TCREUR_Public/070502.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 2, 2007, Vol. 8, No. 86      

                            Headlines


A U S T R I A

A.I.B. LLC: Claims Registration Period Ends May 23
CROSLAV LLC: Claims Registration Period Ends May 23
DENI LLC: Claims Registration Period Ends May 31
I.P.N. LLC: Claims Registration Period Ends May 23
IDM LLC: Claims Registration Period Ends March 23

MDA-WH LLC: Claims Registration Period Ends May 25
SCHNELLTRANSPORTE LLC: Claims Registration Period Ends May 29
ZASZLO LLC: Claims Registration Period Ends May 31


C Z E C H   R E P U B L I C

* Czech Government Approves 2006 Budget with CZK97.6 Bln Deficit


F R A N C E

SAGEM DEFENSE: Accounting Probe Finds Errors in Financials


G E R M A N Y

AKES ARZT: Claims Registration Period Ends May 30
AKTIVA BUEROSERVICE: Claims Registration Period Ends July 1
ANDREAS SCHAFER: Claims Registration Period Ends May 22
BO.B CONCEPT: Claims Registration Period Ends May 25
BRE WUERTTEMBERGISCHE: Claims Registration Period Ends May 24

CELSIUS & FAHRENHEIT: Claims Registration Period Ends June 11
CMC CHEMICAL: Claims Registration Period Ends June 18
COMBAU GMBH: Claims Registration Period Ends June 18
DAIMLERCHRYSLER AG: Earns US$3.7 Billion in Full Year 2006
DAIMLERCHRYSLER AG: Magna Tops List of Chrysler Contenders

DELME LOTTO: Claims Registration Period Ends June 4
DEWA HOLZBAU: Claims Registration Ends May 25
SCHWIMMBADTECHNIK DIETER: Claims Registration Ends June 22
ELEKTROTECHNIK MUELLER: Claims Registration Ends May 29
GATE INNOWEAR: Claims Registration Ends June 15

KORSING KUECHEN: Claims Registration Ends May 29
LINKENHEIL & FRIENDS: Claims Registration Ends May 15
M + S MONTAGE: Claims Registration Ends May 21
MBF MONTAGEBAU: Claims Registration Ends June 1
NONI EUROPA: Creditors Meeting Slated for June 4

N-POLE GMBH: Creditors Must Register Claims by June 1
PFLEIDERER AG: Fitch Puts BB- Ratings on EUR275 Million Bond
PROMISE COLOR: S&P Lifts Low-B Ratings After Performance Review
PRONAT REISEN: Creditors Must Register Claims by July 16
R & S BAU: Creditors Must Register Claims by June 19

ROTHENBURGER BAU: Claims Registration Period Ends June 6
SILCO HANDELS: Creditors' Meeting Slated for June 6
SONDERMASCHINENBAU KOLZ: Claims Registration Period Ends June 25
TANNING'S SONNENSTUDIO: Claims Registration Period Ends June 6
TISCHLEREI DRIBOSCH: Claims Registration Period Ends June 12

TOPRAK-TRANSPORT-LOGISTICS GMBH: Claims Registration Ends May 9
TRW AUTOMOTIVE: S&P Puts BB+ Long-Term Corporate Credit Rating
WALTER HAAKE: Claims Registration Period Ends June 12
WEIDENTHALER HAUSTECHNIK: Creditors' Meeting Slated for June 1


H U N G A R Y

HERTZ GLOBAL: Revenue Increases by 7.9% in Year Ended Dec. 31


I T A L Y

FIAT SPA: Earns EUR376 Million in First Quarter 2007
FIAT SPA: Repurchases 700,000 Ordinary Shares
PARMALAT SPA: Banca delle Marche Settles Suit for EUR22 Million
PARMALAT SPA: Declares EUR0.025 Dividend Per Common Share


K A Z A K H S T A N

AIKO LLP: Creditors Must File Claims by June 2
ASIA-COM LLP: Creditors' Claims Due June 2
AUTOSNABDETAIL LTD: Proof of Claim Deadline Slated for June 2
DELTA PROM LLP: Claims Registration Ends June 2
ENERGOPROMSERVICE & K: Claims Filing Period Ends June 2

GUARANTEE LTD: Creditors Must File Claims by June 2
GUINNES LLP: Creditors' Claims Due June 2
INTERGAS CENTRAL: Fitch Rates US$250 Million Loan at BB+
KAZTRANSGAS: Fitch Puts BB IDR with Stable Outlook
PROMSNAB XXI: Proof of Claim Deadline Slated for June 2

SUNA SHIN: Claims Registration Ends June 2
TEMIR BANK: Fitch Gives BB- Ratings to Upcoming US$1.2 Bln Loan


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

BANKAS SNORAS: S&P Puts BB- Ratings on Senior Unsecured Notes


L U X E M B O U R G

GATE GOURMET: Moody's Affirms B2 Corporate Family Rating


N E T H E R L A N D S

AMSTEL SHER: Moody's Rates EUR90 Million Class E Notes at (P)Ba2
HEAD NV: Moody's May Downgrade Low-B Ratings After Review


R U S S I A

B.I.N.BANK: Secures US$52 Million Extended Loan From Bank Group
BIVERST CJSC: Creditors Must File Claims by June 7
CENTERTELECOM OAO: Taps Ernst and Young LLC to Audit Financials
DRIADA CJSC: Creditors Must File Claims by June 7
DUVAN-MIXED FODDER: Creditors Must File Claims by May 31

EUROCHEM MINERAL: Earns US$256.9 Million for Financial Year 2006
GAS-STROY-MONTAGE: Creditors Must File Claims by June 7
LAVANDA LLC: Creditors Must File Claims by May 7
MARYANOVSKIY COMBINE: Creditors Must File Claims by May 31
NEFTEMASH OJSC: Creditors Must File Claims by May 31

OGK-5 JSC: Enel Confirms Interest in Stake Acquisition
OMSKIY-2 CJSC: Creditors Must File Claims by May 31
RYAZANSKIY GLASS: Creditors Must File Claims by June 7
SERGACHANKA CJSC: Creditors Must File Claims by June 7
SEVERSTAL OAO: Acquires Neva-Metal Firms for US$100 Million

USOLYE-OIL-SERVICE: Creditors Must File Claims by June 7
WHEAT POKROVSKAYA: Creditors Must File Claims by June 7
YUKOS OIL: OAO Lukoil Drops Possible Bid for Southern Assets


S W I T Z E R L A N D

ALTENA SOFTWARE: Creditors' Liquidation Claims Due May 18
GALANT JSC: Zug Court Starts Bankruptcy Proceedings
GATE GOURMET: S&P Rates Proposed CHF125 Million Loan at B+
GROOVYSTREAMS LLC: Zug Court Starts Bankruptcy Proceedings
IBERG BETEILIGUNGS: Creditors' Liquidation Claims Due May 31

JAGGI HANDEL: Creditors' Liquidation Claims Due May 18
JUNGLE TREE: Creditors' Liquidation Claims Due May 18
MC GIPSEREI: Creditors' Liquidation Claims Due May 18
METZGER GPS: Creditors' Liquidation Claims Due May 21
PARTY-SERVICE ROYAL: Creditors' Liquidation Claims Due May 21

SWISSFIRST DERIVATIVES: Creditors' Liquidation Claims Due May 31


U K R A I N E

BF KATA-REM LLC: Creditors Must Register Claims by May 13
FORPLAST LLC: Creditors Must Register Claims by May 11
GODINI LLC: Creditors Must Register Claims by May 11
INFAKOM LLC: Creditors Must Register Claims by May 13
ITO INTELLECT: Creditors Must Register Claims by May 13

IVTK CHEREMOSH: Creditors Must Register Claims by May 13
SOVAT LLC: Creditors Must Register Claims by May 11
UKRAINIAN RAILWAY: Claims Filing Bar Date Set May 11
ULTRA-PLAZA LLC: Creditors Must Register Claims by May 11
YAROSVIT LLC: Creditors Must Register Claims by May 11


U N I T E D   K I N G D O M

A.T. CLOWREY: Creditors' Meeting Slated for May 10
ADVANCED MICRO: Moody's Affirms B1 Corporate Family Rating
BARGAIN BATHROOMS: Creditors' Meeting Slated for May 17
BOYAR INTERNATIONAL: Creditors' Meeting Slated for May 18
BRITISH SKY: OFT Wants Deeper Probe on ITV Stake Acquisition

CALDA MARKETING: Creditors' Meeting Slated for May 10
COLLINS & AIKMAN: Selling Evart Facility to Flex-N-Gate
COLOUR MOVE: Creditors' Meeting Slated for May 17
CUSTOM CRANK: Appoints Liquidator from Muras Baker Jones
DD BARS: Creditors' Meeting Slated for May 9

EAGLE NOTTINGHAM: Taps Liquidators from Ernst & Young
FOUR SEASONS: Court Okays Plan of Arrangement for Privatization
KAYOVER ENGINEERING: Creditors' Meeting Slated for May 10
LAMBOURNE CLOTHING: Creditors' Meeting Slated for May 16
MAESTRO AVIATION: Creditors' Meeting Slated for May 10

ROYAL CORNWALL: Health Dept. Offers Lump Sum to Balance Books
SOLUTIA INC: Court OKs Amended Rothschild Employment Terms
SWINFORD FIXINGS: Names Eileen T. F. Sale Liquidator
T.B.F. NETWORKS: Creditors' Meeting Slated for May 11
TIMKEN COMPANY: Posts US$42 Million First Quarter Income in 2007

TOWER RECORDS: WEA Corporation Objects to Disclosure Statement
TREEBOW LTD: Claims Filing Period Ends June 15
WESTCOUNTRY MARINE: Creditors' Meeting Slated for May 11
WOODHEAD MANUFACTURING: Claims Filing Period Ends May 16

                            *********

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


A.I.B. LLC: Claims Registration Period Ends May 23
--------------------------------------------------
Creditors owed money by LLC A.I.B. (FN 119658v) have until
May 23 to file written proofs of claim to court-appointed estate
administrator Guenther Hoedl at:

         Dr. Guenther Hoedl
         c/o Dr. Andrea Simma  
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 5 (Bankr. Case No. 4 S 27/07h).  Andrea Simma
represents Dr. Hoedl in the bankruptcy proceedings.


CROSLAV LLC: Claims Registration Period Ends May 23
---------------------------------------------------
Creditors owed money by LLC CROSLAV (FN 270979z) have until
May 23 to file written proofs of claim to court-appointed estate
administrator Robert Gschwandtner at:

         Dr. Robert Gschwandtner  
         c/o Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         E-mail: pullezgschwandtner@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 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 49/07d).  Peter Pullez
represents Dr. Gschwandtner in the bankruptcy proceedings.


DENI LLC: Claims Registration Period Ends May 31
------------------------------------------------
Creditors owed money by LLC DENI (FN 271054i) have until May 31
to file written proofs of claim to court-appointed estate
administrator Daniel Lampersberger at:

         Mag. Daniel Lampersberger  
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: kanzlei@engelhart.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 5 S 46/07k).  Clemens Richter
represents Mag. Lampersberger in the bankruptcy proceedings.


I.P.N. LLC: Claims Registration Period Ends May 23
--------------------------------------------------
Creditors owed money by LLC I.P.N. (FN 222568g) have until
May 23 to file written proofs of claim to court-appointed estate
administrator Gerhard Bauer at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 47/07k).  


IDM LLC: Claims Registration Period Ends March 23
-------------------------------------------------
Creditors owed money by LLC IDM (FN 231271f) have until March 23
to file written proofs of claim to court-appointed estate
administrator Johannes Jaksch at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:10 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 4 (Bankr. Case No. 2 S 52/07w).  Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


MDA-WH LLC: Claims Registration Period Ends May 25
--------------------------------------------------
Creditors owed money by LLC MDA-WH (FN 138904x) have until
May 25 to file written proofs of claim to court-appointed estate
administrator Karl Schirl at:

         Dr. Karl Schirl  
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 3 S 55/07v).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


SCHNELLTRANSPORTE LLC: Claims Registration Period Ends May 29
-------------------------------------------------------------
Creditors owed money by LLC Schnelltransporte (FN 259828a) have
until May 29 to file written proofs of claim to court-appointed
estate administrator Norbert Mooseder at:

         Dr. Norbert Mooseder
         c/o Dr. Guenther Grassner
         Stelzhamerstr. 1
         4400 Steyr
         Austria
         Tel: +437252/42424
         Fax: +437252/42424-24
         E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria
         
Headquartered in Haid bei Ansfelden, Austria, the Debtor
declared bankruptcy on April 3 (Bankr. Case No. 12 S 37/07i).  
Guenther Grassner represents Dr. Mooseder in the bankruptcy
proceedings.


ZASZLO LLC: Claims Registration Period Ends May 31
--------------------------------------------------
Creditors owed money by LLC ZASZLO (FN 277692x) have until
May 31 to file written proofs of claim to court-appointed estate
administrator Edmund Roehlich at:

         Dr. Edmund Roehlich
         c/o Dr. Richard Proksch  
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 5 S 47/07g).  Richard Proksch
represents Dr. Roelich in the bankruptcy proceedings.


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


* Czech Government Approves 2006 Budget with CZK97.6 Bln Deficit
----------------------------------------------------------------
The Czech government has approved a draft state final account
for 2006, which reflects a deficit of CZK97.6 billion on
revenues of CZK923.1 billion and expenditures of CZK1,020
billion, the Czech News Agency cited the government's press
department as its source.

According to the report, the deficit was CZK13.9 billion higher
than originally planned by the Finance Ministry due to an early
repayment of a CZK14 billion state guarantee to the central bank
and a CZK900 million deficit of the pension insurance system.

The Finance Ministry said the public finance deficit for last
year at 2.96 percent of GDP is distorted in the European system
of national accounts (ESA 95) methodology by money transfers to
the reserve funds at the individual ministries, CTK reveals.  
The transfers make the result better.

"More than CZK68 billion was on accounts of reserve funds at the
end of 2006 or about 2 percent of GDP," said the ministry.  CTK
cites the ministry as saying that if the money becomes a part of
budget spending then there is potential risk of public budget
deficit deteriorating in relation to GDP in the future.

The Czech Statistical Office published data on the public
finance gap at 2.96 percent of GDP and the Eurostat notified the
agency in late April, CTK discloses.

Meanwhile, the ministers have approved an amendment that
purports to change tax, private, and procedural law, as well as
criminal or small businesses regulations, as part of the new
Czech bankruptcy law, CTK states.

The TCR-Europe reported on April 27 that the Czech Republic's
Senate has confirmed an earlier vote by the Chamber of Deputies
postponing the start date of the new bankruptcy law by six
months, from July 1, 2007, to Jan. 1, 2008.

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


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


SAGEM DEFENSE: Accounting Probe Finds Errors in Financials
----------------------------------------------------------
Following the discovery of unexplained accounting irregularities
in the financial statements for Sagem Defense Securite for the
periods ended December 31, 2005 and September 30, 2006, the
SAFRAN Audit Committee asked two independent accounting firms,
KPMG and Ernst & Young, to perform an audit in two successive
phases, in December 2006 and January 2007.

The first phase was designed to determine the exact scope of the
unexplained accounting irregularities and to analyze them.  The
conclusions of this first phase were reported to the market in
the SAFRAN press release dated February 14, 2007, which also
announced the financial results for 2006, including the
necessary adjustments.

The second phase of the audit had two objectives:

   -- determine any possible shortcomings in Sagem Defense
      Securite's internal control procedures and recommend
      corrective measures; and

   -- identify the specific facts behind the unexplained
      accounting irregularities.

The two accounting firms submitted their conclusions in a report
that was reviewed by the SAFRAN Supervisory Board on April 24.
In general, they concluded that the main problems found at Sagem
Defense Securite concerned the company's insufficient control
over financial reporting data and its analysis of the
profitability of certain contracts.

They also noted the company's failure to comply with SAFRAN
Group procedures concerning the economic and accounting tracking
of these contracts.

The new Sagem Defense Securite management team is currently
deploying the requisite corrective measures, along with the
company's new organizational structures, in order to tighten the
company's internal controls and ensure more efficient financial
management.

Following in-depth investigations, the firm in charge of
determining the facts behind the accounting irregularities
concluded that these irregularities were due to calculation
errors and an inaccurate assessment of the profitability of
certain contracts, and of non-compliance, in some cases
deliberate, with current accounting standards and rules.

None of the events under analysis are attributable to SAFRAN
corporate management.

Headquartered in Paris, France, SAFRAN --
http://www.safran-group.com/-- is an international high-
technology group with four core businesses: aerospace
propulsion, aircraft equipment, defense security,
communications.  It has 61,400 employees in over 30 countries,
and annual revenues exceeding EUR1 billion.

Headquartered in Paris, France, Sagem Defense Security --
http://www.sagem-ds.com/eng/-- is a subsidiary of SAFRAN.  Its  
business covers aircraft systems navigation, optronics and air-
land systems, and security.  It is the world leader in
helicopter avionics and digital fingerprint-based biometrics.


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


AKES ARZT: Claims Registration Period Ends May 30
-------------------------------------------------
The court-appointed insolvency manager for AKES Arzt- Klinik-
Einrichtungs- Service GmbH, Udo Feser, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 11:35 a.m. on May 30.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Sept. 19, at the same venue.

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

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against AKES Arzt- Klinik- Einrichtungs- Service
GmbH on April 23.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         AKES Arzt- Klinik- Einrichtungs- Service GmbH
         Max-Beer-Str. 15
         10119 Berlin
         Germany


AKTIVA BUEROSERVICE: Claims Registration Period Ends July 1
-----------------------------------------------------------
Creditors of AKTIVA Bueroservice GmbH have until July 1 to
register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on July 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 Erfurt
         Hall 12
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be contacted at:

         Rolf Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against AKTIVA Bueroservice GmbH on April 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be contacted at:

         AKTIVA Bueroservice GmbH
         Stadtweg 2
         99869 Grabsleben
         Germany


ANDREAS SCHAFER: Claims Registration Period Ends May 22
-------------------------------------------------------
Creditors of Andreas Schafer Bautrager GmbH have until May 22 to
register their claims with court-appointed insolvency manager
Petra Heidenfelder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 12, 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 Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be contacted at:

         Petra Heidenfelder
         Bleichstr. 2-4
         60313 Frankfurt am Main
         Germany
         Tel: 069-913092-0
         Fax: 069-913092-30

The District Court of Offenbach am Main opened bankruptcy
proceedings against Andreas Schafer Bautrager GmbH on April 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         Andreas Schafer Bautrager GmbH
         Attn: Andreas Schafer, Manager
         Lindenstr. 40
         63303 Dreieich
         Germany


BO.B CONCEPT: Claims Registration Period Ends May 25
----------------------------------------------------
Creditors of BO.B Concept & Bau Bautrager GmbH have until May 25
to register their claims with court-appointed insolvency manager
Klaus-Martin Lutz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Rosenheim
         Hall 114
         Rosenheim
         Germany

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

The insolvency manager can be contacted at:

         Klaus-Martin Lutz
         Kufsteiner Strasse 14/II
         83022 Rosenheim
         Germany
         Tel: 080 31/ 3677 0
         Fax: 080 31/ 3677 36

The District Court of Rosenheim opened bankruptcy proceedings
against BO.B Concept & Bau Bautrager GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         BO.B Concept & Bau Bautrager GmbH
         Salinweg 60  
         83071 St. Phanskirchen
         Germany


BRE WUERTTEMBERGISCHE: Claims Registration Period Ends May 24
-------------------------------------------------------------
Creditors of BRE Wuerttembergische Senioren-Pflegeheim GmbH have
until May 24 to register their claims with court-appointed
insolvency manager Michael Kirchhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 178
         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:

         Dr. Michael Kirchhoff
         Hegelallee 5
         14467 Potsdam
         Germany

The District Court of Stuttgart opened bankruptcy proceedings
against BRE Wuerttembergische Senioren-Pflegeheim GmbH on
April 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         BRE Wuerttembergische Senioren-Pflegeheim GmbH
         Attn: Jaqueline Carl, Manager
         Kraherwald 231
         70193 Stuttgart
         Germany


CELSIUS & FAHRENHEIT: Claims Registration Period Ends June 11
-------------------------------------------------------------
Creditors of Celsius & Fahrenheit Kaltesystemtechnik GmbH have
until June 11 to register their claims with court-appointed
insolvency manager Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Hamburg
         Hall B405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be contacted at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Celsius & Fahrenheit Kaltesystemtechnik GmbH on
April 23.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be contacted at:

         Celsius & Fahrenheit Kaltesystemtechnik GmbH
         Neuen Muenze 25
         22145 Hamburg
         Germany

         Attn: Bettina Frisch-Noryan, Manager
         Gilcherweg 64
         22393 Hamburg
         Germany


CMC CHEMICAL: Claims Registration Period Ends June 18
-----------------------------------------------------
Creditors of CMC Chemical Management Consulting GmbH have until
June 18 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 July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         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

The District Court of Reinbek opened bankruptcy proceedings
against CMC Chemical Management Consulting GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be contacted at:

         CMC Chemical Management Consulting GmbH
         Schuetzenstr. 6
         22926 Ahrensburg
         Germany


COMBAU GMBH: Claims Registration Period Ends June 18
----------------------------------------------------
Creditors of COMBAU GmbH have until June 18 to register their
claims with court-appointed insolvency manager
Peter-Alexander Borchardt.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Peter-Alexander Borchardt
         Deichstrasse 1
         20459 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against COMBAU GmbH on April 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be contacted at:

         COMBAU GmbH
         Attn: Peter Pollack, Manager
         Dorfstr. 11 c
         23936 Mallentin
         Germany


DAIMLERCHRYSLER AG: Earns US$3.7 Billion in Full Year 2006
----------------------------------------------------------
DaimlerChrysler AG has released its 2006 consolidated financial
statements, prepared according to International Financial
Reporting Standards.

In IFRS, DaimlerChrysler reported US$3.78 billion in net profit
on US$152.81 billion in net revenues for the full year 2006.  In
U.S. GAAP, the company posted US$3.23 billion in net profit on
US$151.59 in net revenues for the full year 2005.

"We have used the transition to IFRS to make our financial
reporting even more transparent," said Bodo Uebber, Board of
Management member at DaimlerChrysler AG responsible for Finance
& Controlling and Financial Services.  "At the same time, we
have improved our internal information system," he added.  The
transition to IFRS does not change the divisions' return targets
or the Group's performance measurement.

EBIT of EUR5.5 billion for the year 2006 is almost unchanged
compared to the previous figure for operating profit.  In terms
of after-tax earnings, compared to U.S. GAAP the change to IFRS
leads to an increase of EUR600 million to EUR3.8 billion, while
earnings per share increase by EUR0.50.  DaimlerChrysler
presented its consolidated financial statements according to
U.S. GAAP in February.

Key figures

Earnings by Segments 2006

    (in billions of euros)

                       U.S. GAAP         IFRS          Change

    Mercedes Car Group     2.4            1.8           -0.6
    Chrysler Group        -1.1           -0.5            0.6
    Truck Group            2.0            1.9           -0.1
    Financial Services     1.7            1.6           -0.1
    Van, Bus, Other        0.9            1.3            0.4
    Elimination/
    Reconciliation        -0.4           -0.6           -0.2

    DC Group               5.5            5.5              -


    (in millions of euros)

                       U.S. GAAP         IFRS          Change
    Group:
    Equity               34,155         37,449          3,294
    Financial
    Liabilities(2)      -78,584        -98,553        -19,969
    Total Assets        190,022        217,634         27,612

    Industrial Business:
    Equity               25,248         28,628          3,380
    Equity Ratio(1)       25.1%          27.2%           2.1%
    Net Liquidity         6,400          9,861          3,461
    Total Assets         94,541         99,427          4,886

    (1) Excluding dividend payment
    (2) US-GAAP: nominal value; IFRS: hedged nominal value

    (in millions of euro)

                              2006

                       U.S. GAAP          IFRS          Change

    Revenues            151,589        152,809          1,220
    Operating
    Profit / EBIT         5,517          5,489            -28
    Net Income /
    Net Profit            3,227          3,783            556
    EPS (euro)            3.16           3.66            0.50

    Revenues by Segments 2006

    (in billions of euro)

                       U.S. GAAP         IFRS          Change

    Mercedes Car
    Group                 54.6           51.4           -3.2
    Chrysler Group        47.1           47.0           -0.1
    Truck Group           32.0           31.8           -0.2
    Financial
    Services              17.2           16.0           -1.2
    Van, Bus, Other       13.4           13.2           -0.2
    Elimination/
    Reconciliation       -12.7           -6.6           +6.1

    DC Group             151.6          152.8           +1.2

                        Development Costs

According to U.S. GAAP, development costs are generally expensed
in the same period that they are incurred.  According to IFRS,
however, some development costs are capitalized as intangible
assets and amortized on a straight-line basis.  In the 2006
consolidated financial statements, this change led to an
increase in shareholders' equity of EUR5.1 billion compared to
the U.S. GAAP accounts.  The impact on EBIT was immaterial.

                              EADS

The impairment of nearly EUR2 billion recognized on the book
value of the Group's equity interest in EADS in 2003 according
to U.S. GAAP was not required under IFRS.  Therefore, our EADS
shareholding has a considerably higher valuation in the IFRS
balance sheet at year-end 2006.  

Under both IFRS and U.S. GAAP, EADS is shown in
DaimlerChrysler's consolidated financial statements using the
equity method after a three-month time lag.  According to IFRS,
important events such as the decisions by the EADS management in
the fourth quarter of 2006 concerning the Airbus A380 and the
Airbus A350 have to be reflected by DaimlerChrysler, with a
resulting charge on earnings of EUR4 million.  

Under U.S. GAAP, there was no such effect in the fourth quarter
of 2006 because the time lag was to be observed.  On balance,
these two factors led to an increase in shareholders' equity of
EUR8 million in the IFRS consolidated financial statements for
2006 compared with the U.S. GAAP accounts.  EBIT is reduced by
EUR8 million primarily due to the aforementioned additional
charge to earnings of EUR4 million compared with U.S. GAAP and
because unlike operating profit, EBIT includes the after-tax
equity-method result of EADS.  Net profit is reduced by EUR5
million.

                Pensions and Similar obligations

With regard to pension and healthcare plans, DaimlerChrysler
decided in favor of the "fresh-start" option as of the date of
transition to IFRS, Jan. 1, 2005.  This means that at that date,
all of the actuarial gains and losses previously accumulated
have been charged to equity.  But this led to an only slight
reduction in shareholders' equity of EUR8 million in 2006, as
due to a change in U.S. GAAP, actuarial gains and losses are
fully included in equity as of Dec. 31, 2006, also according to
U.S. GAAP.

However, in the 2006 IFRS income statement, this results in a
positive impact on EBIT of EUR3 million, because retroactive
plan adjustments are always immediately entered in the income
statement under IFRS, whereas under U.S. GAAP they are
distributed over the remaining service period.

Earnings before taxes according to IFRS increased by EUR1.6
billion compared to U.S. GAAP.

                      ABS Transactions

Asset backed securities, which result mainly from the sale to
institutional investors of receivables in the financial services
business, are classified as "sold" under U.S. GAAP and are not
consolidated.  But according to IFRS, they remain in the balance
sheet.  In the 2006 consolidated financial statements, this
means that the balance sheet total is EUR21.7 billion higher
than under U.S. GAAP.  In addition, the ABS items results in an
increase in revenues of EUR9 million.

                          Provisions

According to IFRS, long-term provisions are generally to be
discounted and recognized at their present value if the effects
of discounting are material.  According to U.S. GAAP,
discounting is only allowed for certain types of provisions if
the dates of the amounts and cash flows can be reliably
determined.  This changed treatment results in a reduction of
EUR8 million in provisions in the IFRS consolidated financial
statements for 2006.

The change to IFRS also led to valuation differences concerning
the early retirement model commonly used in Germany, the so-
called "Altersteilzeit".  Under U.S. GAAP, the total payments
due during the non-working phase are "saved" by gradually
setting up provisions during the employment phase.  Under IFRS
however, provisions for the payments due during the non-working
phase are set up in the full amount when the "Altersteilzeit"
agreements are signed.  In the IFRS consolidated financial
statements, this resulted in a reduction of EUR5 million in both
shareholders' equity while EBIT decreased by EUR5 million.

These differences resulted in the following effects on key
figures in 2006 under IFRS:

The substantial increase in the balance-sheet total to EUR218
billion was primarily due to consolidating the ABS transactions.

The equity of the industrial business increases to EUR28.6
billion, with a corresponding increase in the equity ratio to
27.2%.  This was mainly caused by capitalizing development
costs.

The net liquidity of the industrial business increases from
EUR6.4 billion to EUR9.9 billion.  One of the main reasons for
this is that the residual-value guarantees for leased vehicles
are no longer shown as financing liabilities, but under other
financial liabilities due to their operating nature.

The consolidated cash flow from operating activities is slightly
higher under IFRS than under U.S. GAAP.  There is a positive
effect from the capitalization of development costs.  On the
other hand, there is a reduction in cash provided by operating
activities because under IFRS the Group enters proceeds from the
sale of vehicles with significant residual-value guarantees
under cash provided by operating activities.

The increase in net profit to EUR3.8 billion compared with net
income of EUR3.2 billion under U.S. GAAP is primarily a result
of the lower cost of pensions and similar obligations.  On the
other hand, there are higher expenses mainly due to the
treatment of EADS, taxes and provisions for early retirement.

At the divisional level, the change to IFRS primarily affects
the Mercedes Car Group and the Truck Group, whose revenues fall
in 2006 compared to U.S. GAAP.  This is due to the altered
allocation of effects from manufacturer leasing, that is,
leasing vehicles to customers through the Financial Services
division in Germany.  With the use of IFRS, these vehicles are
no longer regarded as being sold by the respective division.

Instead, revenues are recognized on a pro-rata basis in line
with the leasing payments over the period of the lease.  This
means that revenues and earnings are recognized within the
divisions over the period of the leasing contracts.  So this is
only a timing difference and does not reflect any reduction in
revenues from the operating business.  There is no change in
revenues at the Group level.

DaimlerChrysler's consolidated financial statements for 2006
according to IFRS are available on the Internet at:

               http://www.daimlerchrysler.com/ifrs

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Magna Tops List of Chrysler Contenders
----------------------------------------------------------
Magna International Inc. leads the race for DaimlerChrysler AG's
Chrysler Group and could grab a much larger stake in the ailing
unit, potentially taking a direct minority ownership stake of
between 25% and 50%, Tony Van Alphen of the Toronto Star
reports, quoting Brett Hoselton, an analyst from U.S. investment
firm KeyBanc Capital Markets.

"Many industry sources indicate Magna is the leading contender
for Chrysler," Mr. Hoselton said in a note to clients.  He added
that the firm believes Magna and partner Onex Corp. will assess
the Chrysler Group in the "mid to high US$5 billion range,"
higher than previous estimates of US$4.6 billion to US$4.7
billion.

Toronto-based Onex would also hold 40% to 65% and German-parent
DaimlerChrysler would retain 10% in addition to a higher Magna
share, Mr. Hoselton said in the note.  However, the deal would
fall apart if DaimlerChrysler, the United Auto Workers, Magna
and Onex Corp. fail to iron out the details, the Star cites Mr.
Hoselton as saying.

Magna Chair Frank Stronach told the Star his company would
consider other equity groups as its partner although Onex is the
number one choice.  He explained that it would take another few
weeks before the auto parts maker completes a partnership group.  
Mr. Stronach has also insisted the company would only take a
minority stake to avoid competing directly with other major
customers General Motors, Ford and Toyota.

Daimler also has to resolve a key issue, which remains
uncertain, regarding responsibility for billions of dollars in
Chrysler's pension and health-care obligations, Mr. Hoselton
said in the note.

"Scenarios include retainment by Chrysler or placement into a
separate entity (independent from Chrysler or DaimlerChrysler),"
he said.  "We believe both scenarios include DaimlerChrysler
retaining some responsibility for the liabilities."

                         Labor Weighs in

Mr. Stronach has met with leaders of the United Auto Workers and
the Canadian Auto Workers who want DaimlerChrysler to keep the
money-losing North American operations, the Star reveals.

The TCR Europe reported on April 30 that UAW President Ron
Gettelfinger denied speculations that the union had endorsed
Magna International Inc. as its preferred buyer for Chrysler.

Representatives from the UAW, the CAW and IG Metall unions had
reiterated their opposition to DaimlerChrysler AG's plan to sell
Chrysler Group, especially if private equity groups take over.

                      About DaimlerChrysler

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

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

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

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

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


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 contacted 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 contacted at:

         Delme Lotto GmbH
         Lessingstr. 99
         27753 Delmenhorst
         Germany


DEWA HOLZBAU: Claims Registration Ends May 25
---------------------------------------------
Creditors of DEWA Holzbau GmbH have until May 25 to register
their claims with court-appointed insolvency manager Ralf
Hildebrandt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuwied
         Area 40
         Ground Floor
         Hermannstr. 39
         56564 Neuwied
         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:

         Ralf Hildebrandt
         Friedrich-Ebert-Ring 12
         56068 Koblenz
         Germany
         Tel: 0261/9149726
         Fax: 0261/9149727

The District Court of Neuwied opened bankruptcy proceedings
against DEWA Holzbau GmbH on April 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DEWA Holzbau GmbH
         Markerstr. 16
         56307 Dernbach
         Germany


SCHWIMMBADTECHNIK DIETER: Claims Registration Ends June 22
----------------------------------------------------------
Creditors of Schwimmbadtechnik Dieter Karsten GmbH have until
June 22 to register their claims with court-appointed insolvency
manager Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 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 Wolfsburg
         Hall F
         Rothenfelder Str. 43
         38440 Wolfsburg
         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:

         Helge Wachsmuth
         c/o WBW Insolvenzverwaltungen Zwangsverwaltungen
         Adolfstrasse 39
         38102 Braunschweig
         Germany
         Tel: 0531/8892 77-0
         E-mail: info@wbw-insolvenz.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Schwimmbadtechnik Dieter Karsten GmbH on April 18.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schwimmbadtechnik Dieter Karsten GmbH
         Heinrichsgasse 1
         38350 Helmstedt
         Germany


ELEKTROTECHNIK MUELLER: Claims Registration Ends May 29
-------------------------------------------------------
Creditors of Elektrotechnik Mueller & Nagel GmbH & Co. KG have
until May 29 to register their claims with court-appointed
insolvency manager Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Mannheim
         Room 232         
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Markus Ernestus
         O 3, 11+12
         68161 Mannheim
         Germany
         Tel: (0621) 1668 0

The District Court of Mannheim opened bankruptcy proceedings
against Elektrotechnik Mueller & Nagel GmbH & Co. KG on --.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Elektrotechnik Mueller & Nagel GmbH & Co. KG
         Attn: Peter Nagel und Guenther Mueller, Manager
         Neureuter Hauptstr. 270
         76149 Karlsruhe
         Germany


GATE INNOWEAR: Claims Registration Ends June 15
-----------------------------------------------
Creditors of GATE Innowear GmbH have until June 15 to register
their claims with court-appointed insolvency manager
Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against GATE Innowear GmbH on April 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         GATE Innowear GmbH
         Peutestrasse 53 D
         20539 Hamburg
         Germany


KORSING KUECHEN: Claims Registration Ends May 29  
------------------------------------------------
Creditors of KORSING-KUECHEN am Ring GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Dr. Martin van Buehren.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 29, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Martin van Buehren
         Bochumer Strasse 6
         51145 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against KORSING-KUECHEN am Ring GmbH on April 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         KORSING-KUECHEN am Ring GmbH
         Hohenstaufenring 42
         50674 Cologne
         Germany

         Attn: Heinz Wilhelm Forst, Manager
         Pappelweg 3
         50767 Cologne
         Germany


LINKENHEIL & FRIENDS: Claims Registration Ends May 15
-----------------------------------------------------
Creditors of Linkenheil & Friends Sales 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 10:30 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
         First Floor
         Schlossplatz 23
         76131 Karlsruhe   
         Germany

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

The insolvency manager can be reached at:

         Dr. Ulf Martini
         E 3, 16
         68159 Mannheim
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Linkenheil & Friends Sales GmbH on April 19.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Linkenheil & Friends Sales GmbH
         Attn: Rudolf LInkenheil, Manager
         Am Sandfeld 15 a
         76149 Karlsruhe
         Germany


M + S MONTAGE: Claims Registration Ends May 21
----------------------------------------------
Creditors of M + S Montage und Service GmbH have until May 21 to
register their claims with court-appointed insolvency manager
Oliver Horn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany

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

The insolvency manager can be reached at:

         Oliver Horn
         Heiner-Fleischmann-Strasse 6
         74172 Neckarsulm
         Germany
         Tel: 07132/958197
         Fax: 07132958190

The District Court of Heilbronn opened bankruptcy proceedings
against M + S Montage und Service GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         M + S Montage und Service GmbH
         Attn: Rudolf Schmitt, Manager
         Fichtenstrasse 24
         74861 Neudenau
         Germany


MBF MONTAGEBAU: Claims Registration Ends June 1
-----------------------------------------------
Creditors of MBF Montagebau Freudenstein GmbH have until June 1
to register their claims with court-appointed insolvency manager
Jutta Ruedlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 6, 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 Fritzlar
         Meeting Hall Area 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         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:

         Jutta Ruedlin
         Am Markt 4
         34212 Melsungen
         Germany
         Tel: 05661/926280
         Fax: 05661/9262820

The District Court of Fritzlar opened bankruptcy proceedings
against MBF Montagebau Freudenstein GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MBF Montagebau Freudenstein GmbH
         Schweriner Strasse 2
         34212 Melsungen
         Germany

         Attn: Matthias Freudenstein, Manager
         Zur Schlade 17
         34212 Melsungen
         Germany


NONI EUROPA: Creditors Meeting Slated for June 4
------------------------------------------------
The court-appointed insolvency manager for Noni Europa GmbH,
Juergen Spliedt, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 12:15 p.m. on
June 4.

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 11:30 a.m. on Sept. 17 at the same venue.

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

The insolvency manager can be reached at:

         Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Noni Europa GmbH on April 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Noni Europa GmbH
         Kanalstr. 1
         12589 Berlin
         Germany


N-POLE GMBH: Creditors Must Register Claims by June 1
-----------------------------------------------------
Creditors of N-Pole GmbH have until June 1 to register their
claims with court-appointed insolvency manager Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on June 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

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

         The District Court of Passau
         Meeting Hall 214
         Second 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 July 9, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Klaus Reischl
         Residenzplatz 10
         94032 Passau
         Germany
         Tel: 0851/9890589
         Fax: 0851/9890599

The District Court of Passau opened bankruptcy proceedings
against N-Pole GmbH on April 19.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         N-Pole GmbH
         Georg-Philipp-Woerlen-Str. 4
         94034 Passau
         Germany


PFLEIDERER AG: Fitch Puts BB- Ratings on EUR275 Million Bond
------------------------------------------------------------
Fitch Ratings assigned Pfleiderer Finance B.V.'s issue of
EUR275 million guaranteed undated subordinated fixed- to
floating-rate capital securities a final 'BB-'rating.  

At the same time Fitch has upgraded Pfleiderer AG's Issuer
Default Rating to 'BB+' from 'BB' and removed it from Rating
Watch Positive.  A Stable Outlook is assigned.  The Short-term
rating is affirmed at 'B'.

The upgrade reflects what Fitch views effectively as equity-
financing of a majority part of the Pergo AB acquisition,
following Pfleiderer's successful placement of the above-
mentioned hybrid bond in the market.  The proceeds are to
refinance senior debt used for the acquisition of Pergo.

The upgrade is further underpinned by Pfleiderer's improved
business profile, reflecting a more balanced geographical
diversification, namely towards its core markets in Western and
Eastern Europe and North America.  It also takes into account
the group's good market position as one of the world's leading
producers of engineered wood products and move into higher-
margin product segments such as MDF.  Nevertheless, Fitch will
continue to closely monitor the performance of the group's North
American operations against the backdrop of the challenging
conditions in the housing market in that region.

The overall effect of the hybrid instrument on Pfleiderer's
financial profile is considered positive. The refinancing of
acquisition debt by EUR275 million hybrid capital will
strengthen Pfleiderer's balance sheet and credit metrics,
placing them in line with a 'BB+' rating level.  Fitch considers
Pergo a good strategic fit and anticipates a successful
integration within Pfleiderer, based on the management's
established track record.  Fitch gains further comfort from
Pfleiderer's prudent financial policy.

In line with Fitch's hybrid methodology, the hybrid instrument
is classified as a Class D instrument and treated with 75%
equity credit.  The classification as a Class D instrument
includes that the hybrid bond has no material constraint
regarding its deferral option.  Fitch notes that the look-back
provision is limited by the proximity of the coupon payment
dates to the company's AGM.

The bond has a call option in 2014, which, if not exercised,
will see a step-up of 150bps.  However, this effective maturity
is mitigated by satisfactory replacement language.  There are
several call events relating to tax changes, change of control
and a change in the equity credit allocation by a rating agency,
among others.  The documentation also contains a step-up of 500
BPS in case the company becomes unrated.  This step-up can
however be avoided, if the issuer exercises its call right in
these circumstances.

Pfleiderer is a leading supplier of engineered wood, surface-
finished products and laminate flooring.  With some 5,200
employees and production sites in western and Eastern Europe and
North America, the group reported sales of approximately
EUR1.4 billion in financial year 2006 and EBITDA of EUR208
million.


PROMISE COLOR: S&P Lifts Low-B Ratings After Performance Review
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings on
the class B, C, D, and E notes in Bayerische Hypo- und
Vereinsbank AG's German SME CLO transaction Promise Color 2003-1
PLC.
  
At the same time, the ratings on the two senior CDSs and the
class A1+, A2+, and A notes were affirmed.
  
The rating actions follow a detailed review of the performance
of the transaction and a full loan level analysis of the
underlying portfolio in the CDO Evaluator modeling tool.  
Standard & Poor's took into account the current level of
defaults, the concentration in the portfolio, and the actual
remaining first-loss protection in the transaction.
  
"Promise Color 2003-1 was structured as a static transaction
without a replenishment period.  The amortization of the
portfolio, combined with the sequential repayment of various
classes, has led to a significant increase in available credit
enhancement," said credit analyst Viktor Milev.  "Furthermore,
the pool factor has dropped to below 40%."
  
Promise Color 2003-1 has demonstrated a very stable performance
over the past three years.  The level of impaired reference
obligations in the transaction never reached the level of
available first-loss protection.  This is despite the collateral
available in the securitization, which was taken into account
during the initial analysis.
  
The rating approach mirrors the methodology of the initial
rating of Promise Color 2003-1. Standard & Poor's used a current
mapping of HVB's internal rating scale to assign a rating
estimate to every obligor in the portfolio.  In combination with
HVB's detailed information on the available collateral for each
loan, the results were used to generate scenario loss rates for
the various rating categories.  Standard & Poor's applied
stressed recovery assumptions to the collateral values provided
by HVB.
  
One of the inherent risks of the Promise Color 2003-1
transaction is the top obligor concentration.  The 10 largest
obligors make up more than 20% of the outstanding portfolio
balance.  At closing, the relative portfolio share of the
10 largest obligors stood at 12.45%.
  
"We took the concentration in the portfolio into account when
sizing the updated enhancement requirements," Mr. Milev
explained.  "Our analysis benefited from the detailed collateral
information.  Thus, we were able to determine a stressed loss
assumption for the largest exposures in the transaction and
ensure respective coverage at the various rating levels."
  
Due to the transaction's strong performance, Promise Color 2003-
1 was originally placed on CreditWatch with positive
implications on Nov. 23, 2006.  This was resolved on Feb. 23, at
which time the notes were affirmed based on a pure performance
review.  Due to substantially more information becoming
available, the review of the transaction has resulted in the
below rating actions.
  
                          Ratings List
  
Promise Color 2003-1 PLC
   EUR218.15 Million Credit-Linked Floating-Rate Notes And
   EUR894.45 Million For Two Senior Credit Default Swaps
  
           Class                   Ratings
                        To                         From
  
                        Ratings Raised
  
           B            AA+                        A
           C            A+                         BBB
           D            BB+                        BB
           E            B+                         B
  
                        Ratings Affirmed
  
           Senior CDS   AAA
           A1+          AAA
           CDS          AAA
           A2+          AAA
           A            AAA


PRONAT REISEN: Creditors Must Register Claims by July 16
--------------------------------------------------------
Creditors of Pronat Reisen & Imports GmbH have until July 16 to
register their claims with court-appointed insolvency manager
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 8:41 a.m. on Aug. 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany         

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

The insolvency manager can be reached at:

         Frank Kebekus
         Carl-Theodor-Str. 1
         40213 Duesseldorf
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Pronat Reisen & Imports GmbH on April 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Pronat Reisen & Imports GmbH
         Wiesdorfer Platz 24
         51373 Leverkusen
         Germany

         Attn: Joseph Kaduthanam, Manager
         Weissdornweg 18
         42799 Leichlingen
         Germany


R & S BAU: Creditors Must Register Claims by June 19
----------------------------------------------------
Creditors of R & S Bau Beteiligungs GmbH have until June 19 to
register their claims with court-appointed insolvency manager
Christoph Schulte-Kaubruegger.

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

The meeting of creditors will be held at:

         The District Court of Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against R & S Bau Beteiligungs GmbH on April 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         R & S Bau Beteiligungs GmbH
         Wichertstr. 14
         10439 Berlin
         Germany


ROTHENBURGER BAU: Claims Registration Period Ends June 6
--------------------------------------------------------
Creditors of Rothenburger Bau GmbH have until June 6 to register
their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 4, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Koenigstrasse 1
         01097 Dresden
         Germany
         Web site: http://www.whitecaseinso.de/

The District Court of Dresden opened bankruptcy proceedings
against Rothenburger Bau GmbH on April 23.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Rothenburger Bau GmbH
         Attn: Joachim Steinert and Falko Jeremias, Managers
         Friedensstrasse 129
         02929 Rothenburg
         Germany


SILCO HANDELS: Creditors' Meeting Slated for June 6
---------------------------------------------------
The court-appointed insolvency manager for Silco Handels GmbH,
Joachim Voigt-Salus, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
9:35 a.m. on June 6.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 19 at the same venue.

Creditors have until July 20 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Silco Handels GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Silco Handels GmbH
         Hauptstr. 5a
         13158 Berlin
         Germany


SONDERMASCHINENBAU KOLZ: Claims Registration Period Ends June 25
----------------------------------------------------------------
Creditors of Sondermaschinenbau Kolz GmbH have until June 25 to
register their claims with court-appointed insolvency manager
Joerg A. Wunderlich.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 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 Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         Germany

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

The insolvency manager can be reached at:

         Joerg A. Wunderlich
         Bahnhofsplatz 8
         54292 Trier
         Germany
         Tel: 0651/14693-0
         Fax: 0651/14693-20

The District Court of Wittlich opened bankruptcy proceedings
against Sondermaschinenbau Kolz GmbH on April 23.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Sondermaschinenbau Kolz GmbH
         Attn: Arnold Kolz and Juergen Uellenberg, Managers
         Gewerbepark HuMos 29
         54497 Morbach
         Germany


TANNING'S SONNENSTUDIO: Claims Registration Period Ends June 6
--------------------------------------------------------------
Creditors of Tanning's Sonnenstudio GmbH have until June 6 to
register their claims with court-appointed insolvency manager
Bernhard Scheckel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Bernhard Scheckel
         Reichsstrasse 35
         09112 Chemnitz
         Tel: (03 71) 38 24 820
         Telefax: (03 71) 38 24 821
         E-mail: b.scheckel@ra-scheckel.de

The District Court of Chemnitz opened bankruptcy proceedings
against Tanning's Sonnenstudio GmbH on April 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Tanning's Sonnenstudio GmbH
         Attn: Bert Meinel, Manager
         Dr.-Friedrichs-Ring 18
         08056 Zwickau
         Germany


TISCHLEREI DRIBOSCH: Claims Registration Period Ends June 12
------------------------------------------------------------
Creditors of Tischlerei Dribosch GmbH have until June 12 to
register their claims with court-appointed insolvency manager
Gregor Schoene.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Tostedt
         Meeting Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         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:

         Gregor Schoene
         Albert-Einstein-Ring 15
         D 22761 Hamburg
         Germany
         Tel.: 040 / 89 71 86-0
         Fax: 040 / 89 71 86-11

The District Court of Tostedt opened bankruptcy proceedings
against Tischlerei Dribosch GmbH on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Tischlerei Dribosch GmbH
         Attn: Thomas Borchers, Manager
         Inne Beek 1
         21614 Buxtehude
         Germany


TOPRAK-TRANSPORT-LOGISTICS GMBH: Claims Registration Ends May 9
---------------------------------------------------------------
Creditors of Toprak-Transport-Logistics GmbH have until May 9 to
register their claims with court-appointed insolvency manager
Herbert Feigl.

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

The meeting of creditors will be held at:

         The District Court of Karlsruhe
         Hall IV
         First Floor
         Schlossplatz 23
         76131 Karlsruhe
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Herbert Feigl
         Handelweg 1
         68794 Oberhausen-Rheinhausen
         Germany

The District Court of Karlsruhe opened bankruptcy proceedings
against Toprak-Transport-Logistics GmbH on April 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Toprak-Transport-Logistics GmbH
         Attn: Utku Toprak, Manager
         Kanal 13
         76689 Karlsdorf-Neuthard
         Germany


TRW AUTOMOTIVE: S&P Puts BB+ Long-Term Corporate Credit Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to TRW Automotive Inc.'s proposed
US$2.5 billion senior secured credit facilities.  

The credit facilities were rated 'BBB-' with a recovery rating
of '1', indicating a high expectation for full recovery of
principal in the event of a payment default.
     
At the same time, Standard & Poor's affirmed its ratings on the
auto supplier, including its 'BB+' long- and 'A-3' short-term
corporate credit ratings.  The outlook is stable.  

TRW had US$3.2 billion in total balance sheet debt outstanding,
pro forma for the proposed credit facility refinancing and
recent unsecured debt refinancing, at Dec. 31, 2006.
     
To lower its interest cost and extend maturities, TRW proposes
to refinance its existing US$2.5 billion credit facilities with
new facilities of the same total committed capacity.  When the
transaction is completed, Standard & Poor's will withdraw the
rating on TRW's existing facilities.  The new facilities will be
comprised of a US$500 million multi-currency (US$, Sterling,
Euro) revolving facility due in 2012, US$900 million U.S.
revolving facility due 2012, US$600 million term loan A due
2013, and US$500 million term loan B due 2013.


WALTER HAAKE: Claims Registration Period Ends June 12
-----------------------------------------------------
Creditors of Walter Haake & Sohn Dachdecker GmbH have until
June 12 to register their claims with court-appointed insolvency
manager Dr. Ulrich Wenzel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Ulrich Wenzel
         Grossbeerenstr. 231
         14480 Potsdam
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against Walter Haake & Sohn Dachdecker GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Walter Haake & Sohn Dachdecker GmbH
         Hermann-Duncker-Str. 16
         16321 Bernau
         Germany


WEIDENTHALER HAUSTECHNIK: Creditors' Meeting Slated for June 1
---------------------------------------------------------------
Creditors of Weidenthaler Haustechnik GmbH have until June 1 to
register their claims with court-appointed insolvency manager
Silke Hasenoehrl.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Passau
         Meeting Room Zi. Nr. 12a
         Schustergasse 4
         Passau
         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:

         Silke Hasenoehrl
         Bahnhofstr. 28
         94032 Passau
         Germany
         Tel: 0851-9885960
         Fax: 0851-98859610

The District Court of Passau opened bankruptcy proceedings
against Weidenthaler Haustechnik GmbH on April 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Weidenthaler Haustechnik GmbH
         Schmiedgasse 11-13
         94032 Passau
         Germany


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


HERTZ GLOBAL: Revenue Increases by 7.9% in Year Ended Dec. 31
-------------------------------------------------------------
Hertz Global Holdings Inc. reported total revenues of
US$8 billion for the year ended Dec. 31, 2006, increased by 7.9%
from US$7.4 billion for the year ended Dec. 31, 2005.  

Revenues from the company's car rental operations of US$6.2
billion for the year ended Dec. 31, 2006, increased by US$323.7
million, or 5.4%, from US$5.9 billion for the year ended
Dec. 31, 2005.   

The company had net income of US$115.9 million for the year
ended Dec. 31, 2006, representing a decrease of US$234.1
million, or 66.9%, from US$350 million for the year ended
Dec. 31, 2005.  The decrease in net income was primarily due to
the 80.1% increase in interest expense over the year ended
Dec. 31, 2005.  

Total expenses of US$7.8 billion for the year ended
Dec. 31, 2006, increased by 13.4% from US$6.9 billion for the
year ended Dec. 31, 2005, and total expenses as a percentage of
revenues increased to 97.5% for the year ended Dec. 31, 2006, as
compared with 92.7% for the year ended Dec. 31, 2005.

As of Dec. 31, 2006, Hertz had an aggregate principal amount
outstanding of US$2 billion pursuant to its senior term loan
facility and no borrowings outstanding under its senior asset-
based loan facility.  The company posted total assets of US$18.6
billion and total liabilities of US$16.1 billion, resulting in a
total stockholders' equity of US$2.5 billion as of Dec. 31,
2006.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1e14

                      Fourth Quarter Results

The company reported record 2006 fourth quarter worldwide
revenues of US$2 billion, an increase of 8% over the same period
in 2005.  Net income for the fourth quarter of 2006 was
US$39.8 million, as compared with a loss of US$27.6 million for
the fourth quarter of 2005.  

The company generated strong cash flows during the year with net
corporate debt decreasing from US$4.8 billion at Dec. 31, 2005,
to US$4.5 billion at Dec. 31, 2006.  Levered after-tax cash
flows after fleet growth were US$284.2 million for the year, an
improvement of US$733.9 million over 2005.  

Mark P. Frissora, the company's chairman and chief executive
officer, said "Hertz achieved record fourth quarter operating
results for several reasons including strong cost management, as
we reduced operating expenses by over two full percentage points
of revenues compared with the fourth quarter of 2005, even while
increasing our investment in advertising by US$6.6 million
versus the prior year quarter.  Most of the reduction in
operating expenses occurred in our U.S. car rental and equipment
rental operations.  We also achieved solid revenue growth in
both the car and equipment rental businesses, due to pricing
improvements and increasingly diversified revenue sources.  
Hertz's strong brand, global platform and diversified business
mix are competitive advantages that helped us generate record
results this quarter, and we expect that they will be the basis
for future revenue and profit growth."

                         Outlook for 2007

For the full year 2007, the company forecasts revenues of
US$8.5 billion to US$8.6 billion, an increase of 5% to 7% for
both car rental and equipment rental.  The company expects
improved revenues, profitability and margin growth in 2007,
driven by previously announced restructuring plans and expense
management initiatives to be continued throughout the year and
incremental organic growth from a number of diverse sources.

                   Results of Hertz Corporation

The company's operating subsidiary, The Hertz Corporation,
posted interest expense attributable to the company of US$16.2
million and US$40 million, for the fourth quarter and full year
2006, respectively.  Hertz Corp. posted the same revenues as the
company's.

                    Cost Reduction Initiatives

On Jan. 5, 2007, the company disclosed an initiative to further
improve competitiveness and industry leadership through job
reductions affecting about 200 employees primarily at its
corporate headquarters and its service center in Oklahoma City.  
These reductions are expected to result in annualized savings of
up to US$15.8 million. The company expects to incur an estimated
US$3.3 million to US$3.8 million restructuring charge in the
first quarter of 2007.

On Feb. 28, 2007, the company disclosed the second initiative
through targeted job reductions affecting about 1,350 employees
primarily in its U.S. car rental operations, with much smaller
reductions occurring in U.S. equipment rental operations, the
corporate headquarters, and the service center in Oklahoma City,
as well as in Canada, Puerto Rico, Brazil, Australia and New
Zealand.  These reductions are expected to result in annualized
savings of up to US$125 million.  The company expects to incur
an estimated US$9 million to US$11 million restructuring charge
in the first quarter of 2007.

Further cost reduction initiatives are in process.

                        About Hertz Global

Hertz Global Holdings Inc. in Park Ridge, New Jersey, (NYSE:
HTZ) -- https://www.hertz.com/ -- through its subsidiaries,
rents and leases cars and trucks primarily in the U.S. and
Europe.  It operates in two segments, Car Rental and Equipment
Rental.  The Car Rental segment engages in the ownership and
lease of cars.  The Equipment Rental segment rents earthmoving
equipment, material handling equipment, aerial and electrical
equipment, air compressors, generators, pumps, small tools,
compaction equipment, and construction-related trucks in North
America and Europe.  The company's products and services include
Hertz #1 Club Gold; NeverLost customized, onboard navigation
systems; SIRIUS Satellite Radio; and unique cars and SUVs
offered through Hertz's Prestige, Fun and Green collections.  
Hertz also operates an equipment rental companies with corporate
locations in France and Spain.  It is the corporate parent of
Hertz Corporation.  

                           *     *     *

As reported in the TCR-Europe on Nov. 24, 2006, Moody's
Investors Service changed the rating outlook of The Hertz Corp.
to stable from negative following the completion of a USUS$1.3
billion IPO by Hertz Global Holdings, Inc., the acquisition
vehicle through which equity sponsors Clayton, Dubilier & Rice,
Inc., The Carlyle Group and Merrill Lynch Global Private Equity
acquired Hertz in December 2005.

In a TCR-Europe report on Nov. 23, 2006, Standard & Poor's
Ratings Services affirmed its ratings on two synthetic
securities related to Hertz Corp. and its related entities and
removed them from CreditWatch, where they were placed with
negative implications on June 30.

The rating actions reflect the affirmation of the long-term
corporate credit and senior unsecured debt ratings on
Hertz Corp. (BB-/Negative/NR) and its related entities and their
removal from CreditWatch negative on Nov. 16, 2006.


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


FIAT SPA: Earns EUR376 Million in First Quarter 2007
----------------------------------------------------
Fiat S.p.A. released its financial results for the first quarter
ended March 31, 2007.

The group reported EUR376 million in net profit on EUR13.7
billion in revenues for the first quarter 2007, compared with
EUR151 million net profit on EUR12.6 billion in revenues for the
same period in 2006.

At March 31, 2007, the group's consolidated balance sheet showed
EUR58.66 billion in total assets, EUR48.32 billion in total
liabilities and EUR10.34 billion in stockholders equity.  

The group's net debt at March 31, 2007, is EUR11.62 billion.

                         2007 Outlook

The sound results of the first quarter provide a solid
foundation for the Fiat's commitment to growth and margin
expansion over the 2007-10 period.

The group will continue to deliver sequential improvements year-
over-year, and confirms all of its 2007-10 targets announced in
November 2006.

For 2007, the Group's targets are:

   -- group trading profit between EUR2.5 and EUR2.7 billion;
   -- net income between EUR1.6 and EUR1.8 billion; and
   -- earning per share between EUR1.25 and EUR1.40.

The Group is confirming 2007 guidance at the upper end of the
indicated range.

In addition, on the basis of strong industrial cash flow
generation in the first quarter, the Group now expects year-end
net industrial debt below EUR1 billion (excluding the impact of
share buy-backs), less than half the previously announced target
of EUR2 billion.

While working on the achievement of these objectives, the Fiat
Group will continue to implement its strategy of targeted
alliances, in order to optimize capital commitments and reduce
risks.

A full-text copy of Fiat S.p.A.'s financial results is available
at no charge at http://ResearchArchives.com/t/s?1e44

                        About Fiat S.p.A.

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

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

                          *     *     *

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

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

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


FIAT SPA: Repurchases 700,000 Ordinary Shares
---------------------------------------------
Within the frame of the buy back program announced on April 5,
Fiat S.p.A. purchased 700,000 Fiat ordinary shares at the
average price of EUR21.74 including fees on April 27.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat, amounts to 4,526,000 for a
total invested amount of EUR95 million.

                        About Fiat S.p.A.

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

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

                          *     *     *

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

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

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


PARMALAT SPA: Banca delle Marche Settles Suit for EUR22 Million
---------------------------------------------------------------
Parmalat S.p.A and Banca delle Marche S.p.A. disclosed that the
case involving revocatory action filed by Parmalat against Banca
delle Marche has been settled.

Banca delle Marche has committed to pay to Parmalat EUR22
million in settlement of the revocatory action and has
undertaken to forego the right to file claims with the Parmalat
bankruptcy court for a value equivalent to that returned in
settlement of the revocatory action.

Following the settlement, Parmalat and Banca delle Marche have
undertaken to withdraw all the pending actions concerning the
above revocatory action.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


PARMALAT SPA: Declares EUR0.025 Dividend Per Common Share
---------------------------------------------------------
Shareholders of Parmalat S.p.A. approved the 2006 financial
statements, which show a net profit of EUR125.6 million and a
consolidated net profit of EUR192.5 million and resolved to
declare a dividend of 0.025 euros per common share payable to
each of the eligible shares.

The dividend will payable as of June 21 through intermediaries
that belong to the Monte Titoli S.p.A. centralized clearing
system.

Acting pursuant to a duly justified motion submitted by the
Board of Statutory Auditors, the Shareholders' Meeting, availing
itself of its statutory powers, agreed to extend the audit
assignment originally awarded to PriceWaterhouseCoopers until
the date of the Shareholders' Meeting convened to approve the
2007 annual financial statements.  The audit assignment will run
until the date of the Shareholders' Meeting convened to approve
the 2013 annual financial statements.

As required by Article 5 of the Bylaws, the Extraordinary
Shareholders' Meeting voted to increase the share capital
earmarked for warrant conversions from EUR80 million to
EUR95 million.

As a result, the Company's approved share capital increased to
EUR2.025 million, including EUR95 million reserved for the
exercise of warrants.

As of the date of this press release, the subscribed and paid-in
share capital amounted to EUR1,649,171,671.

The Extraordinary Shareholders' Meeting approved the
professional qualifications required of the Officer responsible
for the preparation of corporate accounting documents and
required amendments to Article 20 bis of the Bylaws.

Parmalat also communicates that, as required by article 2, para
V of the regulation governing "Warrants Ordinary Shares Parmalat
S.p.A. 2005-2015" the exercise of the warrants shall be
suspended until June 15, 2007, and shall restart from June 18.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that  
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


AIKO LLP: Creditors Must File Claims by June 2
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Company Aiko Ltd insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakshtan
         Tel: 8 (3272) 75-67-84


ASIA-COM LLP: Creditors' Claims Due June 2
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Asia-Com insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         50a-32 Buhar-Jyrau
         Almaty
         Kazakshtan
         Tel: 8 701 785 28-00


AUTOSNABDETAIL LTD: Proof of Claim Deadline Slated for June 2
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Autosnabdetail Ltd. insolvent.

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

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


DELTA PROM LLP: Claims Registration Ends June 2
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Delta Prom insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Radostovtsa Str. 47-11
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


ENERGOPROMSERVICE & K: Claims Filing Period Ends June 2
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Energopromservice & K insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Timiryazev Str. 61-2
         Almaty
         Kazakshtan
         Tel: 8 (3272) 75-67-84


GUARANTEE LTD: Creditors Must File Claims by June 2
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Firm Guarantee Ltd insolvent.

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

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


GUINNES LLP: Creditors' Claims Due June 2
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Guinnes insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         50a-32 Buhar-Jyrau
         Almaty
         Kazakshtan
         Tel: 8 701 785 28-00


INTERGAS CENTRAL: Fitch Rates US$250 Million Loan at BB+
--------------------------------------------------------
Fitch Ratings assigned Intergas Central Asia's US$250 million
eurobond maturing in 2011 a senior unsecured rating of 'BB+' and
its upcoming eurobond issue an expected senior unsecured rating
of 'BB+'.  

A final rating on the new issue will be assigned once the size,
currency and tenor of the bond are decided.  ICA plans to
utilize the proceeds to refinance the existing US$400 million
bridge facility and for other corporate purposes.

In addition Fitch has assigned ICA foreign and local currency
Issuer Default ratings of 'BB+' and a Short-term foreign
currency rating of 'B'.  

The Stable Outlook incorporates the continued strategic
importance of ICA to the country's gas network transportation
and distribution.  As such, Fitch would expect the companies to
enjoy continued support from the state in terms of regulation
and tariffs.  ICA also plays a key role in the transportation of
gas from Turkmenistan to Russia as Gazprom increases its
reliance on natural gas imports from Central Asia to meet both
domestic and specifically export demand.

The 'BB+' IDR for ICA reflects the company's strategic position
in the Kazakh gas transit business and support from its ultimate
owner National Company KazMunayGas.  It also takes into account
an expected increase in financial leverage due to ICA's sizeable
investment projects.  The rating is based on ICA being the main
operating entity and profit center for the group, accounting for
around 75% of total assets.  As such, creditors benefit from
better direct access to cash flow and tangible assets in the
event of liquidation.

ICA is a fully owned subsidiary of KTG and the monopoly operator
of gas transportation pipelines in Kazakhstan.  ICA manages the
network of gas pipelines in Kazakhstan on the basis of a 20-year
concession agreement with the government valid until 2017.  
ICA's total gas transportation volume plan for 2007 is
124.8 bcm.


KAZTRANSGAS: Fitch Puts BB IDR with Stable Outlook
--------------------------------------------------
Fitch Ratings assigned holding company KazTransGas foreign and
local currency IDRs of 'BB' and a Short-term foreign currency
rating of 'B'.  The Outlooks on the IDRs are Stable.

The Stable Outlook incorporates the continued strategic
importance of KTG to the country's gas network transportation
and distribution.  As such, Fitch would expect the companies to
enjoy continued support from the state in terms of regulation
and tariffs.

KTG is a holding company that, in addition to ICA, has interests
in gas distribution as well as power and heat.  ICA creditors
benefit from the large amount of group assets held in this
entity, whilst KTG creditors do not benefit from direct access
to ICA assets.  Additionally, ICA's profit margins and credit
metrics are stronger than KTG's. It is for these reasons that
KTG's IDR is one notch lower than ICA's.

KTG manages the business of transportation of natural gas
through the main gas pipelines, performs gas trading on domestic
and external markets, and carries out development, financing,
construction and gas storage.  In addition, KTG is also
responsible for natural gas production and distribution to the
local market as well as the sale of heat and electricity via its
Almaty Power subsidiary.


PROMSNAB XXI: Proof of Claim Deadline Slated for June 2
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Promsnab XXI 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 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


SUNA SHIN: Claims Registration Ends June 2
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Suna Shin Corporation insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Radostovtsa Str. 47-11
         Almaty
         Kazakhstan
         Tel: 8 701 558 34-19


TEMIR BANK: Fitch Gives BB- Ratings to Upcoming US$1.2 Bln Loan
----------------------------------------------------------------
Fitch Ratings assigned Temir Bank's and Temir Capital B.V.'s new
US$1.2 billion global medium-term note program expected ratings
of Long-term 'BB-' and Short-term 'B'.  It has also assigned an
expected Long-term 'BB-' rating to the upcoming TCB's US$ issue,
which is the first draw-down under the program.  

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

Temir is rated Issuer Default 'BB-'/Stable, Short-term 'B',
Individual 'D/E' and Support '3'.  Temir's IDR and Support
rating are based on a moderate probability of support
forthcoming from its parent, Bank TuranAlem, one of the two
largest banks in Kazakhstan.  BTA acquired a 51% stake in Temir
in December 2006.

Public issuance under the program will be rated separately.  
Apart from providing for the issuance of senior unsecured notes,
the program provides for the issuance of subordinated notes, the
ratings of which would probably be lower than those of senior
unsecured notes.

Proceeds from the issuance of senior unsecured notes by TCB will
be deposited with Temir.  Temir will unconditionally and
irrevocably guarantee the timely and full repayment of such
notes in the trust deed between Temir, TCB and the trustee, BNY
Corporate Trustee Services Ltd.  TCB is a Netherlands-domiciled
subsidiary of Temir, which will be transferred to BTA.  Proceeds
from subordinated notes issued by TCB will be on-lent to Temir
under subordinated loan agreements.

Senior notes issued by Temir under the program and Temir's
guarantees of senior notes issued by TCB will rank at least
equally with all present or future unsecured senior obligations
of the bank, save those preferred by relevant provisions of law
and of general application.  Under Kazakhstani law, the claims
of retail depositors rank above those of other senior unsecured
creditors.  At end-2006, retail deposits accounted for 10% of
Temir's total liabilities, according to the bank's audited
International Financial Reporting Standards accounts.

Covenants limit Temir's dividend payments to 50% of net income
in any particular year and also specify that all transactions of
more than US$2 million must be concluded on market terms.  Temir
also commits to maintaining a total BIS capital adequacy ratio
of 10%, and a cross default clause becomes applicable in case of
overdue debt in excess of US$10 million.  Covenants also include
restrictions on mergers and consolidations by Temir.

The terms and conditions of the notes contain a negative pledge
clause, which allows for a degree of securitization by Temir.  
In the event of such securitization, Fitch notes that the nature
and extent of any over-collateralization would be assessed by
the agency for any potential impact on unsecured creditors.
Temir is one of the 10 largest banks in Kazakhstan, but held a
modest 2% of the system's assets at end-2006.  In 2005, the
bank's newly appointed senior management refocused its strategy
towards aggressive growth in retail lending, in particular
mortgages, home equity and car loans.


===================
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
=================


BANKAS SNORAS: S&P Puts BB- Ratings on Senior Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
'BB-' rating to Lithuania-based Bankas Snoras' proposed euro-
denominated senior unsecured notes.  The notes will be issued by
Snoras in May 2007.  The maturity and size of the issue are to
be determined at placement.

The rating on the notes is based on the long-term counterparty
credit rating on Snoras.  The rating will be effective provided
that the terms and conditions of the notes specified on the
preliminary Offering Circular remain unchanged, and that there
is no change in the rating on Snoras.

The ratings on Bank Snoras are constrained by Snoras' low
capitalization, relatively high loan concentrations, and the
challenge of operating in the highly competitive and above-
average risk environment in the Republic of
Lithuania.  The ratings are supported by the bank's good
franchise on the domestic retail market, adequate profitability,
and good balance sheet liquidity.

With total assets of US$2.5 billion at Dec. 31, 2006, Snoras is
the fourth-largest bank in Lithuania.  Owing to its largest
network coverage in the country, Snoras has a good retail
franchise, with market shares of 3.5% and 10.1%, in terms of
retail loans and deposits, respectively.  Snoras also owns
75% of A/S Latvijas Krajbanka, the ninth largest bank in Latvia,
which provides some geographic diversification, but higher risk
exposure, to the overheating economy in the Republic of Latvia.


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


GATE GOURMET: Moody's Affirms B2 Corporate Family Rating
--------------------------------------------------------
Moody's affirmed the B2 corporate family rating and the stable
outlook of Gate Gourmet Borrower LLC.

Concurrently, the rating agency assigned a (P)Ba2 rating to the
company's new Revolving Credit Facility and a (P)B2 rating to
the new Senior Secured Term Facility and the Delayed Draw Term
Facility with which the company intends to refinance the
existing secured term facilities.

Ratings affected are:

   -- Corporate Family Rating at Gate Gourmet Borrower LLC
      affirmed at B2;

   -- (P)Ba2 rating assigned to the CHF125 million Revolving
      Credit Facility issued at Gate Gourmet Borrower LLC;

   -- (P)B2 rating assigned to the CHF425 million Senior Secured
      Term Facility issued at Gate Gourmet Borrower LLC; and

   -- (P)B2 rating assigned to the CHF300 million Delayed Draw
      Term Facility issued at Gate Gourmet Borrower LLC.

The ratings on the existing secured facilities will be withdrawn
upon completion of the transaction.

The outlook for all ratings is stable.

The affirmation of the B2 corporate family rating reflects the
company's financial metrics in 2006, with leverage at 3.2x,
interest coverage at 2.3x and the EBITDA margin of 10.0% versus
4.4% in 2005.  While these 2006 credit metrics are strong for
the rating category, Moody's notes that the new financing is
intended to enable Gate Gourmet to grow through acquisitions,
which represents a new strategy for the company and could
potentially lead to a more aggressive financial policy.  Moody's
will monitor the company's ability to achieve synergies and to
maintain margins close to current levels.  Moody's will further
monitor the company for any potential change in ownership or
financial strategy going forward.

At closing, the company's debt structure is expected to consist
of the CHF425 million Term Loan Facility with bullet repayment
in 2013, and around CHF77 million of mostly unsecured debt.  The
Revolver (due 2012) and the Delayed Draw Term Loan (due 2013)
are expected to remain undrawn at closing.  The (P)Ba2 rating
assigned to the revolver, three notches above the corporate
family rating, reflects the fact that although it will benefit
from the same security package as the other term loans, it will
nonetheless benefit from a priority of repayment in a
liquidation scenario.

Given the company's strong credit metrics for the current
rating, an upward revision of the corporate family rating or
outlook could occur if the EBITDA margin were to be sustained
close to current levels with the successful implementation of
further cost control initiatives, with leverage remaining below
3.5x.  If credit metrics were to be negatively impacted by a
significant deterioration in market conditions, further
unfavorable contract renewals or as a result of acquisitions,
leading to leverage rising above 5x with a marked decline in
EBITDA margins, this could be negative for the rating or
outlook.

Ratings on the new facilities reflect both the overall
probability of default of the company, to which Moody's assigns
a probability of default rating (PDR) of B2, and the individual
loss-given-default assessment of LGD1 (3%) for the revolving
credit facility and LGD4 (56%) for the term loan facilities.
Moody's understands that the facilities will be guaranteed by
the assets of U.S. subsidiaries and by a security over an inter-
company loan provided to non-U.S. subsidiaries.

The assigned ratings assume there will be no material variations
to the draft legal documentation reviewed by Moody's and assume
that these agreements are legally valid, binding and
enforceable.

Gate Gourmet Borrower LLC, a fully owned subsidiary of Gate
Gourmet Holding SCA, based in Luxembourg, is the world's second
largest airline catering company, with reported revenues and
EBITDA (pre exceptionals) of CHF2.4 billion and CHF240.4 million
in 2006, respectively.  In December 2002 the company was
acquired by Texas Pacific Group, which ceased to be a
shareholder in March 2007.


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


AMSTEL SHER: Moody's Rates EUR90 Million Class E Notes at (P)Ba2
----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to five classes of notes issued by Amstel Securitization of
Highgrade Exposures 2007-1 B.V.:

   -- EUR445 million Class A Credit-Linked
      Floating Rate Notes due 2017: (P)Aaa;

   -- EUR75 million Class B Credit-Linked Floating
      Rate Notes due 2017: (P)Aa2;

   -- EUR115 million Class C Credit-Linked Floating
      Rate Notes due 2017: (P)A2;

   -- EUR75 million Class D Credit-Linked
      Floating Rate Notes due 2017: (P)Baa2; and

   -- EUR90 million Class E Credit-Linked Floating
      Rate Notes due 2017: (P)Ba2.

Amstel SHER 2007-1 will also issue EUR200 million Class F
Credit-Linked Floating Rate Notes due 2017.  These are not
rated.

The ratings on the notes address the expected loss posed to
investors versus amounts due by the final maturity date in April
2017.

The provisional ratings of the notes are based upon:

   -- The credit quality and diversification of the initial
      reference portfolio and the conditions to replenishment;

   -- The definition of credit events; and

   -- The subordination position of each class of notes and
      their performance in relation to various default scenarios
      and related stress-test analyses.

The issuer is providing protection to ABN Amro Bank N.V. (Aa2,
Prime-1), via credit default swaps, on a EUR10 billion
portfolio.  Amstel SHER 2007-1 is hedging the first 10% of
losses on the portfolio.  The remaining 90% on top of that will
be hedged with an unfunded super senior credit default swap.
This portfolio is composed of credit facilities to corporate
entities, approximately 55% of which are European.  ABN Amro has
the possibility to add and/or remove reference loans from the
portfolio, so long as the portfolio maintains certain credit
characteristics.

The proceeds of the notes are to be deposited with ABN Amro
under cash deposits which will collateralize the vehicles'
obligations firstly under the credit default swaps, and secondly
towards the note holders.  A downgrade trigger mitigates the
credit risk of ABN Amro as deposit taker.

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


HEAD NV: Moody's May Downgrade Low-B Ratings After Review
---------------------------------------------------------
Moody's Investors Service has placed Head N.V.'s corporate
family rating of B2 and the senior unsecured B3/LGD4 (61%)
rating on the notes issued by HTM Sport- und Freizeitgerate AG
under review for possible downgrade.

The rating action reflects Moody's concerns on the possible
negative impact of the weak winter season on the company's
profitability for the current financial year.

The review was prompted by the company's announcement of its
intention to pay a special dividend of EUR7.5 million in the
form of capital repayment at time when operating performances
are expected to come under pressure following a poor winter
seasons.  The company does not have full visibility on the
expected order flow for the current financial year, nonetheless
Moody's would expect operating performances to be negatively
impacted during the remainder of 2007 with metrics likely to be
below those required for the current B2 Corporate Family rating.

Moody's acknowledges that key credit metrics of Head have showed
an improving trend over the last few years, with financial
leverage (adjusted for operating leases and pension liabilities)
reducing to 4.6x as at financial year ended Dec. 31, 2006 and
cash flow coverage measures improving to 17.4% on a RCF to Net
Debt basis.  In Moody's opinion, however, current downturn in
the winter division could exert significant pressure on the
company's profitability leading to weaker credit metrics that
are expected to remain at a lower level than previously
anticipated over the intermediate term.  In this context Moody's
also notes that the company has to maintain stronger metrics
than the rating category would imply in order to counterweight
for relatively high business seasonality due to the nature of
its business.

Moody's review will focus on:

   (i) the company's ability to absorb the expected lower
       operating performances following poor snow conditions
       across Europe, and the time required for profitability to
       comeback to current levels;

  (ii) the order flow in the Winter division and the long term
       effect in the winter sport given the sustained pressure
       on the market;

(iii) the outlook for debt protection measures over the
       intermediate term in consideration of Head's weakened
       business model;

  (iv) the company's liquidity profile in the context of Head's
       financial policy, the recently announced payment to
       shareholders and the likely impact of the recent weak
       winter season; and

   (v) The operating performance of Head's other core businesses
       and the progress made by the company in reducing costs.

Ratings placed under review for possible downgrade are as
follow:

   -- Head N.V.'s Corporate Family Rating of B2

   -- Senior unsecured rating of B3/LGD4 (61%) on the
      EUR135 million notes due 2014 issued by HTM Sport- und
      Freizeitgerate AG

Incorporated under Dutch Law, Head N.V. is a leading global
manufacturer of branded sporting goods focusing on winter,
diving and racquet sports.  For the financial year ended
Dec. 31, 2006, the company reported consolidated revenues and
EBITDA of EUR366.8 million and EUR34.1 million, respectively.


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


B.I.N.BANK: Secures US$52 Million Extended Loan From Bank Group
---------------------------------------------------------------
B.I.N.BANK has extended and increased its Trade-Related
Syndicated Loan Facility to US$52 million.  

The amount of new syndicated loan was increased from US$40
million, while the pricing was reduced to LIBOR+2.8% from
LIBOR+3.2%.

The 364-day term renewed facility was arranged by LandesBank
Berlin AG, Raiffeisen Zentralbank Oesterreich AG and OJSC VTB
and was underwritten by 18 banks-lenders from different
countries.

B.I.N.BANK says it will apply amounts borrowed under the
facility towards the trade related financing of B.I.N.BANK's
clients.

Headquartered in Moscow, Russia, B.I.N.BANK, is majority owned
by its president.  BIN was ranked the 29th-largest bank in
Russia by total assets at end-9M06.  Its core focus is on
lending to medium-sized corporates, although the bank is
gradually diversifying through increased retail business and
regional expansion.  At end-2006, BIN had a network of 64
outlets.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6,
Fitch Ratings affirmed Russia-based B.I.N. Bank's ratings at
Issuer Default 'B-', Short-term 'B', Support '5', Individual 'D'
and National Long-term 'B'.  Fitch said the Outlooks on the
Issuer Default and National Long-term ratings remain Stable.


BIVERST CJSC: Creditors Must File Claims by June 7
--------------------------------------------------
Creditors of CJSC Biverst (TIN 7743501190) have until June 7 to
submit proofs of claim to:

         K. Bodrov
         Insolvency Manager
         Konnaya Str. 2
         180007 Pskov
         Russia
         Tel: 8(921) 210-16-57

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-39709/06-78-816 B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Biverst
         Leningradskoye Shosse 46/1
         180007 Moscow
         Russia


CENTERTELECOM OAO: Taps Ernst and Young LLC to Audit Financials
---------------------------------------------------------------
OAO CenterTelecom selected Ernst and Young LLC as its auditor to
perform the mandatory financial audit of accounts and financial
records for 2007 in accordance with Russian and International
Accounting Standards.

The contract will be signed once the selection has been
confirmed by the annual general meeting of CenterTelecom
shareholders, which is to take place on June 18.

                       About CenterTelecom

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

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

                          *     *     *

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


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

         S. Abyshev
         Insolvency Manager
         Office 455
         Melnikayte Str. 106
         Tyumen
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A 81-100/2007.

The Court is located at:

         The Arbitration Court of Yamalo-Nenetskiy
         Chubynina Str. 37A
         Salekhard
         Yamalo-Nenetskiy Autonomous  
         Russia

The Debtor can be reached at:

         CJSC Driada
         Zvereva Str. 47-166
         Nadym
         Russia


DUVAN-MIXED FODDER: Creditors Must File Claims by May 31
--------------------------------------------------------
Creditors of OJSC Duvan-Mixed Fodder have until May 31 to submit
proofs of claim to:

         V. Sokolov
         Insolvency Manager
         Post User Box 104
         Ufa
         450059 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-6204/06-G-KhRM.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Duvan-Mixed Fodder
         Tastuba
         Duvanskiy
         452530 Bashkortostan
         Russia


EUROCHEM MINERAL: Earns US$256.9 Million for Financial Year 2006
----------------------------------------------------------------
OJSC EuroChem Mineral and Chemical Co. posted US$256.87 million
in consolidated net profit on US$1.96 billion in consolidated
net revenues for the year ended Dec. 31, 2006, compared with
US$330.2 million in consolidated net profit on US$1.89 billion
in consolidated net revenues for the year ended Dec. 31, 2005.

ZAO PricewaterhouseCoopers prepared the results according to
International Financial Reporting Standards.

As of Dec. 31, 2006, EuroChem had US$1.85 billion in total
assets, US$786.12 million in total liabilities and
US$1.06 billion in total shareholders' equity.

                         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.


GAS-STROY-MONTAGE: Creditors Must File Claims by June 7
-------------------------------------------------------
Creditors of CJSC Gas-Stroy-Montage (TIN 3435050034) 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. A12-478/07-s55.

The Debtor can be reached at:

         CJSC Gas-Stroy-Montage
         Promyshlennaya Str. 6a
         Srednyaya Akhtuba
         Sredneakhtubinskiy
         Volgograd
         Russia


LAVANDA LLC: Creditors Must File Claims by May 7
------------------------------------------------
Creditors of LLC Agricultural Company Lavanda have until May 7
to submit proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-24165/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Company Lavanda
         Bunyatino
         Dmitrovskiy
         Moscow
         Russia


MARYANOVSKIY COMBINE: Creditors Must File Claims by May 31
----------------------------------------------------------
Creditors of OJSC Maryanovskiy Combine of Grain Products (TIN
5520001472) have until May 31 to submit proofs of claim to:

         A. Shipitsyn
         Post User Box 5222
         644043 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-10274/2006.

The Debtor can be reached at:

         OJSC Maryanovskiy Combine of Grain Products
         Yuzhnaya Str. 1
         Maryanovka
         646040 Omsk
         Russia


NEFTEMASH OJSC: Creditors Must File Claims by May 31
----------------------------------------------------
Creditors of OJSC Oktyabrskiy Factory Neftemash (TIN 0265005798)
have until May 31 to submit proofs of claim to:

         E. Malyadskiy
         Insolvency Manager
         Post User Box 104
         Post Office 22
         Ufa
         450022 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-17313/06-G-PAV/SVI.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Oktyabrskiy Factory Neftemash
         Kooperativnaya Str. 67
         Oktyabrskiy
         452620 Bashkortostan
         Russia


OGK-5 JSC: Enel Confirms Interest in Stake Acquisition
------------------------------------------------------
Italy's Enel SpA has confirmed its interest in OGK-4 and OGK-5
and is considering investment in both Russian companies,
Interfax reports, quoting Enel Business Development Unit
Director Andrea Brentan.

The TCR-Europe reported on April 27 that Enel would participate
in the June 6 auction of RAO UES' 25.03% stake in OGK-5 JSC.  
Gazprom and KES Holding are also interested in the OGK-5
auction.  RAO will keep a controlling stake in OGK-5 with its
50% holding.

OGK-5 was the first of the Russian generating companies to make
an IPO, selling 14.4% of shares for US$459 million, Interfax
relates.  Enel did not participate in the OGK-5 IPO because RAO
limited the size of the stake that could be acquired by one
investor and Enel is not interested in minority stakes.

OGK-4 includes the Surgutskaya GRES-2, Berezovskaya,
Shaturskaya, Smolenskaya and Yaivinskaya power stations with
combined capacity of 8,630 megawatts.  The company plans to
issue 23 billion common shares in its IPO, which will make up
46.8% of current and 31.8% of increased charter capital,
Interfax reveals.  The OGK-4 share placement is slated for the
end of July and is expected to be completed in early August.

                        About Enel SpA

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

                         About OGK-5

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

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5.

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


OMSKIY-2 CJSC: Creditors Must File Claims by May 31
---------------------------------------------------
Creditors of CJSC Meat-Processing Factory Omskiy-2 (TIN
5504063979) have until May 31 to submit proofs of claim to:

         A. Borovskikh
         Insolvency Manager
         Office 137
         K.Marksa Pr. 4
         644024 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-2179/2006.

The Debtor can be reached at:

         CJSC Meat-Processing Factory Omskiy-2
         Omsk
         Russia


RYAZANSKIY GLASS: Creditors Must File Claims by June 7
------------------------------------------------------
Creditors of LLC Ryazanskiy Glass Factory have until June 7 to
submit proofs of claim to:

         A. Shelukha
         Insolvency Manager
         Room 215
         Elektrozavodskaya Str. 7
         600009 Vladimir
         Russia

The Arbitration Court of Ryazan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A54-5473/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ryazanskiy Glass Factory
         Yablochkova Pr. 5
         390037 Ryazan
         Russia


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

         N. Slesar
         Insolvency Manager
         Energetikov Str. 14
         Gagino
         607870 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A43-30821/2006 24-565.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sergachanka
         Molodyezhnyj, 1 A
         Sergach
         Nizhniy Novgorod
         Russia


SEVERSTAL OAO: Acquires Neva-Metal Firms for US$100 Million
-----------------------------------------------------------
OAO SeverStal has acquired cargo company Neva-Metal and freight
forwarding company Neva Metal Trans for US$100 million in a move
designed to set up an independent export-logistics operation and
to strengthen its position in export markets for future growth.

Traditionally the port of St Petersburg, in which Neva Metal
company and Neva Metal Trans company operate, is the main port
for OAO SeverStal's export to the U.S.A. and Europe.

Established in 1995 in the port of St Petersburg, Neva-Metal
specialises in the handling, storage and shipment of export
cargoes for Russian manufacturers.

Neva-Metal operates four berths for handling vessels and 11
gantry cranes with a load capacity ranging from 20 to 40 tons.  
It employs over 450 people and has storage facilities covering
70,000 square meters, of which some 11,500 square meters is
enclosed warehousing. Its  network of railway lines and sidings
can accommodate up to 200 railcars simultaneously.

On an annual basis, Neva-Metal can handle 2.5 million tons via
its quay cranes and up to three million tons in its storage
facilities.  The storage facilities can hold up to 250 tons of
production.

The main field of operations of Neva-Metal Trans is freight
forwarding of different types of cargoes at the port of St
Petersburg.  Neva-Metal Trans is an exclusive forwarding agent
of Neva-Metal.

"This investment is very important from logistics point of view
for the company's business units in Russia," Alexey Mordashov,
SeverStal CEO, said.  "Additionally, we believe that this
investment will add value and increase our export potential."

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel   
producer, with steel production of 17.1 million tons in 2005.  
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

In a TCR-Europe report on April 24, Fitch Ratings revised the
Outlooks on OAO Severstal's Issuer Default and National Long-
term ratings to Positive from Stable.  In addition, Fitch has
affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As reported in the TCR-Europe on April 16, Moody's Investors
Service's confirmed its Ba3 Corporate Family Rating for
Severstal OAO.  Moody's also assigned a Ba3 Probability-of-
Default rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2009                B1       B1       LGD5     75%

   Sr. Unsec. Regular
   Bond/Debenture
   Due 2014                B1       B1       LGD5     75%


As of Feb. 1, Severstal also carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's.  Outlook is stable.


USOLYE-OIL-SERVICE: Creditors Must File Claims by June 7
--------------------------------------------------------
Creditors of CJSC Usolye-Oil-Service have until June 7 to submit
proofs of claim to:

         V. Mamonov
         Insolvency Manager
         Post User Box 150
         664011 Irkutsk-11
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-16515/06-49.

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk  
         Russia

The Debtor can be reached at:

         CJSC Usolye-Oil-Service
         Komsomolskiy Pr. 134
         Usolye-Sibirskoye
         Irkutsk
         Russia


WHEAT POKROVSKAYA: Creditors Must File Claims by June 7
-------------------------------------------------------
Creditors of OJSC Wheat Pokrovskaya have until June 7 to submit
proofs of claim to:

         V. Sinegubkin
         Insolvency Manager
         Office 29
         Gorkogo Str. 45
         302028 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-3235/06-16b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Wheat Pokrovskaya
         Dubrovinskaya Str. 82
         Pokrovskoye
         Orel
         Russia  


YUKOS OIL: OAO Lukoil Drops Possible Bid for Southern Assets
------------------------------------------------------------
OAO Lukoil will not participate in the remaining auctions for
the assets of bankrupt OAO Yukos Oil Co., Interfax News reports
citing Vice President Leonid Fedun.

"We understand that the main assets have already been
practically distributed and therefore we do not consider it
necessary to take part in the auctions," Mr. Fedun told Interfax
News.

In a TCR-Europe report on April 5, Lukoil president Vagit
Alekperov told RIA Novosti that the firm considers participating
in the auction to acquire Yukos' southern Russian assets.

The assets are bundled under one lot for a starting price of at
least RUR3.7 billion.  Eduard Rebgun, Yukos' bankruptcy
receiver, will auction the lot early May.  

                          About Lukoil

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

                         About Yukos Oil

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

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

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

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

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

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


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


ALTENA SOFTWARE: Creditors' Liquidation Claims Due May 18
---------------------------------------------------------
Creditors of LLC Altena Software Training have until May 18 to
submit their claims to:

         Hanspeter Finkbeiner
         Liquidator
         Alte Buhnenbergstrasse 42
         4665 Oftringen
         Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Altena Software Training
         Oftringen
         Zofingen AG
         Switzerland


GALANT JSC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Galant on March 13.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Galant
         Industriestrasse 7
         6301 Zug
         Switzerland


GATE GOURMET: S&P Rates Proposed CHF125 Million Loan at B+
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' senior
secured debt rating and a recovery rating of '1' to the proposed
Swiss franc CHF125 million revolving credit facility to be
issued by Gate Gourmet Borrower LLC, indicating the expectation
of full recovery of principal in the event of a payment default.

At the same time, Standard & Poor's assigned its 'B' senior
secured debt rating and a recovery rating of '3' to the
company's proposed CHF725 million senior secured term
facilities, which comprise a CHF425 million term loan and a
CHF300 million committed delayed-draw term loan, indicating the
expectation of meaningful (50%-80%) recovery of principal.

The proposed issues will be used to refinance existing first-
and second-lien debt.  The proceeds of the proposed
CHF300 million delayed-draw term loan could be partly used for
future potential acquisitions by Gate Gourmet Borrower or parent
Gate Gourmet Holdings S.C.A., or for dividend payments.

The ratings on Gate Gourmet continue to reflect the group's
exposure to the cyclical and price-competitive commercial
airline industry, operating performance sensitivity to cost
control implementation, and limited bargaining power in the
highly competitive sector.  These factors are partly mitigated
by better-than-expected improvements in Gate Gourmet's operating
performance and financial risk profile.
  
                        Recovery Analysis

The proposed CHF125 million senior secured revolving credit
facility is rated 'B+', one notch above the corporate credit
rating, with a recovery rating of '1', indicating Standard &
Poor's expectation of full recovery of principal in the event of
a payment default.

The proposed CHF725 million senior secured term facilities are
rated 'B', at the same level as the corporate credit rating,
with a recovery rating of '3', indicating our expectation of
meaningful (50%-80%) recovery in the event of a payment default.
The recovery rating does not factor in drawdown on the delayed-
draw term facility.  Drawing on the facility for either
acquisition or dividend payment purposes could have a negative
bearing on recovery prospects and would require the recovery
rating to be revised.

Senior secured lenders to the revolving credit and term loan
facilities are expected to benefit from substantially the same
security and guarantee package as under Gate Gourmet Borrower's
previous term loan issues, including first-priority security
over assets, where legally and financially feasible; 100% of
shares in U.S. subsidiaries; and a share pledge over foreign
subsidiaries.  The lenders to the term and delayed-draw term
facilities will rank pari passu and behind lenders to the
revolving credit facility on enforcement.

The group's operations are located in a number of jurisdictions-
-although more than 85% of EBITDA is generated in Western Europe
and the U.S.--so cross-jurisdictional issues and legal
restrictions could affect the enforceability or ultimate value
of certain guarantees.  The documentation contains non-financial
covenants now standard for "covenant-light" transactions,
including a cash sweep.

To calculate recoveries, Standard & Poor's simulates a default
scenario.  S&P have used an enterprise valuation approach, as
the agency believes the value of the group lies more in its
airline contracts and airline hub operations than in discrete
assets.

Standard & Poor's simulated default scenario assumes a potential
combination of these factors:    

   -- four years of revenue decline at a compound annual growth
      rate of 4.9% as a result of weakening economic conditions
      and a decrease in airline industry demand, with major
      revenue stresses in 2007 and 2010.

   -- pressure on gross margins as the terms of contracts due
      for renewal continue to deteriorate.

   -- a reduction in the anticipated level and timeliness of
      cost controls.

   -- higher interest costs to account for a possible base-rate
      increase and to secure covenant waivers.
  
Under our default scenario, a payment default is unlikely to
occur before early 2010, at which point the outstanding amount
of senior debt that would have to be covered is estimated at
about CHF550 million including the CHF125 million revolving
credit facility, assuming that the delayed-draw term facility is
undrawn and the revolving credit facility is fully drawn. Using
primarily a discounted cash flow analysis, the enterprise value
at the point of default is reduced by priority obligations such
as enforcement costs, finance leases, and mortgages.  This
provides coverage of more than 100% for the senior secured
revolving credit facility, resulting in a recovery rating of
'1', and meaningful (50%-80%) coverage for the senior secured
term loan facilities, resulting in a recovery rating of '3'.  
The absence of notching against the term facilities debt rating
reflects our expectation that, from a recovery perspective, debt
holders would benefit meaningfully from the security package,
despite their second-ranking position on the proceeds of
enforcement.


GROOVYSTREAMS LLC: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC GroovyStreams on March 20.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC GroovyStreams
         Baarerstrasse 135
         6300 Zug
         Switzerland


IBERG BETEILIGUNGS: Creditors' Liquidation Claims Due May 31
------------------------------------------------------------
Creditors of JSC Iberg Beteiligungs have until May 31 to submit
their claims to:

         JSC Thalmann Treuhand
         Liquidator
         Marktplatz 3
         8570 Weinfelden TG
         Switzerland

The Debtor can be reached at:

         JSC Iberg Beteiligungs
         Weinfelden TG
         Switzerland


JAGGI HANDEL: Creditors' Liquidation Claims Due May 18
------------------------------------------------------
Creditors of LLC Jaggi Handel Technik have until May 18 to
submit their claims to:

         Josef Kiener
         Liquidator
         Frohburgweg 17
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC Jaggi Handel Technik
         Maur
         Uster ZH
         Switzerland


JUNGLE TREE: Creditors' Liquidation Claims Due May 18
-----------------------------------------------------
Creditors of LLC Jungle Tree have until May 18 to submit their
claims to:

         Markus Giezendanner
         Liquidator
         Quellenstr. 11
         9534 Gahwil
         Switzerland

The Debtor can be reached at:

         LLC Jungle Tree
         Kirchberg
         Toggenburg SG
         Switzerland


MC GIPSEREI: Creditors' Liquidation Claims Due May 18
-----------------------------------------------------
Creditors of LLC MC Gipserei & Malerei have until May 18 to
submit their claims to:

         Sonnenweg 16
         3073 Gumligen
         Switzerland

The Debtor can be reached at:

         LLC MC Gipserei & Malerei
         Muri bei BE
         Switzerland


METZGER GPS: Creditors' Liquidation Claims Due May 21
-----------------------------------------------------
Creditors of LLC Metzger GPS have until May 21 to submit their
claims to:

         JSC Revisora Revisionsgesellschaft
         Liquidator
         Volkshausstrasse 20
         9630 Wattwil
         Toggenburg SG
         Switzerland

The Debtor can be reached at:

         LLC Metzger GPS
         Kirchberg
         Toggenburg SG
         Switzerland


PARTY-SERVICE ROYAL: Creditors' Liquidation Claims Due May 21
-------------------------------------------------------------
Creditors of LLC Party-Service Royal have until May 21 to submit
their claims to:

         JSC Revisora Revisionsgesellschaft
         Liquidator
         Volkshausstrasse 20
         9630 Wattwil
         Toggenburg SG
         Switzerland

The Debtor can be reached at:

         LLC Party-Service Royal
         Kirchberg
         Burgdorf BE
         Switzerland


SWISSFIRST DERIVATIVES: Creditors' Liquidation Claims Due May 31
----------------------------------------------------------------
Creditors of JSC Swissfirst Derivatives 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 Swissfirst Derivatives
         Zug
         Switzerland


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


BF KATA-REM LLC: Creditors Must Register Claims by May 13
---------------------------------------------------------
Creditors of LLC BF Kata-Rem (code EDRPOU 32984968) have until
May 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/7-b.

The Debtor can be reached at:

         LLC BF Kata-Rem
         Degtiarevskaya Str. 31
         Kiev
         Ukraine


FORPLAST LLC: Creditors Must Register Claims by May 11
------------------------------------------------------
Creditors of LLC Forplast (code EDRPOU 33297451) have until
May 11 to submit written proofs of claim to:

         Victor Savinov
         Liquidator
         Lesnoy Avenue 23
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/90-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Forplast
         Lesnoy Avenue 23
         Kiev
         Ukraine


GODINI LLC: Creditors Must Register Claims by May 11
----------------------------------------------------
Creditors of LLC Godini (code EDRPOU 33633065) have until May 11
to submit written proofs of claim to:

         Victor Savinov
         Liquidator
         Marshal Zhukov Str. 26
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/89-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Godini
         Marshal Zhukov Str. 26
         Kiev
         Ukraine


INFAKOM LLC: Creditors Must Register Claims by May 13
-----------------------------------------------------
Creditors of LLC Firm Infakom (code EDRPOU 24480542) have until
May 13 to submit written proofs of claims to:

         Vladimir Shuba
         Liquidator
         Kosmicheskaya Str. 26, ap. 313
         61145 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/64-07.

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 Firm Infakom
         Korchagintsev Str. 21
         Kharkov
         Ukraine


ITO INTELLECT: Creditors Must Register Claims by May 13
-------------------------------------------------------
Creditors of LLC Ito Intellect (code EDRPOU 33757087) have until
May 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/240-b.

The Debtor can be reached at:

         LLC Ito Intellect
         Pilipovsky Str. 4
         Kiev
         Ukraine


IVTK CHEREMOSH: Creditors Must Register Claims by May 13
--------------------------------------------------------
Creditors of LLC IVTK Cheremosh (code EDRPOU 33157024) have
until May 13 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/241-b.

The Debtor can be reached at:

         LLC IVTK Cheremosh
         Pilipovsky Str. 4
         Kiev
         Ukraine


SOVAT LLC: Creditors Must Register Claims by May 11
---------------------------------------------------
Creditors of LLC Sovat (code EDRPOU 32377703) have until May 11
to submit written proofs of claim to:

         Natalia Kovinko
         Liquidator
         Krasnotkatskaya Str. 61
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/64-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Sovat
         Krasnotkatskaya Str. 61
         Kiev
         Ukraine


UKRAINIAN RAILWAY: Claims Filing Bar Date Set May 11
----------------------------------------------------
Creditors of CJSC Ukrainian Railway Delivery (code EDRPOU
30653623) have until May 11 to submit written proofs of claim
to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/73-07.

The Debtor can be reached at:

         CJSC Ukrainian Railway Delivery
         Topolianskaya Str. 28
         40032 Sumy
         Ukraine


ULTRA-PLAZA LLC: Creditors Must Register Claims by May 11
---------------------------------------------------------
Creditors of LLC Ultra-Plaza (code EDRPOU 33297526) have until
May 11 to submit written proofs of claim to:

         Natalia Kovinko
         Liquidator
         Krasnotkatskaya Str. 61
         02225 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/64-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ultra-Plaza
         Krasnotkatskaya Str. 61
         02225 Kiev
         Ukraine


YAROSVIT LLC: Creditors Must Register Claims by May 11
------------------------------------------------------
Creditors of LLC Yarosvit (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. 2/144/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Yarosvit
         General Karpenko Str. 2/1
         54038 Nikolaev
         Ukraine

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


A.T. CLOWREY: Creditors' Meeting Slated for May 10
--------------------------------------------------
Creditors of A.T. Clowrey Ltd. will meet at 10:30 a.m. on May 10
at the offices of:

         Bennett Verby
         7 St. Petersgate
         Stockport
         Cheshire
         SK1 1EB
         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.


ADVANCED MICRO: Moody's Affirms B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service affirmed Advance Micro Devices' B1
corporate family rating while revising to Ba2 from Ba3 the
ratings on both the currently secured US$390 million notes due
2012 (2012 Note) and the US$1.7 billion remainder of the
original US$2.5 billion term loan due 2013.

This revision reflects AMD' recent issuance of US$2.2 billion of
senior convertible notes due 2014 (not rated by Moody's) and the
concurrent US$500 million repayment of the bank term loan.  The
rating outlook remains negative.

In line with Moody's loss given default methodology, the 2012
Note and bank term loan ratings are raised by one notch to Ba2
with a corresponding LGD2 assessment as a result of the
incremental US$2.2 billion junior capital below it.

As noted previously, Moody's believes it is likely that the 2012
Note will become unsecured in the near future.  Since AMD's
secured debt as defined is below US$2.5 billion, AMD, as stated
in its 8K filing of April 24, has the ability to release
collateral that currently benefits the 2012 note.  To the extent
that the 2012 Note loses its collateral interest, its rating
would be lowered to B2 with a corresponding LGD5 assessment
while the bank term loan would likely be raised to Ba1 and LGD2
assessment.

Moody's changed the ratings outlook to negative from stable on
April 23.  The action reflects AMD's higher financial leverage,
the company's weaker than expected operating performance in the
last three quarters, and Moody's expectations that the next
couple of quarters will remain very challenging even though the
company plans to reduce costs and preserve liquidity while at
the same time rolling out its new product platform dubbed
Barcelona in the third quarter of 2007.

Ratings/assessments revised:

   -- US$390 million secured notes due August 2012 from Ba3
      (LGD 3, 38%) to Ba2 (LGD 2, 22%)

   -- US$2.5 billion senior secured term loan due 2013 from Ba3
      (LGD 3, 38%) to Ba2 (LGD 2, 22%)

Ratings/assessments affirmed:

   -- Corporate family rating B1;

   -- Probability-of-default rating B1;

   -- Rating Outlook Negative.

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


BARGAIN BATHROOMS: Creditors' Meeting Slated for May 17
-------------------------------------------------------
Creditors of Bargain Bathrooms Ltd. will meet at 3:00 p.m. on
May 17 at the offices of:

         Griffin & King
         26-28 Goodall Street
         Walsall
         West Midlands  
         WS1 1QL
         England

Creditors who want to vote at the meeting have until noon on
May 16 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 on May 15.


BOYAR INTERNATIONAL: Creditors' Meeting Slated for May 18
---------------------------------------------------------
Creditors of Boyar International Ltd. will meet at 11:30 a.m. on
May 18 at:
  
         Benedict Mackenzie LLP
         62 Wilson Street
         London  
         EC2A 2BU  
         England

Creditors who want to vote at the meeting have until noon on
May 17 to submit their proxy forms together with particulars of
their claims or of any security at the said address.

Ian Donald Williams of Benedict Mackenzie LLP will furnish
creditors with information concerning the company's affairs free
of charge during the period up to the date of the meeting.


BRITISH SKY: OFT Wants Deeper Probe on ITV Stake Acquisition
------------------------------------------------------------
The Office of Fair Trading reported to the Secretary of State on
the completed acquisition by British Sky Broadcasting Group plc
of a 17.9 percent stake in ITV plc.  The OFT believes that the
test for a merger reference to the Competition Commission is met
on competition grounds.

The report confirms the OFT's Jan. 12 statement on merger
jurisdiction.  This includes the belief to the required standard
that BSkyB has the ability "materially to influence the policy"
of ITV within the meaning of the Enterprise Act 2002.

Following full first-phase review, the OFT's three key findings,
to the requisite standard of belief, are that:

    * a relevant merger situation has been created

    * this situation has resulted, or may be expected to result,
      in a substantial lessening of competition within a market
      or markets in the U.K., and

    * clear cut remedies sufficient to resolve the OFT's
      competition concerns were not offered.

The Secretary of State must disclose his decision on or before
the statutory deadline of May 26.  The OFT's report will also be
made public no later than the same date and until such time the
OFT will not release further details.

"We have been asked by the Secretary of State to report on the
competition issues raised by this transaction," John Fingleton,
Chief Executive of the OFT, said.  "We have concluded that this
partial ownership link between two key players raises
significant competition concerns.  Sky's shareholding means that
ITV is no longer fully independent, and this may alter the
future competitive landscape, especially as we approach digital
switchover.  Given the high stakes for tens of millions of U.K.
consumers, we believe these risks to competition merit further
examination."

On Feb. 26, the Secretary of State intervened in the case by
issuing a Public Interest Intervention Notice requiring the OFT
to investigate and report on whether it believes that it is or
may be the case that a relevant merger situation has been
created and, if so, whether the creation of that situation has
resulted, or may be expected to result, in a substantial
lessening of competition within any market or markets in the
U.K. for goods or services.  

The Secretary of State also required Ofcom to report separately
on the effect of the media public interest consideration
mentioned in the Notice.  The Secretary of State requested the
OFT and Ofcom to report to him by April 27.

Headquartered in Isleworth, England, British Sky Broadcasting
Group PLC -- http://www.sky.com/-- is the holding company of   
the British Sky Broadcasting group of companies.  British Sky
Broadcasting Group plc and its subsidiaries operate the pay
television broadcast service in the United Kingdom and Ireland.  
The Company acquires programming to broadcast on its channels
and supplies certain of those channels to cable operators for
them to retransmit to their subscribers in the United Kingdom
and Ireland.  It retails channels (both its own and third
parties) to direct-to-home subscribers and to a limited number
of digital subscriber line subscribers.  The Company also makes
three of its channels available via the United Kingdom free-to-
air digital terrestrial television platform, which markets
itself under the brand Freeview.  

At Dec. 31, 2006, the Groups' balance sheet showed
GBP4.1 billion in total assets, GBP4.3 billion in total
liabilities, and GBP145 million in stockholders' deficit.

The Group's Dec. 31 balance sheet also showed strained liquidity
with GBP1.8 billion in total currents assets available to pay
GBP2.2 billion in total liabilities coming due within the next
12 months.


CALDA MARKETING: Creditors' Meeting Slated for May 10
-----------------------------------------------------
Creditors of Calda Marketing Ltd. will meet at 10:15 a.m. on
May 10 at:
  
         Vantis Plc  
         Fourth Floor  
         Southfield House 11  
         Liverpool Gardens  
         Worthing  
         West Sussex  
         BN11 1RY
         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.

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


COLLINS & AIKMAN: Selling Evart Facility to Flex-N-Gate
-------------------------------------------------------
Collins & Aikman Corp. will shut down operations and sell  
its Evart Facility to Flex-N-Gate by June 6, Robin Fornoff  
of the Cadillac News reports.  An asset purchase agreement is  
expected to be signed "within the next few days" and is subject  
to the approval of the U.S. Bankruptcy Court for the Eastern
District of Michigan.

"Flex-N-Gate has informed us that as yet it has been unable to  
reach any conclusions about its operational plans, including its  
capacity to offer employment to employees of the business,"  
Collins relates in its Worker Adjustment and Retraining  
Notification notice.

According to Mr. Fornoff, employees have agreed to wage and  
benefit cuts after city officials and others indicated that
Flex-N-Gate would continue Evart operations.

As previously reported, Evart has already approved tax
abatements for Flex-N-Gate to US$125,000 per year for the next
12 years.  Water rates for the plant has also been frozen, upon
speculations that Flex-N-Gate may expand operations and increase
the work force in Evart, Cadillac News indicates.

However, Collins and Flex-N-Gate declined to comment about the  
future of the plant.

Collins' WARN notice informs the employees that the closing of  
the sale "and any related loss of employment" will occur between  
May 24 and June 6.

Collins previously sent notices of closures of operations in  
other facilities.

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in  
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.  
The hearing to consider confirmation of the Debtors' Amended
Joint Plan is set for April 19, 2007.  (Collins & Aikman
Bankruptcy News, Issue No. 60; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


COLOUR MOVE: Creditors' Meeting Slated for May 17
-------------------------------------------------
Creditors of Colour Move Ltd. will meet at 11:00 a.m. on May 17
at:
  
         Taylor Fry
         70 Conduit Street
         London  
         W1S 2GF
         England

Creditors who want to vote at the meeting have until noon on
May 16 to submit their proxy forms together with particulars of
their claims or of any security at:

         Begbies Traynor
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         Essex  
         SS1 2EG
         England
  
Lloyd Biscoe of Begbies Traynor will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.

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


CUSTOM CRANK: Appoints Liquidator from Muras Baker Jones
--------------------------------------------------------
Mark Jonathan Botwood of Muras Baker Jones was appointed
liquidator of The Custom Crank & Engineering Co. Ltd. on
April 19 for the creditors' voluntary winding-up procedure.
The company can be reached at:

         The Custom Crank & Engineering Co. Ltd.
         Moor Street South
         Blakenhall
         Wolverhampton
         WV2 3JN
         England
         Tel: 01902 422 144
         Fax: 01902 422 133


DD BARS: Creditors' Meeting Slated for May 9
--------------------------------------------
Creditors of DD Bars Ltd. (t/a The Cross Bar) will meet at
10:15 a.m. on May 9 at:
  
         Kallis & Co.  
         1148 High Road  
         Whetstone
         London  
         N20 0RA
         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 to Elizabeth Arakapiotis of
Kalli & Co.

Elizabeth Arakapiotis of Kallis & Co. will furnish creditors
with information concerning the company's affairs free of charge
as they may reasonably require.


EAGLE NOTTINGHAM: Taps Liquidators from Ernst & Young
-----------------------------------------------------
Kerry Lynne Trigg and Elizabeth Anne Bingham of Ernst & Young
LLP were appointed joint liquidators of Eagle Nottingham Ltd.
(formerly Kav Nottingham Ltd.), Eagle Bristol Ltd. (formerly KP
Bristol Ltd.), Eagle Barking Ltd. (formerly KP Barking Ltd.),
Eagle Wrexham Ltd. (formerly KP Wrexham Ltd.), Eagle III
(Portfolio A) Ltd. (formerly DWSCO 2433 Ltd.), Eagle III
(Portfolio B) Ltd. (formerly  on DWSCO 2437 Ltd.), Eagle III
(Derby) Ltd. (formerly DWSCO 2461 Ltd.), Eagle III (Park Farm)
Ltd. (formerly DWSCO 2432 Ltd.) and Babcock & Brown (Ellesmere
Port) Ltd. (formerly DWSCO 2436 Ltd.) on April 13 for the
creditors' voluntary winding-up proceeding.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal ith a broad range of
business issues.   

The joint liquidators can be reached at:

         Kerry Lynne Trigg and Elizabeth Anne Bingham
         Ernst & Young LLP
         1 More London Place
         London  
         SE1 2AF
         England


FOUR SEASONS: Court Okays Plan of Arrangement for Privatization
---------------------------------------------------------------
Four Seasons Hotels Inc. disclosed that the Ontario Superior
Court of Justice has issued a final order approving the plan of
arrangement pursuant to Four Seasons be taken private by
affiliates of Cascade Investment L.L.C., Kingdom Hotels
International, and Isadore Sharp.

Under the terms of the transaction, which remains subject to the
satisfaction or waiver of conditions specified in the
acquisition agreement, including Ministerial approval under the
Investment Canada Act, holders of Limited Voting Shares will
receive US$82 cash per share.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
the company received an offer to take Four Seasons private at
US$82 per share, or an enterprise value of US$3.7 billion.   The
proposed capital structure included US$750 million in debt
financing and the contribution of new equity into the company,
net of the company's existing cash balances.

The offer to purchase Four Seasons was received from CEO Isador
Sharp and Triples Holdings Ltd., the controlling shareholder
in Four Seasons, together with Kingdom Hotels International,
which is owned by Prince Alwaleed Bin Talal Bin Abdulaziz
Alsaud, and Cascade Invesment LLC, which is owned by Bill Gates.   
Four Seasons' board has established a committee of directors to
consider the proposed transaction.
    
The company anticipated that the transaction would be completed
early in the second quarter of 2007.

                  About Four Seasons Hotel Inc.

Headquartered in Ontario, Canada, Four Seasons Hotel Inc. (TSX
Symbol "FSH"; NYSE Symbol "FS") -- http://www.fourseasons.com/-
- has followed a targeted course of expansion, opening hotels in
major city centers and desirable resort destinations around the
world.  Founded in 1960, the company currently has 74 hotels in
Thailand, the United Kingdom, and Costa Rica and 28 other
countries, and more than 25 properties under development, Four
Seasons will continue the hospitality industry with innovative
enhancements, making business travel easier and leisure travel
more rewarding.


KAYOVER ENGINEERING: Creditors' Meeting Slated for May 10
---------------------------------------------------------
Creditors of Kayover Engineering Ltd. will meet at 10:30 a.m. on
May 10 at:
  
         Atherton Bailey
         Kent House
         Romney Place
         Maidstone
         Kent
         ME15 6LH
         England

Creditors have until noon on May 9 to submit their proxy forms
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.


LAMBOURNE CLOTHING: Creditors' Meeting Slated for May 16
--------------------------------------------------------
Creditors of Lambourne Clothing International Ltd. will meet at
11:00 a.m. on May 16 at:

         B & C Associates  
         Trafalgar House
         Grenville Place  
         Mill Hill
         London  
         NW7 3SA
         England

Creditors who want to vote must submit before the meeting 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 on May 14.


MAESTRO AVIATION: Creditors' Meeting Slated for May 10
------------------------------------------------------
Creditors of Maestro Aviation Ltd. (formerly Skyspark Ltd.) will
meet at noon on May 10 at:
  
         Devlin House
         36 St. George Street
         Mayfair
         London  
         W1R 9FA
         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:

         HKM LLP
         The Old Mill
         9 Soar Lane
         Leicester  
         LE3 5DE
         England
         Fax: 0116 242 5201

HKM LLP -- http://www.hkm.co.uk/-- is an independent and  
regulated firm of accountants, business and taxation advisors
and insolvency specialists.  In July 2004, HKM Harlow Khandhia
Mistry changed its business status to become a limited liability
partnership and is now known as HKM LLP.


ROYAL CORNWALL: Health Dept. Offers Lump Sum to Balance Books
-------------------------------------------------------------
Royal Cornwall Hospital NHS Trust, which is among dozen others
declared as technically bankrupt and having no prospect of
repaying debts, has been offered a lump sum by the Department of
Health in an attempt to balance its books, Western Morning News
reports.

According to the report, there is no time scale set for
repayment.  However, RCHT will have to go through a rigorous
review over the inability to show it can repay loans.

"Given the different nature of the problems in each NHS trust we
expect the solution for each organization to be individual and
tailored to best deliver value for money, while maintaining
standards of patient care to the community they serve," NHS
chief Executive David Nicholson was quoted by Channel 4 News as
saying.  "I have no doubt this will be a difficult and sometimes
uncomfortable process for those trusts who are undergoing this
process but our absolute priority is continuity of patient care
and to ensure that we have to tackle the underlying problems in
these trusts no matter how uncomfortable that may be."

RCHT is also included in a list of trusts nationally identified
as being in difficulty at the end of the 2006-07 financial year,
Western Morning News relates.

At the end of March, RCHT had accumulated deficit of GBP29.8
million.

Headquartered in Truro, England, Royal Cornwall Hospitals NHS
Trust -- http://www.cornwall.nhs.uk/rcht-- comprises The Royal  
Cornwall Hospital in Truro, West Cornwall Hospital in Penzance
and St. Michael's Hospital in Hayle.  It employs 3,240 staff,
including 1,140 nurses.  


SOLUTIA INC: Court OKs Amended Rothschild Employment Terms
----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has approved the request of Solutia Inc. and its debtor-
affiliates to amend the terms of employment of Rothschild Inc.,
as financial advisor and investment banker to include services
in connection with a sale of their Dequest(R) product line.

                      Terms of Employment

As previously reported in the TCR-Europe on April 11,
Jeffry N. Quinn, chairman, president and chief executive officer  
of Solutia Inc., and an authorized officer of each of the  
Debtors, relates that due to Rothschild's familiarity with the
Debtors' businesses, and to ensure that the Debtors receive the
highest and best offer possible for Dequest, Rothschild was
asked to provide additional services, including:

    -- identifying and contacting potential purchasers of  
       Dequest;

    -- preparing a confidential information memorandum regarding  
       Dequest; and

    -- advising Solutia with respect to the negotiation of a
       sale agreement with potential purchasers of Dequest.

Rothschild will earn a fee if the Debtors enter into any  
definitive agreements, approved by final and non-appealable
Court order, to sell or dispose significant assets relating to
the Dequest product line.

The Dequest Sale Fee with be:

   (i) US$500,000; and

  (ii) 5% of the "Aggregate Dequest Consideration" received in
       connection with the Dequest Sale in excess of
       US$75,000,000.

The Dequest Sale Fee will not exceed 1.25% of the Aggregate  
Dequest Consideration, but not less than US$500,000.

The Dequest Sale Fee and the other fees payable to Rothschild  
under the engagement letter will not be credited against each  
other.

The Debtors believe that the Dequest Sale Fee is reasonable and  
is consistent with the market for comparable mergers and  
acquisitions services performed by financial advisors and  
investment bankers for companies in and outside of Chapter 11.

The parties have acknowledged that the hours worked, results  
achieved, and ultimate benefit of the work performed in  
connection with the Dequest Sale may be variable.  These factors  
have been taken into account in setting the Dequest Sale Fee,  
including the lack of crediting of the Dequest Sale Fee, in  
connection with the sale, Mr. Quinn tells the Court.

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.


SWINFORD FIXINGS: Names Eileen T. F. Sale Liquidator
----------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed
liquidator of Swinford Fixings Ltd. on April 17 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Swinford Fixings Ltd.
         Faraday House
         King William Street
         Stourbridge
         DY8 4HD
         England
         Tel: 01384 374 000


T.B.F. NETWORKS: Creditors' Meeting Slated for May 11
-----------------------------------------------------
Creditors of T.B.F. Networks Ltd. will meet at 11:30 a.m. on
May 11 at:
  
         Bottomley & Co.
         Glenwood House
         5 Arundel Way
         Cawston
         Rugby
         Warwickshire  
         CV22 7TU
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 9.


TIMKEN COMPANY: Posts US$42 Million First Quarter Income in 2007
----------------------------------------------------------------
The Timken Company reported sales of US$1,284,513,000 during the
first quarter of 2007, an increase of US$1,254,308,000 over the
same period a year ago.  Net income for the first quarter of the
year 2007 was US$42,571,000, down from the first quarter net
income for the year 2006 of US$65,940,000.  First-quarter income
from continuing operations was US$41,631,000, as compared with
US$57,094,000 in the first quarter a year ago.

The decline in income from last year's first quarter was due
predominately to increased restructuring costs.  In addition,
the company's tax rate in the quarter was higher, primarily due
to losses caused in part by restructuring activities in certain
foreign jurisdictions where no tax benefit could be recorded.

"Our first-quarter results rebounded following the challenges we
encountered during the second half of 2006," said James W.
Griffith, Timken's president and chief executive officer.  "We
are confident that our strategic initiatives, including
Automotive restructuring and targeted Industrial capacity
additions, will combine with continued strong Steel performance
to deliver improved results in 2007."

During the quarter, the company:

    -- announced a US$60 million expansion for special small-bar
       steel capabilities, further differentiating its product
       portfolio, and commissioned a new induction heat-treat
       line focused on steel products for the energy and
       industrial sectors;

    -- advanced programs to improve the performance of its
       Automotive Group, including announcement of the closure
       of its Sao Paulo, Brazil, bearing production facility by
       the end of the year; and

    -- grew sales in Asia by 17 percent and made progress on
       capacity additions in both China and India.

                          Group Results

The Industrial Group had record first-quarter sales of
US$544,442,000, up from US$503,879,000 for the same period last
year.  Favorable pricing and higher volume drove the increase,
with sales strength coming from multiple market sectors,
especially aerospace and heavy industry.

The Automotive Group's first-quarter sales of US$387,960,000
were down from US$420,984,000 for the same period last year.  
The decrease was driven by the sale of its steering business at
the end of 2006 and lower demand from North American light
vehicle and heavy truck customers.  The Automotive Group
incurred a loss of US$7,233,000, as compared to a loss of
US$3,141,000 for the same period a year ago.

During the quarter, Timken continued to improve the performance
of its automotive business through facility rationalization,
workforce reduction and asset divestment and are on track to
deliver targeted savings of US$75,000,000 by 2008.

Steel Group sales, including inter-segment sales, were a record
US$390,292,000, up from US$375,410,000 for the same period a
year ago.

The company had total assets of US$4,124,063,000 and total
liabilities of US$2,602,258,000, resulting in a total
shareholders' equity of US$1,521,805,000.

In reconciling total debt to net debt and calculating for ratio
of net debt to capital, the company recorded total debt at March
31, 2007, of US$668,499,000, or 30.5% of capital.  Debt was
higher than the 2006 year-end level of US$597,843,000, or 28.8%
of capital, due to seasonal working capital requirements.  Net
debt at March 31, 2007, was US$567,681,000, or 27.2% of capital.  
The company expects to end 2007 with lower net debt and leverage
than last year, providing additional financial capacity to
pursue strategic investments.

                            Outlook

Timken anticipates global industrial markets will remain strong,
and investments in Industrial Group capacity are expected to
become operational throughout the year.  In addition, the
company expects improved Automotive Group performance for the
full year compared to 2006, as it benefits from its operating-
improvement initiatives.

                          About Timken

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR)
-- http://www.timken.com/-- manufactures highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial, and railroad industries.  The company has
operations in 27 countries and employs 27,000 employees.

                          *     *     *

The Timken Company carries Moody's Investors Service's Ba1
Corporate Family Rating and its US$300 Million Unsecured Medium
Term Notes Series A due 2028 bear Moody's Ba1 rating.


TOWER RECORDS: WEA Corporation Objects to Disclosure Statement
--------------------------------------------------------------
Warner/Elektra/Atlantic Corporation has filed an objection to
the Disclosure Statement describing MTS Inc. dba Tower Records
and its debtor-affiliates' Chapter 11 Plan of Reorganization,
contending that the disclosure statement does not contain
adequate information.

The Debtors' Disclosure Statement, as published in the Troubled
Company Reporter on Mar. 28, stated that unsecured claims of
trade suppliers will total US$73.5 million, in addition to other
unsecured claims expected to range from US$95 million to
US$115 million.  The Debtors estimated that assets available for
distribution to trade suppliers and other unsecured creditors
will range from US$3 million to US$26 million.

WEA asks the U.S. Bankruptcy Court for the District of Delaware
to decline approving the Disclosure Statement because it fails
to:

   1) disclose a reasoned estimate of the Debtors' remaining
      administrative liabilities or disclose the amount of the
      proposed administrative claims reserve;

   2) disclose the amount of cash on hand that constitutes the
      remaining proceeds of the Debtors' inventory;

   3) substantiate the Debtors' contention that the maximum
      amount of the claims asserted by the Debtors' secured
      trade vendors is US$5 million to US$7 million;

   4) disclose the estimated return to creditors if the cases
      were converted to Chapter 7;

   5) the existence, merit and value of potential claims against
      pre-petition management of mismanagement, negligence and
      breach of fiduciary duty;

   6) the identity and affiliates of the proposed post-
      confirmation Director; and

   7) definitively state whether the Debtors' plan of
      reorganization provides for substantive consolidation of
      the Debtors' estates and, if so, the practical
      implications of consolidation of debts and liabilities and
      factual predicates for satisfying the applicable legal
      standards.

Furthermore, WEA argues that the plan of reorganization
advocated by the disclosure statement is "unconfirmable on its
face."  WEA points out that:

   a) the Debtors' bankruptcy estates are likely
      administratively insolvent;

   b) the plan proposes improper "double dip" payments that
      purport to satisfy independent secured and administrative
      claims;

   c) the plan improperly classifies different classes of
      similarly situated unsecured creditors and improperly
      provides for voting among the Class 5 subclasses on an
      unconsolidated basis while at the same time providing for
      distributions on a consolidated basis;

   d) the plan improperly confers the authority to appoint an
      estate fiduciary with the power to release the Debtors'
      management upon present management, rather than creditors;
      and

   e) the plan fails to set forth a deadline for objection to
      claims thereby enabling the indefinite postponement of the
      claims reconciliation process.

       WEA Wants Debtors to Disclose Estimated Admin. Debts

WEA counsel Frank W. DeBorde, Esq., at Morris Manning & Martin
LLP, reminds the Court that the Debtors must disclose a
reasonable estimate of their existing and prospective unpaid
administrative liabilities.  The Debtors are presently holding
US$32.2 million in cash and expect to collect an additional
US$5.5 million, leaving a maximum of US$37.7 million for
distribution.  The amount is required to satisfy:

   -- US$26.8 million in secured Trade Vendor claims;

   -- claims under Section 503(b)(9) of the Bankruptcy Code
      approximately US$9.2 million;

   -- a pending US$3.5 million administrative WARN Act Claims in
      the Debtors' adversary proceeding against Rick Walker and
      Robert Hannan;

   -- US$45.8 million in filed administrative claims in the
      Debtors' claims register; and

   -- remaining wind-up costs.

Mr. DeBorde says that unless the Debtors disclose a reasonable
estimate of administrative debts, it is impossible for creditors
to evaluate the risk of administrative insolvency.

The Debtors' plan of reorganization also proposes a Senior Claim
Reserve to pay all their remaining secured, reclamation and
administrative claims in these cases.  Mr. DeBorde says that
neither the plan nor the disclosure statement reveals how much
money will be deposited into this reserve.

WEA and other senior claimants are depending on the sufficiency
of the Senior Claim Reserve to fund payment of claims as they
become allowed, including claims under Sections 503(b)(9) and
546(c) of the Bankruptcy Code, Mr. DeBorde explains.

The disclosure statement also leads creditors to believe that
the maximum at stake in the Debtors' Trade Vendor Adversary
Proceeding is US$7 million and that the Trade Vendors claim they
are owed no more than US$16 million.  The Debtors provide no
analysis for this conclusion.

According to Mr. DeBorde, the disclosure statement incorrectly
states that the Trade Vendors believe their maximum priority
recovery is US$16 million, when in reality, Trade Vendors view
their maximum recovery at US$26.8 million, the balance of the
remaining inventory proceeds.

Aside from being inadequate in proving administrative solvency,
Mr. DeBorde asserts that the plan is unconfirmable because the
plan proposes to give the Debtors double credit for payment of
secured or reclamation claims.  Section 503(b)(9) of the U.S.
Bankruptcy Code entitles WEA and similarly situated Trade
Vendors to secured and additional administrative claims, which
are independent from each other and must be satisfied
irrespective of any other obligations, declares Mr. DeBorde.

The Court is set to consider the adequacy of the disclosure
statement on Thursday, May 3, 2007.

                       About Tower Records

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.


TREEBOW LTD: Claims Filing Period Ends June 15
----------------------------------------------
Creditors of Treebow 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 o Leigh & Co. was appointed liquidator of
the company by a resolution of the creditors passed on April 13.


WESTCOUNTRY MARINE: Creditors' Meeting Slated for May 11
--------------------------------------------------------
Creditors of Westcountry Marine Ltd. will meet at 11:30 a.m. on
May 11 at:
  
         Exeter Court Hotel
         Kennford
         Exeter
         Devon  
         EX6 7UX
         England
        
Creditors who want to vote at the meeting have until noon on
May 10 to submit their proxy forms together with particulars of
their claims or of any security at the offices of:

         Begbies Traynor
         Balliol House
         Southernhay Gardens
         Exeter
         Devon  
         England
         EX1 1NP
  
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 9 at the offices of Begbies Traynor.

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


WOODHEAD MANUFACTURING: Claims Filing Period Ends May 16
--------------------------------------------------------
Creditors of Woodhead Manufacturing Co. Ltd. (formerly Helmart
Ltd.) have until May 16 to prove their debts by sending written
statements of the amounts they claim to be due to them from the
company to:
  
         Stephen Hull
         Liquidator
         Geoffrey Martin & Co.  
         St. James's House
         28 Park Place
         Leeds  
         LS1 2SP
         England

Stephen Hull of Geoffrey Martin & Co. was appointed liquidator
of the company on April 17.

                           *********

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 * * *