TCREUR_Public/070507.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

              Monday, May 7, 2007, Vol. 8, No. 89

                            Headlines


A U S T R I A

AEL LINDNER: Claims Registration Period Ends May 20
DIANA LLC: Claims Registration Period Ends May 31
ESTRICH U. FERTIGPUTZ: Claims Registration Period Ends May 30
J.R.D. LLC: Claims Registration Period Ends May 29
JAMMERTZHEIM & HOEDELMOSER: Claims Registration Ends May 22

MONTANHANDEL LLC: Claims Registration Period Ends May 22


B E L G I U M

MILACRON INC: Shareholders Approve 1-for-10 Reverse Stock Split


C Z E C H   R E P U B L I C

CLEAR CHANNEL: Board Rejects New Terms of Buyout Offer
NEW WORLD: Moody's Assigns B1 Corporate Family Rating


F I N L A N D

METSO CORPORATION: Posts EUR121.9 Mln EBITDA in First Qtr. 2007


F R A N C E

EUROPCAR GROUPE: Moody's Holds Low-B Ratings on EUR805 Mln Notes
EUROPCAR GROUPE: S&P Affirms BB- Rating with Outlook Stable
SUPERIOR ESSEX: Moody's Upgrades Ratings on Improved EBITDA


G E R M A N Y

BAR SYSTEM: Claims Registration Ends May 25
BOON GMBH: Claims Registration Ends May 30
COGNIS GMBH: Intends to Raise EUR1.65 Billion Senior Sec. Notes
COGNIS GMBH: Moody's Lowers Rating to B2 on Increased Leverage
COGNIS GMBH: S&P Rates Proposed EUR250 Million Facility at BB-/1

DAIMLERCHRYSLER: Chrysler Sales Up 17% -- Best April in 10 Years
EUROPA SUNSHINE: Claims Registration Ends May 21
FRIEDRICH KNOSPE: Claims Registration Ends June 8
GERRESHEIMER HOLDINGS: Moody's Assigns Loss-Given-Default Rating
GET IT: Claims Registration Ends June 21

GETIFIX JOACHIM: Claims Registration Ends June 4
GILDEMEISTER AG: Moody's Assigns Loss-Given-Default Rating
GTH GMBH: Creditors Must Register Claims by June 15
HAHLE METALLBAU: Creditors Must Register Claims by June 11
HOFER FAHRZEUGTECHNIK: Creditors Must Register Claims by May 30

IMMOBILLENVERWALTUNGSGESELL: Claims Registration Ends June 13
K&P FOOD: Claims Registration Period Ends May 21
KLEENOTHEK-FRANCHISE: Claims Registration Period Ends June 5
KLOECKNER PENTAPLAST: Blackstone to Buy Firm for EUR1.3 Billion
KLOECKNER PENTAPLAST: Sale to Blackstone Cues S&P to Keep Watch

OMEGA VERANSTALTUNGSTECHNIK: Claims Registration Ends June 7
PROJEKT ONE: Creditors' Meeting Slated for June 22
RENATE HOSUNG: Claims Registration Period Ends June 4
RIMA CAR-SERVICE: Claims Registration Period Ends May 25
SCHMERZZENTRUM PFORZHEIM: Claims Registration Ends June 22

SENDLER DRUCK: Claims Registration Period Ends June 15
VOGTLAND BUEROTECHNIK: Claims Registration Period Ends June 8
WCM BETEILIGUNGS: CURA Seniorencentrum Buys 71.8% Maternus Stake


I R E L A N D

CENTRAL PARKING: High Leverage Cues S&P to Cut Rating to B
NORTEL NETWORKS: Invests US$5 Million in Irish Customer Center


I T A L Y

CORDUSIO RMBS: Moody's Rates EUR19.5 Mln Class E Notes at (P)Ba2
CORDUSIO RMBS: S&P Puts BB Ratings to EUR19.5 Mln Class D Notes


K A Z A K H S T A N

BOLTICK TRUST: Creditors Must File Claims by June 8
CAPITAL STROY: Creditors' Claims Due June 13
CORPORATION LOYALTY-I: Proof of Claim Deadline Slated for June 1
HELP-ECOIL LLP: Claims Registration Ends June 1
JETYKARINSKAYA NEFTEBAZA: Claims Filing Period Ends June 13

KARACHAGANAKSTROYSERVICE LLP: Creditors' Claims Due June 13
KARAGANDA OIL: Creditors Must File Claims by June 1
ORIGINAL LLP: Proof of Claim Deadline Slated for June 1
TOUR-SERVICE LLP: Claims Registration Ends June 1


K Y R G Y Z S T A N

MOBILE TRANS: Creditors Must File Claims by June 20


L U X E M B O U R G

GELDILUX-TS-2007: Moody's Puts Low-B Ratings to Two Note Classes


N E T H E R L A N D S

NEW WORLD: S&P Assigns BB- Ratings with Stable Outlook
ROYAL AHOLD: Fitch Lifts Ratings to BB+ on Foodservice Disposal


N O R W A Y

GENERAL CABLE: Names Mark Thackeray Sr. VP of North American Ops


R U S S I A

AZIA-AUTO LLC: Creditors Must File Claims by May 14
BEER INDUSTRY: Court Starts Bankruptcy Supervision Procedure
BUILDING COMPANY 3: Creditors Must File Claims by May 14
CONCERN ROBUR: Creditors Must File Claims by May 14
FINANCE LLC: Creditors Must File Claims by June 14

GAZPROMBANK OAO: Earns RUR14.8 Billion for First Quarter 2007
GROUP TITAN: Primorye Bankruptcy Hearing Slated for July 12
GUBKINSKAYA BUILDING: Creditors Must File Claims by June 14
KADINSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager
MAKHALINO CJSC: Creditors Must File Claims by June 14

MAYSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager
MINERAL WATERS: Asset Bidding Deadline Slated for May 14
NORTH LLC: Creditors Must File Claims by May 14
RASPADSKAYA OJSC: Moody's Assigns Ba3 Currency Rating
ROSNEFT OIL: Earns RUR213 Billion for Full Year 2006

SLAVYANSK-AGRO-KHIM: Creditors Must File Claims by June 14
TEXTILE LLC: Creditors Must File Claims by May 14
URSA BANK: Fitch Affirms B IDR with Stable Outlook
YUZHINSKOYE CJSC: Creditors Must File Claims by June 14


S P A I N

FTA SANTANDER: Fitch Junks EUR40 Million Class D Notes
MBS BANCAJA: Moody's Junks EUR23.1 Million Series E Notes


U K R A I N E

APSU LLC: Creditors Must Register Claims by May 17
BUGGI LLC: Creditors Must Register Claims by May 17
CARBAMIDE GUMS: Claims Filing Bar Date Set May 17
CONTRACT LLC: Creditors Must Register Claims by May 16
DERGACHEV BREAD: Creditors Must Register Claims by May 16

DRONGO LLC: Creditors Must Register Claims by May 16
GARANT LLC: Claims Filing Bar Date Set May 16
KALUSH BUILDING: Creditors Must Register Claims by May 17
NOVOTROITSKOE LLC: Creditors Must Register Claims by May 17
UKRAINA BANK: Yuschenko Approves Extending Liquidation to 2009

UKRAINA BANK: Liquidator Receives UAH429,000 in March
UKRAINIAN TECHNICAL: Creditors Must Register Claims by May 17
ZMIEV BREAD: Creditors Must Register Claims by May 16


U N I T E D   K I N G D O M

ALL AMERICAN: Bankruptcy Court Approves First Day Motions
BARKER INTERIORS: Hires Liquidators from Moore Stephens
BEND IT: Creditors' Meeting Slated for May 15
BIRCH HALL: Creditors' Meeting Slated for May 15
BLUESTONE SECURITIES: Fitch Puts BB Ratings on Class D Notes

BRIAN JOHNSON: Creditors' Meeting Slated for May 14
BRITISH SKY: Earns GBP388 Million in Nine Months Ended March 31
BRIXTON ONLINE: Joint Liquidators Take Over Operations
CASTLE COURIERS: Creditors' Meeting Slated for May 15
CLAVIS SECURITIES: Fitch Rates Series 2007-01 B2 Notes at BB

COMPLETE PROCESSING: Names Paul James Fleming Liquidator
FENNY TOOL: Claims Filing Period Ends May 31
GEORGICA PLC: Earns GBP855,000 in 13 Weeks Ended April 1, 2007
GEORGICA PLC: Moody's Assigns Loss-Given-Default Rating
KFA SOUND: Names Liquidators to Wind Up Business

MEDICLEAN CORP: Appoints Michael C. Kienlen as Liquidator
RANK GROUP: Achieves 3% Like-For-Like Revenue Growth in April
SCHEFENACKER PLC: Bondholder Deal Rids EUR200 Million Debt
SOLUTIA INC: Court Rules Bonds Doesn't Have Lien on Assets
SOLUTIA INC: Completes Purchase of Akzo Nobel's Flexsys Stake

STONECLEAN LTD: Calls In Liquidators from B & C Associates
T.M. TIMBER: Mark S. Goldstein Leads Liquidation Procedure
ULTRA BRITE: Claims Filing Period Ends June 6
VONAGE HOLDINGS: Circuit Court Denies Patent Case Retrial Bid
WESTWAY SERVICES: Taps John Russell to Liquidate Assets

WILD TECHNIK: Creditors' Meeting Slated for May 11
WILLIAM LISTER: Claims Filing Period Ends May 30

* Begbies Traynor Acquires Stellar Financial Partners LLP

                            *********

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A U S T R I A
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AEL LINDNER: Claims Registration Period Ends May 20
---------------------------------------------------
Creditors owed money by LLC AEL Lindner (fka LLC SMD Roland
Druschowitz) (FN 274007b) have until May 20 to file written
proofs of claim to court-appointed estate administrator Franz
Doppelhofer at:

         Mag. Franz Doppelhofer
         Reitschulgasse 1
         8010 Graz
         Austria
         Tel: 0316/810030
         Fax: 0316/810080
         E-mail: office@fritschpartner.at  

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

The meeting of creditors will be held at:

         Land Court Graz
         Room 222
         Second Floor
         Graz
         Austria
         
Headquartered in Hitzendorf,  Austria, the Debtor declared
bankruptcy on April 12 (Bankr. Case No. 26 S 25/07g).  


DIANA LLC: Claims Registration Period Ends May 31
-------------------------------------------------
Creditors owed money by LLC Diana (FN 97776p) have until May 31
to file written proofs of claim to court-appointed estate
administrator Johannes Jaksch at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 10 (Bankr. Case No. 5 S 48/07d).   Stephan Riel
represents Dr. Jaksch in the bankruptcy proceedings.


ESTRICH U. FERTIGPUTZ: Claims Registration Period Ends May 30
-------------------------------------------------------------
Creditors owed money by LLC Estrich u. Fertigputz (fka LLC ARES
Fertigputz)(FN 199562z) have until May 30 to file written proofs
of claim to court-appointed estate administrator Michael
Enzinger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 11 (Bankr. Case No. 2 S 55/07m).  


J.R.D. LLC: Claims Registration Period Ends May 29
--------------------------------------------------
Creditors owed money by LLC J.R.D. (FN 227649d) have until
May 29 to file written proofs of claim to court-appointed estate
administrator Klemens Dallinger at:

         Dr. Klemens Dallinger
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 28 33
         Fax: 513 28 33 22
         E-mail: dallinger@anwaltsteam.at  
                 hoedl@anwaltsteam.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on June 11 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 11 (Bankr. Case No. 38 S 21/07a).  Guenther Hoedl
represents Dr. Dallinger in the bankruptcy proceedings.


JAMMERTZHEIM & HOEDELMOSER: Claims Registration Ends May 22
-----------------------------------------------------------
Creditors owed money by OEG Jammertzheim & Hoedelmoser (FN
195857a) have until May 22 to file written proofs of claim to
court-appointed estate administrator Kurt Lechner at:

         Dr. Kurt Lechner
         c/o Mag. Klaus Haberler
         Triester Strasse 34
         2620 Neunkirchen
         Austria
         Tel: 02635/69555
         Fax: 02635/69555-5
         E-mail: info@dr-lechner.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 6 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Schwarzau am Steinfelde, Austria, the Debtor
declared bankruptcy on April 10 (Bankr. Case No. 10 S 35/07m).  
Klaus Haberler represents Dr. Lechner in the bankruptcy
proceedings.


MONTANHANDEL LLC: Claims Registration Period Ends May 22
--------------------------------------------------------
Creditors owed money by LLC Montanhandel (FN 099590g) have until
May 22 to file written proofs of claim to court-appointed estate
administrator Kurt Weinreich at:

         Dr. Kurt Weinreich
         Josefstrasse 13
         3100 St. Poelten
         Austria
         Tel: 02742/72 222
         Fax: 02742/72 222-10
         E-mail: kanzlei@tws-rae.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:30 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 Reichersdorf, Austria, the Debtor declared
bankruptcy on April 11 (Bankr. Case No. 14 S 66/07g).  


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


MILACRON INC: Shareholders Approve 1-for-10 Reverse Stock Split
---------------------------------------------------------------
Shareholders of Milacron Inc. approved Wednesday, May 2, a 1-
for-10 reverse stock split of both the company's common stock
and 4% preferred stock.  

Currently Milacron has approximately 56 million shares of common
stock outstanding.  Upon completion of the reverse stock split,
the company will have approximately 5.6 million common shares
outstanding.  Including Milacron's 6% convertible preferred
stock on an "as converted" basis, Milacron has approximately 113
million fully diluted shares, which will become approximately
11.3 million shares.  There are 60,000 shares of 4% preferred
stock outstanding, which will become 6,000 shares.  Common
stockholders otherwise entitled to receive fractional shares as
a result of the reverse stock split will receive a cash payment
in lieu thereof.  Fractional shares of Milacron's 4% preferred
stock will be issued to qualified holders.

The purpose of the reverse stock split is to increase the market
price of Milacron's common shares in order to comply with the
minimum share price rule of the New York Stock Exchange.  It
will likely take up to two weeks to complete the necessary
filings to effect the split.

At the annual meeting, shareholders elected Donald R. McIlnay,
senior vice president, president Industrial Tools Group and
Emerging Markets of The Stanley Works, a director to a three-
year term.  The following directors, nominated by Glencore
Finance AG, the majority holder of Series B 6% preferred stock,
were elected: Steven N. Isaacs, chairman and managing director
of Glencore; Mark R. Jacobson, managing partner of Ethemba
Capital LLP; Eric Schneider, president and chief executive
officer of Redwood Custom Communications Inc.; Thomas T.
Thompson, former managing director and partner of Imperial
Capital; and Brent C. Williams, managing director of Chanin
Capital.  In addition, shareholders ratified the appointment of
Ernst & Young LLP as independent auditors of the company for
fiscal year 2007.

Final, certified vote counts will be posted on Milacron's
website as soon as they are available and will be included in
the company's 10-Q filing for the second quarter.

Headquartered in Cincinnati, Ohio, Milacron Inc. (NYSE: MZ)
-- http://www.milacron.com/-- manufactures and supplies   
plastics-processing equipment and related supplies.  Milacron is
also one of the largest global manufacturers of synthetic water-
based industrial fluids used in metalworking applications.  The
company has major manufacturing facilities in North America,
Europe, and Asia.  Milacron's annual revenues approximated
US$805 million over the last twelve months.

The company has an office in South Korea, and joint ventures in
China and India.  In Europe, the company maintains operations in
Belgium, Germany, Italy, the Netherlands, Spain, and England.

                          *     *     *

As reported in the TCR-Europe on Jan. 2, Standard & Poor's
Ratings Services revised its outlook on Cincinnati, Ohio-based
Milacron Inc., to developing from negative.  At the same time,
Standard & Poor's affirmed its ratings on the company, including
its 'CCC+' corporate credit rating.


===========================
C Z E C H   R E P U B L I C
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CLEAR CHANNEL: Board Rejects New Terms of Buyout Offer
------------------------------------------------------
The board of directors of Clear Channel Communications Inc. has
rejected the new terms and structure of the proposed merger
between the Company and the private equity group co-led by Bain
Capital Partners, LLC and Thomas H. Lee Partners, L.P.

The amended term sheet the board received contemplates:

   (i) an increase in the merger consideration to be paid to
       unaffiliated shareholders from US$39 to US$39.20 per
       share, a 0.5% increase, and

  (ii) the opportunity for each shareholder to elect between
       cash and stock in the surviving corporation in the merger
      (up to an aggregate cap equivalent to 30% of the
       outstanding shares immediately following the merger (or
       approximately 6% before the merger)).  

Under this proposal, each of L. Lowry Mays, Mark Mays and
Randall Mays (and their affiliates) and each director of the
Company would be entitled to receive US$37.60 per share in cash
for each share of common stock (and options) held by them (or in
the case of a rollover, shares with a value of US$37.60 per
share), in lieu of the US$39.20 per share.  Following the
consummation of the merger, the shares would trade over the
counter, and not be listed on any national stock exchange.  

Acceptance of the proposal would result in a delay in the
special meeting to consider the merger, currently scheduled for
May 8 by as much as 90 days in order to allow the Company an
opportunity to prepare, file and process a registration
statement with the U.S. Securities and Exchange Commission and
distribute it to the Company's shareholders.

The board concluded to convene the special meeting of
shareholders scheduled to take place on May 8 and allow the
shareholders to vote on the existing merger proposal.

                          About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media     
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on April 23,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


NEW WORLD: Moody's Assigns B1 Corporate Family Rating
-----------------------------------------------------
Moody's Investors Service assigned a B1 Corporate Family Rating
to New World Resources B.V. and a (P)B3/LGD6 (91%) ratings to
the proposed EUR300 million senior unsecured notes due in May
2015.  The outlook on all ratings is stable.

NWR's B1 Corporate Family Rating reflects the Group's strong
financial results and operating efficiency in 2006, supported in
part by its favorable geographic location and continuous
strength in coal prices and freight tariffs.  These positive
credit considerations, however, are offset by the Group's
business profile with modest reserve base and a high level of
customer and business concentration, as well as exposure to a
negative shift in the current strong business cycle.  The rating
also reflects NWR's high operating risk, given the depth of its
mines.  Furthermore, the rating also incorporates a degree of
event risk, associated with NWR's strategy, notably the need to
expand its reserves base.

Moody's assigned (P)B3/LGD6 (91%) ratings to the proposed EUR300
million senior unsecured notes to be raised by New World
Resources B.V. holding company reflect the notes position in the
capital structure ranking behind the secured EUR970 million bank
facility (the facility will be reduced to EUR820 million with
part of the bond issue proceeds).

The assigned ratings anticipate the payment of a EUR300 million
special dividend during 2007.  Should the dividend payment be
postponed or reduced, the LGD assessment on the proposed notes
may be changed, while the assigned rating is likely to remain
unchanged.

Rating assigned:

   -- B1 Corporate Family Rating to New World Resources B.V.

   -- (P)B3/LGD 6 (91%) Senior Unsecured rating to the proposed
      EUR300 million notes at New World Resources B.V.

New World Resources B.V. is an industrial group whose main
activities include coal mining, coke production and logistics.
The company exploits the Upper Silesian basin in the North-
Eastern part of the Czech Republic, and during 2006 produced
approximately 13.5 million tonnes of coal and 1.3 million tonnes
of coke.  During the year ending December 2006 the company
reported revenues of CZK37.3 billion (or EUR1.3 billion) and
EBITDA of CZK8.5 billion (or EUR304 million).


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METSO CORPORATION: Posts EUR121.9 Mln EBITDA in First Qtr. 2007
---------------------------------------------------------------
Metso Corporation reported Earnings before interest, tax,
and amortization of EUR121.9 million or 8.9% of net sales
for the first quarter ended March 31, 2007, compared with
EUR99.9 million and 9.3% in the first quarter of 2006.  Net
sales were EUR1,366 million, a 27% increase from the same period
in 2006.  Operating income was EUR108.4 million, or 8.9% of net
sales, dropping 0.9% compared with the first quarter of 2006.  
Earnings per share were EUR0.50 as opposed to EUR0.47 the prior
year.

"Metso's January - March order intake was strong, and our order
backlog has further strengthened from the record-high year-end
figures," Metso President and CEO Jorma Eloranta said.  This,
together with the continuing favorable market outlook, gives us
confidence about the rest of the year and beyond.

Eloranta notes that Metso's financial performance was solid
despite seasonal factors that are typical for the first quarter.

"Our net sales grew significantly over the same period in 2006.  
Much of the growth is due to our expanded business scope, i.e.
the acquisition of the Pulping and Power businesses, but even
organically we delivered some 10% growth.  Also our operating
profit improved on the first quarter of 2006."

Eloranta says that Metso's outlook for 2007 continues to be
favorable.  "The financial performance for the rest of the year
is expected to be stronger than in the first quarter of 2007.  
Furthermore, we repeat our estimate that our net sales will grow
by more than 20% on 2006 and that the operating profit will
clearly improve."

                       Short-term outlook

The favorable market outlook for Metso's products and services
is expected to continue for the rest of 2007.

Metso Paper's market situation is estimated to continue much the
same as in the year's first quarter.  The demand for paper,
board and tissue machines and for fiber lines is expected to be
satisfactory.  The demand for power plants is estimated to be
good.  Also the demand for Metso Paper's aftermarket services is
expected to remain satisfactory.

Metso Minerals' favorable market outlook is expected to
continue.  The demand is anticipated to remain at the first
quarter's excellent level in the mining and metals recycling
industries, and at a good level in the construction industry.  
The demand for aftermarket services is expected to remain
excellent.

Metso Automation's market outlook in the pulp and paper customer
segment is estimated to be good. In the power, oil and gas
industries, the demand is expected to be good in process
automation systems and excellent in flow control systems.

It is estimated that Metso's financial performance for the rest
of the year will be stronger than in the first quarter.  Metso's
net sales in 2007 are estimated to grow by more than 20% on
2006, thanks to the strong order backlog, continuing favorable
market situation and the expanded business scope.

The operating profit in 2007 is estimated to clearly improve.  
It is estimated that the operating profit margin in 2007 will be
slightly below Metso's target, which is over 10%.  This is
primarily due to the high first-year amortization of intangible
assets, integration costs and only partially materializing
synergy benefits related to the acquisition of the Pulping and
Power businesses.

The estimates concerning financial performance are based on
Metso's current structure, order backlog and market outlook.

                           About Metso

Headquartered in Helsinki, Finland, Metso Corp. aka Metso Oyj --
http://www.metso.com/-- is a global engineering and technology  
corporation with 2005 net sales of around EUR4.2 billion.  Its
22,000 employees in more than 50 countries serve customers in
the pulp and paper industry, rock and minerals processing, the
energy industry and selected other industries.

The company's principal production plants are located in Brazil,
China, Finland, France, Germany, India, Italy, South Africa,
Sweden, the United Kingdom, and the United States.

                        *    *    *

As of Feb. 9, 2007, Metso Oyj carries Standard & Poor's 'BB+'
long-term and 'B' short-term corporate credit ratings and 'BB'
senior unsecured debt rating.


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F R A N C E
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EUROPCAR GROUPE: Moody's Holds Low-B Ratings on EUR805 Mln Notes
----------------------------------------------------------------
Moody's Investors Services affirmed the B1 rating of the
EUR430 million senior subordinated secured notes and the
B2 rating of the EUR375 million subordinated notes of Europcar
Groupe S.A., which have been increased from an original face
value of EUR300 million and EUR250 million, respectively.

The proceeds of the increase of the debt instruments will be
applied to finance the acquisition of the European businesses of
US car rental group Vanguard (rated B1).  The last rating action
was on February 23 when the ratings were confirmed and the
outlook was changed to negative.  As the confirmation of
Europcar's Ba3 Corporate Family Rating with a negative outlook
has incorporated the increased debt amount, it has no further
impact on the ratings.

These ratings were affirmed:

   -- EUR430 million senior subordinated secured Floating Rate
      Notes, affirmed at B1 (Loss Given Default Assessment
      LGD4, 68%).

   -- EUR375 million senior subordinated unsecured notes,
      affirmed at B2 (Loss Given Default Assessment LGD6, 93%).

Headquartered in Paris, France, Europcar is one of the leading
European rental car companies with reported sales of EUR1.5
billion in 2006.


EUROPCAR GROUPE: S&P Affirms BB- Rating with Outlook Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on France-based European car rental firm
Europcar Groupe S.A.  The outlook is stable.

At the same time, Standard & Poor's affirmed its 'BB' debt
rating on Europcar's proposed increased EUR350 million senior
secured revolving credit facility.  The recovery rating of '1'
on the RCF was also affirmed, indicating our expectation of full
recovery of principal in the event of a payment default.

The rating on the proposed increased EUR430 million subordinated
secured floating-rate notes has been affirmed at 'B+', one notch
below the corporate credit rating.  The recovery rating of '3'
was also affirmed, indicating our expectation of meaningful
recovery of principal for the FRN holders in the event of a
payment default.  The rating on the proposed increased EUR375
million subordinated unsecured notes has been affirmed at 'B',
two notches below the corporate credit rating.

The affirmations reflect our assessment of the proposed
financing arrangements supporting Europcar's acquisition of the
European businesses of Vanguard Car Rental Holdings LLC.

"Standard & Poor's considers the acquisition of Vanguard as
slightly positive for Europcar's business profile, as it
increases the group's diversification in Western Europe," said
Standard & Poor's credit analyst Anna Stegert. "Integration will
be challenging, however, and will be closely monitored."

Europcar has global presence outside Western Europe, primarily
through franchisees, but still remains absent from the key U.S.
market.  The strategic partnership with Vanguard in the U.S. is
therefore likely to yield some benefits in terms of market
coverage in the longer term.

The group has gained significant market share from the
acquisition, but competition from the other two leading European
market participants, U.S.-based Hertz Corp. and U.K.-based Avis
Europe PLC, remains fierce.  The industry is also highly asset
intensive, and demand remains essentially discretionary in
nature.

"Europcar's credit metrics are not expected to improve
considerably over the intermediate term, as any positive
developments in the operating environment resulting in business
growth will also result in an increased fleet funding
requirement," Ms. Stegert added.

As a result, gross debt reduction will only be achievable
through a reduction in fleet or the issuance of further equity,
neither of which we presently view as likely.

Downward pressure would arise if credit metrics weaken from
expected levels.  The ratings assume adjusted funds from
operations to net debt of between 12% and 15% over the cycle,
and adjusted net debt to capital of about 80%.  No further debt-
financed acquisitions are factored into the ratings.   Rating
upside potential is limited by the expected slow progress in
debt reduction over the medium term.


SUPERIOR ESSEX: Moody's Upgrades Ratings on Improved EBITDA
-----------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
of Superior Essex Communications LLC and changed the outlook to
positive.

Moody's upgraded these ratings:

    -- Corporate Family Rating to B1 from B2;
    -- Probability of Default Rating to B1 from B2;

Moody's affirmed this rating:

    -- US$257.1MM, 9.0% Senior Unsecured Notes due 2012, B3
       (LGD5, 78%) from (LGD5, 76%);

The upgrade in the Corporate Family Rating follows the recent
strong financial performance (all figures in accordance with
Moody's standard analytical adjustments) of the company, which
has been characterized by moderating leverage, strong interest
coverage and materially improved EBITDA.  Debt/EBITDA has
decreased to approximately 2.6 times at the end of 2006 from 4.3
times at the end of 2005. This decrease has been driven mainly
through EBITDA that has increased from US$96 million to US$163
million from 2005 to 2006.  At the end of 2006, interest
coverage measured as EBIT/Interest expense was strong at 3.5
times.

Factors constraining the B1 Corporate Family Rating are
Superior's seasonal and volatile business environment, negative
free cash flow because of increases in copper costs and the
impact on working capital, and the high commodity price content
in its products.  The company benefits from its leading market
positions, strong capacity utilization due to firm global
product demand, good liquidity and material barriers to entry.

The positive outlook reflects the expectation of a stable macro
economic environment allowing Superior to maintain its moderate
leverage and strong interest coverage.  It is Moody's belief
that absent a significant increase in copper pricing, free cash
flow could normalize in 2007 and that FCF/debt could equal or
exceed 10%.

Superior Essex Communications LLC is a leading manufacturer and
supplier of communications wire and cable products to telephone
companies, CATV companies, distributors and systems integrators,
and magnet wire and fabricated insulation materials to major
original equipment manufacturers for use in motors, transformers
and electrical controls.  The company also converts copper
cathode to copper rod for internal consumption and for sale to
other wire and cable manufacturers and OEMs.  Superior operates
manufacturing operations in the U.S., the United Kingdom,
France, Germany, Portugal, Mexico and China.  The company
presently conducts its operations through 95 sites.  For the
twelve months ended December 31, 2006, the company recognized
revenue of approximately US$2.9 billion.


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


BAR SYSTEM: Claims Registration Ends May 25
-------------------------------------------
Creditors of Bar System Concept GmbH have until May 25 to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58  
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Bar System Concept GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bar System Concept GmbH
         Ludenberger Str. 39
         40629 Duesseldorf
         Germany


BOON GMBH: Claims Registration Ends May 30
------------------------------------------
Creditors of Boon GmbH have until May 30 to register their
claims with court-appointed insolvency manager Dr. Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         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. Winfrid Andres
         Heinrich-Held-Str. 16
         45133 Essen
         Germany

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

The Debtor can be reached at:

         Boon GmbH
         Kopstadtplatz 6
         45127 Essen
         Germany


COGNIS GMBH: Intends to Raise EUR1.65 Billion Senior Sec. Notes
---------------------------------------------------------------
Cognis GmbH intends to access the debt capital markets to raise
EUR1.65 billion Senior Secured Floating Rate Notes and Loans, in
addition to a EUR250 million revolving credit facility.

Goldman Sachs and JP Morgan have been mandated to lead the
refinancing, with investor roadshow events being held by the
Cognis in London over the coming days.

The refinancing will enable Cognis to take advantage of current
favorable market conditions, reducing the overall cost of
capital.  No proceeds will be used to finance a payment to the
existing private equity sponsors.  

In addition, the company disclosed that bondholders representing
94.3% of the outstanding principal amount of the existing 9.5%
Senior Notes due 2014 have granted consent in conjunction with
the consent solicitation launched on April 25, and thus the
proposed waivers and amendments have been approved.

The consent solicitation sought to:

   -- amend certain provisions of the indenture dated
      May 13, 2004;

   -- waive certain provisions of the indenture;

   -- authorize the release of the security and guarantees set
      forth in the indenture; and

   -- replace the existing intercreditor agreement dated
      May 13, 2004.

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-percent 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.


COGNIS GMBH: Moody's Lowers Rating to B2 on Increased Leverage
--------------------------------------------------------------
Moody's Investors Service downgraded Cognis GmbH corporate
family rating to B2 and Probability of Default rating for the
group to B2.  Moody's also downgraded the senior notes due 2014
to Caa1 and revised LGD assessment at LGD5 (88%).

At the same time, Moody's assigned a rating of (P)B1, LGD3 (44%)
to the proposed senior secured floating rate notes and loans
(expected to rank pari passu with each other and have equal
terms and conditions) and a rating of (P)Ba2, LGD1 (4%) to the
proposed revolving credit facility.

The ratings on the existing first lien senior secured bank
facilities and second lien senior notes and loans of Cognis
Deutschland GmbH & Co. KG will be withdrawn following the
completion of the proposed refinancing.  The outlook is stable.

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

Moody's one notch downgrade of the corporate family rating
reflects the increase in leverage and cash interest costs
associated with the debt located within the rated Cognis GmbH
group following the partial repayment of the 2015 PIK notes.  
While the consent of the holders of the 2014 senior notes to the
partial repayment of the PIK notes was secured through an one-
off waiver and leaves the ring fencing arrangements restricting
the upstreaming of cash from Cognis GmbH to its parent Cognis
Holding GmbH in place, Moody's notes that the refinancing
exercise will result in some material deterioration in the
credit metrics of the rated group.  Despite assuming that Cognis
will continue to report a relatively robust operating
performance in line with its 2006 results, Moody's expects that
the group's adjusted gross debt to EBITDA ratio will remain
close to 6x in the near to medium term.

This rating action concludes the review for downgrade that was
initiated on 25 April 2007 following the company's announcement
of the consent solicitation under the 2014 9.5% senior 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 -- B2/PDR B2;

   -- Senior secured 2014 notes -- Caa1/LGD 5(88%);

   -- Senior secured floating rate notes and loans -- (P)B1/
      LGD3 (44%)

   -- Revolving credit facility -- (P)Ba2, LGD1 (4%)

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

Cognis GmbH, with headquarters in Monheim, Germany, is a leading
global manufacturer of natural-oil based specialty chemicals
products with consolidated revenues of EUR3.4 billion in 2006.


COGNIS GMBH: S&P Rates Proposed EUR250 Million Facility at BB-/1
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' senior
secured debt rating and a recovery rating of '1' to the proposed
EUR250 million revolving credit facility to be issued by Cognis
GmbH, indicating the expectation of full recovery of principal
in the event of a payment default.  

At the same time, Standard & Poor's assigned its 'B' senior
secured debt rating and a recovery rating of '3' to the
company's proposed EUR1.65 billion senior secured debt, which
comprise floating rate notes and senior secured loans,
indicating the expectation of meaningful recovery of principal.

The proposed issues will be used to refinance existing first-
and second-lien debt as well as to repay up to EUR350 million of
the payment-in-kind notes issued by Cognis Holding GmbH.

The ratings on Cognis continue to reflect the company's exposure
to several markets undergoing significant structural changes,
such as oleochemicals and textile chemicals; high volatility in
natural and petrochemical raw-material prices; and difficulties
of fully passing on the higher costs to customers.  These
factors are partly mitigated by well-diversified specialty
chemicals operations with above-average exposure to consumer-
related sectors and backward integration into natural-based raw
materials.  This provides Cognis a competitive advantage under
the current high oil price levels.
  
                        Recovery Analysis

The proposed EUR250 million senior secured revolving credit
facility is rated 'BB-', two notches above the corporate credit
rating, with a recovery rating of '1', indicating Standard &
Poor's expectation of full recovery of principal in the event of
a payment default.

The proposed EUR1.65 billion senior secured debt comprising
floating rate notes and loans is rated 'B', at the same level as
the corporate credit rating, with a recovery rating of '3',
indicating our expectation of meaningful recovery in the event
of a payment default.  The '3' recovery rating assumes that
loss-sharing provisions in respect of senior secured loans
borrowed by subsidiaries of Cognis are upheld such that lenders
of senior secured debt in both loan and note form rank pari
passu on enforcement of recovery proceeds.

Senior secured lenders to the revolving credit facility and
senior secured debt are expected to benefit from charges over
tangible assets where available--primarily from German, U.S.,
and French entities--in addition to share pledges and guarantees
from material companies in the group.  The lenders to the senior
secured loans and notes will rank pari passu although behind
lenders to the revolving credit facility on enforcement.  
Guarantees are provided by group companies accounting for at
least 70% of the group's total assets and adjusted EBITDA.

Should the corporate tax reform that is currently under
discussion in Germany be resolved with a detrimental tax effect
for Cognis, security and subsidiary guarantees may be released
and cease to secure the senior secured debt of the company.  At
that point security would only consist of a Cognis share pledge,
and the recovery ratings would be reviewed.

The group's operations are located in a number of jurisdictions-
-although about 80% of sales are generated in Western Europe and
North America--so cross-jurisdictional issues and legal
restrictions could affect the enforceability or ultimate value
of certain guarantees.  Senior secured documentation contains
nonfinancial covenants standard for "covenant-light"
transactions, including limitations on additional indebtedness,
liens, disposals, mergers, consolidations, sale-and-lease-back
transactions, and dividend payouts. In addition, the revolving
credit facility includes a financial covenant restricting total
drawn revolver debt to no more than 1.5x consolidated cash flow.

To calculate recoveries, Standard & Poor's simulates a default
scenario.  We have used an enterprise valuation approach
supported by Cognis' satisfactory business profile as the
leading worldwide manufacturer of natural-based specialty
chemicals and intermediates and a midsize producer of synthetic
specialty chemicals.

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

   -- Four years of revenue decline at a compound annual growth
      rate of 2%, as a result of overall weakness in economy and
      insufficient innovation.

   -- Pressure on gross margins due to raw material price
      volatility and an inability to pass the raw material price
      increases on to customers.

   -- Working capital increase driven by weakened negotiation
      power in the unfavorable market conditions.

   -- Higher interest costs to account for possible base rate
      increase and to secure covenant waivers.

   -- Effective tax rate of 35%.

Under our default scenario, a payment default is unlikely to
occur before early 2010, at which point the outstanding amount
of senior debt that would have to be covered is estimated at
about EUR1.9 billion, assuming the revolving credit facility is
fully drawn.  Using primarily a discounted cash flow analysis,
the enterprise value at the point of default is reduced by
priority obligations, comprising enforcement costs, Henkel
pension fund contributions, finance leases, and other bank
borrowings.  This provides coverage of more than 100% for the
senior secured revolving credit facility, resulting in a
recovery rating of '1', and of meaningful coverage for the
senior secured term loan facilities, resulting in a recovery
rating of '3'.  The senior secured debt rating is not notched
down from the corporate credit rating, reflecting our
expectation that, from a recovery perspective, debtholders would
benefit meaningfully from the security package, despite their
second-ranking position on the proceeds of enforcement.


DAIMLERCHRYSLER: Chrysler Sales Up 17% -- Best April in 10 Years
----------------------------------------------------------------
DaimlerChrysler AG has reported that April 2007 sales for U.S.-
based Chrysler Group outside North America were up 17 percent
over the same month last year and marked the best April in
10 years as sales in the Middle East, Northern Africa and
Russia nearly doubled those from April 2006.

The company experienced an unprecedented 23 consecutive months
of year-over-year sales gains and year-to-date sales increased
14 percent over the same period in 2006.  New vehicles fueled
the growth of Dodge and Jeep brand sales.

April 2007 was a strong start for the second quarter with
Chrysler Group sales outside North America up 17 percent over
the same month last year, and a 23rd consecutive month of year-
over-year sales growth.  The Company's sales outside North
America for the month reached 18,289 units and marked the best
April in 10 years.  Year-to-date, sales grew 14 percent over the
same period in 2006, and total sales through April were 70,859
units.

While the key European and South American markets continued to
do well, a key contributor to this month's growth were the sales
increases seen in newer, fast-growing markets.  In the Middle
East and Northern Africa region, sales jumped 97 percent (1,871
units) when compared to April 2006, and were up 62 percent year-
to-date (5,816 units).  Sales in Russia also grew at a
significant pace as April sales climbed 95 percent over the same
month last year, and year-to-date sales were up 93 percent.

"The expansion of the Dodge brand has been a catalyst for the
growth we've seen in both mature and emerging markets outside
North America," said Thomas Hausch, vice president, Chrysler
Group International Sales.  "In both Western and Eastern Europe,
as well as the Middle East, Dodge vehicles have been the top-
selling Chrysler Group products, telling us that there is
increasing demand around the world for this distinctly American-
styled brand.  But Dodge is only one part of the sales success
story.  We have also seen strong sales for new Chrysler and Jeep
vehicles that have been developed from the ground up for global
customers, and they are helping to boost sales and
profitability."

The fuel-efficient, yet powerful Dodge Caliber has been the
highest volume Chrysler Group vehicle outside North America in
2007, and the brand continued to lead new sales growth.  Some of
the historic favorites, like Jeep Grand Cherokee and Chrysler
300C, continued to rank among the Company's top-selling
products.  New vehicles, such as Jeep Compass and Chrysler
Sebring are making their way into dealerships in all of the key
markets and sales are picking up for those as well.

"The growth potential and importance of markets outside North
America have been identified as key factors in Chrysler Group's
Recovery and Transformation Plan," Mr. Hausch said.  "We will
continue to put energy behind strategic growth in these markets
and find ways to reach customers whose needs identify with the
vehicles that we have available.  We have also worked to ensure
that once a customer purchases a Chrysler Group vehicle, that
their experience with both the vehicle and the dealership
service is a positive one.  This will remain a priority as we
develop new vehicles, expand our operations and evaluate new
opportunities and potential business partners."

Chrysler Group sells and services vehicles in more than 125
countries around the world, and Chrysler Group sales outside
North America currently account for approximately 8 percent of
the Company's total global sales.  Vehicles available range
across all three Chrysler Group brands, with limited
availability on some trucks and SUV models.  The Company's
operations outside North America have been experiencing year-
over-year sales increases since 2004, and will continue to
increase the number of product offerings, powertrain options and
RHD availability through 2007.

Concurrently, Chrysler Group's April 2007 U.S. sales rose by
2 percent with the Jeep brand up 29 percent led by Jeep Wrangler
and Jeep Patriot; the Chrysler and Dodge minivans up 10 percent
with momentum from "National Minivan Month" in April; the five-
star crash test-rated Dodge Ram pick up rising 2 percent in
competitive segment; and the Chrysler Sebring sedan increasing
by 56 percent.

Inventory was down by 18 percent and more than 100,000 units.  
Chrysler Group reported sales for April 2007 of 193,104 units;
up 2 percent compared to April 2006 with 190,095.

"Chrysler Group increased sales in April based on a solid retail
performance -- despite two less selling days than in the
previous year and a challenging market environment," said Steven
Landry, executive vice president, NAFTA Sales, Global Marketing,
Service and Parts.  "Driven by the continuously strong Jeep
Wrangler and the new Jeep Patriot, sales for the Jeep brand were
up significantly by 29 percent."

With the continued pressure on gas prices Chrysler Group's
incentives in May will focus on the company's full line of cars
and small and compact SUVs with the launch of the 'Maximize Your
Miles' program.  The program will communicate the vehicle's fuel
economy message across all three Chrysler Group brands.  A key
part of it will be low-rate finance and additional bonus cash,
which will give customers a great package.

Chrysler Group finished the month with 482,786 units of
inventory, or a 60-day supply.  Inventory is down by 18 percent
compared to April 2006 when it was at 586,263 units.

Meanwhile, DaimlerChrysler Canada has disclosed that April 2007
marks the ninth consecutive month of sales growth following a
monthly increase in revenues since August 2006.  Monthly sales
were up 6.2 per cent while year-to-date sales rose 4.3 per cent.  
A total of 22,514 vehicles were sold in April, an increase of
6.2 per cent over April 2006.

                      About DaimlerChrysler

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

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

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

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

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


EUROPA SUNSHINE: Claims Registration Ends May 21
------------------------------------------------
Creditors of Europa Sunshine Transport GmbH have until May 21 to
register their claims with court-appointed insolvency manager
Hansjoachim Grube-Dobrick.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

         Hansjoachim Grube-Dobrick
         Wakenitzstr. 6a
         23564 Luebeck
         Germany

The District Court of Luebeck opened bankruptcy proceedings
against Europa Sunshine Transport GmbH on April 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Europa Sunshine Transport GmbH
         Attn: Herrn Jens-Arvo Breyer, Manager
         Brandenbaumer Landstrasse 247
         23566 Luebeck
         Germany


FRIEDRICH KNOSPE: Claims Registration Ends June 8
-------------------------------------------------
Creditors of Friedrich Knospe GmbH have until June 8 to register
their claims with court-appointed insolvency manager Dr. Winfrid
Andres.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hagen
         Meeting Hall 259
         Second Floor
         Heinitzstr. 42/44
         58097 Hagen
         Germany   

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

The insolvency manager can be reached at:

         Dr. Winfrid Andres
         Grabenstr. 28
         58095 Hagen
         Germany

The District Court of Hagen opened bankruptcy proceedings
against Friedrich Knospe GmbH on April 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Friedrich Knospe GmbH
         Elberfelder Str. 79
         58095 Hagen
         Germany

         Attn: Albrecht Heidi, Manager
         Bolohstr. 86 e
         58093 Hagen
         Germany


GERRESHEIMER HOLDINGS: Moody's Assigns Loss-Given-Default Rating
----------------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its B2 Corporate Family Rating for Gerresheimer
Holdings GmbH.

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

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

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   7.875% Sr. Sub.
   Regular Bond/
   Debenture Due 2015       Caa1     Caa1      LGD6   92%

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

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

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

Headquartered in Duesseldorf, Germany, Gerresheimer Holdings
Gmbh & Co Kg, -- http://www.gerresheimer.com/-- manufactures  
advanced glass and plastic products.  The company operates in
Germany, France, China and U.S.A.


GET IT: Claims Registration Ends June 21
----------------------------------------
Creditors of get IT consult GmbH have until June 21 to register
their claims with court-appointed insolvency manager Stefan
Rieger.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Koenigstein/Ts.
         Area 106
         Law Courts
         Burgweg 9
         61462 Koenigstein/Ts.
         Germany

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

The insolvency manager can be reached at:

         Stefan Rieger
         Brueder-Grimm-Strasse 13, D
         60314 Frankfurt am Main
         Germany
         Tel: 069/405862-80
         Fax: 069/405862-85
         E-mail: rieger@rieger-iv.de  

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against get IT consult GmbH on April 20.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         get IT consult GmbH
         Attn: Marco Bodewein, Manager
         Koenigsteiner Strasse 63
         65812 Bad Soden
         Germany


GETIFIX JOACHIM: Claims Registration Ends June 4
------------------------------------------------
Creditors of Getifix Joachim Nitsch GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Dr. Hubertus Bartelheimer.

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 Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         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. Hubertus Bartelheimer
         Bernburger Strasse 32
         10963 Berlin   
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against Getifix Joachim Nitsch GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Getifix Joachim Nitsch GmbH
         Bergmannstrasse 20
         01983 Grossraschen
         Germany


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

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

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

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9.75% Sr. Sub.
   Regular Bond/
   Debenture Due 2011       B2       B2       LGD5    88%

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

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

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

Headquartered in Bielefeld, Germany, Gildemeister AG --
http://www.gildemeister.com/-- manufactures machine tools.  The  
Company specializes in the production of computer numeric
control milling and turning machines, as well as offering laser
and ultrasonic technology.  Its LASERTEC GmbH subsidiary offers
3D laser beam machining for industries requiring high-precision
technology and ultrasonic-supported machining for advanced
materials, including ceramics, glass, silicon and sintered metal
carbide.


GTH GMBH: Creditors Must Register Claims by June 15
---------------------------------------------------
Creditors of GTH GmbH have until June 15 to register their
claims with court-appointed insolvency manager Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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:

         Uwe Hueggenberg
         Huestrasse 34
         44787 Bochum
         Germany

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

The Debtor can be reached at:

         GTH GmbH
         Baukauer Strasse 86
         44653 Herne
         Germany


HAHLE METALLBAU: Creditors Must Register Claims by June 11
----------------------------------------------------------
Creditors of Hahle Metallbau GmbH have until June 11 to register
their claims with court-appointed insolvency manager
Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel: (0371) 444610
         Fax: (0371) 4446111

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

The Debtor can be reached at:

         Hahle Metallbau GmbH
         Schoenherrstrasse 8
         09113 Chemnitz
         Germany


HOFER FAHRZEUGTECHNIK: Creditors Must Register Claims by May 30
---------------------------------------------------------------
Creditors of Hofer Fahrzeugtechnik GmbH have until May 30 to
register their claims with court-appointed insolvency manager
Robert Wartenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schweinfurt
         Rufferstr. 1
         97421 Schweinfurt
         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:

         Robert Wartenberg
         Friedrichstr. 15
         96047 Bamberg
         Germany
         Tel: 0951/29743-0
         Fax: 0951/29743-29

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

The Debtor can be reached at:

         Hofer Fahrzeugtechnik GmbH
         Dr.-Georg-Schafer-Strasse 5
         97447 Gerolzhofen
         Germany


IMMOBILLENVERWALTUNGSGESELL: Claims Registration Ends June 13
-------------------------------------------------------------
Creditors of Immobillenverwaltungsgesell- schaft Am Kruemmling
GmbH have until June 13 to register their claims with court-
appointed insolvency manager Marlies Greschuchna.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Marlies Greschuchna
         Am Steintor 13
         D 06112 Halle
         Germany
         Tel: 0345/6828831
         Fax: 0345/6828897

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Immobillenverwaltungsgesell- schaft Am
Kruemmling GmbH on April 13.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Immobillenverwaltungsgesell- schaft Am Kruemmling GmbH
         Am Kruemmling 1
         06184 Kabelsketal
         Germany

         Attn: Denny Gloser, Manager
         Kleiner Berlin 2
         06108 Halle
         Germany


K&P FOOD: Claims Registration Period Ends May 21
------------------------------------------------
Creditors of K&P food service consulting GmbH have until May 21
to register their claims with court-appointed insolvency manager
Georg Kreplin.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 388
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Georg Kreplin
         Breite Strasse 27
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against K&P food service consulting GmbH on
April 25.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         K&P food service consulting GmbH
         Schadowstr. 86-88
         40212 Duesseldorf
         Germany

         Attn: Guenter Kuhn, Liquidator
         Schadowstrasse 78
         40212 Duesseldorf
         Germany


KLEENOTHEK-FRANCHISE: Claims Registration Period Ends June 5
------------------------------------------------------------
Creditors of Kleenothek-Franchise-Verwaltungs GmbH have until
June 5 to register their claims with court-appointed insolvency
manager Hendrik Rogge.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Hendrik Rogge
         Albert-Einstein-Ring 15
         22761 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Kleenothek-Franchise-Verwaltungs GmbH on April 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kleenothek-Franchise-Verwaltungs GmbH
         Kleine Bahnstrasse 10
         22525 Hamburg
         Germany

         Attn: Christian Schmidt, Manager
         Am Sportpaltz 10
         25495 Kummerfeld
         Germany


KLOECKNER PENTAPLAST: Blackstone to Buy Firm for EUR1.3 Billion
---------------------------------------------------------------
The Kloeckner Pentaplast Group (Luxembourg) disclosed on May 3
that an affiliate of The Blackstone Group has signed a contract
to acquire the company and all its holdings from Cinven and JP
Morgan Partners LLC for EUR1.3 billion.  

The sale is subject to approval by various regulatory
authorities.  Approval is expected by June.

"Kloeckner Pentaplast has a strong international market position
and performance," Lionel Assant, managing director of The
Blackstone Group, said.  "Kloeckner Pentaplast is committed to
providing its customers with the most innovative and
comprehensive solutions to meet their films needs.  The Group's
high-quality films, superior technical expertise and support,
and its global manufacturing platform have earned its position
as a recognized industry leader.  We will continue to support
Kloeckner Pentaplast's aggressive growth and investment
strategy."

The management of the Kloeckner Pentaplast Group will remain in
place.  According to Tom Goeke, CEO of the Kloeckner Pentaplast
Group, "The Blackstone Group is committed to the company's
strategic goals.  With their backing, we will continue to pursue
the expansion of Kloeckner Pentaplast."

                   About The Blackstone Group

The Blackstone Group -- http://www.blackstone.com/-- is a  
leading global alternative asset manager and provider of
financial advisory services.  The Blackstone Group is one of the
largest independent alternative asset managers in the world.  
Its alternative asset management businesses include the
management of corporate private equity funds, real estate
opportunity funds, funds of hedge funds, mezzanine funds, senior
debt funds, proprietary hedge funds and closed-end mutual funds.  
The Blackstone Group also provides various financial advisory
services, including mergers and acquisitions advisory,
restructuring and reorganization advisory and fund placement
service.

               About the Kloeckner Pentaplast Group

Headquartered in Montabaur, Germany, The Kloeckner Pentaplast
Group -- http://www.kpfilms.com/en/index.asp-- is the world's  
leading producer of films for pharmaceutical, medical device,
food, electronics, and general-purpose thermoform packaging, as
well as printing and specialty applications.  Founded in 1965 it
has grown from its initial facility to 21 current production
operations in 11 countries.

The Kloeckner Pentaplast Group is a wholly owned subsidiary of
funds managed by Cinven and CCMP Capital Advisors, LLC.  The
company has sales of over US$1.6 billion and employs more than
3,400 people committed to serving customers worldwide.


KLOECKNER PENTAPLAST: Sale to Blackstone Cues S&P to Keep Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB-' long-term
corporate credit rating on Germany-based packaging company
Kloeckner Pentaplast S.A. on CreditWatch with negative
implications.  

The 'B' senior unsecured debt rating on KP's EUR180 million
notes was also placed on CreditWatch with negative implications.

This follows the announcement that Cinven Ltd. and CCMP Capital
Advisors LLC have agreed to sell KP to Blackstone Group, a
private equity investor, for EUR1.3 billion. "Although the
details of Blackstone's financing for this acquisition have not
been disclosed, the CreditWatch placement reflects our concerns
that it would lead to additional debt in KP's capital
structure," said Standard & Poor's credit analyst Izabela
Listowska.

"We will resolve the CreditWatch after a review of KP's future
capital structure as well as its future financial policies."

The current ratings on KP reflect its highly leveraged financial
profile and exposure to high and volatile raw-material prices.
The ratings are also based on KP's high dependence on calendered
rigid polyvinyl chloride film and the risk of material
substitution.  These factors are offset by the group's leading
niche market position in Europe and North America for PVC and
polyethylene terepthalate based rigid film, its strong in-house
proprietary production technology and knowledge of calendered
PVC rigid film, and diverse end markets and customer base.

With sales of EUR1.18 billion in the 12 months to Dec. 31, 2006,
KP's strong position in high-growth areas such as
pharmaceuticals and medical packaging, credit cards, and
stretched film, as well as increased focus on high-growth
regions such as Asia and Eastern Europe is expected to help
expand the group's overall PVC-based rigid film business, a
market with moderate growth of about 2% per year.

KP's balance sheet is highly leveraged. At Dec. 31, 2006, KP had
total reported debt of EUR512.8 million.  In the 12 months to
Dec. 31, 2006, the group had EBITDA cash interest coverage of
about 3.0x and adjusted funds from operations to cash net debt
of below 15%, which is weak for the current ratings.


OMEGA VERANSTALTUNGSTECHNIK: Claims Registration Ends June 7
------------------------------------------------------------
Creditors of Omega Veranstaltungstechnik GmbH have until June 7
to register their claims with court-appointed insolvency manager
Dr. Steffen Koch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hameln
         Hall 106
         Zehnthof 1
         31785 Hameln
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Steffen Koch
         Sophienstr. 1
         30159 Hannover
         Germany
         Tel: 0511/353991-0
         Fax: 0511/353991-10

The District Court of Hameln opened bankruptcy proceedings
against Omega Veranstaltungstechnik GmbH on April 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         OMEGA Veranstaltungstechnik GmbH
         Walter-von-Selve-Strasse 11
         31789 Hameln
         Germany

         Attn: Sascha Torggler
         Ruschenbrink 1
         31787 Hameln
         Germany


PROJEKT ONE: Creditors' Meeting Slated for June 22
--------------------------------------------------
The court-appointed insolvency manager for Projekt One
Projektentwicklungsgesellschaft mbH, Hartwig Albers, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:40 a.m. on June 22.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Sept. 21 at the same venue.

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

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

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The Debtor can be reached at:

         Projekt One Projektentwicklungsgesellschaft mbH
         Ruschestr. 68
         10365 Berlin
         Germany


RENATE HOSUNG: Claims Registration Period Ends June 4
-----------------------------------------------------
Creditors of Renate Hosung KG have until June 4 to register
their claims with court-appointed insolvency manager Tim F.
Gatcke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Celle
         Hall 014
         Ground Floor
         Branch Mill Road 4
         29221 Celle
         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 Celle opened bankruptcy proceedings
against Renate Hosung KG on April 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Tim F. Gatcke
         Hans-Boeckler-Allee 26
         30173 Hanover
         Tel: 0511/360960
         Fax: 0511/3609696
         E-mail: k.lange@wedlerundgaetcke.de

The Debtor can be reached at:

         Renate Hosung KG
         Eichstr. 7
         30855 Langenhagen
         Germany


RIMA CAR-SERVICE: Claims Registration Period Ends May 25
--------------------------------------------------------
Creditors of RiMa Car-Service GmbH have until May 25 to register
their claims with court-appointed insolvency manager Annett
Kittner.

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 her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Dresden opened bankruptcy proceedings
against RiMa Car-Service GmbH on April 25.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Annett Kittner
         Gustav-Adolf-Strasse 6 b
         01219 Dresden
         Germany
         Web site: http://www.munz-anwaelte.de/

The Debtor can be reached at:

         RiMa Car-Service GmbH
         Meissner Landstrasse 106
         01157 Dresden
         Germany

         Attn: Rico Rehtanz, Manager
         Gruber-Str. 1
         09599 Freiberg
         Germany


SCHMERZZENTRUM PFORZHEIM: Claims Registration Ends June 22
----------------------------------------------------------
Creditors of Schmerzzentrum Pforzheim GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Dr. Andreas Wille.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         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. Andreas Wille
         Karlsruher Str. 34
         75179 Pforzheim
         Germany

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

The Debtor can be reached at:

         Schmerzzentrum Pforzheim GmbH
         Attn: Jeanette Irrling, Manager
         Karlsruher Str. 87a
         75179 Pforzheim
         Germany


SENDLER DRUCK: Claims Registration Period Ends June 15
------------------------------------------------------
Creditors of Sendler Druck & Medien GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Bernd Depping.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Hall A29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         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 Bochum opened bankruptcy proceedings
against Sendler Druck & Medien GmbH on April 27.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Bernd Depping
         Kunibertistrasse 9
         45657 Recklinghausen
         Germany

The Debtor can be reached at:

         Sendler Druck & Medien GmbH
         Karlstr. 37-39
         45661 Recklinghausen
         Germany

         Attn: Hannelore Sendler
         Leuzener Str. 17
         48734 Reken
         Germany


VOGTLAND BUEROTECHNIK: Claims Registration Period Ends June 8
-------------------------------------------------------------
Creditors of Vogtland Buerotechnik Rossbach GmbH have until
June 8 to register their claims with court-appointed insolvency
manager Frank Ruediger Scheffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Chemnitz opened bankruptcy proceedings
against Vogtland Buerotechnik Rossbach GmbH on April 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Frank Ruediger Scheffler
         Ulmenstrasse 14
         09112 Chemnitz
         Germany
         Tel: (0371) 3822 623
         Fax: (0371) 3822 623
         Web site: http://www.tiefenbacher.de/

The Debtor can be reached at:

         Vogtland Buerotechnik Rossbach GmbH
         Attn: Hans-Jochen Rossbach, Manager
         Egerstrasse 26
         08606 Oelsnitz
         Germany


WCM BETEILIGUNGS: CURA Seniorencentrum Buys 71.8% Maternus Stake  
----------------------------------------------------------------
CURA Seniorencentrum GmbH has become a new majority partner of
MATERNUS-Kliniken AG, effective April 26, after it acquired WCM
Beteiligungs- und Grundbesitz-AG's 71.8% stake in the German
nursing home.

Michael Frege, the insolvency administrator for WCM, has sold
the Maternus stake, which is valued at around EUR28 million, to
Cura, The Financial Times reports citing Borsen Zeitung as its
source.

According to the report, WCM may have used the proceeds of the
acquisition to repay debts owed to major creditor HSH Nordbank
AG.

Mr. Frege disclosed that he is still looking into WCM's
remaining investments and the losses that it has carried
forward, FT relates.

                      Preliminary Agreement

On March 22, WCM Beteiligungs- und Grundbesitz-AG, WCM
Beteiligungs- und Verwaltungs GmbH & Co KG and WCM Beteiligungs-
und Verwaltungs GmbH concluded a preliminary agreement to sell
close to a 71.5% stake in MATERNUS-Kliniken AG and a 95% stake
in YMOS AG to CURA Kurkliniken, Seniorenwohn-und Pflegeheime
Aktiengesellschaft.

Furthermore the stake MEDICO Grundstuecksgesellschaft mbH & Co
Bayerwald Klinik KG indirectly held by WCM Beteiligungs- und
Verwaltungs GmbH will also be sold.

In the preliminary agreement, the right to terminate the
contract in favor of the bankruptcy administrator has been
agreed.  The preliminary contract is subject to approval by the
executive boards of the contracting parties.

WCM applied for insolvency on Nov. 8, 2006, as a result of the
extraordinary termination of the loan agreement by HSH Nordbank.  
The District Court of Frankfurt (Main) opened bankruptcy
proceedings against the company on Nov. 21, 2006.

                          About WCM AG

Headquartered in Frankfurt, Germany, WCM Beteiligungs- und
Grundbesitz-AG -- http://www.wcm.de/-- holds equity interests  
in other real estate investment, management, and development
companies, as well as in the nursing homes and a packaging
maker.  The group owns 80% of Klockner-Werke AG, which also
operates in Austria, Czech Republic, Denmark, France, United
Kingdom, Italy, Netherlands, Spain, Switzerland, Australia,
Brazil, India, Japan, Mexico, Russian Federation, Singapore, and
the U.S.A.

WCM has been posting consecutive annual net losses of EUR849
million in 2002; EUR315 million in 2003; EUR163 million in 2004;
and EUR44 million in 2005.


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


CENTRAL PARKING: High Leverage Cues S&P to Cut Rating to B
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Nashville, Tennessee-based Central Parking Corp. to
'B' from 'B+', and removed the ratings from CreditWatch with
negative implications.  

Standard & Poor's also assigned its bank loan and recovery
ratings to CPC's proposed first- and second-lien credit
facilities.

The company's US$355 million first-lien credit facility was
rated 'B', with a recovery rating of '3', indicating first-lien
lenders could expect meaningful (50%-80%) recovery of principal
in the event of a payment default or bankruptcy.  The US$50
million second-lien facility was rated 'CCC+', with a recovery
rating of '5', indicating our expectation that second-lien
lenders can expect negligible (0%-25%) recovery of principal in
the event of a payment default.  

The ratings are based on preliminary terms and are subject to
review upon final documentation.  The rating on the company's
existing US$300 million senior secured credit facility was also
lowered to 'B+' from 'BB-', and the rating on Central Parking
Finance Trust's convertible trust issued preferred securities
was lowered to 'CCC' from 'CCC+'.  Both ratings will be
withdrawn upon the completion of the transaction.  The outlook
is negative.
     
"The downgrade reflects CPC's substantially more aggressive
financial policy and more highly leveraged capital structure
following KCPC Holdings Inc. completing its acquisition of CPC,"
said Standard & Poor's credit analyst Mark Salierno.  On Feb.
20, 2007, KCPC entered into a definitive agreement to acquire
CPC for US$22.53 per share, or a total purchase price of
US$883.2 million, inclusive of fees and expenses.  Proceeds from
the new credit facilities will be used to finance a substantial
portion of the transaction.
     
CPC is a private owner, operator, and manager of surface lots
and multilevel garages.  As of December 31, 2006, the Company
operated more than 3,000 parking facilities containing
approximately 1.5 million spaces at locations in 37 states, the
District of Columbia, Canada, Puerto Rico, Chile, Colombia,
Peru, the United Kingdom, the Republic of Ireland, Spain,
Greece, Italy and Switzerland.


NORTEL NETWORKS: Invests US$5 Million in Irish Customer Center
--------------------------------------------------------------
Nortel Networks opened its new global Customer and Technology
Center at its Mervue campus in Galway, Ireland.  

Nortel has invested US$5 million in the new Center, which is
responsible for developing customer contact center applications
for markets around the world.  The opening also marks Nortel's
celebration of 25 years of research and development in the
Galway area.

The new Center is developing contact center solutions focused on
ensuring customer enquiries to businesses are answered as
quickly and efficiently as possible, incorporating multimedia
capabilities such as instant messaging and video.  The Center  
will also showcase applications that provide customers with the
opportunity to participate in demonstrations tailored
specifically for verticals markets such as healthcare, education
and finance.

At a Nortel Galway campus ceremony on Thursday, May 3, the
Center was officially opened by Frank Fahey, Teachta Dala,
Minister of State at the Department of Justice, Quality and Law
Reform.  The ceremony was attended by Darryl Edwards, president,
EMEA, Nortel as well as Nortel customers and employees.  Local
dignitaries and guests from Galway's business and political
communities also attended.

"This is a great day for Nortel and Galway because it
underscores the global importance of the role that the Galway
campus plays for the company," Mr. Edwards said in his remarks
at the Center's opening.  "The Technology and Customer Center is
part of our multi-million dollar investment in the region and
our talented Galway team."

"Nortel should be congratulated for its commitment to Galway
over the last 25 years," Minister Fahey said.  "Nortel has
developed rapidly since its arrival here and we are delighted
that its Irish-based operation is continuing to play a
key role in its global transformation.  [Thurs]'s opening speaks
volumes to the depth, quality, expertise and loyalty of the
Irish workforce in the West region."

Nortel began operations in Galway in 1973.  A research and
development team was established in 1982.  Today, its Galway
campus has global responsibility for one of Nortel's most
sophisticated technologies - multimedia contact centers.  The
solutions have enhanced customer service for companies worldwide
including: Lloyds TSB, Fossil and Guy's and St Thomas' NHS
Foundation Trust.

"Nortel in Ireland has evolved significantly over the past 25
years," Dave Quane, managing director for Nortel, Ireland, said.
"[Thurs]day's opening is testimony to the innovation and
expertise this facility is expected to deliver to Nortel."

                         About Nortel

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized  
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges Nortel does business in more than 150
countries including the United Kingdom, Denmark, Russia, Norway,
Australia, Brazil, China, Singapore, among others.

                           *    *    *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  S&P said the outlook is stable.


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


CORDUSIO RMBS: Moody's Rates EUR19.5 Mln Class E Notes at (P)Ba2
----------------------------------------------------------------
Moody's Investors Service has assigned these provisional ratings
to seven classes of Notes to be issued by Cordusio RMBS
Securitisation S.r.l., a special purpose vehicle incorporated in
Italy in accordance with law 130/99.  Seven provisional ratings
have been assigned:

   -- (P)Aaa to EUR703.5 million Class A1 Residential Mortgage-
      Backed Floating Rate Notes due 2040;

   -- (P)Aaa to EUR2,227.6 million Class A2 Residential
      Mortgage-Backed Floating Rate Notes due 2040;

   -- (P)Aaa to EUR738.6 million Class A3 Residential Mortgage-
      Backed Floating Rate Notes due 2040;

   -- (P)Aa1 to EUR71.1 million Class B Residential Mortgage-
      Backed Floating Rate Notes due 2040;

   -- (P)A1 to EUR43.8 million Class C Residential Mortgage-
      Backed Floating Rate Notes due 2040;

   -- (P)Baa2 to EUR102 million Class D Residential Mortgage-
      Backed Floating Rate Notes due 2040; and

   -- (P)Ba2 to EUR19.5 million Class E Residential Mortgage-
      Backed Floating Rate Notes due 2040.

   -- Class F EUR12.97 million is not rated.

Cordusio RMBS Securitization S.r.l. is the third RMBS
transaction launched by Unicredit Banca SpA (currently 100%
owned by Unicredito Italiano SpA (Aa2/P-1).  The portfolio
consists of EUR3,908,102,838 of prime residential mortgage loans
all originated by Unicredit Banca Spa.  All loans are guaranteed
by first economic lien on residential properties and 88.83% of
the portfolio is indexed to floating rate.  98.16% of the loans
pay through direct debit on the debtor's account held at
Unicredit Banca Spa.

All loans are in bonis and all of them benefit from an economic
first lien mortgage on the actual property.  The collateral
portfolio has a WA current LTV of 60.54% per cent (WA original
LTV of 66.40% per cent) and a WA seasoning of approximately 34
months.  The portfolio also presents a good granularity with the
top 20 debtors summing up to 0.19% per cent.  The portfolio is
quite diversified geographically: 10% per cent of the loans have
been originated in the South of Italy, 23% per cent in the
Centre of Italy and the remaining part comes from the North 66%
per cent.

The structure also benefits from a cash reserve that will not
amortize, fully funded at closing of 0.16% of the initial
outstanding of the portfolio.

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

The ratings address the expected loss posed to investors by the
legal final maturity of the Notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal by the legal final maturity.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.


CORDUSIO RMBS: S&P Puts BB Ratings to EUR19.5 Mln Class D Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR3.906 billion residential mortgage-
backed floating-rate notes to be issued by Cordusio RMBS
Securitisation S.r.l.  At the same time, the special purpose
entity will issue EUR2.003 million of unrated notes as credit
support.
  
The current transaction will be the largest Italian RMBS
transaction to be rated by Standard & Poor's to date.
  
This transaction is backed by a pool of performing mortgages
secured over residential properties in Italy and originated by
UniCredit Banca SpA, a leading retail bank in the Italian market
and 100% owned by UniCredito Italiano SpA.
  
This will be the third RMBS transaction to be originated by UCB
and the fourth Italian RMBS transaction to be originated by the
UniCredit Group.
  
The structure is largely unchanged from the previous transaction
originated by UniCredit Banca SpA, Cordusio RMBS 2 S.r.l. rated
in July 2006.  The main structural differences are the presence
of three additional classes of rated notes and the functioning
of the cash reserve.  The cash reserve can be used in the
current transaction as credit enhancement from Day 1 and is
available from Day 1 to cover losses recorded in the principal
deficiency ledger.  In Cordusio RMBS 2, the cash reserve covered
only interest shortfalls to pay senior expenses and interest on
the rated notes, giving full credit support only at the end of
the transaction.
  
The credit quality of the collateral is good. Standard & Poor's
sees a higher credit risk embedded in the current portfolio
compared with the Cordusio 2, mainly driven by a higher LTV
ratio.
  
The performance of Cordusio RMBS S.r.l. has so far been better
than in transactions with a similar seasoning.  Based on the
three quarters of data available since closing, a similar
pattern is being followed by Cordusio RMBS 2.

                          Ratings List
  
Cordusio RMBS Securitisation S.r.l.
   EUR3.908 Billion Residential Mortgage-Backed Floating-Rate
   Notes
  
                          Prelim.        Prelim. Amount
           Class          Rating           (Mil. EUR)
           -----          ------            --------
            A1             AAA               703.500
            A2             AAA             2,227.600
            A3             AAA               738.600
            B              AA                 71.100
            C              A                  43.800
            D              BBB               102.000
            E              BB                 19.500
            F              NR                  2.003


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


BOLTICK TRUST: Creditors Must File Claims by June 8
---------------------------------------------------
JSC Boltick Trust Bank has declared insolvency.  Creditors have
until June 8 to submit written proofs of claim to:

         JSC Boltick Trust Bank
         Office 603
         Kazybek bi Str. 65
         Almaty
         Kazakhstan


CAPITAL STROY: Creditors' Claims Due June 13
--------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Construction Company Capital Stroy Invest Plus
insolvent.

Creditors have until June 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakshtan


CORPORATION LOYALTY-I: Proof of Claim Deadline Slated for June 1
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Corporation Loyalty-I insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057 Almaty
         Kazakshtan
         Tel: 8 (3272) 37-03-31


HELP-ECOIL LLP: Claims Registration Ends June 1
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Help-Ecoil insolvent.

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

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


JETYKARINSKAYA NEFTEBAZA: Claims Filing Period Ends June 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jytykarinsk Oil Baze Jetykarinskaya Neftebaza
insolvent.

Creditors have until June 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Gogol Str. 177a
         Kostanai
         Kazakshtan


KARACHAGANAKSTROYSERVICE LLP: Creditors' Claims Due June 13
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Construction Company
Karachaganakstroyservice insolvent.

Creditors have until June 13 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan Region
         Saraishyk Str.19-92
         Uralsk
         West Kazakhstan
         Kazakshtan
         Tel: 8 (3112) 50-02-73


KARAGANDA OIL: Creditors Must File Claims by June 1
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Omsk Karaganda Oil insolvent.

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

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


ORIGINAL LLP: Proof of Claim Deadline Slated for June 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Original insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office 57
         050057 Almaty
         Kazakshtan
         Tel: 8 (3272) 37-03-31


TOUR-SERVICE LLP: Claims Registration Ends June 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Tour-Service insolvent.

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

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


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


MOBILE TRANS: Creditors Must File Claims by June 20
---------------------------------------------------
LLC Mobile Trans Cargo Service (INN 00806200510078) has declared
insolvency.  Creditors have until June 20 to submit written
proofs of claim.

Inquiries can be addressed to (+996 312) 90-06-24.


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


GELDILUX-TS-2007: Moody's Puts Low-B Ratings to Two Note Classes
----------------------------------------------------------------
Moody's Investors Service has assigned these definitive ratings
to six classes of asset-backed notes issued by Geldilux-TS-2007
S.A.:

   -- Aaa to the EUR4.5 million Secured Floating Rate Liquidity
      Notes due 2012;

   -- Aaa to the EUR2,024.4 million Class A Secured Floating
      Rate Notes due 2012;

   -- A2 to the EUR21 million Class B Secured Floating Rate
      Notes due 2012;

   -- Baa2 to the EUR21 million Class C Secured Floating Rate
      Notes due 2012;

   -- Ba2 to the EUR8.4 million Class D Secured Floating Rate
      Notes due 2012; and

   -- B2 to the EUR4.2 million Class E Secured Floating Rate
      Notes due 2012.

Moody's has not rated the EUR21 million Class F Secured Floating
Rate Notes due 2012.

Geldilux-TS-2007 is the seventh securitization of loans extended
under the Euro-Loan program of HVB Banque Luxembourg S.A.  
Geldilux-TS-2007 S.A. has issued the Class A to Class F for an
amount equal to approx. EUR2.1 billion as well as the Liquidity
Notes.  The Class A to Class F Notes refinance the purchase
price for the initial portfolio and these notes are backed by
the receivables arising from the portfolio of short-term loans
denominated in euros and granted by HVBL to medium-sized
companies, small businesses and individuals in Germany pursuant
to the Euro-Loan program.

During a replenishment period of up to five years that is
subject to certain early amortization triggers, the issuer will
purchase further receivables from the seller.  After the end of
the replenishment period, the notes will be paid down in full
sequential order.  Interest on the notes will be paid quarterly
throughout the replenishment period and monthly throughout any
amortization period.

Although the transaction is a "cash" transaction, a loss
allocation mechanism, similar to synthetic transactions, is in
place.  Principal losses will be allocated to the notes in full
reverse sequential order starting with the non-rated Class F
Notes.  In addition to the Class A to Class F Notes, which fund
the purchase of the portfolio, the SPV issues the Liquidity
Notes, which fund the issuer interest reserve.  This reserve is
not credit enhancement but only provides liquidity in case of
time mismatches between the interest payment dates on the assets
and the interest payment dates on the notes.  The Liquidity
Notes will be paid back by the interest reserve amount and no
losses will be allocated to this note.

According to Moody's, the ratings take account of, among other
factors, the fact that HVBL (rated A2/P-1) is an experienced
originator and servicer and has used ABS term financing in the
past via the previous Geldilux transactions, where the
performance of the securitized portfolios has been excellent to
date.  In addition, credit enhancement is provided by
subordination, while liquidity is provided by the interest rate
swap counterparty and the issuer interest reserve to cover any
timing mismatches between the interest payment dates on the
assets and the interest payment dates on the notes.  The
transaction also envisions specific triggers which, if hit, will
stop the replenishment of the portfolio or which will trigger
the notification of the assignment to the borrowers.

The ratings address the expected loss posed to investors by the
legal final maturity of the notes in September 2014.  In Moody's
opinion, the structure allows for timely payment of interest and
ultimate payment of principal with respect to the notes by the
legal final maturity.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.


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


NEW WORLD: S&P Assigns BB- Ratings with Stable Outlook
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB-' long-term
corporate credit rating to The Netherlands-based New World
Resources B.V., a holding company for four wholly owned Czech
Republic based subsidiaries active in coal and coke mining, coal
transport, and gas and energy.  The outlook is stable.  

NWR's main operating company is OKD A.S., a coal mining company,
which in 2006 produced about 13.5 million tons of coal from its
five mines.

At the same time, we assigned a 'B' senior unsecured debt rating
to NWR's proposed EUR300 million senior unsecured notes,
reflecting a high proportion of structurally senior debt.

"The ratings on NWR reflect the company's aggressive financial
policy following the planned Czech Koruna 30 billion dividend
payouts to shareholders in 2007, which increases the group's
leverage substantially," said Standard & Poor's credit analyst
Tobias Mock.  "Other constraints are a limited track record as a
consolidated group, as well as the company's likely
participation in further acquisitions and expansion in pursuit
of its growth strategy."

S&P considers the business profile to be weak, reflecting the
company's exposure to highly cyclical and capital intensive coal
operations, which accounted for about 90% of the company's
EBITDA in 2006.  NWR also holds a 100% interest in OKD Doprava,
OKK A.S., and some ancillary operations.

Nevertheless, the company benefits from high-quality and higher
value coke and the fact that about 60% of its total production
is sold as coking coal to steel companies in long-term
contracts.  Coal prices are highly cyclical and dependent on the
global demand-and-supply balance, albeit currently very well
balanced, supporting favorable coal prices.  Competition is
somewhat regional, because transportation costs constitute a
significant portion of the coal price.

S&P expects solid coal prices and balanced supply and demand
over the next few years will allow NWR to pursue its expansion
plans and still maintain adequate cash flow protection ratios
for the ratings.  The ratings could be lowered if NWR fails to
achieve adequate cash flow protection ratios, which could be
triggered by a drop in coal prices, fierce competition from
Polish mines, or significant acquisitions.  A more conservative
financial policy with no further dividend payouts and only
moderate expansion plans with sustainable higher cash flow
protection ratios would be positive for the ratings.


ROYAL AHOLD: Fitch Lifts Ratings to BB+ on Foodservice Disposal
---------------------------------------------------------------
Fitch Ratings upgraded the Issuer Default and senior unsecured
ratings of Royal Ahold N.V. (nka Koninklijke Ahold N.V.) to
'BB+' from 'BB'.  The Outlook on the Issuer Default rating
remains Positive.  Its Short-term rating is affirmed at 'B'.

This rating action follows the announcement of the disposal of
its US foodservice operation to a consortium led by Clayton,
Dubilier & Rice Fund VII, L.P and Kohlberg Kravis Roberts & Co
L.P. for US$7.1 billion.  The deal is expected to close in H207.

"The disposal fulfils Ahold's strategic review announced in
November 2006 and enables the group to execute its strategy more
effectively as a more focused food retailer," says Johnny Da
Silva, Director in Fitch's European Retail Leisure Consumer
Products team.  "Disposal of other non-core businesses, a
strengthening of the US food retail business and the details of
a strategic plan to be implemented by the future CEO are key
considerations for a further improvement in the ratings."

In FY06 the group improved its financial profile with a lease-
adjusted net debt/EBITDAR of 3.6x.  Further improvements in
financial ratios are expected after the disposal of the US
foodservices operations.  At FYE06, net debt reduced to
EUR4.6 billion.  Once the disposal is completed, approximately
EUR3 billion are expected to be returned to shareholders and
another EUR2 billion are expected to be applied to debt
reduction.  Fitch regards this as a balanced move in terms of
evenly benefiting shareholders and bondholders.

Excluding US foodservices, the group should generate pro forma
sales of approximately EUR28 billion with a more balanced split
between the US and Europe - the latter representing
approximately 43% of group sales.

With regards to the US retail operations, as at Q406, Stop&Shop
and Giant Landover posted a like-for-like sales decline of 2%
and 2.1% respectively.  The group continues to implement its
value improvement program aimed at repositioning the group in
price and product offerings.  The sales performance of
Giant-Carliste/Top Arena was mixed with good growth sales trends
at Giant-Carlisle but negative at Tops.  In Europe, the Albert
Heijn Dutch operations posted strong Q406 lfl sales growth of
9%.


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


GENERAL CABLE: Names Mark Thackeray Sr. VP of North American Ops
----------------------------------------------------------------
General Cable Corp. has appointed Mark A. Thackeray as Senior
Vice President of North American Operations.  The company also
named appointed him to the Leadership Team.

Mr. Thackeray, formerly Vice President of Supply Chain, will
replace Larry E. Fast, who plans to retire from General Cable in
June of 2007.  Mr. Thackeray will report to Gregory B. Kenny,
President and Chief Executive Officer of General Cable.

"Over the past nine years since joining our Company, Larry Fast
has built a superb Operations organization," Mr. Kenny said. "I
would match our team against the best manufacturers in North
America as evidenced by our strong plant performance and
numerous INDUSTRYWEEK Best Plants awards over the past five
years.  Larry's vision for Manufacturing Excellence will
continue to guide our operations team to even higher levels of
performance."

"Mark has proven to be an outstanding leader and has tackled
numerous projects to bring manufacturing and logistics expertise
to our operations all over the world," Mr. Kenny continued.
"I look forward to many years of Mark's counsel and leadership,
and his high expectations and execution of continuous
improvement."

Since joining General Cable in 2001, Mr. Thackeray has served as
Vice President of Advanced Manufacturing Engineering, Vice
President of Manufacturing for our Communications and Assembly
plants, and most recently served as Vice President of Supply
Chain.  

Mr. Thackeray holds a bachelor's degree in Industrial &
Systems Engineering from the Georgia Institute of Technology and
has a Master of Business Administration from Xavier University.
He is also a certified Six Sigma Champion.  Prior to joining
General Cable in April 2001, he was President of Cincinnati
Industrial Consulting, a consulting firm that specialized in
operations and process improvement technology using Lean and Six
Sigma methodologies.

Mr. Thackeray was Vice President of R.D. Garwood Inc., a leading
supply chain and operations consulting firm, from August 1996
through January 1998.

He has also held numerous manufacturing operations and plant
manager positions during his career, including serving as
Operations Manager for Tomkins Industries.

                       About General Cable

Headquartered in Highland Heights, KY, General Cable Corp. --
http://www.generalcable.com/-- makes aluminum, copper, and  
fiber-optic wire and cable products.  Brand names include Carol
and Brand Rex.  It also produces power cables, automotive wire,
mining cables, and custom-designed cables for medical equipment
and other products.

The company also operates in France, Turkey, Spain, Portugal,
Norway, China, Australia, New Zealand, Brazil, Angola, Dominican
Republic, Mexico, and Canada.

                          *     *     *

In a TCR-Europe report on March 13, Moody's Investors Service
assigned a rating of B1 to the proposed US$325 million senior
unsecured notes of General Cable Corporation consisting of $125
million of floating rate notes and US$200 million fixed rate
notes.  Concurrently, Moody's affirmed all other ratings for
this issuer.  Moody's said the rating outlook remains stable.


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


AZIA-AUTO LLC: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of LLC Azia-Auto have until May 14 to submit proofs of
claim to:

         O. Khvoshnyanskiy
         Temporary Insolvency Manager
         Office 407
         Lenina Pr. 89
         454080 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk will convene at 10:00 a.m.
on Aug. 8 to hear the company's bankruptcy supervision
procedure.  The case is docketed under Case No. A76-1576/
2007-36-39.

The Court is located at:

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

The Debtor can be reached at:

         LLC Azia-Auto
         Elkina Str. 78-A
         454048 Chelyabinsk
         Russia


BEER INDUSTRY: Court Starts Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Primorye commenced bankruptcy
supervision procedure on OJSC Beer Industry of Primorye (TIN
2504001367).  The case is docketed under Case No. A51-1485/
2007 9-1.

The Insolvency Manager is:

         V. Kosolapov
         Room 34
         Sukhanova Str. 3
         690001 Vladivostok
         Russia

The Debtor can be reached at:

         OJSC Beer Industry of Primorye
         2nd Shosseynaya Str. 1
         Vesennyaya St.
         690054 Vladivostok
         Russia


BUILDING COMPANY 3: Creditors Must File Claims by May 14
--------------------------------------------------------
Creditors of OJSC Building Company 3 have until May 14 to submit
proofs of claim to:

         V. Plashkin
         Temporary Insolvency Manager
         Office 2
         Svobody Str. 58
         Kudymkar
         619000 Komi-Permyatskiy
         Russia

The Arbitration Court of Perm will convene on Aug. 14 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. AZO-157-2007.

The Court is located at:

         The Arbitration Court of Perm  
         Lunacharskogo Str. 3
         Perm  
         Russia

The Debtor can be reached at:

         OJSC Building Company 3
         Svobody Str. 58
         Kudymkar
         619000 Komi-Permyatskiy
         Russia


CONCERN ROBUR: Creditors Must File Claims by May 14
---------------------------------------------------
Creditors of CJSC Concern Robur have until May 14 to submit
proofs of claim to:

         O. Matveeva
         Insolvency Manager
         Apartment 64
         Building 1
         Polotskaya Str. 29
         121351 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-28258/06-101-266B.

The Court is located at:

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

The Debtor can be reached at:

         O. Matveeva
         Insolvency Manager
         Apartment 64
         Building 1
         Polotskaya Str. 29
         121351 Moscow
         Russia


FINANCE LLC: Creditors Must File Claims by June 14
--------------------------------------------------
Creditors of declared LLC Omskaya Chemical Company Finance
(TIN 5501074651) have until June 14 to submit proofs of claim
to:

         D. Gindin
         Insolvency Manager
         Post User Box 5135
         644010 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-12668/2006.

The Debtor can be reached at:

         D. Gindin
         Insolvency Manager
         Post User Box 5135
         644010 Omsk
         Russia


GAZPROMBANK OAO: Earns RUR14.8 Billion for First Quarter 2007
-------------------------------------------------------------
OAO Gazprombank released its financial results for the first
quarter ended March 31, 2007, prepared according to Russian
Accounting Standards.

For the first quarter of 2007, Gazprombank reported a 170% year-
on-year increase in net profit to RUR14.8 billion and a 120%
year-on-year increase in pre-tax profit to RUR15.3 billion, RIA
Novosti says.

As of March 31, 2007, Gazprombank had RUR1.09 trillion in total
assets.

"The bank's profit growth is attributable both to the stable
inflow of revenues from lending operations and its successful
performance on the stock market, despite the stock market's
volatility," Alexander Sobol, Gazprombank Deputy Chairman, was
quoted by RIA Novosti as saying.

                       About Gazprombank

Headquartered in Moscow, Russian Federation, OAO Gazprombank --
http://www.gazprombank.ru/-- a subsidiary of OAO Gazprom,  
offers services primarily to the gas industry.  It offers
syndicated loans, participation loans, factoring, lease
financing, cash and settlement services, money transfers and
credit cards.

                        *     *     *

Gazprombank carries Moody's Investors' Service's D financial
strength rating.


GROUP TITAN: Primorye Bankruptcy Hearing Slated for July 12
-----------------------------------------------------------
The Arbitration Court of Primorye will convene at 10:00 a.m. on
July 12 to hear the bankruptcy supervision procedure on CJSC
Group Titan.  The case is docketed under Case No. A51-1146/
2007 26-11B.

The Temporary Insolvency Manager is:

         E. Teslenko
         Post User Box 109
         690014 Vladivostok
         Russia

The Debtor can be reached at:

         CJSC Group Titan
         Borisenko Str. 35
         Vladivostok
         Russia


GUBKINSKAYA BUILDING: Creditors Must File Claims by June 14
-----------------------------------------------------------
Creditors of LLC Gubkinskaya Building Company have until June 14
to submit proofs of claim to:

         I. Bodnar
         Insolvency Manager
         Post User Box 39
         Pavement 3, 17
         Promzona
         Gubkinskiy
         Tyumen
         629830 Yamalo-Nenetskiy
         Russia

The Arbitration Court of Yamalo-Nenetskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A81-3208/2006.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gubkinskaya Building Company
         Promzona
         Gubkinskiy
         629830 Yamalo-Nenetskiy
         Russia


KADINSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Smolensk appointed A. Nikolskiy as
Insolvency Manager for CJSC Kadinskoye.  He can be reached at:

         A. Nikolskiy
         Apartment 101
         Building 1
         Tsuryupy Str. 22
         117418 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-62-5778/2006 (1138-N/06).

The Debtor can be reached at:

         CJSC Kadinskoye
         Apartment 1a
         Sotsialisticheskaya Str. 48
         Pochinok
         Smolensk
         Russia


MAKHALINO CJSC: Creditors Must File Claims by June 14
-----------------------------------------------------
Creditors of declared CJSC Agricultural Industrial Enterprise
Makhalino have until June 14 to submit proofs of claim to:

         V. Lebedev
         Insolvency Manager
         Suvorova Str. 1-1
         Bogoslovka
         440528 Penza
         Russia

The Arbitration Court of Penza commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A49-5795/2006-516B/10.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agricultural Industrial Enterprise Makhalino
         Makhalino
         Kuznetskiy
         Penza
         Russia


MAYSKOYE CJSC: Court Names A. Nikolskiy as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Smolensk appointed A. Nikolskiy as
Insolvency Manager for CJSC Mayskoye.  He can be reached at:

         A. Nikolskiy
         Apartment 101
         Building 1
         Tsuryupy Str. 22
         117418 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A-62-5779/2006 (1137-N/06).

The Debtor can be reached at:

         CJSC Mayskoye
         Bokhotovo
         Monastyrshinskiy
         Smolensk
         Russia


MINERAL WATERS: Asset Bidding Deadline Slated for May 14
--------------------------------------------------------
LLC Leader-Region, the bidding organizer for OJSC Mineral Waters
Of Kabardino-Balkariya, will open a public auction for the
company's properties at noon on May 18 at:

         LLC Leader-Region
         Kabardinskaya Str. 151
         Nalchik
         360000 Kabardino-Balkariya
         Russia

Interested participants have until May 14 to deposit an amount
equivalent to 5% of the starting price to:

         OJSC Mineral Waters of Kabardino-Balkariya
         Settlement Account 40702810400000000860
         Correspondent Account 301018104000000000257
         BIK 044579257
         CB Credit-Impex-Bank
         Moscow
         Russia

Bidding documents must be submitted to:

LLC Leader-Region
         Kabardinskaya Str. 151
         Nalchik
         360000 Kabardino-Balkariya
         Russia

The Debtor can be reached at:

         OJSC Mineral Waters of Kabardino-Balkariya
         Kabardino-Balkariya
         Russia


NORTH LLC: Creditors Must File Claims by May 14
-----------------------------------------------
Creditors of LLC North have until May 14 to submit proofs of
claim to:

         V. Vinogradov
         Temporary Insolvency Manager
         50 Let Profsoyuzov Str. 61
         644065 Omsk
         Russia

The Arbitration Court of Tyumen commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A-70-660/3-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC North
         Melekhino
         Berdyuzhskiy
         627451 Tyumen
         Russia


RASPADSKAYA OJSC: Moody's Assigns Ba3 Currency Rating
-----------------------------------------------------
Moody's Investors Service assigned a Ba3 foreign and domestic
currency Corporate Family Rating to OJSC Raspadskaya, a coking
coal producer located in the Kuzbass, Russia.

In assigning a Ba3 CFR to Raspadskaya, Moody's has taken into
account:

   (i) the company's large reserves (more than 70 years'
       remaining life at current production level) with
       significant proportion of scarce hard coking coal;

  (ii) its well invested asset base with over 50% expansion
       capex already completed, underpinning the good health &
       safety track record and reducing the risk of accidents
       and a temporary mine closure;

(iii) favorable geographic location characterized by high
       demand and customer proximity that allows for premium
       prices and ensures high barriers to entry for other
       competitors;

  (iv) good customer relationships including long standing
       relationship with some of the domestic industry's largest
       steel companies, i.e. NLMK (rated Ba1), MMK (Ba2) and
       EVRAZ (Ba3, pos);

   (v) strong credit metrics and conservative financial
       policies, although currently benefiting from high coal
       prices;

  (vi) the company's high operating margins at levels far in
       excess of its peers, reflecting highly competitive cash
       production costs;

(vii) significant in-house expertise in the exploration and
       design of mines;

(viii) ability to produce high quality coal and to make further
       improvements in the product mix toward more scarce hard
       coal grades.

In view of financial metrics, which already would indicate
investment grade characteristics (EBIT margin at 33%, Debt
/EBITDA at 1.7x, RCF/Net Debt of 38.3% at FYE 2006), any further
upside rating pressure on the Ba3 rating remains limited largely
by five factors:

   (i) Raspadskaya's business profile of a relatively small,
       single-product niche provider with a degree of
       concentration of both its 4 mines in one geographical
       area and also of its customers, although Moody's notes
       their strong relationship with and dependence on
       Raspadskaya, which is underpinned by its high grade
       coaking coal and close proximity to its customers; this
       should ensure a more stable demand in volume terms and
       also mitigates to a large extent the customer
       concentration, as the three largest customers accounted
       for 57% of total sales in 2006;

  (ii) Raspadskaya's exposure to the cyclicality of the coking
       coal market driven by the steel cycle, which is expected
       to lead to some weakening of its financial profile in the
       next downturn;

(iii) significant transportation costs for Raspadksaya's
       exports given the land-locked location and reliance on
       Russian Railways which may result in bottlenecks limiting
       export potential;

  (iv) hazardous nature of coal mining with high risk of
       accidents which can disrupt production.  An increased
       concern over safety standards of Russian coal producers
       due to the recent accidents, increased intensity of
       safety checks performed by state officials with a risk of
       production suspension until the completion of these
       checks; and

   (v) risk of execution of growth strategy given limited track
       record and tight mining market for equipment, geologists
       and skilled labor.

These ratings have been assigned:

   -- LC Corporate Family Rating: Ba3
   -- FC Corporate Family Rating: Ba3

The rating outlook is stable reflecting the expectation that the
company will further benefit from organic growth and investments
in efficiency and in production of high value-added product mix
enabling it to bolster cash flows and strengthen debt protection
measurements.

Raspadskaya is Russia's second largest coking coal producer and
is among the top 10 coking coal producers globally with coal
production volume of 10.6 million tonnes in 2006.

The company's production assets consist of 2 underground mines,
one open-pit and a coal preparation plant, one more mine is
currently under construction.  All the assets are located in
Kuzbass Basin (Kemerovo, Russia).  The company is controlled by
management and Evraz Group through equal stakes in Corber
Enterprises Ltd. which holds an 80% stake in Raspadskaya.  In
2006 the company reported revenue of US$469 million and US$242
of EBITDA based on audited consolidated financial statements.


ROSNEFT OIL: Earns RUR213 Billion for Full Year 2006
----------------------------------------------------
OAO Rosneft Oil Co. released it financial results for the year-
and fourth quarter ended Dec. 31, 2006, and for the first
quarter ended Mar. 31, 2007, all prepared according to Russian
Accounting Standards.

For 2006, Rosneft reported a 280% year-on-year increase in net
profit to RUR213.2 billion, RIA Novosti says.

For the fourth quarter 2006, the company posted a 23% increase
in net profit to RUR136.3 billion, Analytical Information Agency
reports.  The company said the profit growth in the period
reflects OAO Yukos Oil Co.' debts to Rosneft that were
recognized in court rulings.  As of Feb. 1, Yukos owes Rosneft
RUR263.7 billion.

For the first quarter of 2007, Rosneft reported RUR18.6 billion
in net profit, compared with RUR23.3 billion in net profit for
the same period in 2006, Interfax relates.

As of March 31, 2007, Rosneft had RUR106 million in shareholders
equity, divided into around 10.6 billion common shares,
RosBusinessConsulting says.

The company will release its 2006 results prepared according to
U.S. GAAP on May 15.

The company is the second largest Russian oil firm in terms of
oil production capacity with 80.6 million tons of oil produced
in 2006, AK&M says.  Rosneft, however, recently won an auction
to acquire Yukos' East Siberian assets for RUR177.7 billion.  

Kommersant 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.

                          *     *     *

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.


SLAVYANSK-AGRO-KHIM: Creditors Must File Claims by June 14
----------------------------------------------------------
Creditors of declared OJSC Slavyansk-Agro-Khim have until
June 14 to submit proofs of claim to:

         A. Tsikunib
         Insolvency Manager
         Kommunisticheskaya Str. 32/2
         385200 Adygeysk
         Russia

The Arbitration Court of Krasnodar will convene at 2:15 p.m. on
Oct. 2 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A-32-21916/2006-2/1923-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         OJSC Slavyansk-Agro-Khim
         Proletarskaya Str. 201
         Apsheronsk
         352690 Krasnodar
         Russia


TEXTILE LLC: Creditors Must File Claims by May 14
-------------------------------------------------
Creditors of LLC Textile have until May 14 to submit proofs of
claim to:

         L. Prikhodko
         Insolvency Manager
         Post User Box 3077
         Barnaul
         656015 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-15438/06-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Textile
         Barnaul
         Altay
         Russia


URSA BANK: Fitch Affirms B IDR with Stable Outlook
--------------------------------------------------
Fitch Ratings affirmed Russia-based JSC URSA Bank's (fka
Sibacadembank) ratings at Issuer Default 'B' with a Stable
Outlook, Short-term 'B', Individual 'D' and Support '5'.

URSA's ratings reflect the credit and operational risks arising
from the bank's very rapid ongoing and planned loan growth.  
They also reflect the bank's modest capitalisation and reliance
on capital markets access to fund further capital increases, as
well as the relatively high-risk Russian operating environment.

At the same time, the ratings also consider URSA's strong and
geographically more diversified franchise following the recent
merger with Uralvneshtorgbank.  In addition, they take into
account the bank's sound performance, prudent liquidity
management and low market-risk appetite.

"Upward pressure on URSA's ratings could come from a substantial
slowdown in its growth rates or a sustainable strengthening of
its core capitalization, which, however, is not expected in the
near term," notes Alexei Kechko, Associate Director of Fitch's
Financial Institutions Group in Moscow. "Significant losses in
unsecured retail lending not covered by loan loss reserves or
excessive use of hybrids to support capitalization could weaken
URSA's capital and result in downside for its ratings."

URSA is a top 20 bank in Russia by assets and the largest
independent regional bank with headquarters outside of Moscow.
Its business is focused on lending to small/medium-sized
companies and retail customers in Siberia and the Urals. Igor
Kim and his two partners currently control the bank, with a
combined 52% share.  The EBRD and two other foreign owners have
together a blocking 28% stake.


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

         V. Larichkin
         Insolvency Manager
         Apartment 2
         Aviastroitelej, 4
         Novosibirsk
         Russia

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A45-16023/06-54/433.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yuzhinskoye
         Yuzhino
         Kolyvanskiy
         Novosibirsk
         Russia


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


FTA SANTANDER: Fitch Junks EUR40 Million Class D Notes
------------------------------------------------------
Fitch Ratings assigned expected ratings to FTA Santander
Consumer Spain Auto 07-1's auto loans-backed notes totaling
EUR2.04 billion due in September 2022:

   -- EUR1.9 million Class A: 'AAA'
   -- EUR78 million Class B: 'A'
   -- EUR20 million Class C: 'BBB'
   -- EUR40 million Class D: 'CC'

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

The expected ratings address the payment of interest on the
notes as well as the repayment of principal by the legal final
maturity date, according to the terms and conditions of the
documentation.  The Class D notes will be issued to finance the
creation of the reserve fund at closing. The good performance of
the Class D notes is subject to highly favorable conditions for
the collateral backing the Class A to C notes, and therefore its
expected rating is supported by the recovery rate that
noteholders are likely to receive during the life of the
transaction.

The transaction is a true-sale securitization of auto loans
originated in Spain by Santander Consumer, E.F.C., S.A, a wholly
owned and fully integrated subsidiary of Santander Consumer
Finance.  This is the third auto loan securitization transaction
to be brought to the market by SCF.  In line with the preceding
deal, this transaction has a revolving period after which the
transaction will amortize initially on a sequential basis; the
collateral to be securitized includes both new and used cars.

The issuer will be legally represented and managed by Santander
de Titulizacion S.G.F.T., S.A., a limited-liability company
incorporated under the laws of Spain, whose activities are
limited to the management of securitization funds.


MBS BANCAJA: Moody's Junks EUR23.1 Million Series E Notes
---------------------------------------------------------
Moody's Investors Service assigned definitive credit ratings to
seven series of Bonos de Titulizacion de Activos to be issued by
MBS Bancaja 4 Fondo de Titulizacion de Activos, a Spanish asset
securitization fund that has been created by Europea de
Titulizacion, S.G.F.T, S.A.  Moody's has assigned these ratings:

   -- Aaa to the EUR300 million Series A1 notes;
   -- Aaa to the EUR1.18 billion Series A2 notes;
   -- Aaa to the EUR300 million Series A3 notes;
   -- Aa3 to the EUR30.5 million Series B notes;
   -- A3 to the EUR18.9 million Series C notes;
   -- Baa3 to the EUR18.5 million Series D notes; and
   -- Caa3 to the EUR23.1 million Series E notes.

The ratings address the expected loss posed to investors by the
legal final maturity.  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal
on Classes A1, A2, A3, B, C and D at par on or before the rated
final legal maturity date, and for ultimate payment of interest
and principal at par on or before the rated final legal maturity
date on Class E.  The ratings do not address the full redemption
of the notes on the expected maturity date.

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

   (1) reasonably low borrower concentration;

   (2) a reserve fund to cover potential shortfalls in interest
       or principal;

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

   (4) the fact that all the loans are secured by a first-lien
       mortgage guarantee.

It is worth pointing out that the reserve fund will be funded
with the benefits from the issuance of Series E notes.

However, the transaction poses several challenging features,
namely:

   (1) pro-rata amortization of the notes;
   (2) geographical concentration in the region of Valencia;
   (3) interest rate risk only partially hedged; and
   (4) the negative impact of the interest deferral trigger on
       the subordinated series.

These increased risks were reflected in the credit enhancement
calculation.

As of February 2007, the provisional portfolio comprised 18,961
loans.  The loans have been originated between 2000 and December
2006, with a weighted average seasoning of 1.21 year and a
weighted average remaining term of 22.3 years.  The longest loan
matures in November 2046.  The interest rate is floating for all
the loans, all of them being referenced to Euribor/Mibor.  The
weighted average interest rate of the pool is 4.40% and the
weighted average margin over the reference rate is 0.92%.  All
the loans are secured by a first-lien mortgage guarantee with a
current loan-to-value lower than 100%, mainly based on
residential properties.  The total weighted average loan-to-
value is 61.0%

Moody's based the ratings primarily on:

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

  (ii) historical performance information;

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

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

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


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


APSU LLC: Creditors Must Register Claims by May 17
--------------------------------------------------
Creditors of LLC Apsu (code EDRPOU 33608751) have until May 17
to submit written proofs of claims to:

         Sergey Moroz
         Liquidator
         P.O. Box 10068
         61070 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-39/42-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Apsu
         Darvin Str. 20
         Kharkov
         Ukraine


BUGGI LLC: Creditors Must Register Claims by May 17
---------------------------------------------------
Creditors of LLC Buggi (code EDRPOU 20587775) have until May 17
to submit written proofs of claim to:

         S. Gritsay
         Liquidator
         P.O. Box 38
         01030 Kiev
         Ukraine         

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 11/110-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Buggi
         Kiev Str. 94
         Brovary
         Kiev
         Ukraine


CARBAMIDE GUMS: Claims Filing Bar Date Set May 17
-------------------------------------------------
Creditors of CJSC Carbamide Gums (code EDRPOU 31487251) have
until May 17 to submit written proofs of claim to:

         Vladimir Yurkiv
         Temporary Insolvency Manager
         Sechevie Streltsy Str. 19/23
         Kalush
         Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-5/181.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Carbamide Gums
         Industrial Str. 6
         Kalush
         77300 Ivano-Frankovsk
         Ukraine


CONTRACT LLC: Creditors Must Register Claims by May 16
------------------------------------------------------
Creditors of have until May 16 to submit written proofs of claim
to:

         Irene Pchelintseva
         Liquidator
         LLC Agricultural Contract
         Schors Str. 10, ap. 48
         14000 Chernigov
         Tel. (0462) 675-131

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/108b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Contract
         Constitution Square 1
         83000 Donetsk
         Ukraine


DERGACHEV BREAD: Creditors Must Register Claims by May 16
---------------------------------------------------------
Creditors of OJSC Dergachev Bread Receiving Enterprise (code
EDRPOU 22619438) have until May 16 to submit written proofs of
claims to:

         Alexander Sniezhko
         Liquidator
         40 Years of October Str. 126
         03127 Kiev
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/65-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dergachev Bread Receiving Enterprise
         50 Years of VLKSM Str. 2
         Dergachi
         62300 Kharkov
         Ukraine

DRONGO LLC: Creditors Must Register Claims by May 16
----------------------------------------------------
Creditors of LLC Drongo (code EDRPOU 33007689) have until May 16
to submit written proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine         

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 164/14b-06.

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 Drongo
         Kurguzov Str. 2, ap. 65
         Vyshgorod
         07300 Kiev
         Ukraine


GARANT LLC: Claims Filing Bar Date Set May 16
---------------------------------------------
Creditors of LLC Garant have until May 16 to submit written
proofs of claim to:

         Artem Stupak
         Temporary Insolvency Manager
         Bielozerskoe
         Pivdenna Str. 3/14
         85013 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
27/21B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Garant
         Artem str.
         Nikanorovka
         Dobropolye District
         85053 Donetsk
         Ukraine


KALUSH BUILDING: Creditors Must Register Claims by May 17
---------------------------------------------------------
Creditors of OJSC Kalush Building Administration of
Mechanization (code EDRPOU 01272446) have until May 17 to submit
written proofs of claim to:

         Oleg Savchuk
         Liquidator
         V. Stus Str. 9, ap. 39
         76008 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B-11/162-3/331.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kalush Building Administration of Mechanization
         B. Khmelnitsky Str. 103
         Kalush
         Ivano-Frankovsk
         Ukraine


NOVOTROITSKOE LLC: Creditors Must Register Claims by May 17
-----------------------------------------------------------
Creditors of Agricultural LLC Novotroitskoe (code EDRPOU
30869244) have until May 17 to submit written proofs of claim
to:

         Andrew Maksimov
         Liquidator
         P.O. Box 85
         01030 Kiev
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Novotroitskoe
         Novotroitskoe
         Dobropolye District
         85019 Donetsk
         Ukraine


UKRAINA BANK: Yuschenko Approves Extending Liquidation to 2009
--------------------------------------------------------------
Ukraine President Viktor Yuschenko has signed a law extending
the liquidation of JSC Ukraina Bank until Jan. 1, 2009, The
Financial Times reports, citing Interfax as its source.

According to the report, the law comes into force from the day
it is published.  The bill, adopted by the Verkhovna Rada on
March 20, outlines the procedure for paying UAH821.8 million
owed to creditors.  President Yuschenko was deputy and then
first deputy of Ukraina Bank's board chairman from 1990 to 1993.

                       About Ukraina Bank

Headquartered in Kyiv, Ukraine, Ukraina Bank --
http://www.krid.crimea.ua/-- encountered financial troubles  
that began in 1998.  On July 16, 2001, the National Bank of
Ukraine cancelled its banking license and started liquidation
proceedings.


UKRAINA BANK: Liquidator Receives UAH429,000 in March
-----------------------------------------------------
Ukraina Bank's liquidator received in March a total of
UAH384,000 in repaid credits and UAH45,000 from sales of the
bank's property, The Financial Times reports, citing Interfax as
its source.

The TCR-Europe reported on April 9 that the liquidator had paid
a total of UAH805.32 million to the insolvent bank's first,
second, and third line creditors, including UAH200.55 million
given to individual depositors and UAH604.77 million shelled out
to businesses.

                       About Ukraina Bank

Headquartered in Kyiv, Ukraine, Ukraina Bank --
http://www.krid.crimea.ua/-- encountered financial troubles  
that began in 1998.  On July 16, 2001, the National Bank of
Ukraine cancelled its banking license and started liquidation
proceedings.


UKRAINIAN TECHNICAL: Creditors Must Register Claims by May 17
-------------------------------------------------------------
Creditors of CJSC Ukrainian Technical Service (code EDRPOU
30486194) have until May 17 to submit written proofs of claim
to:

         Alexander Tereschenko
         Liquidator
         Independency Square 1-B
         36003 Poltava Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/11-7/59.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ukrainian Technical Service
         Krasnoarmeyskaya Str. 3
         36000 Poltava
         Ukraine


ZMIEV BREAD: Creditors Must Register Claims by May 16
-----------------------------------------------------
Creditors of OJSC Zmiev Bread Receiving Enterprise (code EDRPOU
00956483) have until May 16 to submit written proofs of claims
to:

         Alexander Sniezhko
         Liquidator
         40 Years of October Str. 126
         03127 Kiev
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/66-07.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zmiev Bread Receiving Enterprise
         50 Years of Komsomol Str. 61
         Zmiev
         63400 Kharkov
         Ukraine


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


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 $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,
2007.

"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 $117,634,000 and total debts was
$106,024,000.


BARKER INTERIORS: Hires Liquidators from Moore Stephens
-------------------------------------------------------
David R. Elliott and Simon G. Paterson of Moore Stephens LLP
were appointed joint liquidators of Barker Interiors Ltd. on
April 21 for the creditors' voluntary winding-up proceeding.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers  
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.

The company can be reached at:

         Barker Interiors Ltd.
         Chester Hall Lane
         Basildon
         SS14 3DA
         England
         Tel: 01268 293 671
         Fax: 01268 530 093


BEND IT: Creditors' Meeting Slated for May 15
---------------------------------------------
Creditors of The Bend It Shape It Company Ltd. will meet at  
11:00 a.m. on May 15 at:
  
         Marriott Gosforth Park Hotel
         Gosforth Park
         Newcastle upon Tyne
         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 11 at:

         Bulman House
         Regent Centre
         Gosforth
         Newcastle upon Tyne  
         NE3 3LS
         England


BIRCH HALL: Creditors' Meeting Slated for May 15
------------------------------------------------
Creditors of Birch Hall Quarries Ltd. will meet at 11:00 a.m. on
May 15 at:
  
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton  
         BL1 1ET
         England

Creditors who want to vote at the meeting have until noon on  
May 14 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
M. C. Bowker of Unity Business Services LLP will furnish
creditors with information concerning the company's affairs free
of charge during the period before the day of the meeting as
they may reasonably require.


BLUESTONE SECURITIES: Fitch Puts BB Ratings on Class D Notes
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Bluestone Securities
2007-01's GBP460 million mortgage-backed floating-rate notes due
in 2044:

   -- GBP138 million Class A1 notes: 'AAA'
   -- GBP242.42 million Class A2 notes: 'AAA'
   -- GBP78.2 million Class Az notes: 'AAA'
   -- GBP43.47 million Class B notes: 'A'
   -- GBP19.78 million Class C notes: 'BBB'
   -- GBP8.51 million Class D notes: 'BB'

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

This is Bluestone's fourth issuance from the shelf that it
established in December 2004 for the purpose of securitizing
non-conforming residential mortgage loan portfolios purchased by
Redstone Mortgages plc from third-party originators in the UK.  
Like the previous issue, the underlying collateral is originated
by Amber Homeloans - a wholly owned subsidiary of Skipton
Building Society and Beacon Homeloans.

The expected ratings for this series are based on the quality of
the collateral, the available credit enhancement, the
underwriting and origination processes of Amber Homeloans and
Beacon Homeloans and the servicing capabilities of Homeloan
Management Ltd as primary servicer and the sound legal structure
of the transaction.

The 18.30% credit enhancement for the Class A1 and A2 notes will
be provided by the subordination of the Class Az, Class B, Class
C and Class D notes, and an initial and target reserve fund of
1% of the initial note balance.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated 5 February 2007.  The agency also modeled
cash flows using the results of the default model, with
structural stresses including various prepayment and interest
rate scenarios.  The cash-flow tests showed that each Class of
notes could withstand loan losses at a level corresponding to
the related stress scenario without incurring any principal loss
or interest shortfall and can retire principal by legal final
maturity.


BRIAN JOHNSON: Creditors' Meeting Slated for May 14
---------------------------------------------------
Creditors of Brian Johnson (Building Contractors) Ltd. will meet
at 11:00 a.m. on May 14 at:
  
         Unity Business Services LLP
         Unity House
         Clive Street
         Bolton  
         BL1 1ET
         England

Creditors who want to vote at the meeting have until noon on  
May 12 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
M. C. Bowker of Unity Business Services LLP will furnish
creditors with information concerning the company's affairs free
of charge during the period before the day of the meeting as
they may reasonably require.


BRITISH SKY: Earns GBP388 Million in Nine Months Ended March 31
---------------------------------------------------------------
British Sky Broadcasting Group PLC released unaudited financial
results for the nine months ended March 31, 2007.

BSkyB reported GBP388 million in net profit against GBP3.4
billion in revenues for the nine months ended March 31, 2007,
compared with GBP425 million in net profit against GBP3.1
billion in revenues for the same period in 2005.

"Customer response to our 'See, Speak, Surf' campaign has been
very encouraging.  Total sales of our TV, broadband and
telephony products surpassed one million for the second
consecutive quarter and now exceed three million in the year to
date, an increase of more than 50% on the prior year and almost
double that of two years ago," James Murdoch, BSkyB Chief
Executive, said.

"In just eight months, Sky Broadband has passed the milestone of
500,000 customers who are enjoying fast speeds, wireless access
and significant savings.  Our network now reaches over 60% of
U.K. homes and we are on track for our goal of more than 700,000
broadband customers by the end of June.

"Our investments in customer service, value and quality are
driving more customers to choose more services from Sky than
ever before.

"Changes to our retention and acquisition strategy are
delivering valuable benefits to the quality and profitability of
our business.  We are delivering on our multi-product strategy
and customers are responding in record numbers."

                       About BSkyB

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

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

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


BRIXTON ONLINE: Joint Liquidators Take Over Operations
------------------------------------------------------
Peter Robin Bacon and Carl Derek Faulds of Portland Business &
Financial Solutions Ltd. were appointed joint liquidators of
Brixton Online Ltd. (formerly Brixton On-Line Ltd.) on April 25
for the creditors' voluntary winding-up proceeding.

The company can be reached at:

         Brixton Online Ltd.
         Eurolink Business Centre
         49 Effra Road
         Lambeth
         London
         SW2 1BZ
         England
         Tel: 020 7274 2888
         Fax: 020 7274 2666


CASTLE COURIERS: Creditors' Meeting Slated for May 15
-----------------------------------------------------
Creditors of Castle Couriers Ltd. will meet at 10:15 a.m. on  
May 15 at:
  
         Vantis Business Recovery Services
         Judd House
         16 East Street
         Tonbridge
         Kent  
         TN9 1HG  
         England

Creditors who want to vote at the meeting have until noon on  
May 14 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 11 and May 14.


CLAVIS SECURITIES: Fitch Rates Series 2007-01 B2 Notes at BB
------------------------------------------------------------
Fitch Ratings assigned expected ratings to Clavis Securities Plc
Series 2007-01 GBP556.8 million-equivalent mortgage-backed
floating-rate notes:

   -- GBP-equivalent 136.4 million Class A1 notes due 2032:
      'AAA'

   -- GBP-equivalent 91.4 million Class A2 notes due 2032: 'AAA'

   -- GBP-equivalent 229.1 million Class A3 notes due 2032:
      'AAA'

   -- GBP-equivalent 35 million Class AZ notes due 2032: 'AAA'

   -- GBP-equivalent 22.6m Class M1 notes due 2040: 'AA'

   -- GBP-equivalent 20 million Class M2 notes due 2040: 'A'

   -- GBP-equivalent 14.3 million Class B1 notes due 2040: 'BBB'

   -- GBP-equivalent 8.1 million Class B2 notes due 2040: 'BB'

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

The expected ratings are based on the quality of the collateral,
available credit enhancement, the underwriting criteria of GMAC-
RFC, primary servicing capabilities of Specialist Mortgage
Services Limited and the special servicing capabilities of
Basinghall Finance Plc and the sound legal structure of the
transaction.

Credit enhancement for the Class A1, A2 and A3 notes totals
18.66% and will be provided by the subordination of the Class
AZ, Class M1, Class M2 Class B1, Class B2 and an initial reserve
fund of 0.7% (GBP3.9 million) of the initial issue size.  The
reserve fund is expected to increase to a target amount of
0.85%.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its UK Residential Mortgage
Default Model, dated 5 February 2007.  The agency also modeled
cash flows using the results of the default model with
structural stresses including various prepayment and interest
rate scenarios.  The cash flow tests showed that each Class of
notes could withstand loan losses at a level corresponding to
the related stress scenario without incurring any principal loss
or interest shortfall and can retire principal by legal final
maturity.


COMPLETE PROCESSING: Names Paul James Fleming Liquidator
--------------------------------------------------------
Paul James Fleming of Parkin S. Booth & Co. was appointed
liquidator of Complete Processing Ltd. on April 24 for the
creditors' voluntary winding-up proceeding.

Parkin S. Booth & Co http://www.parkinsbooth.co.uk/-- deals  
entirely with insolvency practice.

The company can be reached at:

         Complete Processing Ltd.
         Cawdor Street
         Farnworth
         Bolton
         BL4 7JA
         England
         Tel: 01204 604 139
         Fax: 01204 701 871


FENNY TOOL: Claims Filing Period Ends May 31
--------------------------------------------
Creditors of Fenny Tool Hire Ltd. have until May 31 to send in
their full names, their addressed and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Phillip A. Roberts
         Liquidator
         Sterling Ford  
         Centurion Court
         83 Camp Road
         St. Albans  
         Hertfordshire  
         AL1 5JN
         England

The company can be reached at:

         Fenny Tool Hire Ltd.
         Simpson Road
         Bletchley
         Milton Keynes
         MK1 1BB
         England
         Tel: 01908 646 666
         Fax: 01908 630 215


GEORGICA PLC: Earns GBP855,000 in 13 Weeks Ended April 1, 2007
--------------------------------------------------------------
Georgica plc released unaudited financial results for the 13
weeks ended April 1, 2007.

Georgica reported GBP855,000 in net profit against GBP35.4
million revenues for the 13 weeks ended April 1, 2007, compared
with GBP1.4 million in net profit against GBP34.9 million in
revenues for the same period in 2005.

At April 1, 2007, the company's balance sheet showed GBP226.7
million in total assets, GBP136 million in total liabilities,
and GBP90.6 million in stockholders' equity.

The company's balance sheet at April 1, 2007, also showed
strained liquidity with GBP22.8 million in total current assets
available to pay GBP28.4 million in total liabilities coming due
within the next 12 months.

                       Operational Review

Good progress has been made in relation to the proposed
demerging of Georgica into two wholly separate listed
businesses, Rileys and Tenpin.  All necessary regulatory
consents have been obtained.  The required internal
reorganization has now been completed.  Discussions are at an
advanced stage regarding future bank finance and with parties
interested in purchasing and leasing back the majority of
Georgica's freehold and long leasehold properties.  The demerger
will proceed immediately such financing arrangements are
complete.  Provision has been made in the quarter under review
for GBP1 million of demerger costs.

As previously disclosed, trading conditions in the first quarter
of the year were challenging. Same outlet sales in Tenpin and
Rileys were down 0.3% and 4.1% respectively.  Trading in
Scotland improved slightly relative to England and Wales when
compared to the preceding quarter.  The smoking ban was in force
in the first quarter of 2007 but not in the first quarter of
2006.  Several marketing and cost reduction initiatives have
been introduced to improve profitability.

Total sales for the 13 weeks ended 1st April were up 1.5% when
compared to sales with the prior year 13 week period ended on
April 2.  This resulted in EBITDA of GBP7.4 million for the
period which was flat when compared to the prior year.

In the first three months of the year, a further 113 clubs
introduced low stakes poker games, increasing the total number
of venues at which poker is played to 128.  Enhancements to the
Rileyspoker.com website operated by 888 are expected to be
completed by the end of June, however it is already attracting
an increasing number of players.  The initial financial results
for poker have been encouraging; poker is already delivering an
annualized uplift in EBITDA estimated to be in the region of
GBP800,000.

The installation of enhanced IT systems in both Rileys and
Tenpin is progressing well.  At Rileys, such systems are
expected to be operating before the year end.  At Tenpin, the
first of such enhanced systems are already operating and
contributing satisfactorily to profitability.  The online yield
management booking system at Tenpin is currently being tested.

Since February, sites for a further two bowls and two cue sports
businesses have been contracted.  Georgica has now added or
contracted to add 22 Rileys and 11 bowls since July 2005.

The redevelopment of certain of Georgica's freehold and long
leasehold properties is moving forward satisfactorily.  To date,
GBP18 million has been released at a cost of GBP300,000 EBITDA
foregone.  Currently, your board anticipates that this
program will be completed prior to the end of 2008. When taken
together with the proposed sale and leaseback of the remaining
freehold and long leasehold properties, your board currently
anticipates realizing a further sum from property disposals
somewhat greater than Georgica's total existing net
borrowings which, at April 30, amounted to GBP92 million.

Recent trading has been disappointing having suffered from
regulatory change and unseasonably high temperatures. However,
the board believes that the changes currently being implemented
to the business and corporate structure will ensure enhanced
returns to shareholders in the foreseeable future.

                       About Georgica plc

Headquartered in London, England, Georgica plc provides leisure
activities, including pool and snooker clubs (cue sports), ten
pin bowling centers and the operation of franchised restaurants.

                          *     *     *

As reported in the TCR-Europe on Dec. 4, 2006, Moody's Investors
Service changed the rating outlook for Georgica Plc to negative
(from stable).

Ratings affected:

Georgica plc

   -- CFR at B2; and
   -- Sr. Second Priority Notes due 2012 at Caa1.

Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on U.K. leisure group Georgica PLC to
'CCC+' from 'B-' and placed the rating on CreditWatch
with negative implications, reflecting the rating agency's
concerns about the company's increased leverage and the
forthcoming smoking bans in England and Wales.

At the same time, Standard & Poor's lowered its debt rating on
Georgica's GBP60 million senior secured second-lien floating-
rate notes due 2012 to 'CCC' from 'CCC+' and also placed this
rating on CreditWatch with negative implications.


GEORGICA PLC: Moody's Assigns Loss-Given-Default Rating
-------------------------------------------------------
In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its B2 Corporate Family Rating for Georgica
Plc.

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

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

                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured
   Regular Bond/
   Debenture Due 2012       Caa1     Caa1     LGD5     77%

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

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

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

Headquartered in London, United Kingdom, Georgica Plc provides
leisure activities, including pool and snooker clubs, ten pin
bowling centers and the operation of franchised restaurants.


KFA SOUND: Names Liquidators to Wind Up Business
------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of KFA Sound Design & Construction Ltd. on  
April 24 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         KFA Sound Design & Construction Ltd.
         Unit 24
         Baldock Industrial Estate
         London Road
         Baldock
         SG7 6NG
         England
         Tel: 01462 896 444
         Fax: 01462 491 999


MEDICLEAN CORP: Appoints Michael C. Kienlen as Liquidator
---------------------------------------------------------
Michael C. Kienlen of Armstrong Watson was appointed liquidator
of The Mediclean Corporation Ltd. on April 19 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         The Mediclean Corporation Ltd.
         The Moorings
         Waterside Industrial Park
         Waterside Road
         Leeds
         LS10 1DG
         England
         Tel: 01423 712 525


RANK GROUP: Achieves 3% Like-For-Like Revenue Growth in April
-------------------------------------------------------------
The Rank Group Plc provides trading update for the 16 weeks to
April 22, 2007.

Rank has made a solid start to its first year as a focused
gaming business with like-for-like revenue up 3% for the first
16 weeks.  This reflects like-for-like revenue growth at
Grosvenor Casinos, Top Rank Espana and Blue Square and a modest
decline at Mecca Bingo, against the comparable period in 2006.
This revenue performance, together with the cost-saving
initiatives disclosed in September last year, has led to an
increase in group profits in the year to date.

                          Like-for-like
                          (adjusted for
                          club openings,
   Revenue                disposals & closures)    Total
   -------                ---------------------    -----
   Mecca Bingo                   (1)%               (4)%
   Top Rank Espana                2%                 2%
   Grosvenor Casinos              3%                (1)%
   Blue Square                   40%                40%
   Total Group                    3%                 0%

                          Mecca Bingo

Mecca Bingo like-for-like revenue was 1% lower than in the same
period in 2006, with spend per head increasing by 6% and
admissions declining by 7%.

In England and Wales, Mecca Bingo's like-for-like clubs
generated 1% growth in revenue with increases in spend per head
off-setting lower admissions.  This pattern was due in part to
Rank's decisions both to reduce free bingo and to not replicate
a number of frequency-based promotions (operated in the
comparable period in 2006), which resulted in a decline in low-
spend admissions.

On March 26, the Group passed the anniversary of the Scottish
ban on smoking in enclosed public places.  For the first 12
months of the smoking ban, revenue from its Mecca Bingo clubs in
Scotland declined by 17% on a like-for-like basis, with
admissions down 10% and spend per head down 7%.  During the
winter months spend per head recovered to near pre-ban levels
but admissions were affected adversely.

In April 2007, the Group opened at Mecca Bingo in Dundee its
first sheltered outdoor gaming area.  It is seeking to extend
this type of amenity across a large number of its Mecca Bingo
clubs.

                        Top Rank Espana

A slight increase in revenue from Top Rank Espana, Rank's
Spanish bingo business, demonstrated progress in overcoming the
effects of the partial smoking ban that was phased in during
2006.

                       Grosvenor Casinos

Grosvenor Casinos grew revenue by 3% on a like-for-like basis,
with admissions down by 6% and spend per head increasing by 10%.
These figures in part reflect Rank's decision to end the
frequency-based promotions that were a feature in the first-
quarter of 2006.  The Group remains pleased with the growth in
new members and the underlying admissions performance.

In March 2007, Grosvenor was granted a license to operate a
casino in Southend-on-Sea, Essex.  The Group has now been
granted nine new casino licenses in total.

                          Blue Square

Blue Square, Rank's interactive gaming and betting business,
continued its excellent recent progress, growing revenue by 40%
in the period.  This performance was driven primarily by online
gaming products, with meccabingo.com performing particularly
well.  Sportsbook also enjoyed a buoyant start to the
year.

Headquartered in London, United Kingdom, Rank Group PLC --
http://www.rank.com/-- is an international leisure and  
entertainment company.  The Group provides services to the film
industry, including film processing, video duplication and
cinema exhibition.  The Group's leisure and entertainment
activities entail gambling services, encompassing Mecca Bingo
Clubs and Grosvenor Casinos, and owned and franchises Hard Rock
cafes.

                          *     *     *

As reported in the TCR-Europe on April 24, Moody's Investors
Service downgraded to B2 (from Ba3) the debt ratings of the
US$100-million guaranteed notes due 2008 and US$14.3-million
guaranteed notes due 2018 at Rank Group Finance Plc.

According to the Loss Given Default methodology, Moody's has
also assigned:

   -- a probability of default rating of Ba3 to the corporate
      family; and

   -- an LGD assessment of LGD5 and an LGD rate of 84% to the
      2008 and 2018 notes.

The Ba3 corporate family rating and Negative outlook are not
affected.

Affected ratings are as follows:

   -- A probability of default rating of Ba3 has been assigned
      to Rank.

   -- The rating on the US$100 million Guaranteed notes due
      2008 at Rank Group Finance (guaranteed by Rank) downgraded
      to B2 from Ba3.  An LGD5 and 84% LGD rate has been
      assigned.

   -- The rating on the US$14.3 million Guaranteed notes due
      2018 at Rank Group Finance (guaranteed by Rank) downgraded
      to B2 from Ba3.  An LGD5 and 84% LGD rate has been
      assigned.

At the same time, Standard & Poor's Ratings Services revised its
outlook on U.K.-based gaming company The Rank Group PLC to
negative from stable.  At the same time, the 'BB-' long-term and
'B' short-term corporate credit ratings were affirmed.

In December 2006, Fitch Ratings affirmed The Rank Group Plc's
Issuer Default ratings at B+ with Negative Outlook, senior
unsecured rating at B+ and Short-term rating at B.  The ratings
are simultaneously withdrawn.


SCHEFENACKER PLC: Bondholder Deal Rids EUR200 Million Debt
----------------------------------------------------------
Schefenacker Plc has successfully concluded its refinancing
after bondholders have agreed to the modified refinancing
proposal presented on April 5.

"A resolution was passed which effectively removes EUR200
million of debt from the balance sheet and significantly reduces
the amount of our cash that has to be used to pay interest. This
result is a massive step along the way to restoring the groups'
finances and allows us to refocus on the development of our
business," said Stephen Taylor, CEO of Schefenacker.

As a result of the refinancing, senior creditors now holding 70
percent of the Group's equity have agreed to a substantial
reduction of their cash interest payments and have also
contributed EUR35 million of fresh money to the company.
Bondholders have agreed to exchange their Bond against a
EUR7.5 million cash payment, a five-percent equity stake and
additional warrants that if exercised could increase that stake
to around 15 percent.

Dr. Alfred Schefenacker has contributed EUR20 million of fresh
money and his personal equity stake in Schefenacker-subsidiary
Engelmann.  In addition Dr. Schefenacker has cancelled over
EUR100 million of shareholder loans and will retain 25 percent
of the Group's equity.  Schefenacker's main customers have
expressed their support to the refinancing and new shareholder
structure.

"I would specifically like to thank our customers and our
employees who have supported the management in the difficult
negotiations over the past months", said acting CEO Stephen
Taylor.  "Together we have kept the company on track and set a
restructuring pace that is already showing effect in a solid
first quarter performance."

                      About Schefenacker

Headquartered in Hampshire, United Kingdom, Schefenacker Plc
(fka Schefenacker AG) -- http://www.schefenacker.com/--    
develops, produces and supplies rear vision systems, lighting
systems and sound systems to the world's automotive
manufacturers.  The company employs 7,900 people and operates 27
sites in Australia, China, France, Hungary, India, Japan, Korea,
Mexico, Romania, Slovenia, Spain, the United Kingdom, and the
U.S.A.

                          *     *     *

As reported in the TCR-Europe on Feb. 15, Moody's Investors
Service downgraded the Corporate Family Rating of Schefenacker
AG to Ca from Caa2, the rating on the company's senior
subordinated notes to C from Ca and the rating for the
senior secured facility from Caa1 to Caa2.  Moody's said the
outlook has been changed to stable.  

In December 2006, Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on German automotive parts
supplier Schefenacker AG to 'SD' (selective default) from 'CCC'.

At the same time, the rating was removed from CreditWatch, where
it had been placed with negative implications on Sept. 12, 2006,
following the company's announcement that it had appointed
financial-restructuring experts.

S&P said the 'C' long-term debt rating on the Schefenacker's
EUR200-million subordinated notes maturing in 2014 remains on
CreditWatch with negative implications.


SOLUTIA INC: Court Rules Bonds Doesn't Have Lien on Assets
----------------------------------------------------------
Solutia Inc. disclosed that the Honorable Prudence Carter Beatty
of the U.S. Bankruptcy Court for the Southern District of New
York has issued a ruling in the company's favor in the JPMorgan
bondholder litigation.  The judge found that Solutia's 7.375%
notes due Oct. 15, 2027, and its 6.72% notes due Oct. 15, 2037,
are not entitled to a lien on any of Solutia's assets and
therefore should be treated like all of the other unsecured
creditors.

"The company is pleased to have its position sustained by the
court and this decision clarifies an important legal issue
concerning the status of one of the company's major creditor
constituents that will allow for Solutia to emerge from
bankruptcy," Jeffry N. Quinn, chairman, president and chief
executive officer of Solutia, said.

"The company's priority remains to maximize the value of the
estate for all stakeholders and the company looks forward to
filing a revised Plan of Reorganization shortly," Mr. Quinn
added.

                         About Solutia Inc.

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.  On
Feb. 14, the Debtors' filed their chapter 11 plan of
reorganization and disclosure statement explaining that plan.  
Their exclusive period to file a chapter 11 plan expires on
July 30, 2007.


SOLUTIA INC: Completes Purchase of Akzo Nobel's Flexsys Stake
-------------------------------------------------------------
Solutia Inc. has completed its purchase of Akzo Nobel N.V.'s 50%
interest in Flexsys.  Effective, Wednesday, May 2, it became a
wholly owned subsidiary of Solutia.

As reported in the Troubled Company Reporter on Dec. 20, 2006,
Solutia Inc. has reached an agreement in principle to purchase
Akzo Nobel's stake in Flexsys well as Akzo Nobel's Crystex, a
"non-blooming vulcanizing agents for unsaturated elastomers"
business in Japan.

Solutia funded the purchase through a combination of sources,
including a portion of its new debtor-in-possession financing
package.

Flexsys became the fourth major platform in Solutia's business
portfolio, joining Performance Products which consists of
Saflex(R) laminated glass interlayers and specialty chemicals,
CPFilms(R) aftermarket window films, and an integrated family of
nylon products.

"Solutia's businesses are world leaders in their markets, and
Flexsys is the world leader in rubber chemicals.  This truly
global business will become an integral part of Solutia,"
Jeffry N. Quinn, chairman, president and CEO of Solutia, said.

James R. Voss has been named senior vice president and president
of Flexsys.  He previously served as Solutia's senior vice
president -- business operations.  Enrique Bolanos, who led
Flexsys for the past eight years, will remain active in the
business and will help with the transition of Flexsys into
Solutia.

"Flexsys brings Solutia a portfolio of strong products, a great
team of people, and unparalleled knowledge of the technology and
the market," Voss said.  "Solutia will contribute clear
strategy, crisp decision-making and strong corporate
leadership."

                           About Flexsys

Headquartered in Brussels, Belgium, Flexsys --
http://www.flexsys.com-- is a 50%/50% rubber chemicals joint
venture between Akzo Nobel and Solutia, and is a supplier of
chemicals to the rubber industry.  Flexsys' products are
manufactured at 15 facilities worldwide: eight in Europe, three
in North America, two in South America and two in Asia.  Flexsys
also operates three technology centers, as well as more than 40
sales offices worldwide.

Flexsys products play an important role in the manufacture of
tires and other rubber products, such as belts, hoses, seals and
footwear.  These chemicals help control the process of
manufacturing rubber, determine its performance characteristics
and improve the durability, flexibility and appearance of
rubber.

Flexsys is a global business with offices, manufacturing
facilities and technology centers around the world and employs
about 600 people worldwide.  Flexsys has annual sales of
US$600 million, about two-thirds of which take place outside the
United States.

                         About Akzo Nobel

Netherlands-based Akzo Nobel N.V., is a multicultural
organization serving customers throughout the world with human
and animal healthcare products, coatings, and chemicals.  Akzo
Nobel employs around 61,500 people and conduct activities in
four segments - human and animal health, coatings and chemicals
- subdivided into 13 business units, with operating subsidiaries
in more than 80 countries.

                         About Solutia Inc.

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
onDec. 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.  On
Feb. 14, the Debtors' filed their chapter 11 plan of
reorganization and disclosure statement explaining that plan.  
Their exclusive period to file a chapter 11 plan expires on
July 30, 2007.

STONECLEAN LTD: Calls In Liquidators from B & C Associates
----------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint liquidators of Stoneclean Ltd. on April 19 for
the creditors' voluntary winding-up procedure.

The company can be reached at:

         Stoneclean Ltd.
         31 Playgreen Way
         Lewisham
         London
         SE6 3HU
         England
         Tel: 020 8695 0783


T.M. TIMBER: Mark S. Goldstein Leads Liquidation Procedure
----------------------------------------------------------
Mark S. Goldstein of DCM Insolvency Service Ltd. was appointed
liquidator of T.M. Timber Ltd. on April 23 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         T.M. Timber Ltd.
         Pinns Wharf 16-18
         River Road
         Barking
         IG11 0DG
         England
         Tel: 020 8591 5995
         Fax: 020 8591 5949


ULTRA BRITE: Claims Filing Period Ends June 6
---------------------------------------------
Creditors of Ultra Brite Windows (U.K.) Ltd. (t/a Nationwide
Plastics) have until June 6 to send their names and addresses
with particulars of their debts or claims to:

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

David Moore and Donald Bailey of Begbies Traynor were appointed
joint liquidators of the company on April 25.

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


VONAGE HOLDINGS: Circuit Court Denies Patent Case Retrial Bid
-------------------------------------------------------------
The U.S. Court of Appeals for the Federal Circuit has denied
Vonage Holdings Corp.'s motion for a retrial in its patent
dispute with Verizon Communications Inc., Corey Boles of The
Wall Street Journal reports.

According to the report, Vonage had sought to have the original
jury verdict that it had violated three of Verizon's five
patents overturned and a new trial ordered.

The court did rule that Vonage could include the issue in its
appeal brief, which is due May 9, WSJ says.  

WSJ cited Vonage as saying that while it was disappointed in the
court's ruling, it had no impact on its overall appeal in the
case.

An oral hearing in an appeal in the case is scheduled for
June 25, WSJ relates.

Amol Sharma of WSJ said in an earlier report that Vonage asked
the Federal Circuit Court to remand the patent case to a lower
court, citing 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.

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.

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, 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 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 February 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.


WESTWAY SERVICES: Taps John Russell to Liquidate Assets
-------------------------------------------------------
John Russell of The P&A Partnership was appointed liquidator of
Westway Services John Cann Plumbing & Heating Ltd. on April 18
for the creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Westway Services John Cann Plumbing & Heating Ltd.
         23 Brookfield Street
         Bideford
         EX39 4ER
         England
         Tel: 01237 420 803


WILD TECHNIK: Creditors' Meeting Slated for May 11
--------------------------------------------------
Creditors of Wild Technik Ltd. will meet at 10:00 a.m. on May 11
at:
  
         Vantis
         Torrington House
         47 Holywell Hill
         St. Albans
         Hertfordshire  
         AL1 1HD
         England

Creditors who want to vote at the meeting have until noon on  
May 10 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Michael Young of Vantis will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require.


WILLIAM LISTER: Claims Filing Period Ends May 30
------------------------------------------------
Creditors of William Lister Ltd. (t/a Grant & Son) have until  
May 30 to send in their names and addresses, with particulars of
their debts or claims, to:

         Adrian David Allen
         Joint Liquidator
         Baker Tilly Restructuring and Recovery LLP
         2 Whitehall Quay  
         Leeds  
         LS1 4HG
         England

Philip Edward Pierce and Adrian David Allen of Baker Tilly were
appointed joint liquidators of the company on April 17.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing  
and other services for mid-cap and smaller publicly listed
companies and private companies, particularly those expanding
into new foreign markets.  Services include business and
financial planning, tax-related services, corporate finance,
litigation support, turnaround services, and technology
consulting.

  
* Begbies Traynor Acquires Stellar Financial Partners LLP
---------------------------------------------------------
Begbies Traynor Group Plc has added a new professional service
offering to its portfolio, by acquiring Stellar Financial
Partners LLP, which provides specialized fiscal structuring and
investigations consultancy advice to independent financial
advisors, financial institutions and general practice
accountants.

BTG intends to substantially grow its activities in this area,
building on this initial acquisition, under the BTG Financial
Partners brand as part of its strategy to deliver group activity
in excess of GBP100 million by 2010.

Steve Bold led the acquired firm.  Mr. Bold has many years
experience in both HM Revenue and Customs and in professional
practice.  Steve leads a Manchester based team of consultants
generating some GBP1.2 million net fee income per annum, all of
whom are remaining with the business.

BTG Financial Partners aims to expand both its geographical
coverage and its range of specialist fiscal consultancy
services, continuing to work with the financial community as
well as through providing complementary support to general
practice accountants and by working closely with the Corporate
Finance and Corporate Rescue divisions of the BTG group.

"It is a pleasure to welcome Steve and his team to the BTG
group.  This acquisition is part of our continuing expansion
strategy and enables us to offer our clients an even broader
range of specialist professional support services," Ric Traynor,
executive chairman of BTG commented.

"Our goal is to add activities that complement our professional
service offerings to the increasing network of general practice
professionals and financial institutions with whom we regularly
work," Mr. Traynor added.


                           *********

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.

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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.


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