TCREUR_Public/070504.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Friday, May 4, 2007, Vol. 8, No. 88

                            Headlines


A U S T R I A

BAUSTOFF RECYCLING: Claims Registration Period Ends June 19
BAWAG PSK: Austria Takes Action over Cuban Account Cancellation
BLITZ CLEAN: Claims Registration Period Ends June 4
FLIESEN CREATIV: Claims Registration Period Ends June 4
FRANZ AIGNER: Claims Registration Period Ends June 4

PBI PARKETT: Claims Registration Period Ends May 22
RISTORANTE PANORAMA: Claims Registration Period Ends May 21
STIER DE PARRA: Claims Registration Period Ends May 21


B E L A R U S

BELPROMSTROIBANK JSC: Earns BYR35.8 Billion for Full Year 2006


D E N M A R K

BLOCKBUSTER INC: Posts US$46.4 Mln Net Loss in First Qtr. 2007
NYCOMED A/S: Posts EUR180.7 Million in Adjusted EBITDA for 2006


F R A N C E

AMERICAN MEDICAL: Earns US$3.69 Million for First Quarter 2007
CASINO GUICHARD-PERRACHON: Creates Colombian JV with Cencosud SA
INFINITY 2007-1: S&P Puts BB Rating on EUR15-Mln Class G Notes


G E R M A N Y

AFS SCHOENMANN: Claims Registration Period Ends May 18
BALTICARGO HANDELSGESELLSCHAFT: Claims Registration Ends May 25
BAUFIRMA SCHLATOW: Claims Registration Period Ends May 18
BEKO HOCH: Claims Registration Period Ends June 13
CELIK PUTZ: Claims Registration Period Ends June 11

COGNIS GMBH: Posts EUR3.37 Billion in Sales for Year Ended 2006
DACHTECHNIK GMBH: Claims Registration Period Ends May 25
GARANT MASSIVHAUS: Claims Registration Period Ends May 29
GRALGAS GMBH: Claims Registration Period Ends June 25
HAWACON GMBH: Claims Registration Ends June 15

HOEDTKE & COMP: Claims Registration Ends June 6
HOLZ WASSER: Claims Registration Ends May 30
I.G. GAUL: Creditors' Meeting Slated for June 15
MANTEUFFELSTRASSE GMBH: Claims Registration Ends June 5
MAUREN METALLBAU: Claims Registration Ends June 25

MAUSER AG: Dubai Holding Acquires Firm from One Equity Partners
MAUSER AG: Sale Prompts S&P to Place B Rating on Watch Negative
MEDISTORE GMBH: Claims Registration Ends May 24
NEW WORLD: Creditors Must Register Claims by May 29
ORC PARTNER: Creditors Must Register Claims by June 18

PAUL KNOEFEL: Creditors Meeting Slated for June 11
PROJEKTENTWICKLUNG MBH: Claims Registration Period Ends May 25
REAL GRUNDSTUECKSENTWICKLUNGS: Claims Registration Ends June 11
SCHNYDRIG & BOECKMANN: Creditors' Meeting Slated for June 22
SCHRAG HEIZUNGS: Claims Registration Period Ends June 12

SCHULDNERIN M: Claims Registration Period Ends May 21
SGL CARBON: EU Fine Payment Cues Moody's to Lift Rating to Ba2
SGL CARBON: S&P Rates Proposed Senior Unsecured Loan at B+
SPHINX IT: Claims Registration Period Ends June 15

SYRING GMBH: Claims Registration Period Ends June 1
WILL-BAUGRUND GMBH: Claims Registration Period Ends May 30


H U N G A R Y

BAA PLC: Consortium Gets Consent for Budapest Airport Takeover


I T A L Y

ALITALIA SPA: TPG Consortium Earmarks EUR5 Billion for Carrier


K A Z A K H S T A N

CAI-KAZAKHSTAN: Creditors Must File Claims by June 13
DARYA TRADE: Creditors' Claims Due May 30
EUROASIA EXPO: Proof of Claim Deadline Slated for June 1
KURYLYS SERVICE: Claims Registration Ends June 1
PRODUCTION TRANS: Claims Filing Period Ends June 1

RAHMAN LLP: Creditors Must File Claims by May 30
RATHAN AIR: Creditors' Claims Due June 1
UNION PACK: Claims Registration Ends June 1


K Y R G Y Z S T A N

BIRINCHI INC: Creditors Must File Claims by June 20


L U X E M B O U R G

EVRAZ GROUP: Earns US$1.39 Billion for Year Ended Dec. 31, 2006


N E T H E R L A N D S

DEMIR-HALK BANK: Fitch Affirms and Withdraws BB IDR
KONINKLIJKE AHOLD: Sells USF Unit to Consortium for US$7.1 Bil.


P O L A N D

NETIA SA: Management Board Members Receive 18 Mln Stock Options


R U S S I A

BRATSK-PROM-STROY: Irkustk Bankruptcy Hearing Slated for June 26
EVRAZ GROUP: Earns US$1.39 Billion for Year Ended Dec. 31, 2006
GRAIN LLC: Court Names K. Zelyutin as Insolvency Manager
IRKUTSK-GRAIN-PRODUCT: Creditors Must File Claims by June 14
ISET' CJSC: Creditors Must File Claims by May 14

LOMOVSKAYA LLC: Creditors Must File Claims by May 14
PRIMORSKIY EXPERIMENTAL: Creditors Must File Claims by June 14
PROMSVYAZBANK JSCB: Earns RUR1.6 Billion for Fiscal Year 2006
ROSNEFT OIL: Wins Auction to Buy Yukos' East Siberian Assets
RUSSIAN SHIPPING: Samara Bankruptcy Hearing Slated for June 14

SHILING CJSC: Creditors Must File Claims by June 14
TURQUOISE CJSC: Creditors Must File Claims by June 14
UNITED INDUSTRIAL: Creditors Must File Claims by June 14
URAL-COPPER-STROY: Creditors Must File Claims by June 14
URAL-INVEST-CENTRE: Creditors Must File Claims by June 14

URAL-TRANSIT-SERVICE: Creditors Must File Claims by June 14
UST'-ILIMSKIY OJSC: Asset Sale Slated for May 23
YUKOS OIL: Rosneft Oil Wins Auction to Buy East Siberian Assets
YUZHNYJ MINE: Creditors Must File Claims by May 14


S W E D E N

ARVINMERITOR INC: Posts US$94 Million Loss for Q2 Ended Mar. 31


S W I T Z E R L A N D

BEACH SUN: Creditors' Liquidation Claims Due May 23
CRAISTAS JSC: Creditors' Liquidation Claims Due May 21
FLORISTERIA LLC: Creditors' Liquidation Claims Due May 21
MOSER SYSTEM: Creditors' Liquidation Claims Due May 21
SWISSLABTAB LLC: Creditors' Liquidation Claims Due May 21

TEXTRUDER ENGINEERING: Creditors' Liquidation Claims Due May 21
TRANSGLOBE STEEL: Zug Court Starts Bankruptcy Proceedings
TRICONA VERWALTUNG: Zug Court Starts Bankruptcy Proceedings


T U R K E Y

ANADOLUBANK: Fitch Lifts D Individual Rating to C/D
DEMIR-HALK BANK: Fitch Affirms and Withdraws BB IDR


U K R A I N E

EARTH SERVICE: Creditors Must Register Claims by May 13
FORSAN-UKRAINE LLC: Creditors Must Register Claims by May 13
INDUSTRIAL INVEST: Creditors Must Register Claims by May 13
PROMEKO LLC: Creditors Must Register Claims by May 12
REALITET LLC: Creditors Must Register Claims by May 13

SELENA-SOUTH LLC: Creditors Must Register Claims by May 13
SLAVUTICH OJSC: Creditors Must Register Claims by May 12
SOUTH INDUSTRIAL: Creditors Must Register Claims by May 12
SPHERE LLC: Creditors Must Register Claims by May 12
YOUTH DWELLING: Creditors Must Register Claims by May 13


U N I T E D   K I N G D O M

ADVAL LEARNING: Names Martin Dominic Pickard Liquidator
ADVANCED MICRO: Completes US$2.2-Bln 6% Senior Notes Offering
ALL AMERICAN: Bankruptcy Court Approves First Day Motions
ALPHASTRETCH LTD: Claims Filing Period Ends May 21
ARMOR HOLDINGS: Gets US$32-Mln Deal for Pinzgauer Vehicles in UK

BAA PLC: Consortium Gets Consent for Budapest Airport Takeover
BARRY HAWKINS: Gerald Irwin Leads Liquidation Procedure
BIAS CLOTHING: Creditors' Meeting Slated for May 9
BLUESTONE SECURITIES: S&P Rates EUR8.51-Mln Class D Notes at BB
BRADLEY FURNITURE: Hires Liquidator from Begbies Traynor

BRATZ: Hires Joint Administrators from Poppleton & Appleby
CELESTICA INC: Moody's Lowers Corporate Family Rating to B1
CLAVIS SECURITIES: S&P Rates GBP8.07-Mln Class B2 Notes at BB
DECOJARDI UK: Creditors' Meeting Slated for May 10
DEVON INTERIORS: Claims Filing Period Ends May 28

DURA AUTOMOTIVE: Evaluates Strategic Alternatives for Atwood
EVOLUTION POLYMERS: Creditors' Meeting Slated for May 9
EUROHOME UK: Fitch Rates 2007-1 Class B2 and C Notes at BB
FEDERAL-MOGUL: Creditors Vote to Accept Fourth Amended Plan
FELL ARTHUR: Creditors' Meeting Slated for May 11

FIRST PROPERTY: Brings In Liquidator from Roger Evans
G.A. GRAPHICS: Joint Liquidators Take Over Operations
INTERELEC GROUP: Appoints Vantis Plc as Joint Administrators
JAMES ROSE: Taps Joint Administrators from Begbies Traynor
LANGWELLS LTD: Appoints Andrew Fender as Liquidator

MAPLE CONSULT: Claims Filing Period Ends May 24
PLYWISE LTD: Names Liquidator to Wind Up Business
PORTRAIT CORP: To Sell Assets to CPI for US$100 Million
PRESTIGE LEISURE: Taps Liquidators from David Horner & Co.
PRO GLASS: Appoints Clive Morris to Liquidate Assets

RICHPORT SERVICES: Hires Liquidators from Vantis
ROBMAR LTD: Creditors' Meeting Slated for May 14
SHAPERO AGENCIES: Joint Liquidators Take Over Operations
SHAW GROUP: To Redeem Remaining US$15.2 Mln of 10-3/4% Sr. Notes
SMARTIRE SYSTEMS: Sells US$1.5 Million Notes to Cornell Unit

SOLUTIA INC: Court Extends Plan Filing Period Through July 30
STAFFLINK UK: Taps Philip Simons to Liquidate Assets
VONAGE HOLDINGS: Wants Verizon Patent Case Back to Lower Court

* BOOK REVIEW: Business Wit & Wisdom


                            *********

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


BAUSTOFF RECYCLING: Claims Registration Period Ends June 19
-----------------------------------------------------------
Creditors owed money by LLC Baustoff Recycling Deponie (FN
253834k) have until June 19 to file written proofs of claim to
court-appointed estate administrator Petra Klingenschmid at:

         Mag. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 3 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 Tribuswinkel/Oeynhausen, Austria, the Debtor
declared bankruptcy on April 10 (Bankr. Case No. 11 S 44/07t).  


BAWAG PSK: Austria Takes Action over Cuban Account Cancellation
---------------------------------------------------------------
The Austrian government has commenced administrative criminal
procedures against Bawag P.S.K. after the bank cancelled around
100 accounts held by Cuban clients, The Associated Press reports
citing Foreign Minister Ursula Plassnik.

Ewald Nowotny, Bawag's CEO, said the move was in "anticipation
of the reorganization of business relations in individual fields
following the takeover by Cerberus," Deutsch Presse-Agentur
relates.

Bawag pointed to a U.S. law -- Helm-Burton Act --that prohibits
American firms and their subsidiaries abroad from conducting
business with Cuban nationals, AP says.

Ms. Plassnik, however, stressed during a budgetary debate that
Austrian law -- not American -- governs Bawag's dealings, AP
relates.

"We are not the 51st state of the U.S.A." Ms. Plassnik was
quoted by AP as saying.

Austria launched the punitive action following a formal protest
by Cuba's embassy in Vienna and complaints from affected
clients.

Mr. Nowotny admitted and apologized for the mistake, adding that
the bank's new owners -- Cerberus Funds -- had no hand in the
matter, DPA reports.  Mr. Novotny stressed that Austrian law
still applied to Bawag.

Mr. Novotny noted that the Cuban clients did not suffer any
financial losses and Bawag was willing to assist in transferring
their business to other banks.

The chief executive said Bawag would file for an exemption from
applicable U.S. regulations, which if granted, would allow the
bank's Cuban clients to avail of its services.

                           About BAWAG

Headquartered in Vienna, Austria, BAWAG P.S.K. (Bank fur Arbeit
und Wirtschaft AG) is an Austrian universal bank founded in 1922
by former Austrian Chancellor Karl Renner.  As of 2004, the
bank's majority shareholder was the OGB (Osterreichischer
Gewerkschaftsbund), the Austrian Trade Union Federation.  The
bank had total consolidated assets of EUR56 billion as of
Dec. 31, 2004.

                        *      *      *

As of Feb 27, Bawag PSK carries an E+ bank financial strength
rating from Moody's.


BLITZ CLEAN: Claims Registration Period Ends June 4
---------------------------------------------------
Creditors owed money by LLC Blitz Clean (FN 258033k) have until
June 4 to file written proofs of claim to court-appointed estate
administrator Thomas Hufnagl at:

         Dr. Thomas Hufnagl  
         Dr.-Franz-Rehrl-Platz 2
         5020 Salzburg
         Austria
         Tel: 0662/640083
         Fax: 0662-642912-24
         E-mail: dr.thomas.hufnagl@rechtsanwaelte.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 4 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Salzburg, Austria, the Debtor declared
bankruptcy on April 3 (Bankr. Case No. 23 S 24/07k).  


FLIESEN CREATIV: Claims Registration Period Ends June 4
-------------------------------------------------------
Creditors owed money by LLC Fliesen Creativ (FN 274948k) have
until June 4 to file written proofs of claim to court-appointed
estate administrator Thomas Bruendl at:

         Dr. Thomas Bruendl  
         Braunauerstrasse 4
         5204 Strasswalchen
         Austria
         Tel: 06215/6622-0
         Fax: 06215/6622-22
         E-mail: t.bruendl@bruendl-reischl.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Seekirchen am Wallersee, Austria, the Debtor
declared bankruptcy on April 3 (Bankr. Case No. 23 S 25/07g).  


FRANZ AIGNER: Claims Registration Period Ends June 4
----------------------------------------------------
Creditors owed money by LLC Franz Aigner (FN 107355a) have until
June 4 to file written proofs of claim to court-appointed estate
administrator Alois Nussbaumer at:

         Dr. Alois Nussbaumer  
         Stadtplatz 19
         4840 Voecklabruck
         Austria
         Tel: 07672/72607
         Fax: 07672/75567
         E-mail: rae.nuss-hoff-herz@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:40 p.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on April 3 (Bankr. Case No. 20 S 44/07g).  


PBI PARKETT: Claims Registration Period Ends May 22
---------------------------------------------------
Creditors owed money by LLC PBI Parkett (FN 171463b) have until
May 22 to file written proofs of claim to court-appointed estate
administrator Michael Schwarz at:

         Dr. Michael Schwarz
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzle@tws-rae.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:50 a.m. on June 12 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Neulengbach, Austria, the Debtor declared
bankruptcy on April 11 (Bankr. Case No. 14 S 67/07d).  


RISTORANTE PANORAMA: Claims Registration Period Ends May 21
-----------------------------------------------------------
Creditors owed money by LLC Ristorante Panorama (FN 266268x)
have until May 21 to file written proofs of claim to court-
appointed estate administrator Markus Hagen at:

         Dr. Markus Hagen  
         c/o Dr. Wolfgang Blum
         Liechtensteinerstrasse 76
         6800 Feldkirch
         Austria
         Tel: 05522/39573
         Fax: 05522/30576
         E-mail: office@kanzlei-bhp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on May 31 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Feldkirch, Austria, the Debtor declared
bankruptcy on April 11 (Bankr. Case No. 13 S 21/07d).  
Wolfgang Blum represents Dr. Hagen in the bankruptcy
proceedings.  


STIER DE PARRA: Claims Registration Period Ends May 21
------------------------------------------------------
Creditors owed money by KEG Stier de Parra (FN 251164i) have
until May 21 to file written proofs of claim to court-appointed
estate administrator Christian Steurer at:

         Mag. Christian Steurer
         c/o Mag. Stefan Aberer  
         Rathausstrasse 37
         6900 Bregenz
         Austria
         Tel: 05574/58085
         Fax: 05574/58085-8
         E-mail: office@ra-steurer.at  

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

The meeting of creditors will be held at:

         The Land Court of Feldkirch
         Conference hall 45
         First Floor
         Feldkirch
         Austria

Headquartered in Bregenz, Austria, the Debtor declared
bankruptcy on April 11 (Bankr. Case No. 13 S 22/07a).  Stefan
Aberer represents Mag. Steurer in the bankruptcy proceedings.


=============
B E L A R U S
=============


BELPROMSTROIBANK JSC: Earns BYR35.8 Billion for Full Year 2006
--------------------------------------------------------------
JSC Belpromstroibank reported a 280% increase in net profit for
year ended Dec. 31, 2006, to BYR35.8 billion.  

Deloitte & Touche prepared the results according to
International Financial Reporting Standards.

As of Dec. 31, 2006, Belpromstroibank had BYR2.32 trillion in
total assets, BYR2.1 billion in total liabilities and BYR193.8
billion in shareholders' equity.

Net interest income before provisioning increased by 29.9% in
comparison with 2005.  Operating profit grew by 24% up to
BYR57.9 billion.  The portion of non-interest income was 62% of
the total volume of operating income for 2006.

                    About JSC Belpromstroibank

JSC Belpromstroibank -- http://www.bpsb.by/bank/en.index.html--  
operates a diversified corporate banking business and is rapidly
expanding into the retail segment.  The bank's branch network is
extensive and covers all six Belarusian districts.  

                          *     *     *

JSC Belpromstroibank carries a D/E Individual, B- Issuer
Default, B Short-term, and Support 5 ratings from Fitch.  Fitch
said the Outlook is Stable.


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


BLOCKBUSTER INC: Posts US$46.4 Mln Net Loss in First Qtr. 2007
--------------------------------------------------------------
Blockbuster Inc. reported a net loss of US$46.4 million for the
first quarter ended April 1, 2007, compared with a net loss of
US$1.9 million, for the first quarter of 2006.  Total revenues
increased 5.4% to US$1.47 billion for the first quarter of 2007
from US$1.4 billion for the first quarter of 2006.  

"During the first quarter, we captured share of the overall
rental market, continued to contain operating expenses and
aggressively grew our Blockbuster Total Access subscriber base,
which nearly doubled in a matter of five months and now exceeds
3 million total subscribers.  I am extremely pleased with these
accomplishments.  Our results were impacted by our investment in
the growth of Blockbuster Total Access and by an extremely tough
in-store rental market," John Antioco, Blockbuster chairman and
chief executive officer, said.  

"The first quarter of 2007 was our highest subscriber growth
quarter ever, surpassing even the initial success of the program
and providing clear testimony to the consumer appeal of our
integrated online and in-store offering, which we believe will
allow us to achieve our year-end goal of well over 4 million
subscribers.  While this aggressive growth requires investment
this year, we believe it's the right thing for the business and
will contribute to our future profitability and to the long-term
success of the Company."
             
Total revenues for the first quarter of 2007 increased primarily
as a result of strong merchandise sales and approximately
US$20 million in revenues associated with the termination of
Blockbuster's Brazilian franchise agreement.  Rental revenues
for the period remained essentially flat at US$1.05 billion
reflecting growth in revenues from Blockbuster Total Access,
which added approximately 800,000 subscribers during the first
quarter of 2007 offsetting a larger than expected decline in the
in-store rental industry.  

Operating loss for the first quarter of 2007 totaled
US$18.4 million, compared to operating income of US$32.1 million
for the same period last year.  Gross profit decreased
US$27.7 million primarily as a result of the decrease in rental
gross margin, which was largely due to purchases of additional
rental product in order to support in-store exchanges resulting
from additional traffic generated by the significant growth of
Blockbuster Total Access.  Total selling, general and
administrative expenses for the first quarter of 2007 increased
US$24.3 million from the first quarter of 2006 largely due to a
higher level of promotional activities, including an incremental
US$35 million mass-media advertising campaign aimed at growing
the Blockbuster Total Access subscriber base and increasing
customers' awareness of the program.  

Cash flow provided by operating activities decreased by
US$185 million from US$41 million for the first quarter of 2006
to a deficit of US$144 million for the first quarter of 2007.  
The decrease was driven primarily by a reduction in payables and
accrued expenses and lower net income.  This reduction resulted
largely from the company returning to normalized credit terms
with its vendors as compared to the same period last year.  As
of April 1, no balance was outstanding under the company's
revolving credit facility and the company's borrowing capacity
totaled approximately US$295 million.

                      About Blockbuster Inc.

Blockbuster Inc. (NYSE: BBI) -- http://www.blockbuster.com/--  
is a leading global provider of in-home movie and game
entertainment, with over 8,000 stores throughout the Americas,
Europe, Asia and Australia.

                          *     *     *

As reported in the Troubled Company Reporter on March 29,
Standard & Poor's Ratings Services raised the ratings on
Dallas-based Blockbuster Inc. to 'B' from 'B-'.  This action
reflects the improved operating performance and improved credit
protection metrics for the company.

At the same time, Standard & Poor's raised the recovery rating
on the bank facility to '3' from '5', indicating the expectation
for meaningful recovery of principal in the event of payment
default.  Standard & Poor's affirmed the stable outlook.


NYCOMED A/S: Posts EUR180.7 Million in Adjusted EBITDA for 2006
---------------------------------------------------------------
Nycomed A/S posted EUR180.7 million in adjusted EBITDA for 2006,
representing an increase of 15.4% over 2005.  Adjusted for the
negative impact from foreign currency fluctuations, adjusted
EBITDA increased by approximately 17.2%.

Nycomed's net turnover grew by 16.4% in 2006 to EUR869.9
million.  Adjusted for currency impact, net turnover increased
by approximately 17%.  The results are based on satisfactory
growth in most of Nycomed's established home markets, despite
the intensified focus on cost containment from health
authorities and increasing generic competition.

Strong growth was achieved in Central Europe, and the build-up
of activities in Big Five continued and resulted in an increased
net turnover of 38%, mainly driven by sales of newly launched
TachoSilr.  Russia-CIS continued its impressive growth path and
increased net turnover by 47% during 2006.


Nycomed A/S released its financial results for full year 2006.

                           Highlights

Very satisfactory results in 2006

Nycomed's net turnover grew by 16.4% in 2006 to EUR869.9
million.  Adjusted for currency impact, net turnover increased
by approximately 17%.  The results are based on satisfactory
growth in most of Nycomed's established home markets, despite
the intensified focus on cost containment from health
authorities and increasing generic competition.

Strong growth was achieved in Central Europe, and the build-up
of activities in Big Five continued and resulted in an increased
net turnover of 38%, mainly driven by sales of newly launched
TachoSil(R).  Russia-CIS continued its impressive growth path
and increased net turnover by 47% during 2006.
     
The Group's adjusted EBITDA reached EUR180.7 million in 2006,
representing an increase of 15.4% over 2005.  Adjusted for the
negative impact from foreign currency fluctuations, adjusted
EBITDA increased by approximately 17.2%.

                     Key Events During 2006

The top event of 2006 was the acquisition of ALTANA Pharma AG,
which was agreed on Sept. 21.  Following the acquisition,
Nycomed is more than tripled in size with access to more than 40
countries and a combined group net turnover of approximately  
EUR3.4 billion and an adjusted EBITDA of EUR933.4 million.  The
consolidated income statement for 2006 has not been impacted by
the acquisition of ALTANA Pharma AG as closing of the
acquisition took place Dec. 29, 2006.

2006 was a successful year with strong performance in particular
from Pantoloc(R) (pantoprazole) for gastrointestinal diseases
and CalciChew(R) (calcium and vitamin D) for osteoporosis.  The
osteoporosis portfolio was supplemented by Preotact(R), the
first full-length parathyroid hormone (PTH) for osteoporosis.
Preotact(R) received European market authorization in April 2006
and was launched in key markets across Europe.

Matrifen(R) (fentanyl patch) for severe chronic opioid-sensitive
pain, received Mutual Recognition in May 2006.  It was launched
in Germany, Denmark and Sweden and will be launched throughout
the remaining parts of Europe during 2007-2008.

                        Outlook for 2007

2007 will be a year where main focus will be on the integration
of ALTANA Pharma AG with a continuous focus on our customers and
markets.  In 2007, Nycomed expects growth in its net turnover
and adjusted EBITDA of approximately 5-10%, excluding
restructuring and integration costs.

"Nycomed saw strong growth in 2006 with good performance from
key products and across the Group's regions," Hakan Bjorklund,
Nycomed CEO, said.  This gives us an excellent foundation for
the new and challenging future ahead of us after the acquisition
of ALTANA Pharma AG.

"Building a new company with new strategic goals does not happen
overnight, and we must maintain customer focus while integrating
the companies.  We are facing significant challenges in
realizing the synergies of the combined group, in particular
with the expiration of our Pantoprazole patent in 2009-2010.  We
need to implement our R&D strategy and quickly tap into the
considerable potential and expertise we have within the
company."

"We are dedicated to keeping up the strong momentum created in
the two companies.  We will be working hard to realize our
strategy of continued growth and to make a real difference to
patients and health care professionals with safe, efficient and
easy manageable products."

                         About Nycomed

Headquartered in Roskilde, Denmark, Nycomed --
http://www.nycomed.com/-- provides hospital products throughout  
Europe and general practitioner and pharmacy medicines in
selected markets.  The company employs about 3,500 people
throughout Europe and Russia-CIS.  Nycomed is privately owned
and had a 2005 net turnover of EUR748 million.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defense, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors last week, the rating agency
confirmed its B1 Corporate Family Rating for Nycomed A/S.

Moody's also assigned a B2 Probability-of-Default Rating to the
company.


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


AMERICAN MEDICAL: Earns US$3.69 Million for First Quarter 2007
--------------------------------------------------------------
American Medical Systems Holdings Inc. reported US$3.69 million
in net profit on US$108.39 million in net revenues for the first
quarter ended Mar. 31, 2007, compared with US$11.47 million in
net profit on US$73.62 million in net revenues for the first
quarter ended April 1, 2006.

"As we previously communicated, internal production and planning
issues, along with the specific vendor quality issues we
experienced during the first quarter, resulted in both top and
bottom line disruption as we were not able to fulfill all orders
due to product availability challenges," Martin J. Emerson,
President and Chief Executive Officer, said.  "In addition,
manufacturing rework and warranty costs associated with our new
HPS laser console applied pressure to our gross margin during
the quarter.  I am confident that the vast majority of these
costs are behind us, and as we look forward, we will see the
type of gross margin expansion we had planned for 2007."

"While the first quarter was clearly a disappointment, we remain
confident in our ability to address our supply issues during the
second quarter," Mr. Emerson noted.  "The underlying strength of
demand across much of our business in the first quarter means we
are poised to see strong revenue performance as we exit the
second quarter."

At Mar. 31, 2007, American Medical Systems had US$1.09 billion
in total assets, US$795.2 million in total liabilities and
US303.89 million in stockholders' equity.

                             Outlook

The Company reiterated the full year 2007 revenue guidance of
US$475 million to US$500 million and reported earnings per share
from continuing operations of US$0.63 to US$0.70.

Revenue projected for the second quarter of 2007 ranges from
US$112 million to US$118 million, with an anticipated earnings
per share range of US$0.08 to US$0.11.  It is anticipated that
all supply issues will be resolved during the second quarter;
however, these projected results assume a level of recovery time
in the market.

                  About American Medical Systems

Headquartered in Minnetonka, MI, American Medical Systems Inc.
-- http://www.americanmedicalsystems.com/ -- develops and  
delivers pelvic health products for both men and women.  AMS has
operations in Australia, Austria, Brazil, Canada, Germany, The
Netherlands, France, Spain, Portugal, the United Kingdom, and
the U.S.A.

                        *     *     *

Moody's Investors Service confirmed its B1 Corporate Family
Rating for American Medical Systems Inc and revised its
Probability-Of-Default ratings and assigned Loss-Given-Default
ratings on these loans and bond debt obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Senior Secured
   Revolver due 2012      Ba3      Ba2     LGD2        22%

   Senior Secured
   Term Loan B
   due 2012               Ba3      Ba2     LGD2        22%


CASINO GUICHARD-PERRACHON: Creates Colombian JV with Cencosud SA
----------------------------------------------------------------
Casino Guichard-Perrachon S.A. and Cencosud S.A. signed on May 2
a partnership agreement creating a joint venture to develop the
DIY business in Colombia and setting the framework to
potentially enter into other Latin American markets.

Subject to execution of final agreements, this entity shall be
capitalized with up to US$200 million from Cencosud and Casino
to be contributed over the next five years.  Cencosud will hold
a 70% stake in the Joint Venture and Casino shall own the
remaining 30%.

Casino will be involved at the board level, contributing its
global retail expertise and local market knowledge, retaining
certain governance and minority rights, and actively
participating in setting both the short-term goals and the long
term strategy of the new entity.  

Cencosud will bring its know how and DIY sector expertise to the
joint venture and will be responsible for the implementation of
the strategy and the day-to-day management of the joint venture.

It is the intention of the parties to implement the joint
venture in an expedient manner and pursue an aggressive
expansion strategy to capitalize on the current momentum of the
Colombian retail market and exploit the opportunities available
in this segment.

This entity will complement Casino's leading presence in
Colombia, through its existing participation in Exito, the
largest food retailer in this market, and will be Cencosud's
entry vehicle into the country.

Cencosud is a leading multi-format retailer in Chile and
Argentina.  As of March 31, 2007, the company operates 35 Jumbo
hypermarkets, 118 Santa Isabel supermarkets, 239 supermarkets
under the brand names Disco and Vea, 50 Easy Homecenter stores,
24 Paris department stores, 20 shopping centers, 7 Aventura
Center entertainment centers and 50 Banco Paris branch offices.

Headquartered in Saint-Etienne, France, Casino Guichard-
Perrachon S.A. -- http://www.casino.fr/-- is the leading  
convenience store operator in France.  The company owns and
operates around 9,300 hypermarkets, supermarkets, restaurants,
convenience stores, and discount stores.

It has 2,000 outlets in 12 countries worldwide, including
Brazil, Mexico, Thailand, and the U.S.

                          *     *     *

As reported on Sept. 29, 2006, Fitch Ratings upgraded Casino
Guichard Perrachon's EUR600 million perpetual preferred constant
maturity swap securities to BB+ from BB and classified it as a
Class C security with 50% equity credit.


INFINITY 2007-1: S&P Puts BB Rating on EUR15-Mln Class G Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.028 billion commercial mortgage-
backed floating-rate notes to be issued by Infinity 2007-1
"Soprano" FCC, a French securitization fund.
  
Infinity 2007-1 "Soprano" will be the second CMBS securitization
structured by IXIS Corporate & Investment Bank.
  
This will be a synthetic, fully funded CMBS transaction. Its
purpose will be to transfer the credit risk associated with a
pool of 15 mortgage loans secured by commercial properties in
Germany, France, and Spain.
  
The reference loans were either originated or present a
participation by IXIS in loans originated by Capmark Bank Europe
PLC.  The loans will either be serviced by Capmark Services
(Ireland) Ltd. or Capmark Services U.K. Ltd.
  
IXIS will continue to own the loans, but they will not be used
as security for the transaction.  The issuer will use the note
proceeds to purchase from the seller the receivables under the
15 CDSs.  These receivables will be the security for the rated
notes.
  
                          Ratings List
  
Infinity 2007-1 "Soprano" FCC
   EUR1.028 Billion Commercial Mortgage-Backed Floating-Rate
   Notes
  
                          Prelim.        Prelim. Amount
           Class          Rating           (Mil. EUR)
           -----          ------            --------
             A             AAA               774.40
             B             AAA                56.30
             C             AA                 54.00
             D             A                  48.40
             E             BBB                54.00
             F             BBB-               26.35
             G             BB                 15.00


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


AFS SCHOENMANN: Claims Registration Period Ends May 18
------------------------------------------------------
Creditors of AFS Schoenmann Personal-Management GmbH have until
May 18 to register their claims with court-appointed insolvency
manager Rainer U. Mueller.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         First Floor
         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 AFS Schoenmann Personal-Management GmbH on April 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Rainer U. Mueller
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

The Debtor can be reached at:

         AFS Schoenmann Personal-Management GmbH
         Attn: Schoenmann Friedrich, Manager
         Viktoriastr. 3
         86150 Augsburg
         Germany


BALTICARGO HANDELSGESELLSCHAFT: Claims Registration Ends May 25
---------------------------------------------------------------
Creditors of Balticargo Handelsgesellschaft 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 10:00 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Joerg Sievers
         Robert-Blum-Str. 1
         17489 Greifswald
         Germany

The Debtor can be reached at:

         Balticargo Handelsgesellschaft mbH
         Hauptstrasse 49
         17459 Koserow
         Germany

         Attn: Ole Gronemeier, Manager
         Brueningstrasse 37
         21614 Buxtehude
         Germany


BAUFIRMA SCHLATOW: Claims Registration Period Ends May 18
---------------------------------------------------------
Creditors of Baufirma Schlatow GmbH have until May 18 to
register their claims with court-appointed insolvency manager
Bettina Schmudde.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on June 25, 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 Schwerin
         Hall 7
         Demmlerplatz 14
         Schwerin
         Germany

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

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

The insolvency manager can be reached at:

         Bettina Schmudde
         Jungfernstieg 51
         20354 Hamburg
         Germany

The Debtor can be reached at:

         Baufirma Schlatow GmbH
         Attn: Hans-Joachim Schlatow, Manager
         Kajatz 2
         19217 Rehna
         Germany


BEKO HOCH: Claims Registration Period Ends June 13
--------------------------------------------------
Creditors of BEKO Hoch- und Ausbau GmbH have until June 13 to
register their claims with court-appointed insolvency manager
Marc Odebrecht.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

The District Court of Lueneburg opened bankruptcy proceedings
against BEKO Hoch- und Ausbau GmbH on April 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Marc Odebrecht
         Sechslingspforte 2
         22087 Hamburg
         Germany
         Tel: 040/226677
         Fax: 040/22667888

The Debtor can be reached at:

         BEKO Hoch- und Ausbau GmbH
         Ludwigsluster Strasse 29
         19370 Parchim
         Germany

         Attn: Robert Bahl, Manager
         Ebersstrasse 55
         10827 Berlin
         Germany


CELIK PUTZ: Claims Registration Period Ends June 11
---------------------------------------------------
Creditors of Celik Putz GmbH have until June 11 to register
their claims with court-appointed insolvency manager
Joachim Buettner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Building
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The insolvency manager can be reached at:

         Joachim Buettner
         Osdorfer Landstrasse 230
         22549 Hamburg
         Germany

The Debtor can be reached at:

         Celik Putz GmbH
         Attn: Bernd Schuenemann, Manager
         Moerkenstrasse 12
         22767 Hamburg
         Germany


COGNIS GMBH: Posts EUR3.37 Billion in Sales for Year Ended 2006
---------------------------------------------------------------
Cognis GmbH posted EUR2 million in net profit on EUR3.37 billion
in net sales for full year 2006, compared with EUR136 million in
net loss on EUR3.18 million in net sales for 2005.

"The 2006 results have confirmed that our strategy is the right
one," Cognis CEO Dr. Antonio Trius disclosed.  "Our focus on
providing highly innovative specialties relating to the wellness
and sustainability trends has enabled us to develop our business
and achieve profitable growth.  The acquisitions and investments
we made in the course of 2006 also helped strengthen our market
position."

"This significant improvement in our operating results was
achieved in spite of a sharp fall in the price of fatty-alcohol-
based products as well as increased energy and raw material
costs," Dr. Trius commented.

All the company's strategic business units (SBUs) reported a
substantial increase in sales, with Care Chemicals and
Functional Products achieving the highest growth rates.  The
joint venture Cognis Oleochemicals performed almost at the same
level as in 2005.

Sales generally grew across all regions. The improved results
were driven by the growth of sales volume, the associated
capacity utilization, and ongoing efficiency improvement
measures, particularly in the U.S.A.

The improved operating result meant that the company's profit
before taxes increased by EUR178 million to EUR42 million, while
net profit improved by EUR138 million to EUR2 million.  As well
as the improvement in Adjusted EBITDA, reduced expenditure on
non-operational assets, lower extraordinary write-downs and more
favorable exchange rates were all factors in this development.

One consequence of the improved profit before taxes was that the
company's income taxes rose to around EUR40 million.  Free cash
flow increased by EUR25 million, or 17.5%, to EUR168 million.
And at EUR233.4 million, cash and cash equivalents were more
than double what they were in 2005.

                 Sales by Strategic Business Unit

Care Chemicals saw its sales rise by 5.6% to EUR1.36 billion,
the biggest contribution of all Cognis SBUs.  Lower sales of
fatty alcohol products were offset by increased sales of
surfactants and specialties.  The acquisition of polymer
specialists Cosmetic Rheologies in March 2006 strengthened Care
Chemicals' position as a full-service specialty chemicals
supplier to the cosmetics industry.

Nutrition & Health recorded a 4.2% rise in sales, to EUR316
million.  High-margin sterols, CLA and products for the
pharmaceutical and healthcare industries all performed well,
whereas sales of food technology and vitamin E products fell
slightly.  The acquisition of Napro Pharma AS, a Norwegian
manufacturer of high-quality omega-3 fish oils, enabled
Nutrition & Health to expand its range of natural ingredients
for dietary supplements and functional foods.

Functional Products achieved growth of 10.4%, with total sales
of EUR841 million.  Business units that performed especially
well included Polymers, Coatings & Inks, AgroSolutions, Mining,
and the synthetic lubricants business.  Growth was strongest
overall in Asia. In North America, particularly Polymers,
Coatings & Inks substantially increased its market share.

Process Chemicals, which manufactures products for the textile
and leather industries, grew its sales by 4.1% to EUR258
million.  Strong demand in the Asia-Pacific region was a major
factor here.  Furthermore, the Active Textiles business signed
major contracts with well-known apparel manufacturers.

Cognis Oleochemicals, the 50:50 joint venture between Cognis and
Golden Hope that started trading on Jan. 1, 2006, saw its sales
fall slightly at EUR553 million, they were 0.7 percent down on
2005.  The main reason was an oversupply of glycerin, caused by
the increasing biodiesel production, which then put pressure on
prices.

                        Sales by region

Sales increased in all regions. In Germany, there was an
increase of 4.7% to EUR1.03 million, while the Rest of Europe
and South Africa saw a 6.8% rise to EUR899 million.  In North
America, sales increased 5.7% to EUE798 million.  However, the
most significant growth was achieved in Central and South
America with EUR163 million, up 7.2% and Asia-Pacific with
EUR478 million, up 8.9%.  The company opened three new
production facilities in Asia last year, which should further
accelerate its growth in the region.

Outlook for 2007

In 2007, Cognis will continue to focus on the growth markets for
products that serve the wellness and sustainability trends. "In
Cognis' core markets, sustainability is increasingly a factor in
customers' purchasing decisions," says Dr. Trius.  "Renewable
resources already account for the majority of our raw materials,
and this will continue to be our key focus in future.  Our
strategy has proven itself the right one, and this is an
excellent prerequisite to continue profitable growth over the
years ahead."

Headquartered in Monheim, Germany, Cognis GmbH --
http://www.cognis.com/-- is a leading global manufacturer of  
natural-oil based specialty chemicals products.  It employs
about 8,000 people, and it operates production sites and service
centers in 30 countries.

The company holds a 50% stake in the joint venture Cognis
Oleochemicals, one of the world's leading manufacturers of
natural-source oleochemical basestocks.

Cognis is owned by private equity funds advised by Permira, GS
Capital Partners, and SV Life Sciences.

                          *    *    *

As reported in the TCR-Europe on April 27, Moody's Investors
Service placed all ratings of Cognis GmbH (Corporate Family
Rating at B1) and its subsidiary Cognis Deutschland GmbH & Co.
KG under review for possible downgrade following the company's
announcement of the consent solicitation under the 2014 9.5%
notes to allow refinancing of its senior secured first lien and
second lien obligations and a portion of the 2015 PIK notes.

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

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

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

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

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

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

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

The company carries Fitch Ratings' 'B' Issuer Default rating
with Outlook Stable.


DACHTECHNIK GMBH: Claims Registration Period Ends May 25
--------------------------------------------------------
Creditors of Dachtechnik GmbH have until May 25 to register
their claims with court-appointed insolvency manager
Frank Kebekus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Dachtechnik GmbH
         Attn: Herbert Muecher, Manager
         Kaarster Str. 50
         41462 Neuss
         Germany


GARANT MASSIVHAUS: Claims Registration Period Ends May 29
---------------------------------------------------------
Creditors of Garant Massivhaus GmbH Baubetreuung, Bautrager have
until May 29 to register their claims with court-appointed
insolvency manager Hubert Ampferl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         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 Nuremberg opened bankruptcy proceedings
against Garant Massivhaus GmbH Baubetreuung, Bautrager on
April 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Stahlstr. 17
         90411 Nuremberg
         Tel: 0911/951285-26
         Fax: 0911/951285-10

The Debtor can be reached at:

         Garant Massivhaus GmbH Baubetreuung, Bautrager
         Schoppershofstr. 56 a
         90489 Nuremberg
         Germany


GRALGAS GMBH: Claims Registration Period Ends June 25
-----------------------------------------------------
Creditors of GRALGAS GmbH have until June 25 to register their
claims with court-appointed insolvency manager Christian Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 District Court of Halle-Saalkreis opened bankruptcy
proceedings against GRALGAS GmbH on April 14.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Christian Beck
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The Debtor can be reached at:

         GRALGAS GmbH
         Rathenaustr. 4A
         06526 Sangerhausen
         Germany

         Attn: Werner Jakubowski, Manager
         Erlenweg 6
         99438 Bad Berka
         Germany


HAWACON GMBH: Claims Registration Ends June 15
----------------------------------------------
Creditors of HaWaCon GmbH have until June 15 to register their
claims with court-appointed insolvency manager Oliver Junghanel.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.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:

         Oliver Junghanel
         Lessingstr. 25  
         08058 Zwickau
         Germany

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

The Debtor can be reached at:

         HaWaCon GmbH
         GF Rudi Heinz Wallner
         An der B88
         07751 Rothenstein
         Germany


HOEDTKE & COMP: Claims Registration Ends June 6
-----------------------------------------------
Creditors of Hoedtke & Comp. GmbH i.L. have until June 6 to
register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Hoedtke & Comp. GmbH i.L. on April 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Hoedtke & Comp. GmbH i.L.
         Wendenstrasse 29
         20097 Hamburg
         Germany


HOLZ WASSER: Claims Registration Ends May 30
--------------------------------------------
Creditors of Holz Wasser Erden Dienstleistungen und Handel GmbH
have until May 30 to register their claims with court-appointed
insolvency manager Dr. Petra Hilgers.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 27, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestrasse 85
         10623 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against Holz Wasser Erden Dienstleistungen und Handel GmbH on
April 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Holz Wasser Erden Dienstleistungen und Handel GmbH
         Lilienthalstrasse 33
         14550 Gross Kreutz
         Germany


I.G. GAUL: Creditors' Meeting Slated for June 15
------------------------------------------------
The court-appointed insolvency manager for I.G. Gaul
Projektmanagement GmbH, Joachim Voigt-Salus, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:25 a.m. on June 15.

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 10:40 a.m. on Sept. 14 at the same venue.

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

The insolvency manager can be reached at:

         Joachim Voigt-Salus
         Rankestrasse 33
         10789 Berlin
         Germany

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

The Debtor can be reached at:

         I.G. Gaul Projektmanagement GmbH
         Friedrichstr. 50
         Regus Center Euro Haus
         10117 Berlin
         Germany


MANTEUFFELSTRASSE GMBH: Claims Registration Ends June 5
-------------------------------------------------------
Creditors of Manteuffelstrasse GmbH & Co. KG have until June 5
to register their claims with court-appointed insolvency manager
Dr. Dirk Wittkowski.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

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

The Debtor can be reached at:

         Manteuffelstrasse GmbH & Co. KG
         Breite Strasse 12
         14199 Berlin
         Germany


MAUREN METALLBAU: Claims Registration Ends June 25
--------------------------------------------------
Creditors of Mauren Metallbau GmbH have until June 25 to
register their claims with court-appointed insolvency manager
Dr. Thomas Benedikt Schmidt.

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

The meeting of creditors will be held at:

         The District Court of Wittlich
         Hall 3
         Kurfuerstenstrasse 63
         54516 Wittlich
         Germany

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

The insolvency manager can be reached at:

         Dr. Thomas Benedikt Schmidt
         Kalenfelsstr. 5a
         54290 Trier
         Germany
         Tel: 0651/9704-00
         Fax: 0651/97040-60

The District Court of Wittlich opened bankruptcy proceedings
against Mauren Metallbau GmbH on April 24.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mauren Metallbau GmbH
         Attn: Marcel Noack, Manager
         Donaustr. 103
         12049 Berlin
         Germany


MAUSER AG: Dubai Holding Acquires Firm from One Equity Partners
---------------------------------------------------------------
One Equity Partners LLC has agreed to sell its stake in MAUSER
AG to Dubai International Capital LLC, the international
investment arm of Dubai Holding.  The transaction values MAUSER
at EUR850 million.

DIC will further support the existing strategy pursued by the
management.  Its focus will remain on further growth, especially
into Asia.  

"This transaction is a win-win situation for all participants.  
MAUSER secures a solid long-term investor that gives us the
right backing to continue our successful growth strategy,"
Stefan Mueller-Arends, CEO of MAUSER AG, said.

In May 2003, OEP, an investment subsidiary of JP Morgan Chase &
Company Inc., acquired the industrial packaging specialist
MAUSER and supported the company's rapid development.  Since the
investment of OEP, the company's annual revenues have grown from
around EUR250 million to roughly EUR1 billion expected for 2007.  
MAUSER is a world market leader in industrial packaging with
approximately 3,700 employees operating in more than 50
locations across Europe, North America, Latin America and Asia.

At the end of 2006, MAUSER acquired the industrial packaging
business of Brazilian manufacturer Metalurgica Barra do Pirai
S.A., and extended its reach to Latin America.  This transaction
reflects the company's latest significant step towards growth
and internationalization.

"We are very pleased with [the] announcement," Sameer Al Ansari,
Executive Chairman and Chief Executive Officer of DIC, said.   
"As responsible long-term investors, we believe that this is an
excellent deal for both MAUSER and DIC, and we will continue to
back its successful growth strategy.  It is in line with DIC's
strategy that involves backing incumbent management and
investing in the businesses we acquire.  There is also plenty of
opportunity through growth, consolidation and integration
benefits for MAUSER's markets.

"Acquiring MAUSER is another important phase of expanding DIC's
European and international portfolio of diverse assets which
varies from the entertainment sector, to automotive, industrials
and hotels.  Looking ahead, DIC is an investor that has
considerable resources at our disposal, with over US$6 billion
of assets under management both internationally and in Europe."

The sale and purchase agreement is conditional upon receipt of
all appropriate anti trust approvals.

             About Dubai International Capital LLC

Established in 2004, Dubai International Capital LLC
-- http://www.dubaiic.com/-- is an international investment  
company.  It is a wholly owned subsidiary of Dubai Holding.

DIC's investments have included: US$1.23 billion acquisition of
Travelodge (U.K.), Britain's fastest growing hotel company, US$1
billion stake in DaimlerChrysler, one of the world's leading
carmakers and the US$1.2 billion acquisition of Doncasters Group
(U.K), an industrial manufacturing firm that produces precision
eng.ineering components across various industrial sectors.

DIC is also a substantial investor in the Middle East.  
Investments include Ishraq, a US$150 million investment company
that was formed to bring the Holiday Inn Express brand of hotels
to the Gulf Co-operation Council countries; and MENA
Infrastructure Fund, a US$500 million fund targeting investment
opportunities in infrastructure projects in the Middle East and
North Africa region.  In 2005, DIC launched Jordan Dubai
Capital, a US$300 million investment company that targets
private equity opportunities in the Jordanian economy.

                 About One Equity Partners LLC

One Equity Partners -- http://www.oneequity.com/-- manages  
billion of investments and commitments for J.P. Morgan Chase &
Company Inc. in direct private equity transactions.  Partnering
with management, OEP invests in transactions that initiate
strategic and operational changes in businesses to create long-
term value.  OEP's investment professionals are located across
North America and Europe, with offices in New York, Chicago and
Frankfurt.  Since its foundation in 2001, One Equity Partners
has been operating in Germany.  Its European Headquarters are
based in Frankfurt.  Its European investments include Sued-
Chemie AG, TK Marine Systems AG, Vacuumschmelze Hanau.

                         About Mauser AG

Headquartered in Bruehl, Germany, MAUSER AG --
http://www.mausergroup.com/-- provides rigid industrial  
packaging solutions for the petrochemical, chemical,
pharmaceutical and food & beverage industries with 3,700
employees and revenues of roughly  EUR1 billion expected for
2007.  MAUSER AG operates more than 50 locations in 13 countries
across Europe, North America, Latin America and Asia.


MAUSER AG: Sale Prompts S&P to Place B Rating on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on Germany-based packaging manufacturer
Mauser AG and related entities on CreditWatch with negative
implications.

This follows the announcement that One Equity Partners LLC has
agreed to sell its stake in Mauser to Dubai International
Capital LLC, the international investment arm of Dubai Holding
LLC.   The transaction, which values Mauser at EUR850 million,
is subject to final approval by the relevant competition
authorities.  "Although the details of DIC's financing for this
acquisition have not been disclosed, the CreditWatch placement
reflects our concerns that it could potentially lead to
additional debt in Mauser's capital structure," said Standard &
Poor's credit analyst Izabela Listowska.

"We could lower the ratings if financial leverage materially
increases, but we would affirm the ratings if financial leverage
remained largely unchanged after the acquisition," said Ms.
Listowska.  "Under the latter scenario, we would then continue
to expect credit measures to strengthen, with adjusted debt to
funds from operations improving to more than 10% over the medium
term."

The Mauser group is aggressively leveraged following debt-funded
acquisitions and a recapitalization.  At Dec. 31, 2006, Mauser
had adjusted debt of about EUR661 million, including unfunded
pension liabilities of about EUR31 million, operating leases of
about EUR25 million, payment-in-kind notes of EUR215 million,
and unrestricted cash of EUR30 million.  In 2006, pro forma
adjusted debt to EBITDA was about 6.3x, and adjusted FFO to debt
below 10%, which is weak for the ratings.

The ratings reflect Mauser's highly leveraged capital structure
and its continuously aggressive financial policy, particularly
with regard to debt-funded acquisitions.  The ratings are
further constrained by the fairly mature and competitive
industry in which the group operates and Mauser's exposure to
raw material price fluctuations.  These factors are mitigated
by:

   -- competitive position in the industrial packaging
      industry

   -- focus on higher growth segments of the industry, such as
      plastic drums and containers and intermediate bulk
      containers

   -- and its good operating performance

Standard & Poor's will monitor the progress of the transaction
and will resolve the CreditWatch after a review of Mauser's
final capital structure and future financial policies.


MEDISTORE GMBH: Claims Registration Ends May 24
-----------------------------------------------
Creditors of Medistore GmbH have until May 24 to register their
claims with court-appointed insolvency manager Natascha Habura.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on June 11, 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 Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

         Natascha Habura
         Eichendorffstrasse 25
         47800 Krefeld
         Germany
         Tel: 02151-80580

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

The Debtor can be reached at:

         Medistore GmbH
         Attn: Alexander Bungert and Sylvia de Haan, Managers
         Boschstrasse 16
         47533 Kleve
         Germany


NEW WORLD: Creditors Must Register Claims by May 29
---------------------------------------------------
Creditors of New World Labels GmbH have until May 29 to register
their claims with court-appointed insolvency manager
Sabine von Stein-Lausnitz.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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:

         Sabine von Stein-Lausnitz
         Magdeburger Strasse 38
         06112 Halle
         Germany
         Tel: 0345/2326210
         Fax: 0345/2326230

The District Court of Dessau opened bankruptcy proceedings
against New World Labels GmbH on April 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         New World Labels GmbH
         Attn: Sylvia Koch, Manager
         Muehlberger Strasse 27
         06917 Jessen
         Germany


ORC PARTNER: Creditors Must Register Claims by June 18
------------------------------------------------------
Creditors of ORC Partner Bau und Baustoffhandel GmbH have until
June 18 to register their claims with court-appointed insolvency
manager Knut Thomas Hofheinz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Knut Thomas Hofheinz
         Am Markte 13
         30159 Hannover
         Germany
         Tel: 0511 357721-0
         Fax: 0511 357721-40

The District Court of Hannover opened bankruptcy proceedings
against ORC Partner Bau und Baustoffhandel GmbH on April 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ORC Partner Bau und Baustoffhandel GmbH
         Attn: Christian Paysan, Manager
         Maurerstr. 17
         30916 Isernhagen
         Germany


PAUL KNOEFEL: Creditors Meeting Slated for June 11
--------------------------------------------------
The court-appointed insolvency manager for Paul Knoefel GmbH &
Co. KG, Hans von Gleichenstein, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on June 11.

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

         The District Court of Ingolstadt
         Meeting Hall 28 I
         Schrannenstr. 3
         85049 Ingolstadt
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Sept. 17 at the same venue.

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

The insolvency manager can be reached at:

         Hans von Gleichenstein
         Rottmannstrasse 11 a
         80333 Munich
         Germany
         Tel: 089/5427300
         Fax: 089/54273015

The District Court of Ingolstadt opened bankruptcy proceedings
against Paul Knoefel GmbH & Co. KG on April 25.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Paul Knoefel GmbH & Co. KG
         Proviantstrasse 32 1/2
         85049 Ingolstadt
         Germany


PROJEKTENTWICKLUNG MBH: Claims Registration Period Ends May 25
--------------------------------------------------------------
Creditors of Projektentwicklung mbH have until May 25 to
register their claims with court-appointed insolvency manager
Jochen Lang.

Creditors and other interested parties are encouraged to attend
the meeting at 2:40 p.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aschaffenburg
         Meeting Room 5.103
         First Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         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:

         Jochen Lang
         Fruehlingstr. 11
         63743 Aschaffenburg
         Germany
         Tel: 06021/909100
         Telefax: 06021/4497831

The District Court of Aschaffenburg opened bankruptcy
proceedings against Projektentwicklung mbH on April 12.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Projektentwicklung mbH
         Rannenbergring 63
         63755 Alzenau
         Germany


REAL GRUNDSTUECKSENTWICKLUNGS: Claims Registration Ends June 11
---------------------------------------------------------------
Creditors of Real Grundstuecksentwicklungs GmbH have until
June 11 to register their claims with court-appointed insolvency
manager Christian Krause.

Creditors and other interested parties are encouraged to attend
the meeting at 1:35 p.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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

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

The insolvency manager can be reached at:

         Christian Krause
         Cecilienstr. 45
         40474 Duesseldorf
         Germany

The District Court of Siegen opened bankruptcy proceedings
against Real Grundstuecksentwicklungs GmbH on
April 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Real Grundstuecksentwicklungs GmbH
         Kornmarkt 30
         57072 Siegen
         Germany

         Attn: Bernd Siebel, Manager
         Birkenweg 18
         57250 Netphen
         Germany


SCHNYDRIG & BOECKMANN: Creditors' Meeting Slated for June 22
------------------------------------------------------------
The court-appointed insolvency manager for Schnydrig &
Boeckmann, Strassen-und Tiefbau GmbH, Hermann Berding, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:15 a.m. on June 22.

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

         The District Court of Cloppenburg
         Hall 6
         Burgstrasse 9
         49661 Cloppenburg
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 27 at the same venue.

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

The insolvency manager can be reached at:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471/9126-0
         Fax: 04471/82997

The District Court of Cloppenburg opened bankruptcy proceedings
against Schnydrig & Boeckmann, Strassen-und Tiefbau GmbH on
April 25.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Schnydrig & Boeckmann, Strassen-und Tiefbau GmbH
         Kammersandstr. 6
         49681 Garrel
         Germany

         Attn: Marlis Schnydrig, Manager
         Schwarzer Weg 6
         26683 Bollingen
         Germany


SCHRAG HEIZUNGS: Claims Registration Period Ends June 12
--------------------------------------------------------
Creditors of SCHRAG Heizungs-Lueftungs-Klima Technik GmbH & CO.
KG have until June 12 to register their claims with court-
appointed insolvency manager Arndt Geiwitz.

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

The meeting of creditors will be held at:

         The District Court of Goeppingen
         Hall 0.24
         Ground Floor
         Pfarrstrasse 25
         73033 Goeppingen
         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:

         Arndt Geiwitz
         c/o SKP Partnerschaftsgesellschaft
         Bahnhofstr. 39
         89231 Neu-Ulm
         Germany
         Tel: 0731/97018-0

The District Court of Goeppingen opened bankruptcy proceedings
against SCHRAG Heizungs-Lueftungs-Klima Technik GmbH & CO. KG on
April 26.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         SCHRAG Heizungs-Lueftungs-Klima Technik GmbH & CO. KG
         Attn: Dietmar Thiem, Manager
         Hauptstr. 118
         73061 Ebersbach
         Germany


SCHULDNERIN M: Claims Registration Period Ends May 21
-----------------------------------------------------
Creditors of Schuldnerin M & M Massivbau GmbH have until May 21
to register their claims with court-appointed insolvency manager
Dr. Robert Schiebe.

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

The meeting of creditors will be held at:

         The District Court of Bingen am Rhein
         Room 9
         Law Courts
         Mainzer Road 52
         55411 Bingen am Rhein
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Robert Schiebe
         Lauterenstrasse 37
         55116 Mainz
         Germany
         Tel: 06131/693040
         Fax: 06131/6930411
         E-mail: r.schiebe@brinkmann-partner.de

The District Court of Bingen am Rhein opened bankruptcy
proceedings against Schuldnerin M & M Massivbau GmbH on April
25.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         Schuldnerin M & M Massivbau GmbH
         Attn: Jakob Meng, Manager
         Schlimmsweide 5
         55576 Welgesheim
         Germany


SGL CARBON: EU Fine Payment Cues Moody's to Lift Rating to Ba2
--------------------------------------------------------------
Moody's Investors Service upgraded the corporate family rating
of SGL Carbon AG by one notch to Ba2 with a stable outlook
following the improvement in the Company's performance and
substantial repayment of the remaining European Union fines.

This action also reflects the agency's expectation that the
refinancing exercise announced by the group will not lead to any
notable increase in absolute debt level.  While Moody's intends
to apply the LGD methodology once the group's capital structure
has settled, it has assigned a provisional (P)Ba3 rating
(outlook stable) to the proposed EUR210 million senior unsecured
convertible notes to be issued by SGL Carbon AG.  This is in
anticipation that the existing 2014 high yield notes and secured
bank facilities will be refinanced and their respective ratings
withdrawn.

SGL performance in 2006 continued to improve supported by strong
volumes and robust pricing environment in all key divisions,
while robust operating cash flow generation was sustained by
enduring demand for graphite electrodes.  EBITDA and EBIT
margins continued to improve to 16.1% and 11.6% respectively.

The upgrade of the corporate family rating takes into account
good revenues visibility and robust performance outlook for 2007
supporting anticipated strengthening in operating cash flow
generation.  Moody's notes, however, that SGL faces a
substantial expansion in Malaysia in the next several years,
which Moody's assumes to be financed out of the operating cash
flow depressing expected FCF/Debt metrics in the next 12-18
months.

The stable outlook assigned to the ratings reflects Moody's
expectation of sustained resilience in the performance and
continuous prudent balance sheet management.

The ratings are affected:

   -- Corporate Family Rating of SGL Carbon AG upgraded to Ba2;

   -- Senior unsecured convertible notes at SGL Carbon AG --
      (P)Ba3.

Registered in Germany, SGL Carbon is one of the leading
international manufacturers of carbon and graphite-based
products.  For the 12 months ended Dec. 31, 2006, SGL Carbon
reported revenues of EUR1.1 billion and EBITDA of EUR192
million.


SGL CARBON: S&P Rates Proposed Senior Unsecured Loan at B+
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' preliminary
senior unsecured debt rating to the proposed convertible notes
due 2013 to be issued by Germany-based graphite-electrodes
producer SGL Carbon AG.  The rating is subject to S&P's review
of final documentation.

At the same time, Standard & Poor's affirmed its 'BB' long-term
corporate credit rating on the company.  The outlook is stable.

The amount raised will depend on market demand, but is expected
to be up to EUR210 million.  Proceeds will be mainly used to
contribute to the refinancing of existing debt, including the
outstanding EUR270 million 8.5% subordinated bonds due 2012
issued by wholly owned subsidiary SGL Carbon Luxembourg S.A. and
guaranteed by SGL. Further refinancing is expected by way of new
corporate bonds of up to EUR200 million and a new credit
facility of up to EUR200 million.

"The ratings on SGL are constrained by its exposure to the
cyclical steel industry and by ongoing high raw material and
energy costs from a concentrated supplier base," said Standard &
Poor's credit analyst Alex Herbert.  The ratings are supported,
however, by strong market positions, especially in graphite
electrodes, and improving profitability, owing to higher prices
and cost savings."

"Standard & Poor's expects that SGL will continue to generate
positive free operating cash flow over the next couple of years,
although this could be quite limited due to higher capital
expenditures and working-capital needs," Mr. Herbert added.

Despite the improved financial risk profile, however, the
ratings remain constrained by continued intense cost pressures,
a concentrated supplier base, and still-high reliance on the
cyclical steel industry.  S&P therefore sees limited upside
potential based on the company's existing weak business risk
profile.  A more aggressive financial policy, including major
debt-financed acquisitions, could have a negative impact on the
ratings or outlook.


SPHINX IT: Claims Registration Period Ends June 15
--------------------------------------------------
Creditors of SPHINX IT - & Audio-Systeme GmbH have until June 15
to register their claims with court-appointed insolvency manager
Hartmut Mitze.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Korbach
         Hall 39
         Main Building
         Hagenstrasse 2
         34497 Korbach
         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:

         Hartmut Mitze
         Jahnstr. 18
         35066 Frankenberg
         Germany
         Tel: 06451/71919-22
         Fax: 06451/71919-21

The District Court of Korbach opened bankruptcy proceedings
against SPHINX IT - & Audio-Systeme GmbH on April 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         SPHINX IT - & Audio-Systeme GmbH
         Attn: Stefan Weitzel, Manager
         Danziger Strasse 18
         34497 Korbach
         Germany


SYRING GMBH: Claims Registration Period Ends June 1
---------------------------------------------------
Creditors of Syring GmbH have until June 1 to register their
claims with court-appointed insolvency manager Jutta Rudlin.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Fritzlar
         Meeting Room Area 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Fritzlar opened bankruptcy proceedings
against Syring GmbH on April 26.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Syring GmbH
         Attn: Willi Syring, Manager
         Bruch 18
         34537 Bad Wildungen
         Germany


WILL-BAUGRUND GMBH: Claims Registration Period Ends May 30
----------------------------------------------------------
Creditors of Will-Baugrund GmbH have until May 30 to register
their claims with court-appointed insolvency manager
Dirk Meimberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 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 Neumuenster
         Meeting Hall B 031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dirk Meimberg
         Sophienblatt 44-46
         24114 Kiel
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Will-Baugrund GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Will-Baugrund GmbH
         Lerchenweg 28
         24811 Owschlag
         Germany

         Attn: Christian Grisar, Manager
         Eschenkamp 19
         24119 Kronshagen
         Germany


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


BAA PLC: Consortium Gets Consent for Budapest Airport Takeover
--------------------------------------------------------------
After preliminary acknowledgement by the Cabinet, with the
consent of the State Property Directorate, the Board of
Directors of Hungary's State Privatization Holding APV Rt.
approved the issue of a Statement of Consent on the planned
change of ownership of Budapest Airport Zrt.  

The privatization contract concluded in 2005 included the
provision stating that the consent of the Hungarian State shall
be required for the re-sale of the shares of the Company and
that the new owners shall have to meet the obligations specified
under the original contract.

The contractual conditions and obligations undertaken by the
winner of the privatization tender in 2005, BAA (International
Holdings) Ltd., including especially the commitments in relation
to the development of Budapest Ferihegy International Airport,
will be fully assumed by the consortium of investors led by
HOCHTIEF AirPort GmbH and so APV Zrt. agreed to the sale of the
shares of Budapest Airport Zrt. held by BUD Holding Vagyonkezelo
Zrt., the Hungarian project company of BAA (International
Holdings) Ltd.  

The Board of Directors approved the new investors' consortium
and its project companies registered in Hungary joining the
Share Sale and Purchase Agreement concluded as the result of the
privatization tender procedure as well as the buyer project
company's, Airport Hungary Kft.'s joining the Shareholders'
Agreement.

Referring to the provisions of the privatization Share Sale and
Purchase Agreement concluded on Dec. 18, 2005, BAA
(International Holdings) Ltd. -- the winner of the privatization
tender -- and BUD Holding Vagyonkezelo Rt., the buyer company
established by it referred to the applicable provision of the
Agreement in a letter sent on Oct. 13, 2006, and requested to
negotiate with the representatives of APV Rt. for the re-sale of
the B.A. Zrt. shares to the consortium led by HOCHTIEF AirPort
GmbH.

BAA Plc, the parent company of BAA (International Holdings)
Ltd., i.e., the winner of the tender, operated as a company 100%
quoted on the stock exchange at the time when BA Zrt. was
privatized.  Through a public buy-out the company was
transferred under the majority control of the Spanish Ferrovial
Group in the summer of 2006.  The new business strategy of the
Ferrovial Group is to sell all the airport interests of BAA
outside Great Britain and this was the basis on which they
started negotiations in the name of BAA on the re-sale of the BA
Zrt. shares to the consortium led by HOCHTIEF AirPort GmbH, and
in November 2006 with APV Zrt.

The members of the new consortium of investors are HOCHTIEF
AirPort GmbH, Caisse de depot et placement du Quebec,
Kreditanstalt fuer Wiederaufbau and since January 2007 Malton
Investments Pte Ltd., the investment company of GIC Special
Investment Pte Ltd.  The consortium of investors intends to
purchase the share package similarly to the transaction
performed by BAA (International Holdings) Ltd., through a
project company registered in Hungary and named Airport Hungary
Kft, subsidiary of Airport Holding Kft., the project company of
the consortium members, as the buyer of the share package.

The consortium led by HOCHTIEF AirPort GmbH and including also
KfW and CdPQ already met all the eligibility requirements during
the privatization procedure of BA Zrt. and submitted the second
best bid in the tender.  The fact that they continue to show
interest in the planned re-sale of the BA Zrt. shares after the
closing of the privatization process of BA Zrt. shows the
investors' commitment in relation to BA Zrt.

The consortium led by HOCHTIEF AirPort GmbH could provide
adequate security for obtaining the approval for the change in
ownership and for further developing and operating BA Zrt. on
the long term as an interest of central importance.

Consequently, the approval by APV Zrt. for the purchase of
shares will enable Budapest Ferihegy International Airport
operated by Budapest Airport Zrt. to improve its competitive
position, operation management, prospects of growth and
efficiency and provide investment resources required for long
term development.

APV Zrt. is hopeful that the parties, further to APV Zrt.'s
official consent, will proceed to execute the transaction as
soon as possible and the transfer of the control over the
management of the Airport can take place smoothly.

As previously reported in the TCR-Europe on Oct. 24, 2006,
Hochtief AirPort GmbH, a wholly owned subsidiary of Hochtief AG,
plans to acquire BAA Plc's interests in Budapest Airport.

BAA, owned by Spain's Grupo Ferrovial SA since June 2006,
acquired a 75-percent stake in Budapest Airport from the
Hungarian government in December 2006 for a consideration of
approximately EUR1.9 billion.

Under the memorandum of agreement signed Oct. 18, 2006, Hochtief
will purchase a 50% stake in the airport, while Caisse de
Depot et Placement du Quebec and KfW will buy the remaining 25
percent.  The Hungarian government will keep the 25 percent
stake it holds in the airport.

                      About the Hochtief AG

Headquartered in Essen, Germany, Hochtief Aktiengesellschaft is
the country's largest construction company.  Hochtief AirPort is
an airport management business that has consolidated Hochtief's
interests in the privatization and operation of airports since
1997.  It holds stakes in Athens International Airport,
Duesseldorf International Airport, Hamburg Airport, Kingsford
Smith International Airport (Sydney) and a new concession
agreement covering Rinas Mother Teresa Airport (Tirana).

                          About BAA Plc

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

                          *     *     *

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

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


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


ALITALIA SPA: TPG Consortium Earmarks EUR5 Billion for Carrier
--------------------------------------------------------------
A consortium of TPG Capital, MatlinPatterson Global Advisers and
Mediobanca has allotted EUR5 billion to acquire and turn around
Alitalia S.p.A., The Age reports citing La Stampa.

The consortium, The Age citing La Stampa, split the amount into:

   -- EUR1.2 billion to acquire the Italian government's 39.9%
      stake in Alitalia; and

   -- EUR3.8 billion to implement the carrier's business plan.

The consortium is one of the three final bidders that have
submitted non-binding offers as well as business plans for the
national carrier.

Other bidders are:

   -- OAO Aeroflot and Unicredito Italiano S.p.A.; and
   -- AirOne S.p.A. and Intesa-San Paolo S.p.A.

                  Russia Supports Aeroflot Bid

Meanwhile, Russia has reiterated its support for Aeroflot's bid
to acquire Alitalia, The Age relates.

Russian Finance Minister Alexei Kudrin said he had discussed the
matter with Finance Minister Tommaso Padoa-Schioppa.

"We want to develop not only our markets but other markets too.
By means of Alitalia, we want to get hold of the markets which
Alitalia has access to," Mr. Kudrin said.

If Aeroflot acquires Alitalia, it could expand its access to
Europe, which is limited by intergovernmental agreements, The
Age suggests.  Under such agreements, Russia must allow
reciprocal access to foreign carriers if it enters their
markets.

The Age, citing experts, suggests that acquiring Alitalia would
allow Aeroflot to bypass the agreements and protect its domestic
market share without having to compete with cheap offers from
foreign carriers.

In a TCR-Europe report on April 17, Transport Minister
Alessandro Bianchi told Dow Jones Newswires that the buyer for
Alitalia would have to spend around EUR3 billion to acquire and
return it to profitability.  Mr. Bianchi said Alitalia's buyer
would have to spend EUR1.5 billion for buying the carrier, and
another EUR1.5 billion to turn it around.

                         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.


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


CAI-KAZAKHSTAN: Creditors Must File Claims by June 13
-----------------------------------------------------
Branch of Central-Asian Investment Company Cai-Kazakhstan has
declared insolvency.  Creditors have until June 13 to submit
written proofs of claim to:

         Cai-Kazakhstan
         Office 502
         Respublika Ave. 15
         050013 Almaty
         Kazakshtan


DARYA TRADE: Creditors' Claims Due May 30
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Darya Trade Company 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
         Kazakshtan
         Tel: 8 (3272) 56-97-68


EUROASIA EXPO: Proof of Claim Deadline Slated for June 1
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Euroasia Expo Box insolvent.

Creditors have until June 1 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


KURYLYS SERVICE: Claims Registration Ends June 1
------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Mangistau Gas Kurylys Service insolvent.

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

         Building Of Bus Station
         Room 11
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-15-89


PRODUCTION TRANS: Claims Filing Period Ends June 1
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Production Trans insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office One
         Furmanov Str. 103
         Almaty
         Kazakshtan
         Tel: 8 (3272) 61-27-71


RAHMAN LLP: Creditors Must File Claims by May 30
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Rahman 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
         Kazakshtan
         Tel: 8 (3272) 56-97-68


RATHAN AIR: Creditors' Claims Due June 1
----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Air Company Rathan Air insolvent.

Creditors have until June 1 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


UNION PACK: Claims Registration Ends June 1
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Union Pack Group insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office One
         Furmanov Str. 103
         Almaty
         Kazakshtan
         Tel: 8 (3272) 61-27-71


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


BIRINCHI INC: Creditors Must File Claims by June 20
---------------------------------------------------
LLC Birinchi Inc. has declared insolvency.  Creditors have until
June 20 to submit written proofs of claim to:

         LLC Birinchi Inc.
         Chui Ave. 104
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 68-08-15


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


EVRAZ GROUP: Earns US$1.39 Billion for Year Ended Dec. 31, 2006
---------------------------------------------------------------
Evraz Group S.A. reported US$1.39 billion in net profit on
US$8.29 billion in net revenues for year ended Dec. 31, 2006,
compared with US$918 million in net profit on US$6.51 billion in
net revenues for year ended Dec. 31, 2005.

Net debt as of Dec. 31, 2006, was US$1.75 billion.  Evraz has
sufficient liquidity to support its current operations and meet
its current debt obligations.  Evraz had estimated liquidity --
defined as cash and cash equivalents, amounts available under
unrestricted credit facilities and short-term bank deposits with
original maturity of more than three months -- of around US$1.25
billion as of Dec. 31, 2006.  

As of Dec. 31, 2006, Evraz had US$8.52 billion in total assets,
US$4.27 billion in total liabilities and US$4.25 billion in
shareholders' equity.

"Fiscal 2006 was the best year in the history of the Evraz
Group," Alexander Frolov, Evraz Group's Chairman and CEO, said.  
"It was one of rapid growth with continuing success and we are
delighted with this achievement.  I am glad to present all-time
record highs demonstrated by strong results in almost all
spheres of our business.  This achievement is completely in line
with our long-term strategy and allowed us to deliver superior
returns for our stockholders."

"Steel sales volumes have climbed significantly on the back of
an upward price trend in the world steel market that started in
the second quarter of 2006, and were supported by growing steel
consumption worldwide," Mr. Frolov added.  "Revenues grew
compared to 2005 as the Company rationalized production across
all its steel plants.  In particular, we realized synergies from
the successful integration of our European rolling mill
facilities, Palini e Bertoli and Vitkovice Steel, which produce
higher value-added products."

                        Outlook for 2007

"In 2007 we expect to produce 15.5 million to 16.0 million tons
of crude steel and 14.2 million to 14.8 million tons of rolled
products including 1.6 million to 1.7 million tons in the U.S.,"
Mr. Frolov said.

"Evraz's investment plans of around US$575 million will mainly
target on-going projects to increase operational efficiency.  
Included in these projects is the reline of the Zapsib blast
furnace.  This investment will decrease crude steel output for
2007 by approximately one million tons. Additionally there will
be a shutdown of all open-hearth furnaces located in the very
centre of Novokuznetsk, a city with population of over 550,000
people.  Such action will further improve the local
environmental conditions and increase operational efficiency of
our Siberian plants.

"Russian construction expansion will further stimulate domestic
long products demand, which continues to outperform GDP growth.  
Favorable pricing environment in first quarter 2007 and expected
strong pricing through second quarter 2007, together with solid
growth in sales volumes are expected to combine to increase
Evraz consolidated revenues for the first six months of 2007 by
45%-55% and the first half 2007 EBITDA by 50%-60%."

                          About Evraz

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

                          *     *     *

Moody's Investors Service confirmed its Ba3 Corporate Family
Rating for Evraz Group S.A. and assigned a Ba3 Probability-of-
Default Rating.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


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


DEMIR-HALK BANK: Fitch Affirms and Withdraws BB IDR
---------------------------------------------------
Fitch Ratings affirmed Demir-Halk Bank N.V.'s ratings at Issuer
Default 'BB', Short-term 'B', Individual 'C/D' and Support '5'.
The rating Outlook is Stable.  Simultaneously, Fitch has
withdrawn these ratings.  Fitch will no longer provide rating
coverage of DHB.

Established in 1992, DHB is 70%-owned by HCBG Holding B.V.
(solely owned by Halit Cingillioglu, a prominent Turkish
businessman) and 30% by Turkiye Halk Bankasi, the second-largest
state bank in Turkey.  A specialized trade finance bank, DHB
serves exporters worldwide, focusing on trade flows between
Europe, the CIS and Turkey.


KONINKLIJKE AHOLD: Sells USF Unit to Consortium for US$7.1 Bil.
---------------------------------------------------------------
Koninklijke Ahold N.V. reached a definitive agreement on the
sale of U.S. Foodservice to a consortium of Clayton, Dubilier &
Rice Fund VII, L.P. and Kohlberg Kravis Roberts & Co L.P. for a
purchase price of US$7.1 billion.

Closing of the transaction is expected in the second half of
2007 subject to the fulfillment of customary conditions,
including anti-trust clearance and approval by Ahold's
shareholders.

Both the Supervisory Board and Corporate Executive Board of
Ahold are recommending that shareholders approve the sale.
Shareholder approval will be sought at an Extraordinary General
Meeting to be held on June 19, 2007.  More detailed information
on the transaction will be made available to shareholders ahead
of this meeting.

"I am extremely pleased to be able to announce that we have
reached this important milestone for U.S. Foodservice, for Ahold
and for our shareholders," Anders Moberg, Ahold President & CEO,
said.  "We have focused on restructuring U.S. Foodservice,
strengthening its capabilities and restoring profitability. The
agreement we have been able to reach with CD&R and KKR is the
result of the hard work and dedication of everyone at U.S.
Foodservice."

                         About Ahold

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

                        *     *     *

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

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


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


NETIA SA: Management Board Members Receive 18 Mln Stock Options
---------------------------------------------------------------
Netia S.A.'s supervisory board awarded a total of 18,000,000
stock options to three members of the company's management
board.  

The options authorize their holders to subscribe for series K
Company shares in accordance with the Netia Stock Option Plan
dated June 28, 2002, as amended.

The stock options were granted to:

   * Jon Eastick: 9,000,000 Stock Options divided into tranches
     of: 3,600,000 Stock Options; 2,700,000 Stock Options; and
     2,700,000 Stock Options;

   * Piotr Czapski: 5,000,000 Stock Options divided into
     tranches of: 2,000,000 Stock Options; 1,500,000 Stock
     Options; and 1,500,000 Stock Options; and

   * Tom Ruhan: 4,000,000 Stock Options divided into tranches
     of: 1,600,000 Stock Options; 1,200,000 Stock Options; and
     1,200,000 Stock Options.

The strike prices for the particular tranches of Stock Options
awarded to management board members are: PLN5.50, PLN7.00 and
PLN8.25, respectively.

Netia's supervisory board has consented to the granting of a
total of 15,700,000 Stock Options to the Company's senior
managers.  Stock Options will be granted to the senior managers
in two tranches and the strike prices for the particular
tranches of Stock Options are: PLN5.50 and PLN7.00 respectively.

The supervisory board authorized the president of the management
board to grant Stock Options of the company to senior managers
in the future.

The stock options granted to members of the management board of
the company and to the company's senior managers shall expire on
Dec. 20, 2012.

Additionally, the management board of Netia announced that the
company's supervisory board acting pursuant to Sec. 15 point 4
of the Company's statute appointed Wojciech Sobieraj as chairman
of the supervisory board and Constantine Gonticas as the deputy
chairman of the supervisory board.

Headquartered in Warsaw, Poland, Netia S.A. (WSE: NET)
(B+/Stable/) -- http://netia.pl/-- is an alternative fixed-line  
telecommunications operator in Poland.  It operates on the basis
of its own, state-of-the-art fiber-optic backbone network that
connects the largest Polish cities as well as its local access
networks.  Netia provides a broad range of telecommunications
services, including voice, data and network wholesale services.


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


BRATSK-PROM-STROY: Irkustk Bankruptcy Hearing Slated for June 26
----------------------------------------------------------------
The Arbitration Court of Irkustk will convene at 10:00 a.m. on
June 26 to hear the bankruptcy supervision procedure on OJSC
Bratsk-Prom-Stroy (TIN 3803100093).  The case is docketed under
Case No. A19-1762/07-34.

The Temporary Insolvency Manager is:

         V. Demenchuk
         Post User Box 1958
         Bratsk-32
         665732 Irkustk
         Russia

The Court is located at:  

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

The Debtor can be reached at:

         OJSC Bratsk-Prom-Story
         Prom.Zona BLPK
         Post User Box 434
         Bratsk
         665718 Irkustk
         Russia


EVRAZ GROUP: Earns US$1.39 Billion for Year Ended Dec. 31, 2006
---------------------------------------------------------------
Evraz Group S.A. reported US$1.39 billion in net profit on
US$8.29 billion in net revenues for year ended Dec. 31, 2006,
compared with US$918 million in net profit on US$6.51 billion in
net revenues for year ended Dec. 31, 2005.

Net debt as of Dec. 31, 2006, was US$1.75 billion.  Evraz has
sufficient liquidity to support its current operations and meet
its current debt obligations.  Evraz had estimated liquidity --
defined as cash and cash equivalents, amounts available under
unrestricted credit facilities and short-term bank deposits with
original maturity of more than three months -- of around US$1.25
billion as of Dec. 31, 2006.  

As of Dec. 31, 2006, Evraz had US$8.52 billion in total assets,
US$4.27 billion in total liabilities and US$4.25 billion in
shareholders' equity.

"Fiscal 2006 was the best year in the history of the Evraz
Group," Alexander Frolov, Evraz Group's Chairman and CEO, said.  
"It was one of rapid growth with continuing success and we are
delighted with this achievement.  I am glad to present all-time
record highs demonstrated by strong results in almost all
spheres of our business.  This achievement is completely in line
with our long-term strategy and allowed us to deliver superior
returns for our stockholders."

"Steel sales volumes have climbed significantly on the back of
an upward price trend in the world steel market that started in
the second quarter of 2006, and were supported by growing steel
consumption worldwide," Mr. Frolov added.  "Revenues grew
compared to 2005 as the Company rationalized production across
all its steel plants.  In particular, we realized synergies from
the successful integration of our European rolling mill
facilities, Palini e Bertoli and Vitkovice Steel, which produce
higher value-added products."

                        Outlook for 2007

"In 2007 we expect to produce 15.5 million to 16.0 million tons
of crude steel and 14.2 million to 14.8 million tons of rolled
products including 1.6 million to 1.7 million tons in the U.S.,"
Mr. Frolov said.

"Evraz's investment plans of around US$575 million will mainly
target on-going projects to increase operational efficiency.  
Included in these projects is the reline of the Zapsib blast
furnace.  This investment will decrease crude steel output for
2007 by approximately one million tons. Additionally there will
be a shutdown of all open-hearth furnaces located in the very
centre of Novokuznetsk, a city with population of over 550,000
people.  Such action will further improve the local
environmental conditions and increase operational efficiency of
our Siberian plants.

"Russian construction expansion will further stimulate domestic
long products demand, which continues to outperform GDP growth.  
Favorable pricing environment in first quarter 2007 and expected
strong pricing through second quarter 2007, together with solid
growth in sales volumes are expected to combine to increase
Evraz consolidated revenues for the first six months of 2007 by
45%-55% and the first half 2007 EBITDA by 50%-60%."

                          About Evraz

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

                          *     *     *

Moody's Investors Service confirmed its Ba3 Corporate Family
Rating for Evraz Group S.A. and assigned a Ba3 Probability-of-
Default Rating.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

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

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

* Issuer: Evraz Securities S.A.

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

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

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

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

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


GRAIN LLC: Court Names K. Zelyutin as Insolvency Manager
--------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed K. Zelyutin as
Insolvency Manager for LLC Grain.  He can be reached at:

         K. Zelyutin
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-28063/06-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg  
         Russia  

The Debtor can be reached at:

         LLC Grain
         Sokovitskaya Str. 2a
         Krasnoufimsk
         623300 Sverdlovsk
         Russia


IRKUTSK-GRAIN-PRODUCT: Creditors Must File Claims by June 14
------------------------------------------------------------
Creditors of OJSC Irkutsk-Grain-Product have until June 14 to
submit proofs of claim to:

         Y. Nikonov
         Temporary Insolvency Manager
         Post User Box 1363
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene on July 10 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A19-2722/07-34.

The Court is located at:  

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

The Debtor can be reached at:

         OJSC Irkutsk-Grain-Product
         Stepana Razina Str. 42
         664025 Irkutsk
         Russia


ISET' CJSC: Creditors Must File Claims by May 14
------------------------------------------------
Creditors of CJSC ISET' have until May 14 to submit proofs of
claim to:

         A. Bogdanov
         Insolvency Manager
         Post User Box 2663
         640022 Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-34-171/2007.

The Debtor can be reached at:

         CJSC ISET'
         Nizhniy Jar
         Dalmatovskiy
         641745 Kurgan
         Russia


LOMOVSKAYA LLC: Creditors Must File Claims by May 14
----------------------------------------------------
Creditors of LLC Agricultural Company Lomovskaya have until
May 14 to submit proofs of claim to:

         L. Goryunova
         Temporary Insolvency Manager
         Virazhnaya Str. 48A
         440066 Penza
         Russia

The Arbitration Court of Penza will convene at 10:00 a.m. on
July 12 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A49-635/2007-13B/3.

The Court is located at:

         The Arbitration Court of Penza  
         Belinskogo Str. 2
         440600 Penza  
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Lomovskaya
         Komsomolskaya Str. 1
         Nizhniy Lomov
         442151 Penza
         Russia


PRIMORSKIY EXPERIMENTAL: Creditors Must File Claims by June 14
--------------------------------------------------------------
Creditors of declared OJSC Primorskiy Experimental-Mechanical
Factory have until June 14 to submit proofs of claim to:

         V. Kosolapov
         Insolvency Manager
         Room 34
         Sukhanova Str. 3
         690091 Vladivostok
         Russia

The Arbitration Court of Primorye commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A51-13337/2006 15-331 B.

The Debtor can be reached at:

         OJSC Primorskiy Experimental-Mechanical Factory
         3rd Zagorodnaya Str. 19
         Spassk-Dalniy
         692245 Primorye
         Russia


PROMSVYAZBANK JSCB: Earns RUR1.6 Billion for Fiscal Year 2006
-------------------------------------------------------------
JSCB Promsvyazbank reported a 1.5% increase in net profit to
RUR1.6 billion for the financial year ended Dec. 31, 2007.  The
results are prepared according to International Financial
Reporting Standards.

Promsvyazbank attributed the rise in profitability to the hike
in its net interest income and fee and commission income from
retail, corporate and investment businesses.

As of Dec. 31, 2006, Promsvyazbank had RUR180.5 billion in total
assets, RUR162.2 billion in total liabilities and RUR18.3
billion in shareholders' equity.

                       About Promsvyazbank

Headquartered in Moscow, Russia, JSCB Promsvyazbank --
http://www.psbank.ru/eng/-- engages in lending business,  
project finance, leasing regional projects expanding its
presence in the financial markets.

Alexey and Dmitry Annaniev are the major shareholders in the
Bank.  Nova Ljubljanska Banka (Slovenia) holds 3.65% while
Rostelecom owns 0.27%.

                          *     *     *

Promsvyasbank carries Ba3 long-term foreign currency deposit and
debt ratings and a D- financial strength rating.  Outlook is
positive.

The bank's US$125 million 8.75% senior unsecured loan
participation notes also carry a Ba3 long-term foreign
currency debt while it US$200 million 9.625% subordinated loan
participation notes issued by PSB Finance S.A. carry a B1 long-
term foreign currency debt rating.

Promsvyazbank also carries 'B/C' long- and short-term
counterparty credit ratings from Standard & Poor's.  The outlook
is positive.

The company carries IDR B+, Short-term B, Individual D, and
Support 5 ratings from Fitch, with Positive Outlook.


ROSNEFT OIL: Wins Auction to Buy Yukos' East Siberian Assets
-------------------------------------------------------------
OAO Rosneft Oil Co., through its OOO Neft-Aktiv unit, won
yesterday's auction to acquire OAO Yukos Oil Co.'s East Siberian
assets for RUR177.7 billion, Kommersant reports.

Rosneft outbid OOO Unitex, an unknown firm reportedly linked to
Gazprombank, after 36 bids on top of RUR166.34 billion starting
price, Kommersant relates.  Gazprombank, however, denied Unitex
was acting on its behalf.

The lot is consists of:

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

Rosneft, through the same unit, also won Yukos' fifth lot,
consists of energy assets in the Tambov and Belgorod regions,
for RUR1.03 billion on April 18.  The lot carried a RUR992.3
billion starting price and a RUR9.9 million bid increment.

Vladimir Voyeboda, spokesman for Rosneft, told Interfax News the
acquisition of the assets represents a new step in the
development of company, allowing it to attain "a higher level of
vertical integration."

Kommesant suggests that following the auction, Rosneft has
overtaken Lukoil in terms of oil production capacity.  Lukoil
produced 90 million tons of oil in 2006, while Rosneft, with
Tomskneft, could produce up to 92 million tons.

                         About Yukos Oil

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

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

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

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

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

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

                         About Rosneft

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

                          *     *     *

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

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


RUSSIAN SHIPPING: Samara Bankruptcy Hearing Slated for June 14
--------------------------------------------------------------
The Arbitration Court of Samara will convene on June 14 to hear
the bankruptcy supervision procedure on LLC Russian Shipping
Company (TIN 6317048965).  The case is docketed under Case No.
A55-1411/2007.

The Insolvency Manager is:

         A. Baskakov
         Ak. Zhuk Str. 27
         Balakovo
         431853 Saratov
         Russia

The Court is located at:

         The Arbitration Court of Samara  
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         LLC Russian Shipping Company
         Nekrasovskaya Str. 17-7
         Samara
         Russia


SHILING CJSC: Creditors Must File Claims by June 14
---------------------------------------------------
Creditors of CJSC Shiling (TIN 5509001126) have until
June 14 to submit proofs of claim to:

         M. Kuznetsov
         Insolvency Manager
         Post User Box 9383
         Post Office 24
         Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A 46-9201/2006.

The Debtor can be reached at:

         CJSC Shiling
         L. Tsetkin Str. 34
         Sosnovka
         ANNR
         646885 Omsk
         Russia


TURQUOISE CJSC: Creditors Must File Claims by June 14
-----------------------------------------------------
Creditors of CJSC Turquoise have until June 14 to submit proofs
of claim to:

         A. Makarov
         Insolvency Manager
         Office 600
         Krasina Str. 7 a
         625003 Tyumen
         Russia

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A60-23628/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Turquoise
         Znamenskogo Str. 56a
         Tobolsk
         626150 Tyumen
         Russia


UNITED INDUSTRIAL: Creditors Must File Claims by June 14
--------------------------------------------------------
Creditors of CJSC United Industrial Company have until
June 14 to submit proofs of claim to:

         S. Kochetkov
         Insolvency Manager
         Post User Box 59.
         394030 Voronezh-30
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A14-9643-2006/204/7b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC United Industrial Company
         Plekhanovskaya Str. 53
         Voronezh
         Russia


URAL-COPPER-STROY: Creditors Must File Claims by June 14
--------------------------------------------------------
Creditors of OJSC Ural-Copper-Stroy have until June 14 to submit
proofs of claim to:

         S. Malygin
         Insolvency Manager
         Post User Box 206
         620062 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-17520/2006-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg  
         Russia  

The Debtor can be reached at:

         OJSC Ural-Copper-Story
         Room 28
         Kujbysheva Str. 55 b
         620144 Ekaterinburg
         Russia


URAL-INVEST-CENTRE: Creditors Must File Claims by June 14
---------------------------------------------------------
Creditors of CJSC Ural-Invest-Centre have until June 14 to
submit proofs of claim to:

         D. Samoylov
         Insolvency Manager
         Gaya Str. 23A
         460000 Orenburg
         Russia
         Tel/Fax: (3532) 78-40-26

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1413/2007-14GK.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ural-Invest-Centre
         Sovetskaya Str. 71
         460006 Orenburg
         Russia


URAL-TRANSIT-SERVICE: Creditors Must File Claims by June 14
-----------------------------------------------------------
Creditors of LLC Ural-Transit-Service (TIN 6668014690) have
until June 14 to submit proofs of claim to:

         N. Naumov
         Insolvency Manager
         Post User Box 30
         620027 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-23628/06-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg  
         Russia  

The Debtor can be reached at:

         LLC Ural-Transit-Service
         Chernoistochinskoye Shosse 54-80
         Nizhniy Tagil
         622049 Sverdlovsk
         Russia


UST'-ILIMSKIY OJSC: Asset Sale Slated for May 23
------------------------------------------------
D. Slaykovskiy, the bidding organizer for OJSC Diary Ust'-
Ilimskiy, will open a public auction for the company's
properties at 3:00 p.m. on May 23 at:

         OJSC Diary Ust'-Ilimskiy
         Bratskaya Str. 34A
         Irkutsk
         Russia

Interested participants have until May 20 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Diary Ust'-Ilimskiy
         LLC PromServiceBank
         Settlement Account 40702810700000000915
         Correspondent Account 301018102000000000790
         BIK 042511790
         TIN 3817019540
         KPP 3817019540
         KPP 381701001

Bidding documents must be submitted to:

         D. Slaykovskiy
         Kosmonavtov Str. 2
         Bratsk
         Irkutsk
         Russia

The Debtor can be reached at:

         OJSC Diary Ust'-Ilimskiy
         Bratskaya Str. 34A
         Irkutsk
         Russia  


YUKOS OIL: Rosneft Oil Wins Auction to Buy East Siberian Assets
---------------------------------------------------------------
OAO Rosneft Oil Co., through its OOO Neft-Aktiv unit, won
yesterday's auction to acquire OAO Yukos Oil Co.'s East Siberian
assets for RUR177.7 billion, Kommersant reports.

Rosneft outbid OOO Unitex, an unknown firm reportedly linked to
Gazprombank, after 36 bids on top of RUR166.34 billion starting
price, Kommersant relates.  Gazprombank, however, denied Unitex
was acting on its behalf.

The lot is consists of:

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

Rosneft, through the same unit, also won Yukos' fifth lot,
consists of energy assets in the Tambov and Belgorod regions,
for RUR1.03 billion on April 18.  The lot carried a RUR992.3
billion starting price and a RUR9.9 million bid increment.

Vladimir Voyeboda, spokesman for Rosneft, told Interfax News the
acquisition of the assets represents a new step in the
development of company, allowing it to attain "a higher level of
vertical integration."

Kommesant suggests that following the auction, Rosneft has
overtaken Lukoil in terms of oil production capacity.  Lukoil
produced 90 million tons of oil in 2006, while Rosneft, with
Tomskneft, could produce up to 92 million tons.

                         About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


YUZHNYJ MINE: Creditors Must File Claims by May 14
--------------------------------------------------
Creditors of OJSC Yuzhnyj Mine (TIN 74443006413) have until
May 14 to submit proofs of claim to:

         I. Sushkova
         Temporary Insolvency Manager
         Post User Box 25700
         Magnitogorsk
         455000 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk will convene at 10:30 a.m.
on July 26 to hear the company's bankruptcy supervision.  The
case is docketed under Case No. A76-29962/2006-52-280.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Yuzhnyj Mine
         Yuzhnyj
         457653 Chelyabinsk
         Russia


===========
S W E D E N
===========


ARVINMERITOR INC: Posts US$94 Million Loss for Q2 Ended Mar. 31
---------------------------------------------------------------
ArvinMeritor Inc. reported US$94 million in net losses on
US$1.63 billion in net revenues for the second quarter ended
Mar. 31, 2007, compared with US$45 million in net profit on
US$1.63 billion in net revenues for the second quarter ended
Mar. 31, 2006.

ArvinMeritor Inc. reported US$87 million in net losses on
US$3.19 billion in net revenues for the first half ended
Mar. 31, 2007, compared with US$79 million in net profit on
US$3.09 billion in net revenues for the first half ended
Mar. 31, 2006.

As of Mar. 31, 2007, ArvinMeritor had US$5.5 billion in total
assets, US$4.58 billion in total liabilities and US$918 million
in shareholders' equity.

"While second-quarter results did not meet our expectations, we
are pleased with the substantial margin improvement in our LVS
business as our new leadership team becomes fully integrated and
the initiatives identified through our Performance Plus program
begin to take effect," Chip McClure," Chairman, CEO and
President, said.  "The initial investment we made in Performance
Plus increases our confidence that we can deliver profit
improvement actions which will improve cash flow and increase
shareowner value.  We have committed significant resources to
building a more focused and profitable business model for
ArvinMeritor and we anticipate improved results in 2008 and
beyond, achieving cost savings of US$150 million alone in 2009
from our Performance Plus cost initiatives.

                    Update on Performance Plus

As announced, ArvinMeritor's Performance Plus program is focused
on six areas, three related to cost reductions and three focused
on revenue enhancement.  Since the company announced this
initiative in December 2006, ArvinMeritor now anticipates
incremental savings in excess of what it had originally
targeted.  

ArvinMeritor expects restructuring and cost reductions alone to
generate US$150 million in savings by 2009, resulting from:

   -- restructuring in North America and Europe which will
      affect 13 plants and 2,800 employees estimated to cost
      around US$325 million through 2012;

   -- sourcing opportunities in leading cost-competitive
      countries, lower transportation and freight costs,
      logistics cost savings, and product redesign;

   -- reductions in overhead; and

   -- improvements to the company's manufacturing operations and
      supply chain management.

                      Freezing Pension Plan

ArvinMeritor also disclosed of a freeze of its defined benefit
pension plan for salaried and non-represented employees in the
United States, effective Jan.1, 2008.  The change will affect
approximately 3,800 employees including certain employees who
will continue to accrue benefits for an additional transition
period, ending June 30, 2011.

After these freeze dates, the company will instead make
additional contributions to its defined contribution savings
plan on behalf of the affected employees. The amount of the
savings plan contribution will be based on a percentage of the
employee's pay, with the contribution percentage increasing as
the employee ages.

These changes do not affect current retirees or represented
employees.

                             Outlook

The company has adjusted its forecast for the balance of fiscal
year 2007.  

The company now expects sales from continuing operations in
fiscal year 2007 to be in the range of US$6.0 to US$6.2 billion,
up from our previous range of US$5.9 to US$6.1 billion, and
anticipates full-year diluted earnings per share from continuing
operations to be in the range of US$0.70 to US$0.80, down from
US$1.00 to US$1.10.

This guidance excludes gains or losses on divestitures,
restructuring costs and other special items, including potential
extended customer shutdowns or production interruptions.  Cash
flow guidance for fiscal year 2007 remains in the range of US$50
million to US$100 million.

                     About ArvinMeritor Inc.

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.

In a TCR-Europe 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


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


BEACH SUN: Creditors' Liquidation Claims Due May 23
---------------------------------------------------
Creditors of LLC Beach Sun have until May 23 to submit their
claims to:

         Assunta De Pascalis
         Liquidator
         Berglistrasse 2
         8623 Wetzikon
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         LLC Beach Sun
         Gossau
         Hinwil ZH
         Switzerland


CRAISTAS JSC: Creditors' Liquidation Claims Due May 21
------------------------------------------------------
Creditors of JSC Craistas have until May 21 to submit their
claims to:

         JSC Wieser & Wieser
         Liquidator
         7524 Zuoz
         Maloja GR
         Switzerland

The Debtor can be reached at:

         JSC Craistas
         Zernez
         Inn GR
         Switzerland


FLORISTERIA LLC: Creditors' Liquidation Claims Due May 21
---------------------------------------------------------
Creditors of LLC Floristeria have until May 21 to submit their
claims to:

         Roswitha Akermann
         Liquidator
         Hauptstrasse 15
         9030 Abtwil
         Switzerland

The Debtor can be reached at:

         LLC Floristeria
         Gaiserwald SG
         Switzerland


MOSER SYSTEM: Creditors' Liquidation Claims Due May 21
------------------------------------------------------
Creditors of LLC Moser System Elektrik have until May 21 to
submit their claims to:

         Margrit Gut-Hagen
         Liquidator
         Huebacher 27b
         8153 Rumlang
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Moser System Elektrik
         Rumlang
         Switzerland


SWISSLABTAB LLC: Creditors' Liquidation Claims Due May 21
---------------------------------------------------------
Creditors of LLC SwissLabTec have until May 21 to submit their
claims to:

         LLC D+M Treuhand und Beratung
         Liquidator
         Martinsplatz 8
         7002 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         LLC SwissLabTec
         Bonaduz
         Imboden GR
         Switzerland


TEXTRUDER ENGINEERING: Creditors' Liquidation Claims Due May 21
---------------------------------------------------------------
Creditors of JSC Textruder Engineering have until May 21 to
submit their claims to:

         Daniel Grunder
         Liquidator
         MSJG Rechtsanwalte & Notare
         Vorstadt 32
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Textruder Engineering
         Zug
         Switzerland


TRANSGLOBE STEEL: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Transglobe Steel Trading on March 29.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Transglobe Steel Trading
         6300 Zug
         Switzerland


TRICONA VERWALTUNG: Zug Court Starts Bankruptcy Proceedings
-----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against JSC Tricona Verwaltung on Feb. 13.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Tricona Verwaltung
         6300 Zug
         Switzerland


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


ANADOLUBANK: Fitch Lifts D Individual Rating to C/D
---------------------------------------------------
Fitch Ratings upgraded Turkey-based Anadolubank's foreign and
local currency Issuer Default Ratings to 'BB-' from 'B+',
Individual rating to 'C/D' from 'D' and National Long-term
rating to 'A-'from 'BBB+'.  Fitch has affirmed its Short-term
foreign and local currency ratings at 'B' and Support rating at
'4'.  The Outlook is Stable on the IDRs and Long-term rating.

The upgrade reflects sustained improvements in Anadolubank's
profitability, asset quality, liquidity and capitalization.  
These are balanced by pressures on earnings due to increasing
competition and a volatile operating environment.  Improvement
in profitability was mainly due to stronger non-interest income,
supported by increased lending activity and lower loan
impairment charges.  This occurred despite higher expenses
related to the expansion of the network and new recruitments.  
Efficiency is expected to improve as new branches and personnel
create larger volumes and contribute to profitability.

Anadolubank has a solid asset quality track record, with its
non-performing loan ratio further improving to 1.23% of gross
loans at end-2006 (2005: 1.34%), aided by a 29% loan growth.  
Its NPLs are fully covered by reserves.  The bank's liquidity
remains sound at 23% of total assets.  Equity increased as a
result of a cash capital contribution from shareholders and
earnings retention in 2006; the capital adequacy ratio improved
to 15.31% at end-2006 (2005: 13.37%) despite growth in risk-
weighted assets.  The bank's free capital levels were adequate
given its negligible non-earning assets and fully covered NPLs.  
In the light of the bank's small size, Fitch believes that
continued improvements in capitalization will provide a cushion
in a potentially volatile operating environment.

Anadolubank's primary source of support, were it to run into
difficulties, would be its majority shareholder, Habas Sinai ve
Tibbi Gazlar Istihsal Endustri A.S.  The latter is a major
producer and exporter of long steel and Turkey's dominant
manufacturer of industrial and medical gases.  Anadolubank is a
medium-sized bank, with 63 branches at end-2006, which focuses
on commercial banking and foreign-trade finance, primarily
providing services to medium-sized companies.


DEMIR-HALK BANK: Fitch Affirms and Withdraws BB IDR
---------------------------------------------------
Fitch Ratings affirmed Demir-Halk Bank N.V.'s ratings at Issuer
Default 'BB', Short-term 'B', Individual 'C/D' and Support '5'.
The rating Outlook is Stable.  

Simultaneously, Fitch has withdrawn these ratings.  Fitch will
no longer provide rating coverage of DHB.

Established in 1992, DHB is 70%-owned by HCBG Holding B.V.
(solely owned by Halit Cingillioglu, a prominent Turkish
businessman) and 30% by Turkiye Halk Bankasi, the second-largest
state bank in Turkey.  A specialized trade finance bank, DHB
serves exporters worldwide, focusing on trade flows between
Europe, the CIS and Turkey.


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


EARTH SERVICE: Creditors Must Register Claims by May 13
-------------------------------------------------------
Creditors of LLC Earth Service (code EDRPOU 34411502) have until
May 13 to submit written proofs of claim to:

         OJSC Ukrfinkom
         Liquidator
         40 Years of October Str. 100/2
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 14/132-07/13.

The Court is located at:

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

The Debtor can be reached at:

         LLC Earth Service
         Vokzalnaya Str. 25
         Glevakha
         Vasilkov District
         Kiev
         Ukraine


FORSAN-UKRAINE LLC: Creditors Must Register Claims by May 13
------------------------------------------------------------
Creditors of LLC Forsan-Ukraine (code EDRPOU 32850057) have
until May 13 to submit written proofs of claim to:

         CJSC Polinom
         Liquidator
         P.O. Box 47
         03146 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/160-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Forsan-Ukraine
         Schors Str. 29
         Kiev
         Ukraine


INDUSTRIAL INVEST: Creditors Must Register Claims by May 13
-----------------------------------------------------------
Creditors of LLC Industrial Invest Building Service-Industry
(code EDRPOU 34501488) have until May 13 to submit written
proofs of claim to:

         Aleksey Zabrodin
         Liquidator
         P.O. Box 6335
         69121 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/86/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Invest Building Service-Industry
         Yaroslavskaya Str. 77
         69096 Zaporozhje
         Ukraine


PROMEKO LLC: Creditors Must Register Claims by May 12
-----------------------------------------------------
Creditors of LLC Promeko (code EDRPOU 33565561) have until
May 12 to submit written proofs of claim to:

         Maxim Vdovin
         Liquidator
         K. Marx Str. 83/61
         49070 Dnipropetrovsk
         Ukraine         

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/91-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Promeko
         Gagarin Avenue 115
         49000 Dnipropetrovsk
         Ukraine

       
REALITET LLC: Creditors Must Register Claims by May 13
------------------------------------------------------
Creditors of LLC Realitet (code EDRPOU 31748485) have until
May 13 to submit written proofs of claim to:

         S. Tusmenko
         Liquidator
         Smagliy Str. 6, ap. 805
         Cherkassy
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/749-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Realitet
         Theodore Dreiser Str. 34/51
         02222 Kiev
         Ukraine


SELENA-SOUTH LLC: Creditors Must Register Claims by May 13
----------------------------------------------------------
Creditors of LLC Selena-South have until May 13 to submit
written proofs of claim to:

         O. Tomashevsky
         Liquidator
         Rabochaya Str. 7
         Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/169/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Selena-South
         Rybatsky Lane 25
         Nikolaev
         Ukraine


SLAVUTICH OJSC: Creditors Must Register Claims by May 12
--------------------------------------------------------
Creditors of OJSC Slavutich (code EDRPOU 19434936) have until
May 12 to submit written proofs of claim to:

         Aleksey Gula
         Liquidator
         P.O. Box 122
         Novomoskovsk
         51200 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 26/71/07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Slavutich
         Sinelniki District
         52551 Dnipropetrovsk
         Ukraine


SOUTH INDUSTRIAL: Creditors Must Register Claims by May 12
----------------------------------------------------------
Creditors of CJSC South Industrial Technics (code EDRPOU
24442820) have until May 12 to submit written proofs of claim
to:

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

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 40/324-06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC South Industrial Technics
         Balabashov Str. 1/12
         Pavlograd
         51400 Dnipropetrovsk
         Ukraine


SPHERE LLC: Creditors Must Register Claims by May 12
----------------------------------------------------
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


YOUTH DWELLING: Creditors Must Register Claims by May 13
--------------------------------------------------------
Creditors of LLC Youth Dwelling Agricultural Building (code
EDRPOU 34411520) have until May 13 to submit written proofs of
claim to:

         LLC Zlagoda
         Liquidator
         Kikvidze Str. 34-A
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/156-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Youth Dwelling Agricultural Building
         Chokolovsky Boulevard 19
         Kiev
         Ukraine


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


ADVAL LEARNING: Names Martin Dominic Pickard Liquidator
-------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Adval Learning Solutions Ltd. on April 13 for the creditors'
voluntary winding-up procedure.

Mazars -- http://www.mazars.com/-- provides in audit,  
accounting, tax, and advisory services.

The company can be reached at:

         Adval Learning Solutions Ltd.
         Ringwood House
         Walton Street
         Aylesbury
         HP21 7QP
         England
         Tel: 01296 388 100
         Fax: 01296 388 110]


ADVANCED MICRO: Completes US$2.2-Bln 6% Senior Notes Offering
-------------------------------------------------------------
Advanced Micro Devices Inc. completed its offering of US$2.2
billion aggregate principal amount of 6% Convertible Senior
Notes due 2015, including US$200 million of notes that were
issued in connection with the exercise in full of the initial
purchasers' over-allotment option.  The notes were privately
offered to qualified institutional buyers pursuant to Rule 144A
under the Securities Act of 1933, as amended.

In connection with the offering, AMD entered into capped call
transactions with an affiliate of one of the initial purchasers.
The capped call transactions are intended to reduce the
potential dilution to AMD's stockholders upon any future
conversion of the notes.

The capped call transaction effectively will increase the
conversion price of the convertible notes to US$42.12 per share
of AMD's common stock, representing a 300% premium relative to
the last reported sale price of US$14.04 per share of the common
stock on April 23.

AMD estimates that the net proceeds from the offering, will
be approximately US$2,169 million, after deducting discounts,
commissions and estimated offering expenses.  AMD used
approximately US$182 million of the net proceeds of the offering
to fund the cost of the capped call transactions.

AMD used US$500 million of the remaining net proceeds to repay
a portion of the term loan AMD entered into with Morgan Stanley
Senior Funding Inc. to finance a portion of the purchase price
of, and expenses related to, the acquisition of ATI Technologies
Inc.  AMD will use the remaining amount for general corporate
purposes, including working capital and capital expenditures.

                      About Advance Micro

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

                          *     *     *

As reported in the Troubled Company Reporter, Moody's Investors
Service affirmed AMD's B1 corporate family rating while revising
to Ba2 from Ba3 the ratings on both the currently secured US$390
million notes due 2012 (2012 Note) and the US$1.7 billion
remainder of the original US$2.5 billion term loan due 2013.  
The rating outlook remains negative.


ALL AMERICAN: Bankruptcy Court Approves First Day Motions
---------------------------------------------------------
All American Semiconductor Inc. disclosed the approval of its
first day motions by the U.S. Bankruptcy Court for the Southern
District of Florida, Miami Division.  

The company received approval of first day motions seeking
relief to enable the company to continue operations during the
Chapter 11 process, including debtor-in-possession financing
from its existing bank group, and the payment of prepetition,
employee-related and certain customer obligations.

In addition, All American received Bankruptcy Court approval of
bidding procedures for an auction sale of its businesses as a
going concern to be completed no later than June 8, 2007.

The Court approved interim DIP financing of up to US$13 million,
which is expected to provide the company with sufficient
liquidity to continue operations during the Chapter 11 case and
is based on a budget agreed upon with the bank group.  The final
hearing on DIP financing is scheduled to be held on May 17.

"We are pleased with this outcome," Bruce Goldberg, President
and CEO of All American, said.  "The Court's approval of our
motions allows All American to continue as a going concern as we
work towards an auction sale of the business."

The approved sale process provides for interested purchasers to
complete due diligence and submit binding bids by May 28, 2007,
with the auction scheduled for May 31 at the Miami offices of
the company's counsel, Squire, Sanders & Dempsey, L.L.P.  The
hearing to approve a sale to the highest bidder at the auction
is scheduled for June 5, 2007, with the sale closing no later
than June 8.

Prior to the company's bankruptcy filing on April 25, 2007, it
signed a nonbinding letter of intent with a potential purchaser
of substantially all of the company's and its subsidiaries'
assets.  The company advised the Bankruptcy Court that it is
actively negotiating a binding purchase agreement with this
party to become the stalking horse for the sale.  In the event
such an agreement is reached, specific stalking horse
protections, including a breakup fee, will be subject to the
approval of the DIP lenders and the Bankruptcy Court. In
addition, a sale to the highest bidder at the auction will also
require the approval of the Bankruptcy Court.

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

                About All American Semiconductor

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

The company and its debtor-affiliates filed for Chapter 11 on
April 25, 2007 (Bankr. S.D. Fla. Lead Case No. 07-12963).  Tina
M. Talarchyk, Esq., at Squire Sanders & Dempsey LLP, in West
Palm Beach, Florida, represents the Debtors.  As of Feb. 28,
2007, total assets was US$117,634,000 and total debts was
US$106,024,000.


ALPHASTRETCH LTD: Claims Filing Period Ends May 21
--------------------------------------------------
Creditors of Alphastretch Ltd. have until May 21 to send their
names and addresses and particulars of their debts or claims and
the names and addresses of the solicitors (if any) to:

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

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:

         Alphastretch Ltd.
         Golden Fault Hotel (The)
         Cherryfield Dr
         Merseyside
         L32 8JF
         England
         Tel: 020 8546 8355


ARMOR HOLDINGS: Gets US$32-Mln Deal for Pinzgauer Vehicles in UK
----------------------------------------------------------------
Armor Holdings Inc. received an order valued at around
US$32 million for additional Pinzgauer Protected Patrol Vehicles
from the United Kingdom Ministry of Defense.

The Company stated that the new deliveries will be completed in
2007 with work performed at the Armor Holdings Aerospace and
Defense Group's Pinzgauer facilities located in Guildford,
Surrey U.K., with vehicle armoring support to be provided by the
Aerospace and Defense Group at its facilities located in
Fairfield, Ohio.

"We are pleased that the U.K. Ministry of Defense has placed a
second order for additional Pinzgauer model armored vehicles in
support of British deployed forces," Robert Schiller, President
of Armor Holdings, said.  "We believe this order also
underscores our success at integrating Armor Holdings' armoring
capability with an important light tactical vehicle program
acquired through the Stewart & Stevenson acquisition."

                      About Armor Holdings

Headquartered in Jacksonville, Florida, Armor Holdings Inc. --
http://www.armorholdings.com/-- manufactures and distributes  
security products and vehicle armor systems for the law
enforcement, military, homeland security, and commercial
markets.  The company has operations in Australia, England and
Brazil.

                          *    *    *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba3 Corporate
Family Rating for Armor Holdings Inc.

Additionally, Moody's affirmed its B1 ratings on the company's
2% Convertible Senior Subordinated Notes Due 2024 and 8.25%
Senior Subordinated Notes Due 2013.  Moody's assigned those
debentures an LGD5 rating suggesting noteholders will experience
a 77% loss in the event of default.


BAA PLC: Consortium Gets Consent for Budapest Airport Takeover
--------------------------------------------------------------
After preliminary acknowledgement by the Cabinet, with the
consent of the State Property Directorate, the Board of
Directors of Hungary's State Privatization Holding APV Rt.
approved the issue of a Statement of Consent on the planned
change of ownership of Budapest Airport Zrt.  

The privatization contract concluded in 2005 included the
provision stating that the consent of the Hungarian State shall
be required for the re-sale of the shares of the Company and
that the new owners shall have to meet the obligations specified
under the original contract.

The contractual conditions and obligations undertaken by the
winner of the privatization tender in 2005, BAA (International
Holdings) Ltd., including especially the commitments in relation
to the development of Budapest Ferihegy International Airport,
will be fully assumed by the consortium of investors led by
HOCHTIEF AirPort GmbH and so APV Zrt. agreed to the sale of the
shares of Budapest Airport Zrt. held by BUD Holding Vagyonkezelo
Zrt., the Hungarian project company of BAA (International
Holdings) Ltd.  

The Board of Directors approved the new investors' consortium
and its project companies registered in Hungary joining the
Share Sale and Purchase Agreement concluded as the result of the
privatization tender procedure as well as the buyer project
company's, Airport Hungary Kft.'s joining the Shareholders'
Agreement.

Referring to the provisions of the privatization Share Sale and
Purchase Agreement concluded on Dec. 18, 2005, BAA
(International Holdings) Ltd. -- the winner of the privatization
tender -- and BUD Holding Vagyonkezelo Rt., the buyer company
established by it referred to the applicable provision of the
Agreement in a letter sent on Oct. 13, 2006, and requested to
negotiate with the representatives of APV Rt. for the re-sale of
the B.A. Zrt. shares to the consortium led by HOCHTIEF AirPort
GmbH.

BAA Plc, the parent company of BAA (International Holdings)
Ltd., i.e., the winner of the tender, operated as a company 100%
quoted on the stock exchange at the time when BA Zrt. was
privatized.  Through a public buy-out the company was
transferred under the majority control of the Spanish Ferrovial
Group in the summer of 2006.  The new business strategy of the
Ferrovial Group is to sell all the airport interests of BAA
outside Great Britain and this was the basis on which they
started negotiations in the name of BAA on the re-sale of the BA
Zrt. shares to the consortium led by HOCHTIEF AirPort GmbH, and
in November 2006 with APV Zrt.

The members of the new consortium of investors are HOCHTIEF
AirPort GmbH, Caisse de depot et placement du Quebec,
Kreditanstalt fuer Wiederaufbau and since January 2007 Malton
Investments Pte Ltd., the investment company of GIC Special
Investment Pte Ltd.  The consortium of investors intends to
purchase the share package similarly to the transaction
performed by BAA (International Holdings) Ltd., through a
project company registered in Hungary and named Airport Hungary
Kft, subsidiary of Airport Holding Kft., the project company of
the consortium members, as the buyer of the share package.

The consortium led by HOCHTIEF AirPort GmbH and including also
KfW and CdPQ already met all the eligibility requirements during
the privatization procedure of BA Zrt. and submitted the second
best bid in the tender.  The fact that they continue to show
interest in the planned re-sale of the BA Zrt. shares after the
closing of the privatization process of BA Zrt. shows the
investors' commitment in relation to BA Zrt.

The consortium led by HOCHTIEF AirPort GmbH could provide
adequate security for obtaining the approval for the change in
ownership and for further developing and operating BA Zrt. on
the long term as an interest of central importance.

Consequently, the approval by APV Zrt. for the purchase of
shares will enable Budapest Ferihegy International Airport
operated by Budapest Airport Zrt. to improve its competitive
position, operation management, prospects of growth and
efficiency and provide investment resources required for long
term development.

APV Zrt. is hopeful that the parties, further to APV Zrt.'s
official consent, will proceed to execute the transaction as
soon as possible and the transfer of the control over the
management of the Airport can take place smoothly.

As previously reported in the TCR-Europe on Oct. 24, Hochtief
AirPort GmbH, a wholly owned subsidiary of Hochtief AG,
plans to acquire BAA Plc's interests in Budapest Airport.

BAA, owned by Spain's Grupo Ferrovial SA since June, acquired a
75 percent stake in Budapest Airport from the Hungarian
government in December 2006 for a consideration of approximately
EUR1.9 billion.

Under the memorandum of agreement signed Oct. 18, 2006, Hochtief
will purchase a 50 percent stake in the airport, while Caisse de
Depot et Placement du Quebec and KfW will buy the remaining 25
percent.  The Hungarian government will keep the 25 percent
stake it holds in the airport.

                       About Hochtief AG

Headquartered in Essen, Germany, HOCHTIEF Aktiengesellschaft is
the country's largest construction company.  HOCHTIEF AirPort is
an airport management business that has consolidated Hochtief's
interests in the privatization and operation of airports since
1997.  It holds stakes in Athens International Airport,
Duesseldorf International Airport, Hamburg Airport, Kingsford
Smith International Airport (Sydney) and a new concession
agreement covering Rinas Mother Teresa Airport (Tirana).

                          About BAA Plc

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

                          *     *     *

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

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


BARRY HAWKINS: Gerald Irwin Leads Liquidation Procedure
-------------------------------------------------------
Gerald Irwin was appointed liquidator of Barry Hawkins
Narrowboats Ltd. on April 24 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Barry Hawkins Narrowboats Ltd.
         11 Watling Street
         Wharf Cotts
         Atherstone
         CV9 2EH
         England
         Tel: 01827 711 762
         Fax: 01827 717 662


BIAS CLOTHING: Creditors' Meeting Slated for May 9
--------------------------------------------------
Creditors of Bias Clothing Ltd. will meet at 10:30 a.m. on May 9
at:

         Mazars LLP
         19 Goldington Road  
         Bedford  
         MK40 3JY
         England

Creditors who want to vote at the meeting have until noon on
May 8 to submit their proxy forms together with particulars of
their claims or of any security at the offices of:

         Mazars LLP  
         The Atrium
         Park Street West  
         Luton
         LU1 3BE
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 7 at the offices
of:

         Mazars LLP  
         The Atrium
         Park Street West  
         Luton
         LU1 3BE
         England

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.


BLUESTONE SECURITIES: S&P Rates EUR8.51-Mln Class D Notes at BB
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP460 million mortgage-backed floating-
rate notes series 2007-01 to be issued by Bluestone Securities
PLC, a special purpose entity.
  
At closing, Bluestone will issue the class A, B, C, and D notes
and use the proceeds to acquire the loan pool from the seller,
Redstone Mortgages PLC.  Redstone's principal business is
purchasing pools of residential mortgage loans in the U.K.'s
secondary mortgage loan market and funding them via
securitization.  Loans purchased by Redstone to date have been
to borrowers who have financially recovered from incidents of
credit problems, or who have self-certified income or a limited
credit track record and cannot obtain financing from traditional
banks and building societies.
  
The mortgage pool comprises nonconforming first-ranking
residential mortgages in England, Wales, and Scotland.  The
mortgages were originated by Amber Homeloans Ltd. and Beacon
Homeloans Ltd. and bought by Redstone for use in this
transaction.
  
Homeloans Management Ltd. will service the mortgages on behalf
of Redstone, working under instruction from the London branch of
Bayerische Hypo- und Vereinsbank AG, as series special servicer.
HVB will also be responsible for managing mortgages in arrears
and carrying enforcement actions.  
  
This is Redstone's fourth securitization of its portfolio of
mortgages out of its Bluestone Securities issuance platform.  
Standard & Poor's is rating the notes on a segregated basis,
i.e., independently of the rating on existing series.

                          Ratings List

Bluestone Securities PLC
   GBP460 Million Mortgage-Backed Floating-Rate
   Notes Series 2007-01
  
                          Prelim.          Prelim. Amount
           Class          Rating         (Mln. GBP equiv.)
           -----          ------          ---------------
            A1             AAA                 138.00
            A1 DAC         NR                     N/A
            A2             AAA                 242.42
            A2 DAC         NR                     N/A
            Az             AAA                   7.82
            Az DAC         NR                     N/A
            B              A                    43.47
            C              BBB                  19.78
            D              BB                    8.51


BRADLEY FURNITURE: Hires Liquidator from Begbies Traynor
--------------------------------------------------------
G. W. Rhodes of Begbies Traynor was appointed liquidator of
Bradley Furniture (Kent) Ltd. (formerly Tecrob Ltd.) on April 20
for the creditors' voluntary winding-up proceeding.

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:

         Bradley Furniture (Kent) Ltd.
         Bradley House
         Park Farm Close
         Kent
         CT19 5ED
         England
         Tel: 01303 850 011


BRATZ: Hires Joint Administrators from Poppleton & Appleby
----------------------------------------------------------
Andrew Turpin and Matt Hardy of Poppleton & Appleby were
appointed joint administrators of Bratz on May 1, Birmingham
Post reports.

According to the report, Bratz closed its shop in the Bullring
Shopping Centre on April 26.  Closures of stores in Manchester
and Sheffield followed, resulting in 46 redundancies.

"The business is a victim of the recent slowdown in consumer
spending and spiraling rents," Andrew Turpin was quoted by the
Birmingham Post as saying.

"We are currently reviewing the financial position and are
involved in advanced negotiations which we hope will result in
the survival of the remaining stores and protecting the
remaining 22 jobs," Mr. Turpin added.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors

Headquartered in Phoenix Park, Ireland, Bratz is one of the
U.K.'s leading designer children's wear retailers.  It was
established in 1986.


CELESTICA INC: Moody's Lowers Corporate Family Rating to B1
-----------------------------------------------------------
Moody's Investors Service downgraded Celestica Inc.'s corporate
family rating to B1 from Ba3 and the senior subordinated note
ratings to B3 from B2.  Simultaneously, Moody's lowered the
company's speculative grade liquidity rating to SGL-2 from
SGL-1.

This rating action concludes Moody's Feb. 1 review for possible
downgrade, which was triggered by the company's weak fourth
quarter financial performance, operational setbacks at its
Mexican facility and softness in European top-line revenue
growth.  The ratings outlook is negative.

The downgrade to B1 reflects:

   (i) the continued excess capacity in the EMS sector;

  (ii) Celestica's sub-par asset utilization and ongoing
       business restructurings, which have totaled roughly
       US$345 million since January 2005;

(iii) expectations of continued pressure in the telecom space
       as OEM consolidation combined with heightened competition
       from Asian outsourcers have negatively impacted volumes;

  (iv) the potential for prolonged restructurings, which
       inevitably would serve as a major distraction for
       management in an industry where management focus and
       execution are key competitive differentiations;

  (v) an increase in leverage from 3.1x EBITDA in 2005 to 5.0x
      as a result of weak EBIT levels over the last two
      quarters; and

(vi) negative free cash flow generation in recent quarters due
      in part to increasing working capital, which has reduced
      Celestica's cash balance to a level which does not provide
      as much financial flexibility.

Although good, liquidity has been deteriorating given that cash
declined each year since 2003 when it was over US$1 billion to
US$704 million as of the recent first quarter, while funded debt
rose from US$211 million to US$750 million during the same
period.  Additionally, Celestica's recent refinancing of its
credit facility has resulted in full access to a new US$300
million revolver that is half the size of the old credit
facility and now secured to most of the company's assets.
Finally, free cash flow remains negative for the 12 months ended
March 31 as Celestica has generated negative free cash flow in
five of the last nine quarters.

The B1 rating also considers Celestica's response to the weak
operating environment through operational streamlining,
warehouse consolidation, the gradual transfer of programs from
Mexico to Asia and headcount reductions over the next several
quarters.  The restructuring involves the implementation of best
practices at the Mexico facility and modest revenue growth at
the European operations via new program wins, but this will take
a full year to launch.  The rating also reflects Celestica's
position as a Tier 1 EMS provider, efforts to diversify its
concentrated client base, improving inventory and accounts
receivable turnover and the sequential improvement in gross
margin.

Although Celestica is moderately levered and has good liquidity,
the negative outlook reflects Moody's concerns about the
continued softness in the EMS space with significant supply
overhang and excess capacity, margin pressures, and execution
and customer attrition issues.  While the company continues to
implement its restructuring plans to reduce capacity and
inventory levels, as well as refocusing to a more customer-
centric strategy, we believe the EMS operating environment will
remain challenged over the near-to-intermediate term.  

Given this difficult industry backdrop, the negative outlook
also reflects our concerns regarding the company's ability to
remedy its operational issues and losses in its overseas (non-
Asian) operations in a timely manner and to minimize customer
attrition in order to alleviate the negative impact on
Celestica's revenue, profitability and cash flow generation.

Moody's will most likely stabilize the ratings outlook if
Celestica is able to demonstrate:

   -- improved customer retention and meaningful program wins as
      evidenced by revenue growth, enhanced product/services
      mix, and diversification partly due to growth in non-
      traditional end-markets, or tightening in supply/demand
      imbalances;

   -- improved operating performance in the second half of 2007
      such that operating margins recover above 2.0% and
      operating income return on assets (net cash) is
      sustainable between 4.0% -- 4.5%;

   -- an ability for management to improve core execution;  

   -- financial leverage below 4.5x as EBITDA levels advance;

   -- fewer material restructuring charges plus realization of
      planned cost savings; and

   -- an ability to generate and sustain meaningful positive
      free cash flow levels.

These ratings were downgraded:

   -- Corporate Family Rating to B1 from Ba3;

   -- Probability of Default Rating to B1 from Ba3;

   -- US$500 million 7.87% Senior Subordinated Notes due 2011
      to B3 (LGD-5, 85%) from B2 (LGD-5, 87%);

   -- US$250 million 7.50% Senior Subordinated Notes due 2013
      to B3 (LGD-5, 85%) from B2 (LGD-5, 87%); and

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

Headquartered in Toronto, Canada, Celestica Inc. provides
electronic manufacturing services to original equipment
manufacturers in the information technology and communications
industry.  For the last 12 months ended March 31, the company
generated EBITDA totaling US$241 million from US$8.7 billion in
revenues.


CLAVIS SECURITIES: S&P Rates GBP8.07-Mln Class B2 Notes at BB
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP556.8 million mortgage-backed floating-
rate notes series 2007-01 to be issued by Clavis Securities PLC.
  
The notes are backed by a pool of first-ranking mortgages
secured over freehold and leasehold properties in England and
Wales.  The mortgages were originated by GMAC-RFC Ltd. and
bought by Basinghall Finance PLC for use in this transaction.
  
This is Basinghall's second securitization out of its Clavis
Securities issuance program.
  
Standard & Poor's expects to rate the notes on a segregated
basis, i.e., the rating on each series will be independent from
the rating on each previous and subsequent series.
  
Standard & Poor's expects comfort to be provided demonstrating
that if one series defaults, the holders of the notes of the
defaulted series will not have recourse to the assets supporting
other series nor would they have an incentive to seek this
recourse.
  
The structure has an AZ tranche which is junior to the A1, A2,
and A3 notes, and has a separate principal deficiency ledger.
The initial reserve fund has increased for this series to 0.70%
from 0.65% in the 2006-01 series, although both fund to a target
level of 0.85%.  The liquidity facility for this series is set
at 5.25%, lower than that in the 2006-01 series.

                          Ratings List
  
Clavis Securities PLC
   GBP556.8 Million Mortgage-Backed Floating-Rate Notes Series
   2007-01
  
                          Prelim.         Prelim. Amount
           Class          rating         (Mln. GBP equiv.)
           -----          ------          ---------------
            A1             AAA                 136.36
            A2             AAA                 91.37
            A3             AAA                 229.07
            AZ             AAA                 35.02
            M1             AA                  22.61
            M2             A                   19.99
            B1             BBB                 14.31
            B2             BB                  8.07


DECOJARDI UK: Creditors' Meeting Slated for May 10
--------------------------------------------------
Creditors of Decojardi U.K. Ltd. will meet at 12:30 p.m. on
May 10 at:
  
         Begbies Traynor
         5th Floor
         Venturers House  
         King Street
         Bristol
         BS1 4PB
         England

Creditors who want to vote at the meeting have until noon on
May 9 to submit their proxy forms together with particulars of
their claims or of any security at:
    
         Begbies Traynor (South) LLP
         The Old Exchange
         234 Southchurch Road
         Southend-on-Sea
         SS1 2EG
         England
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 8 at Begbies Traynor (South) LLP.

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


DEVON INTERIORS: Claims Filing Period Ends May 28
-------------------------------------------------
Creditors of Devon Interior Ltd. have until May 28 to send in
their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Alison M. Byrne
         Liquidator
         Byrne Associates  
         Suite 3
         Farleigh House
         Farleigh Court
         Old Weston Road
         Flax Bourton  
         BS48 1UR
         England

Alison M. Byrne of Byrne Associates was appointed liquidator of
the company on April 26.


DURA AUTOMOTIVE: Evaluates Strategic Alternatives for Atwood
------------------------------------------------------------
DURA Automotive Systems Inc. is exploring strategic alternatives
for its Atwood Mobile Products division, headquartered in
Elkhart, Indiana.  DURA has engaged Miller Buckfire as its
exclusive financial advisor in connection with the strategic
evaluation, including solicitation of interest from prospective
acquirers of Atwood Mobile Products Inc.  In consultation with
its financial advisor, DURA will consider whether a sale or a
growth strategy would maximize Atwood's financial contribution
to the company.

With 2006 sales of approximately US$330 million, Atwood offers a
broad range of products to the recreation vehicle, specialty
vehicle and manufactured housing markets.  The division's
products encompass windows and doors, specialty glass, hardware
appliances and electronics.  Founded in 1909, Atwood was
acquired by automotive supplier Excel Industries, which was then
acquired by DURA in 1999.

"Atwood enjoys leading market positions in each of its product
categories based on a reputation for product innovation, quality
manufacturing and superior customer service," Larry Denton,
DURA's chairman and chief executive officer, said.  "While the
group is profitable and growing, Moody's believes it is in the
best interests of our shareholders, customers and employees to
conduct a full review of strategic alternatives with respect to
Atwood, including evaluation of further growth alternatives and
divestiture options."

Atwood provides the most extensive product line of any supplier
to the recreation vehicle industry, with more than 90% of the
recreation vehicles on the road using Atwood products.  The RV
industry has experienced consistent historical growth, with RV
ownership currently at record levels.  Industry trends point
toward significant future growth due to favorable population
demographics and increasing purchase interest.

                 About DURA Automotive Systems Inc.

Rochester Hills, Mich.-based DURA Automotive Systems Inc.
(Nasdaq: DRRA) -- http://www.DURAauto.com/-- is an independent    
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive industry.  The company is also a supplier of similar
products to the recreation vehicle and specialty vehicle
industries.  DURA sells its automotive products to North
American, Japanese and European original equipment manufacturers
and other automotive
suppliers.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. D. Delaware Case No. 06-11202).  Richard M. Cieri, Esq.,
Marc Kieselstein, Esq., Roger James Higgins, Esq., and Ryan
Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead counsel
for the Debtors' bankruptcy proceedings.  Mark D. Collins, Esq.,
Daniel J. DeFranseschi, Esq., and Jason M. Madron, Esq., of
Richards Layton & Finger, P.A. Attorneys are the Debtors' co-
counsel.  Baker & McKenzie acts as the Debtors' special counsel.  
Togut, Segal & Segal LLP is the Debtors' conflicts counsel.  
Miller Buckfire & Co., LLC is the Debtors' investment banker.  
Glass & Associates Inc., gives financial advice to the Debtor.  
Kurtzman Carson Consultants LLC handles the notice, claims and
balloting for the Debtors and Brunswick Group LLC acts as their
Corporate Communications Consultants for the Debtors.  As of
July 2, 2006, the Debtor had US$1,993,178,000 in total assets
and US$1,730,758,000 in total liabilities.

The Debtors' exclusive plan-filing period expires on May 23.


EVOLUTION POLYMERS: Creditors' Meeting Slated for May 9
-------------------------------------------------------
Creditors of Evolution Polymers U.K. Ltd. will meet at
11:30 a.m. on May 9 at:
  
         1 Winckley Court
         Chapel Street
         Preston  
         PR1 8BU
         England

Creditors who want to vote at the meeting have until noon on
May 8 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 7.


EUROHOME UK: Fitch Rates 2007-1 Class B2 and C Notes at BB
----------------------------------------------------------
Fitch assigned final ratings to Eurohome U.K. Mortgages 2007-1
(GBP-equivalent 350 million) mortgage-backed floating-rate notes
due 2044:

   -- GBP-equivalent 299.42 million Class A: 'AAA'
   -- GBP-equivalent 19.42 million Class M1: 'AA'
   -- GBP-equivalent 13.65 million Class M2: 'A'
   -- GBP-equivalent 15.75 million Class B1: 'BBB'
   -- GBP-equivalent 1.75 million Class B2: 'BB'
   -- GBP-equivalent 4.72 million Class C: 'BB'

The ratings are based on the collateral quality, available
credit enhancement, and the underwriting of DB Mortgages.  They
also consider the servicing capabilities of Vertex Mortgage
Services Limited and the sound legal structure of the
transaction.  Credit enhancement for the Class A notes totaling
15.95% is provided by the subordination of the Class M1 (5.55%)
notes, the Class M2 (3.9%) notes, the Class B1 (4.5%) notes and
the Class B2 (0.5%) notes, as well as an initial reserve fund of
1.5% building to 1.8%.

The Class C notes will receive principal after any necessary
payments into the reserve fund and interest before said payments
into the reserve fund.

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


FEDERAL-MOGUL: Creditors Vote to Accept Fourth Amended Plan
-----------------------------------------------------------
Federal-Mogul Corporation and its debtor-affiliates' balloting
agent, The Garden City Group Inc., delivered to the United
States Bankruptcy Court for the District of Delaware on May 1,
2007, a summary of the ballots cast on the Debtors' Fourth
Amended Joint Plan of Reorganization.

Jeffrey S. Stein, vice president of The Garden City Group,
discloses that majority of the Voting Classes voted to accept
the Fourth Amended Plan.

Among the Classes that fully support the Plan are:

   Voting Class                    No. of Votes   Vote Value
   ------------                    ------------   ----------
   1B, FMC - Bank Claims                 68    US$1,073,788,242

   1L, FMC - Affiliate Claims            26       1,093,536,678

   25L, F-M Global - Affiliate Claims     2       1,802,613,599

   11J, F-M Sealing Systems (Slough)
      - Asbestos PI Claims               13,083     146,663,204

   12J, F-M Friction Products
      - Asbestos PI Claims               18,064     222,489,896

   13J, F-M Mogul Sealing Systems
      (Rochdale) - Asbestos PI Claims    12,700     141,906,215

   83J, Washington Chemical
      - Asbestos PI Claims               17,944     210,069,522

Among the Voting Classes where more than 5% of its members voted
against the Plan are:

                                           Share of
                                         Disapproving
  Voting Class                              Votes     Vote Value
  ------------                          ------------  ----------
  15H, F-M Bradford - Unsecured Claims       6.81%         US$3
  16H, F-M Camshafts - Unsecured Claims      5.26%        3,412
  19H, TBA Industrial - Unsecured Claims    14.28%        1,265
  32H, T&N Industries - Unsecured Claims    20.00%       12,826
  40H, F-M Bridgewater - Unsecured Claims    6.25%          635
  69H, J.W. Roberts - Unsecured Claims      96.61%      407,454

A two-page Ballot Summary for Class 5J-1, broken down by
disease, is available for free at
http://ResearchArchives.com/t/s?1e64

A 63-page list of the Ballot Summary for the other Voting
Classes is available for free at
http://ResearchArchives.com/t/s?1e65

As previously approved by the Court, votes cast to accept or  
reject the Third Amended Joint Plan of Reorganization by Classes
A, B, D, F, H, L, M, N and O were counted for purposes of
computing the acceptance or rejection of the Fourth Amended
Plan.

Votes cast to accept or reject the Third Amended Plan by Classes
C, H-UK, I, and J were also counted for purposes of computing
acceptance or rejection of the Fourth Amended Plan except to the
extent that those votes were changed by the claimholders in
connection with the solicitation of the Fourth Amended Plan.

Garden City identified around 415 Ballots that were invalid and
not counted for the approval or rejection of the Plan.

                  Plan Proponents Seek Protection
                   from Plan-Related Depositions

The Debtors, the Official Committee of Asbestos Claimants, the
Legal Representative for Future Asbestos Claimants, and Cooper
Industries, LLC, seek a protective order precluding certain
deposition notices served by, among others, Mt. McKinley
Insurance Company and PepsiAmericas Inc.

The Deposition Notices seek to discover, among others, the
fairness of the Fourth Amended Plan, the Plan's compliance with
the requirements under Section 1129 of the Bankruptcy Code, the
Debtors' assets and liabilities, and facts underlying the Plan.

The Deposition Notices are harassing, unduly burdensome, and a
transparent attempt to delay confirmation of the Plan, the
Debtors complain.

The Plan is insurance neutral and preserves the rights of the
Propounding Parties, the Plan Proponents maintain.

In response, the Propounding Parties assert that they are
parties-in-interest and have standing to conduct the Depositions
pursuant to Sections 1128(b) and 1109(b) of the Bankruptcy Code.

The Propounding Parties ask the Court to compel the Plan
Proponents to provide supplemental responses that fully address
their discovery requests.

Subsequently, at the Court's direction, Mt. McKinley and
PepsiAmericas conferred with the Plan Proponents and the Pneumo
Protected Parties, and agreed to narrow the issues they raised
in their request for complete responses to their Discovery
Requests.

Nevertheless, Mt. McKinley urges the Court to compel the Plan
Proponents to produce all documents and communications
addressing "insurance neutrality."

                       About Federal-Mogul

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts  
company with worldwide revenue of some US$6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  

In Europe, the company maintains operations in Belgium, France,
Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed US$10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing is set for June 8, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 135; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FELL ARTHUR: Creditors' Meeting Slated for May 11
-------------------------------------------------
Creditors of Fell, Arthur and Bennett Group Ltd. will meet at
10:30 a.m. on May 11 at the offices of:

         CBA
         Lichfield Place
         435 Lichfield Road
         Aston
         Birmingham  
         B6 7SS
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 9 at the offices of:

         CBA
         39 Castle Street
         Leicester  
         LE1 5WN
         England

CBA -- http://www.cba-insolvency.co.uk/-- provides solutions to  
financial difficulties when the perceivable option is either
liquidation or bankruptcy.


FIRST PROPERTY: Brings In Liquidator from Roger Evans
-----------------------------------------------------
David Patrick Meany of Rogers Evans was appointed liquidator of
First Property Preservation Ltd. (t/a Basements U.K.) on
April 20 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         First Property Preservation Ltd.
         Unit 7 Nations Farm
         Curdridge Lane
         Curdridge
         Southampton
         SO32 2BH
         England
         Tel: 01489 788 677


G.A. GRAPHICS: Joint Liquidators Take Over Operations
-----------------------------------------------------
Richard John Elwell and Graham Stuart Wolloff of Elwell Watchorn
& Saxton LLP were appointed joint liquidators of G.A. Graphics
(Stamford) Ltd. on April 23 for the creditors' voluntary
winding-up proceeding.

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

The company can be reached at:

         G.A. Graphics (Stamford) Ltd.  
         Gooches Court
         Stamford
         PE9 2RE
         England
         Tel: 01780 756 166    
         Fax: 01780 766 031


INTERELEC GROUP: Appoints Vantis Plc as Joint Administrators
------------------------------------------------------------
Frank Wessely and Peter Hughes-Holland of Vantis Plc were
appointed joint administrators of Interlec Group Ltd. (Company
Number 04258386) 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:

         Interelec Group Ltd.
         871 Plymouth Road  
         Slough  
         SL1 4LP  
         England
         Tel: 01753 567 333


JAMES ROSE: Taps Joint Administrators from Begbies Traynor
----------------------------------------------------------
Lloyd Biscoe and Mark Robert Fry of Begbies Traynor were
appointed joint administrators of James Rose Projects Ltd.
(Incorporating The Atlantic Hotel) (Company Number 03347075) on
April 16.

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

The company can be reached at:

         James Rose Projects Ltd.
         Phoenix House  
         Christopher Martin Road  
         Basildon  
         SS14 3EZ
         England  
         Tel: 01268 247 370  
         Fax: 01268 247 374


LANGWELLS LTD: Appoints Andrew Fender as Liquidator
---------------------------------------------------
Andrew Fender of Sandlerlings LLP was appointed liquidator of
Langwells Ltd. on April 25 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Langwells Ltd.
         Unit 12
         Highfield Street
         Workspace 17
         Coalville
         LE67 3BZ
         England
         Tel: 01530 833 977
         Fax: 01530 833 977


MAPLE CONSULT: Claims Filing Period Ends May 24
-----------------------------------------------
Creditors of Maple Consult Ltd. have until May 24 to send in
their full names, their addresses and descriptions, full
particulars of their debts o claims, and the names and addresses
of their solicitors (if any), to:

         Martin C. Armstrong FCCA FABRP MIPA MBA  
         Liquidator
         Turpin Barker Armstrong
         Allen House
         1 Westmead Road
         Sutton
         Surrey
         SM1 4LA  
         England

Martin C. Armstrong of Turpin Barker Armstrong was appointed
liquidator of the company on April 24.

Turpin Barker Armstrong -- http://www.turpinba.co.uk/--  
provides accounting, tax and business advisory services.   


PLYWISE LTD: Names Liquidator to Wind Up Business
-------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed
liquidator of Plywise Ltd. on April 20 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Plywise Ltd.
         Ham Green Farm
         Brookhouse Lane
         Ham Green
         Redditch
         B97 5PR
         England
         Tel: 01527 552 644
         Fax: 01527 552 633


PORTRAIT CORP: To Sell Assets to CPI for US$100 Million
-------------------------------------------------------
Portrait Corporation of America Inc. has entered into a
definitive agreement with CPI Corp. to sell substantially all of
the company's operating assets and its foreign and domestic
affiliates for US$100 million in cash, subject to certain
closing adjustments, and the assumption of certain liabilities.

On Aug. 31, 2006, PCA and certain of its direct and indirect
subsidiaries filed voluntary petitions for relief under the
Bankruptcy Code, commencing jointly administered chapter 11
cases before the United States Bankruptcy Court for the Southern
District of New York.  The parties intend to consummate the
transaction under Sections 363 and 365 of the Bankruptcy Code.  
The transaction is subject to certain conditions, including the
approval of the Bankruptcy Court and other governmental
regulatory approvals.  PCA will file a motion seeking approval
of the asset purchase agreement.  The parties expect the
Bankruptcy Court to conduct a hearing on the motion in May 2007.  
The transaction is expected to close by the end of June 2007.

"CPI is excited about the opportunity to leverage the company's
strong digital capabilities and infrastructure and proven
project management skills to upgrade PCA's studios with digital
technology, improve convenience and flexibility and enhance the
overall customer experience," Renato Cataldo, CPI's president
and chief executive officer, stated.  "Cpi is also pleased to be
embarking on a relationship with Wal-Mart which the company
looks forward to strengthening and expanding both domestically
and internationally including in a new branded format.  Finally,
the company is pleased about the opportunities this deal brings
to employees of both organizations.  CPI has consciously become
a more field-focused organization in recent years to better
address the needs of the company's Sears Portrait Studio
associates.  CPI aims to bring the same focus on the PCA field
organization and will eagerly solicit their views and concerns.  
CPI believes the combination will benefit customers, employees
and shareholders alike."

                         About CPI Corp

CPI Corp (NYSE: CPY) is a portrait photography company offering
photography services in the United States, Puerto Rico and
Canada through Sears Portrait Studios.  The company also
operates searsphotos.com, the vehicle for the company's
customers to archive, share portraits via email and order
additional portraits and products.

               About Portrait Corporation of America

Portrait Corporation of America Inc. -- http://pcaintl.com/--        
provides professional portrait photography products and services
in North America.  The company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

PCA is the sole operator of portrait studios in Wal-Mart stores
and supercenters in the U.S., Canada and Mexico.  As of April
30, 2007, PCA operates 2,048 studios worldwide, including 1,695
in the U.S. and Puerto Rico, 243 in Canada, 105 in Mexico and 5
in the United Kingdom.  During its completed fiscal year ended
Jan. 28, 2007, PCA photographed over 5.6 million customers and
generated sales of US$290 million.

Portrait Corporation and its debtor-affiliates filed for
Chapter 11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case
No. 06-22541).  John H. Bae, Esq., at Cadwalader Wickersham &
Taft LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' financial advisor
and investment banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assets of US$153,205,000 and liabilities of
US$372,124,000.


PRESTIGE LEISURE: Taps Liquidators from David Horner & Co.
----------------------------------------------------------
David Anthony Horner and David Adam Broadbent of David Horner &
Co. were appointed joint liquidators of Prestige Leisure
Security (York) Ltd. on April 20 for the creditors' voluntary
winding-up procedure.

David Horner & Co. -- http://www.davidhornerandco.co.uk/--  
offers practical advice and solutions to all types of
businesses, individuals and creditors, often enabling formal
insolvency to be avoided.

The company can be reached at:

         Prestige Leisure Security (York) Ltd.
         The Square
         Knottingley
         WF11 8NG
         England
         Tel: 077 2938 7672


PRO GLASS: Appoints Clive Morris to Liquidate Assets
----------------------------------------------------
Clive Morris of Marshall Peters Ltd. was appointed liquidator of
Pro Glass Ltd. on April 18 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Pro Glass Ltd.
         Unit 1 Rafferty Business Park
         Sneyd Trading Estate
         Stoke on Trent
         ST6 2EB
         England      
         Tel: 01782 575 551


RICHPORT SERVICES: Hires Liquidators from Vantis
------------------------------------------------
J. S. French and G. Mummery of Vantis Redhead French Ltd. were
appointed joint liquidators of Richport Services Ltd. on
April 23 for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Richport Services Ltd.
         20 St. Johns Road
         Ilford       
         IG2 7BB
         England
         Fax: 020 8590 8633


ROBMAR LTD: Creditors' Meeting Slated for May 14
------------------------------------------------
Creditors of Robmar Ltd. will meet at 10:30 a.m. on May 14 at:

         Begbies Traynor
         2-3 Pavilion Buildings
         Brighton
         East Sussex  
         BN1 1EE
         England
Creditors who want to vote at the meeting have until noon on
May 11 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on May 10.

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


SHAPERO AGENCIES: Joint Liquidators Take Over Operations
--------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of Shapero
Agencies Ltd. on April 19 for the creditors' voluntary winding-
up proceeding.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages  
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.  

The company can be reached at:

         Shapero Agencies Ltd.
         16 Victoria Road
         Shipley
         BD18 3LQ
         England
         Tel: 01274 531 210
         Fax: 020 7453 1259


SHAW GROUP: To Redeem Remaining US$15.2 Mln of 10-3/4% Sr. Notes
----------------------------------------------------------------
The Shaw Group Inc. will redeem all remaining outstanding 10-
3/4% Senior Notes due 2010.  As of April 30, 2007, the aggregate
principal amount of the remaining outstanding Senior Notes was
US$15,173,000.  

Pursuant to the terms of the 10-3/4% Senior Notes Indenture, the
Senior Notes will be redeemed by Shaw on May 31, 2007 at a
redemption price equal to 105.375% of the outstanding principal
amount of the outstanding Senior Notes ($1,053.75 per US$1,000
in principal amount of the Senior Notes) plus accrued interest
of US$22.67 per US$1,000 in principal amount of the Senior
Notes. Shaw will fund the redemption of the Senior Notes with
cash on hand.  The company expects to record a pre-tax charge of
approximately US$1.1 million, US$0.7 million after taxes in the
third quarter of fiscal 2007 as a result of the early retirement
of remaining outstanding 10-3/4% Senior Notes.

Shaw issued the US$253 million face amount, 10-3/4% Senior Notes
due 2010 in a private offering on March 17, 2003. In May 2005,
Shaw redeemed US$237,856,000 aggregate principal amount of
Senior Notes, 94% of original issuance, pursuant to a tender
offer.  The company paid approximately US$266.8 million to
redeem the Senior Notes, plus accrued interest, and made consent
payments totaling approximately US$5.9 million.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the   
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SMARTIRE SYSTEMS: Sells US$1.5 Million Notes to Cornell Unit
------------------------------------------------------------
SmarTire Systems Inc. entered into an agreement on April 27, to
sell up to US$1.5 million in convertible debentures to a
subsidiary of Cornell Capital Partners LP.  On April 27,
SmarTire sold one convertible debenture under this agreement for
gross proceeds of US$1.15 million.

The agreement provides that SmarTire may sell convertible
debentures for the balance of up to US$350,000 at any time until
Oct. 1, 2007.
    
SmarTire intends to use the net proceeds of this financing
offering for general corporate purposes, including working
capital.
    
"The company is pleased that Cornell has demonstrated its
continued support of the company's strategy and vision as
evidenced by its second financing with the company this calendar
year," Jeff Finkelstein, SmarTire CFO, said.
    
Headquartered in Richmond, British Columbia, Canada, SmarTire
Systems Inc. (OTC BB: SMTR.OB) -- http://smartire.com/--  
develops and markets advanced wireless sensing and control
systems worldwide under the SmartWave(TM) trademark.  SmarTire
has developed numerous patent-protected wireless technologies
and advanced tire monitoring solutions since it was founded in
1987.  Its proprietary SmartWave platform provides a foundation
for the addition of multiple wireless sensing and control
applications.  The initial product release on the SmartWave
platform is SmartWave TPMS, which leverages on SmarTire's
background and knowledge in tire monitoring solutions. SmarTire
has offices in North America and Europe.

At Jan. 31, the company's balance sheet showed US$5.3 million in
total assets, and US$17.6 million in total liabilities,
resulting in a US$12.3 million total stockholders' deficit.


SOLUTIA INC: Court Extends Plan Filing Period Through July 30
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has extended the time in which only Solutia Inc. may file a
chapter 11 plan up to and including July 30, and Solutia's
exclusive period to solicit acceptances of its Chapter 11 up to
and including Sept. 28.

         Committee Fails to Terminate Exclusive Periods

The Court has denied the request of the Official Committee of
Equity Security Holders to terminate Solutia Inc. and its
debtor- affiliates' exclusive period to file a plan of
reorganization and solicit acceptances.

            Jefferies and Equity Committee Present
                   "More Viable" Alternative

Global investment bank and institutional securities firm
Jefferies & Company, Inc., says that the Debtors' Plan of
Reorganization filed in February 2006 and their attempt to sell
equity do not maximize value for their estates and recovery to
creditors and interest holders.

The Equity Committee has sought to terminate the periods in
which only the Debtors may file a plan of reorganization and
solicit acceptances for the plan on grounds that the Debtors
have proven unable to develop a confirmable plan that realizes
the full value of their estates.

William Q. Derrough, a managing director of Jefferies, agrees
with the Equity Committee's contentions, noting that:

    -- In their proposed Plan, the Debtors estimate enterprise
       value between US$2,000,000,000 to US$2,300,000,000.  
       However, since last 2006, the Debtors' enterprise value
       has increased substantially; and

    -- The Debtors' attempt to sell their equity will not
       provide 100% recovery to general unsecured creditors and
       will not provide any recovery to the Debtors'
       shareholders.

After completing its analysis, Jefferies has concluded that the
Debtors' plans will not generate the maximum amount of value
available to the Debtors' estates.  Jefferies says that it is
working with the Equity Committee to formulate a confirmable
plan premised upon a modified sale plan -- a sale of certain of
the Debtors' business lines and then a reorganization around
Solutia Inc.'s remaining businesses.

Mr. Derrough, citing his experience, as well as the indications
of value received through the limited auction process in
connection with the Sale Plan, believes that Solutia, and all of
its constituents, would probably generate more value from an
asset sale of Solutia's Sale Businesses free and clear of the
all of the legacy liabilities, i.e. liabilities created by the
long term operation of Old Monsanto's chemical business, and
then reorganize Solutia around its remaining businesses.  

Furthermore, Mr. Derrough avers, now is a particularly opportune
time to sell assets that comprise the Sale Businesses.  He
explains, based partly on strong recent and current market
conditions for the M&A transactions and financings across most
industries, as well as with specialty and diversified chemicals
in general, valuations of chemicals assets are higher than they
have been in recent years.  

Accordingly, Mr. Derrough asserts, pursuing the Modified Sale
Plan at this time should generate sufficient cash to satisfy all
claims at 100% recovery plus accrued interest -- except for the
unliquidated claims filed by New Monsanto and Pharmacia -- on
the effective date of the plan.  To the extent that the cash
proceeds are not sufficient to satisfy all allowed claims,
Jefferies has been analyzing other potential sources of cash and
believes that there are other sources of funds that would be
available to satisfy those claims.

Mr. Derrough relates that a divestiture of the Sale Businesses
is likely to achieve a higher transaction multiple than a sale
of the equity of the consolidated business as there are natural
buyers who are only interested in assets comprising the Sale
Businesses.  He adds that the divesture may enable a purchaser
to buy a portion of the Debtors' assets free and clear of the
Legacy Liabilities.  "Doing so would remove the uncertainty
regarding future payments associated with these Legacy
Liabilities.  Thus, such a sale will be much more attractive to
potential purchasers who will be willing to pay more than if a
sale was premised on an assumption of the Legacy Liabilities.  
Cash received through the divestiture of the Sale Businesses
will allow the Debtors to pay off substantial amounts of debt on
the effective date of the plan."

To the extent exclusivity is terminated and the Equity Committee
is free to pursue the Modified Sale Plan, the Debtors' true
enterprise value will be tested and realized in the marketplace,
Mr. Derrough avers.  At this time, the Equity Committee is
prepared to engage a disinterested third-party bank with
particular chemical merger and acquisition experience to test
the market for a divestiture of the Sale Businesses.  Jefferies
is also willing to assist in this process.

Headquartered in New York, Jefferies has annual revenues of
US$1,500,000,000 and an equity market capitalization of
US$4,000,000,000, and over 2,250 employees, including nearly 450
investment banking professionals, in more than 25 offices around
the world.  Jefferies provides a broad range of corporate
advisory services to its clients including, without limitation,
services pertaining to mergers, acquisitions, divestitures and
corporate restructurings; sales and trading; research; and asset
management.  In 2006, Jefferies advised on 190 mergers &
acquisitions and restructuring transactions, valued at over
US$100,000,000,000.

           Parties Object Exclusivity's Termination

(a) Retirees Committee

The Official Committee of Retirees notes that the Modified Sale
Plan is based on three "unlikely" assumptions:

   (a) the assets are assumed to fetch a high price;

   (b) remaining Solutia businesses are assumed to have a high
       borrowing capacity to produce additional cash for plan
       distributions; and

   (c) Monsanto Company and Pharmacia Corp. have no liquidated
       claims entitled to distributions.

Daniel D. Doyle, Esq., at Spencer Fane Britt & Browne LLP, in
St. Louis, Missouri, notes that Mr. Derrough failed to provide
any "expert certainty" with regards to his assumptions and the
Equity Committee had not identified any party interested in
buying any Solutia assets at any price, and did not identify a
prospective opening bidder for any Solutia assets.

In other words, Mr. Doyle contends, the Equity Committee's
proposal to file a plan that would pay 100% of all claims is
premised on three assumptions that, even if they materialize,
would not provide a result that can be predicted with any
economic certainty, and is subject to further exploration of the
market already likely mapped out by Solutia.

Mr. Doyle also notes that the Equity Committee failed to state
any harmed to creditors by further extension of the Exclusive
Periods.  "To the contrary, most parties have expressly or
tacitly acknowledged that Solutia is capably tending to its
business and at least maintaining asset values during this
case."

The Equity Committee's request comprises a speculative double-
or-nothing gamble to put equity holders in the money by putting
retirees and holders of other unsecured claims at unacceptable
risk, Mr. Doyle notes.

The Retirees Committee asserts that Solutia, unlike the Equity
Committee, is actually operating in and familiar with the
industry segments from which potential bidders would be most
likely to later emerge.  The Equity Committee failed to explain
how it "could be in a better position than the Debtors to
predict the outcome of the sales of its own businesses,"
Mr. Doyle points out.

"It is equally difficult to understand why the Equity Committee
should market and sell Solutia assets," Mr. Doyle adds.  The
Equity Committee, given its professed goal of equity
distributions, has an incentive to set high minimum bid
thresholds, rather than lower minimum bids that reflect the
actual market.  Putting the Equity Committee in charge of
selling Solutia's assets creates a risk of delayed sales under a
plan, rather than better accommodating them, he asserts.

Moreover, the Retirees Committee dispels the Ad Hoc Committee of
Solutia, Inc. Noteholders' contentions that Solutia has engaged
in only cosmetic plan negotiations and is not acting in good
faith.  "The Retirees Committee has seen nothing to indicate any
unwarranted delays by the Debtors in proposing and seeking
consensus on plan terms, or a lack of good faith by any party in
this case."

(b) Ad Hoc Trade Claims Committee

The Ad Hoc Solutia Trade Claims Committee notes that the
Noteholders Committee's argument for terminating exclusivity
rests on the contention that the Debtors are "hold[ing] up the
process" by refusing to move full-speed-ahead with a deal on a
confirmable plan of reorganization purportedly agreed to between
the Noteholders' Committee and Monsanto on April 10.

Steven D. Pohl, Esq., at Brown Rudnick Berlack Israels LLP, in
Boston, Massachusetts, asserts that the details surrounding the
settlement negotiations make clear that the proposal fails to
provide sufficient legal or factual support for the Noteholders'
termination request:

   (i) The Noteholder Proposal is an agreement between two non-
       fiduciaries, whereby the Noteholders Committee and
       Monsanto have, not surprisingly, spent other
       constituents' recoveries in order to satisfy their own
       unreasonable recovery demands;

  (ii) The Noteholders Committee misleadingly suggests that the
       settlement embodied by the Noteholder Proposal was
       effectuated in connection with the Court's directive that
       all parties meet to engage in settlement negotiations --
       yet during the meeting that led to this purported deal,
       the Noteholders Committee refused to meet with the Trade
       Committee or the Creditors Committee, groups which the
       Noteholders Committee now disingenuously refers to as the
       "recalcitrant holdouts";

(iii) Implicit in the Noteholder Proposal is the fact that the
       Noteholders Committee has settled, on its own, the
       JPMorgan Adversary Proceeding, and the implausible notion
       that this one-party settlement could possibly support a
       settlement under Rule 9019 of the Federal Rules of
       Bankruptcy Procedure that is to form a critical pillar of
       the plan; and

  (iv) The Noteholders Committee asserts that it has made
       "substantial concessions" from a par-plus-accrued
       recovery -- concessions from a complete JPM Adversary
       Proceeding victory -- yet the Noteholders Committee has
       strategically refused to disclose its concessions in
       order to give others, including the Court, an opportunity
       to evaluate the reasonableness of the proposed
       settlement.

(c) Creditors Committee

The Official Committee of Unsecured Creditors asserts that the
termination request, if successful, would derail any prospect
for a consensual resolution of the Chapter 11 cases and are
fueled by the Debtors' justified refusal to acquiesce to the
"best case" plan proposals championed by the Noteholders and
Equity Holders.

The Noteholders Committee's request is premised on the notion
that it has developed a "settlement plan" that is confirmable
and that the Debtors have breached their fiduciary duties by not
adopting the "settlement plan."

Daniel H. Golden, Esq., at Akin Gump Strauss Hauer & Feld LLP,
in New York, notes that the Noteholders Committee's "settlement
plan" would, based on the Debtors' valuations, provide
noteholders with a plan recovery equal to at least as much as
the Noteholders would receive if they were to prevail in the
JPMorgan Adversary Proceeding.  The Debtors and their board have
refused to support the purported "compromise" on grounds that it
is clearly inequitable to other stakeholders.

The Noteholders Committee, according to Mr. Golden, also
misleads the Court by referring to its plan proposal as a
"settlement".  The use of the term settlement is particularly
misleading as no other party to the JPMorgan Adversary
Proceeding has joined the "settlement" which begs the question -
- with whom are the Noteholders settling?

In addition, the Creditors Committee asserts, the mere fact that
the Equity Committee and the Noteholders Committee groups
believe that they have a "better" plan for reorganization is not
cause to terminate exclusivity.  

Indeed, the Creditors Committee notes, the purpose of
exclusivity is to allow a debtor to address the divergent
interests of its estate, and propose a solution in tire best
interests of all stakeholders.  Terminating the Debtors'
Exclusive Periods would do nothing to move the Chapter 11 cases
forward, but instead, would set the cases on a path of unabated
litigation with each stakeholder permitted to pursue their "best
case" plan, Mr. Golden warns.  He says, rather than democratize
the plan process, a lapse or termination of the Exclusive
Periods at this juncture will promote creditor anarchy, thus,
destroying any prospect for a negotiated resolution of the cases
in the near future and likely resulting in material harms to the
Debtors' estates and their creditors.

(d) Calpine

Calpine Corporation, Decatur Energy Center, LLC, Calpine
Central, L.P., Calpine Energy Services Company, formerly known
as Calpine Power Services Company, and certain of their
affiliates, holders of unsecured claims totaling in excess of
US$400,000,000, assert that the Equity Committee's termination
request is objectionable.  Steven J. Reisman, Esq., at Curtis,
Mallet-Prevost, Colt & Mosle LLP, in New York, notes:

   (1) The Modified Sale Plan is unacceptably vague.  The "plan"
       purportedly would provide for payment of all creditors'
       claims in full with additional recovery available for the
       current equity holders, but, interestingly enough, the
       Equity Committee declines to describe how this may be
       accomplished, except in broad generalities;

   (2) The Equity Committee acknowledges that the Debtors have
       expressed an interest in this type of alternative plan,
       and have approached certain potential purchasers.  The
       Debtors are plainly in the best position to evaluate
       whether the sale of certain businesses might result in a
       greater recovery than other possible alternatives, and
       presumably if the Debtors believed that the Modified Sale
       Plan were likely to yield a greater recovery to all
       stakeholders, they would pursue it.  The management team
       at Solutia has impeccable credentials and credibility,
       and their judgment as to the reorganization process
       should be deferred to at this time;

   (3) The Equity Committee's strategy regarding renegotiating
       the Debtors' settlement with Monsanto is problematic.  
       Doing so would impose a very real risk to other
       stakeholders in the Chapter 11 cases, particularly
       unsecured creditors, that the Monsanto settlement could
       cease to be available, resulting in a possibly much worse
       result for creditors; and

   (4) Given that the Debtors' current plans do not contemplate
       a recovery to equity, the Equity Committee has nothing to
       lose and everything to gain by pursuing an alternative
       plan, no matter how risky or ill-conceived.  This fact in
       particular should give the Court pause in evaluating the
       Equity Committee's request to terminate exclusivity.

Mr. Reisman also refutes the Noteholders Committee's
allegations, which is premised on the Debtors' refusal to agree
to the unrefined settlement reached between the Noteholder
Committee and Monsanto, as well as the Debtors' alleged stance
as "partisans" on behalf of unsecured creditors:

    -- The Debtors have fiduciary obligations to their unsecured
       creditor body, so it is not surprising to see the Debtors
       resist requests to carve into unsecured creditors'
       recovery.  The Debtors further would rightly be expected
       to not support a plan that contemplates a cramdown on
       unsecured creditors;

    -- The "settlement" is nothing more than a negotiating
       position until agreed by the relevant parties, most
       significantly the Debtors.  The Debtors are under no
       obligation to capitulate to demands of the Noteholders
       Committee, regardless of whether it has reached an
       agreement with Monsanto.  The Debtors are negotiating in
       good faith in accordance with their fiduciary duties,
       under trying circumstances; and

    -- The Noteholders Committee's attempt to end-run the normal
       negotiating process and negotiate the terms of a proposed
       plan through publicly filed pleadings is unhelpful and
       unproductive.

Calpine submits that the Noteholders Committee's request is
simply an attempt by the Noteholders to garner additional
leverage and avoid their obligations to negotiate toward a
confirmable plan in good faith with the Debtors.

                 Competing Motions Underscore
              Need for Exclusivity, Solutia Says

Jonathan S. Henes, Esq., at Kirkland & Ellis LLP, in New York,
asserts that the competing motions filed by the Noteholders and
the Equity Committee underscore why Solutia's exclusivity should
be extended at this critical point in the Chapter 11 cases.  He
notes, not unexpectedly, the respective "plans" are designed to
maximize the recoveries for the respective stakeholder proposing
it.

The Noteholders Committee's "plan" assumes a best-case scenario-
and then some-in the JPMorgan Adversary Proceeding.  In
contrast, the Equity Committee's Modified Sale Plan assumes that
a sale of assets free and clear would generate enough money to
pay off everyone above them in the capital structure and the
remaining value would go to them.

By seeking to maximize their own recoveries, both the
Noteholders Committee and the Equity Committee have proposed
"plans" in complete disregard of all other stakeholders and the
circumstances of the Chapter 11 cases, Mr. Henes avers.  Both
the Noteholders Committee and the Equity Committee ignore the
reality of the cases -- the existence of divergent stakeholders'
interests and significant legacy liabilities require a refined
balancing, which only can be achieved by including all major
stakeholders and attempting in good faith to address their
respective concerns.

Solutia tells the Court that it has prepared a modified Plan
that treats its stakeholders fairly and equitably.  Given that
the Court has indicated that it intends to rule very soon on the
JPMorgan Adversary Proceeding and the progress made in
negotiations, Solutia will withhold filing the Plan for the time
being.

The Noteholders trumpet their plan as a "fair and reasonable
compromise" and a "major concession[]" on their part.  They
claim that the "Noteholders would receive less than the full
recovery they would receive as secured creditors, in a fair and
reasonable compromise of JPMorgan adversary proceeding."  
Solutia, however, disagrees.

Based on its analysis, Solutia, its Board of Directors and its
advisors concluded that the Noteholders' "Settlement Plan" would
afford them a windfall to the detriment of other stakeholders
because their recovery would exceed what they could recover if
they prevailed on every contested legal issue.  Solutia also
concluded the proposal is not confirmable because it likely
would violate the absolute priority rule by awarding the
Noteholders more than full recovery.

While the issue of valuation is premature, Solutia notes the
irony of the Noteholders' and the Equity Committee's positions.
The Noteholders claim that Solutia's valuation is too high; the
Equity Committee claims it is too low.  Dissatisfaction by the
extreme stakeholders with Solutia's proposal, while maintaining
the support of other constituencies, demonstrates that Solutia
has led properly through the Chapter 11 cases, Mr. Henes avers.  
In accordance with their statutory duties, Solutia will continue
to do what it has done since the outset of the Chapter 11 cases
-- act reasonably, fairly and responsibly on behalf of all
stakeholders.

Headquartered in St. Louis, Missouri, Solutia Inc. (OTCBB:SOLUQ)
-- http://www.solutia.com/-- and its subsidiaries, engage in  
the manufacture and sale of chemical-based materials, which are
used in consumer and industrial applications worldwide.  The
company and 15 debtor-affiliates filed for chapter 11 protection
on Dec. 17, 2003 (Bankr. S.D.N.Y. Case No. 03-17949).  When the
Debtors filed for protection from their creditors, they listed
US$2,854,000,000 in assets and US$3,223,000,000 in debts.

Solutia is represented by Allen E. Grimes, III, Esq., at
Dinsmore & Shohl, LLP and Conor D. Reilly, Esq., at Gibson, Dunn
& Crutcher, LLP.  Trumbull Group LLC is the Debtor's claims and
noticing agent.  Daniel H. Golden, Esq., Ira S. Dizengoff, Esq.,
and Russel J. Reid, Esq., at Akin Gump Strauss Hauer & Feld LLP
represent the Official Committee of Unsecured Creditors, and
Derron S. Slonecker at Houlihan Lokey Howard & Zukin Capital
provides the Creditors' Committee with financial advice.
(Solutia Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).  

In February 2007, the Honorable Prudence Carter Beatty entered a
bridge order extending the Debtors' exclusive period to file a
plan until April 30, 2007.


STAFFLINK UK: Taps Philip Simons to Liquidate Assets
----------------------------------------------------
Philip Simons of Langley Group LLP was appointed liquidator of
Stafflink U.K. Ltd. on April 23 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Stafflink U.K. Ltd.
         138 Lower Road
         Southwark       
         London
         SE16 2UG
         England
         Tel: 020 7252 2212
         Fax: 020 7252 2901


VONAGE HOLDINGS: Wants Verizon Patent Case Back to Lower Court
--------------------------------------------------------------
Vonage Holdings Corp. asked the U.S. Court of Appeals for the
Federal Circuit to remand its patent case against Verizon
Communications Inc. to a lower court, Amol Sharma of The Wall
Street Journal reports.

According to WSJ, Vonage cited in its request a recent Supreme
Court ruling that could put pressure on companies in protecting
patents deemed too obvious.

The ruling, which favored a company accused of patent
infringement, gave Vonage more hope that it could win the case
against Verizon.

The company previously said in a regulatory filing that its
ongoing patent litigation with Verizon, if determined
against the company, could, among others, lead to the bankruptcy
or liquidation of the company.

                        Verizon Litigation

On June 12, 2006, Verizon filed a suit against Vonage and
its subsidiary Vonage America Inc., with the U.S. District Court
for the Eastern District of Virginia.  

Verizon alleged that the company infringed seven patents in
connection with providing VoIP services and sought injunctive
relief, compensatory and treble damages and attorneys' fees.  
Verizon dismissed its claims with respect to two of its patents
prior to trial, which commenced on Feb. 21, 2007.

After trial on the merits, a jury returned a verdict finding
that the company infringed three of the patents-in-suit.  The
jury rejected Verizon's claim for willful infringement, treble
damages, and attorneys' fees, and awarded compensatory damages
in the amount of US$58 million.  The trial court subsequently
indicated that it would award Verizon US$1.6 million in
prejudgment interest on the US$58 million jury award.  The trial
court issued a permanent injunction with respect to the three
patents the jury found to be infringed effective April 12, 2007.

The trial court then permitted the company to continue to
service existing customers pending appeal, subject to deposit
into escrow of a 5.5% royalty on a quarterly basis.  The trial
court also ordered that the company may not use its technology
that was found to be infringing to provide services to new
customers.  In addition, Vonage posted a US$66 million bond to
stay execution of the monetary judgment pending appeal.

On April 6, 2007, the company brought the trial court's ruling
to the Federal Circuit Court, which Court allowed Vonage to
continue to sign up new customers while Vonage appeals the
jury's decision and set June 25, 2007, as the commencement of
the oral arguments on the matter.

                         About Vonage

Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- is  
a provider of broadband telephone services with over 1.4 million
subscriber lines as of Feb. 8, 2006.  Utilizing its voice over
Internet protocol technology platform, the company offers
feature-rich, low-cost communications services with a call
quality comparable to traditional telephone services.  While
customers in the United States represent over 95% of its
subscriber lines, Vonage continues to expand internationally,
having launched its service in Canada in November 2004, and in
the United Kingdom in May 2005.


* BOOK REVIEW: Business Wit & Wisdom
------------------------------------
Author:     Richard S. Zera
Publisher:  Beard Books
Paperback:  316 pages
List Price: US$34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982560/internetbankru
pt

This book Business Wit & Wisdom, written by Richard S. Zera
houses a masterful collection of sayings, anecdotes, and quotes
to amuse.

Thought provoking ideas and expressions can be found on every
page, along with stories and quips to prompt a smile or a hearty
chuckle.

Conveniently grouped by subject, this gold mine can be easily
panned by speakers for relevant nuggets, and readers can just
enjoy the thoughts and meanings prompted by so many of the
entries of this wonderful treasure chest.


                           *********

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 * * *