracts:

   Entities                   Contract
   --------                   --------
   Columbia Gas of Ohio       Natural Gas Contract -
                              Mt. Sterling, OH

   PG&E                       Natural Gas Contract and
                              Electricity Contract -
                              Corte Madera, CA

   Atmos                      Natural Gas Contract -
                              StyroChem

   Georgia Power              Electricity Contract -
                              Stone Mountain

   Municipal Utilities        Electricity Contract -
                              Higginsville

   American Electric Power    Electricity Contracts -
                              Shreveport and Mt. Sterling

   SRP                        Electricity Contract -
                              Tolleson

   Duke Power                 Electricity Contract -
                              Mooresville

The Purchaser also recommended that the Debtors assume and
assign its Mooresville Natural Gas Contract with PSNC Energy to
TR Acquisition.

                      About Radnor Holdings

Based in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/-- manufactured and
distributed  broad line of disposable food service products in
the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serve the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed total assets of US$361,454,000 and
total debts of US$325,300,000.


RETROVEND LTD: Hires H. J. Sorsky as Liquidator
-----------------------------------------------
H. J. Sorsky of SPW Poppleton & Appleby was appointed liquidator
of Retrovend Ltd. on April 18 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Retrovend Ltd.
         20 Earlham Street
         London
         WC2H 9LN
         England
         Tel: 020 7836 3440


RUBY JEANS: Names Situl Devji Raithatha Liquidator
--------------------------------------------------
Situl Devji Raithatha of Springfields Business Recovery &
Insolvency Ltd. was appointed liquidator of Ruby Jeans Ltd. on
April 19 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Ruby Jeans Ltd.
         East Park Road
         Leicester
         LE5 4QD
         England
         Tel: 0116 274 1591


SAFEGUARD SECURITY: Brings In PwC as Joint Administrators
---------------------------------------------------------
Nicholas Edward Reed and Edward Klempka of
PricewaterhouseCoopers LLP were appointed joint administrators
of Safeguard Security Ltd. (Company Number 03474621) on
April 12.

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

Headquartered in Leeds, England, Safeguard Security Ltd. --
http://www.safeguardsecurityltd.co.uk/-- provides a range of
services including the provision of contract security personnel
for the retail, industrial and commercial sectors.


SAVVIS INC: March 31 Balance Sheet Upside-Down by US$13 Million
---------------------------------------------------------------
SAVVIS, Inc.'s balance sheet as of March 31, reflected total
assets of US$640.2 million and total liabilities of US$653.7
million, resulting in a total stockholders' deficit of US$13.5
million.

The company's revenue for the first quarter of 2007 totaled
US$205.2 million.  Net income was US$114.5 million for the first
quarter of 2007, as compared with a net loss of US$6.8 million
for the first quarter in the previous year.  Income from
operations, which included US$125.2 million from the gain on the
sale of non-strategic assets, was US$139 million in the first
quarter 2007.

First quarter operating cash flow was US$28.3 million, and cash
capital expenditures were US$35.8 million, of which
US$12.7 million was for previously announced growth projects,
including the build-out of four new data centers and SAVVIS'
next-generation network.  Total cash and cash equivalents were
US$221.6 million at March 31.

Results for the first quarter of 2007 included a US$125.2
million gain on the sale of non-strategic assets, and US$3.6
million of non-recurring, colocation revenue related to the
resolution of a contractual dispute that had been reserved for
in 2006.  Excluding the impact of these non-recurring items:

    * first quarter 2007 revenue would be US$201.6 million, up
      12% from the same period a year ago and essentially flat,
      as compared with the prior quarter;

    * gross profit, defined as total revenue less cost of
      revenue, would be US$84.9 million, up 27% from the same
      period a year ago and 3% from the prior quarter, and would
      be 42% of current-quarter revenue; and

    * income from operations would be US$10.1 million, as
      compared with US$3.7 million in the same period a year ago
      and US$11.6 million in the prior quarter.

Chief executive officer Phil Koen said, "Our first quarter
financial results reflect continued strong growth in SAVVIS'
core revenue from hosting services, with managed hosting revenue
up 37% from a year ago, and 4% from last quarter.  Our
customers, and industry analysts, agree that SAVVIS provides a
unique value proposition in offering IT infrastructure as a
service.  Our strong Adjusted EBITDA performance in the quarter
demonstrates the success of the SAVVIS business model in
generating margin improvement."

                             Cash Flow

Net cash provided by operating activities was US$28.3 million in
the first quarter.  Cash capital expenditures for the quarter
totaled US$35.8 million, which included US$12.7 million for
previously announced growth projects including the next-
generation network and the build-out of four new data centers.
SAVVIS' cash position at March 31, 2007, was US$221.6 million,
as compared with US$98.7 million at Dec. 31, 2006, and US$49.6
million at March 31, 2006.

                        Financial Outlook

Chief financial officer Jeff Von Deylen said, "This year is a
transitional period for SAVVIS, as we undertake two critical
growth projects: the deployment of our next-generation network
and the build-out of four new data centers.  The sale of non-
strategic assets, completed in January, will fund a significant
portion of those projects.  Continued growth in our hosting
revenue in the first quarter reflects our expectation that
hosting will drive SAVVIS' financial performance improvements in
2007."

The company's current expectations for 2007 financials include
total revenue in a range of US$820 million to 835 million and
cash capital expenditures of US$340 million to 350 million.

                Stockholders' Deficit at Dec. 2006

SAVVIS Inc.'s balance sheet at Dec. 31, 2006, showed total
assets of US$467,019,000 and total liabilities of US$605,354,000
resulting in a total stockholders' deficit of US$138,335,000.

                           About SAVVIS

SAVVIS Inc. (NASDAQ:SVVS) -- http://www.savvis.net/-- provides
IT infrastructure services for enterprise applications.  The
company has IT services platform in North America, Europe, and
Asia.


SOLENT LEADWORK: Brings In Liquidators from Tenon Recovery
----------------------------------------------------------
Carl Stuart Jackson and Nigel Ian Fox of Tenon Recovery were
appointed joint liquidators of Solent Leadwork Ltd. on April 18
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:

         Solent Leadwork Ltd.
         24 Botley Road
         Hedge End
         Southampton
         SO30 2HE
         England
         Tel: 01489 797 879
         Fax: 01489 786 060


SOLUTIA INC: Judge Beatty Approves Dequest Bidding Protocol
-----------------------------------------------------------
The Honorable Prudence Carter Beatty of the Bankruptcy Court for
the Southern District of New York has approved the bidding
procedures for Solutia Inc.'s water treatment phosphonates
business Dequest(r).

Judge Beatty also approved the provisions relating to the break-
up fee and expense reimbursement.

If the buyer becomes entitled to receive the break-up fee and
expense reimbursement, it will be granted an allowed
administrative expense claim.  The buyer's claim for the break-
up fee and expense reimbursement will survive the termination of
the purchase agreement, will not be subject to discharge
pursuant to Section 1141 of the Bankruptcy Code or otherwise,
and will be binding in all respects upon, any successor-in-
interest to the Debtors.

Solutia Inc. and its debtor-affiliates are authorized to pay in
full any and all amounts that become due and payable to the
buyer pursuant to and in accordance with the purchase agreement,
bidding procedures, and the order, including the break-up fee
and the expense reimbursement.

The sale hearing will be held on May 18 at 11:00 a.m., Eastern
Time.  Objections must be served and received by the Debtors'
counsel and notice parties on or before May 15 at 4:00 p.m.,
Eastern Time.

If the Debtors receive more than one qualified bid, an auction
will be held on May 16 at 10:00 a.m., Eastern Time, at the
offices of Kirkland & Ellis LLP, at 153 East 53rd Street, in New
York, or any other designated location.

The assumed contract procedures are approved.  Objections must
be filed within 10 days of the Debtors' service of the cure
notice.  The cure notice will be deemed to be adequate notice,
and the absence of any objection will be deemed to be consent to
the proposed assumption and assignment of the applicable assumed
contract, including the proposed cure amount.

                         Sale Agreement

As previously reported in the TCR-Europe on March 15, Solutia
Inc. has reached a definitive agreement to sell Dequest.  Under
the terms of the agreement, Thermphos Trading GmbH will purchase
the assets and assume certain of the liabilities of the Dequest
business for US$67 million in cash, subject to a working capital
adjustment.

The parties will also enter into a lease and operating agreement
under which Solutia will continue to operate the Dequest
facility to produce Dequest products exclusively for Thermphos
at Solutia's plant in Newport, Wales, in the United Kingdom.
The closing of a sale of the Dequest business will be subject to
certain governmental and regulatory approvals and other
customary closing conditions.

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.


TAURATEC SYSTEMS: Brings In Administrators from PwC
---------------------------------------------------
Nicholas Edward Reed and Edward Klempka of
PricewaterhouseCoopers LLP were appointed joint administrators
of Tauratec Systems Ltd. (Company Number 03392991) on April 12.

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

The company can be reached at:

         Tauratec Systems Ltd.
         Trant House
         Fountain Street
         Morley
         Leeds
         LS27 7QZ
         England
         Tel: 0870 908 9988
         Fax: 0870 908 9977


THERMASHIELD WINDOW: Creditors' Meeting Slated for May 9
--------------------------------------------------------
Creditors of Thermashield Window Systems Ltd. will meet at 10:30
a.m. on May 9 at:

         First Floor
         Park House
         Park Square West
         Leeds
         LS1 2PS
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 7.


TOWER RECORDS: Assumes & Assigns IP Contracts to Caiman Holdings
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware gave MTS
Inc. dba Tower Records and its debtor-affiliates authority to
assume certain of their executory contracts and assign them to
Caiman Holdings, Inc.

Pursuant to a purchase agreement in which Caiman Holdings
purchased the Debtors' intellectual property assets, the Debtors
have agreed to assume certain intellectual property executory
contracts identified by Caiman, a list of which can be accessed
for free at http://researcharchives.com/t/s?1e09

The contract list constitutes a universe of contracts from which
Caiman will select.  Caiman may not choose, at the present time,
to have the Debtor assume and assign all of the contracts
listed.

Based in West Sacramento, California, MTS Inc., dba Tower
Records -- http://www.towerrecords.com/-- is a retailer of
music in the U.S., with nearly 100 company-owned music, book,
and video stores.  The company and its affiliates previously
filed for chapter 11 protection on Feb. 9, 2004 (Bankr. D. Del.
Lead Case No. 04-10394).  The Court confirmed the Debtors' plan
on March 15, 2004.

The company and seven of its affiliates filed their second
voluntary chapter 11 petition on Aug. 20, 2006 (Bankr. D. Del.
Case Nos. 06-10886 through 06-10893).  Richards, Layton &
Finger, P.A. and O'Melveny & Myers LLP represent the Debtors.
The Official Committee of Unsecured Creditors is represented by
McGuirewoods LLP and Cozen O'Connor.  When the Debtors filed for
protection from their creditors, they estimated assets and debts
of more than US$100 million.


* Harper Macleod LLP Promotes Five Associates to Partner Status
---------------------------------------------------------------
Scotland's commercial law firm, Harper Macleod LLP promoted five
Associates to Partner status, within the corporate and
litigation areas of the firm.

Bruce Caldow, former Trainee of the Year (2002) and Rising Star
of the Year (2006) in the Scottish Legal Awards, has been
promoted to Partner for his expertise in Sports law and
Employment law.  He is Harper Macleod's Sports Practice Group
Leader and is retained as team lawyer by the Scottish Rugby
Union.  In the field of Employment law, he advises clients in
relation to both contentious and non-contentious matters.

Louise Hamilton joined Harper Macleod's Corporate & Commercial
Department in June 2002 as an Assistant and was promoted to
Associate in December 2003.  She has a wide range of commercial
experience including corporate formations, company and business
acquisitions and sales, various restructures and
reorganizations, corporate insolvency and debt finance.

Sandy Hastie joined Harper Macleod in July 2003 as a litigation
assistant in the firm's Edinburgh office.  He was promoted to
Associate in April 2005.  He is involved in a wide range of
reparation and insurance matters for both pursuer and defender,
as well as general commercial litigation.

Andrew Hunter joined Harper Macleod as a trainee in 2001 and
qualified in 2003.  He was promoted to Associate in April 2005,
is Practice Group Leader of the Licensing Practice Group and is
also a member of the Insurance, Insolvency and Professional &
Corporate Compliance Practice Groups.

James McMorrow joined Harper Macleod's Corporate & Commercial
Department as a trainee solicitor in October 2000, qualifying
two years later.  He was promoted to Associate status in
December 2003.  He deals with a variety of large-scale project
work including all of the Local Authority housing stock
transfers in which the firm has been involved.

"Their successes within their chosen areas of expertise reflect
the hard work and effort they have put in.  Without exception,
they all joined the firm at the beginning of their legal careers
and have flourished within Harper Macleod's innovative and
entrepreneurial culture," Prof. Lorne Crerar Harper Macleod
chairman commented.

Established in 1988 by Professor Lorne Crerar and Rod McKenzie,
Harper Macleod has evolved into a firm with 39 Partners, 117 Fee
Earners and a complement of 214 staff.  The firm is renowned for
its expertise in Corporate, Real Estate, Sports, Recoveries,
Banking, Litigation, Public Sector & Housing and Employment.


* James Decker Inducted Fellow to American College of Bankruptcy
----------------------------------------------------------------
Alvarez & Marsal disclosed that James Decker, a managing
director and co-head of the Corporate Finance Group, is among 26
elite nominees recently inducted into the Eighteenth Class
(2007) of Fellows to The American College of Bankruptcy, an
honorary professional and educational association of bankruptcy
and insolvency professionals.  He is one of only a few non-
lawyers to receive this honor.

"We congratulate Jim on being among the select few to receive
this top honor," Bryan Marsal, co-CEO of Alvarez & Marsal, said.
"This recognition is a testament to the great level of service
and leadership that he demonstrates at the helm of the firm's
Corporate Finance group."

With more than 16 years of investment banking experience,
Mr. Decker is based in Atlanta and co-heads the group with
managing director George Varughese, who is based in New York.
In this role, Mr. Decker focuses on middle market restructuring,
financing, and merger and acquisition advisory services.  Over
the course of his career, he has initiated and completed a
variety of transactions including restructurings,
reorganizations, exclusive sale assignments, acquisitions,
divestitures, debt and equity financings, management buyouts,
leveraged buyouts, recapitalizations, valuations, and fairness
opinions.

The American College of Bankruptcy is an honorary professional
and educational association of bankruptcy and insolvency
professionals.   The College plays an important role in
sustaining professional excellence in this rapidly expanding
field of expertise.   College Fellows include commercial and
consumer bankruptcy attorneys, insolvency accountants,
turnaround and workout specialists, law professors, judges,
government officials and others involved in the bankruptcy and
insolvency community.

Nominees for Fellows are extended an invitation to join based on
a record of achievement reflecting the highest standards of
professionalism.  Criteria for selection include:

   -- the highest standard of professionalism, ethics,
      character, integrity, professional expertise and
      leadership contributing to the enhancement of bankruptcy
      and insolvency law and practice;

   -- sustained evidence of scholarship, teaching, lecturing or
      writing on bankruptcy or insolvency;

   -- commitment to elevate writing on bankruptcy or insolvency;
      and

   -- commitment to elevate knowledge and understanding of the
      profession and public respect for the practice.

The College now has 663 Fellows, each selected by a Board of
Regents from among recommendations of the Circuit Admissions
Council in each federal judicial circuit and specially appointed
Committees for Judicial and Foreign Fellows.

Mr. Decker was inducted among the other Fellows from the United
States and abroad at the historic National Building Museum in
Washington, D.C., on March 23.  In addition to becoming a Fellow
of The American College of Bankruptcy, Mr. Decker is a director
of the Association of Insolvency and Restructuring Advisors, and
a director of the Atlanta Chapter of the Turnaround Management
Association.   He serves the American Bankruptcy Institute as
both co-chair of the Investment Banking Committee and co-chair
of the Southeastern Bankruptcy Workshop.

                     About Alvarez & Marsal

Alvarez & Marsal -- http://www.alvarezandmarsal.com/-- is a
global professional services firm with expertise in guiding
underperforming companies and public sector entities through
complex operational, financial and organizational challenges.
The firm excels in problem solving and value creation, and
brings a bias toward executing solutions with a distinctive
hands-on approach to serving clients, management and
stakeholders.

Founded in 1983, Alvarez & Marsal draws on its strong
operational heritage to provide specialized services, including
Turnaround and Management Advisory, Crisis and Interim
Management, Performance Improvement, Creditor Advisory Services,
Corporate Finance, Dispute Analysis and Forensics, Tax Advisory,
Business Consulting, Real Estate Advisory and Transaction
Advisory.  A network of experienced professionals in locations
across the U.S., Europe, Asia and Latin America, enables the
firm to deliver on its proven reputation for leadership, problem
solving and value creation.

                           *********

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 * * *