TCREUR_Public/070503.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Thursday, May 3, 2007, Vol. 8, No. 87

                            Headlines


A U S T R I A

DIPL.-ING. HEIMO: Claims Registration Period Ends May 14
EPSILON GEWERBEIMMOBILIEN: Claims Registration Ends May 22
FERCHER MODERNE: Claims Registration Period Ends May 14
LUDWIG SCHIRMER: Claims Registration Period Ends May 18
NORBERT NIRSCHL: Claims Registration Period Ends May 24

REISEGGER LLC: Claims Registration Period Ends May 18
S.N. ELEKTRO: Estate Administrator Declares Insufficient Assets
TERRA PROMESSA: Vienna Court Orders Business Shutdown
TZIANAS LLC: Estate Administrator Declares Insufficient Assets


B E L G I U M

ARVINMERITOR INC: Board Declares 10 Cents Per Share Dividend
CHIQUITA BRANDS: Selling Cargo Vessels for US$277 Million
CHIQUITA BRANDS: Posts US$3.4 Mln Net Loss in First Qtr. 2007


C Z E C H   R E P U B L I C

ZBROJOVKA BRNO: J&T Finance Pays CZK707 Million to Close Sale


F R A N C E

DELPHI CORP: Court Records US$54 Mil. Claim Transfers in March
DELPHI CORP: May Violate EU Policy Over Spanish Plant Closure
RHODIA SA: Puts EUR30 Mil for Brazil's Intermediates Production


G E O R G I A

METROMEDIA INTERNATIONAL: U.S. SEC May Deregister Securities


G E R M A N Y

ALLGEMEINE HYPOTHEKENBANK: Offers Pfandbriefe Repurchase
ALLGEMEINE HYPOTHEKENBANK: Posts EUR575.1 Million Loss for 2006
AUTOHAUS APPEL: Creditors Must Register Claims by May 15
AUTOHAUS H. HEMPEL: Claims Registration Period Ends June 1
BARING BAUGESELLSCHAFT: Creditors Must File Claims by June 20

BAUELEMENTE PREIS: Creditors Must Register Claims by May 30
DE-BO GARDINEN: Claims Registration Period Ends June 22
DFS DACH: Claims Registration Period Ends May 31
ECO CLEAN: Claims Registration Period Ends June 4
GEORG ZEHETNER: Claims Registration Period Ends June 15

GLOBAL NETWORKS: Claims Registration Period Ends June 1
GLW BAU: Claims Registration Ends June 21
GRUNDSTUECKSGESELLSCHAFT WALLENRODER: Claims Due Set June 19
HAYES LEMMERZ: Plans US$150 Million of Senior Notes Offering
HAYES LEMMERZ: Discloses Rights Distribution to Stockholders

HEINRICH GEHRLICH: Claims Registration Ends July 13
IGB IMMOBILIENVERWERTUNG: Claims Registration Ends June 22
JE TRANSPORTE: Claims Registration Ends May 22
JENOPTIK AG: Owns 100% of SINAR After Minority Stake Acquisition
LAMP BUERO-SYSTEME: Claims Registration Ends June 7

NRG ENERGY: Inks Deal with TEPCO to Expand South Texas Project
PERFECTA STEUERBERATUNGSGESELLSCHAFT: Claims Filing Ends June 19
PERI GMBH: Moody's Assigns Loss-Given-Default Rating
PETERSMEIER GMBH: Creditors Must Register Claims by May 23
PUTBUSER BAUGESELLSCHAFT: Creditors Must File Claims by May 25

R-ANTRIEBSTECHNIK GMBH: Claims Registration Period Ends June 8
SAKUFA PUTZGESCHAFT: Claims Registration Period Ends July 9
TANNENHOF GASTRONOMIEBETRIEBE: Claims Registration Ends May 26
TPR INSTALLATIONSTECHNIK: Claims Registration Ends June 15
WINDPARK SEFFERWEICH: Creditors Meeting Slated for May 24

WOLFGANG HARICH: Creditors Meeting Slated for June 6


I R E L A N D

CENTRAL PARKING: Moody's Puts (P)Ba2 Rating on US$355MM Facility
GLASTONBURY FINANCE: Fitch Rates Class E & F Notes at BB-
SCOTTISH RE: Provides Update on MassMutual & Cerberus Deal
TRANSCREDIT FINANCE: Moody's Puts Ba3 Rating to Notes


I T A L Y

ALITALIA SPA: Names Berardino Libonati as Coordinating Unit Head
TAURUS CMBS: S&P Affirms BB Ratings on Class G Notes; Ends Watch


K A Z A K H S T A N

ENERGOTECHSERVICE 2030: Creditors Must File Claims by May 30
KAISAR LLP: Proof of Claim Deadline Slated for May 30
KAZROSSENERGO LLP: Claims Registration Ends May 30
OIL-BUSINESS LLP: Claims Filing Period Ends May 30
PROMETEY CJSC: Claims Filing Period Ends June 12

RATHAN AIR-CARGO: Creditors Must File Claims by May 30
TEMIRBANK JSC: S&P Puts B+ Ratings on US$1.2 Billion MTN Program
VESTA-IMPEX LLP: Creditors' Claims Due June 2


K Y R G Y Z S T A N

REAL LLC: Creditors Must File Claims by June 20


L I T H U A N I A

BANKAS SNORAS: Fitch Rates Upcoming Bond Issue at BB-


L U X E M B O U R G

DOV PHARMACEUTICAL: PwC Raises Going Concern Doubt
MILLICOM INT'L: Moody's Assigns Loss-Given-Default Rating


N E T H E R L A N D S

TEMIR CAPITAL: S&P Puts B+ Ratings on US$1.2 Billion MTN Program
VIMPEL-COMMUNICATIONS: Clears Dutch Unit to Repurchase Shares


P O L A N D

OMNOVA SOLUTIONS: Moody's Rates Proposed US$150MM Sr. Loan at B2


R U S S I A

AGRO PROJECT-ZHELEZNOGORSK: Claims Filing Period Ends June 14
AVANT-GUARD CJSC: Court Names E. Feoktistov to Manage Assets
BEARING FACTORY-34: Creditors Must File Claims by June 7
EAST OJSC: Creditors Must File Claims by June 14
FERTILITY OJSC: Court Names M. Kushkhov as Insolvency Manager

GAYSKAYA MILL: Creditors Must File Claims by June 14
KOTELNIKOVSKIY AGRO: Creditors Must File Claims by June 7
KRASNOSELSKAYA-2 CJSC: Asset Sale Slated for May 11
KUBAN'-OPT-PROD-TORG: Bankruptcy Hearing Slated for June 25
MAGNITOGORSK IRON: Earns RUR10.3 Billion for First Quarter 2007

MARSHALL HOLDINGS: Auditors Raise Going Concern Doubt
MOBILE TELESYSTEMS: Faces Suit over Tarino Stock Option Deal
MOBILE TELESYSTEMS: Moody's Assigns Loss-Given-Default Rating
SERGACH-STROY-BYT: Court Starts Bankruptcy Supervision Procedure
SIB-TRANS-ALLIANCE: Creditors Must File Claims by June 14

SIRENA OJSC: Moscow Court Names E. Vesnin as Insolvency Manager
STREZHEVOJ-SEL-KHOZ-PRODUCT: Claims Filing Period Ends May 14
SVETOVID LLC: Court Starts Bankruptcy Supervision Procedure
TRANSCREDITBANK: Moody's Puts Ba3 Rating to Unit's Notes
TYUMEN-GEOL-SNAB-SERVICE: Bankruptcy Hearing Slated for June 19

VIMPEL-COMMUNICATIONS: Clears Dutch Unit to Repurchase Shares
VNESHTORGBANK JSC: To Float 22.5% of Equity in Global Offering
VNESHTORGBANK JSC: Prices Share Offering at Up to 11.30 Kopecks


S P A I N

TOWER AUTOMOTIVE: Files Chapter 11 Plan and Disclosure Statement
TOWER AUTOMOTIVE: Treatment of Claims Under Chapter 11 Plan
TOWER AUTOMOTIVE: Disclosure Statement Hearing Set for June 5


S W I T Z E R L A N D

ASOMEC SYSTEME: Creditors' Liquidation Claims Due May 18
BOURBAKI RESTAURANT: Creditors' Liquidation Claims Due May 18
CHEMINVEST JSC: Creditors' Liquidation Claims Due May 18
ESTIMED PHARMA: Creditors' Liquidation Claims Due May 18
INTEGMAR HOLDING: Creditors' Liquidation Claims Due May 21

PRO BAUTEAM: Creditors' Liquidation Claims Due May 19
S-T SYSTEMTRADE: Creditors' Liquidation Claims Due May 21
SPORTS VISION: Creditors' Liquidation Claims Due June 18
TROEHLER BFSA: Creditors' Liquidation Claims Due May 18
VIDEOTRONIC (SCHWEIZ): Creditors' Liquidation Claims Due May 21


T U R K E Y

TURKCELL: Altimo Demands Repayment of US$1.3 Bln Cukurova Loan


U K R A I N E

ALPHA-8 LLC: Creditors Must Register Claims by May 12
BUILDING MECHANIZATION: Creditors Must Register Claims by May 12
MIZOCH AGRICULTURAL: Creditors Must Register Claims by May 13
OCHAKOV MOTOR: Creditors Must Register Claims by May 13
ROVNO AGRICULTURAL: Creditors Must Register Claims by May 13

SHEBELINKA CJSC: Creditors Must Register Claims by May 13
SPHERE LLC: Creditors Must Register Claims by May 13
STIROL JSC: Moody's Assigns Loss-Given-Default Rating
TECHNICAL SERVICE: Creditors Must Register Claims by May 12
TECHNOR LLC: Creditors Must Register Claims by May 12

UKRAINIAN INDUSTRIAL: Creditors Must Register Claims by May 13


U N I T E D   K I N G D O M

AEON PLC: Brings In Joint Administrators from PwC
ALBANY BUILDING: Kaupthing Singer Taps Ernst & Young as Receiver
BAUSCH & LOMB: Earns US$14.9 Million in Year Ended Dec. 31, 2006
BRITISH SKY: Antitrust Probe Could Force ITV Stake Sale
CHOPSTICKS AND BOWL: Names Keith Barry Stout Liquidator

COLLINS & AIKMAN: Secured Creditors Balk at Biz Sale Procedure
ECLIPSE 2007-2: Fitch Rates EUR5.75 Million Class E Notes at BB
ECLIPSE 2007-2: S&P Rates EUR5.75 Million Class E Notes at BB
GENCIA LTD: Appoints Alan H. Tomlinson as Liquidator
GENERAL MOTORS: Three Execs Continue Voluntary Salary Reductions

GOSHAWK INSURANCE: Posts US$977,000 Net Losses in Full Year 2006
HARRY KINDRED: HSBC Bank Appoints Deloitte & Touche as Receivers
HILTON HOTELS: Earns US$95 Million in 2007 First Quarter
KUDOS INFORMATION: Taps Joint Administrators from Baker Tilly
LUCKSBRIDGE NURSERIES: Names Joint Administrators from Vantis

MAGGIE CAROL: Hires Richard Ian Williamson as Liquidator
NORTH LONDON: Brings In Baker Tilly as Administrators
ORION TRADING: Taps Liquidator from Rendell Thompson
PICCADILLY TRANSPORT: Claims Filing Period Ends June 18
PURPLE STATIONERY: Joint Liquidators Take Over Operations

RAYMAR COATINGS: Brings In Liquidator from Butcher Woods
RECORDVIEW LTD: Names Liquidator to Wind-Up Business
SANDBACH TREATMENT: Appoints Administrators from Begbies Traynor
UNITED ONLINE: Calls In Liquidator from Ward & Co.
VIRGIN MEDIA: BSkyB Antitrust Probe Could Launch Fresh ITV Bid

WATERMARK GROUP: Earns GBP2.8 Million in Full Year 2006
WEST END: HSBC Bank Appoints Receivers from Deloitte

* U.S.-EU to Create One Trans-Atlantic Acctg. Standard by 2009

* Grant Thornton U.K. and RSM Robson Rhodes Agree to Merge

* Upcoming Meetings, Conferences and Seminars

                            *********

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


DIPL.-ING. HEIMO: Claims Registration Period Ends May 14
--------------------------------------------------------
Creditors owed money by LLC Dipl. - Ing. Heimo Stromberger (FN
183364d) have until May 14 to file written proofs of claim to
court-appointed estate administrator Norbert Peter Tischitz at:

         Dr. Norbert Peter Tischitz
         Moritschstrasse 2/I
         9500 Villach
         Austria
         Tel: 04242/23203
         Fax: 04242/23203-3
         E-mail: rechtsanwaelte@kramer-tischitz.at

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

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on April 11 (Bankr. Case No. 41 S 33/07m).


EPSILON GEWERBEIMMOBILIEN: Claims Registration Ends May 22
----------------------------------------------------------
Creditors owed money by Epsilon Gewerbeimmobilien & Co KEG (fka
LLC European Outlets & Co KEG) (FN 244724p) have until May 22 to
file written proofs of claim to court-appointed estate
administrator Michael Lentsch at:

         The Dr. Michael Lentsch
         Hauptplatz 32
         2700 Wiener Neustadt
         Austria
         Tel: 02622/27 0 41
         Fax: 02622/29 2 46
         E-mail: office@kosch-partner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Leobersdorf, Austria, the Debtor declared
bankruptcy on March 21 (Bankr. Case No. 11 S 35/07v).


FERCHER MODERNE: Claims Registration Period Ends May 14
-------------------------------------------------------
Creditors owed money by LLC Fercher Moderne (FN 131071b) have
until May 14 to file written proofs of claim to court-appointed
estate administrator Hannes Arneitz at:

         Mag. Hannes Arneitz
         10.Oktober Strasse Nr.13/DG
         9500 Villach
         Austria
         Tel: 04242/24 074
         Fax: 04242/24074-15
         E-mail: rechtsanwalt@arneitz.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on May 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Klagenfurt
         Conference Hall 225
         Second Floor
         Klagenfurt
         Austria

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on April 6 (Bankr. Case No. 41 S 31/07t).


LUDWIG SCHIRMER: Claims Registration Period Ends May 18
-------------------------------------------------------
Creditors owed money by OG Ludwig Schirmer (FN 17955f) have
until May 18 to file written proofs of claim to court-appointed
estate administrator Max Dengg at:

         Dr. Max Dengg
         Wilhelm-Greil-Strasse 19a
         6020 Innsbruck
         Austria
         Tel: 0512/573900
         Fax: 0512/573900-6
         E-mail: office@ra-max-dengg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on June 1 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on April 10 (Bankr. Case No. 7 S 19/07i).


NORBERT NIRSCHL: Claims Registration Period Ends May 24
-------------------------------------------------------
Creditors owed money by KEG Norbert Nirschl (FN 153404w) have
until May 24 to file written proofs of claim to court-appointed
estate administrator Romana Weber-Wilfert at:

         Dr. Romana Weber-Wilfert
         c/o Mag. Gerald Gerstacker
         Schrannenplatz 3/I
         2340 Moedling
         Austria
         Tel: 02236/864 5679
         Fax: 02236/864567-1
         E-mail: office@weber-wilfert.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Heiligenkreuz, Austria, the Debtor declared
bankruptcy on April 11 (Bankr. Case No. 10 S 37/07f).  Gerald
Gerstacker represents Dr. Weber-Wilfert in the bankruptcy
proceedings.


REISEGGER LLC: Claims Registration Period Ends May 18
-----------------------------------------------------
Creditors owed money by LLC Reisegger (FN 116257t) have until
May 18 to file written proofs of claim to court-appointed estate
administrator Benno Wageneder at:

         Dr. Benno Wageneder
         Bahnhofstrasse 20
         4910 Ried im Innkreis
         Austria
         Tel: 07752/810 23
         Fax: 07752/810 74
         E-mail: b.wageneder@aon.at

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

The meeting of creditors will be held at:

         The Land Court of Ried im Innkreis
         Hall 101
         First Floor
         Ried im Innkreis
         Austria

Headquartered in Senftenbach, Austria, the Debtor declared
bankruptcy on April 10 (Bankr. Case No. 17 S 11/07k).


S.N. ELEKTRO: Estate Administrator Declares Insufficient Assets
---------------------------------------------------------------
Mag. Dominik Baurecht, the court-appointed estate administrator
for LLC S.N. Elektro und Sanitar (FN 275359s), declared April 5
that the Debtor's property is insufficient to cover creditors'
claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 16 (Bankr. Case No. 6 S 33/07f).  Wolfgang Gerhard Zorn
represents Mag. Baurecht in the bankruptcy proceedings.

The estate administrator can be reached at:

         Mag. Dominik Baurecht
         c/o Dr. Wolfgang Gerhard Zorn
         Weihburggasse 4/22
         1010 Vienna
         Austria
         Tel: 533 66 61-0
         Fax: 533 66 61-10
         E-mail: baurecht@gnbz.at


TERRA PROMESSA: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered April 5 an order shutting down
the business of LLC Terra Promessa (FN 189753z).

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

The estate administrator can be reached at:

         Dr. Philipp Dobner
         Mariahilfer Strasse 50
         1070 Vienna
         Austria
         Tel: 523 62 00
         Fax: 526 72 74
         E-mail: schulyok-unger@csg.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 23 (Bankr. Case No. 28 S 35/07m).


TZIANAS LLC: Estate Administrator Declares Insufficient Assets
--------------------------------------------------------------
Mag. Michael Neuhauser, the court-appointed estate administrator
for LLC Tzianas (FN 162119k), declared April 5 that the Debtor's
property is insufficient to cover creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on March 27 (Bankr. Case No. 28 S 37/07f).

The estate administrator can be reached at:

         Mag. Michael Neuhauser
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at


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


ARVINMERITOR INC: Board Declares 10 Cents Per Share Dividend
------------------------------------------------------------
The ArvinMeritor Inc.'s Board of Directors, at a meeting held on
April 27, 2007, at its corporate headquarters, declared a
quarterly dividend of US$0.10 per share on the common stock,
payable June 11, 2007, to holders of record at the close of
business on May 21, 2007.

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

                        *     *     *

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

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

Ratings lowered:

ArvinMeritor Inc.

    -- Corporate Family Rating to Ba3 from Ba2

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

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

    -- Probability of Default to Ba3 from Ba2

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

Arvin Capital I

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

Arvin International PLC

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

Ratings affirmed:

ArvinMeritor Inc.

    -- Speculative Grade Liquidity rating, SGL-2


CHIQUITA BRANDS: Selling Cargo Vessels for US$277 Million
---------------------------------------------------------
Chiquita Brands International Inc. has signed definitive
agreements to sell its 12 refrigerated cargo vessels for US$227
million.

The ships will be chartered back from an alliance formed by
Eastwind Maritime Inc. and NYKLauritzenCool AB.  The parties
also entered a long-term strategic agreement in which the
alliance will serve as Chiquita's preferred supplier in ocean
shipping to and from Europe and North America.

As part of the transaction, Chiquita will lease back 11 of the
vessels for a period of seven years, with options for up to an
additional five years, and one vessel for a period of three
years, with options for up to an additional two years.  The
vessels to be sold consist of eight reefer ships and four
container ships, which collectively transport approximately 70
percent of Chiquita's banana volume shipped to core markets in
Europe and North America.  The agreements also provide for the
alliance to service the remainder of Chiquita's core ocean
shipping needs for North America and Europe, including through
multiyear time charters commencing in 2008 for seven additional
reefer vessels.

"This long-term arrangement will increase our financial
flexibility, simplify our business model and allow us to
increase our focus on providing branded, healthy, fresh foods to
consumers worldwide," Fernando Aguirre, Chiquita's chairman and
chief executive officer, said.  "We are confident that the
alliance parties, whose core business is global shipping, will
ensure the continuing reliable, high-quality shipment of
Chiquita products.  The ship sale transaction will significantly
reduce our debt, and the alliance will better position us to
adapt our shipping services as we grow our business over time.
At the same time, we anticipate that this transaction will
generate synergies and help to keep operating costs competitive.
Additionally, the long-term ship leases will help insulate us
from further industry operating cost increases on a significant
portion of our logistics portfolio for several years to come."

"This transaction is an exciting and rare opportunity to acquire
a large, modern, highly efficient refrigerated fleet and to work
with one of the best names in the produce industry," John Kousi,
chairman of Eastwind Maritime, said.  "Not only is this a great
opportunity to grow with Chiquita, but it also provides an
excellent platform on which to optimize capacity and achieve
cost synergies in the global shipment of produce, which is key
to our business."

The parties expect to complete the transaction within 45 days.
The alliance parties have committed to maintain the same high
social and environmental standards and certifications that
Chiquita introduced in its shipping operations, including
International Maritime Organization, American Bureau of
Shipping, ISO 9002, and ISO 14001 safety, quality and
environmental standards as well as Chiquita's code standards
related to labor conditions.

As of March 31, 2007, the net book value of the assets to be
transferred in the transaction approximated US$125 million.
Chiquita expects to realize an after-tax gain on the transaction
of approximately US$100 million, which will be amortized over
the initial terms of the ship charters.  The cash proceeds from
the transaction will be used to repay approximately US$170
million of debt, including US$90 million of ship mortgage debt
and US$80 million in term loan and revolving credit borrowings.
The remainder will be retained for general corporate purposes,
including growth investments.  The company's total-debt-to-
capitalization ratio of 55 percent at March 31, 2007, would have
been approximately 51 percent pro forma for the debt reduction
resulting from the transaction.

While EBITDA and operating income will be reduced because of the
conversion from owned assets to operating leases, the
transaction is expected to be accretive to net income and EPS
beginning in 2007, despite US$4 million in one-time costs for
severance and the writeoff of deferred financing costs, which
will be expensed in the second quarter.  The company estimates
that it will achieve synergies of approximately US$2 million in
2007 and US$4 million in 2008 through efficiencies such as route
combinations, cargo sharing and increased backhaul revenues.



                                 Transaction's Estimated
                               Impact, Including Synergies
    (US$ millions except EPS)      2007      2008(1)

    EBITDA                         (US$12)    (US$14)
    Depreciation                        7         11
    Operating Income                   (5)        (3)
    Net Income                          1         11
    EPS                              0.03       0.25

   (1) Chiquita anticipates additional improvement during the
       subsequent six-year period (2009-2014), because the
       company will not incur certain inflationary operating
       expenses due to the fixed lease rates established in the
       agreement.

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

                        *     *     *

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

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


CHIQUITA BRANDS: Posts US$3.4 Mln Net Loss in First Qtr. 2007
-------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the first quarter ended March 31, 2007.

Chiquita posted US$3.4 million in net losses against US$1.19
billion in net sales for the first quarter ended March 31, 2007,
compared with US$19.5 million in net profit against US$1.15
billion in net sales for the same period in 2006.

Quarterly sales rose primarily due to increased banana volume in
Europe and North America and favorable foreign exchange rates,
partly offset by lower local banana pricing in Europe.

Operating income decreased year-over-year to US$18 million in Q1
2007 from US$39.3 million in Q1 2006 due to higher purchased
fruit and other industry costs, lower local banana pricing in
the European market, higher costs due to a record January freeze
in Arizona, which affected lettuce sourcing, and the charge
related to a decision to exit certain farm leases in Chile.
These were partially offset by favorable year-over-year European
exchange rates and the absence of residual costs from Tropical
Storm Gamma that affected the year-ago period.

The year-over-year improvement in operating cash flow to
(US$3.4) million in Q1 2007 from US19.5 million in Q1 2006 was
attributable to lower seasonal working capital requirements,
driven by a reduction in days sales outstanding in receivables,
partly offset by a decline in operating results.

The increase in total debt to US$1.06 million in Q1 2007 from
US$1.02 million in Q1 2006 was due to US$36 million of
borrowings on the company's revolving credit facility in the
first quarter 2007, which brought total borrowings under the
facility to US$80 million at March 31, 2007, compared to US$27
million at March 31, 2006.  The company repaid US$16 million in
April and currently expects to repay all outstanding borrowings
under its revolving credit facility by the end of the second
quarter 2007.  The company expects to apply excess cash flow
primarily to pay down debt until it reaches its target total
debt-to-capital ratio of 40 percent.  At March 31, 2007, this
ratio was 55 percent and would have been 51 percent proforma for
the debt reduction resulting from the ship sale transaction
described below.

"During the first quarter, we continued to make good progress in
both our banana and salad operations," Fernando Aguirre,
chairman and chief executive officer, said.  "In Europe, we grew
volume while maintaining our premium market position and
profitability, despite last year's onerous regulatory changes.
In our North American banana business, we also grew volume,
recovered cost increases, and are successfully introducing
higher-margin, innovative products to differentiate the Chiquita
brand.  At Fresh Express, we have strengthened our No. 1
position in retail value-added salads and reinforced our food
safety leadership in the face of soft consumer demand for
packaged salads.  While these primary segments are improving, we
have also taken decisive actions to improve profits in our other
produce operations, including exiting certain farm operations in
Chile.

"Most significantly, the long-term shipping agreement we
announced [Tues]day is an important step in the execution of our
strategy to return to profitable, sustainable growth.  In a
nutshell, we could not have asked for a better transaction.  We
will increase our financial flexibility, simplify our business
model, and focus on the marketplace to provide branded, healthy,
fresh foods to consumers worldwide, while we let the right
experts deliver as good or better results in our shipping
operations.  We are confident that our agreement with two
premier global shipping companies will ensure the continuing
reliable, high-quality shipment of Chiquita products at
competitive operating costs.  At the same time, the transaction
will significantly reduce our debt, and the alliance will better
position us to adapt our shipping services as we grow our
business over time."

"Overall, while we have faced several obstacles in recent
quarters, I am confident that Chiquita is on the right path, and
we saw tangible signs of progress in the first quarter.  We
remain committed to deliver sustainable, profitable growth, and
we expect 2007 to be a positive step in reaching those goals,"
Mr. Aguirre concluded.

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

                        *     *     *

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

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


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


ZBROJOVKA BRNO: J&T Finance Pays CZK707 Million to Close Sale
-------------------------------------------------------------
The J&T Finance Group has fully paid the CZK707 million it had
offered in January for bankrupt Zbrojovka Brno's complex in the
largest ever auction in the Czech Republic.  The amount will be
included in Zbrojovka's bankruptcy assets, the Czech News Agency
reports.

The TCR-Europe reported on Feb. 9 that J&T, in partnership with
CPI Group, outbid 10 other interested buyers on Jan. 31.  J&T is
planning to redevelop Zbrojovka Brno's plant within five to 10
years, but ruled out relaunching the company's arms production
business.

                      About Zbrojovka Brno

Headquartered in Brno, Czech Republic, Zbrojovka Brno a.s.
-- http://www.zbrojovkabrno.com/-- manufactures and sells
hunting arms.  The company exports 80% of its hunting arms to
Finland, Germany, Spain, Italy, Poland, Ukraine, Romania and
Canada.

The Honorable Jiri Berka of the Regional Court of Usti nad Labem
declared Zbrojovka Brno a.s. bankrupt in March 2003, but kept
the group's arms production unit operating.  Shortly after, it
emerged from bankruptcy only to fall back in October 2003.
Around 72 creditors have filed CZK465 million in claims against
the company.  Its largest creditors are Czech Social Security
Administration CSSZ, GE Money Bank, bailout agency CKA and the
local tax office.


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


DELPHI CORP: Court Records US$54 Mil. Claim Transfers in March
--------------------------------------------------------------
The Clerk of the Bankruptcy Court for the Southern District of
New York recorded roughly US$54,000,000 in claims changing hands
for the period March 1 to 31, 2007.

The investors who bought claims are:

                                             No. of
                                             Claims  Aggregate
   Investor                                  Bought Claim Amount
   --------                                  ------ ------------
   Amroc Investments, LLC                       12   US$304,967
   APS Capital Corp.                             3    3,780,996
   Argo Partners                                 7      138,410
   ASM Capital, L.P.                             7       62,978
   CF Special Situation Fund I LP                3    3,780,996
   Contrarian Funds, LLC                        37    3,579,891
   Debt Acquisition Company of America V, LLC    2          677
   Deutsche Bank Securities Inc.                 1      771,893
   Fair Harbor Capital, LLC                      4      809,792
   Goldman Sachs Credit Partners, L.P.           2    9,444,374
   Hain Capital Holdings, LLC                    1            -
   Integrated Quality Solutions, LLC.            1        7,725
   JPMorgan Chase Bank, N.A.                     5    1,388,766
   Latigo Master Fund, Ltd.                      2    1,403,452
   Liquidity Solutions Inc.                      3    1,020,254
   Longacre Master Fund, Ltd.                   16    3,328,774
   Madison Investment Trust - Series 38          6       39,448
   Madison Niche Opportunities, LLC             23      333,868
   NXP Semiconductors USA, Inc.                  1    5,486,881
   Pumping Systems Inc.                          1        6,045
   Revenue Management                            1        2,146
   SPCP GROUP, L.L.C.                            7   16,907,913
   Stonehill Institutional Partners, LP          2      696,410
   TPG Credit Opportunities Fund, L.P.           4    1,388,766
   Trade-Debt.net                               12       10,382

The largest claim transfers include those between these parties:

Transferee              Transferor                  Claim Amount
----------              ----------                  ------------
APS Capital             Linamar Corporation        US$1,260,332
CF Special Situation    APS Capital                   1,260,332
Contrarian Funds        Phillips Plastic Corporation    352,055
Contrarian Funds        Phillips Plastic Corporation    751,116
Contrarian Funds        GCI Technologies, Inc.          331,172
Deutsche Bank           Yushin USA Ltd.                 771,893
Goldman Sachs           Analog Devices, Inc.          1,944,374
Goldman Sachs           InPlay Technologies, Inc.     7,500,000
JPMorgan                APS Clearing Corporation      1,347,829
Latigo Master Fund      Deutsche Bank                 1,403,132
Liquidity Solutions     America Online, Inc.            969,142
Longacre Master Fund    The Furukawa Electric Co.       498,651
Longacre Master Fund    Otto Bock Polyurethane          389,744
Longacre Master Fund    Xerox Corporation               485,244
Longacre Master Fund    AMI Semiconductor, Inc.         459,592
NXP Semiconductors      Phillips Semiconductors       5,486,881
SPCP GROUP              Technical Materials, Inc.       407,748
SPCP GROUP              ThyssenKrupp Waupaca Inc.     6,678,072
SPCP GROUP              Stahl Specialty Company       1,384,397
SPCP GROUP              ThyssenKrupp Stahl Co.        1,384,397
Stonehill Inst'l        Frimo, Inc.                     541,789
TPG Credit              JPMorgan                        620,001
TPG Credit              JPMorgan                        727,828

                        About Delphi Corp.

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil, and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530
in total assets and $22,166,280,476 in total debts.

The Debtors' exclusive plan-filing period expires on July 31,
2007.


DELPHI CORP: May Violate EU Policy Over Spanish Plant Closure
-------------------------------------------------------------
The European Commission suggested that Delphi Corp. could be
violating EU legislation with the planned closure of the firm's
Puerto Real plant in Cadiz, Spain, The Financial Times reports,
citing Expansion as its source.

According to the report, the US car parts maker may have failed
to:

   -- abide with rules protecting employees in the event of
      insolvency; and

   -- fully inform employees of the company's situation.

In a report carried by the Troubled Company Reporter-Europe on
Feb. 28, Delphi disclosed plans to shut down its Cadiz facility
due to high operating costs.  Delphi did not reveal the specific
date of the planned closure.

The site, which manufactures steering mechanisms and employs
about 1,570 workers, has incurred up to US$196 million in losses
in the last five years.

Bloomberg News reported then that the company has informed its
labor unions of the imminent closure.  Among the labor unions
representing Cadiz Facility workers are the Confederacion
Sindical de Comisiones Obreras and the Union General de
Trabajadores.

Expansion relates, citing European ministers, the Commission
also disclosed EU guidelines on collective redundancies,
employees' rights in the event of deployment and those relating
to works councils.

Workers, whose jobs are going to Poland as the company
capitalizes on lower labor costs, have conducted protests
against the closure.

                        About Delphi Corp.

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil, and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed $17,098,734,530
in total assets and $22,166,280,476 in total debts.

The Debtors' exclusive plan-filing period expires on July 31,
2007.


RHODIA SA: Puts EUR30 Mil for Brazil's Intermediates Production
---------------------------------------------------------------
Rhodia Polyamide, a unit of Rhodia S.A., disclosed a EUR30
million investment to increase its intermediates production
capacity at its Paulinia site in Brazil by end of 2008.

The investment will allow Rhodia to meet the demand of the
market growing five to six percent per year, driven by the
demand for polyamide and phenolic resins in Latin America.

By expanding its phenol and acetone production capacities by 25%
and its cyclohexanol capacity by 43%, Rhodia will strengthen its
leadership position in the regional intermediates market and
reinforce its upstream integrated polyamide chain; satisfy
customers' needs and seize new opportunities for profitable
growth.

"We have developed very solid positions in Brazil over the 87
years we've been present in the country.  Today Brazil accounts
for 13% of Group sales and I am particularly pleased to announce
this project which confirms our commitment to the region,"
commented Rhodia CEO Jean-Pierre Clamadieu.  "This investment is
an excellent example of our strategy of sustainable and
profitable growth."

                         About Rhodia

Headquartered in Paris, France, Rhodia SA (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.

                        *     *     *

As reported in the TCR-Europe on April 26, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable. Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
("OCEANE") an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, Moody's Investors
Service upgraded Rhodia S.A. corporate family rating to Ba3 and
assigned Probability of Default rating for the group at Ba3;
Moody's also upgraded senior secured notes at Rhodia S.A. to B1
and assigned LGD assessment at LGD4 (69%).  The proposed
convertible notes are rated (P)B1, LGD4 (69%).

The following ratings of Rhodia S.A. are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability of Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


=============
G E O R G I A
=============


METROMEDIA INTERNATIONAL: U.S. SEC May Deregister Securities
------------------------------------------------------------
Metromedia International Group Inc. has received a letter from
the U.S. Securities and Exchange Commission stating that the
Company was not in compliance with its reporting requirements
under Section 13(a) of the Securities Exchange Act of 1934, as
amended.

The SEC Letter stated that the Company may be subject, without
further notice, to an administrative proceeding pursuant to
Section 12(j) of the Exchange Act to revoke its registration
under the Exchange Act if all required reports were not filed
within 15 days of the date of the SEC Letter.

The SEC Letter also stated that the Company's stock may be
subject to a trading suspension by the SEC pursuant to Section
12(k) of the Exchange Act.  The Company is in the process of
preparing all required reports to comply with its reporting
requirements under Section 13(a) of the Exchange Act; however,
the Company does not presently expect to get current in such
filings in the immediate future and can not accurately predict
when it will be able to do so.

The Company has commenced discussions with the SEC in an attempt
to avoid the revocation of its registration pursuant to Section
12(j) of the Exchange Act, although there can be no assurance
that such registration will be maintained.

                        About Metromedia

Based in Charlotte, North Carolina, Metromedia International
Group (PINK SHEETS: MTRM-Common Stock and MTRMP-Preferred Stock)
-- http://www.metromedia-group.com/-- through its subsidiary,
Metromedia International Telecommunications, owns interests in
telecom and cable TV operations in Russia, Georgia, and
elsewhere in Eastern Europe.

The Company's core businesses includes Magticom, Ltd., the
leadingmobile telephony operator in Tbilisi, Georgia, and
Telecom Georgia, a well-positioned Georgian long distance
telephone operator.

                          *     *     *

In October 2006, Metromedia said it is filing a Chapter 11 Plan
in the U.S. after receiving a binding offer to acquire all of
the Company's business interests in Georgia for a cash price of
US$480 million from an investment group comprised of:

   -- Istithmar, an alternative investment house based in Dubai,
      United Arab Emirates;

   -- Salford Georgia, the Georgian office of Salford Capital
      Partners Inc., a private equity and investment management
      company which manages investments in the CIS and Central &
      Eastern Europe; and

   -- Emergent Telecom Ventures, a communications merchant bank
      focused on pursuing telecommunications opportunities in
      the Emerging Markets.

Upon the approval of the plan, all of the preferred and common
equity interests in the Company will be converted into the right
to receive the cash remaining after payment of all allowed
claims and the costs and expenses associated with the sale and
the Wind-Up.

Moody's Investors Service has placed Metromedia's subordinated
debt rating at B3 and junior subordinated debt rating at B2.


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


ALLGEMEINE HYPOTHEKENBANK: Offers Pfandbriefe Repurchase
--------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG intends to request the
holders of five Public Sector Jumbo Pfandbriefe and 15 Public
Sector Standard Pfandbriefe to submit offers for the sale of the
Pfandbriefe concerned.

Of the total of 20 issues, 10 are listed on the official market
of the Frankfurt Stock Exchange and seven on the Duesseldorf
Stock Exchange; three Public Sector Pfandbriefe are unlisted.
In addition, series 501 and 505 are also listed on the Eurolist
of Euronext Paris S.A.

The offer period for Jumbo Pfandbriefe is expected to end at
5:00 p.m. Central European Time, on May 9.  For the Standard
Pfandbriefe, the offer period is expected to end on 5:00 p.m.
Central European Time, May 15.

The buyback will apply to these Public Sector Pfandbriefe:

Jumbo Pfandbriefe

DE0002027968    EUR2.5 bln    4.00%   Oepfe. R. 496 v. 1999/2009
DE0002029519    EUR5 bln      5.00%   Oepfe. R. 501 v. 1999/2009
DE0002029550    EUR3 bln      5.50%   Oepfe. R. 505 v. 2000/2010
DE0003159554    EUR1 bln      5.00%   Oepfe. R. 955 v. 1998/2012
DE0002027976    EUR1 bln      4.25%   Oepfe. R. 497 v. 1999/2014

                        About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                          *     *     *

In a TCR-Europe report on April 2, Standard & Poor's Ratings
Services lowered its long-term counterparty credit rating on
Germany-based Allgemeine HypothekenBank Rheinboden AG to 'BB-'
from 'BB', following a review of the bank's progress in
implementing its new business model.

At the same time, the 'B' short-term rating was affirmed.  The
outlook is negative.

As of Feb. 15, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior
Unsecured Debt, carry Moody's Ba3 rating.  AHBR's Subordinated
debt carry Moody's B1 rating.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


ALLGEMEINE HYPOTHEKENBANK: Posts EUR575.1 Million Loss for 2006
---------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG posted EUR575.1 million
in net loss for year ended Dec. 31, 2006, a 47% improvement from
EUR1.08 billion in net loss for the year ended Dec. 31, 2005.

Results were impacted by the ongoing workout of legacy positions
in derivatives and the final restructuring measures.  The loss
allocation takes account of the silent partnerships of EUR56.0
million and profit participation capital of EUR103.9 million.
The remaining amount of EUR415.2 million and the loss brought
forward from 2005 (EUR441.6 million) make up the balance sheet
loss of EUR856.8 million.

The implementation of the new business model developed in 2006
is proceeding as planned, and HR restructuring is largely
complete.  The Bank is confident that it can come close to
breaking even in the current financial year, and aims to return
to profitability in 2008.

"AHBR has systematically implemented its restructuring program,
while at the same time developing a new, viable business model,"
Dr. Claus Nolting, Chairman of the Management Board of AHBR,
said.  "These are the two main prerequisites for a successful
re-launch, which will enable us to draw a line under the past
and look with motivation towards the future.  Initial experience
with our new business model has already confirmed that we have
made the right decisions."

                        About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                          *     *     *

In a TCR-Europe report on April 2, Standard & Poor's Ratings
Services lowered its long-term counterparty credit rating on
Germany-based Allgemeine HypothekenBank Rheinboden AG to 'BB-'
from 'BB', following a review of the bank's progress in
implementing its new business model.

At the same time, the 'B' short-term rating was affirmed.  The
outlook is negative.

As of Feb. 15, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior
Unsecured Debt, carry Moody's Ba3 rating.  AHBR's Subordinated
debt carry Moody's B1 rating.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


AUTOHAUS APPEL: Creditors Must Register Claims by May 15
--------------------------------------------------------
Creditors of Autohaus Appel GmbH have until May 15 to register
their claims with court-appointed insolvency manager Hans Joerg
Laudenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Giessen
         Hall 408
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         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:

         Hans Joerg Laudenbach
         Carlo Mierendorff Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-10
         Fax: 0641/98292-86

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

The Debtor can be reached at:

         Autohaus Appel GmbH
         Ursulum 6
         35396 Giessen
         Germany


AUTOHAUS H. HEMPEL: Claims Registration Period Ends June 1
----------------------------------------------------------
Creditors of Autohaus H. Hempel GmbH & Co KG have until June 1
to register their claims with court-appointed insolvency manager
Silvia Lackenbauer.

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 her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E09
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The District Court of Hanau opened bankruptcy proceedings
against Autohaus H. Hempel GmbH & Co KG on April 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Silvia Lackenbauer
         Gerichtsfach 59
         Ulanenplatz 12
         63452 Hanau
         Germany
         Tel: 06181 / 2702-31
         Fax: 06181 / 2702-18

The Debtor can be reached at:

         Autohaus H. Hempel GmbH & Co KG
         Frankfurter Strasse 7
         63571 Gelnhausen
         Germany

         Attn: Andreas Wagner, Manager
         Goldberg 30
         63571 Gelnhausen-Roth
         Germany


BARING BAUGESELLSCHAFT: Creditors Must File Claims by June 20
-------------------------------------------------------------
Creditors of BARING Baugesellschaft mbH have until June 20 to
register their claims with court-appointed insolvency manager
Kaufmann Joachim Schmitz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Kaufmann Joachim Schmitz
         Immengarten 2
         D 38104 Braunschweig
         Germany
         Tel: (05 31) 23 64 60
         Fax: (05 31) 2 36 46 99

The District Court of Braunschweig opened bankruptcy proceedings
against BARING Baugesellschaft mbH on April 20.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BARING Baugesellschaft mbH
         Ambossweg 13
         38229 Salzgitter
         Germany


BAUELEMENTE PREIS: Creditors Must Register Claims by May 30
-----------------------------------------------------------
Creditors of Bauelemente Preis GmbH have until May 30 to
register their claims with court-appointed insolvency manager
Jens Fahnster.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Limburg
         Hall D 221
         Walderdorffstrasse 12
         65549 Limburg
         Germany

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

The insolvency manager can be reached at:

         Jens Fahnster
         Koelnstr. 135
         D 53757 Sankt Augustin-Hangelar
         Germany
         Tel: 02241/9060-0
         Fax: 02241/9060-90

The District Court of Limburg opened bankruptcy proceedings
against Bauelemente Preis GmbH on April 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bauelemente Preis GmbH
         GalmerstraŠe 29
         65549 Limburg
         Germany


DE-BO GARDINEN: Claims Registration Period Ends June 22
-------------------------------------------------------
Creditors of De-Bo Gardinen GmbH have until June 22 to register
their claims with court-appointed insolvency manager Eduard
Spath.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Hof opened bankruptcy proceedings against
De-Bo Gardinen GmbH on April 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Dr. Eduard Spath
         Strassberger Str.1
         08527 Plauen
         Germany
         Tel: 03741/289499
         Fax: 03741/289498

The Debtor can be reached at:

         De-Bo Gardinen GmbH
         Attn: Pia Decker, Manager
         Trogenauer Weg 50
         95194 Regnitzlosau
         Germany


DFS DACH: Claims Registration Period Ends May 31
------------------------------------------------
Creditors of DFS Dach Fassaden Sanierungs-GmbH i.G. have until
May 31 to register their claims with court-appointed insolvency
manager Burghard Wegener.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Goettingen
         Hall B8
         Berliner Strasse 8
         37073 Goettingen
         Germany

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

The District Court of Goettingen opened bankruptcy proceedings
against DFS Dach Fassaden Sanierungs-GmbH i.G. on April 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         DFS Dach Fassaden Sanierungs-GmbH i.G.
         Attn: Jutta Grube and Hermann-Josef Schenke, Managers
         Stadtweg 10
         37130 Gleichen
         Germany


ECO CLEAN: Claims Registration Period Ends June 4
-------------------------------------------------
Creditors of Eco Clean Gebaudereinigungs GmbH have until June 4
to register their claims with court-appointed insolvency manager
Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Aachen opened bankruptcy proceedings
against Eco Clean Gebaudereinigungs GmbH on April 23.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Carsten Lange
         Laurentiusstrasse 16-20
         52072 Aachen
         Germany
         Tel: 024141344550
         Fax: 0241413445511

The Debtor can be reached at:

         Eco Clean Gebaudereinigungs GmbH
         Attn: Michaela Schmidt, Manager
         Rosenweg 25 A
         52525 Heinsberg
         Germany


GEORG ZEHETNER: Claims Registration Period Ends June 15
-------------------------------------------------------
Creditors of Georg Zehetner, Bauunternehmung GmbH have until
June 15 to register their claims with court-appointed insolvency
manager Matthias Dieckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on July 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The District Court of Landshut opened bankruptcy proceedings
against Georg Zehetner, Bauunternehmung GmbH on April 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Matthias Dieckmann
         Gute Anger 11
         85356 Freising
         Germany
         Tel: 08161/988110
         Fax: 08161/82472

The Debtor can be reached at:

         Georg Zehetner, Bauunternehmung GmbH
         Ottering 10
         84416 Inning a. H.
         Germany


GLOBAL NETWORKS: Claims Registration Period Ends June 1
-------------------------------------------------------
Creditors of Global Networks IT&C GmbH have until June 1 to
register their claims with court-appointed insolvency manager
Nikolaus Gaede.

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

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany

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

The District Court of Augsburg opened bankruptcy proceedings
against Global Networks IT&C GmbH on April 24.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Nikolaus Gaede
         Buerkleinstr. 10
         80538 Munich
         Germany

The Debtor can be reached at:

         Global Networks IT&C GmbH
         Koenigsbrunner Str. 29
         86507 Oberottmarshausen
         Germany


GLW BAU: Claims Registration Ends June 21
-----------------------------------------
Creditors of GLW Bau GmbH have until June 21 to register their
claims with court-appointed insolvency manager Dr. Karsten
Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 11:10 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
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         Germany

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

The insolvency manager can be reached at:

         Dr. Karsten Foerster
         Herbert-Jensch-Strasse 111
         15234 Frankfurt
         Germany

The District Court of Frankfurt opened bankruptcy proceedings
against GLW Bau GmbH on April 24.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GLW Bau GmbH
         Garten-Landschafts-Wegebau
         Robert-Koch-Str. 2
         15326 Lebus
         Germany


GRUNDSTUECKSGESELLSCHAFT WALLENRODER: Claims Due Set June 19
------------------------------------------------------------
Creditors of Grundstuecksgesellschaft Wallenroder Strasse 8-14
GmbH & Co. KG i.L. have until June 19 to register their claims
with court-appointed insolvency manager Dr. Joachim Heitsch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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:

         Dr. Joachim Heitsch
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Grundstuecksgesellschaft Wallenroder Strasse
8-14 GmbH & Co. KG i.L.on April 20.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Grundstuecksgesellschaft Wallenroder Strasse 8-14 GmbH
         & Co. KG i.L.
         Manteuffelstrasse 49
         12103 Berlin
         Germany


HAYES LEMMERZ: Plans US$150 Million of Senior Notes Offering
------------------------------------------------------------
Hayes Lemmerz International Inc. plans to offer approximately
US$150 million, or the equivalent amount denominated in euros,
of senior unsecured notes.  The notes are expected to be issued
by a European subsidiary.  The issuance of the notes is subject
to market and other customary conditions.

The notes will be offered in the United States to qualified
institutional buyers pursuant to Rule 144A under the Securities
Act of 1933, as amended, and outside the United States pursuant
to Regulation S under the Securities Act.  The notes have not
been and will not be registered under the Securities Act and may
not be offered or sold in the United States without registration
or an applicable exemption from the registration requirements.

Additionally, Hayes Lemmerz has launched the syndication of the
new senior secured credit facilities in an amount of up to
US$495 million.

The proceeds of the new credit facilities will be used to
refinance the company's obligations under its Amended and
Restated Credit Agreement dated April 11, 2005.  The refinancing
of the Amended and Restated Credit Agreement and the placement
of a portion of the company's debt outside the United States are
conditions to the obligation of Deutsche Bank Securities Inc.
and SPCP Group LLC, an affiliate of Silver Point Capital L.P.,
to backstop the Rights Offering.

Additional proceeds will be used to replace existing letters of
credit and to provide for working capital and other general
corporate purposes, and to pay the fees and expenses associated
with the new credit facilities.

Bank meetings are scheduled Wednesday, May 2, 2007, in
London, England and Thursday, May 3, 2007, in New York, NY.

Citigroup Global Markets Inc. and Deutsche Bank AG, New
York Branch and Deutsche Bank Securities Inc. will act as joint
arrangers and joint book-runners for the syndication of
the new credit facilities.

                About Hayes Lemmerz International Inc.

Hayes Lemmerz International, headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2007, Moody's Investors Service lowered HLI Operating
company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


HAYES LEMMERZ: Discloses Rights Distribution to Stockholders
------------------------------------------------------------
Hayes Lemmerz International, Inc. reported the distribution of
rights in its previously announced US$180 million rights
offering and the execution of a commitment letter for a new
US$495 million senior secured credit facility.

The company is distributing to stockholders of record as of
April 10, 2007, non-transferable subscription rights to purchase
shares of its common stock in connection with the Rights
Offering.  Stockholders on the record date will receive 1.3970
rights for each share of the company's common stock held on the
record date.  Each right entitles the holder to purchase one
share of common stock at a price of US$3.25 per share until 5:00
p.m. Eastern Daylight Time, on May 21, 2007, unless extended by
the company.  Stockholders who receive rights through a bank or
broker will receive instructions for exercising rights from
their bank or broker and may be required to act prior to the
stated expiration time.  Hayes Lemmerz may terminate the Rights
Offering for any reason prior to the expiration time.

The Rights Offering and the related agreements are subject to
the approval of the company's stockholders.  A special meeting
to approve the rights offering and certain other matters is
scheduled to be held on May 4, 2007, at the company's
headquarters in Northville, Michigan.

Hayes Lemmerz also has executed a commitment letter with
Citigroup Global Markets Inc. and Deutsche Bank AG, New York
Branch and Deutsche Bank Securities Inc. to provide new senior
secured credit facilities in an amount of up to US$495 million.
Citigroup and Deutsche Bank will act as joint arrangers and
joint book-runners for the syndication of the new credit
facilities.  The new credit facilities are expected to consist
of a term loan facility of up to US$350 million, which will be
denominated in euros and placed with a subsidiary in Europe, a
revolving credit facility of up to US$125 million and a
synthetic letter of credit facility of up to US$20 million.

The proceeds of the new credit facilities will be used, together
with the proceeds of other financing activities, to refinance
the company's obligations under its Amended and Restated Credit
Agreement dated April 11, 2005.  The refinancing of the Amended
and Restated Credit Agreement and the placement of a portion of
the Company's debt outside the United States are conditions to
the obligation of Deutsche Bank Securities Inc. and SPCP Group,
LLC, an affiliate of Silver Point Capital, L.P., to backstop the
Rights Offering.  Additional proceeds will be used to replace
existing letters of credit and to provide for working capital
and other general corporate purposes, and to pay the fees and
expenses associated with the new credit facilities.

The company and its officers and directors may be deemed to be
participants in the solicitation of proxies from the company's
stockholders in connection with the approval of the Rights
Offering and certain related proposals.  Information about those
officers and directors of the company and their ownership of the
Company's common stock is set forth in the proxy statement for
the special meeting, which was filed with the Securities and
Exchange Commission on April 18, 2007.

                About Hayes Lemmerz International Inc.

Hayes Lemmerz International, headquartered in Northville,
Michigan, is a global supplier of steel and aluminum automotive
and commercial vehicle highway wheels, as well as aluminum
components for brakes, powertrain, suspension, and other
lightweight structural products.  Worldwide revenues approximate
US$2.2 billion.  The company has 33 facilities worldwide
including India, Brazil and Germany, among others.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2007, Moody's Investors Service lowered HLI Operating
company, Inc.'s ratings:

   * Corporate Family to Caa1 from B3;
   * first lien senior secured to B1 from Ba3;
   * second lien term loan to Caa1 from B3.


HEINRICH GEHRLICH: Claims Registration Ends July 13
---------------------------------------------------
Creditors of Heinrich Gehrlich GmbH have until July 13 to
register their claims with court-appointed insolvency manager
Hildegard A. Hoevel.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on Aug. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt
         Germany

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

The insolvency manager can be reached at:

         Hildegard A. Hoevel
         Raimundstr. 98
         60320 Frankfurt/Main
         Germany
         Tel: 069/9454846-0
         Fax: 069/945484677

The District Court of Frankfurt opened bankruptcy proceedings
against Heinrich Gehrlich GmbH on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Heinrich Gehrlich GmbH
         Untergasse 18
         61118 Bad Vilbel
         Germany


IGB IMMOBILIENVERWERTUNG: Claims Registration Ends June 22
----------------------------------------------------------
Creditors of IGB Immobilienverwertung Verwaltungs-GmbH have
until June 22 to register their claims with court-appointed
insolvency manager Dr. Martin Heidrich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Martin Heidrich
         Maximilianstrasse 35
         80539 Munich
         Germany
         Tel: 089/2060292-70
         Fax: 089/2060292-81

The District Court of Hof opened bankruptcy proceedings against
IGB Immobilienverwertung Verwaltungs-GmbH on April 25.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IGB Immobilienverwertung Verwaltungs-GmbH
         Larchenweg 15
         95189 Koeditz
         Germany

         Attn: Gottfried Mack, Manager
         Ludwigstr. 9
         84347 Pfarrkirchen
         Germany


JE TRANSPORTE: Claims Registration Ends May 22
----------------------------------------------
Creditors of JE Transporte GmbH have until May 22 to register
their claims with court-appointed insolvency manager Stefan
Bick.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on July 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Osnabrueck
         Branch N 302
         Kollegienwall 10
         49074 Osnabrueck
         Germany

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

The insolvency manager can be reached at:

         Stefan Bick
         Neumarkt 8
         49074 Osnabrueck
         Germany
         Tel: 0541/358300
         Fax: 0541/3583025

The District Court of Osnabrueck opened bankruptcy proceedings
against JE Transporte GmbH on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         JE Transporte GmbH
         Attn: Jutta Ebert, Manager
         Am Heerweg 17
         49134 Wallenhorst
         Germany


JENOPTIK AG: Owns 100% of SINAR After Minority Stake Acquisition
----------------------------------------------------------------
The Jenoptik Group has purchased the remaining 49 percent of the
shares in SINAR AG, making it a 100 percent owned subsidiary of
the technology group's Laser & Optics division.

The Board of Directors of SINAR AG approved the share
acquisition last week.  Through this, the traditional company
with 50 employees and headquarters in the Swiss town of
Feuerthalen has become an integral part of the digital imaging
activities of the Jena-based technology group.

SINAR will market professional cameras and camera modules, both
its own and those developed by Jenoptik in conjunction with
partners, on a worldwide basis.  The 49 percent stake was
previously held by the Koch founder family.  The contracting
parties have agreed that the details of the purchase modalities
and the purchase price are to remain confidential.

The aim of the full takeover is to position SINAR as a premium
provider amongst the world's leading suppliers for professional
digital photography and to significantly expand the market share
in the premium segment for digital medium format cameras.

       Sinar Hy6-system's volume delivery starts in June

Global volume supply of the medium format camera developed by
Jenoptik in conjunction with partners is to start in June this
year as Sinar Hy6-system.  SINAR AG will be responsible for
worldwide distribution of the new medium format camera, which
was awarded top marks on its initial launch at Photokina 2006 in
Cologne.

The HY6 received the Photokina Star 2006 as the most outstanding
new product presentation.  It is currently the only state-of-the
art 6X6 medium format camera and has already been prepared for
future high-resolution sensor formats.  The Sinar Hy6 allows for
both digital and analogue photos as well as free choice of the
formats 6X6 and 4.5X6.  The HY6 has been designed as an open
system and allows for the use of digital backs of various
manufacturers.

          Wolfgang Keller new SINAR AG CEO since April

The driving force behind SINAR and its integration into the
Jenoptik Group since April 1 this year has been Wolfgang Keller
who took over the management of the business from Alain Wacker
as Chief Executive Officer.  Wolfgang Keller's main tasks in his
new role, in addition to the operational business, will be the
further integration of SINAR AG into the activities of the
Jenoptik Group in the area of digital imaging.

Before joining SINAR the 48 year-old qualified engineer was
responsible for the operational business of Leica Camera AG,
Solms as Chief Operating Officer.  His career path has included
periods, amongst others, as part of the management of Schleicher
Electronic GmbH & Co. KG, Berlin as well as on the Management
Board of BERU Electronics GmbH, a BERU AG company.

                         About Jenoptik

Headquartered in Jena, Germany, Jenoptik AG --
http://www.jenoptik.com/cps/rde/xchg/jenoptik_en/-- produces
and markets components, systems and facilities for the medical,
electronics, telecommunications and semiconductor manufacturing
industries.  The Company manufactures clean room for electronics
producers, diode lasers, infrared cameras and high-resolution
lenses.

                        *     *     *

In a TCR-Europe report on April 4, Moody's Investors Service
assigned these Probability-of-Default and Loss-Given-Default
rating methodology for Jenoptik AG:

* Issuer: Jenoptik AG

                            Old POD  New POD  LGD      Projected
   Debt Issue               Rating   Rating   Rating   LGD
   ----------               -------  -------  ------   ---------
   7.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                 B1       Ba3      LGD3      39%

As reported in the TCR-Europe on Nov. 22, 2006, Fitch Ratings
changed German industrial-technology group Jenoptik AG's Outlook
to Positive from Stable.

At the same time, the agency affirmed the group's Issuer Default
rating and Short-term rating at B.  Fitch upgraded Jenoptik's
senior unsecured rating to B+ from B and its Recovery rating to
RR3 from RR4.

In July 2006, Standard & Poor's Ratings Services raised its
long-term corporate credit rating on Germany-based engineering
group Jenoptik AG to 'B+' from 'B', following the sale of the
facility-engineering division M+W Zander Holding AG.  S&P said
the outlook is stable.

At the same time, the rating on Jenoptik's EUR150 million senior
secured bonds was raised to 'B+' from 'B', and the rating on the
EUR62.1 million senior unsecured convertible notes to 'B-' from
'CCC+'.


LAMP BUERO-SYSTEME: Claims Registration Ends June 7
---------------------------------------------------
Creditors of Lamp buero-systeme GmbH have until June 7 to
register their claims with court-appointed insolvency manager
Leonhard Wehlage.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Neumuenster
         Area B 031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Leonhard Wehlage
         Saseler Chaussee 38
         22391 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Lamp buero-systeme GmbH on April 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Lamp buero-systeme GmbH
         Attn: Ruediger Lamp, Manager
         Moehlenkamp 34
         24582 Bordesholm
         Germany


NRG ENERGY: Inks Deal with TEPCO to Expand South Texas Project
--------------------------------------------------------------
NRG Energy, Inc., through its agent, South Texas Project Nuclear
Operating Company, has signed an agreement with The Tokyo
Electric Power Company, Inc., or TEPCO to provide TEPCO's
expertise and experience to support STP's planned two-unit
expansion.  TEPCO owns and operates two Advanced Boiling Water
Reactor -- ABWR -- nuclear units in Japan and NRG has proposed
building two ABWR units at the STP site to bring an additional
2,700 megawatts of clean nuclear power to Texas.

"President Bush and Prime Minister Abe of Japan took an
auspicious step today, underscoring the importance of expanding
zero-emission nuclear power through the Joint Nuclear Energy
Action Plan.  We are proud of our agreement with TEPCO that
strongly aligns with the principles of the Plan announced
earlier this week," said David Crane, NRG President and Chief
Executive Officer.  "Technical cooperation within the business
sector will be critical to renewed nuclear development in the
United States. Combining STP's operational excellence with the
tremendous experience TEPCO has in building and operating ABWR
nuclear plants will make an unbeatable team."

The NRG/TEPCO agreement calls for TEPCO to consult on the
design, construction, operation and maintenance of the new ABWR
units at STP, and to provide their expertise and experience in
developing the application of a combined construction and
operation license that NRG intends to submit to the Nuclear
Regulatory Commission during the second half of this year. The
General Electric Company's ABWR design has been certified by the
U.S. Nuclear Regulatory Commission.

"TEPCO will be an invaluable partner in ensuring STP units 3 and
4 come online on schedule and on budget to help meet Texas'
growing energy needs through nuclear power," said Steve Winn,
Executive Vice President, Strategy, and Environmental and New
Business.  "Nuclear power has shown its ability to produce much
needed power reliably and safely and without adding greenhouse
gases or other emissions into our atmosphere.  We look forward
to working with TEPCO to develop this proven technology that
will power Texas' economy in an economical and environmentally
friendly manner."

                        Tokyo Electric

TEPCO is the largest electric power company in Japan and one of
the largest investor owned electric utilities in the world.
TEPCO supplies electricity to meet the increasingly diversified
and sophisticated demands of its over 27.7 million customers in
the 39,500 square-kilometer service area that includes
metropolitan Tokyo, the political, economic, and cultural center
of Japan, and eight prefectures surrounding Tokyo.  TEPCO has
diversified major energy sources ranging from hydroelectric,
oil, and liquefied natural gas to nuclear.

                     South Texas Project

STP supplies power to customers in Houston, Austin, San Antonio,
Corpus Christi and surrounding areas.  The plant is managed by
the STP Nuclear Operating Company and is owned by NRG Texas, CPS
Energy and Austin Energy. STP's twin reactors produce nearly
2,600 megawatts of electricity, enough to power approximately
two million homes.  For the last three years, the South Texas
Project nuclear power plant has led the U.S. in electricity
production by two-reactor facilities. STP unit 2 led all 103
reactors nationwide in production in 2006 and was the third
highest of the 442 reactors worldwide.  STP unit 1, which
conducted a routine refueling and maintenance outage in 2006,
ranked sixth in production in the country and seventeenth
globally.

                      About NRG Energy

Headquartered in Princeton, New Jersey, NRG Energy Inc.
(NYSE:NRG) owns and operates power generating facilities,
primarily in Texas and the northeast, south central and western
regions of the United States.  NRG also owns generating
facilities in Australia, Brazil, and Germany.

                        *     *     *

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Fitch Ratings assigned a rating of 'B+/RR3' on NRG Energy's
issuance of US$1.1 billion senior notes due 2011.  This issue
will rank equally with NRG's other senior unsecured obligations.
Fitch said the rating outlook is stable.


PERFECTA STEUERBERATUNGSGESELLSCHAFT: Claims Filing Ends June 19
----------------------------------------------------------------
Creditors of PERFECTA Steuerberatungsgesellschaft mbH have until
June 19 to register their claims with court-appointed insolvency
manager Joerg Riedemann.

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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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 Riedemann
         Muehlweg 47
         D 06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against PERFECTA Steuerberatungsgesellschaft mbH on
April 20.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         PERFECTA Steuerberatungsgesellschaft mbH
         Attn: Horst Linke, Manager
         Oeltzschner Strasse 1 b
         06217 Merseburg
         Germany


PERI GMBH: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors, the rating agency confirmed its
Ba2 Corporate Family Rating for PERI GmbH.

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

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

                                                 Projected
                              POD      LGD       Loss-Given
      Debt Issue              Rating   Rating    Default
      ----------              -------  -------   ------
   Sr. Unsec. Regular Bond/
   Debenture Due 2009         Ba2      LGD4      53%

   5.625% Sr. Unsec. Regular
   Bond/Debenture Due 2011    Ba2      LGD4      53%

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

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

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

Headquartered in Weissenhorn, Germany, PERI GmbH
-- http://www.peri.de/-- is the biggest provider and
manufacturer of formwork and scaffolding systems in the world.


PETERSMEIER GMBH: Creditors Must Register Claims by May 23
----------------------------------------------------------
Creditors of Petersmeier GmbH have until May 23 to register
their claims with court-appointed insolvency manager
Ernst Wiesner.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Hagen
         Hall 283 Karlsruhe
         Second Floor
         Main Building
         Heinitzstrasse 42
         58097 Hagen
         Germany

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

The insolvency manager can be reached at:

         Ernst Wiesner
         Kirchender Dorfweg 14
         58313 Herdecke
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Petersmeier GmbH on April 25.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Petersmeier GmbH
         Attn: Friedrich Petersmeier, Manager
         Osemundstr. 2
         58809 Neuenrade
         Germany


PUTBUSER BAUGESELLSCHAFT: Creditors Must File Claims by May 25
--------------------------------------------------------------
Creditors of Putbuser Baugesellschaft mbH have until May 25 to
register their claims with court-appointed insolvency manager
Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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 Sievers
         Robert-Blum-Str. 1
         17489 Greifswald
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Putbuser Baugesellschaft mbH on April 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Putbuser Baugesellschaft mbH
         Attn: Wolfgang MĀller, Manager
         Circus 12
         18581 Putbus
         Germany


R-ANTRIEBSTECHNIK GMBH: Claims Registration Period Ends June 8
--------------------------------------------------------------
Creditors of R-Antriebstechnik GmbH have until June 8 to
register their claims with court-appointed insolvency manager
Alfred Koerbitz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Alfred Koerbitz
         Promenadeplatz 9
         80333 Munich
         Germany
         Tel: 089/24216730
         Telefax: 089/24216745

The District Court of Munich opened bankruptcy proceedings
against R-Antriebstechnik GmbH on April 20.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         R-Antriebstechnik GmbH
         Attn: Ernst Reinwein, Manager
         Riesengebirgstr. 1
         80993 Munich
         Germany


SAKUFA PUTZGESCHAFT: Claims Registration Period Ends July 9
-----------------------------------------------------------
Creditors of SaKuFa Putzgeschaft GmbH. I.L. have until July 9 to
register their claims with court-appointed insolvency manager
Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Hildesheim
         Hall 124
         Main Building
         Kaiserstrasse 60
         31134 Hildesheim
         Germany

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

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Tel: 0511/3539910
         Fax: 0511/35399110
         E-mail: www.hww-kanzlei.de

The District Court of Hildesheim opened bankruptcy proceedings
against SaKuFa Putzgeschaft GmbH. I.L. on April 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SaKuFa Putzgeschaft GmbH. I.L.
         Attn: Stephan Kunze, Liquidator
         St. Hedwig-Str. 2
         31135 Hildesheim
         Germany


TANNENHOF GASTRONOMIEBETRIEBE: Claims Registration Ends May 26
--------------------------------------------------------------
Creditors of Tannenhof Gastronomiebetriebe GmbH & Co. Betriebs
KG have until May 26 to register their claims with court-
appointed insolvency manager Thomas Bueckmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Duisburg
         Hall C407
         Fourth Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Bueckmann
         Kohlenkamp 39
         45468 Muelheim
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against Tannenhof Gastronomiebetriebe GmbH & Co. Betriebs KG on
April 19.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Tannenhof Gastronomiebetriebe GmbH & Co. Betriebs KG
         Broicher Waldweg 180
         45479 Muelheim
         Germany

         Attn: Rainer Orbah, Manager
         Langenfeldstr. 17
         45480 Muelheim
         Germany


TPR INSTALLATIONSTECHNIK: Claims Registration Ends June 15
----------------------------------------------------------
Creditors of TPR Installationstechnik GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Goerge Scheid.

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 Gera
         Rudolf-Diener-Str. 1
         Zimmer 317
         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:

         Goerge Scheid
         Rudolf-Diener-Str. 9
         07545 Gera
         Germany

The District Court of Gera opened bankruptcy proceedings against
TPR Installationstechnik GmbH on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TPR Installationstechnik GmbH
         Attn: Paul Riedesel, Manager
         Braustr. 2
         07551 Gera
         Germany


WINDPARK SEFFERWEICH: Creditors Meeting Slated for May 24
---------------------------------------------------------
The court-appointed insolvency manager for Windpark Sefferweich-
Sued W.A.T.T. GmbH, Joerg A. Wunderlich, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:30 a.m. on May 24.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 2:30 p.m. on June 28 at the same venue.

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

The insolvency manager can be reached at:

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

The District Court of Trier opened bankruptcy proceedings
against Windpark Sefferweich-Sued W.A.T.T. GmbH on April 24.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Windpark Sefferweich-Sued W.A.T.T. GmbH
         Attn: Jorg Temme, Manager
         Kirchenbungert 2
         54292 Trier
         Germany


WOLFGANG HARICH: Creditors Meeting Slated for June 6
----------------------------------------------------
The court-appointed insolvency manager for Wolfgang Harich
Verwaltungsgesellschaft mbH, July 25, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:55 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 10:15 a.m. on Sept. 19 at the same venue.

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

The insolvency manager can be reached at:

         Hartwig Albers
         Lutzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Wolfgang Harich Verwaltungsgesellschaft mbH
on April 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Wolfgang Harich Verwaltungsgesellschaft mbH
         Plan 30
         15831 Grossbeeren
         Germany


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


CENTRAL PARKING: Moody's Puts (P)Ba2 Rating on US$355MM Facility
----------------------------------------------------------------
Moody's Investors Service assigned provisional ratings to KCPC
Acquisition, Inc. in connection with the pending leveraged
buyout of Central Parking Corporation.

Moody's assigned a provisional (P)B2 Corporate Family Rating, a
(P)Ba2 rating to the proposed US$355 million first lien credit
facility and a P(B2) rating to the proposed US$50 million second
lien term loan facility.

The US$355 million first lien credit facility consists of:

    (i) a US$225 million term loan facility;
   (ii) a US$75 million revolving credit facility and;
  (iii) a US$55 million synthetic letter of credit facility.

The provisional ratings will be converted to definitive ratings
upon the closing of the transaction.  The rating outlook for
KCPC is stable.

On February 22, Moody's placed the Ba3 Corporate Family Rating,
Ba3 Probability of Default Rating and B2 rating on the
convertible trust issued preferred securities of CPC on review
for possible downgrade following the company's announcement that
it entered into a definitive agreement to be acquired by a
consortium of private investment funds.  Pursuant to the merger
agreement, KCPC, a newly formed holding company owned by
affiliates of Kohlberg & Co. LLC, Lubert-Adler Partners, LP and
Chrysalis Capital Partners, Inc., will merge with and into CPC.
Under the terms of the merger agreement, CPC's common equity
shareholders will receive US$22.53 per share in cash or about
US$745 million.  The merger is subject to the approval of CPC's
shareholders and customary closing conditions.  The chairman of
the company, his family and related entities, who collectively
own 47% of the common stock of CPC, have entered into voting
agreements to vote in favor of the merger agreement unless the
merger agreement is terminated or materially amended.

CPC may terminate the merger agreement under certain
circumstances, including if its board of directors determines in
good faith that it has received a superior proposal, and
otherwise complies with certain terms of the merger agreement.
In connection with such termination, the company must pay a fee
of US$22.4 million to the equity sponsors.  If the merger
agreement is terminated because the equity sponsors fail to
obtain sufficient financing, then a US$30 million payment will
be due to the company.

The merger agreement provides that at the effective time of the
merger, each outstanding share of the Trust Issued Preferred
Securities issued by Central Parking Finance Trust, a statutory
business trust and wholly-owned subsidiary of CPC, shall remain
outstanding and shall thereafter be convertible at the election
of the holder of the TIPS into an amount equal to the product of
the common stock merger consideration times the number of shares
of company common stock into which the TIPS could have been
converted at the effective time.  If substantially all of the
TIPS elect to convert and receive cash consideration in
connection with the buyout, then Moody's will withdraw the
ratings on the TIPS. If a material amount of TIPS remain
outstanding after the buyout, then Moody's expects to lower the
TIPS rating to Caa1.  Upon closing of the transaction, Moody's
expects to lower the Corporate Family Rating and Probability of
Default Rating of CPC to B2 and then withdraw such ratings.

Moody's affirmed the Baa3 rating on the existing US$299 million
senior secured credit facility of CPC since the merger agreement
provides that the credit facility will be repaid in connection
with the closing of the buyout.  Moody's expects to withdraw the
rating on the secured credit facility of CPC upon closing of the
transaction.

In connection with the merger, CPC expects to form one or more
special purpose entities and contribute to Propco the majority
of its owned parking facilities and the improvements thereon.
Propco will issue approximately US$417.8 million in aggregate
principal amount of first mortgage and mezzanine financing (not
rated by Moody's).  Propco will not be a guarantor under the new
secured credit facilities.  After the buyout, CPC and its
guarantor subsidiaries will derive revenues from its portfolio
of leased and managed parking facilities, a limited number of
owned properties, and a management agreement with Propco.

The proceeds from the real estate financing, US$275 million of
first and second lien term loans, a US$210 million cash equity
contribution, and existing cash and revolver borrowings will be
used to fund the equity component of the buyout, retire existing
debt and pay related fees and expenses.

The (P)B2 Corporate Family Rating reflects a more than four-fold
increase in consolidated debt levels (excluding Moody's standard
adjustments) as a result of the buyout.  On an Opco only basis,
debt levels will increase from about US$170 million (including
the full amount of the TIPS) to about US$284 million, with the
majority of the company's owned parking facilities transferred
to Propco.

Although constrained by modestly weak credit metrics for the B2
rating category and an uneven track record of financial
performance, the ratings are supported by a leading market
position, improving profitability over the last year and the
expectation for growing demand for outsourced parking services.

Moody's assigned these ratings to KCPC:

    * US$75 million 6 year first lien revolving credit facility,
      (P)Ba2 (LGD 2, 19%)

    * US$225 million 7 year first lien term loan facility,
      (P)Ba2 (LGD 2, 19%)

    * US$55 million 7 year first lien synthetic letter of credit
      facility, (P)Ba2 (LGD 2, 19%)

    * US$50 million 7.5 year second lien term loan facility,
      (P)B2 (LGD 4, 51%)

    * Corporate family rating, (P)B2

    * Probability of default rating, B2

These ratings of Central Parking Corporation remain on review
for downgrade:

    * US$78 million 5.25% convertible trust issued preferred
      securities (issued by the Central Parking Finance Trust),
      rated B2 (LGD 6, 93%)

    * Corporate family rating, Ba3

    * Probability of default rating, Ba3

These ratings of Central Parking were affirmed:

    * US$225 million senior secured revolving credit facility
      due 2008, rated Baa3 (LGD 2, 15%)

    * US$74 million senior secured term loan facility due 2010,
      rated Baa3 (LGD 2, 15%)

Central Parking Corporation, headquartered in Nashville,
Tennessee, is a leading provider of parking and transportation-
related services.  As of December 31, 2006, the Company operated
more than 3,000 parking facilities containing approximately 1.5
million spaces at locations in 37 states, the District of
Columbia, Canada, Puerto Rico, Chile, Colombia, Peru, the United
Kingdom, the Republic of Ireland, Spain, Greece, Italy and
Switzerland.  Revenues (including reimbursed expenses related to
management contracts) for the twelve month period ending
Dec. 31, 2006 were about US$1.1 billion.


GLASTONBURY FINANCE: Fitch Rates Class E & F Notes at BB-
---------------------------------------------------------
Fitch assigned final ratings to Glastonbury Finance 2007-1
P.L.C.'s issue of GBP354 million floating-rate notes due 2047:

   -- GBP4 million Class X floating rate instalment notes due
      2015: 'AAA'

   -- GBP205 million Class A-1 revolving dual-currency floating
      rate notes due 2047: 'AAA'

   -- GBP33 million Class A-2 floating rate notes due 2047:
      'AAA'

   -- GBP32 million Class B floating rate deferrable notes due
      2047: 'AA'

   -- GBP31 million Class C floating rate deferrable notes due
      2047: 'A'

   -- GBP16 million Class D floating rate deferrable notes due
      2047: 'BBB'

   -- GBP10 million Class E floating rate deferrable notes due
      2047: 'BB'

   -- GBP4 million Class F floating rate deferrable notes due
      2047: 'BB-'

The transaction is a managed cash arbitrage securitization of
commercial mortgage-backed securities.  The structure
incorporates a Class A-1 variable funding note, which may be
drawn in either GBP or EUR.  The remaining notes are solely
denominated in GBP.  The portfolio was purchased at closing from
the issuance of the notes.

The ratings of the Class B, C, D, E and F notes address the
ultimate payment of interest and principal at maturity.  For the
Class X, A-1 and A-2 notes, for which a deferral of interest
constitutes an event of default, the ratings also address the
timely payment of interest and ultimate payment of principal.
The ratings take into account the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Eurohypo Asset Management Limited, subject to the
guidelines outlined in the collateral management agreement.

The ratings are also based on the credit enhancement provided to
the various Classes of notes, which consists of the subordinated
notes, structural protection covenants and excess spread.
Credit enhancement for the Class A-1 notes in the form of
collateralized subordination totals 41.4%, and is provided by
the Class A-2 notes, Class B notes, Class C notes, Class D
notes, Class E notes, Class F notes and the subordinated notes.
Certain upfront expenses will be amortized over the first eight
years of the transaction through the mechanism of the Class X
notes.

A portfolio proposed by the manager was analyzed using Fitch's
CDO rating criteria.  Portfolio default levels and the applied
recovery rate for each target rating were derived from Fitch's
Default Vector Model.  Moreover, the manager will run the Fitch
Default Vector Test prior to each purchase to address risks
associated with reinvestment.  This test looks to the current
credit quality of the portfolio plus un-invested proceeds and
implied excess spread to cover the liabilities of the issuer at
that point in time.  The implied excess spread is the interest
diverted through the coverage tests of the structure to pay
principal under the various stress scenarios that make up
Fitch's rating criteria.

Glastonbury Finance 2007-1 P.L.C. is a company with limited
liability, incorporated under the laws of Ireland.


SCOTTISH RE: Provides Update on MassMutual & Cerberus Deal
----------------------------------------------------------
Scottish Re Group Limited has provided an update with respect to
the closing of its proposed transaction with MassMutual Capital
Partners LLC and affiliates of Cerberus Capital Management,
L.P., whereby each will invest US$300 million into the company,
resulting in a total new equity investment of US$600 million.
MassMutual Capital and Cerberus will have a controlling voting
equity interest in the company after the closing.

Scottish Re has received notice that the Delaware Department of
Insurance approval hearing for the transaction is scheduled for
April 26, 2007.  Upon receiving final regulatory approval from
the Delaware Department of Insurance, as well as the NASD and
South Carolina Department of Insurance, all regulatory approvals
needed to close the transaction will have been received.

Paul Goldean, Scottish Re's chief executive officer, noted, "The
regulatory approval process is proceeding as planned and we look
forward to closing the transaction during the first part of May
2007."

                      About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/-- is a
global life reinsurance specialist.  Scottish Re has operating
businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the
United Kingdom, United States, and Singapore.  Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (US), Inc.  Scottish Re
Capital Markets, Inc., a member of Scottish Re Group Ltd., is a
registered broker dealer that specializes in securitization of
life insurance assets and liabilities

                          *     *     *

In a TCR-Europe report on March 7, that Standard & Poor's
Ratings Services said that its ratings on Scottish Re Group Ltd.
(B/Watch Dev/--) and affiliated operating companies remain on
CreditWatch with developing implications following the
announcement by the company that the shareholders have approved
the transaction by which MassMutual Capital Partners LLC and
affiliates of Cerberus Capital Management L.P. would provide an
equity infusion of US$600 million in a transaction to close in
the second quarter of 2007.

Moody's Investors Service continues to review the ratings of
Scottish Re Group Ltd. with direction uncertain following the
announcement by the company that it has entered into an
agreement to sell a majority stake to MassMutual Capital
Partners LLC, a member of the MassMutual Financial Group and
Cerberus Capital Management, L.P., a private investment firm.

Ratings under review include Scottish Re Group Limited's senior
unsecured debt, which is rated at Ba3 and preferred stock rated
at B2.

Fitch Ratings added that Scottish Re Group Ltd.'s ratings remain
on Rating Watch Negative following the announcement that SCT has
entered into an agreement, which will result in a new equity
investment into the company of US$600 million.  SCT's ratings
were placed on Rating Watch Negative on July 31, due to concerns
regarding the company's ability to repay US$115 million of
senior convertible notes that are expected to be put to the
company on Dec. 6.  Ratings on Rating Watch Negative include the
company's BB issuer default rating and the BB- rating on its
4.5% USUS$115 million senior convertible notes.

A.M. Best Co. has downgraded the Financial Strength Rating to B
from B+ and the issuer credit ratings to "bb+" from "bbb-" of
the primary operating insurance subsidiaries of Scottish Re
Group Limited.  A.M. Best has also downgraded the ICR of
Scottish Re to "b" from "bb-" and all of Scottish Re's debt
ratings.  All ratings remain under review with negative
implications.


TRANSCREDIT FINANCE: Moody's Puts Ba3 Rating to Notes
-----------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term foreign
currency debt rating to the Loan Participation Notes to be
issued on a limited-recourse basis by TransCredit Finance Plc, a
special purpose vehicle incorporated under the laws of Ireland,
for the sole purpose of financing a senior unsecured loan to
TransCreditBank.

The rating is on review for possible upgrade.

Moody's notes that the rating for the Notes is based on the
fundamental credit quality of TCB as the ultimate obligor under
the transaction.

According to Moody's, the underlying loan agreement contains a
set of covenants such as negative pledge, limitation on mergers
and disposals as well as on transactions with affiliates.  One
of the financial covenants requires the bank to maintain a
minimum consolidated BIS Capital Adequacy Ratio of 10%.  Moody's
cautions that the transaction also has an embedded rating
trigger whereby the LPNs may become payable in the event that
TCB's rating is downgraded following a change of control.

Moody's notes that the likelihood of any of the above covenants
being breached and the rating being triggered is relatively low.

Headquartered in Moscow, Russia, TransCreditBank reported total
consolidated assets of RUR83,675 million (US$3,177.6 million)
million and total shareholder equity of RUR6,167.4 million
(US$234.2 million) in accordance with IFRS as of Dec. 31, 2006.


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


ALITALIA SPA: Names Berardino Libonati as Coordinating Unit Head
----------------------------------------------------------------
Berardino Libonati, chief executive of Alitalia S.p.A., has
appointed Giancarlo Schisano as head of Coordination of
Corporate and Administrative Activities, Finance and Control.

Gabriele Spazzadeschi, former head of the division, resigned
from his responsibility for family reasons.

Mr. Spazzadeschi will continue to provide his services to the
Company by supporting the Coordinating activity entrusted to Mr.
Schisano.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


TAURUS CMBS: S&P Affirms BB Ratings on Class G Notes; Ends Watch
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the
class C, D, E, and F notes issued by Taurus CMBS No. 2 S.r.l.
and removed them from CreditWatch with positive implications,
where they had been placed on Jan. 30, 2007.  At the same time,
the ratings on the class A, X, and B notes were affirmed, while
the ratings on the class G notes were removed from CreditWatch
with positive implications and affirmed.

Today's rating actions follow a review of the transaction based
on data provided by the servicer, Capmark Services (Ireland)
Ltd., up to and including April 30, 2007.

The transaction closed in December 2005 and was originally
backed by four loans secured on 82 commercial properties in
Italy.  It was the second European securitization launched by
Merrill Lynch International under its Taurus mortgage conduit
platform.

Of the original loan pool, three of the loans have prepaid: the
Bentra, Little Domus, and Leather loans.  There have also been
partial prepayments in the Berenice loan following asset sales.
There are currently 51 properties remaining in the portfolio.

The EUR201.95 million proceeds of the loan prepayments have been
deposited in an issuer account and will be applied to the notes
at the July 2007 interest payment date.  In Italian
securitizations, repayments within the first 18 months are
subject to a 20% withholding tax and it was decided that it
would be financially advantageous to deposit the proceeds until
the expiration of the withholding tax period.

As a consequence of depositing the proceeds into an issuer
account rated 'A-1+', the transaction is now partly cash-
collateralized.

                          Ratings List

Taurus CMBS No. 2 S.r.l
   EUR403.9 Million Commercial Mortgage-Backed Floating-Rate
   Notes Series 2

           Class                 To           From

Ratings Removed From CreditWatch With Positive Implications And
Raised

           C                     AAA          AA/Watch Pos
           D                     AA+          A+/Watch Pos
           E                     A+           A-/Watch Pos
           F                     BBB+         BBB/Watch Pos

Ratings Removed From CreditWatch With Positive Implications And
Affirmed

           G                     BB           BB/Watch Pos

                        Ratings Affirmed

           A                     AAA
           X                     AAA
           B                     AAA


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


ENERGOTECHSERVICE 2030: Creditors Must File Claims by May 30
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Energotechservice 2030
insolvent.

Creditors have until May 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Madelhanov Str. 28
         Lenger
         Tolebiysky District
         South Kazakhstan
         Kazakshtan
         Tel: 8 (247) 6-23-30


KAISAR LLP: Proof of Claim Deadline Slated for May 30
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Construction Firm Kaisar insolvent.

Creditors have until May 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Nurmahanov Str. 31
         Micro District Taugul-3
         Almaty
         Kazahstan
         Tel: 8 (3272) 56-97-68


KAZROSSENERGO LLP: Claims Registration Ends May 30
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Kazrossenergo insolvent.

Creditors have until May 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Aktube
         Altynsarin Str. 31
         Aktube
         Kazakhstan
         Tel: 8 (3132) 21-30-32


OIL-BUSINESS LLP: Claims Filing Period Ends May 30
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Oil-Business insolvent.

Creditors have until May 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Nurmahanov Str. 31
         Micro District Taugul-3
         Almaty
         Kazahstan
         Tel: 8 (3272) 56-97-68


PROMETEY CJSC: Claims Filing Period Ends June 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared CJSC Prometey insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kataev Str. 24-8
         Pavlodar
         Kazakhstan
         Tel: 8 701 228 47-28


RATHAN AIR-CARGO: Creditors Must File Claims by May 30
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Air Company Rathan Air-Cargo insolvent.

Creditors have until May 30 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office Four
         Kassin Str. 2/1
         Mamyr
         Almaty 050052
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


TEMIRBANK JSC: S&P Puts B+ Ratings on US$1.2 Billion MTN Program
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+/B' ratings
to the US$1.2 billion MTN program to be issued by Kazakhstan-
based Temirbank JSC or Temir Capital B.V., a Netherlands-based
special purpose vehicle.  Under the program, senior unsecured
notes issued by Temir Capital will be unconditionally and
irrevocably guaranteed by Temirbank.

The ratings on Temirbank reflect its ambitious strategy, short
track record, and its small size, which exposes it to high
funding risk, and to a lesser extent, credit concentration
risks.  The ratings also reflect the improving, but still
vulnerable, domestic economic environment of the Republic of
Kazakhstan to which the bank is exposed.  These negative factors
are somewhat mitigated by the bank's strengthening franchise,
good business prospects, and its supportive shareholder.
Temirbank's strategic importance to its parent, Bank TuranAlem,
is a positive rating factor.  Although the bank received several
capital increases in the past, these have only been enough to
maintain capitalization at its current marginal level.

In the context of the Kazakh banking sector, Temirbank is a
midsize financial institution.  Although it ranked as the
seventh-largest bank in Kazakhstan by assets at end of March,
Temirbank holds a relatively small market share of about 2% of
the total banking assets.  Since mid-2005, the bank has been
focusing on retail banking, and is expected to form the
domestic-retail banking arm of the BTA group.


VESTA-IMPEX LLP: Creditors' Claims Due June 2
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Vesta-Impex 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
         Kazakhstan
         Tel: 8 (3272) 75-67-84


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


REAL LLC: Creditors Must File Claims by June 20
-----------------------------------------------
LLC Real (INN 00509199610157) has declared insolvency.
Creditors have until June 20 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 24-13-15.


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


BANKAS SNORAS: Fitch Rates Upcoming Bond Issue at BB-
-----------------------------------------------------
Fitch Ratings assigned Bankas Snoras's upcoming eurobond issue
an expected Long-term 'BB-' rating.  Bankas Snoras is rated
Issuer Default 'BB-', Short-term 'B', Individual 'D' and Support
'4'.  The Outlook is Negative.

The final rating is contingent upon the receipt of final
documentation conforming materially to information already
received.

The unsubordinated and unsecured notes are to rank equally among
themselves and at least equally with all other present and
future unsecured and unsubordinated obligations of Bankas
Snoras, save for such obligations as may be preferred by law.

The Negative Outlook on Bankas Snoras' Issuer Default Rating
reflects the bank's declining capitalization trend.  While
capitalization has increased following a rights issue in
February 2007, Fitch will monitor how it is managed on an
ongoing basis.


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


DOV PHARMACEUTICAL: PwC Raises Going Concern Doubt
--------------------------------------------------
PricewaterhouseCoopers LLP in Florham Park, N.J., expressed
substantial doubt about DOV Pharmaceutical Inc.'s ability to
continue as a going concern after auditing the company's
financial statements for the years ended Dec. 31, 2006, and
2005.  The auditing firm pointed to the company's recurring
losses from operations and net capital deficiency.

DOV Pharmaceutical Inc. reported net income of US$20 million on
revenue of US$22.2 million for the fourth quarter of 2006,
compared with a net loss of US$16.9 million on revenue of US$1.4
million for the comparable period last year.   For the year
ended Dec. 31, 2006, the company reported a net loss of US$38.4
million on revenue of US$25.9 million, compared with a net loss
of US$53 million on revenue of US$8.6 million for the comparable
period last year.  At Dec. 31, 2006, cash and cash equivalents
and marketable securities totaled US$42.3 million compared to
US$97.6 million at Dec. 31, 2005.

Revenue in the fourth quarter of 2006 and for the year ended
Dec. 31, 2006, increased US$20.8 million and US$17.3 million,
respectively, from the comparable periods last year.  In 2006
and 2005, DOV's revenue was comprised primarily of amortization
of the US$35 million fee it received on the signing of the
license, research and development agreement with Merck, entered
into in August 2004 and amended in August 2005.  As this license
was terminated in December 2006, all remaining deferred revenue
was recognized in the fourth quarter of 2006.  In addition, in
2005, the company recorded US$2 million in revenue for the
achievement of a milestone under its existing license agreement
with Neurocrine Biosciences Inc.

Operating Expenses include research and development expense and
general and administrative expense.  Operating expenses in the
fourth quarter of 2006 decreased US$10.8 million and increased
US$248,000 for the year ended Dec. 31, 2006, from the comparable
periods last year.

Research and development expense in the fourth quarter of 2006
and for the year ended Dec. 31, 2006, decreased US$11.2 million
and US$11.2 million, respectively, from the comparable periods
last year.  For the full year 2006, the decrease in research and
development expense is primarily associated with decreased
external development costs of US$14.8 million for DOV's product
candidates and office and office-related expenses of US$476,000,
offset by an increase in payroll and payroll-related expenses of
US$3.5 million, rent expense of US$409,000 and professional fees
of US$154,000.

General and administrative expense for the fourth quarter of
2006 increased US$490,000 and for the year ended Dec. 31, 2006,
increased US$11.4 million, from the comparable periods last
year.  The increase for the full year 2006 is primarily related
to an increase of US$7.5 million in payroll and payroll related
expenses, US$2 million in rent related to the Somerset facility,
US$827,000 in office and related expenses, US$261,000 for
professional fees, US$172,000 in market research expenses and
US$800,000 in broker fees and expenses in relation to the sale
of the company's state operating losses, offset by a decrease in
travel and entertainment expenses of US$179,000.

Interest Expense of US$4 million for the year ended
Dec. 31, 2006, includes non-cash amortization of US$2.1 million
of deferred issuance costs as well as contractual interest
expense of 2.5% on the company's convertible subordinated
debentures.

Net debt conversion and other expense of US$5.6 million for the
year ended Dec. 31, 2006, includes a US$5.7 million non-cash
charge related to the additional shares issued to induce the
exchange of an aggregate of US$10 million in original principal
amount of the company's outstanding convertible debentures for
3,445,000 shares of its common stock in the third quarter of
2006.

Income Tax Benefit of US$5.7 million and US$273,000 for the
years ended Dec. 31, 2006, and 2005, respectively, relates to
proceeds from the sale of most of the company's previous years'
state net operating losses as part of the New Jersey Economic
Development Authority technology business tax certificate
program.

At Dec. 31, 2006, the company's balance sheet showed US$50.4
million in total assets and $80 million in total liabilities,
resulting in a US$29.6 million total stockholders' deficit.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1cc5

                    About DOV Pharmaceutical

Somerset, New Jersey-based DOV Pharmaceutical Inc. (PS: DOVP.PK)
-- http://www.dovpharm.com/-- is a biopharmaceutical company
focused on the discovery, acquisition, and development of novel
drug candidates for central nervous system disorders.  The
company's product candidates address some of the largest
pharmaceutical markets in the world including depression, pain
and insomnia.  The company also operates a subsidiary in
Luxembourg.


MILLICOM INT'L: Moody's Assigns Loss-Given-Default Rating
---------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Millicom
International Cellular S.A.

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

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

                                                Projected
                              POD      LGD      Loss-Given
      Debt Issue              Rating   Rating   Default
      ----------              -------  -------  --------
   10% Sr. Unsec. Regular
   Bond/Debenture Due 2013    B2       LGD5     85%

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

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

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

Headquartered in Bertrange, Luxembourg, and controlled by
Sweden's AB Kinnevik, Millicom International Cellular S.A.
-- http://www.millicom.com/-- is a global telecommunications
investor with cellular operations in Asia, Latin America and
Africa.  It currently has cellular operations and licenses in 16
countries.  The Group's cellular operations have a combined
population under license of around 391 million people.

The Central America Cluster comprises Millicom's operations in
El Salvador, Guatemala and Honduras.  The population under
license in Central America at December 2005 is 26.4 million.
The South America Cluster comprises Millicom's operations in
Bolivia and Paraguay.  The population under license in South
America at December 2005 is 15.2 million.


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


TEMIR CAPITAL: S&P Puts B+ Ratings on US$1.2 Billion MTN Program
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+/B' ratings
to the US$1.2 billion MTN program to be issued by Kazakhstan-
based Temirbank JSC or Temir Capital B.V., a Netherlands-based
special purpose vehicle.  Under the program, senior unsecured
notes issued by Temir Capital will be unconditionally and
irrevocably guaranteed by Temirbank.

The ratings on Temirbank reflect its ambitious strategy, short
track record, and its small size, which exposes it to high
funding risk, and to a lesser extent, credit concentration
risks.  The ratings also reflect the improving, but still
vulnerable, domestic economic environment of the Republic of
Kazakhstan to which the bank is exposed.  These negative factors
are somewhat mitigated by the bank's strengthening franchise,
good business prospects, and its supportive shareholder.
Temirbank's strategic importance to its parent, Bank TuranAlem,
is a positive rating factor.  Although the bank received several
capital increases in the past, these have only been enough to
maintain capitalization at its current marginal level.

In the context of the Kazakh banking sector, Temirbank is a
midsize financial institution.  Although it ranked as the
seventh-largest bank in Kazakhstan by assets at end of March,
Temirbank holds a relatively small market share of about 2% of
the total banking assets.  Since mid-2005, the bank has been
focusing on retail banking, and is expected to form the
domestic-retail banking arm of the BTA group.


VIMPEL-COMMUNICATIONS: Clears Dutch Unit to Repurchase Shares
-------------------------------------------------------------
OJSC Vimpel-Communications' Board of Directors has authorized VC
ESOP N.V., an indirect wholly owned Dutch subsidiary, to
repurchase up to 1,600,000 American Depositary Shares, or ADSs,
which is equivalent to up to 400,000 shares of the Company's
common stock, par value 0.5 kopecks per share, through Dec. 31,
2008.

The number of shares underlying ADSs that may be repurchased
equals approximately 0.8% of VimpelCom's common stock currently
outstanding.  The Company and VC ESOP intend to utilize the
repurchased shares for the issuance of stock based compensation
awards.

VimpelCom intends to establish a systematic purchasing plan
under Rule 10b5-1 of the Securities Exchange Act of 1934 to
facilitate repurchases of up to 800,000 ADSs, which is
equivalent to up to 200,000 shares of the Company's common
stock, under the repurchase program.  Rule 10b5-1 permits a
public company to repurchase its shares at times when it
ordinarily would not be in the market because of self-imposed
trading blackout periods.

Under the Rule 10b5-1 plan, certain specified amounts of ADSs
would be purchased on a daily basis provided that specified
trading prices are achieved.  The Rule 10b5-1 plan would
commence on May 1, and expire upon the earliest of Dec. 31, the
purchase of all the ADSs covered by the plan, or certain other
specified events.  Purchases would be made in the open market or
through privately negotiated transactions, all in accordance
with U.S. and Russian securities law, including the volume,
price, timing and other requirements of Rule 10b-18 of the
Securities Exchange Act of 1934.

VimpelCom also intends to establish a similar purchasing plan in
2008 to facilitate repurchases of up to an additional 800,000
ADSs, which is equivalent to up to 200,000 shares of the
Company's common stock, under the repurchase program.

The Company also announced that it has amended its Amended and
Restated VimpelCom 2000 Stock Option Plan to increase the
maximum number of shares available for issuance under the plan
from 650,000 to 1,050,000 common shares (equivalent to 4,200,000
ADSs).

                       About VimpelCom

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

                        *     *     *

In a TCR-Europe report on April 16, in connection with Moody's
Investors Service's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the
corporate families in the Telecommunications, Media and
Technology sectors, the rating agency confirmed its Ba2
Corporate Family Rating for OJSC Vimpel-Communication.

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

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

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

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

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

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


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


OMNOVA SOLUTIONS: Moody's Rates Proposed US$150MM Sr. Loan at B2
----------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to OMNOVA
Solutions Inc.'s proposed US$150 million guaranteed senior
secured term loan due 2014.

The term loan proceeds will partially refinance the US$165
million of outstanding senior secured notes due 2010 that OMNOVA
recently issued a tender offer for.  The rating outlook remains
positive.

                        Ratings Summary

OMNOVA Solutions Inc.

Rating assigned:

  * US$150mm Gtd Sr Sec Term Loan Facility due 2014 -- B2,
    LGD3, 48%

Ratings affirmed:

  * Corporate family rating -- B2
  * Probability of default rating -- B2
  * US$165mm 11.25% Sr Sec Global Notes due 2010 -- B3,
    LGD4, 64%

The ratings reflect the diversity of the company's end-markets
and customer base, and leading market shares within its niche
markets.  OMNOVA's financial performance has been improving over
the last two years and its leverage was reduced by the debt
reduction that accompanied the divestiture of the GenFlex
Building Products business.  The proposed refinancing will
further strengthen its credit metrics by reducing interest
expense.  Nevertheless, the company's cash flow has been and is
expected to remain modest in 2007, a limiting factor in the
rating.  In addition, OMNOVA's product line is largely
commodity-like and the company is exposed to volatile raw
materials, which can materially impact profit margins, and to
the US housing market, which has recently weakened.

Moody's last rating action on OMNOVA's ratings was to move the
outlook to positive in November 2006.  The positive outlook
reflects Moody's expectation that the firm will continue to
improve its credit metrics, achieve top line growth and benefit
from moderating prices for its key raw materials and improving
EBITDA margins.  OMNOVA's ratings would likely be moved up if
industry conditions were supportive of an upgrade and OMNOVA was
able to sustain recent margins, reduce debt, make progress in
managing working capital, and generate free cash flow greater
than US$20 million per year.

OMNOVA manufactures decorative and functional surfaces, emulsion
polymers and specialty chemicals.  The company operates in two
business segments, Decorative Products (approximately 37% of
2006 consolidated sales, excluding the divested building
products business), which makes commercial wallcoverings, coated
fabrics and decorative laminates, and Performance Chemicals,
which offerings include binders, coatings and adhesives for the
paper and carpet industries.  OMNOVA is the second- largest
producer of styrene butadiene latex in North America.
Headquartered in Fairlawn, Ohio, OMNOVA was formed when it was
spun-off from GenCorp in 1999.  Revenues from continuing
operations were US$694 million for the LTM ended February 28,
2007.


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


AGRO PROJECT-ZHELEZNOGORSK: Claims Filing Period Ends June 14
-------------------------------------------------------------
Creditors of OJSC Agro Project-Zheleznogorsk have until June 14
to submit proofs of claim to:

         A. Zabornyj
         Insolvency Manager
         Stepana Razina Str. 96
         305004 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A35-5798/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         A. Zabornyj
         Insolvency Manager
         Stepana Razina Str. 96
         305004 Kursk
         Russia


AVANT-GUARD CJSC: Court Names E. Feoktistov to Manage Assets
------------------------------------------------------------
The Arbitration Court of Kursk appointed E. Feoktistov as
Insolvency Manager for CJSC Starooskolskiy Reinforcing Factory
Avant-Guard.  He can be reached at:

         E. Feoktistov
         Post User Box 813
         308001 Belgorod-1
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A08-10145/06-11.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Starooskolskiy Reinforcing Factory Avant-Guard
         180007 Kursk
         Russia


BEARING FACTORY-34: Creditors Must File Claims by June 7
--------------------------------------------------------
Creditors of LLC Bearing Factory-34 (TIN 6162030296, KPP
616201001) have until June 7 to submit proofs of claim to:

         V. Gaydunkov
         Insolvency Manager
         Office 504
         Oborony Str. 24
         344082 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A53-2652/07-S1-8.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Bearing Factory-34
         Respublikanskaya Str. 100 A
         Rostov-na-Donu
         Russia


EAST OJSC: Creditors Must File Claims by June 14
------------------------------------------------
Creditors of OJSC East have until June 14 to submit proofs of
claim to:

         N. Shirokov
         Insolvency Manager
         Room 301
         3rd floor
         Lenina Str. 39a
         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. A48-3935/06-20b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC East
         Naberezhnaya Str. 1
         Khomutovo
         Novoderevenkovskiy
         Orel
         Russia


FERTILITY OJSC: Court Names M. Kushkhov as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Kabardino-Balkariya appointed
M. Kushkhov as Insolvency Manager for OJSC Fertility.  He can be
reached at:

         M. Kushkhov
         Lenina Pr. 36
         Nalchik
         360022 Kabardino-Balkariya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A20-4048/06.

The Debtor can be reached at:

         M. Kushkhov
         Lenina Pr. 36
         Nalchik
         360022 Kabardino-Balkariya
         Russia


GAYSKAYA MILL: Creditors Must File Claims by June 14
----------------------------------------------------
Creditors of LLC Gayskaya Mill (TIN 5626002807) have until
June 14 to submit proofs of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1275/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gayskaya Mill
         Gay
         Orenburg
         Russia


KOTELNIKOVSKIY AGRO: Creditors Must File Claims by June 7
---------------------------------------------------------
Creditors of LLC Kotelnikovskiy Agro Industrial Alliance
(TIN 3413008159) have until June 7 to submit proofs of claim to:

         V. Vinokhodov
         Temporary Insolvency Manager
         Gramshi Str. 51-49
         400125 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A12-2117/07-s57.

The Debtor can be reached at:

         LLC Kotelnikovskiy Agro Industrial Alliance
         Sovetskaya Str. 19
         Kotelnikovo
         404354 Volgograd
         Russia


KRASNOSELSKAYA-2 CJSC: Asset Sale Slated for May 11
---------------------------------------------------
LLC Audit-Ekaterinodar, the bidding organizer for CJSC
Agricultural Company Krasnoselskaya-2, will open a public
auction for the company's properties at 2:00 p.m. on May 11 at:

         LLC Audit-Ekaterinodar
         Office 10
         Stavropolskaya Str. 183/3
         Krasnodar
         Russia

Interested participants have until May 10 to deposit an amount
equivalent to 10% of the starting price to:

         CJSC Agricultural Company Krasnoselskaya-2
         Settlement Account 40702810200440003322
         Correspondent Account 301018103000000000978
         BIK 040349978
         TIN/KPP 2310106770/231001001
         OGRN 1027700159497
         OJSC Bank of Moscow
         Krasnodar
         Russia

Bidding documents must be submitted to:

         LLC Audit-Ekaterinodar
         Office 10
         Stavropolskaya Str. 183/3
         Krasnodar
         Russia

The Debtor can be reached at:

         LLC Audit-Ekaterinodar
         Office 10
         Stavropolskaya Str. 183/3
         Krasnodar
         Russia


KUBAN'-OPT-PROD-TORG: Bankruptcy Hearing Slated for June 25
-----------------------------------------------------------
The Arbitration Court of Krasnodar will convene on June 25 to
hear the bankruptcy supervision procedure on CJSC Kuban'-Opt-
Prod-Torg.  The case is docketed under Case No. A-32-10838/
2003-1/108-B/2003-37/101-B.

The Temporary Insolvency Manager is:

         V. Bugaev
         Pochtovaya Str. 2
         Krasnoselskiy
         Gulkevichskiy
         352188 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         CJSC Kuban'-Opt-Prod-Torg
         Uralskaya Str. 95
         Krasnodar
         Russia


MAGNITOGORSK IRON: Earns RUR10.3 Billion for First Quarter 2007
---------------------------------------------------------------
OAO Magnitogorsk Iron and Steel Works reported RUR10.31 billion
in net profit on RUR43.13 billion in net revenues for the first
quarter of 2007, compared with RUR8.73 billion in net profit on
RUR33.61 billion in net revenues for the same period in 2006.

The financial statements are prepared according to Russian
Standards of Accounting Reporting.  The results exclude the
company's subsidiaries.

"We are pleased with the financial results the Company has
demonstrated in the first quarter of 2007," Viktor Rashnikov,
Chairman of MMK's Board of Directors, said.  "These results
indicate the continued stable development of the Company and
support the effectiveness of our strategy."

                     About Magnitogorsk Iron

Headquartered in Magnitogorsk, Russia, OJSC Magnitogorsk Iron
and Steel Works -- http://www.mmk.ru/-- manufactures steel and
accounts for about 20% of all steel products sold on the
domestic market.  MMK is a major fully integrated steel making
complex encompassing all the required processes, from
preparation of iron ore materials to high added value processing
of steel.  About half of the Company's output is exported
worldwide.

                          *     *     *

In a TCR-Europe report on April 27, Moody's Investor's Service
upgraded to Ba2 from Ba3 the corporate family rating for
Magnitogorsk Iron and Steel Works as well as the rating on the
company's guaranteed medium term notes issued by MMK Finance
S.A.

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

As a result of the implementation of the Loss Given Default and
Probability of Default rating methodology in April 2007, Moody's
has assigned a PDR of Ba2 to MMK.  The Ba2 Corporate Family
Rating, which is at the same level as the PDR, reflects the
assumption of a family-wide LGD rate of 50%.

The US$300 million guaranteed senior unsecured medium term
notes, issued by MMK Finance SA, are also rated at Ba2 (Loss
Given Default Assessment LGD4, 50%), at the same level as the
Corporate Family Rating, reflecting the benefit of a senior
guarantee from the operating company MMK which positions the
notes at the same level as the approx. US$600 million bank loans
and US$572 million trade claims of MMK, based on nine months
2006 results.

Magnitogorsk Iron carries BB Issuer Default and senior unsecured
ratings from Fitch Ratings.  The Outlook on the Issuer Default
rating is Stable.

The company also carries a BB Issuer Rating from Standard and
Poor's.


MARSHALL HOLDINGS: Auditors Raise Going Concern Doubt
-----------------------------------------------------
Madsen & Associates CPA's, Inc. raised substantial doubt about
the ability of Marshall Holdings International Inc. to continue
as a going concern after auditing the company's financial
statements as of Dec. 31 2006.  The auditing firm pointed to the
company's need of an additional working capital for its planned
activity and to service its debt.

Marshall had a net loss of US$3,735,237 for the year ended Dec.
31, 2006, as compared with a net loss of US$903,728 in 2005.
Marshall had a loss from operations of US$3,149,818 in 2006, as
compared with a loss from operations of US$2,316,178 in 2005.
Marshall's substantial increase in losses from operations and
net losses were attributable to a significant increase in
payments to consultants both in cash and in stock for services
as reported in selling, general and administrative expenses.

Sales for the year ended Dec. 31, 2006, increased to
US$3,757,181 from sales of US$769,759 for the year ended
Dec. 31, 2005.  The increase in sales was primarily due to the
acquisition of Marshall Distributing wholesale natural products
distributor and the activation of Marshall Corporate
Administration Inc, formerly Gateway Corporate Administration
Inc.

As of Dec. 31, 2006, the company had total assets of
US$12,433,767 and total liabilities of US$12,046,882, resulting
in a total stockholders' equity of US$386,885.  Accumulated
deficit as of Dec. 31, 2006, stood at US$23,111,161, up from
US$19,775,923 as of Dec. 31, 2005.

                  Liquidity and Capital Resource

For fiscal year 2006, Marshall's working capital increased to a
positive US$388,000 at Dec. 31, 2006 from a positive US$289,000
at Dec. 31, 2005.  This increase was primarily attributable to
the acquisition of Marshall Distributing that had a substantial
amount in inventory.  Cash, cash equivalents and marketable
securities totaled US$61,083 at Dec. 31, 2006, as compared with
US$93,305 at Dec. 31, 2005.

A full-text copy of the company's annual report is available for
free at http://ResearchArchives.com/t/s?1e27

                     About Marshall Holdings

Marshall Holdings International Inc., formerly Gateway
Distributors, Ltd., (MHII.OB) provides nutritional
supplementation in the U.S. and Canada, as well as in Russia and
Indonesia.  Its nutritional products include Body Gard with
Lactoferrin, Femme, Fulvic Factor, Lifetonic, LifeZymePlus,
Master Formula powder and capsules, Natural Immunity, Superfood
powder and capsules, and Vibrant 9 skin care product.  Its
products are not intended to diagnose, treat, cure or prevent
any disease.


MOBILE TELESYSTEMS: Faces Suit over Tarino Stock Option Deal
------------------------------------------------------------
OJSC Mobile TeleSystems is facing a suit by Nomihold Securities
Inc. at a London court for failing to exercise a US$170 million
stock purchase option, RIA Novosti reports.

In 2005, Nomihold sold 51% of Tarino Ltd., indirect owner of
Kyrgyz GSM operator Bitel, to MTS, represented by MTS Finance
S.A., for US$150 million.  However, another Russian firm,
Reservspetsmet, said it signed a deal to acquire Bitel,
stripping MTS of operational control over the Kyrgyz operator.

In the suit, Nomihold demands that MTS Finance S.A. exercise the
option to repurchase 49% of Tarino and compensate for the
plaintiff's losses and expenses, RIA Novsoti relates citing an
MTS statement.

Yelena Kokhanskaya, MTS press secretary, told RIA Novosti that
the firm refuses to exercise the option since it does not
possess the shares acquired in 2005.  MTS, however, said it
would pay the amount only after a court ruling.

                        About MTS

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC --
http://www.mtsgsm.com/-- is the largest mobile phone operator
in Russia and the CIS.  Together with its subsidiaries, the
Company services over 61.77 million subscribers.  The regions of
Russia, as well as Belarus, Turkmenistan, Ukraine, and
Uzbekistan, in which MTS and its associates and subsidiaries are
licensed to provide GSM services, have a total population of
approximately 233.1 million.  Since June 2000, MTS' Level 3 ADRs
have been listed on the New York Stock Exchange.

As of Dec. 31, 2005, MTS had a working capital deficit of
US$631.6 million, compared with a US$189 million working capital
deficit at Dec. 31, 2004.


MOBILE TELESYSTEMS: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for Mobile
TeleSystems OJSC.

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

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

* Issuer: Mobile TeleSystem Finance S.A.

                                                Projected
                              POD      LGD      Loss-Given
      Debt Issue              Rating   Rating   Default
      ----------              -------  -------  --------
   8.375% Sr. Unsec. Regular
   Bond/Debenture Due 2010    Ba3      LGD4     50%

   8% Sr. Unsec. Regular
   Bond/Debenture Due 2012    Ba3      LGD4     50%

   US$400M 9.75% Sr. Unsec.
   Regular Bond/
   Debenture Due 2008         Ba3      LGD4     50%

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

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

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

                            About MTS

Headquartered in Moscow, Russia, Mobile TeleSystems OJSC
-- http://www.mtsgsm.com/-- is the largest mobile phone
operator in Russia and the CIS.  Together with its subsidiaries,
the Company services over 61.77 million subscribers.  The
regions of Russia, as well as Belarus, Turkmenistan, Ukraine,
and Uzbekistan, in which MTS and its associates and subsidiaries
are licensed to provide GSM services, have a total population of
approximately 233.1 million.  Since June 2000, MTS' Level 3 ADRs
have been listed on the New York Stock Exchange.


SERGACH-STROY-BYT: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
supervision procedure on CJSC Sergach-Stroy-Byt.  The case is
docketed under Case No. 43-2394/2007 33-43.

The Temporary Insolvency Manager is:

         L. Khokhlova
         Premise 4
         Kazanskoye Shosse 14/1
         603163 Nizhniy Novgorod
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Sergach-Stroy-Byt
         Ulyanova Str. 206A
         Sergach
         607510 Nizhniy Novgorod
         Russia


SIB-TRANS-ALLIANCE: Creditors Must File Claims by June 14
---------------------------------------------------------
Creditors of CJSC Sib-Trans-Alliance have until June 14 to
submit proofs of claim to:

         N. Kuzakov
         Insolvency Manager
         3rd entrance
         Lapina Str. 43A
         66400 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-24533/06-8.

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 Sib-Trans-Alliance
         1st Sovetskaya Str. 58-28
         Irkutsk
         Russia


SIRENA OJSC: Moscow Court Names E. Vesnin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed E. Vesnin as
Insolvency Manager for OJSC International Technological
Corporation Sirena.  He can be reached at:

         E. Vesnin
         Nizhegorodskaya Str. 94-3-32
         109052 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-32031/02-3-63B.

The Court is located at:

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

The Debtor can be reached at:

         E. Vesnin
         Nizhegorodskaya Str. 94-3-32
         109052 Moscow
         Russia


STREZHEVOJ-SEL-KHOZ-PRODUCT: Claims Filing Period Ends May 14
-------------------------------------------------------------
Creditors of CJSC Strezhevoj-Sel-Khoz-Product (TIN 7022001723)
have until May 14 to submit proofs of claim to:

         A. Razuvaev
         Insolvency Manager
         Post User Box 720
         Seversk 39
         636039 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-9688/06.

The Court is located at:

         The Arbitration Court of Tomsk
         Kirova Pr. 10
         634050 Tomsk Region
         Russia

The Debtor can be reached at:

         CJSC Strezhevoj-Sel-Khoz-Product
         Mira Str. 2
         Strezhevoj
         Tomsk
         Russia


SVETOVID LLC: Court Starts Bankruptcy Supervision Procedure
-----------------------------------------------------------
The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on LLC Svetovid.  The case is docketed under Case No.
A-70-1168/3-07.

The Insolvency Manager is:

         T. Isaeva
         Tel/Fax: 8-909-737-81-80

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         LLC Svetovid
         Yalutorovsk
         Tyumen
         Russia


TRANSCREDITBANK: Moody's Puts Ba3 Rating to Unit's Notes
--------------------------------------------------------
Moody's Investors Service has assigned a Ba3 long-term foreign
currency debt rating to the Loan Participation Notes to be
issued on a limited-recourse basis by TransCredit Finance Plc, a
special purpose vehicle incorporated under the laws of Ireland,
for the sole purpose of financing a senior unsecured loan to
TransCreditBank.

The rating is on review for possible upgrade.

Moody's notes that the rating for the Notes is based on the
fundamental credit quality of TCB as the ultimate obligor under
the transaction.

According to Moody's, the underlying loan agreement contains a
set of covenants such as negative pledge, limitation on mergers
and disposals as well as on transactions with affiliates.  One
of the financial covenants requires the bank to maintain a
minimum consolidated BIS Capital Adequacy Ratio of 10%.  Moody's
cautions that the transaction also has an embedded rating
trigger whereby the LPNs may become payable in the event that
TCB's rating is downgraded following a change of control.

Moody's notes that the likelihood of any of the above covenants
being breached and the rating being triggered is relatively low.

Headquartered in Moscow, Russia, TransCreditBank reported total
consolidated assets of RUR83,675 million (US$3,177.6 million)
million and total shareholder equity of RUR6,167.4 million
(US$234.2 million) in accordance with IFRS as of Dec. 31, 2006.


TYUMEN-GEOL-SNAB-SERVICE: Bankruptcy Hearing Slated for June 19
---------------------------------------------------------------
The Arbitration Court of Tyumen will convene on June 19 to hear
the bankruptcy supervision procedure on OJSC Tyumen-Geol-Snab-
Service (TIN 7202086123).  The case is docketed under Case No.
A-70-971/3-2007.

The Temporary Insolvency Manager is:

         P. Sidor
         Motorostroitelej Str. 8-20
         Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen
         Russia

The Debtor can be reached at:

         OJSC Tyumen-Geol-Snab-Service
         Sudostroitelej Str. 2
         625034 Tyumen
         Russia


VIMPEL-COMMUNICATIONS: Clears Dutch Unit to Repurchase Shares
-------------------------------------------------------------
OJSC Vimpel-Communications' Board of Directors has authorized VC
ESOP N.V., an indirect wholly owned Dutch subsidiary, to
repurchase up to 1,600,000 American Depositary Shares, or ADSs,
which is equivalent to up to 400,000 shares of the Company's
common stock, par value 0.5 kopecks per share, through Dec. 31,
2008.

The number of shares underlying ADSs that may be repurchased
equals approximately 0.8% of VimpelCom's common stock currently
outstanding.  The Company and VC ESOP intend to utilize the
repurchased shares for the issuance of stock based compensation
awards.

VimpelCom intends to establish a systematic purchasing plan
under Rule 10b5-1 of the Securities Exchange Act of 1934 to
facilitate repurchases of up to 800,000 ADSs, which is
equivalent to up to 200,000 shares of the Company's common
stock, under the repurchase program.  Rule 10b5-1 permits a
public company to repurchase its shares at times when it
ordinarily would not be in the market because of self-imposed
trading blackout periods.

Under the Rule 10b5-1 plan, certain specified amounts of ADSs
would be purchased on a daily basis provided that specified
trading prices are achieved.  The Rule 10b5-1 plan would
commence on May 1, and expire upon the earliest of Dec. 31, the
purchase of all the ADSs covered by the plan, or certain other
specified events.  Purchases would be made in the open market or
through privately negotiated transactions, all in accordance
with U.S. and Russian securities law, including the volume,
price, timing and other requirements of Rule 10b-18 of the
Securities Exchange Act of 1934.

VimpelCom also intends to establish a similar purchasing plan in
2008 to facilitate repurchases of up to an additional 800,000
ADSs, which is equivalent to up to 200,000 shares of the
Company's common stock, under the repurchase program.

The Company also announced that it has amended its Amended and
Restated VimpelCom 2000 Stock Option Plan to increase the
maximum number of shares available for issuance under the plan
from 650,000 to 1,050,000 common shares (equivalent to 4,200,000
ADSs).

                       About VimpelCom

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

                        *     *     *

In a TCR-Europe report on April 16, in connection with Moody's
Investors Service's implementation of its new Probability-of-
Default and Loss-Given-Default rating methodology for the
corporate families in the Telecommunications, Media and
Technology sectors, the rating agency confirmed its Ba2
Corporate Family Rating for OJSC Vimpel-Communication.

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

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

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

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

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

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


VNESHTORGBANK JSC: To Float 22.5% of Equity in Global Offering
--------------------------------------------------------------
JSC Vneshtorgbank will offer new shares equivalent to 22.5% of
its equity and raise over US$6 billion in fresh funds, RIA
Novosti reports citing a company source.

In March, VTB said it would place 1,700 billion new shares worth
RUR17 billion through an open subscription on the local and
foreign markets, RIA Novosti relates.

In a TCR-Europe report on April 17, VTB CEO Andrei Kostin said
the new securities, which totals 24.97% of the bank's charter
capital, would be offered through open subscription to
professional investors on the London Stock Exchange and both to
professional market participants and individuals in Russia.

The IPO is aimed at decreasing the Russian government's stake in
VTB from 99.9% to 75% plus one.  Sberbank, another state-owned
bank, recently completed its IPO.

                       About Vneshtorgbank

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

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

                        *     *     *

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


VNESHTORGBANK JSC: Prices Share Offering at Up to 11.30 Kopecks
---------------------------------------------------------------
JSC Vneshtorgbank disclosed the indicative price range for its
planned Global Offering of ordinary shares and Global Depositary
Receipts.

The indicative price range has been set at 11.30 kopecks to
13.90 kopecks per Share, which equates to US$8.77 to US$10.79
per GDR, based on the official exchange rate quoted by the CBR
of 25.7760 rubles per US dollar on April 25, and with each GDR
representing 2,000 Shares.

Based on the exchange rate, the price range reflects an implied
market capitalization for VTB of approximately US$22.84 billion
to US$28.10 billion, prior to taking into account the proceeds
of the Global Offering.

The Global Offering comprises an offer of Shares to
international institutional investors inside and outside of the
Russian Federation and an offer of GDRs to international
institutional investors outside of the Russian Federation. The
Shares are also being offered to retail investors in the Russian
Federation, the retail subscription period having commenced on
April 9.

VTB intends to list the GDRs on the London Stock Exchange.  The
Shares have been admitted to trading on the "V" lists of the
Moscow Interbank Currency Exchange (MICEX) and the Russian
Trading System (RTS) under the ticker VTBR.

The Global Offering is comprised solely of newly issued Shares.
VTB is currently 99.9% owned by the Russian Government, whose
shareholding will be no less than 75% plus one share following
the Global Offering.  VTB will receive all of the net proceeds
of the Global Offering, which it intends to use primarily to
support the ongoing expansion of its business including the
expansion of its Russian retail banking operations.

Citi, Deutsche Bank and Goldman Sachs International are
appointed Joint Global Coordinators for the Global Offering and,
together with Renaissance Capital, are appointed Joint
Bookrunners.

"I am very encouraged by the extent of interest already being
shown in Russia at this stage in the process and it is clear
that there is already a high regard for VTB in the international
investment community as a Russian banking leader," Andrei
Kostin, Chairman and CEO of the Management Board of VTB, said.
"I am now looking forward to underlining the unique strengths of
our business and our focus on rapid and profitable growth in the
coming weeks."

                       About Vneshtorgbank

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

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

                        *     *     *

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


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


TOWER AUTOMOTIVE: Files Chapter 11 Plan and Disclosure Statement
----------------------------------------------------------------
Tower Automotive Inc. has filed its Chapter 11 Plan and
accompanying Disclosure Statement with the U.S. Bankruptcy Court
for the Southern District of New York.  The filing also includes
the sale agreement for substantially all of Tower's assets to an
affiliate of Cerberus Capital Management L.P.  The company
expects to close a sale transaction by July 31, following the
completion of a competitive bidding process as outlined in the
sale agreement, and Court approval of both the Plan and sale
transaction.

The Plan provides for:

   a) payment in full of secured claims, including obligations
      under Tower's Debtor-in-Possession credit facility and
      second lien loan facility;

   b) payment in full of administrative and priority claims;

   c) assumption of the company's pension plan; and

   d) partial recovery for certain unsecured creditors.

To strengthen its financial position and realize opportunities
for profitable, long-term future operations, during the
reorganization process, Tower implemented a sweeping
restructuring, closing or selling 16 manufacturing plants and
consolidating production into existing facilities to improve
productivity, negotiating settlements with all 10 U.S.-based
labor unions, selling non-core businesses and diversifying its
customer base with international automakers.  As a result, Tower
expects that more than half of the restructured company's
revenue will come from its international operations.

The proposed sale will be subject to higher and better bids.  A
Court-approved marketing process is being conducted pursuant to
which qualified parties must submit competing bids to purchase
Tower by June 20.  If qualified and competing bids are received
by that date, the company will conduct an auction on June 25,
2007 to determine the highest and best bid.  The company would
then ask the Bankruptcy Court to confirm Tower's Plan of
Reorganization and approve the transaction, with a closing to
occur by July 31.

                    About Tower Automotive Inc.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
(OTCBB: TWRAQ) -- http://www.towerautomotive.com/-- is a global
designer and producer of vehicle structural components and
assemblies used by every major automotive original equipment
manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM,
Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.
Products include body structures and assemblies, lower vehicle
frames and structures, chassis modules and systems, and
suspension components.  The company has operations in Korea,
Spain, and Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
US$787,948,000 in total assets and US$1,306,949,000 in total
debts.


TOWER AUTOMOTIVE: Treatment of Claims Under Chapter 11 Plan
-----------------------------------------------------------
Tower Automotive, Inc., and its debtor-affiliates, delivered
their Joint Plan of Reorganization and accompanying Disclosure
Statement to the U.S. Bankruptcy Court for the Southern District
of New York on May 1, 2007.

The Reorganization Plan provides for the (i) payment in full of
secured claims, including obligations under Tower's DIP credit
facility and second lien loan facility, as well as payment in
full of administrative and priority claims, (ii) assumption of
the company's pension plan, and (iii) partial recovery for
certain unsecured creditors.

The Plan also incorporates the previously announced sale
agreement for substantially all of Tower's assets to TAC
Acquisition Company, LLC, an affiliate of Cerberus Capital
Management, L.P.  Tower expects to close the sale transaction by
July 31, 2007, after the completion of a competitive bidding
process as outlined in the Sale Agreement with Cerberus, and
Court approval of both the Plan and Sale Transaction.

Qualified parties must submit competing bids to purchase Tower
by June 20, 2007.  If qualified and competing bids are received
by that date, the company will conduct an auction on June 25.
Following the auction, Tower would then ask the Court to confirm
its Plan and approve the Sale transaction.

               Classification & Treatment of Claims

Under the Plan, all Claims against Tower, other than
Administrative Claims, DIP Facility Claims and Priority Tax
Claims, are divided into nine separate classes.  Tower believes
this complies with the requirements of the Bankruptcy Code.

       Class    Description
       -----    -----------
         1      Other Priority Claims
         2      Other Secured Claims
         3      Second Lien Claims
         4      R.J. Tower Bondholder Claims
         5      R.J. Tower General Unsecured Claims
         6      5.75% Convertible Senior Note Claims
         7      Other General Unsecured Claims
         8      Trust Related Claims
         9      Common Equity Interests

Classes 1, 2, and 3 are unimpaired and are deemed to accept the
Plan.  Classes 4, 5, 6, and 7 are impaired and are entitled to
vote on the Plan.  Classes 8 and 9 are impaired; will receive no
distribution under the Plan; and are deemed to have rejected the
Plan without voting.

Each Holder of Allowed Claims in Classes 1 and 2 Claims will
receive full cash payments on the effective date of the Plan
from the Post-Consummation Trust Priority Account.  On or as
soon as practicable after the Plan Effective Date, all remaining
Cash in the Second Lien Collateral Account will be returned to
the Second Lien Agent for the Pro Rata benefit of the Second
Lien Lenders, and the Second Lien Facility will be terminated.

Each Holder of an Allowed Class 3 Claim will receive a full cash
payment from TAC Acquisition, pursuant to the terms of TAC
Acquisition's purchase agreement with Tower.

Each Holder of an Allowed Class 4 Claim will receive its Pro
Rata share of the R.J. Tower Bondholder Primary Recovery and the
R.J. Tower Bondholder Secondary Recovery.  The Post-Consummation
Trust will not make distributions to holders of Class 4 Claims
until all Post-Consummation Trust Senior Claims payable by the
Post-Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

Each Holder of an Allowed Class 5 Claim will receive its Pro
Rata share of the R.J. Tower General Unsecured Claim Primary
Recovery and the R.J. Tower General Unsecured Claim Secondary
Recovery.  The Post-Consummation Trust will not make
distributions to holders of Class 5 Claims until all Post-
Consummation Trust Senior Claims payable by the Post-
Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

On the Plan Effective Date, the Class 6 5.75% Convertible Senior
Notes will be cancelled automatically without any further order
of the Court or the Debtors or the Indenture Trustee for the
5.75% Convertible Senior Notes.  Each Holder of an Allowed Class
6 5.75% Convertible Senior Note Claim will receive a Pro Rata
distribution of the Class 6 Recovery.  The Post-Consummation
Trust will not make distributions to holders of Class 6 Claims
until all Post-Consummation Trust Senior Claims payable by the
Post-Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

The Class 7 General Unsecured Claims, on the other hand, will be
cancelled and each Holder of an Allowed Class 7 General
Unsecured Claim will receive a Pro Rata distribution of the
Class 7 Recovery.  The Post-Consummation Trust will not make
distributions to holders of Class 7 Claims until all Post-
Consummation Trust Senior Claims payable by the Post-
Consummation Trust have been paid in full, or until an
appropriate Disputed Claims Reserve has been established for the
payment of all Post-Consummation Trust Senior Claims.

The 6.75% Trust Preferred Securities will be cancelled and
Holders of Class 8 Trust Related Claims will receive no
distribution on account of their Claims.

In addition, all Class 9 Equity Interests will be deemed
cancelled, and will be of no further force and effect, whether
surrendered for cancellation or otherwise, and there will be no
distribution to the Holders of Class 9 Equity Interests.

                      Administrative Claims

Each Holder of an Allowed Working Capital Administrative Claim
will be paid in the ordinary course of business the full unpaid
amount of the Claim in cash by TAC Acquisition, or other
entities designated by Cerberus or other entities as may be
designated the successful bidder or successful bidders at the
conclusion of an auction pursuant to the Cerberus Term Sheet.

Each Holder of an Allowed Other Administrative Claim will be
paid the full unpaid amount of the Claim in cash by the Post-
Consummation Trust Plan Administrator, out of a Post-
Consummation Trust Priority Account.

Holders of Working Capital Administrative Claims based on
liabilities incurred by a Debtor in the ordinary course of its
business will not be required to file or serve any request for
payment of the Working Capital Administrative Claims.

                       DIP Facility Claims

Allowed DIP Facility Claims will be paid in full in cash on the
Plan Effective Date.

                       Priority Tax Claims

On the later of the Plan Effective Date or the date on which a
Priority Tax Claim becomes an Allowed Priority Tax Claim, each
Holder of an Allowed Priority Tax Claim due and payable on or
before the Plan Effective Date will receive on account of the
Claim, cash in an amount equal to the amount of the Allowed
Priority Tax Claim, which amounts will be payable by the Post-
Consummation Trust out of the Post-Consummation Trust Priority
Account.

                Allowed Secondary Liability Claims

The classification and treatment of Allowed Claims under the
Plan take into consideration all Allowed Secondary Liability
Claims.

On the Effective Date, Allowed Secondary Liability Claims
arising from or related to any Debtor's joint or several
liability for the obligations under any (a) Allowed Claim that
is being reinstated under the Plan or (b) Executory Contract or
Unexpired Lease that is being assumed or deemed assumed by
another Debtor or under any Executory Contract or Unexpired
Lease that is being assumed by and assigned to another Debtor or
any other Entity, will be reinstated.

Except as otherwise provided, Holders of Allowed Secondary
Liability Claims will be entitled to only one distribution in
respect of the underlying Allowed Claim from the Substantively
Consolidated Debtors and only one distribution in respect of the
underlying Allowed Claim from the International Holding Company
Debtors.  No multiple recovery on account of any Allowed
Secondary Liability Claim will be provided or permitted.

               Intercompany and Subordinated Claims

All Intercompany Claims and Subordinated Securities Claims will
be cancelled as of the Plan Effective Date, and Holders of these
Claims will not receive a distribution under the Plan in respect
of the Claims.

                           Pension Plan

R.J. Tower, a wholly owned subsidiary of Tower, Inc., currently
sponsors and maintains one defined benefit pension plan known as
The Tower Automotive Consolidated Pension Plan.

The Plan provides that TAC Acquisition intends to assume the
Pension Plan on an on-going basis and will be liable to fund the
Pension Plan in accordance with the minimum funding standards
under the Internal Revenue Code and ERISA; pay all required PBGC
insurance premiums; and continue to administer and operate the
Pension Plan in accordance with the terms of the Pension Plan
and provisions of ERISA.

TAC Acquisition and all members of its controlled group will be
obligated to pay the contributions necessary to satisfy the
minimum funding standards under Section 412 of the Internal
Revenue Code and Section 302 of ERISA.

PBGC has filed an estimated contingent claim in the Debtors'
Chapter 11 Cases against each Debtor for unfunded benefit
liabilities owed to the Tower Automotive Pension Plan and the
Tower Automotive UAW Retirement Income Plan for $182,900,000 and
$7,700,000.  PBGC has also filed unliquidated claims for
statutory premiums owed to PBGC and minimum funding
contributions owed to each of the Pension Plans.  Upon the
closing on the sale of the Debtors' assets to TAC Acquisition,
and upon the Purchaser's continuation of the Pension Plan, PBGC
will withdraw its claims against the Debtors' bankruptcy
estates.

                              Trusts

Two trusts, the Post-Consummation Trust and the Unsecured
Creditors Trust, will be established for the primary purpose of
liquidating Trust assets with no objective to continue or engage
in the conduct of a trade or business, except to the extent
reasonably necessary to, and consistent with, the liquidating
purpose of the Trust.

A. Post-Consummation Trust

The Debtors will transfer to the Post-Consummation Trust all of
their rights, title and interests in "Remaining Assets".  Any
attorney client privilege, work product privilege, or other
privilege or immunity attaching to any documents or
communications -- whether written or oral -- transferred to the
Post-Consummation Trust will vest in the Post-Consummation Trust
and its representatives.

The Debtors, in consultation with the Official Committee of
Unsecured Creditors, will designate the initial Post-
Consummation Trust Plan Administrator.

Cash in the Post-Consummation Trust Priority Account will be
applied in accordance with the terms of the Post-Consummation
Trust Budget:

    (1) to the fees, costs, expenses -- each in amounts not to
        exceed amounts approved pursuant to the Post-
        Consummation Trust Budget -- and liabilities of the
        Post-Consummation Trust Plan Administrator;

    (2) to satisfy any other administrative and Wind-Down
        Expenses of the Post-Consummation Trust; and

    (3) to the distributions provided for pursuant to the Plan.

The Post-Consummation Trust Plan Administrator, after the Plan
Effective Date, will pay $2,000,000 out of the Post-Consummation
Indemnity Account pursuant to the terms of an ERISA Settlement
Agreement, it being understood that any refund paid to the
Debtors under the ERISA Settlement Agreement up to $2,000,000
will be returned to the Post-Consummation Indemnity Account.

The Post-Consummation Trust will also establish a Retained
Professional Escrow Account and reserve the amounts necessary to
ensure the payment of all Accrued Professional Compensation.

All other actions, along with any associated recoveries,
proceeds and settlements, will remain the property of the
Debtors' estates, and will be devised to the Post-Consummation
Trust, provided, no Acquired Assets or Residual Chapter 5 Claims
will be devised to the Post-Consummation Trust.

Chapter 5 Claims refer to any and all avoidance, recovery,
subordination or other actions or remedies that may be brought
on behalf of the Debtors or their estates under the Bankruptcy
Code or applicable non-bankruptcy law, including actions or
remedies under Sections 510, 542, 543, 544, 545, 547, 548, 549,
550, 551, 552, 553(b) and 724(a) of the Bankruptcy Code.

B. Unsecured Creditors Trust

On the Plan Effective Date, TAC Acquisition will transfer to the
Unsecured Creditors Trust the Cash portion of the Unsecured
Creditors Trust Assets -- $10,000,000 Unsecureds Claim Payment
and a $2,000,000 Unsecureds Funds Payment.  Residual Chapter 5
Claims will be deemed to be transferred to the Unsecured
Creditors Trust free and clear of all Claims and Interests
pursuant to the terms of the Confirmation Order.

The Creditors Committee will designate the initial Unsecured
Creditors Trust Plan Administrator.

The Post-Consummation Trust and the Post-Consummation Trust Plan
Administrator will reasonably cooperate with the Unsecured
Creditors Trust and the Unsecured Creditors Trust Plan
Administrator to facilitate the administration of the Trusts,
including, but not limited to the sharing of information related
to Claims and any Disputed Claims Reserve.

            Cancellation of Notes and Equity Interests

On the Plan Effective Date, except to the extent otherwise
provided, all notes, stock, instruments, certificates, and other
documents evidencing the 5.75% Convertible Senior Note Claims,
the 6.75% Trust Convertible Subordinated Debenture Claims, the
9.25% Senior Euro Note Claims, the 12% Senior Note Claims, and
Equity Interests will be cancelled, and the obligations of the
Debtors or in any way related to the documents will be
discharged.

Any indenture, including the 5.75% Convertible Senior Note
Indenture, the 6.75% Trust Convertible Subordinated Debenture,
the 9.25% Senior Euro Note Indenture and the 12% Senior Note
Indenture will be deemed to be canceled, as permitted by Section
1123(a)(5)(F) of the Bankruptcy Code, and the obligations of the
Debtors will be discharged.  The 5.75% Convertible Senior Note
Indenture, the 9.25% Senior Euro Note Indenture and the 12%
Senior Note Indenture will continue in effect solely for the
purposes of:

    (i) allowing Holders of the 5.75% Convertible Senior Note
        Claims, the 9.25% Senior Euro Note Claims and the 12%
        Senior Note Claims to receive distributions under the
        Plan; and

   (ii) allowing and preserving the rights of the Indenture
        Trustees under the 5.75% Convertible Senior Note
        Indenture, the 9.25% Senior Euro Note Indenture and the
        12% Senior Note Indenture to:

         -- make distributions in satisfaction of Allowed 5.75%
            Convertible Senior Note Claims, the 9.25% Senior
            Euro Note Claims and the 12% Senior Note Claims;

         -- exercise their charging liens against any
            distributions; and

         -- seek compensation and reimbursement for any fees and
            expenses incurred in making distributions.

                     Dissolution of Committee

Effective no later than 30 days after the Plan, Effective Date
if no appeal of the Confirmation Order is then pending, and so
long as the Trusts have been established, the Committee will
dissolve with respect to the Debtors and its members will be
released and discharged from all further authority, duties,
responsibilities and obligations relating to the Chapter 11
Cases.

However, the Committee and its Retained Professionals will be
retained with respect to (i) applications filed pursuant to
Sections 330 and 331 of the Bankruptcy Code, (ii) motions
seeking the enforcement of the provisions of the Plan and the
transactions contemplated under the Plan or the Confirmation
Order and (iii) pending appeals.

                       Liquidation Analysis

The Debtors believe that the Plan meets the "best interest of
creditors" test as set forth in Section 1129(a)(7) of the
Bankruptcy Code.  There are Impaired Classes with respect to
each Debtor, certain of which are contemplated to receive
recoveries under the Plan.  The Debtors believe that the members
of each Impaired Class will receive at least as much as they
would if the Debtors were liquidated under Chapter 7 of the
Bankruptcy Code.

            Summary of Hypothetical Liquidation Values
                Substantively Consolidated Debtors
                       As of March 31, 2007

                              Hypothetical Recovery Value

                               Low                  High
                               ---                  ----
Asset Type:
  Cash and Equivalents      $240,593   100%     $240,593   100%
  Accounts Receivable     41,530,738    61%   51,974,440    76%
  Inventory               30,890,230    72%   39,240,267    91%
  MRO                        808,012     5%    2,424,036    15%
  Tooling                 18,739,785   100%   20,821,984   100%
  PP&E                   118,604,044    27%  216,135,105    49%
  Prepaid Expenses                 -     0%      403,583    10%
  Other Non-Cur. Assets            -     0%            -     0%
                         -----------         -----------
Total                   $210,813,402        $331,240,007
                         ===========         ===========
Less:
  Liquidation Costs      (10,142,524)        (16,741,498)
  Chap. 7 Trustee Fees    (6,324,402)         (9,937,200)
  Runoff Costs           (71,000,000)        (54,000,000)
  Professional Fees      (21,000,000)        (17,000,000)
                         -----------         -----------
Total Distributable
  Value                 $102,348,476        $233,561,308
                         ===========         ===========

The Liquidation Analysis reflects the estimated cash proceeds,
net of liquidation related costs that would be realized if the
Debtors were to be liquidated in accordance with Chapter 7.  The
Debtors prepared the Liquidation Analysis, with the assistance
of FIT Consulting, Inc., Lazard Freres & Co., LLC, and other
professionals, and in a manner consistent with the consolidated
legal structure of the Plan.

The Debtors believe the Liquidation Analysis and the conclusions
set forth in the Analysis are fair and accurate, and represent
management's best judgment with regard to the results of a
Chapter 7 liquidation of the Debtors.

A full-text copy of the Debtors' Liquidation Analysis is
available for free at http://ResearchArchives.com/t/s?1e63

                      Plan Must be Approved

The Debtors urge creditors entitled to vote to accept the Plan.
The Creditors Committee also urges the Holders of Class 4 R.J.
Tower Bondholder Claims, Class 5 R.J. Tower General Unsecured
Claims, Class 6 5.75% Convertible Senior Note Claims and Class 7
Other General Unsecured Claims to vote to accept the Plan and to
evidence their acceptance by timely completing and returning
their Ballots.

The Debtors will file Plan Supplements on or before July 2,
2007.  Upon filing, the Plan Supplement will be made available
on the Voting Agent's Web site at http://www.bsillc.com/

A full-text copy of Tower's Disclosure Statement is available
for free at http://ResearchArchives.com/t/s?1e61

A full-text copy of Tower's Plan is available for free at:

           http://ResearchArchives.com/t/s?1e62

                     About Tower Automotive

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and $1,306,949,000 in total
debts.  The Debtors' exclusive period to file a chapter 11 plan
expired today, May 3.

(Tower Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


TOWER AUTOMOTIVE: Disclosure Statement Hearing Set for June 5
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on June 5, 2007, to consider the adequacy
of the Disclosure Statement explaining Tower Automotive, Inc.,
and its debtor-affiliates' Joint Plan of Reorganization.

The Deadline for filing objections to the Disclosure Statement
is May 29.

Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- is a global designer and
producer of vehicle structural components and assemblies used by
every major automotive original equipment manufacturer,
including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.  Products
include body structures and assemblies, lower vehicle frames and
structures, chassis modules and systems, and suspension
components.  The company has operations in Korea, Spain and
Brazil.

The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601).  James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts.  Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors.  When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and $1,306,949,000 in total
debts.  The Debtors' exclusive period to file a chapter 11 plan
expired today, May 3.

(Tower Automotive Bankruptcy News, Issue No. 61; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or
215/945-7000)


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


ASOMEC SYSTEME: Creditors' Liquidation Claims Due May 18
--------------------------------------------------------
Creditors of JSC Asomec Systeme have until May 18 to submit
their claims to:

         Hans Obrecht
         Liquidator
         Gehrengasse 30
         4704 Niederbipp
         Wangen BE
         Switzerland

The Debtor can be reached at:

         JSC Asomec Systeme
         Wangen an der Aare BE
         Switzerland


BOURBAKI RESTAURANT: Creditors' Liquidation Claims Due May 18
-------------------------------------------------------------
Creditors of JSC Bourbaki Restaurant have until May 18 to submit
their claims to:

         JSC Procliente Revisions
         Liquidator
         Burgstrasse 14
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         JSC Bourbaki Restaurant
         Lucerne
         Switzerland


CHEMINVEST JSC: Creditors' Liquidation Claims Due May 18
--------------------------------------------------------
Creditors of JSC Cheminvest have until May 18 to submit their
claims to:

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

The Debtor can be reached at:

         JSC Cheminvest
         Chur GR
         Switzerland


ESTIMED PHARMA: Creditors' Liquidation Claims Due May 18
--------------------------------------------------------
Creditors of JSC Estimed Pharma have until May 18 to submit
their claims to:

         Riedstrasse 1
         6343 Rotkreuz
         Switzerland

The Debtor can be reached at:

         JSC Estimed Pharma
         Risch ZG
         Switzerland


INTEGMAR HOLDING: Creditors' Liquidation Claims Due May 21
----------------------------------------------------------
Creditors of JSC Integmar Holding have until May 21 to submit
their claims to:

         Hans Stuber
         Liquidator
         Grafenaustrasse 5
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Integmar Holding
         Zug
         Switzerland


PRO BAUTEAM: Creditors' Liquidation Claims Due May 19
-----------------------------------------------------
Creditors of LLC Pro Bauteam have until May 19 to submit their
claims to:

         Gartnerstrasse 61
         4057 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Pro Bauteam
         4057 Basel BS
         Switzerland


S-T SYSTEMTRADE: Creditors' Liquidation Claims Due May 21
---------------------------------------------------------
Creditors of JSC S-T Systemtrade have until May 21 to submit
their claims to:

         Thomas Zumbuhl
         Liquidator
         Untere Altstadt 10
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC S-T Systemtrade
         Zug
         Switzerland


SPORTS VISION: Creditors' Liquidation Claims Due June 18
--------------------------------------------------------
Creditors of LLC Sports Vision have until June 18 to submit
their claims to:

         JSC Onyx Trust Services
         Liquidator
         Baarerstrasse 8
         6301 Zug
         Switzerland

The Debtor can be reached at:

         LLC Sports Vision
         Zug
         Switzerland


TROEHLER BFSA: Creditors' Liquidation Claims Due May 18
-------------------------------------------------------
Creditors of LLC Troehler BFSA have until May 18 to submit their
claims to:

         JSC Dr. Balsiger & Partner
         Liquidator
         Pfistergasse 38
         4800 Zofingen AG
         Switzerland

The Debtor can be reached at:

         LLC Troehler BFSA
         Zofingen AG
         Switzerland


VIDEOTRONIC (SCHWEIZ): Creditors' Liquidation Claims Due May 21
---------------------------------------------------------------
Creditors of JSC Videotronic (Schweiz) have until May 21 to
submit their claims to:

         Walter J. Weber
         Liquidator
         Kronenstrasse 9
         8712 Stafa
         Meilen ZH
         Switzerland

The Debtor can be reached at:

         JSC Videotronic (Schweiz)
         Oberuzwil
         Wahlkreis Wil SG
         Switzerland


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


TURKCELL: Altimo Demands Repayment of US$1.3 Bln Cukurova Loan
--------------------------------------------------------------
Altimo, the telecoms arms of financial holding Alfa Group, has
demanded the repayment of its outstanding US$1.35 billion loan
to Cukurova Group, in Turkey.

Altimo, which is owned by Russian entrepreneur Mikhail Fridman,
and Cukurova Group, a Turkish conglomerate, are two of Turkcell
Iletisim Hizmetleri A.S.'s biggest shareholders.

In November 2005, Alfa Group concluded a multi-agreement deal
with Cukurova acquiring a 13.22% indirect stake in Turkcell, a
Turkish mobile operator, and lending US$1.70 billion to Cukurova
Group.  In November 2006, Cukurova repaid US$357 million of the
total loan to Alfa and paid US$217 million interest.

Altimo is concerned that, following a number of event of
defaults by Cukurova, the security of its loan is compromised.
Cukurova has repeatedly failed to comply with the agreements
signed in 2005.  Therefore, Altimo has to put in place measures
to protect its position in relation to the outstanding loan.  On
April 16, Altimo served notice on the Cukurova Group demanding
repayment of the loan in full.

In accordance with the agreements signed with Cukurova, it has
also referred these matters to court in the British Virgin
Islands to seek confirmation of its position.

                          About Altimo

Headquartered in Moscow, Russia, Altimo --
http://www.altimo.org/-- was created in 2005 from Alfa Telecom,
which itself was established in 2004 to hold the telecoms
investments of the Alfa Group Consortium. Those assets are in
Russia, the CIS and other promising emerging markets.

                         About Turkcell

Headquartered in Instanbul, Turkey, Turkcell Iletisim Hizmetleri
A.S. -- http://www.turkcell.com.tr/-- provides high-quality
mobile voice and data services through its own GSM network, with
39.4 million proportionate GSM subscribers as of December 31,
2006.  The company also operates in the Ukraine through its
indirect subsidiary Astelit, in Azerbaijan, Kazakhstan, Georgia
and Moldova through its associate Fintur, and in Northern Cyprus
through its wholly owned subsidiary Kibris Telekom.

                         *     *     *

As reported in the TCR-Europe on Dec. 27, 2006, Moody's
Investors Service assigned Ba2 foreign currency and
Ba2 domestic currency corporate family ratings to Turkcell
Iletisim Hizmetleri A.S.  Moody's said the outlook is stable.

As reported by the TCR-Europe on Dec. 5, 2006, Standard & Poor's
Ratings Services raised to 'BB-' from 'B+' its long-term foreign
currency corporate credit rating on Turkcell Iletisim Hizmetleri
A.S., the leading Turkish mobile telecommunications group.  S&P
said the outlook is stable.

In August 2006, Fitch Ratings upgraded the foreign currency
Issuer Default rating for Turkcell Iletisim Hizmetleri A.S. to
BB from BB- and remains on Outlook Positive, reflecting the
existing Positive Outlook on Fitch's BB- FC IDR.


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


ALPHA-8 LLC: Creditors Must Register Claims by May 12
-----------------------------------------------------
Creditors of LLC Alpha-8 (code EDRPOU 30136944) have until
May 12 to submit written proofs of claims to:

         Andrew Darmostuk
         Liquidator
         Petrovsky Str. 6/8
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-48/19-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Alpha-8
         Krasnooktiabrskaya Str. 5
         Kharkov
         Ukraine


BUILDING MECHANIZATION: Creditors Must Register Claims by May 12
----------------------------------------------------------------
Creditors of Joint Enterprise Building Mechanization (code
EDRPOU 24659399) have until May 12 to submit written proofs of
claims to:

         O. Kuznetsova
         Liquidator
         Plitkov Str. 12
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/40-07.

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:

         Joint Enterprise Building Mechanization
         Plitkov Str. 12
         Kharkov
         Ukraine


MIZOCH AGRICULTURAL: Creditors Must Register Claims by May 13
-------------------------------------------------------------
Creditors of OJSC Mizoch Agricultural Machine-Technologic
Station (code EDRPOU 30032581) have until May 13 to submit
written proofs of claim to:

         Lesia Tikhonchuk
         Temporary Insolvency Manager
         Slovatsky Str. 4/6
         Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/18.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         OJSC Mizoch Agricultural Machine-Technologic Station
         Vishnevaya Str. 1
         Mizoch
         Zdolbunov District
         35740 Rivne
         Ukraine


OCHAKOV MOTOR: Creditors Must Register Claims by May 13
-------------------------------------------------------
Creditors of OJSC Ochakov Motor Transport (code EDRPOU 03117790)
have until May 13 to submit written proofs of claim to:

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

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/454/06.

The Debtor can be reached at:

         OJSC Ochakov Motor Transport
         Ochakov
         Olviyskaya Str. 1
         54240 Nikolaev
         Ukraine


ROVNO AGRICULTURAL: Creditors Must Register Claims by May 13
------------------------------------------------------------
Creditors of OJSC Rovno Agricultural Machine-Technologic Station
(code EDRPOU 30032581) have until May 13 to submit written
proofs of claim to:

         Lesia Tikhonchuk
         Temporary Insolvency Manager
         Slovatsky Str. 4/6
         Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/48.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         OJSC Rovno Agricultural Machine-Technologic Station
         Slovatsky Str. 4/6
         33000 Rivne
         Ukraine


SHEBELINKA CJSC: Creditors Must Register Claims by May 13
---------------------------------------------------------
Creditors of Shebelinka CJSC (code EDRPOU 25612359) have until
May 13 to submit written proofs of claims to:

         Sergey Sautenko
         Liquidator
         Heroes of Work Str. 58
         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-24/199-03.

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:

         Shebelinka CJSC
         Shebelinka
         Balakleya District
         Kharkov
         Ukraine


SPHERE LLC: Creditors Must Register Claims by May 13
----------------------------------------------------
Creditors of LLC Corporation Sphere (code EDRPOU 30408320) have
until May 13 to submit written proofs of claim to:

         S. Persiuk
         Liquidator
         Mayakovsky Str. 11
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/205.

The Court is located at:

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

The Debtor can be reached at:

         LLC Corporation Sphere
         Dokovskaya Str. 3
         69032 Zaporozhje
         Ukraine


STIROL JSC: Moody's Assigns Loss-Given-Default Rating
-----------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Transportation
Services, Services, Homebuilding and Building Products,
Chemical, Retail and Apparel and Restaurants, Wholesale
Distribution, and Other sectors, the rating agency confirmed its
B3 Corporate Family Rating for OJSC Concern Stirol.

Moody's also assigned a B3 Probability-of-Default rating to the
company.

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

* Issuer: UkrChem Capital B.V.

                                                 Projected
                              POD      LGD       Loss-Given
      Debt Issue              Rating   Rating    Default
      ----------              -------  -------   ------
   7.875% Sr. Unsec. Regular
   Bond/Debenture Due 2008    B3       LGD4      54%

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

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

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

Headquartered in Ukraine, JSC Concern Stirol
-- http://www.stirol.net/-- manufactures chemical and
pharmaceutical products.


TECHNICAL SERVICE: Creditors Must Register Claims by May 12
-----------------------------------------------------------
Creditors of OJSC Technical Service (code EDRPOU 31259105) have
until May 12 to submit written proofs of claim to:

         Nikolay Derebchinsky
         Liquidator
         Komsomolskaya Str. 3
         Yuzhnoukrainsk
         55001 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/194/06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Technical Service
         P.O. Box 42
         Yuzhnoukrainsk
         55000 Nikolaev
         Ukraine


TECHNOR LLC: Creditors Must Register Claims by May 12
-----------------------------------------------------
Creditors of LLC Technor (code EDRPOU 31425855) have until
May 12 to submit written proofs of claim to:

         Liquidator
         Gavrilov Str. 5
         69118 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 19/67/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Technor
         Central Boulevard 1-b
         69000 Zaporozhje
         Ukraine


UKRAINIAN INDUSTRIAL: Creditors Must Register Claims by May 13
--------------------------------------------------------------
Creditors of LLC Ukrainian Industrial Transport (code EDRPOU
31233286) have until May 13 to submit written proofs of claims
to:

         V. Leontiev
         Liquidator
         Tankopiya Str. 32
         61100 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-19/77-07.

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 Ukrainian Industrial Transport
         Tankopiya Str. 32
         61100 Kharkov
         Ukraine


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


AEON PLC: Brings In Joint Administrators from PwC
--------------------------------------------------
Edward Klempka and Colin Michael Trevethyn Haig of
PricewaterhouseCoopers LLP were appointed joint administrators
of Aeon Plc (Company Number 03228762) and Aeon Pipe Systems Ltd.
(Company Number 03677537) on April 19.

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

The company can be reached at:

         Aeon Pipe Systems Ltd.
         Belasis Business Centre
         Coxwold Way
         Belasis Hall Technology Park
         Billingham
         TN23 4EA
         England
         Tel: 01642 345690
         Fax: 01642 345691


ALBANY BUILDING: Kaupthing Singer Taps Ernst & Young as Receiver
----------------------------------------------------------------
Kaupthing Singer & Friedlander Ltd. appointed R. H. Kelly and C.
G. J. King of Ernst & Young LLP joint administrative receivers
of The Albany Building Ltd. (Company Number 04309897) on April
5.

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 with a broad range of
business issues.

Headquartered in Liverpool, England, The Albany Building Ltd. is
engaged in property development.


BAUSCH & LOMB: Earns US$14.9 Million in Year Ended Dec. 31, 2006
----------------------------------------------------------------
Bausch & Lomb Incorporated reported net income of US$14.9
million on net sales of US$2.29 billion for the year ended
Dec. 31, 2006, compared with net income of US$19.2 million on
net sales of US$2.35 billion for the year ended Dec. 31, 2005.

Results for 2006 include charges, primarily in Europe,
associated with the MoistureLoc recall for product manufactured
and sold in 2006.  These charges reduced full-year 2006 earnings
before income taxes by US$26.7 million and net income by US$19.6
million, of which approximately US$19.1 million is associated
with sales returns and other reductions to reported net sales.

The company reported operating income of US$114 million in 2006,
compared to operating income of US$283.5 million in 2005.  The
main reason for the decline in operating income was a US$112.7
million decrease in regional segment income, and the increase in
operating costs from the research and development segment and
the global operations and engineering segment.

Research & Development segment operating costs increased 11
percent in 2006, reflecting higher spending in support of
projects in late-stage development.  Global Operations &
Engineering segment operating costs increased 21 percent,
primarily reflecting unfavorable manufacturing variances
resulting from lower than planned production of vision care
products as a result of the MoistureLoc recall, costs associated
with the implementation of new automated manufacturing platforms
for one-day contact lenses and changes in foreign currency
exchange rates.

Interest and investment income was US$31 million in 2006,
compared to US$20 million in 2005.  The increase in 2006
compared to 2005 was principally attributable to higher average
interest rates, and higher average investment balances due to
incremental borrowing to fund the repatriation of offshore
profits late in 2005 under the American Jobs Creation Act of
2004 (AJCA).

Interest expense was US$72 million in 2006, compared to US$53
million in 2005.  Although total short- and long-term borrowings
decreased US$160 million during 2006, average borrowings were
higher in 2006 than 2005, because the company borrowed offshore
to fund its  repatriation program under the AJCA.  Additionally,
as a result of the company's not filing its financial reports in
2006 on time, the company obtained waivers on its bank and
public debt, resulting in the company paying fees in the form of
incremental interest to the debt holders.

At Dec. 31, 2006, the company's balance sheet showed US$3.27
billion in total assets, US$1.86 billion in total liabilities,
US$17.2 million in minority interest, and US$1.39 billion in
total stockholders' equity.

Full-text copies of the company's consolidated financial
statements for the year ended Dec. 31, 2006, are available for
free at http://researcharchives.com/t/s?1e21

                        MoistureLoc Recall

On May 15, 2006, the company announced a voluntary recall of its
MoistureLoc lens care solution.  The decision was made following
months of investigation into an increase in fungal infections
among contact lens wearers in the United States and certain
Asian markets.  The company's decision to recall the product
represented a subsequent event occurring prior to filing its
2005 Annual Report on Form 10-K, but related to product
manufactured and sold in 2005.  In accordance with GAAP, the
company recorded certain items associated with the recall in its
2005 financial results.

                Liquidity and Financial Resources

Cash and cash equivalents decreased from US$721 million at the
end of 2005 to US$500 million at the end of 2006, while total
outstanding debt decreased from US$992 million at Dec. 31, 2005,
to US$833 million at Dec. 31, 2006.

The company generated cash of US$125 million from operating
activities in 2006, compared to US$239 million in 2005.  Higher
cash payments for expenditures associated with the MoistureLoc
recall, and higher interest and tax payments were the primary
drivers of the decrease in operating cash flow.

In 2006, the company used US$157 million for investing
activities, primarily capital spending and acquisitions,
compared to cash used used for investing activities of US$353
million in 2005.

The company used US$198 million in 2006 for financing
activities. This primarily reflected debt repayment of US$162
million, mainly associated with debt repurchased as a result of
a tender offer the company completed in June.  On a net basis,
the company generated US$342 million in 2005 through financing
activities.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE:
BOL) -- http://www.bausch.com/-- develops, manufactures, and
markets eye health products, including contact lenses, contact
lens care solutions, and ophthalmic surgical and pharmaceutical
products.  The company is organized into three geographic
segments: the Americas; Europe, Middle East, and Africa; and
Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan
and Thailand).  While in Europe, the company maintains
operations in Austria, Germany, the Netherlands, Spain, and the
United Kingdom.
                          *     *     *

As reported in the Troubled Company Reporter-Europe on
Feb. 6, 2007, Moody's Investors Service downgraded Bausch &
Lomb Inc.'s senior unsecured debt to Ba1 and continues to review
all ratings for possible downgrade.  Moody's also assigned the
company a Ba1 Corporate Family Rating.


BRITISH SKY: Antitrust Probe Could Force ITV Stake Sale
-------------------------------------------------------
British Sky Broadcasting plc may be forced to sell some or all
of its 17.9% stake in ITV plc after the Office of Fair Trading
and the Office of Communications found that the acquisition
raises antitrust concerns, Guy Dixon of The Scotsman reports.

The regulators' recommendation could lead to a full inquiry by
the Competition Commission.

According to Alex DeGroote, analyst at Panmure Gordon, Virgin
Media Inc. (fka NTL Inc.) could renew its takeover bid for ITV
should BSkyB decide to sell the shareholding, Scotsman relates.

However, BSkyB said in a statement that it will "continue to
engage fully" with the regulatory process.  According to Mr.
Dixon, BSkyB bought the ITV stake for GBP900 million in November
2006 in an attempt to block NTL from acquiring it.

                            OFT Probe

The OFT examined the competition issues raised by the
transaction having disclosed on Jan. 12 its provisional view
that a relevant merger situation may have been created for the
purposes of the Enterprise Act 2002 as a result of BSkyB
acquiring material influence over ITV.

Its report found that the test for a merger reference to the
Competition Commission is met on competition grounds.

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.

"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."

                           Ofcom Probe

Ofcom conducted its investigation in response to the Feb. 26
intervention notice of Secretary of State for Trade and Industry
Alistair Darling on which cited the public interest
consideration specified in the Enterprise Act 2002 concerning
the plurality of persons with control of media enterprises.

In its report, Ofcom's advice is that there are public interest
issues, in relation to sufficient plurality of news provision
for both cross media and television news in the U.K.

The Secretary of State for Trade and Industry has already
received the results of OFT and Ofcom's investigation.

The Secretary of State will now study the reports and announce
his decision on reference to the Competition Commission on or
before the statutory deadline of May 26.  OFT and Ofcom will
publish their reports on or before this date.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          About BSkyB

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.


CHOPSTICKS AND BOWL: Names Keith Barry Stout Liquidator
-------------------------------------------------------
Keith Barry Stout was appointed liquidator of Chopsticks And
Bowl Restaurant Ltd. on April 20 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         Chopsticks & Bowl Restaurant Ltd.
         19 High Street
         Lenham
         Maidstone
         ME17 2QD
         England
         Tel: 01622 858 416


COLLINS & AIKMAN: Secured Creditors Balk at Biz Sale Procedure
--------------------------------------------------------------
The Secured Creditors of Collins & Aikman Corp. and its debtor-
affiliates objected to the proposed sale procedures for their
Carpet & Acoustics Business.

As previously reported in the TCR-Europe on April 25, the
Debtors have reached an asset purchased agreement with
International Automotive Components Group North America,
Inc., to sell their Carpet & Acoustics Division for
US$134,000,000 in cash to IAC NA.

Also known as C&A's Soft Trim operations, the Carpet & Acoustics
Division include 16 facilities located in the United States,
Canada and Mexico with annual revenues of approximately
US$615,000,000.  The facilities supply a broad range of
automotive interior carpet and acoustic products including
molded flooring systems, accessory mats, dash insulators,
package trays and trunk liners.

After an extensive marketing process and examining the bids
received from certain potential buyers, the Debtors and their
advisors, in consultation with the agent and the unofficial
steering committee for the Debtors' senior, secured prepetition
lenders, determined that the offer from IAC NA was the highest
and best offer received for the Carpet & Acoustics Business.

The terms of the Asset Purchase Agreement dated April 20,
negotiated by the parties are:

    Purchase Price    US$134,000,000 in cash plus certain
                      Assumed Liabilities and contingent
                      consideration.

                      Includes an option for the Debtors'
                      senior, secured prepetition lenders to
                      purchase up to 25% of the equity in IAC
                      NA's parent at the equity's cost basis.

    Purchase
    Price Deposit     US$5,000,000, due upon the entry of an
                      order approving the auction procedures for
                      the Assets.

    Purchased Assets  Substantially all of the assets of the
                      Carpet & Acoustics Business.

    Excluded Assets   Among other things, specified contracts
                      that will not be assumed at Closing, cash,
                      insurance policies, certain deposits,
                      shares of certain capital stock,
                      intellectual property rights not owned or
                      licensed by the Debtors, pre-Closing tax
                      refunds and rebates, pre-Closing claims
                      and causes of action, intercompany
                      receivables, confidential employee
                      personnel and medical records, tax
                      returns, financial statements and Chapter
                      5 avoidance actions.

    Assumed
    Liabilities       Among other things, liabilities arising
                      from assumed contracts, certain
                      liabilities from the sale of products or
                      inventory in the ordinary course of
                      business, certain environmental
                      liabilities, accrued payroll of certain
                      employees, certain product liability
                      claims and post-Closing  liabilities
                      related to the Carpet & Acoustics Business
                      and the Purchased Assets.

    Excluded
    Liabilities       All Liabilities other than Assumed
                      Liabilities.

    Break-Up Fee      US$1,340,000, payable upon the
                      consummation of a sale transaction with
                      another bidder for the Purchased Assets.

    Expense
    Reimbursement     Up to US$3,000,000 in documented out-of-
                      pocket expenses; provided that if the IAC
                      NA terminates the APA as a result of its
                      due diligence on or before May 2, IAC
                      NA will be entitled to half of its
                      documented out-of-pocket expenses incurred
                      since Nov. 1, 2006, up to a maximum of
                      US$750,000.

    Closing
    Conditions        The conditions to closing include, but are
                      not limited to:

                       -- the Debtors have provided to IAC NA
                          orders of the Ontario Court and the
                          Quebec Superior Court in form vesting
                          the assets of certain of the Debtors'
                          Canadian subsidiaries in IAC NA free
                          and clear of all claims and
                          encumbrances;

                       -- No program or project undertaken by
                          the Sellers with respect to the
                          Business representing US$10,000,000 or
                          more in annual sales will have been
                          terminated by any counterparty
                          thereto; and

                       -- IAC NA will have entered into ratified
                          and binding collective bargaining
                          agreements with the unions currently
                          representing workers in the Debtors'
                          Springfield and Canton facilities, the
                          agreements to be satisfactory to IAC
                          NA in its sole discretion, that are
                          applicable to the bargaining units at
                          the Springfield and Canton locations.

Pursuant to the APA, the Debtors will subject the Carpet &
Acoustics Business to a further market test through an auction
to ensure that the value received for the assets is maximized.
The Debtors will pay IAC NA a US$1,340,000 break-up fee, and up
to US$3,000,000 in the event C&A sells the business to another
bidder.

A full-text copy of the APA is available for free at:

       http://bankrupt.com/misc/Collins_APA_IAC_NA.pdf

                     IAC NA Equity Option

Prior to the closing of the APA, secured creditors of C&A will
have the option to purchase up to 25% of the equity in IAC NA.

The Offered Stock will be deemed to have an aggregate value
equal to one-third of the sum of (i) the Pre-Closing Value plus
(ii) US$134,000,000.  The "Pre-Closing Value" will equal the sum
of

   (i) US$108,266,668,

        (x) increased if the APA Closing does not occur within
            four months of the scheduled date of the auction, by
            1.5% per month elapsed between the Auction Date and
            the APA Closing, and

        (y) increased or decreased, as applicable, by any post-
            closing adjustments to the purchase price paid or
            received by IAC NA or its subsidiaries in respect of
            its acquisition of Lear Corp.'s North American
            Interior Systems Division business to the extent the
            adjustment changes the equity invested in the IAC
            NA, plus

  (ii) the amount of any additional capital contributions to IAC
       NA by its members on or prior to the APA Closing, minus

(iii) the amount of any capital distributions by IAC NA to its
       members on or prior to the APA Closing.

The "Per Share Value" will equal the Aggregate Value divided by
the number of shares of Offered Stock.

Each Senior Secured Lender who wishes to be a Subscriber will be
required to deliver, eight business days prior to the APA
Closing:

   (1) to IAC NA, executed subscription documentation stating
       the maximum dollar amount the Subscriber desires to
       invest in Stock, and

   (2) to an escrow account specified in the subscription
       documentation,

        (x) immediately available funds equal to the maximum
            amount,

        (y) an irrevocable direction to C&A to pay to the escrow
            account funds that would otherwise have been payable
            for the benefit of the Senior Secured Lender on the
            effective date of C&A's Chapter 11 plan, or

        (z) a combination of the immediately available funds and
            Directed Funds equal to the maximum amount.

The Offered Stock will be allocated based on the Subscribers'
relative ownership of C&A's senior secured debt in the event of
oversubscription.

                         Objections

Halcyon Fund, L.P., Longacre Capital Partners (GP) L.P.,
Schultze Asset Management LLC, and Seven Bridges Capital
Management, who are secured creditors to the Debtors, either
directly or through managed funds or accounts, hold or have
acquired interests in approximately US$105,000,000 in secured
claims under the Debtors' prepetition senior secured loan
facilities.

Under the terms of the Debtors' First Amended Joint Plan, the
holders of Prepetition Facility Claims are the principal
beneficiaries of any sale of the Carpet & Acoustics Business or
Soft Trim Business, which has been touted as the single most
important asset to their recovery, the Secured Creditors relate.

Joel D. Applebaum, Esq., at Clark Hill PLC, in Detroit,
Michigan, states that the proposed sale procedures should be
denied on various grounds:

   (a) The Prepetition Facility Creditors should not get locked
       into the grossly short proposed schedule and irrevocably
       saddled with up to US$4,340,000 in proposed bidding
       protections until they have had a reasonable opportunity
       to assess the proposed transaction.

       The Prepetition Facility Creditors were advised that the
       bulk of their recovery would come from the Carpet &
       Acoustics Business; however, they only received detailed
       information about the financial condition and prospects
       of the Carpet & Acoustics Business, including some of the
       missing substantial critical information on the purchase
       agreement on April 26.

       Earlier information that had been provided on estimated
       recoveries to Prepetition Facility Creditors had
       indicated a much higher recovery value to the Carpet &
       Acoustics Business.

       Until April 26, the Prepetition Facility Creditors could
       not have information to assess the Carpet & Acoustics
       Business itself, they could not even fully assess the
       value of the purchase agreement on its own terms.

   (b) Stalking horse bidder IAC NA should not lock in Proposed
       Bidding Protections before its due diligence "out" of
       May 2 has expired.  Awarding IAC NA protections while it
       still has the ability to walk away from the transaction
       is tantamount to a free option and is inappropriate.

   (c) The Proposed Schedule and Proposed Bidding Protections
       will not foster maximized recoveries, but make it likely
       that IAC NA has no competition from other bidders. The
       Proposed Schedule is so short that it can only fail in
       its purported purpose to draw in competing bids.  Looked
       at another way, the short timing effectively is another
       bid protection for IAC NA.

   (d) The US$3,000,000 expense reimbursement to IAC NA would,
       but should not, apply if the Carpet & Acoustics Business
       were retained under the Proposed Plan.  The combined
       protections require that any competing bid be at least
       US$5,340,000 more than IAC NA's bid.

   (e) The Proposed Sale Procedures do not, but should
       explicitly provide that a credit bid by the holder of the
       liens under the Prepetition Facility is a qualified bid.
       The Prepetition Facility Creditors are entitled to bid on
       the Carpet & Acoustics Business pursuant to Section
       363(k) of the Bankruptcy Code.

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)


ECLIPSE 2007-2: Fitch Rates EUR5.75 Million Class E Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to Juno Eclipse 2007-2
floating-rate notes due November 2022:

   -- EUR677 million Class A: 'AAA'
   -- EUR600,000 Class X: 'AAA'
   -- EUR69 million Class B: 'AA'
   -- EUR74.25 million Class C: 'A'
   -- EUR40.9 million Class D: 'BBB'
   -- EUR5.75 million Class E: 'BB'

Juno Eclipse 2007-2 is Barclays Bank Plc's first fully funded
synthetic deal, which has been structured to replicate a
traditional "true sale" CMBS issue.

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

The expected ratings reflect the credit enhancement provided to
each Class by the subordination of Classes junior to it, the
positive and negative features of the underlying collateral, and
the integrity of the legal and financial structures.  The
ratings also address the timely payment of interest on the notes
and the ultimate repayment of principal by final legal maturity
in November 2022.

Initial CE for the Class A notes is provided by subordination of
the Class B, C, D and E notes.  Likewise, initial CE for the
Class B, Class C, Class D notes, is provided by the
subordination of those notes junior to them.  There is no CE
provided to the Class E or Class X notes.

The reference loans are secured on a diverse real estate
portfolio, comprising 206 properties located throughout Belgium,
France, Germany, Italy, Monaco and Sweden.  The reference loans
have an aggregate cut-off balance of EUR869 million.  The
underlying real estate has an aggregate market value of
EUR1.3 billion, giving a moderate initial weighted-average loan-
to-value ratio of 70.8%.

Interest for the notes is paid quarterly in arrears on each
payment date, commencing in August 2007.  To pay interest on the
rated notes, the issuer will have several sources of income:

   -- the swap counterparty payment income or alternative swap
      counterparty payment income

   -- reinvestment income from the cash deposit under the CDS
      or repurchase agreement

   -- income from the transaction account

   -- income from authorized investments and

   -- any liquidity facility drawings under the liquidity
      facility agreement.  This income will be allocated to the
      notes in accordance with the priority of payments.


ECLIPSE 2007-2: S&P Rates EUR5.75 Million Class E Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR867.5 million commercial mortgage-
backed floating-rate notes to be issued by JUNO ECLIPSE 2007-2
Ltd., a private limited liability company incorporated in
Ireland.

JUNO ECLIPSE 2007-2 is the first synthetic CMBS securitization
structured by Barclays Bank PLC and will be the second pan-
European CMBS transaction from the Barclays "Eclipse" program.

The transaction is a fully funded synthetic securitization of 17
commercial real-estate-backed loans across Europe.  The
structure seeks to mimic a vanilla true sale transaction, so the
issuer's cash flows and the noteholders' credit risk are
synthetically linked to the performance of the loan reference
pool.

All of the reference loans were originated by Barclays Bank and
are serviced by Barclays Capital Mortgage Servicing Ltd.

Barclays will be the lender of record at the closing date and
the loans will be referenced in the arrangements between
Barclays and the issuer.  At closing, the proceeds of the
EUR867.5 million issuance will be deposited in a bank account,
as the collateral will be used as security for the rated notes.

The credit ratings reflect the quality and diversity of the
underlying reference pool of commercial mortgages, the
underlying note security, and the ability of Barclays to service
the loan reference pool.  The ratings also address the ability
of the issuer to meet timely payments of interest and repayment
of principal not later than final legal maturity.

                          Ratings List

JUNO (ECLIPSE 2007-2) Ltd.
   EUR867.5 Million Commercial Mortgage-Backed Floating-Rate
   Notes

                          Prelim.        Prelim. Amount
           Class          rating           (Mil. EUR)
           -----          ------            --------
           A              AAA                677.00
           X              AAA                  0.60
           B              AA                  69.00
           C              A                   74.25
           D              BBB                 40.90
           E              BB                   5.75


GENCIA LTD: Appoints Alan H. Tomlinson as Liquidator
----------------------------------------------------
Alan H. Tomlinson of Tomlinsons was appointed liquidator of
Gencia Ltd. on April 20 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         Gencia Ltd.
         Desley Heath Farm
         Cogshall Lane
         Little Leigh
         Northwich
         CW9 6BN
         England
         Fax: 01244 394 214


GENERAL MOTORS: Three Execs Continue Voluntary Salary Reductions
----------------------------------------------------------------
General Motors Corporation disclosed last week in a regulatory
filing with the U.S. Securities and Exchange Commission the
changes in the base salary of certain of the company's key
executives.

According to GM, the base salary of the company's chief
executive officer, G. Richard Wagoner, Jr., was US$2.2 million
at the beginning of 2006, and that Mr. Wagoner has not received
a base salary increase for over four years.

Meanwhile, GM says it vice chairmen, Frederick A. Henderson,
Robert A. Lutz, and J. M. Devine, had base salaries of
US$1.55 million at the beginning of 2006.  The salary was
established for Messrs. Lutz and Devine in January 2003 and for
Mr. Henderson at the time he was promoted to the position of
Vice Chairman and Chief Financial Officer on Jan. 1, 2006.

In addition, GM notes that the base salary for the company's
executive vice president for law & public policy, Thomas A.
Gottschalk, was US$1.0 million at the beginning of 2006.

Further, the base salary for the company's group vice president
for global manufacturing and labor relations, G. L. Cowger, was
increased to US$900,000 on Nov. 1, 2006; it had been 33 months
since his last base salary increase.

Effective March 1, 2006, Messrs. Wagoner, Henderson, Lutz,
Gottschalk, and Devine voluntarily reduced their salaries in
support of the GMNA Turnaround Plan.

The Executive Compensation Committee of GM's Board of Directors
considered that salary reductions among top leaders are unusual
and the magnitude of the reductions for GM's executive officers
would substantially exceed the few reductions that had taken
place at other companies.  However, the Committee supported
their voluntary actions.

Mr. Wagoner reduced his salary by 50 percent to US$1,100,000;
Messrs. Henderson, Lutz, and Devine by 30 percent to
US$1,085,000; and Mr. Gottschalk by 10 percent to US$900,000.

Messrs. Wagoner, Henderson, and Lutz recently reviewed the
matter and, in support of the continued turnaround plan for GM,
again decided that beginning March 1, 2007, they will continue
voluntary salary reductions.  The Committee agreed with the
approach.

Mr. Wagoner's salary will be US$1.65 million, 25 percent less
than his January 1, 2006 base salary of US$2.2 million.  The
salaries of Messrs. Henderson and Lutz will be US$1.318 million,
15 percent less than their January 1, 2006 base salaries of
US$1.55 million.

                   2007 Long-Term Incentive Plan

The Compensation Committee is proposing a long-term incentive
plan for GM's executives with these key features:

   -- New authorized share pool of 16 million shares is
      approximately 2.82 percent of common shares outstanding;

   -- No more than 1.5 million of the 16 million shares
      requested will be granted as Restricted Stock Units;

   -- Performance awards, generally linked to three-year
      performance measures, to be settled in cash only;

   -- Plan term of five years;

   -- Commitment to limit aggregate annual grants of stock
      options and RSUs to less than 1 percent;

   -- No repricing of options without stockholder approval;

   -- Three-year, ratable vesting on stock option awards,
      subject to the Committee's review;

   -- Three-year vesting on time-based RSU awards;

   -- Plan is administered by the Committee, composed of only
      Independent Directors;

   -- No discounted options;

   -- "Double-trigger" Change in Control benefits; and

   -- Shares surrendered, expired, or returned to the
      Corporation to satisfy the exercise price or tax
      withholding obligations for stock options cannot be
      reissued, i.e., no liberal share accounting provisions.

The proposal, along with other matters, will be voted upon by
GM's shareholders at an annual meeting at 9:00 a.m. local time
on Tuesday, June 5, 2007, at the Hotel du Pont, 11th and Market
Streets, in Wilmington, Delaware.

Holders of record of GM Common Stock, US$12/3 par value, at the
close of business on April 9, 2007, are entitled to vote at the
meeting.

                    About General Motors Corp.

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

                          *     *     *

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

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

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


GOSHAWK INSURANCE: Posts US$977,000 Net Losses in Full Year 2006
----------------------------------------------------------------
GoshawK Insurance Holdings Plc released its financial results
for the year ended Dec. 31, 2006.

GoshawK posted US$977,000 in net losses against US$14.2 million
in net revenues for the year ended Dec. 31, 2006, compared with
US$143.1 million in net losses against US$79.9 million in net
revenues for the same period in 2005.

At Dec. 31, 2006, Goshawk's consolidated balance sheet showed
US$390.2 million in total assets, US$322.6 million in total
liabilities and US$67.6 million in stockholders' equity.

Issues that the group has faced have included:

   -- catastrophic underwriting losses during 2005 at the
      principal subsidiary, Rosemont Reinsurance Ltd. leading to
      the amendment of its license by the local regulator, the
      Bermuda Monetary Authority, to require its approval to
      make any distributions to its parent companies;

   -- a consequent breach until Oct. 27, 2006 of the group's
      banking covenants with the inevitable penalty charges and
      increased interest rates that follow, leading in turn to a
      need to refinance the group with further equity;

   -- the resignation of almost all of the staff following the
      sale of renewal rights;

   -- on-going risk from underwriting of unexpired policies,
      reserving and exposure to non-receipt of the reinsurance
      asset.  By the year end all identified policy periods had
      expired, though it is possible that some underlying
      policies may still be current; and

   -- long-tail legacy underwriting exposures where reserving is
      inherently very uncertain.

As a result of the breach of the banking covenants, some of the
specific steps that the new board has had to take to persuade
the banks not to exercise their security rights have included:

   -- the repayment to the banks of a GBP15-million loan by way
      of a return of capital from Rosemont Re (as it had stood
      as guarantor);

   -- the equity increase through a rights issue and subsequent
      repayment of a further US$24.7 million to the banks;

   -- the renegotiation of the banking agreements and resetting
      of the covenants; and

   -- an amendment of the minimum net asset value covenant to
      reflect the further deterioration of the expected ultimate
      losses at Rosemont Re.

As a result of the challenging circumstances faced at Rosemont
Re, some of the steps taken have included:

   -- the appointment of specialist run-off management in
      Bermuda;

   -- the appointment on Oct. 23, 2006 of PRO Insurance
      Solutions Limited, a specialist run-off service provider
      in the U.K., to administer the run-off strategy;

   -- regular meetings with the BMA updating them on progress
      made and seeking approval for the GBP15 million return of
      capital and service provision outsource;

   -- the cancellation of policies still on risk where possible,
      coupled with selective reinsurance purchases to minimize
      the risk of new losses being incurred; and

   -- a disciplined approach to challenging exposure under
      legacy non-catastrophic long-tail business.  Regrettably
      this was not always successful and the arbitration process
      against Harco in respect of Bail Bonds resulted in an
      adverse decision in excess of the carried reserves.

The strategy going forward within Rosemont Re will be to
continue to manage in a disciplined way its liabilities together
with a pro-active approach to commuting loss reserves and
exposure.  While a number of commutations were completed during
2006 there can be no certainty that reserves stabilize or
counterparties agree to further commutations.  Without such
agreements the company remains at risk of further deterioration
of loss reserves.  Attention is also being placed on the
reinsurance asset, which totals US$132.5 million.  There is a
risk that reinsurers themselves get into financial difficulty,
thereby reducing the likelihood of reinsurance recovery.

If the liabilities are settled and uncertainty reduced
consideration can be given to obtaining reinsurance to reduce
the likelihood of further deterioration and approval may be
sought from the BMA for the release of any surplus capital.  As
the net assets of Rosemont Re are significantly below the
US$100 million required by its insurance license, consent from
the BMA would be required for any such distribution.  A further
option would be to undertake a scheme of arrangement with
policyholders.  Such a scheme would require the approval of 75%
of Rosemont Re's creditors.

Areas of focus outside Rosemont Re of which the first two are
discussed more fully within the "Enhanced business review"
section of the directors' report have included:

   -- continued investigation into maximizing the deferred
      consideration from the sale of GoshawK Dedicated (No. 2)
      Limited;

   -- an agreed contract for the expedient recovery of the war
      consortium monies due to GK Consortium Management Limited;

   -- an outsource contract with PRO to provide services to the
      rest of the group from March 1; and

   -- the continued rationalisation of the dormant subsidiaries
      within the group, where permitted.

                             Outlook

The outlook remains very uncertain and there can be no assurance
that the strategy will be successful or that the liabilities of
Rosemont Re will remain at the level estimated by directors.
Further, even if the liabilities do settle at the level reserved
there can be no guarantee that a surplus will be released.  As a
return of surplus from Rosemont Re remains core to the strategy
to repay the banks there remains considerable risk.

As well as risks around reserve adequacy the group is exposed to
the risk of key staff leaving, although this has been mitigated
to some extent by the decision to outsource some of the
operations.

The earliest any distribution might be possible, if at all, is
after accounts for the year ended 2008 are published in 2009.

                          Going Concern

The group has no trading income and so has only the residual
proceeds of the recent rights issue to provide working capital.
Other than in respect of its U.K. subsidiaries the company
cannot expect to receive distributions from within the group
because the statutory solvency of Rosemont Re, its principal
subsidiary, has fallen below the minimum level required of it by
its regulator, the BMA, and so it will require specific consent
before making any distributions.  There can be no certainty that
the BMA would agree to such a distribution.

The independent actuary has produced a range of reserves for
Rosemont Re.  The group has provided net reserves of US$141
million (2005: US$303 million).  This year, the actuary's
resulting low and high estimates were US$49 million below and
US$42 million above the net reserves.  The range is provided in
an attempt to quantify some of the uncertainty in estimating
ultimate losses and does not present the bounds of all possible
outcomes. Indeed it is possible that the final cost to settle
claims may still be more than available capital resources.  Any
increases in the expected ultimate cost of Rosemont Re's claims
will reduce the likelihood of the BMA agreeing to any return of
capital prior to full run-off of all its outstanding
liabilities.

Furthermore, under the terms of the facility agreement
renegotiated with lenders on Aug. 23, 2006, Rosemont Re is
required to maintain a minimum level of net assets.  Following
the work by the external actuary on the reserves of Rosemont Re
at Dec. 31, 2006, it was recognized that the net asset value of
Rosemont Re might fall below the covenanted level requiring an
amendment that was granted by the lending banks in April 2007.
An increase of no more than 1.5% of the gross liabilities
(US$4 million) of Rosemont Re would cause the group to breach
its covenant.

Additional interest is payable at a rate of 12.5% on the average
principle amount outstanding for the period from May 1, 2008 to
April 30, 2009.  This increase will place additional strain on
group resources.

Despite the uncertainty arising from the matters discussed, and
having considered the likelihood of success of the possible
options available, including if necessary the sale of Rosemont
Re, the directors are satisfied that the group is currently a
going concern and that the preparation of these accounts on that
basis is appropriate.

                      About the Companies

GoshawK Insurance Holdings plc, a public limited company
incorporated and domiciled in the United Kingdom, together with
its subsidiaries transacted reinsurance business through its
Bermuda-based subsidiary Rosemont Reinsurance Ltd.

Through Rosemont Re, the group provided catastrophe reinsurance
of property and marine risks worldwide.  As a result of the 2005
hurricane losses to Rosemont Re, its subsequent credit rating
downgrade and its inability to raise additional capital or find
a buyer, Rosemont Re was placed into run-off in October 2005.


HARRY KINDRED: HSBC Bank Appoints Deloitte & Touche as Receivers
----------------------------------------------------------------
HSBC Bank Plc appointed Ian Brown and Neil Matthews of Deloitte
& Touche LLP joint administrative receivers of Harry Kindred
(Newcastle) Ltd. (Company Number 468652) on April 17.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

         Harry Kindred (Newcastle) Ltd.
         371 West Road
         Newcastle Upon Tyne
         NE15 7PU
         England
         Tel: 0191 274 2802
         Fax: 0191 274 9112


HILTON HOTELS: Earns US$95 Million in 2007 First Quarter
--------------------------------------------------------
Hilton Hotels Corporation reported financial results for the
first quarter ended March 31, 2007.  First quarter highlights
compared to the first quarter of 2006 are as follows:

    * Total company Adjusted EBITDA of US$371 million, up 13%.

    * Fees up 16% to US$176 million on strong RevPAR and unit
      growth and the Hilton International acquisition.

    * Pro forma comparable system-wide RevPAR increased 8.9%,
      driven by strong rate increases and high demand in most
      major markets.

Hilton reported first quarter 2007 net income of US$95 million
compared with US$104 million in the 2006 quarter.  Diluted net
income per share was US$.23 in the 2007 first quarter, versus
US$.26 in the 2006 period.  Excluding non-recurring items in
both periods and assuming the Hilton International acquisition
occurred January 1, 2006 diluted EPS totaled US$.20 per share in
the 2007 quarter, a 33 % increase from US$.15 per share in the
2006 period.

Non-recurring items combined to benefit the 2007-quarter by
US$.03 per share as follows:

    * US$30 million pre-tax gain on asset dispositions and
      other;

    * US$8 million pre-tax loss on foreign currency
      transactions.

The 2006 first quarter benefited from non-recurring items
totaling US$.06 per share.  Additionally, had the HI acquisition
been completed on January 1, 2006, first quarter 2006 results
would have been reduced by approximately US$.05 per share due to
the seasonally weak business environment in the first two months
of the year.

Net income from the Scandic hotel system, the sale of which was
announced on March 2, 2007 and completed on April 26, 2007, is
reflected as discontinued operations.

The company reported first quarter 2007 total operating income
of US$228 million, on total revenue of US$1.864 billion.  Total
company earnings before interest, taxes, depreciation and
amortization were US$371 million, an increase of 13 % from
US$328 million in the 2006 quarter.

System-wide RevPAR; Management/Franchise Fees

All of the company's brands reported significant system-wide
revenue-per-available-room increases, with particularly strong
gains in average daily rate.  On a system-wide basis and pro
forma as if the acquisition of HI had occurred January 1, 2006,
first quarter RevPAR increased 8.9 % compared to the 2006
period.  The company's brands showed first quarter RevPAR gains
as follows: Conrad, 13.2 %; Hilton, 10.3 %; Doubletree, 8.8 %;
Homewood Suites by Hilton, 8.0 %; Hilton Garden Inn, 7.9 %;
Hampton Inn, 7.8 %; and Embassy Suites, 6.3 %.

Management and franchise fees increased 16 % in the first
quarter to US$176 million, benefiting from RevPAR gains, the
addition of new units and the acquisition of HI.  2006 fees
include HI from February 23, 2006 and a one-time US$15 million
management contract termination fee related to a sold joint
venture property.  Adjusting for a full quarter of HI and this
one-time termination fee, fee income increased 17 % in the first
quarter.

Owned Hotel Results

Continued strong demand trends, primarily among leisure and
business travelers, resulted in high single digit or double
digit ADR increases at many of the company's gateway hotels
around the world.  Business transient, group and leisure all
showed significant ADR gains.

Across all brands, revenue from the company's owned hotels was
US$571 million in the first quarter 2007, a 13 % increase from
US$507 million in the 2006 quarter.  Total owned hotel expenses
were up 13 % in the quarter to US$429 million.  Owned results
exclude hotels that have been classified as discontinued
operations in connection with the Scandic sale.

Comparable North America owned revenue and expenses increased
6.1 % and 6.3 %, respectively.  Expenses were impacted by higher
insurance costs.

RevPAR from comparable N.A. owned hotels increased 6.0 %.
Comparable owned N.A. hotel occupancy decreased 0.5 points to
74.4 %, while ADR increased 6.8 % to US$198.19. Particularly
strong RevPAR growth was reported at the company's owned hotels
in New York, Chicago and Washington.  Comparable N.A. owned
hotel margins in the first quarter decreased 10 basis points to
24.4 %.  The aforementioned higher insurance costs impacted
margin growth by approximately 70 basis points.

Renovation activity at the Hilton New York negatively impacted
comparable results in the quarter.  Renovations are expected to
continue at the Hilton New York, the Waldorf=Astoria and the
Hilton Hawaiian Village in 2007.  Additionally, the Hilton San
Francisco and Hilton Waikoloa Village were challenged by soft
group markets.

On a pro forma basis, as if the acquisition of HI had occurred
January 1, 2006, comparable international owned revenue and
expenses increased 10.7 % and 9.4 %, respectively.  Pro forma
RevPAR from international comparable owned hotels increased 11.8
%.  Occupancy increased 0.3 points to 67.8 %, while ADR
increased 11.3 % to US$157.45.  Strong results were reported in
Luxembourg, Amsterdam, Sydney and across the U.K.  Adjusting for
the impact of foreign exchange, RevPAR from international
comparable owned hotels increased 4.8 %.  Pro forma comparable
international owned margins improved 90 basis points to 22.2 %.

On a worldwide basis, pro forma comparable owned RevPAR
increased 7.3 %, with margins flat at 23.8 %.  Excluding the
impact of foreign exchange, worldwide pro forma comparable owned
RevPAR increased 5.7 %.

Leased Hotels

Revenue from leased hotels was US$455 million in the first
quarter 2007 compared to US$189 million in the 2006 quarter,
while leased expenses were US$413 million in the current quarter
versus US$169 million last year.  The EBITDAR-to-rent coverage
ratio was 1.4 times in the quarter.  Leased results exclude
hotels that have been classified as discontinued operations in
connection with the Scandic sale.

Pro forma comparable leased revenue increased 13.4 %, leased
expenses increased 10.2 %, and margins increased 260 basis
points to 9.3 %. RevPAR from leased properties increased 16.4 %.
Adjusting for the impact of foreign exchange, RevPAR from
comparable leased hotels increased 9.2 %, reflective of business
strength in the U.K. and Germany.

Hilton Grand Vacations

Hilton Grand Vacations Company, the company's vacation ownership
business, reported a 35 % decline in profitability in the first
quarter, due to %age-of-completion accounting associated with
new projects.  Revenue and expenses associated with projects in
development are deferred to correspond with the pace of
construction.  Unit sales declined 8 %, however average unit
sales prices increased 42 % over last year, with the increase
driven by new projects in Hawaii.

HGVC had first quarter revenue of US$146 million, a 20 %
decrease from US$183 million in the 2006-quarter.  Expenses were
US$114 million in the first quarter, compared with US$134
million in the 2006 period.

Brand Development/Unit Growth

In the first quarter, the company added 44 properties and 6,865
rooms to its system as follows: Hampton Inn, 22 hotels and 1,940
rooms; Hilton, 9 hotels and 2,798 rooms; Hilton Garden Inn, 6
hotels and 774 rooms; Doubletree, 2 hotels and 548 rooms;
Homewood Suites by Hilton, 4 hotels and 427 rooms; Embassy
Suites, 1 hotel and 308 rooms, and Hilton Grand Vacations, 70
units.

Fourteen hotels and 2,872 rooms were removed from the system
during the quarter.

During the first quarter, the company added new domestic Hilton
hotels in Providence, Ft. Lauderdale, Branson, and Oklahoma
City. The company added new international Hilton hotels in
Sicily, Italy; Hefei, China; Warsaw, Poland; and the U.A.E.  The
company added new Doubletree hotels in Chicago, Illinois and
Augusta, Georgia.  The company opened its 1,400th Hampton Inn,
representing its 140,000th room, in Chicago. Also during the
quarter, the company entered into management agreements for a
Conrad in Abu Dhabi, Hiltons in Costa Rica and Jordan, and a
Doubletree in Costa Rica.  Early in the second quarter 2007, the
company announced the ground breaking of the 498-room
Waldorf=Astoria at Bonnet Creek and the 1,000-room Hilton Bonnet
Creek, part of a resort development adjacent to the Walt Disney
World(R) Resort in Florida.  The company expects to break ground
on the 1,400-room Hilton Orlando at the Orange County Convention
Center in the second quarter of 2007.  All three hotels will be
managed by the company upon completion, which is scheduled for
late 2009.

During the first quarter, Hilton Garden Inn was named the "Best
Mid-Price Hotel Value" by Entrepreneur (TM) magazine for the
second consecutive year.

At March 31, 2007, the Hilton worldwide system consisted of
2,838 hotels and 483,090 rooms.  The system count excludes 129
properties that left the system in April 2007 in connection with
the sale of the Scandic brand.  The company's current
development pipeline is its biggest yet, and the largest for any
U.S.-based hotel company, with more than 800 hotels and 111,000
rooms at March 31, 2007.  Approximately 90 % of the hotels in
the current development pipeline are in the Americas, though
international development is expected to comprise an
increasingly larger %age of the company's unit growth within the
next two years.

Asset Dispositions

The company completed the sale of the Scandic chain for EUR833
million or approximately US$1.1 billion.  The company also
entered into an agreement to sell up to 10 hotels in Continental
Europe to Morgan Stanley Real Estate for EUR566 million or
approximately US$770 million.  Additionally, the company is in
advanced stages of documentation with preferred buyers of the
Hilton Caledonian in Scotland, the Hilton Washington in the
District of Columbia and a number of the other domestic assets
that were being put on the market for sale late last year.  The
company expects to close on the majority of these asset sales by
mid-summer.  Net proceeds from sales will be used to pay down
debt.

Corporate Finance

At March 31, 2007, Hilton had total debt of US$7.06 billion (net
of approximately US$500 million of debt and capital lease
obligations resulting from the consolidation of certain joint
venture entities and a managed hotel, which are non-recourse to
Hilton). Of the US$7.06 billion, approximately 54 % is floating
rate debt. Total cash and equivalents (including restricted cash
of approximately US$325 million) were approximately US$476
million at March 31, 2007.  The increase in debt from December
31, 2006 was due to borrowings under the company's revolving
credit facilities, primarily due to the seasonality of the first
quarter and the timing of capital expenditures, including
timeshare development.  Hilton's debt currently has an average
life of approximately 5.9 years, at an average cost of
approximately 6.6 %.

The company's average basic and diluted share counts for the
first quarter were 389 million and 424 million, respectively.

Hilton's effective tax rate for continuing operations in the
first quarter 2007 was approximately 35 %.

Total capital expenditures in the first quarter were
approximately US$167 million, including approximately US$77
million expended for timeshare development.

2007 Outlook

The company provided the following updated estimates for full-
year 2007.

The sale of Scandic (including the use of net proceeds to reduce
debt) is expected to reduce the company's 2007 recurring EPS by
US$.10 per share.  This impact has been reflected in the
estimates provided below.  The outlook, however, excludes any
non-recurring gains or losses related to the disposition of
Scandic, the impact of future asset sales, share repurchases or
other potential significant transactions.

Total capital spending in 2007 is expected to be approximately
US$1.0 billion as follows: approximately US$290 million for
routine improvements and technology, approximately US$380
million for timeshare projects, and approximately US$330 million
for hotel renovation, special projects and hotel investments.
To the extent the company completes additional asset sales,
capital expenditures would be expected to decrease.

The company expects to add approximately 255 hotels and 35,000
rooms to its system in 2007.

Stephen F. Bollenbach, Hilton co-chairman and chief executive
officer, said: "Last year's acquisition of Hilton International
is proving - as we expected - to be a tremendous benefit to our
company, our customers and our shareholders as international
results have been excellent since we completed the acquisition.

"We continue to have great success in opening full-service
Hilton hotels in markets around the world and are making
significant progress in signing up new deals globally across our
Family of Brands, as evidenced by our recently announced
ventures in China and India, and developments in Russia and
other parts of the world.  To further accelerate our shift to a
fee-based company, we are bolstering our international
development resources to facilitate our ability to secure new
contracts.

"An important component of our strategy is the asset disposition
program, which we began in 2005. We are seeing continued
terrific results on that front as well, the latest example being
the recently sale of our 10 assets in Continental Europe.  We
executed this transaction at a great price and expect to retain
management agreements on a majority of the hotels."

Mr. Bollenbach concluded: "We are excited about the strength of
our business, the enthusiasm of our team members and the
opportunities to continue our worldwide growth.  Our future
could not be brighter as we strengthen our position as the
premier global lodging industry company."

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp.
-- http://www.hilton.com/-- together with its subsidiaries,
engages in the ownership, management, and development of hotels,
resorts, and timeshare properties, as well as in the franchising
of lodging properties in the United States and internationally,
including Australia, Austria, Barbados, Finland, India,
Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                           *     *     *

As reported in the TCR-Europe on May 1, Standard & Poor's
Ratings Services said its rating and outlook
on Hilton Hotels Corp. (BB+/Stable/--) would not be affected by
the company's announcement that it has entered into an agreement
with Morgan Stanley Real Estate to sell up to 10 hotels for
approximately US$612 million in proceeds (net of property level
debt repayment, taxes, and transaction costs).  Upon the close
of the transactions, Hilton Hotels plans to use the net proceeds
to repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a
meaningful level of additional assets over the near term, which
would likely lead to additional debt reduction.  Still, Standard
& Poor's is encouraged by the expected transaction multiple
related to today's announcement.  If the lodging transaction
market remains strong, enabling Hilton Hotels to generate
substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging
environment remains strong, an outlook revision to positive
could be considered as 2007 progresses.  Any movement signaling
the potential for a higher rating will depend on Hilton Hotels's
commitment to maintaining credit measures aligned with higher
ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton
Hotels Corporation's corporate family rating to Ba1 from Ba2
reflecting a reduction in leverage from a faster than expected
pace of asset sales and strong earnings during 2006.  Adjusted
debt to EBITDAR has improved to around 5.0x from 6.0x in January
2006.


KUDOS INFORMATION: Taps Joint Administrators from Baker Tilly
-------------------------------------------------------------
Matthew Richard, Meadley Wild and Lindsey Jane Cooper of Baker
Tilly Restructuring and Recovery LLP were appointed joint
administrators of Kudos Information Ltd. (Company Number
04024519) on April 3.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Kudos Information Ltd.
         27 Hanson Street
         City of Westminster
         London
         W1W 6TR
         England
         Tel: 020 7462 4870
         Fax: 020 7462 4871


LUCKSBRIDGE NURSERIES: Names Joint Administrators from Vantis
-------------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis Plc were
appointed joint administrators of Lucksbridge Nurseries Ltd.
(Company Number 01336236) on April 16.

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

The company can be reached at:

         Lucksbridge Nurseries Ltd.
         Treene
         Broadgate Drove
         Moulton Chapel
         Spalding
         PE12 0XU
         England
         Tel: 01406 380 007
         Fax: 01406 380 767


MAGGIE CAROL: Hires Richard Ian Williamson as Liquidator
---------------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed liquidator of Maggie Carol Ltd. on April 19 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Maggie Carol Ltd.
         Unit 1-2 Laneside Court
         Fallbarn Road
         Rossendale
         BB4 7NT
         England
         Tel: 01706 228 879
         Fax: 01706 228 879


NORTH LONDON: Brings In Baker Tilly as Administrators
-----------------------------------------------------
Adrian David Allen and Nigel Millar of Baker Tilly Restructuring
and Recovery LLP were appointed joint administrators of North
London Lofts Ltd. (Company Number 04208150) on April 16.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         North London Lofts Ltd.
         Unit D E
         208 Maybank Road
         Redbridge
         London
         E18 1ET
         England
         Tel: 0800 454 4191


ORION TRADING: Taps Liquidator from Rendell Thompson
----------------------------------------------------
Robert James Thompson of Rendell Thompson was appointed
liquidator of Orion Trading Ltd. (t/a Le Petit Train) on April
18 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Orion Trading Ltd.
         The Fairway
         Weybridge
         KT13 0RZ
         England
         Tel: 01932 336 728


PICCADILLY TRANSPORT: Claims Filing Period Ends June 18
-------------------------------------------------------
Creditors of Piccadilly Transport Ltd. have until June 18 to
detail their names and addresses (and solicitors if applicable)
together with particulars of their debts or claims, in writing,
or in person, to:

         Duncan R. Beat
         Liquidator
         Tenon Recovery
         75 Springfield Road
         Chelmsford
         Essex
         CM2 6JB
         England

Duncan R. Beat of Tenon Recovery was appointed liquidator of the
company on April 19.


PURPLE STATIONERY: Joint Liquidators Take Over Operations
---------------------------------------------------------
Filippa Connor and Jeffrey Brenner of B & C Associates were
appointed joint liquidators of Purple Stationery Ltd. on April 5
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Purple Stationery Ltd.
         Victoria House
         28-32 Desborough Street
         High Wycombe
         HP11 2NF
         England
         Tel: 01494 601 073
         Fax: 01494 601 074


RAYMAR COATINGS: Brings In Liquidator from Butcher Woods
--------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
liquidator of Raymar Coatings Ltd. on April 19 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Raymar Coatings Ltd.
         237 South Road
         Hockley
         Birmingham
         B18 5JS
         England
         Tel: 0121 551 6474


RECORDVIEW LTD: Names Liquidator to Wind-Up Business
----------------------------------------------------
Richard Ian Williamson of Campbell Crossley and Davis was
appointed liquidator of Recordview Ltd. on April 20 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Recordview Ltd.
         35 Wigan Road
         Ashton-in-Makerfield
         Wigan
         WN4 9AR
         England
         Tel: 01942 711 519
         Fax: 01942 271 642


SANDBACH TREATMENT: Appoints Administrators from Begbies Traynor
----------------------------------------------------------------
G. N. Lee and K. J. Coates of Begbies Traynor were appointed
joint administrators of Sandbach Treatment Services Ltd.
(Company Number 02449267) on April 23.

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

The company can be reached at:

         Sandbach Treatment Services Ltd.
         The Old Stables
         Green Lane
         Moston
         Sandbach
         CW11 3QG
         England
         Tel: 01270 753 338
         Fax: 01270 526 020


UNITED ONLINE: Calls In Liquidator from Ward & Co.
--------------------------------------------------
Lyn Marie Green of Ward & Co. was appointed liquidator of United
Online Trading Ltd. on April 13 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         United Online Trading Ltd.
         Broad Ground Road
         Redditch
         B98 8YP
         England
         Tel: 01527 526 234


VIRGIN MEDIA: BSkyB Antitrust Probe Could Launch Fresh ITV Bid
--------------------------------------------------------------
British Sky Broadcasting plc may be forced to sell some or all
of its 17.9% stake in ITV plc after the Office of Fair Trading
and the Office of Communications found that the acquisition
raises antitrust concerns, Guy Dixon of The Scotsman reports.

The regulators' recommendation could lead to a full inquiry by
the Competition Commission.

According to Alex DeGroote, analyst at Panmure Gordon, Virgin
Media Inc. (fka NTL Inc.) could renew its takeover bid for ITV
should BSkyB decide to sell the shareholding, Scotsman relates.

However, BSkyB said in a statement that it will "continue to
engage fully" with the regulatory process.  According to Mr.
Dixon, BSkyB bought the ITV stake for GBP900 million in November
2006 in an attempt to block NTL from acquiring it.

                            OFT Probe

The OFT examined the competition issues raised by the
transaction having disclosed on Jan. 12 its provisional view
that a relevant merger situation may have been created for the
purposes of the Enterprise Act 2002 as a result of BSkyB
acquiring material influence over ITV.

Its report found that the test for a merger reference to the
Competition Commission is met on competition grounds.

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.

"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."

                           Ofcom Probe

Ofcom conducted its investigation in response to the Feb. 26
intervention notice of Secretary of State for Trade and Industry
Alistair Darling on which cited the public interest
consideration specified in the Enterprise Act 2002 concerning
the plurality of persons with control of media enterprises.

In its report, Ofcom's advice is that there are public interest
issues, in relation to sufficient plurality of news provision
for both cross media and television news in the U.K.

The Secretary of State for Trade and Industry has already
received the results of OFT and Ofcom's investigation.

The Secretary of State will now study the reports and announce
his decision on reference to the Competition Commission on or
before the statutory deadline of May 26.  OFT and Ofcom will
publish their reports on or before this date.

                          About BSkyB

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.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

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

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

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

* Issuer: Virgin Media Finance PLC
                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   9.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   8.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   9.125% Sr. Unsec.
   Regular Bond/
   Debenture Due 2016      B2       B2       LGD6     93%

* Issuer: Virgin Media Investment Holdings Ltd.
                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Sr. Unsec. Bank
   Credit Facility
   Due 2013                B1       B2       LGD5     86%

   Sr. Sec. Bank
   Credit Facility
   Due 2011                Ba3      Ba2      LGD3     39%

   Sr. Sec. Bank Credit
   Facility Due 2012       Ba3      Ba2      LGD3     39%

As reported in the TCR-Europe on March 23, Standard & Poor's
Ratings Services affirmed its 'BB-' senior secured debt rating
and '1' recovery rating on Virgin Media Investment Holdings
Ltd.'s GBP4.98 billion senior secured facilities.

The '1' recovery rating reflects the rating agency's
expectations of full recovery of principal in the event of a
payment default.


WATERMARK GROUP: Earns GBP2.8 Million in Full Year 2006
-------------------------------------------------------
Watermark Group plc released its preliminary financial results
for the year ended Dec. 31, 2006.

Watermark reported GBP2.8 million in net profit against GBP94
million in revenues for the year ended Dec. 31, 2006, compared
with GBP3.8 million in net profit against GBP80.1 million in
revenues for the same period in 2005.

At Dec. 31, 2006, the Company's consolidated balance sheet
showed GBP78.4 million in total assets, GBP39.6 million in total
liabilities and GBP38.9 million in total stockholders' equity.

The Company's balance sheet at Dec. 31, 2006, also showed
strained liquidity with GBP35.1 million in total current assets
available to pay GBP39.1 million in total liabilities coming due
within the next 12 months.

"For the medium term and beyond, the Board believes that the
outlook for the business is positive, with significant
opportunities to expand both in the U.K. and overseas,
particularly through our Encompass total cabin management
program supported by long term contracts for group services.
The Board recognizes that the past year has been a period of
reorganization, but strongly believes that the actions it has
undertaken, and which will be completed in 2007, combined with
the refinancing and proposed board changes, will place the
Group in a more robust position for the future," Danny
Bernstein, Interim Chairman of Watermark, said.

                      Proposed Refinancing

The Company has undertaken the Placing and Offer in order to
raise new capital to repay existing indebtedness owed to
Barclays Bank PLC, to fund the payment of the final deferred
cash consideration due pursuant to the Air Fayre sale and
purchase agreement and to provide working capital for the Group,
including for the new Air Canada contract.  The board believes
this refinancing to be particularly critical in a year, which
the board expects to be a transitional period for the Company,
as the restructuring and rationalization process, which
commenced in 2006, is completed.

As stated in the Group's last substantive announcements, dated
Sept. 28, 2006 and Feb. 6 respectively, the board has continued
to review the Group's financing arrangements.  As part of that
review, the board agreed with Barclays, in mid February 2007, to
convert all of its previous facilities outstanding with Barclays
into an overdraft facility of GBP11 million, repayable on
demand.

The board took this decision, having commenced discussions with
Barclays in October 2006, with regard to Watermark's performance
versus budget and general financial position, as the board
believed that the company was likely to breach, in the short
term, the covenants of its then outstanding GBP5 million, 1 year
term loan.

In late February 2007, the board decided there was a need to
reduce the overall level of indebtedness, in order to ensure the
Group was not in a situation where Barclays could request
repayment of some, or all, of the overdraft, such that the Group
would then be unable to meet its repayment obligations.  As a
result of this refinancing review, and the ongoing discussions
with Barclays, the board entered into a dialogue concerning a
variety of debt/equity and quasi-equity funding sources, in
order to ascertain the most appropriate quantum and form of
financing to replace some, or all, of the Barclays overdraft and
to convert the remaining element of the overdraft into a more
appropriate and longer term form of debt financing.

As a result of these discussions, the board disclosed the
proposed restructuring of the Group's balance sheet by entering
into a proposed Placing and Offer of GBP8 million of secured
fixed rate convertible bonds and the conversion of the remaining
Barclays overdraft into a GBP6.50 million, two year term loan
and a GBP1.5 million working capital facility.

The Placing and Offer will raise GBP8 million gross (GBP6.8
million net of expenses) by the allotment and issue of GBP8
million Secured Fixed Rate Convertible Bonds due 2010 at 100% of
face value, pursuant to the terms of the Placing and Offer.

The Issue Price and the Conversion Price represent a 17.5%
discount, if the Convertible Bonds were converted on May 1,
compared to the closing middle market price of 24.25 pence per
Ordinary Share on April 30, the last dealing day before this
announcement.

In order for the fundraising to achieve the level of certainty
required by both the Group and Barclays, the board has secured
full underwriting of the Placing and Offer by Strategic Equity
Capital plc, Strategic Recovery Fund II, SVG Capital plc, North
Atlantic Value Fund LLP and Dawnay Day Properties Limited,
subject to qualifying shareholders having the right to take up
entitlements to the convertible bonds on a basis proportionate
to their existing shareholdings and any shares which the Company
has contracted to issue, on the record date of April 30.

The fundraising has been structured so as to enable the Company
to raise the level of capital it requires to repay a significant
element of the Barclays indebtedness as swiftly as possible,
while matching the Convertible Bond investors' requirements for
security of capital and an appropriate return on their
investment.

The proposed structure of the Placing and Offering should enable
the majority of Shareholders by value to take part in the
Placing and Offer.  The structure of the fundraising allows
qualifying shareholders to participate, should they so desire,
pro rata to their existing shareholdings, but the board would
emphasize that this structure is not a pre-emptive offer and
therefore not all shareholders will be able to participate.

The Board believes that this proposed Placing and Offer of the
Convertible Bonds is the most efficient way to obtain certain
funding in a quantum and structure suitable for the Company's
current position and on the most expedited timetable, as well as
providing the required comfort to Barclays, the Group's existing
provider of debt finance.

Under the Offer, qualifying shareholders' minimum subscription
for Convertible Bonds must be at least EUR50,000 (or an
equivalent sterling amount, taken as GBP35,000) pursuant to
their holding of Ordinary Shares.  The Convertible Bonds will
not be tradable on the London Stock Exchange.  The Board has
chosen to use this method to make the Offer as it provides the
best practical opportunity for as many Shareholders as possible
to participate in the Offer given the constraints of timing and
the level of funding certainty required and to address the
requirement of Barclays, the Company's debt provider.

The board also strongly believes that the revised funding
structure created by the proposed refinancing will be more
appropriate for the Company over the long term, whilst allowing
the Group to maintain an element of flexibility, via the working
capital facility.  In addition, the Board believes that this
refinancing will result in the Company having the appropriate
level of gearing in relation to its expected short-term revenue
and cash flow streams, whilst allowing management to focus on
continuing both to improve returns and to grow the business,
particularly through the Encompass offering.

Having spoken to a number of major shareholders, the board is
confident that the proposed Placing and Offer will receive
shareholder approval at the EGM, and in view of their confidence
in the proposed refinancing, the revised facilities and
continued support of Barclays and the detailed forecasts and
cash flow projections which have been prepared and approved by
the board, the directors believe that the Group has adequate
resources to continue to meet its obligations as they fall due
for the foreseeable future and therefore consider it is
appropriate to sign off the accounts on a going concern basis.

Watermark Group plc -- http://www.watermarkgroup.co.uk/--
provides in-flight products, catering and cabin management
services to the airline and travel industry.


WEST END: HSBC Bank Appoints Receivers from Deloitte
----------------------------------------------------
HSBC Bank Plc appointed Ian Brown and Neil Matthews of Deloitte
& Touche LLP joint administrative receivers of West End Cabinet
Co. Ltd. (Company Number 00629321) on April 17.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

The company can be reached at:

         West End Cabinet Co. Ltd.
         Addison Industrial Estate
         Blaydon-on-Tyne
         NE21 4SJ
         England
         Tel: 0191 414 4469
         Fax: 0191 414 0463


* U.S.-EU to Create One Trans-Atlantic Acctg. Standard by 2009
--------------------------------------------------------------
A new agreement between the U.S. and the European Union sets the
stage for a single trans-Atlantic accounting standard by 2009,
which could allow many public companies to drop U.S. generally
accepted accounting principles in favor of more flexible
international rules, John D. Mckinnon writes for The Wall Street
Journal.

The regulatory agreement also calls for eventual harmonization
of rules in a number of other commercial areas, such as
intellectual property, food safety and drug testing, WSJ
relates.

At the 2006 U.S.-EU Summit in Vienna, Austria, the leaders
committed to redouble their efforts to promote economic growth
and innovation and reduce the barriers to transatlantic trade
and investment by implementing all aspects of the 2005
Initiative to Enhance Transatlantic Economic Integration and
Growth.

                        Financial Markets

Given the consolidation underway globally and transatlantically
in financial markets, it is important to take steps where
appropriate towards the convergence of regulatory standards
around high quality principles.  In this regard, work has
continued to progress in various areas including: accounting and
auditing, banking, insurance and securities.

Since the U.S.-EU 2006 Economic Summit, both sides have
continued to make significant progress under the U.S.-EU
Financial Markets Regulatory Dialogue, begun in 2002, and in
bilateral discussions between regulators.  Positive developments
included: the SEC's adoption of a new deregistration standard
which provides significantly greater flexibility to EU and other
non-U.S. companies to exit U.S. markets; constructive
discussions of further steps toward implementation of Basel II
on international capital adequacy standards, and proposals being
considered by the National Association of Insurance
Commissioners to revise reinsurance collateral requirements.

In addition, the Chairman of the U.S. Public Company Accounting
Oversight Board and the EU Internal Market and Services
Commissioner agreed to work on furthering cooperation in auditor
oversight.  The goal is to move toward full reliance on each
other's oversight systems by 2009.

The SEC is in the midst of implementing a "roadmap" on the
acceptance of IFRS without need for reconciliation to U.S.
Generally Accepted Accounting Standards in the United States.
Similarly, the EU will make a final decision on the acceptance
of U.S. GAAP in EU markets by the end of 2008.

The SEC hosted a roundtable on its "roadmap" in Washington to
solicit the views of U.S. market participants on the acceptance
of IFRS in U.S. markets in March 2007 at which Chairman Cox and
Commissioner Charlie McCreevy gave opening remarks in support of
further sustained progress in this area, and affirmed the goal
of acceptance of IFRS and U.S. GAAP in both markets no later
than 2009.

The SEC is completing its review of the first set of filings by
EU issuers using IFRS, and the EU is in a similar position with
regard to the first full set of published financial statements
using IFRS.  A second review round of financial statements using
IFRS will commence with filings due for submission to the SEC in
the summer of 2007.

In January 2007, the SEC and the College of Euronext regulators
signed a memorandum of understanding on cross-border stock
exchange mergers.  The MOU creates a structure for discussions
on enhanced cooperation, particularly in light of NYSE/Euronext
merger.

                           Investment

At the 2006 Summit, the United States and EU recognized the
importance of maintaining open investment regimes that can
create new economic opportunities and build prosperity.  Their
interests in an open investment climate were reaffirmed at the
U.S.-EU Economic Ministerial in December 2006, and both sides
agreed to have discussions on topics of mutual interests to
address any remaining significant obstacles to investment flows
between them.

                            Services

After four years of negotiation, the United States and EU
concluded a comprehensive, first-stage Air Transport agreement.
The agreement significantly expands the potential for
transatlantic travel and cargo, allowing U.S. and EU airlines to
fly between any point in the EU and any point in the United
States, with no restrictions on the number of flights, aircraft,
routes, or pricing.  It will create a new template for
international aviation, removing decades-old restrictions on a
sector integral to global commerce.  This pro-growth, pro-
competition, pro-consumer accord is a major breakthrough in
transatlantic economic relations and a harbinger of what the
United States and EU can accomplish working together to achieve
market liberalization on an unprecedented scale.


* Grant Thornton U.K. and RSM Robson Rhodes Agree to Merge
----------------------------------------------------------
The partners of Grant Thornton U.K. LLP and RSM Robson Rhodes
LLP announced their agreement to merge the two firms to create
one of the strongest accounting and business advisory groups in
the U.K.

The merger creates a firm with the depth of resource, expert
capability and market credibility to make it the leader in its
chosen marketplaces.  The new organization will operate as Grant
Thornton U.K. LLP, with the merger expected to complete on
July 1.

The merger firmly establishes Grant Thornton U.K. LLP as the
UK's fifth largest accounting and business advisory group based
on fee income (around GBP375 million) with over 300 partners and
4,400 staff, operating from 33 locations.

"RSM Robson Rhodes represents a perfect fit for Grant Thornton,
boosting the firm's expertise and reputation in financial
services, property and construction, health and education, and
public sector work," Michael Cleary CEO of the newly merged
business commented.

"It is also a boost to our efforts to break down those market
perceptions which would not naturally associate Grant Thornton
with the larger public audit market.  We are now gearing
ourselves to stimulate competition and offer stakeholders
greater choice in this space.  This deal stretches our existing
dominance as the adviser and auditor of choice on AIM and more
than doubles our presence on the FTSE.  We have considerably
added to our firepower to consistently challenge the Big 4 in
key areas in order to meet our objective of creating a firm with
revenues in excess of half a billion pounds over the next three
years," Mr. Cleary added.

"This merger creates class leading teams in audit and tax as
well as in the specialist areas of Project Finance, Corporate
Finance, Forensic and Corporate restructuring to name but a few.
It further boosts our dominant role on AIM that of leading
auditor within the public sector and biggest auditor of stock
market companies outside of the Big 4.  People, both clients and
staff, want to work with the best in the business and that is
what drives this merger.  We are determined to foster the
development of professionals with depth of expertise and the
courage of independent thought and opinion. In short a great
place to be," David Maxwell, managing partner of RSM Robson
Rhodes said.

"This merger also represents the UK's contribution to bolster
the Grant Thornton International network and follows recent
investments made by other Grant Thornton International member
firms.  Recent expansions by the member firms in India, China,
Japan, Russia and parts of South America and a new member firm
in Spain are but a few examples," concluded Mr. Cleary.

Grant Thornton and RSM Robson Rhodes are two long established
firms with proud histories that have similar cultures and values
anchored around professional integrity, strong independence and
excellence.  Both firms have focused on developing long-term
client relationships and investing in people.


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

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

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

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

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

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

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

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

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

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

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

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

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

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Caf,, Morristown, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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 * * *