TCREUR_Public/070509.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, May 9, 2007, Vol. 8, No. 91

                            Headlines


A U S T R I A

ATTENSAM PERSONALBEREITSTELLUNG: Claims Registration Ends June 4
DIANA LLC: Vienna Court Orders Business Shutdown
FLIESEN CREATIV: Salzburg Court Orders Business Shutdown
FRANK LLC: Claims Registration Period Ends May 29
MAIR REISEN: Claims Registration Period Ends June 1

OBERBICHLER TRANSPORTE: Claims Registration Period Ends June 1
OR-BAU YELGIN: Claims Registration Period Ends May 31
PARZER BAUHANDEL: Claims Registration Period Ends May 29


B E L G I U M

GOODYEAR TIRE: Signs Tandy Brands as Auto Accessories Licensee


C Z E C H   R E P U B L I C

ON SEMICONDUCTOR: Steady Gains Cue S&P to Up Rating to BB-
VALEANT PHARMACEUTICALS: Earns US$8.5 Million in First Quarter
VALEANT PHARMA: Elects G. Mason Morfit to Board of Directors


D E N M A R K

CLEAR CHANNEL: Negotiates Revised Merger Proposal with Bidders
CLEAR CHANNEL: Units Ink Asset Purchase Deal with GoodRadio.TV
EASTMAN KODAK: Closes Unit Sale to Onex Corp. for US$2.5 Billion
EASTMAN KODAK: Taps Dale Patterson to Lead Packaging Segment


F R A N C E

CHEMTURA CORP: Signs Sale Agreement with PERGAN for Peroxide Biz
DELPHI CORP: Court Extends Lease-Decision Period Until Sept. 30
DELPHI CORP: Posts US$63 Million Net Loss in March 2007
DELPHI CORP: Section 1113/1114 Conference Set for May 23
OMNOVA SOLUTIONS: Fitch Affirms and Withdraws Low-B Ratings

SOLECTRON CORP: Fitch Affirms Low-B Ratings with Stable Outlook


G E R M A N Y

3PL GMBH: Claims Registration Period Ends May 24
ABACUS LIEGENSCHAFTEN: Claims Registration Period Ends June 1
AUTOHAUS NAGEL: Claims Registration Period Ends May 18
BACKEREI UND KONDITOREI: Claims Registration Period Ends June 5
BALIBU MANAGEMENT: Claims Registration Period Ends July 13

BAUSTOFFZENTRUM LEIMBACH: Claims Registration Period Ends May 29
BBS AUTOTEILE: Claims Registration Period Ends June 12
BBS KRAFTFAHRZEUGTECHNIK: Claims Registration Ends June 12
BEFATEX GMBH: Claims Registration Ends June 26
BERGMANN AUTOMATEN: Claims Registration Ends May 31

BETONWERK VOLLAND: Claims Registration Ends May 21
BLEILE BODENBELAGE: Claims Registration Ends June 5
COMCENTER HAMBURG: Claims Registration Ends June 25
CONVEY HAMBURG: Claims Registration Ends June 14
CPD AUTOTEILE: Claims Registration Ends June 13

DAIMLERCHRYSLER: Chrysler Launches Ad Campaign to Define Brand
E.N.D.E.R.E.S GMBH: Claims Registration Ends May 29
ELMO ELEKTRO: Claims Registration Period Ends June 11
FAHRRADWERK ENIK: Claims Registration Period Ends June 5
H + D BAU: Claims Registration Period Ends June 12

HEIDELBERGCEMENT AG: Reviews Options in Hanson Acquisition Plan
M-TEC TEXTILMASCHINEN: Claims Registration Period Ends July 16
NAZZARO PUTZ: Claims Registration Period Ends July 9
SCHWERTNER & PARTNER: Claims Registration Period Ends May 31
UNTERNEHMENSBERATUNG GMBH: Claims Registration Ends July 2

WMH - MODEVERTRIEB: Claims Registration Period Ends July 15


I R E L A N D

SCOTTISH RE: S&P Lifts Credit Rating to B+ on Equity Investment


I T A L Y

DANA CORP: Wants Section 1113/1114 Ruling Deferred Until May 31
DANA CORP: Wants Open-Ended Deadline to Remove Court Actions
DRESSER INC: Riverstone-Led Consortium Completes Takeover
TEKSID ALUMINUM: Moody's Confirms Junk Ratings


K A Z A K H S T A N

AIBEK COMPANY: Creditors Must File Claims by May 29
ALCOM LTD: Creditors' Claims Due June 1
ECONOM EXPRESS: Proof of Claim Deadline Slated for May 29
FIRM KAZKOR: Claims Registration Ends June 2
JALGAS-AGRO LLP: Claims Filing Period Ends June 13

KAZKOMMERTSBANK JSC: Re-brands Retail Banking Arm as Kazkom
KOKSHETAUSKY HLEBOZAVOD: Creditors Must File Claims by June 1
KURYLYS CONSULTING: Creditors' Claims Due June 1
NURKAZGAN-SERVICE LLP: Proof of Claim Deadline Slated for June 1
RULAND ALMATY: Claims Registration Ends June 1

VIVALITY 20: Claims Filing Period Ends June 2


K Y R G Y Z S T A N

INTORGSINTEZ LLC: Creditors' Meeting Slated for May 25
MOBINDA LLC: Creditors Must File Claims by June 20


N E T H E R L A N D S

GLOBAL POWER: Court Extends Excl. Plan Filing Period to May 17
GLOBAL POWER: Court Extends Consulting Pacts with Ex Executives


R U S S I A

ABZELIL-SEL-ENERGO: Creditors Must File Claims by May 14
ALFA OJSC: Creditors Must File Claims by May 14
APSHERONSK-AGRO-TEKH-SNAB: Creditors Must File Claims by June 14
COUNTRY-HALL OJSC: Creditors Must File Claims by May 14
DIARY LLC: Creditors Must File Claims by May 14

GAS COMPANY: Creditors Must File Claims by May 14
HYDROLYZE FACTORY: Asset Bidding Deadline Slated for May 16
KHABAROVSKIY FACTORY: Asset Sale Slated for May 15
META OJSC: Creditors Must File Claims by May 14
NAFTATRANS CJSC: Creditors Must File Claims by May 14

POLIEL CJSC: Creditors Must File Claims by May 14
PROMSVYAZBANK: Fitch Affirms B+ IDR with Stable Outlook
SHAKHUNSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by May 14
SHIP AND MECHANICAL: Creditors Must File Claims by June 14
TAGIL-VODKA JSC: Creditors Must File Claims by June 14

YUBILEYNYJ OJSC: Asset Bidding Deadline Slated for May 18
TUYMAZY-MEAT LLC: Creditors Must File Claims by June 14
UEMSKIY CERAMIC: Asset Sale Slated for May 30
UFA-AUDIT CJSC: Court Names S. Konovalov as Insolvency Manager
UFA-OIL-GAS-STROY: Asset Bidding Deadline Slated for May 18

YUKOS OIL: Shell & BP Set to Join Auction for Petrol Stations
YUKOS OIL: RFFI Sets May 11 Auction for Office & Research Assets
YUKOS OIL: Slovakia Wants Russian Help Over Transpetrol Stake


S P A I N

FENDER MUSICAL: S&P Assigns B+ Rating on US$200-Mil. Term Loan


S W I T Z E R L A N D

BEATRICE KAISER: Creditors' Liquidation Claims Due May 30
CONFISERIE SIMMEN: Creditors' Liquidation Claims Due May 31
ELIAS JSC: Creditors' Liquidation Claims Due May 31
ERMA ELAN: Creditors' Liquidation Claims Due May 31
FUNKEY LLC: Zug Court Starts Bankruptcy Proceedings

HORSY REITSPORT: Creditors' Liquidation Claims Due May 30
IMPRIM LLC: Creditors' Liquidation Claims Due May 29
KREIS 4 GARAGE: Creditors' Liquidation Claims Due May 30
SITA REISEBURO: Creditors' Liquidation Claims Due May 29
XCCESS LLC: Creditors' Liquidation Claims Due May 30


U K R A I N E

ATON-PLUS LLC: Creditors Must Register Claims by May 12
HERSON REGIONAL: Creditors Must Register Claims by May 13
LVOV EXPERIMENTAL: Creditors Must Register Claims by May 12
PARTNER LLC: Claims Filing Bar Date Set May 12
ROMNY PLANT: Claims Filing Bar Date Set May 12


U N I T E D   K I N G D O M

A.D.I. ENVIRONMENTAL: Creditors' Meeting Slated for May 18
AGCO CORPORATION: Earns US$24.5 Million in Qtr. Ended March 31
AJC CLEANING: Appoints Joint Administrators from Vantis
ARMOR HOLDINGS: Inks US$4.1 Billion Sale Pact with BAE Systems
ARMOR HOLDINGS: S&P Places Watch to Positive on BAE Acquisition

BFS INVESTMENTS: Payment for GBP700 Mln Split Capital Investors
BRITISH AIRWAYS: To Launch Consortium Bid for Iberia This Week
BRITISH AIRWAYS: Inks Strategic Partnership with HEICO Aerospace
COINSTAR INC: S&P Raises Corporate Credit Rating to BB from BB-
COSTAIN GROUP: Arden Gets Financial Close on GBP30 Mln Project

COSTAIN GROUP: Joint Venture Unit Wins Highways Agency Contract
DEE-SIGN WINDOWS: Creditors' Meeting Slated for May 22
EXETER FUND: Compensation for GBP700 Mln Split Capital Investors
FELBER JUCKER: Taps Joint Administrators from Tenon Recovery
HMV GROUP: Total Group Sales Down 2% in 52 Weeks Ended April 28

HURLSTON HALL: Brings In Administrators from Kroll Ltd
INTERNATIONAL RECTIFIER: Wedbush Morgan Raises Rating to "Buy"
ISLE OF CAPRI: Awaits Decision on NASDAQ Delisting Hearing
ISOFT GROUP: IBA Halts Share Trading to Raise New Equity Capital
KRISPY KREME: Prudential Downgrades Shares to Neutral Weight

LEEDS UNITED: Appoints Joint Administrators from KPMG
MEGAZONE TECHNOLOGY: Creditors' Meeting Slated for May 23
NORTHWAY COMPUTER: Creditors' Meeting Slated for May 18
OAKVIEW HORIZONS: Creditors' Meeting Slated for May 18
ODYSSEY EXPERIENCE: Creditors' Meeting Slated for June 8

OFFICE FURNITURE: Creditors' Meeting Slated for May 18
PRICELINE.COM INC: Settles 2000 Class Action Suit for US$80 Mil.
PORTRAIT CORP: Plan Confirmation Hearing Scheduled for May 21
RADNOR HOLDINGS: Files Disclosure Statement in Delaware
RADNOR HOLDINGS: US Trustee's Ch. 7 Conversion Plea Put on Hold

ROCKET PRINT: Creditors' Meeting Slated for May 18
SHAW GROUP: Wins US$700 Mil. EPC Contract from American Electric
SHAW GROUP: Subsidiary Provides Furnace Equipment to Petrokemya
SOLUTIA INC: Judge Beatty Okays Settlement Pact with FMC Corp.
SOLUTIA INC: Wants Deal with GE Capital on Contested Leases OK'd

VISIONCRAFT LTD: Creditors' Meeting Slated for May 22

* UK Corporate Insolvencies Down 2.8% in First Quarter 2007

                            *********

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A U S T R I A
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ATTENSAM PERSONALBEREITSTELLUNG: Claims Registration Ends June 4
----------------------------------------------------------------
Creditors owed money by LLC Attensam Personalbereitstellung (FN
43939t) have until June 4 to file written proofs of claim to
court-appointed estate administrator Christof Stapf at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 17 (Bankr. Case No. 3 S 58/07k).  Michael Neuhauser
represents Dr. Stapf in the bankruptcy proceedings.


DIANA LLC: Vienna Court Orders Business Shutdown
------------------------------------------------
The Trade Court of Vienna entered April 18 an order shutting
down the business of LLC Diana (FN 97776p).

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

The estate administrator can be reached at:

         Dr. 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  

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.


FLIESEN CREATIV: Salzburg Court Orders Business Shutdown
--------------------------------------------------------
The Land Court of Salzburg entered April 16 an order shutting
down the business of LLC Fliesen Creativ (FN 274948k).

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

The estate administrator can be reached at:

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

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


FRANK LLC: Claims Registration Period Ends May 29
-------------------------------------------------
Creditors owed money by LLC Frank (FN 236161x) have until May 29
to file written proofs of claim to court-appointed estate
administrator Alexander Jelly at:

         Mag. Alexander Jelly  
         Postgasse 2
         9500 Villach
         Austria
         Tel: 04242/243 11
         Fax: 04242/210717
         E-mail: office.jelly@utanet.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 4 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Villach, Austria, the Debtor declared
bankruptcy on April 18 (Bankr. Case No. 41 S 35/07f).  


MAIR REISEN: Claims Registration Period Ends June 1
---------------------------------------------------
Creditors owed money by LLC Mair Reisen (FN 38092v) have until
June 1 to file written proofs of claim to court-appointed estate
administrator Roland Paumgarten at:

         Dr. Roland Paumgarten
         c/o Dr. Alice Rabl-Fuchs
         Josef Egger-Strasse 3
         6330 Kufstein
         Austria
         Tel: 05372/62144
         Fax: 05372/6214412
         E-mail: ra.kanzlei@advocat-tirol.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:15 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Wattens, Austria, the Debtor declared
bankruptcy on April 17 (Bankr. Case No. 19 S 38/07x).  Alice
Rabl-Fuchs represents Dr. Paumgarten in the bankruptcy
proceedings.


OBERBICHLER TRANSPORTE: Claims Registration Period Ends June 1
--------------------------------------------------------------
Creditors owed money by LLC Oberbichler Transporte (FN 211082s)
have until June 1 to file written proofs of claim to court-
appointed estate administrator Reinhold Unterweger at:

         Dr. Reinhold Unterweger
         Rosengasse 8
         9900 Lienz
         Austria
         Tel: 04852/65644
         Fax: 04852/656444
         E-mail: ra-untbeim@tirol.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:45 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 212
         Second Floor
         New Building
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Huben/Matrei, Austria, the Debtor declared
bankruptcy on April 16 (Bankr. Case No. 19 S 35/07f).  


OR-BAU YELGIN: Claims Registration Period Ends May 31
-----------------------------------------------------
Creditors owed money by KEG Or-Bau Yelgin (FN 258519a) have
until May 31 to file written proofs of claim to court-appointed
estate administrator Felix Stortecky at:

         Dr. Felix Stortecky
         Dr.-Karl-Lueger-Platz 2
         1010 Vienna  
         Austria
         Tel: 513 88 37
         Fax: 514 35 40
         E-mail: ra-stortecky@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 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 3 (Bankr. Case No. FN 258519a).  


PARZER BAUHANDEL: Claims Registration Period Ends May 29
--------------------------------------------------------
Creditors owed money by LLC Parzer Bauhandel (FN 277025s) have
until May 29 to file written proofs of claim to court-appointed
estate administrator Hans-Peter Pfluegl at:

         Mag. Hans-Peter Pfluegl
         Oberndorfer Ortsstrasse 56a
         3130 Herzogenburg
         Austria
         Tel: 02782/83 553
         Fax: 02782/83 553-55
         E-mail: hanspeter.pfluegl@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:50 a.m. on June 19 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 Traismauer, Austria, the Debtor declared
bankruptcy on April 17 (Bankr. Case No. 14 S 77/07z).  


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


GOODYEAR TIRE: Signs Tandy Brands as Auto Accessories Licensee
--------------------------------------------------------------
The Goodyear Tire & Rubber Company has signed Tandy Brands
Accessories, Inc. as a licensee for selected gifts and auto
accessories.  The products will be available for marketing
beginning 2008.

Tandy Brands will market the Goodyear gift line to auto parts
retail outlets, tire dealers, and mass market auto departments.  
This will open up a whole new distribution channel for Tandy
Brands.

"We are pleased to be exploring new product opportunities with a
great company like Goodyear and look forward to offering our
product to the consumer with one of the best known and respected
names in the auto world.  We believe the Goodyear name will add
instant credibility to our product," said Britt Jenkins,
President and Chief Executive Officer of Tandy Brands.

              About Tandy Brands Accessories, Inc.

Tandy Brands Accessories, Inc. -- http://www.rolfs.net/--  
designs, manufactures and markets fashion accessories for men,
women and children.  Key product categories include belts,
wallets, handbags, suspenders, neckwear, gifts and sporting
goods.  

                      About Goodyear Tire

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest    
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  Goodyear Tire has marketing operations in almost
every country around the world including, among others, Chile,
Colombia, Guatemala, Jamaica and Peru in Latin America; Belgium,
France and Germany in Europe; Australia, China and Singapore in
Asia Pacific,  .  Goodyear employs more than 80,000 people
worldwide.

                        *     *     *

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


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


ON SEMICONDUCTOR: Steady Gains Cue S&P to Up Rating to BB-
----------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Phoenix, Arizona-based ON Semiconductor Corp. to 'BB-'
from 'B+'.  The outlook is stable.  

At the same time, Standard & Poor's assigned its 'BB' rating to
the company's amended and restated credit agreement, with a
recovery rating of '1', indicating the expectation of full
(100%) recovery of principal in the event of a payment default.  

"The rating action reflects steady gains in profitability and
improved debt protection measures, expected to continue over the
longer term," said Standard & Poor's credit analyst Bruce Hyman.

The ratings for ON Semiconductor reflect its substantial debt
burden and its limited market share in a highly competitive
commodity industry, as well as the company's low-cost position,
good free cash flows and adequate operating liquidity, and good
debt protection measures.

ON Semiconductor is a major supplier of standard logic and
analog integrated circuits and discrete semiconductors, holding
mid-single-digit percentage shares of several commodity markets;
industry conditions track the global economy, with little
exposure to any one customer or market.  The company has reduced
its operating costs by relocating its manufacturing to low-cost
regions, contributing to overall competitiveness, while
bolstering margins.

ON Semiconductor -- http://www.onsemi.com/-- supplies power  
solutions to engineers, purchasing professionals, distributors
and contract manufacturers in the computer, cell phone, portable
devices, automotive and industrial markets.  The company has
operations in Japan and the Czech Republic.


VALEANT PHARMACEUTICALS: Earns US$8.5 Million in First Quarter
--------------------------------------------------------------
Valeant Pharmaceuticals International reported results for the
first quarter of 2007.

First Quarter 2007 vs. 2006 Highlights:

   * Revenues increased seven percent to US$213.4 million
     compared to US$199.5 million.

   * Product sales decreased two percent to US$176.9 million
     compared to US$181.4 million.

   * Alliance revenue totaled US$36.5 million compared
     to US$18.1 million.  Included in alliance revenue in the
     2007 first quarter was a milestone payment of US$19.2
     million related to the out-licensing of pradefovir.

   * Income from continuing operations was US$8.6 million
     compared to a loss of US$5.8 million.

   * Net income is US$8,568,000.   

   * Adjusted for non-GAAP items, income from continuing
     operations was US$16.6 million compared to a loss of
     US$4.2 million.  Excluding the pradefovir milestone
     payment.

Timothy C. Tyson, president and chief executive officer, said,
"This clearly was a soft quarter for product sales.  In many
ways, this is typical for our business in that we often have
lower sales in the first quarter along with higher marketing
costs to support annual growth.  This year, however, the first
quarter was particularly impacted by a significant reduction in
sales to certain wholesalers in Mexico and by lower sales of
Infergen(R) and Efudex(R) in the United States.  The reduced
sales in Mexico were precipitated by a negotiating tactic of two
major wholesalers, which we believe to be a transitory issue
that is not reflective of underlying demand for our products.  
We were able to mitigate the effect of these challenging top-
line issues on our margins and earnings in the quarter through
expense management.  We remain encouraged that underlying demand
is stable or growing for most of our key products, and continue
to believe that we will achieve growth at industry average rates
or better in the year."

                          Revenues

Product sales declined in the 2007 first quarter compared to the
same period last year, primarily due to the aforementioned
issues in the Mexican distribution chain, which significantly
impacted sales of BedoyectaTM.  In addition, sales of Infergen
and Efudex were lower in the 2007 first quarter, while sales of
Cesamet(R) Kinerase(R) SolcoserylTMand BisocardTM were higher.  
The effects of foreign currency exchange increased product sales
by US$4.1 million and operating income by US$0.4 million in the
2007 first quarter.

Alliance revenue in the 2007 first quarter included a milestone
payment of US$19.2 million from Schering-Plough upon the closing
of the company's out-licensing agreement for pradefovir.  Also
included in alliance revenue were royalties from the sale of
ribavirin, which totaled US$17.3 million in the 2007 first
quarter, compared to US$18.1 million in the same period last
year.

                  Regional Sales Performance

North America product sales decreased six percent in the 2007
first quarter compared to the same period last year, primarily
due to lower sales of Infergen and Efudex, partially offset by
higher sales of Cesamet and Kinerase.  The decrease in sales of
Infergen largely reflects a decline in the overall market for
interferon products in the United States.  The decline in Efudex
sales primarily reflects the pull-through of inventory from the
launch of the company's generic product at the end of 2006.

Sales in the International region in the 2007 first quarter were
US$9.7 million, or 22 percent lower than the same period last
year predominantly due to the distribution chain issues in
Mexico, which affected sales of Bedoyecta and nearly all
products in the country.

Sales in the Europe, Middle East and Africa (EMEA) region
increased 16 percent in the 2007 first quarter.  Approximately
half of the increase relates to the effects of foreign currency.  
In spite of continued government imposed price pressures in many
European markets, Mestinon(R), Solcoseryl, Bisocard and several
other promoted products grew significantly. Much of this growth
was generated in Central and Eastern Europe.

                      Financial Metrics

The company's gross margin on product sales was 71 percent in
the 2007 first quarter, compared to 68 percent in the same
period last year.  The improvement in gross margin was primarily
due to fewer inventory write-offs in the current period and the
impact on last year's margin from a scheduled shutdown of the
company's manufacturing facility in Mexico.

Selling expense was 36 percent of product sales in the 2007
first quarter compared to 35 percent in the same period last
year.  Selling expenses are typically higher in the first half
of the year to support annual growth.  General and
administrative expenses were 14 percent of product sales in the
2007 first quarter compared to 16 percent in the same period
last year.  Included in general and administrative expenses in
the 2007 first quarter was an expense of US$3.8 million for an
unfavorable arbitration decision in the company's
indemnification claim against former Xcel Pharmaceuticals
shareholders relating to pre-acquisition sales, partially offset
by a US$2.2 million gain from the sale of the company's contact
lens business in Europe.

Research and development expenses were 13 percent of product
sales in the 2007 first quarter compared to 16 percent in the
same period last year.  The decline was primarily due to the
sale of the company's discovery operations at the end of 2006.

                About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/-- is a   
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  In
Europe, the company has commercial offices in Belarus, Czech
Republic, France, Germany, Hungary, Italy, The Netherlands,
Poland, Russia, Slovak Republic, Spain, Turkey, Ukraine, and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor's affirmed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including the 'B+' corporate credit rating.  The ratings were
removed from CreditWatch, where they were placed with negative
implications Oct. 24, 2006, to reflect the ongoing uncertainty
at that time regarding the company's inability to file its Form
10-Q for the third quarter and the possibility that all of its
debt obligations would have been accelerated.

In a TCR-Europe report on Dec. 20, Moody's Investors Service
downgraded the Corporate Family Rating of Valeant
Pharmaceuticals International to B2 from B1, and kept Valeant's
ratings under review for possible further downgrade.  Moody's
initially placed the ratings under review for possible downgrade
on Oct. 23, 2006.

In November 2006, Standard & Poor's Ratings Services lowered its
ratings on Valeant Pharmaceuticals International.  The corporate
credit rating was lowered to 'B+' from 'BB-'.  

The ratings remain on CreditWatch with negative implications,
where they were placed Oct. 24 to reflect the ongoing
uncertainty regarding the company's inability to file its Form
10-Q for the third quarter and the consequences if the company
is not able to resolve the situation in 60 days.


VALEANT PHARMA: Elects G. Mason Morfit to Board of Directors
------------------------------------------------------------
Valeant Pharmaceuticals International' Board of Directors has
elected G. Mason Morfit to fill an open board position for a
term that expires at the 2008 Annual Stockholders Meeting.  Mr.
Morfit's election brings the company's board to eight members.

Robert A. Ingram, chairman, said, "We are very pleased to have
someone of Mason's caliber join our board.  He brings important
financial and business acumen, and his perspective as a major
stockholder will be invaluable to us."

Mr. Morfit is a partner with ValueAct Capital, an investment
management firm with US$5 billion in assets under management.  
ValueAct Capital currently is Valeant Pharmaceuticals' largest
stockholder and holds 13.2 million shares of the company's
common stock.  Prior to joining ValueAct Capital in 2001, Mr.
Morfit worked in equity research for Credit Suisse First Boston.  
Mr. Morfit currently serves as a director of MSD Ignition and is
a former director of Solexa, Inc.  He has a B.A. degree from
Princeton University and is a CFA charterholder.

"As a long-term stockholder, ValueAct Capital believes in the
company's exciting potential," stated Mr. Morfit.  "I look
forward to actively working together with the board and
management team to further enhance value for all stockholders."

                About Valeant Pharmaceuticals

Headquartered in Costa Mesa, California, Valeant Pharmaceuticals
International (NYSE:VRX) -- http://www.valeant.com/-- is a   
research-based specialty pharmaceutical company that discovers,
develops, manufactures and markets products primarily in the
areas of neurology, infectious disease and dermatology.  In
Europe, the company has commercial offices in Belarus, Czech
Republic, France, Germany, Hungary, Italy, The Netherlands,
Poland, Russia, Slovak Republic, Spain, Turkey, Ukraine, and the
United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 5, 2007, Standard & Poor's affirmed its ratings on Costa
Mesa, California-based Valeant Pharmaceuticals International,
including the 'B+' corporate credit rating.  The ratings were
removed from CreditWatch, where they were placed with negative
implications Oct. 24, 2006, to reflect the ongoing uncertainty
at that time regarding the company's inability to file its Form
10-Q for the third quarter and the possibility that all of its
debt obligations would have been accelerated.

In a TCR-Europe report on Dec. 20, Moody's Investors Service
downgraded the Corporate Family Rating of Valeant
Pharmaceuticals International to B2 from B1, and kept Valeant's
ratings under review for possible further downgrade.  Moody's
initially placed the ratings under review for possible downgrade
on Oct. 23, 2006.

In November 2006, Standard & Poor's Ratings Services lowered its
ratings on Valeant Pharmaceuticals International.  The corporate
credit rating was lowered to 'B+' from 'BB-'.  

The ratings remain on CreditWatch with negative implications,
where they were placed Oct. 24 to reflect the ongoing
uncertainty regarding the company's inability to file its Form
10-Q for the third quarter and the consequences if the company
is not able to resolve the situation in 60 days.


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


CLEAR CHANNEL: Negotiates Revised Merger Proposal with Bidders
--------------------------------------------------------------
The board of directors of Clear Channel Communications, Inc. is
currently in discussions with the private equity group co-led by
Bain Capital Partners, LLC and Thomas H. Lee Partners, L.P.
regarding a possible change in the terms and structure of the
proposed merger between an affiliate of the private equity group
and Clear Channel.

Currently under discussion is a proposal that contemplates:

     (i) an increase in the merger consideration to be paid to
         all shareholders from US$39.00 to US$39.20 per share
         and

    (ii) the opportunity for each unaffiliated 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).

The board of directors rescheduled the special meeting of
shareholders to May 22, at 1:00 p.m., Central Daylight Savings
Time, to allow the board of directors sufficient time to
complete its discussions with the private equity group, consult
with its significant shareholders and further develop the
buyer's proposal to issue in the merger equity in the surviving
corporation.

On May 3 the board of directors of Clear Channel, with L. Lowry
Mays, Mark Mays, Randall Mays and B.J. McCombs recused from the
vote, determined not to accept a similar proposal from the
private equity group, citing concerns that the change in
structure would require a delay in the date of the special
meeting of up to 90 days with no certainty that the merger would
be approved by the Company's shareholders.  Since that time, a
number of shareholders of Clear Channel, including some of its
largest shareholders, have contacted members of the board or its
financial advisor and asked the board to delay the date of the
special meeting in order to provide them an opportunity to
consult with the board on the proposed change in structure and
terms.

Shareholders of record as of March 23, 2007 will remain entitled
to vote at the special meeting to be held on May 22.  The proxy
cards previously mailed to shareholders remain valid.

                          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.


CLEAR CHANNEL: Units Ink Asset Purchase Deal with GoodRadio.TV
--------------------------------------------------------------
Clear Channel Communications Inc.'s subsidiaries have entered
into an assets purchase agreement with GoodRadio.TV LLC for the
sale of 187 radio stations, along with the stations' FCC
licenses, real property and station contracts.

The subsidiaries are Clear Channel Broadcasting Inc., Clear
Channel Broadcasting Licenses Inc., CC Licenses LLC, Capstar
Radio Operating Company, Capstar TX Limited Partnership, AMFM
Radio Licenses LLC, Citicasters Co., Citicasters Licenses LP and
Jacor Broadcasting Corporation.

GoodRadio.TV will pay approximately $452 million in cash and
will assume certain liabilities, including existing business
contracts and licenses with the U.S. Federal Communications
Commission.

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, 2007,
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.


EASTMAN KODAK: Closes Unit Sale to Onex Corp. for US$2.5 Billion
----------------------------------------------------------------
Eastman Kodak Company has completed the sale of its Health Group
to an affiliate of Onex Corporation, for up to US$2.55 billion.  
The acquired business is continuing under the name Carestream
Health, Inc.

Eastman Kodak has received US$2.35 billion in cash, and will
receive up to US$200 million in additional future payments if
Onex achieves certain returns with respect to its investment.  
Primarily because of tax-loss considerations, Eastman Kodak
expects to retain the vast majority of the initial US$2.35
billion cash proceeds.  As previously indicated, the company
plans to use a portion of the proceeds to fully repay its
approximately US$1.15 billion of secured term debt.

Approximately 8,100 employees associated with the Health Group
have transferred to Carestream Health.  The business is a
worldwide leader in information technology, molecular imaging
systems, medical and dental imaging, including digital x-ray
capture, medical printers, and x-ray film.

"We are now studying options for the cash that will remain after
we pay off the secured term debt," Antonio M. Perez, Chairman
and Chief Executive Officer, said.  "Through this rigorous
process with our Board of Directors, we are focusing on
financially attractive ways to drive profitable growth and
enhance shareholder returns."

                      About Onex Corporation

Onex Corporation (TSX: OCX) is a Toronto based investment firm.  
It was founded in 1983 by Gerry Schwartz.  Today it is a public
traded company but Schwartz has 67.6% of the voting control and
continues to serve as Chairman and CEO.  Its head office is on
the 49th floor of BCE Place in Toronto, with a branch office in
New York City.

                   About Eastman Kodak Company

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging  
products and services.  The company has operations in Argentina,
Chile, Denmark, Greece, Jordan, Yemen, Australia, China among
others.

                          *     *     *

In February 2007, Moody's Investors Service placed Eastman Kodak
Company's B1 Corporate Family Rating on review for a possible
downgrade.  Moody's review was prompted by the company's sale of
the Kodak Health Group as well as the fundamental operating
performance of the company.  Moody's commented that if the sale
of KHG was not pending, Moody's would expect to confirm the
company's B1 rating with a negative outlook.

In January 2007, Standard & Poor's Ratings Services placed its
ratings on Eastman Kodak Co. (B+/Watch Neg/--) on CreditWatch
with negative implications.  The Rochester, New York-based
imaging company had US$3.5 billion in debt as of June 30, 2006.


EASTMAN KODAK: Taps Dale Patterson to Lead Packaging Segment
------------------------------------------------------------
Eastman Kodak Company has named Dale Patterson to the position
of Segment Manager, Packaging and Product Manager, Flexo Plates,
Kodak's Graphic Communications Group.  Mr. Patterson brings more
than 25 years in the package printing industry to his role with
Kodak.

At Kodak, he will oversee all marketing activities for Kodak's
full product portfolio for package printing, with specific
responsibility for marketing Kodak's line of flexographic
printing plates.

"Dale's experience in the packaging industry on the product
marketing side and as an owner in the package printing market is
valuable to Kodak and our customers," Vic Stalam, Director of
Market Segments and Vice President, Packaging Products, Kodak's
Graphic Communications Group, said.  "He understands the issues
facing our customers and will be an advocate for solutions that
help solve these challenges."

Mr. Patterson has served in a variety of roles within the
packaging industry, including experience in marketing and
product management for DuPont Cyrel; Vice President of Marketing
at Artwork Systems; Vice President of Sales and Marketing at
Harper Corporation; and President and owner of Absolutely Micro
Clean LLC.

He currently serves on the 2007 Board of Directors for the
Flexographic Pre-Press Platemakers Association.

                     About Eastman Kodak Co.

Headquartered in Rochester, New York, Eastman Kodak Co. (NYSE:
EK)-- http://www.kodak.com/-- develops, manufactures, and  
markets digital and traditional imaging products, services, and
solutions to consumers, businesses, the graphic communications
market, the entertainment industry, professionals, healthcare
providers, and other customers.

The company has operations in Argentina, Chile, Denmark, Greece,
Jordan, Yemen, Australia, China among others.

                          *     *     *

In February 2007, Moody's Investors Service said it is
continuing its review on Eastman Kodak's ratings for possible
downgrade including Corporate Family Rating at B1, Senior
Unsecured Rating at B2, and Senior Secured Credit Facilities at
Ba3.

In January 2007, Standard & Poor's Ratings Services placed its
ratings on Eastman Kodak Co. (B+/Watch Neg/--) on CreditWatch
with negative implications.  The Rochester, New York-based
imaging company had US$3.5 billion in debt as of June 30, 2006.


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


CHEMTURA CORP: Signs Sale Agreement with PERGAN for Peroxide Biz
----------------------------------------------------------------
Chemtura Corporation has signed a definitive agreement to sell
its organic peroxides business to German organic peroxides maker
PERGAN GmbH in an all-cash transaction for an undisclosed
amount, in order to place greater focus on its core businesses.  

Included in the transaction will be Chemtura's Marshall, Texas
manufacturing facility.  The transaction, which requires the
approval of certain regulatory bodies, is expected to close
within 90 days.  Proceeds from the sale will be used primarily
for debt reduction.

"This sale is a small but important step in the restructuring of
our Plastic Additives portfolio," said Chemtura Chairman and CEO
Robert L. Wood.  "We are divesting product lines where we don't
have competitive advantage to better focus on areas where we
do."

"PERGAN, which already has organic peroxide facilities in
Germany and China, will gain a position in the North American
market through this transaction.  We are pleased to be
transferring this business to a buyer who is interested in
growing it, which should benefit both customers and Marshall
employees," Mr. Wood concluded.

The organic peroxides business being sold had revenues for 2006
of approximately US$20 million.  Chemtura employs approximately
40 people in its Marshall, Texas facility.

                       About PERGAN GmbH

PERGAN GmbH -- http://www.pergan.com/-- is a world-class  
supplier of organic peroxides and other polymer additives to the
polymer production and processing industries.

                  About Chemtura Corporation

Headquartered in Middlebury, Connecticut, Chemtura Corp.
(NYSE:CEM) -- http://www.chemtura.com/-- is a global
manufacturer and marketer of specialty chemicals, crop
protection, and pool, spa and home care products.  The company
has approximately 6,400 employees around the world and sells its
products in more than 100 countries.  The company has facilities
in Singapore, Australia, China, Hong Kong, India, Japan, South
Korea, Taiwan, Thailand, Brazil, Belgium, France, Germany,
Mexico, and The United Kingdom.

                        *     *     *

In November 2006, Moody's Investors Service assigned a Ba1
rating to Chemtura Corp.'s US$400 million of senior notes due
2016 and affirmed the Ba1 ratings for its other debt and the
corporate family rating.


DELPHI CORP: Court Extends Lease-Decision Period Until Sept. 30
---------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York further extended the date by
which Delphi Corp. and its debtor-affiliates must assume or
reject unexpired non-residential real property leases through
and including the earlier of:

   (a) September 30, 2007; or

   (b) the date on which a plan of reorganization in the
       Debtors' Chapter 11 cases is confirmed.

The Debtors are lessors or lessees with respect to approximately
80 Real Property Leases, John Wm. Butler, Jr., Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, in Chicago, Illinois, notes.

The Debtors, according to Mr. Butler, are in the process of
implementing their transformation plan.  To facilitate their
transformation plan, the Debtors recently entered into the
Equity Purchase Commitment Agreement and the Plan Framework
Support Agreement with, among others, Appaloosa Management L.P.,
Harbinger Capital Partners Master Fund I, Ltd., and Cerberus
Capital Management, L.P., which provide a platform for the
resolution of transformation issues and the formulation of a
consensual plan of reorganization.

Until the outcome of the Framework Agreements is known, the
Debtors cannot determine which Real Property Leases should be
assumed and which should be rejected, Mr. Butler asserts.

The September 30, 2007 deadline coincides with the Debtors'
current deadline to solicit acceptances of a plan of
reorganization.  Mr. Butler notes that the Debtors sought the
September 30, 2007 solicitation extension because of the
possibility that:

   -- emergence from reorganization might be delayed because of
      the size and complexity of their cases;

   -- the actions required to be taken under the Framework
      Agreements might not be completed by the end of the second
      quarter of 2007; and

   -- the transactions contemplated by the Framework Agreements
      might not be consummated.

"These same factors can delay the Debtors' ability to acquire
all information necessary to decide whether to assume or reject
a lease," Mr. Butler avers.  Thus, the Debtors require more time
to complete their evaluation of the Real Property Leases.

If the current Lease Decision Deadline is not extended, the
Debtors may be compelled, prematurely, to assume substantial,
long-term liabilities under the Real Property Leases or forfeit
benefits associated with some Leases to the detriment of the
Debtors' ability to operate and preserve the going-concern value
of their business, Mr. Butler points out.

The non-debtor parties under the Real Property Leases will not
be prejudiced by an extension because the Debtors are making
payments under the Leases as they come due, Mr. Butler assures
the Court.

                           ORIX Responds

ORIX Warren, LLC, and Delphi Automotive Systems, LLC, are
parties to a certain lease for non-residential real property
located at 4551 Research Parkway, Warren, Ohio.

ORIX relates that it does not object to the extension requested
by the Debtors.

ORIX, however, reserves its right to (i) object to any future
request for an extension of time to assume or reject the Lease,
and (ii) file a motion to shorten the Extension Period.

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

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

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


DELPHI CORP: Posts US$63 Million Net Loss in March 2007
-------------------------------------------------------

                    Delphi Corporation, et al.
               Unaudited Consolidated Balance Sheet
                       As of March 31, 2007
                          (In Millions)

                              ASSETS

Current assets:
   Cash and cash equivalents                             US$113
   Restricted cash                                          108
   Accounts receivable, net
      General Motors and affiliates                       1,649
      Other third parties                                   977
      Non-Debtor subsidiaries                               389
   Notes receivable from non-Debtor subsidiaries            352
   Inventories, net
      Productive material, work-in-process and supplies     826
      Finished goods                                        302
   Prepaid expenses and other                               297
                                                       --------
      TOTAL CURRENT ASSETS                                5,013

Long-term assets:
   Property, net                                          2,134
   Investment in affiliates                                 376
   Investments in non-Debtor subsidiaries                 3,402
   Goodwill                                                 152
   Other intangible assets                                   33
   Other                                                    336
                                                       --------
TOTAL ASSETS                                          US$11,446

              LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities not subject to compromise:
   Debtor-in-possession financing                      US$3,072
   Accounts payable                                       1,272
   Accounts payable to non-Debtor subsidiaries              446
   Accrued liabilities                                      815
                                                       --------
   TOTAL CURRENT LIABILITIES                              5,605

Long-term liabilities not subject to compromise:
   Employee benefit plan obligations and other              639
                                                       --------
   TOTAL LONG-TERM LIABILITIES                              639

Liabilities subject to compromise                        17,607
                                                       --------
   TOTAL LIABILITIES                                     23,851

Stockholders' deficit:
   Common stock                                               6
   Additional paid-in capital                             2,772
   Accumulated deficit                                  (12,274)
   Accumulated other comprehensive loss                  (2,857)
   Treasury stock, at cost (3.2 million shares)             (52)
                                                       --------
   TOTAL STOCKHOLDERS' DEFICIT                          (12,405)
                                                       --------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT           US$11,446

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Operations
                    Month Ended March 31, 2007
                          (In Millions)

Net sales:
   General Motors and affiliates                         US$849
   Other customers                                          567
   Intercompany non-Debtor subsidiaries                      95
                                                       --------
Total net sales                                           1,511
                                                       --------
Operating expenses:
   Cost of sales                                          1,387
   Selling, general and administrative                       82
   Depreciation and amortization                             53
                                                       --------
Total operating expenses                                  1,522
                                                       --------
Operating loss                                              (11)

Interest expense                                            (31)
Loss on extinguishment of debt                              (23)
Other income, net                                             7

Reorganization items                                         (6)
Income tax benefit (expense)                                 (3)
Equity income from non-consolidated subsidiaries              5
Equity income from non-Debtor subsidiaries, net of tax       (1)
                                                       --------
NET LOSS                                                 (US$63)

                    Delphi Corporation, et al.
          Unaudited Consolidated Statement of Cash Flows
                    Month Ended March 31, 2007
                          (In Millions)

Cash flows from operating activities:
   Net loss                                              (US$63)
   Adjustments to reconcile net loss
    to net cash provided by operating activities:
    Depreciation and amortization                            53
    Pension and other postretirement benefit expenses        42
    Equity loss from unconsolidated subsidiaries, net        (5)
    Equity loss from non-Debtor subsidiaries, net of tax      1
    Reorganization items                                      6
    Loss on debt extinguishment                              23
   Changes in operating assets and liabilities:
    Accounts receivable, net                               (149)
    Inventories, net                                         41
    Prepaid expenses and other                               (4)
    Accounts payable, accrued and other long-term debts     (65)
    U.S. employee special attrition program                 (29)
    Pension contributions                                    (1)
    Other postretirement benefit payments                   (17)
    Receipts (payments) for reorganization items, net       (15)
    Other                                                    (8)
                                                       --------
Net cash used in operating activities                      (190)

Cash flows from investing activities:
   Capital expenditures                                     (11)
   Proceeds from sale of property                             2
   Other                                                     (2)
                                                       --------
Net cash used in investing activities                       (11)

Cash flows from financing activities:
   Net proceeds from DIP facility                           177
   Net repayment of borrowings under other debt agreements   (2)
                                                       --------
Net cash used in financing activities                       175
                                                       --------
Decrease in cash and cash equivalents                       (26)
Cash and cash equivalents at beginning of period            139
                                                       --------
Cash and cash equivalents at end of period               US$113

                     About Delphi Corporation

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

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

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


DELPHI CORP: Section 1113/1114 Conference Set for May 23
--------------------------------------------------------
The Hon. Robert D. Drain of the U.S. Bankruptcy Court for the
Southern District of New York directed Delphi Corp. and its
debtor-affiliates, certain parties, and the Official Committee
of Equity Security Holders to hold a conference concerning the
1113/1114 Motion and related matters at 2:00 p.m., Prevailing
Eastern Time, on May 23, 2007.

The parties include:

    * UAW
    * IUE-CWA
    * USW
    * IBEW Local 663
    * IAMAW District 10
    * IUOE
    * Appaloosa Management L.P.
    * Wexford Capital LLC
    * Wilmington Trust Company
    * General Motors Corporation
    * Official Committee Of Unsecured Creditors

The Court will conduct an in-person, in-camera chambers
conference pursuant to Section 105(d)(1) of the Bankruptcy Code
with the Parties at 3:00 p.m., Prevailing Eastern Time, on
May 31, 2007, so that it may be apprised of the status of the
Debtors' framework agreements with, among others, Appaloosa
Management L.P., and the parties' negotiations regarding the
consensual resolution of the 1113/1114 Motions.

Judge Drain extended the date by which he will rule on the
1113/1114 Motions to May 31, 2007, with the consent of the
Debtors and the Respondents and to the extent required by
statute.

If the Debtors file a disclosure statement on or prior to
May 31, 2007, the ruling dates on the 1113/1114 Motions will be
further extended to July 31, 2007, Judge Drain ruled.

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

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

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


OMNOVA SOLUTIONS: Fitch Affirms and Withdraws Low-B Ratings
-----------------------------------------------------------
Fitch Ratings has affirmed and simultaneously withdrawn the
following ratings for Omnova Solutions Inc.:

    -- Issuer Default Rating 'B+';
    -- Senior secured revolver 'BB+/RR1';
    -- Senior secured notes 'B+/RR4'.

All of the debt ratings for this issuer are withdrawn.  Fitch
will no longer provide rating coverage of Omnova.

Headquartered in Fairlawn, Ohio, OMNOVA Solutions Inc. --
http://www.omnova.com/-- manufactures emulsion polymers and  
specialty chemicals, decorative and functional surfaces and
single-ply roofing systems for a variety of commercial,
industrial and residential end uses.  OMNOVA operates in three
business segments: Performance Chemicals, Decorative Products
and Building Products.  It utilizes 15 manufacturing,
development and design facilities in North America, Europe and
Asia to service its broad customer base.  In Europe, the company
maintains operations in France, United Kingdom, and Poland.


SOLECTRON CORP: Fitch Affirms Low-B Ratings with Stable Outlook
---------------------------------------------------------------
Fitch Ratings has affirmed Solectron Corporation's ratings as:

    -- Issuer Default Rating at 'BB-';
    -- Senior secured bank facility at 'BB+';
    -- Senior unsecured debt at 'BB-';
    -- Subordinated debt at 'B+'.

Fitch's actions affect approximately US$600 million in debt
securities.  The Rating Outlook is Stable.

The ratings and outlook reflect Fitch's expectations that:
Solectron's operating performance will remain stable with modest
revenue growth; the company will be challenged to materially
improve operating margins in the current market environment;
Solectron will maintain a conservative balance sheet with debt-
to-EBITDA of approximately 2 times (x); and the electronics
manufacturing services (EMS) industry will continue to face
substantial and occasionally intensely competitive pricing
pressures, as vendors struggle with excess capacity, and uneven
end-market demand.

The ratings are supported by the company's: conservative capital
structure, evidenced by one of the lowest debt-to- EBITDA ratios
of any top-tier EMS provider; solid liquidity position; long-
term trends supporting additional penetration of the outsourcing
model; and Fitch's expectations that the larger and better
capitalized tier 1 EMS providers will benefit from OEM (original
equipment manufacturer) supplier consolidation over time.  
Ratings concerns center on competition from faster growing
original design manufacturers and vertically integrated
competitors, particularly in high-volume/low-mix end-markets
with more attractive growth rates; the thin operating margins
and low return on invested capital associated with the EMS
industry despite providers' ongoing efforts to expand higher
margin service offerings; and significant exposure to slower
growing and more volatile traditional end-markets.

Fitch believes that a significant and sustained improvement in
profitability driven by a stabilization of the competitive
landscape within the EMS industry could lead to positive ratings
actions.  Conversely, Fitch believes that increased balance
sheet leverage and/or acquisition activity and the operational
risk inherent in such a strategy could lead to negative ratings
action.

As of March 2, 2007, liquidity was sufficient and supported by
approximately US$1.1 billion of unrestricted cash and cash
equivalents and an undrawn US$350 million senior secured
revolving credit facility expiring August 2009.  Total debt as
of March 2, 2007, was approximately US$641 million and consisted
primarily of US$450 million 0.5% convertible senior notes due
2034 and US$150 million 8% senior subordinated notes due 2016.


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


3PL GMBH: Claims Registration Period Ends May 24
------------------------------------------------
Creditors of 3PL GmbH have until May 24 to register their claims
with court-appointed insolvency manager Hans Raab.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bamberg
         Meeting Hall 317
         Synagogenplatz 1
         96047 Bamberg
         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 Bamberg opened bankruptcy proceedings
against 3PL GmbH on April 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen
         Germany
         Tel: 09104/8294-0
         Fax: 09104/8294-41

The Debtor can be reached at:

         3PL GmbH
         Attn: Dieter Karrer, Manager
         Biegenhofstr. 16
         96103 Hallstadt
         Germany


ABACUS LIEGENSCHAFTEN: Claims Registration Period Ends June 1
-------------------------------------------------------------
Creditors of Abacus Liegenschaften GmbH u. Co. Cliff-Hotel
Ruegen KG have until June 1 to register their claims with court-
appointed insolvency manager Joerg Sievers.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund         
         Germany   
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Stralsund opened bankruptcy proceedings
against Abacus Liegenschaften GmbH u. Co. Cliff-Hotel Ruegen KG
on May 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Abacus Liegenschaften GmbH u. Co. Cliff-Hotel Ruegen KG
         Siedlung am Wald 22 a
         18586 Sellin
         Germany


AUTOHAUS NAGEL: Claims Registration Period Ends May 18
------------------------------------------------------
Creditors of Autohaus Nagel GmbH & Co. KG have until May 18 to
register their claims with court-appointed insolvency manager
Dirk Ritzenhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Giessen
         Hall 406
         Fourth Floor
         Building B
         Gutfleischstrasse 1
         35390 Giessen
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Giessen opened bankruptcy proceedings
against Autohaus Nagel GmbH & Co. KG on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Dirk Ritzenhoff
         c/o Gartner Fluegel & Partner
         Lindenstrasse 28
         36037 Fulda
         Germany
         Tel: 0661/8304-193
         Fax: 0661/8304-234

The Debtor can be reached at:

         Autohaus Nagel GmbH & Co. KG
         Attn: Alfred Kramer, Manager
         Alte Liederbacher Strasse 2
         36304 Alsfeld
         Germany


BACKEREI UND KONDITOREI: Claims Registration Period Ends June 5
---------------------------------------------------------------
Creditors of Backerei und Konditorei Melchiors GmbH have until
June 5 to register their claims with court-appointed insolvency
manager Rainer Maus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 21, 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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 Wuppertal opened bankruptcy proceedings
against Backerei und Konditorei Melchiors GmbH on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Rainer Maus
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202/49 37 00
         Fax: 0202/45 13 66

The Debtor can be reached at:

         Backerei und Konditorei Melchiors GmbH
         Hauptstrasse 56
         42651 Solingen
         Germany


BALIBU MANAGEMENT: Claims Registration Period Ends July 13
----------------------------------------------------------
Creditors of BALIBU Management GmbH have until July 13 to
register their claims with court-appointed insolvency manager
Wolf-R. von der Fecht.

Creditors and other interested parties are encouraged to attend
the meeting at 10:04 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 Krefeld
         Meeting Hall H 131
         First Floor         
         Nordwall 131
         47798 Krefeld
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 14, at the same venue.

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

The insolvency manager can be reached at:

         Dr. Wolf-R. von der Fecht
         Rheinort 1
         40213 Duesseldorf
         Germany

The Debtor can be reached at:

         BALIBU Management GmbH
         Frankenseite 85
         47877 Willich
         Germany


BAUSTOFFZENTRUM LEIMBACH: Claims Registration Period Ends May 29
----------------------------------------------------------------
Creditors of Baustoffzentrum Leimbach GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 12:30 p.m. on June 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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 Meiningen opened bankruptcy proceedings
against Baustoffzentrum Leimbach GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany

The Debtor can be reached at:

         Baustoffzentrum Leimbach GmbH
         Attn: Heinrich, Gottfried, Manager
         Hermannsrodaer Str. 7
         36433 Leimbach
         Germany


BBS AUTOTEILE: Claims Registration Period Ends June 12
------------------------------------------------------
Creditors of BBS Autoteile GmbH have until June 12 to register
their claims with court-appointed insolvency manager Jobst
Wellensiek.

Creditors and other interested parties are encouraged to attend
the meeting at 2:45 p.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 Rottweil
         Area 201
         Second Floor
         Branch Office
         Koernerstr. 20
         78628 Rottweil
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on July 11, at the same venue.

The District Court of Rottweil opened bankruptcy proceedings
against BBS Autoteile GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Dr. Jobst Wellensiek
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221 / 91 18 - 0
         Fax: 06221 / 23128

The Debtor can be reached at:

         BBS Autoteile GmbH
         Attn: Heinrich Baumgartner, Manager
         Welschdorf 220
         77761 Schiltach
         Germany


BBS KRAFTFAHRZEUGTECHNIK: Claims Registration Ends June 12
----------------------------------------------------------
Creditors of BBS Kraftfahrzeugtechnik AG have until June 12 to
register their claims with court-appointed insolvency manager
Jobst Wellensiek.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Rottweil
         Area 201
         Second Floor
         Branch Office
         Koernerstr. 20
         78628 Rottweil
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on July 11, at the same venue.

The District Court of Rottweil opened bankruptcy proceedings
against BBS Kraftfahrzeugtechnik AG on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Dr. Jobst Wellensiek
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221 / 91 18 - 0
         Fax: 06221 / 23128

The Debtor can be reached at:

         BBS Kraftfahrzeugtechnik AG
         Attn: Heinrich Baumgartner, Manager
         Welschdorf 220
         77761 Schiltach
         Germany


BEFATEX GMBH: Claims Registration Ends June 26
----------------------------------------------
Creditors of befatex GmbH have until June 26 to register their
claims with court-appointed insolvency manager Hansjoerg Wanner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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:

         Hansjoerg Wanner
         Unternehmensberatung
         Reutlinger Str. 105
         72800 Eningen u.A.
         Germany
         Tel: 07121/383630

The District Court of Tuebingen opened bankruptcy proceedings
against befatex GmbH on April 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         befatex GmbH
         Riedericher Strasse 80
         72766 Reutlingen
         Germany


BERGMANN AUTOMATEN: Claims Registration Ends May 31
---------------------------------------------------
Creditors of Bergmann Automaten GmbH have until May 31 to
register their claims with court-appointed insolvency manager
Dirk Decker.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 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 Pinneberg
         Hall 3
         First Floor
         Station Route 17
         25421 Pinneberg
         Germany

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

The insolvency manager can be reached at:

         Dirk Decker
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Bergmann Automaten GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Bergmann Automaten GmbH
         Adlerstr. 48-56
         25462 Rellingen
         Germany


BETONWERK VOLLAND: Claims Registration Ends May 21
--------------------------------------------------
Creditors of Betonwerk Volland GmbH have until May 21 to
register their claims with court-appointed insolvency manager
Dr. Tibor Braun.

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 Heilbronn
         Hall 4
         Ground Floor
         Rollwagstr. 10a
         74072 Heilbronn
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Tibor Braun
         Kriegerstrasse 3
         70191 Stuttgart
         Germany
         Tel: 0711/225583-0
         Fax: 071/225583-20

The District Court of Heilbronn opened bankruptcy proceedings
against Betonwerk Volland GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Betonwerk Volland GmbH
         Rodbachstrasse 31
         74397 Pfaffenhofen
         Germany


BLEILE BODENBELAGE: Claims Registration Ends June 5
---------------------------------------------------
Creditors of Bleile Bodenbelage Handels GmbH have until June 5
to register their claims with court-appointed insolvency manager
Ingo Michelsen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Loerrach
         Hall 4
         Bahnhofstr. 4a
         79539 Loerrach
         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:

         Ingo Michelsen
         Luisenstr. 5
         79539 Loerrach
         Germany
         Tel: 07621/4225 880

The District Court of Loerrach opened bankruptcy proceedings
against Bleile Bodenbelage Handels GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bleile Bodenbelage Handels GmbH
         Oetlinger Str. 11
         79539 Loerrach
         Germany


COMCENTER HAMBURG: Claims Registration Ends June 25
---------------------------------------------------
Creditors of ComCenter Hamburg GmbH have until June 25 to
register their claims with court-appointed insolvency manager
Dr. Thilo Streck.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Meeting Hall B405
         Fourth Floor
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Thilo Streck
         Neuer Wall 86
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against ComCenter Hamburg GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ComCenter Hamburg GmbH
         Attn: Walter Stahlschmidt, Manager
         Schillerstrasse 43
         22767 Hamburg
         Germany


CONVEY HAMBURG: Claims Registration Ends June 14
------------------------------------------------
Creditors of Convey Hamburg GmbH have until June 14 to register
their claims with court-appointed insolvency manager Christian
Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tostedt
         Meeting Hall I
         Area CE.02
         Main Building
         Unter den Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Christian Scholz
         Heuberg 1
         20354 Hamburg
         Germany
         Tel: 040/3501690
         Fax: 040/35016915

The District Court of Tostedt opened bankruptcy proceedings
against Convey Hamburg GmbH on April 27.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Convey Hamburg GmbH
         Lessingstr. 10
         21629 Neu Wulmstorf
         Germany

         Attn: Uwe Ginsberg, Manager
         Ernst-Heinkel-Str. 20
         57299 Burbach
         Germany


CPD AUTOTEILE: Claims Registration Ends June 13
-----------------------------------------------
Creditors of CPD Autoteile GmbH have until June 13 to register
their claims with court-appointed insolvency manager Dr. Klaus
Pannen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on July 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Meldorf
         Hall II
         Domstrasse 1
         25704 Meldorf
         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. Klaus Pannen
         Jungfernstieg 51
         20354 Hamburg
         Germany
         Tel: 040/808136400

The District Court of Meldorf opened bankruptcy proceedings
against CPD Autoteile GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         CPD Autoteile GmbH
         Attn: Evangelos Zarmakoupis and
               Andre Heinrich, Managers
         Waldschloesschenstrasse 6
         25746 Heide
         Germany


DAIMLERCHRYSLER: Chrysler Launches Ad Campaign to Define Brand
--------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group has unveiled a marketing
campaign that includes TV and print ads featuring the new theme
line "Engineered Beautifully," which emphasizes technology, fuel
economy and value.

"More than 80 percent of the Chrysler brand product portfolio is
all-new or refreshed in the last 12 months with the recent
introduction of the all-new 2008 Chrysler Sebring Convertible
and the debut of the all-new 2008 Chrysler Town and Country
later this year," said Chrysler Marketing and Global
Communications Director David Rooney.  "This is the perfect
opportunity for us to showcase that there is more behind the
sheet metal and distinctive style, and that every Chrysler
possesses world-class quality and engineering at an
extraordinary value."

Additionally, the all-new 2008 Chrysler Sebring Convertible
marketing campaign was launched on May 8.  The Sebring
Convertible ads mirror the tone and style of the new Chrysler
brand creative.

"Chrysler is, and always has been, a brand made by and built for
people with a passion for great cars," said Mr. Rooney.  
"Products like the 300 and Town & Country put us at the
forefront of the industry in terms of style and design.  At the
same time, we have made great strides to become competitive and
even surpass our competition in terms of quality and
engineering.  While we have made great strides, the perception
has not caught up with reality in the marketplace.  Our new
communications direction will help get that engineering message
across."

The television schedule features prime time network and cable
shows such as Grey's Anatomy, Boston Legal, Ugly Betty, Dancing
with the Stars, Conan O'Brien, The Tonight Show, NBA Playoffs,
Big Break 7, Larry King, Anderson Cooper, Nancy Grace, Headline
News, Law and Order CI, Law and Order SVU and Dog Whisperer.  
The ads will also appear on other channels including TNT, TBS,
Food Network, Style Network, ESPN, CNBC, Fine Living Network,
Bravo and The Golf Channel.

The print ads follow the same creative direction for a
consistent tone and message.  Product is the star with bold
photography on colorful backgrounds along with highlighted
technology features.  The Chrysler print ads will run in
Automobile Magazine, Aspen Peak Magazine, Car and Driver, Food
Wine, Forbes, Golf Digest, Golf For Women, Jet, Martha Stewart
Everyday, Motor Trend, National Geographic, The New Yorker, Road
and Track, Southern Accents, Sunset, Tennis Magazine,
Traditional Home and Travel Leisure.

In addition to the new advertising, the Chrysler brand will
showcase the all-new Sebring Convertible through two programs
done with Hearst and Forbes magazines.  The Hearst Awaken Your
Senses program includes advertising, web activity
(http://www.awakenyoursenses.com),product displays and test  
drive components with the grand prize of an all-new 2008
Chrysler Sebring Convertible.  The Chrysler brand is also the
exclusive sponsor of one chapter of the Forbes 90th Anniversary
Issue and Networking Special Report covering lifestyle elements
surrounding careers, entertainment, leisure and design.

                      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.


E.N.D.E.R.E.S GMBH: Claims Registration Ends May 29
---------------------------------------------------
Creditors of E.N.D.E.R.E.S GmbH have until May 29 to register
their claims with court-appointed insolvency manager Johanna
Lehmann-Mayer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 10, 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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         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:

         Johanna Lehmann-Mayer
         Placidusstrasse 10
         93047 Regensburg
         Germany
         Tel: 0941/73 046
         Fax: 0941/700 971

The District Court of Regensburg opened bankruptcy proceedings
against E.N.D.E.R.E.S GmbH on April 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         E.N.D.E.R.E.S GmbH
         Berliner Str. 41 a
         93073 Neutraubling
         Germany


ELMO ELEKTRO: Claims Registration Period Ends June 11
-----------------------------------------------------
Creditors of ElMo Elektro-Montage GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Heinrich Stellmach.

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

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

The insolvency manager can be reached at:

         Heinrich Stellmach
         Salierstrasse 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-0
         Fax: +4928712183410

The District Court of Muenster opened bankruptcy proceedings
against ElMo Elektro-Montage GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ElMo Elektro-Montage GmbH
         Ennepestrasse 3
         46395 Bocholt
         Germany

         Attn: Thomas Venhorst, Manager
         Gneisenaustr. 7a
         46395 Bocholt
         Germany


FAHRRADWERK ENIK: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors of Fahrradwerk Enik GmbH have until June 5 to register
their claims with court-appointed insolvency manager Bruno M.
Kuebler.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.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 Siegen
         Hall 009
         Ground Floor
         Main Building
         Berliner Str. 21-22
         57072 Siegen
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno M. Kuebler
         Aachener Str. 222
         50931 Cologne
         Germany
         Tel: 0221/400770
         Fax: 0221/4007720
         Web site: http://www.kuebler-gbr.de/

The District Court of Siegen opened bankruptcy proceedings
against Fahrradwerk Enik GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fahrradwerk Enik GmbH
         Severinusstr. 35
         57482 Wenden
         Germany

         Attn: Dieter Schroeder, Manager
         Danziger Str. 8
         51643 Gummersbach
         Germany


H + D BAU: Claims Registration Period Ends June 12
--------------------------------------------------
Creditors of H + D Bau GmbH have until June 12 to register their
claims with court-appointed insolvency manager Betriebswirt Uwe
Miehe.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Betriebswirt Uwe Miehe
         Koenigstrasse 17
         39116 Magdeburg
         Germany
         Tel: 0391/5971240
         Fax: 0391/5971241

The District Court of Magdeburg opened bankruptcy proceedings
against H + D Bau GmbH on April 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         H + D Bau GmbH
         Attn: Volkmar Pardall, Manager
         Krumme Str. 9 a
         39345 Buelstringen
         Germany


HEIDELBERGCEMENT AG: Reviews Options in Hanson Acquisition Plan
---------------------------------------------------------------
HeidelbergCement AG has disclosed its interest in bidding for
U.K. building materials company Hanson PLC through a
notification recently posted on the German cement maker's Web
site, saying it "is currently reviewing its options with respect
to its interest in Hanson, including the possibility of seeking
to acquire the company."

Heidelberg warned, however, "there can be no certainty that an
acquisition will result or what the terms of such an acquisition
may be."

The two companies are understood to have held informal
discussions but no formal bid has yet been tabled.  A firm
approach is expected within days, The Financial Times reports.

The German company was forced to confirm its intention following
a considerable rise in Hanson's share price over the past few
days.  Hanson's shares jumped 20% to close at GBP10.25 per
share, valuing the company at GBP7.32 billion, published reports
state.

It is believed Heidelberg could bid as much as GBP11.50 per
share for Hanson, higher than its share price before bid
speculation began, Telegraph.co.uk suggests.

An actual offer from Heidelberg could well flush out other
bidders, including French cement giant Lafarge and Mexican
company Cemex, pegged as the most likely counter-bidders by
analysts, reports say.

Hanson reported pretax profit of GBP480.8 million for 2006 and
said it expects strong price increases to continue into 2007.  
Some analysts have expressed concern about Hanson's asbestos
liabilities in the U.S., which cost US$54.5 million last year.  
Hanson's North American operations account for about half of
group sales, the Wall Street Journal relates.

                        About Hanson PLC

London-based Hanson PLC -- http://www.hanson.co.uk/-- supplies  
heavy building materials and services to residential,
infrastructure, and industrial and commercial construction
sectors.

                     About HeidelbergCement

Based in Heidelberg, Germany, HeidelbergCement AG --
http://www.heidelbergcement.com/-- produces cement as well as  
building materials and building chemicals.  The group's fiscal
2006 net income amounted to EUR414.5 million on EUR9.23 billion
net sales.

                         *     *     *

Moody's Investors Service upgraded the issuer and senior
unsecured ratings of HeidelbergCement AG and its guaranteed
finance subsidiaries HeidelbergCement Finance BV and
HeidelbergCement Financial Services AB to Baa3 from Ba1.


M-TEC TEXTILMASCHINEN: Claims Registration Period Ends July 16
--------------------------------------------------------------
Creditors of m-tec Textilmaschinen GmbH have until July 16 to
register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Room A 58
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         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
         Sternstrasse 58
         40479 Duesseldorf
         Germany
         Tel: 0211 / 491440
         Fax: +492114914461

The District Court of Moenchengladbach opened bankruptcy
proceedings against m-tec Textilmaschinen GmbH on April 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         m-tec Textilmaschinen GmbH
         Kampweg 40
         41751 Viersen
         Germany

         Attn: Roland Wefers, Manager
         Ulmenweg 21
         41379 Brueggen
         Germany


NAZZARO PUTZ: Claims Registration Period Ends July 9
----------------------------------------------------
Creditors of Nazzaro Putz- und Farben GmbH have until July 9 to
register their claims with court-appointed insolvency manager
Holger Bluemle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Jully 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigsburg
         Hall 2008
         Palace Schuetz
         Schorndorfer Str. 28
         Ludwigsburg
         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:

         Holger Bluemle
         Koenigstr. 10 C
         70173 Stuttgart
         Germany
         Tel: 0711/782-8162

The District Court of Ludwigsburg opened bankruptcy proceedings
against Nazzaro Putz- und Farben GmbH on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Nazzaro Putz- und Farben GmbH
         Attn: Nazzareno Nazzaro, Manager
         Felsenbergweg 13
         71701 Schwieberdingen
         Germany


SCHWERTNER & PARTNER: Claims Registration Period Ends May 31
------------------------------------------------------------
Creditors of Dr. Schwertner & Partner GmbH have until May 31 to
register their claims with court-appointed insolvency manager
Immo Hamer von Valtier.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 31, 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:

         Immo Hamer von Valtier
         Rathenaustrasse 13/14
         30159 Hannover
         Germany
         Tel: 0511 / 16962-21
         Fax: 0511 / 16962-23
         E-mail: ImmoHamer@gmx.de

The District Court of Hameln opened bankruptcy proceedings
against Dr. Schwertner & Partner GmbH on May 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Dr. Schwertner & Partner GmbH
         Attn: Dr. Wolfgang W. Schwertner, Manager
         Brink 1c
         30974 Wennigsen
         Germany


UNTERNEHMENSBERATUNG GMBH: Claims Registration Ends July 2
----------------------------------------------------------
Creditors of Dr. Zeising Unternehmensberatung GmbH have until
July 2 to register their claims with court-appointed insolvency
manager Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:06 a.m. on Aug. 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 Cologne
         Meeting Hall 14
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Aachener Str. 563-565
         50933 Koeln
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Dr. Zeising Unternehmensberatung GmbH on April 23.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Mueller-Klement. Dr. Zeising Unternehmensberatung GmbH
         Attn: Georg Mueller-Klement, Manager
         Rehfurt 18
         51107 Koeln
         Germany


WMH - MODEVERTRIEB: Claims Registration Period Ends July 15
-----------------------------------------------------------
Creditors of WMH - Modevertrieb GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Juergen Sulz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         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:

         Juergen Sulz
         Rommelsbacher Str. 27
         72760 Reutlingen
         Germany

The District Court of Tuebingen opened bankruptcy proceedings
against WMH - Modevertrieb GmbH on April 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         WMH - Modevertrieb GmbH
         Attn: Alfred Mayer, Manager
         Carl-Zeiss-Str. 5
         72555 Metzingen
         Germany


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


SCOTTISH RE: S&P Lifts Credit Rating to B+ on Equity Investment
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its counterparty
credit rating on Scottish Re Group Ltd. to 'B+' from 'B' and
removed it from CreditWatch with developing implications, where
it was placed on Dec. 6, 2006.

Standard & Poor's also said that it raised its counterparty
credit and financial strength ratings on Scottish Re's operating
companies as well as its ratings on dependent unwrapped
securitized deals related to Scottish Re to 'BB+' from 'BB' and
removed them from CreditWatch developing.

The outlook on Scottish Re and its operating companies is
developing.

In addition, Standard & Poor's affirmed its ratings on
securitizations that are wrapped or independent of the credit
quality of Scottish Re.

"The upgrades reflect the completed transaction with MassMutual
Capital Partners LLC and affiliates of Cerberus Capital
Management L.P.," explained Standard & Poor's credit analyst
Neil T. Strauss.  In this transaction, an equity investment of
US$600 million was obtained in exchange for a 68.7% stake in
Scottish Re.  After the repayment of a liquidity facility and
other expenses, the proceeds provide Scottish Re with strong
capital and good liquidity for the in-force business.  "The
upgrades also reflect that virtually all of the company's level
term policies subject to Regulation XXX reserve requirement will
soon be pre-funded with respect to collateral needs," Mr.
Strauss added.

The transaction significantly improves Scottish Re's financial
condition and settles much of the financial-related uncertainty
that has plagued the company since last summer. However, we
expect that earnings will remain sub-par over the near term, as
underlying profitability will take time to emerge, and several
nonrecurring items will be recorded.  The company posted an
after-tax US$377 million loss in 2006.  On the business side,
the company has been able to maintain the third-largest market
position in U.S. life reinsurance market for in-force business
as of Dec. 31, 2006.  Nevertheless, selling new reinsurance
business will be challenging as the company looks to regain its
credibility in the market.

The company has begun to address the issues of weak enterprise
risk management as it improves its inadequate operational
processes, which led to earnings surprises over the past several
quarters. Corporate governance will benefit from a renewed focus
from a new board of seasoned executives under a new structure,
which should provide a strong oversight role.

The developing outlook means that the ratings could go up, stay
the same, or go down in the short to medium term.  S&P will
likely raise the ratings if operational issues are resolved such
that earnings volatility decreases, new sales grow, and
management is able to provide leadership to the company and
thereby recover from the events of the past several quarters.  
If financial management remains strong but sales and earnings
are stagnant, the ratings will likely remain unchanged.  If
earnings volatility remains high, revenue growth remains low,
and management is unable to refocus the company on consistent,
profitable growth, the ratings will probably be lowered.

Standard & Poor's expects Scottish Re's capital to remain
strong.  Liquidity should remain good.


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


DANA CORP: Wants Section 1113/1114 Ruling Deferred Until May 31
---------------------------------------------------------------
Dana Corp. and its debtor-affiliates, the International Union,
United Automobile, Aerospace and Agricultural Implement Workers
of America and the United Steelworkers delivered to the United
States Bankruptcy Court a joint letter asking the Hon. Burton
Lifland to defer ruling on their Section 1113/1114 disputes
until May 31, 2007.

Judge Lifland previously said that he would rule on the labor
disputes by the end of April.

The Debtors and the Unions stated in the joint letter that the
extension is needed "in light of ongoing discussions" between
them.

On the other hand, Judge Lifland approved the settlement between
the Debtors and the International Association of Machinists and
Aerospace Workers Union, wherein the Debtors agreed to allocate
$2,250,000 to resolve all IAMAW claims.

                         About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.


DANA CORP: Wants Open-Ended Deadline to Remove Court Actions
------------------------------------------------------------
Dana Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York to further extend
the time by which they may file notices of removal with respect
to any actions to federal court under Section 1452 of the
Judicial Procedure Code and Rule 9027 of the Federal Rules of
Bankruptcy Procedure until the date a plan of reorganization is
confirmed.

The Debtors seek that the Removal Period Extension be without
prejudice to:

   (a) any position they may take regarding whether Section 362
       of the Bankruptcy Code applies to stay any Actions; and

   (b) their right to seek further extensions of time to remove
       all Actions.

The Debtors continue to require more time to decide whether the
possible removal of any of the Actions would promote their
interests in the context of their overall restructuring process,
Corinne Ball, Esq., at Jones Day, in New York, tells the Court.

Ms. Ball relates that the Debtors are currently focused on a
host of key reorganization and business activities, including
developing a reorganization plan.  Developing a reorganization
plan would entail attending to numerous and significant tasks
like completing the divestitures of certain businesses and
assets, securing the profit improvements from the various
"Restructuring Initiatives," refining the Debtors' business
plan, completing their proceedings under Sections 1113 and 1114
of the Bankruptcy Code, and determining the proper capital
structure of the Reorganized Debtors.

The Debtors are also reviewing and analyzing more than 15,000
claims filed against them, Ms. Ball adds.  The Debtors aim to
efficiently and timely resolve all the disputed claims.  Ms.
Ball contends that the outcome of the claim review and analysis
bears directly on the Debtors' decision whether to remove the
Actions.

Moreover, the Debtors must oversee and implement the day-to-day
operation of their businesses as debtors-in-possession.  Given
the current distress in the U.S. automotive industry, this task
cannot be underestimated, Ms. Ball asserts.

Because of the reasons stated, the Debtors have not yet reached
the point where they can make final decisions relating to the
potential removal of the Actions, Ms. Ball says.

                         About Dana Corp.

Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in
the world, and supplies drivetrain, chassis, structural, and
engine technologies to those companies.  Dana employs 46,000
people in 28 countries.  Dana is focused on being an essential
partner to automotive, commercial, and off-highway vehicle
customers, which collectively produce more than 60 million
vehicles annually.  Dana has facilities in China, Argentina and
Italy.

The company and its affiliates filed for chapter 11 protection
on Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354).  As of
Sept. 30, 2005, the Debtors listed US$7,900,000,000 in total
assets and US$6,800,000,000 in total debts.

Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day,
in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors.  Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker.  Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.

Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel
LLP, represents the Official Committee of Unsecured Creditors.  
Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel
to the Official Committee of Equity Security Holders.  Stahl
Cowen Crowley, LLC serves as counsel to the Official Committee
of Non-Union Retirees.

The Debtors' exclusive period to file a plan expires on Sept. 3,
2007.  They have until Nov. 2, 2007, to solicit acceptances of
that plan.


DRESSER INC: Riverstone-Led Consortium Completes Takeover
---------------------------------------------------------
Dresser, Inc. disclosed that a consortium led by Riverstone
Holdings LLC has completed the previously announced acquisition
of the company.

The company also announced that John P. Ryan, president and
chief operating officer, is replacing Patrick M. Murray as chief
executive officer.  Mr. Murray retired from his position
effective with the completion of the sale.

"The change in ownership of Dresser will be transparent to our
customers and employees-it's business as usual," said Mr. Ryan.  
"The Dresser name has been synonymous with the energy industry
for more than a hundred years, and our global presence, strong
brands and long-time reputation for reliability and service in
the energy industry will continue to serve us well in the
future.  Our new owners have considerable experience and
insights into the energy industry worldwide, and we look forward
to benefiting from the expertise they bring."

Riverstone is joined by First Reserve and Lehman Brothers Co-
Investment Partners in the investor group.  First Reserve
previously acquired Dresser in 2001 in partnership with Odyssey
Investment Partners and is investing in the current transaction
through its recently formed First Reserve Fund XI, L.P.  
Riverstone is investing through its Carlyle/Riverstone Global
Energy and Power Fund III, L.P.  The terms of the transaction
were not disclosed.

Commenting on his retirement, Mr. Murray noted, "Dresser is well
positioned to continue as a worldwide leader in the design,
manufacture and marketing of energy infrastructure equipment.  
John's promotion is decidedly well deserved.  His commitment to
continuous improvement, dedication to Dresser employees and
focus on the customer will serve the company well in the years
to come."

Mr. Ryan was appointed president and chief operating officer of
Dresser in December 2004.  He had previously served as president
of Dresser Wayne, the largest division of Dresser and a
worldwide leader in the retail fueling industry, from 1999 to
2005.  Prior to joining Dresser Wayne in 1987 as national
accounts sales manager, he served in various international and
domestic sales positions for Goulds Pumps Inc.


       About Riverstone Holdings LLC and The Carlyle Group

Riverstone Holdings LLC and The Carlyle Group are the co-general
partners of Carlyle/Riverstone Global Energy and Power Funds.  
Riverstone, a New York-based energy and power focused private
equity firm founded in 2000, has US$8.1 billion under
management.  Riverstone conducts buyout and growth capital
investments in the midstream, upstream, power, oilfield
services, and renewable sectors of the energy industry.  To
date, the firm has committed more than US$5.5 billion to more
than 36 investments across each of these five sectors,
representing companies with nearly US$40 billion of assets.  The
Carlyle Group is a global private equity firm with US$56 billion
under management.  Carlyle invests in buyouts, venture and
growth capital, real estate and leveraged finance in North
America, Europe and Asia. Since 1987, the firm has invested
US$26.4 billion of equity in 601 transactions.

                     About Dresser, Inc.

Based in Addison, Texas, Dresser, Inc. --
http://www.dresser.com/-- designs, manufactures and markets    
equipment and services sold primarily to customers in the flow
control, measurement systems, and compression and power systems
segments of the energy industry.  The company has a
comprehensive global presence, with over 8,500 employees and a
sales presence in over 100 countries worldwide including Brazil,
Germany, Italy, Mexico, Puerto Rico and Switzerland.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on April 18,
Standard and Poor's Ratings Services affirmed its 'B' corporate
credit rating on Dresser Inc., based on the expectation that the
company's debt leverage will improve, following its acquisition,
to levels consistent with the ratings over the medium term.  The
outlook is negative.  At the same time, the ratings on Dresser
were removed from CreditWatch with developing implications,
where they were placed on
March 12, 2007.
     
Standard & Poor's also assigned its 'B' rating and '2' recovery
rating (indicating the expectation of substantial (80%-100%)
recovery of principal in the event of a payment default) to
Dresser's proposed US$1.3 billion first-lien bank facilities,
and its 'CCC+' rating and '5' recovery rating (indicating the
expectation of negligible (0%-25%) recovery of principal in the
event of a payment default) to Dresser's proposed US$750 million
second-lien bank facilities.


TEKSID ALUMINUM: Moody's Confirms Junk Ratings
----------------------------------------------
Moody's Investors Service confirmed the Caa3 Corporate Family
Rating of Teksid Aluminum Ltd as well as the Ca rating of the
company's senior notes at Teksid Aluminum Luxembourg Sarl SCA
with a stable outlook.

This rating action concludes the review with direction uncertain
initiated on Nov. 3, 2006 following the company's announcement
that it has entered into a definitive agreement to sell certain
core assets to Tenedora Nemak, S.A. de C.V and the intention of
a redemption of outstanding debt with the proceeds of the asset
disposal; the review was maintained following the last rating
action on Jan. 16, 2007, when the ratings were downgraded by two
notches to Caa3/Ca.

At that time, the downgrade by two notches reflected the
company's inability to make the interest payment due on the
11-3/8% Senior Notes and its breach of certain financial
covenants of its bank facility in the fourth quarter of 2006 as
a result of a further deterioration of Teksid's operating
performance.

While the downgrade also reflected the likelihood that recovery
rates of the senior notes could be substantially lower than
initially anticipated, the review with an uncertain direction
also indicated the possibility of a significant variance in
recovery values that could either improve the bond rating to
Caa3 or weaken it to C.

The rating confirmation with a stable outlook reflects the
progress achieved in the asset disposal process over the last
months, including:

   (1) an agreement on revised terms for the Nemak sale,

   (2) the consent of the bondholders achieved to permit the
       sale of certain assets and operations to Nemak,

   (3) continuation of the asset disposal process including
       disposal of plants in North and South America, and
       Poland, following respective regulatory approvals,

   (4) the partial redemption of the company's other financial
       and operating liabilities,

   (5) a successful tender offer for up to EUR35 million
       aggregate principal amount and accrued interest of its
       outstanding EUR240 million senior notes.

The Ca rating for the senior notes reflects an expected recovery
value range between 10-50%, which now can be determined with a
higher level of certainty.  The recent tender offer for around
15% of the outstanding notes reflects the minimum recovery value
achieved for the notes.  The upper recovery boundary is likely
to be at around 50%, considering the company's estimate for a
maximum final recovery of around 50% for the notes, which could
further increase due to a 5.5% synthetic equity interest in the
Nemak business but could be negatively affected by the
continuous needs to fund ongoing losses of the underlying
operations, working capital needs, capital expenditures,
restructuring costs until disposal of the remaining businesses.

Outlook Actions:

   * Issuer: TK Aluminum Ltd

     -- Outlook, Changed To Stable From Rating Under Review

   * Issuer: Teksid Aluminum Luxembourg Sarl SCA

     -- Outlook, Changed To Stable From Rating Under Review

Confirmations:

   * Issuer: TK Aluminum Ltd

     -- Corporate Family Rating, Confirmed at Caa3

   * Issuer: Teksid Aluminum Luxembourg Sarl SCA

     -- Senior Unsecured Regular Bond/Debenture, Confirmed at Ca

The stable outlook takes into account that positive rating
developments mainly depend on recovery rates, which would need
to be substantially above expectations for current ratings.

TK Aluminum Ltd, a Bermuda-based company with corporate offices
in Carmagnola, Italy, is a leading global supplier of aluminium
casting components for the automotive industry worldwide.  For
the twelve months ended Dec. 31, 2005 the company generated net
revenues of EUR1 billion.


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


AIBEK COMPANY: Creditors Must File Claims by May 29
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Aibek Company insolvent.

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

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


ALCOM LTD: Creditors' Claims Due June 1
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Tef Alcom Ltd insolvent.

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

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


ECONOM EXPRESS: Proof of Claim Deadline Slated for May 29
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Aktube has
declared LLP Nd Econom Express insolvent.

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

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


FIRM KAZKOR: Claims Registration Ends June 2
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Kazkor insolvent.

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

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


JALGAS-AGRO LLP: Claims Filing Period Ends June 13
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Jalgas-Agro 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
         Kazakhstan


KAZKOMMERTSBANK JSC: Re-brands Retail Banking Arm as Kazkom
-----------------------------------------------------------
JSC Kazkommertsbank disclosed the re-branding of its retail
banking arm as "Kazkom".  The re-branding coincides with the
launch of a branch modernization program and reflects the
general trend amongst its customers to refer to the bank as
"Kazkom".

As part of the Bank's expansion program, KKB also plans to open
up to 80 new branches throughout the Republic during the course
of 2007.

Kazkom will continue to expand the banking products available to
its retail customers including the development of Internet
banking services.

"The re-branding of our retail branch network reflects our
commitment to develop our network and service range in order to
provide our retail customers with the best experience possible.
We are extremely well positioned to continue to grow market
share in a rapidly expanding market," Andrey Timchenko, Managing
Director of the Bank, stated.

                     About Kazkommertsbank

Established in 1990, Kazkommertsbank is one of the leading banks
in Kazakhstan.  As at June 30, 2006, it was the market leader as
measured by total assets and loans and third largest in terms of
deposits.  The Bank has a network of 22 full-service branches
and 68 outlets in Kazakhstan.  In addition, the Bank has a well-
developed alternative channel distribution network including
Internet banking, 454 ATMs, over 3,200 point-of-sale terminals
and a call center.

With a gross corporate loan portfolio of KZT837.3 billion and
deposits of KZT204.97 billion as of June 30, 2006,
Kazkommertsbank is the largest corporate lender in Kazakhstan.
In addition, the Bank also has a strong retail business and
believes that it is the leading bank in Kazakhstan servicing
high net-worth individuals.  As at June 30, 2006, the Bank had
approximately 253,000 retail customers, a gross retail loan
portfolio of KZT129.14 billion and retail deposits of
KZT128.87 billion.

In addition to corporate, SME and retail banking services, the
Bank engages in treasury operations, investment banking,
brokerage services and asset management and is a major
participant in the securities markets and the foreign currency
markets in Kazakhstan.  Through its international subsidiaries,
KKB also provides corporate, SME and retail banking services in
Russia and Kyrgyzstan.

The bank has a number of subsidiaries, including two in
Kazakhstan: Kazkommerts Securities and Kazkommertspolicy 2000;
three in the Netherlands: Kazkommerts International B.V.,
Kazkommerts Capital-2 B.V. and Kazkommerts Finance-2 B.V., and
one in Kyrgyzstan: Kazkommertsbank Kyrgyzstan.

                          *     *     *

As reported in the TCR-Europe on Feb. 21, Fitch Ratings affirmed
Kazakhstan-based Kazkommertsbank's ratings at foreign currency
Issuer Default 'BB+', Short-term foreign currency 'B', local
currency Issuer Default 'BBB-', Short-term local currency 'F3',
Individual 'C/D' and Support '3'.

Fitch said The Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.               


KOKSHETAUSKY HLEBOZAVOD: Creditors Must File Claims by June 1
-------------------------------------------------------------
LLP Kokshetau Bread Factory Kokshetausky Hlebozavod has declared
insolvency.

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

         LLP Kokshetau Bread Factory
         Kokshetausky Hlebozavod
         Pushkin Str. 31
         Kokshetau
         Akmola
         Kazakhstan


KURYLYS CONSULTING: Creditors' Claims Due June 1
------------------------------------------------
Almatinsky Regional Branch of JSC National Centre Kurylys
Consulting has declared insolvency.

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

         JSC National Centre Kurylys Consulting
         Office 28
         Shevchenko Str. 134
         Taldykorgan
         Almaty
         Kazakhstan


NURKAZGAN-SERVICE LLP: Proof of Claim Deadline Slated for June 1
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Nurkazgan-Service insolvent.

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

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


RULAND ALMATY: Claims Registration Ends June 1
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Ruland Almaty insolvent.

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

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


VIVALITY 20: Claims Filing Period Ends June 2
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Vivality 20 insolvent.

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

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


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


INTORGSINTEZ LLC: Creditors' Meeting Slated for May 25
------------------------------------------------------
Creditors of LLC Intorgsintez will convene at 11:00 a.m. on
May 25 at:

         Room 4
         Pobeda Ave. 357
         Lebedinovka
         Alamudunsky District
         Chui         
         Kyrgyzstan

The Inter-District Court of Bishkek for Economic Issues declared
LLC Intorgsintez (Case No. ED-232/07 mbs1) insolvent on
March 20.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Suyunbai Mailybaev
         Tel: (0-503) 49-44-21


MOBINDA LLC: Creditors Must File Claims by June 20
--------------------------------------------------
LLC Mobinda (INN 00903200510053) has declared insolvency.  
Creditors have until June 20 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 65-58-58.


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


GLOBAL POWER: Court Extends Excl. Plan Filing Period to May 17
--------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware entered a
second bridge order extending Global Power Equipment Group Inc.
and its debtor-affiliates' exclusive periods to:

   a) file a plan until a hearing set for May 17, 2007; and
   b) solicit acceptances of that plan until July 17, 2007.

The Court's first bridge order, issued last month, extended the
Debtors' exclusive period to file a plan until May 2, 2007.

In their motion, the Debtors requested an August 24, 2007
extension of their exclusive period to file a plan.

The Debtors told the Court that they have continued to make
substantial progress in addressing major issues facing their
estates, including:

   a) stabilizing each of the Debtors' major business segments
      and developing new business opportunities;

   b) addressing issues regarding the wind down of Deltak LLC
      and Deltak Construction Services Inc.'s heat recovery
      steam generation business segment;

   c) reaching additional accommodation agreements with key
      customers; and

   d) developing a five-year business plan, which was recently
      presented to the Debtors' Official Committee of Unsecured
      Creditors.

Notwithstanding the substantial progress to date, the Debtors
explained that a significant amount of work remains to be done
before they will be able to propose a plan consistent with their
fiduciary duties to maximize value, including, inter alia, the
refinement and testing of their business plan, evaluation and
reconciliation of claims filed against them, and an analysis of
their intercompany assets and liabilities.

Moreover, the Debtors said they continue to meet with the
Committee on a regular basis, and in anticipation of preparing a
chapter 11 plan of reorganization, are now preparing a plan term
sheet, which they intend to share with the Committee in the near
future.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.


GLOBAL POWER: Court Extends Consulting Pacts with Ex Executives
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware approved
Global Power Equipment Group Inc. and its debtor-affiliates'
request for extension of their consulting agreements, as
modified, with their former executives -- Larry Edwards and
James P. Wilson -- for an additional six months commencing on
April 15, 2007.

Last month, the Court entered a bridge order extending the
Consulting Agreements until May 2, 2007.

The Official Committee of Unsecured Creditors consented to both
extensions.

In their request, the Debtors told the Court that they need
Messrs. Edward's and Wilson's services particularly in relation
to the continuing transition in senior management of the
Debtors.

Although their full-time services are no longer required, the
Debtors explained that the consulting agreements provide the
Debtors with the flexibility to continue to take advantage of
Messrs. Edward's and Wilson's significant experience and
expertise in a manner that will provide significant benefits to
the Debtors' estates while minimizing costs.

Effective Nov. 21, 2006, Mr. Edwards resigned from his officer
position as president and chief executive officer of the
Debtors.  He continues to serve as a non-executive member of
Global Power's Board of Directors.

Also effective Nov. 21, 2006, Mr. Wilson resigned from his
officer position as vice president of finance and chief
financial officer of Global Power.  Mr. Wilson joined the
company in 1986.

Based in Tulsa, Oklahoma, Global Power Equipment Group Inc. aka
GEEG Inc. -- http://www.globalpower.com/-- provides power
generation equipment and maintenance services for its customers
in the domestic and international energy, power and
infrastructure and service industries.  The company designs,
engineers and manufactures a range of heat recovery and
auxiliary equipment primarily used to enhance the efficiency and
facilitate the operation of gas turbine power plants as well as
for other industrial and power-related applications.  The
company has facilities in Plymouth, Minnesota; Tulsa, Oklahoma;
Auburn, Massachusetts; Atlanta, Georgia; Monterrey, Mexico;
Shanghai, China; Nanjing, China; and Heerleen, The Netherlands.

The company and 10 of its affiliates filed for chapter 11
protection on Sept. 28, 2006 (Bankr. D. Del. Case No 06-11045).
Attorneys at White & Case LLP and The Bayard Firm, P.A.,
represent the Debtors.  Adam G. Landis, Esq., and Kerri K.
Mumford, Esq., at Landis Rath & Cobb LLP represents the Official
Committee of Unsecured Creditors.  As of Sept. 30, 2005, the
Debtors reported total assets of US$381,131,000 and total debts
of US$123,221,000.


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


ABZELIL-SEL-ENERGO: Creditors Must File Claims by May 14
--------------------------------------------------------
Creditors of LLC Abzelil-Sel-Energo (TIN 0201001734) have until
May 14 to submit proofs of claim to:

         F. Khabirov
         Temporary Insolvency Manager
         Frunze Str. 5
         Krasnousolsk
         Gafurijskiy
         453050 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene on July 10
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A07-18162/06-G-FLE.

The Court is located at:

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

The Debtor can be reached at:

         LLC Abzelil-Sel-Energo
         Abzelilovskiy
         Bashkortostan
         Russia


ALFA OJSC: Creditors Must File Claims by May 14
-----------------------------------------------
Creditors of OJSC Alfa have until May 14 to submit proofs of
claim to:

         A. Kochetkov
         Insolvency Manager
         Sennaya Square 15
         603024 Nizhnij Novgorod
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-17622/2006.

The Court is located at:

         The Arbitration Court of Samara  
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         A. Kochetkov
         Insolvency Manager
         Sennaya Square 15
         603024 Nizhnij Novgorod
         Russia


APSHERONSK-AGRO-TEKH-SNAB: Creditors Must File Claims by June 14
----------------------------------------------------------------
Creditors of declared OJSC Apsheronsk-Agro-Tekh-Snab 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 commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-32-21487/2006-44/2004-B.

The Court is located at:

         The Arbitration Court of Krasnodar  
         Staroderevenkovskaya St.
         Krasnodar  
         Russia

The Debtor can be reached at:

         OJSC Apsheronsk-Agro-Tekh-Snab
         Proletarskaya Str. 201
         Apsheronsk
         352690 Krasnodar
         Russia


COUNTRY-HALL OJSC: Creditors Must File Claims by May 14
-------------------------------------------------------
Creditors of OJSC Country-Hall (TIN 761203362, OGRN
1047602011786) have until May 14 to submit proofs of claim to:

         E. Federova
         Temporary Insolvency Manager
         To be Called for Ms. E.Fedorova
         125009 Moscow
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A82-1080/07-3-B/7.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Country-Hall
         Office 430
         Yaroslavskaya Str. 50
         Uglich
         152612 Yaroslavl
         Russia


DIARY LLC: Creditors Must File Claims by May 14
-----------------------------------------------
Creditors of LLC Diary (TIN 02530000812) have until May 14 to
submit proofs of claim to:

         A. Lisitsa
         Insolvency Manager
         Post User Box 26
         Ufa-61
         450061 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-20911/06-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         A. Lisitsa
         Insolvency Manager
         Post User Box 26
         Ufa-61
         450061 Bashkortostan
         Russia


GAS COMPANY: Creditors Must File Claims by May 14
-------------------------------------------------
Creditors of LLC Gas Company have until May 14 to submit proofs
of claim to:

         P. Galkin
         Insolvency Manager
         Office 14
         Federatsii Str. 105
         432063 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A72-1058/06-20/18-B.

The Debtor can be reached at:

         LLC Gas Company
         Ulyanovsk
         Russia


HYDROLYZE FACTORY: Asset Bidding Deadline Slated for May 16
-----------------------------------------------------------
M. Fedorov, the bidding organizer for OJSC Hydrolyze Factory,
will open a public auction for the company's properties at
9:00 a.m. on May 23 at:

         M. Fedorov
         Office 214
         Troitskiy Pr. 65
         Arkhangelsk
         Russia

The company has set a RUR36.5 million starting price for the
auctioned assets.

Interested participants have until May 16 to deposit an amount
of RUR7.3 million to:

         OJSC Hydrolyze Factory
         Settlement Account 40702810354000000817
         Correspondent Account 30101810000000000756
         BIK 041117756
         OJSC Uralsib
         Arkhangelsk
         Russia

Bidding documents must be submitted to:

         M. Fedorov
         Office 214
         Troitskiy Pr. 65
         Arkhangelsk
         Russia
         Tel: +7-921-814-86-21, +8-911-55-134-36,
         +7-921-721-31-84

The Debtor can be reached at:

         OJSC Hydrolyze Factory
         Lenina Pr. 217
         Onega
         164840 Arkhangelsk
         Russia


KHABAROVSKIY FACTORY: Asset Sale Slated for May 15
--------------------------------------------------
KGU Fund of Property of Khabarovsk, the bidding organizer for
OJSC Khabarovskiy Factory of Metalware, will open a public
auction for the company's properties at 11:00 a.m. on May 15 at:

         KGU Fund of Property of Khabarovsk
         Zaparina Str. 76
         Khabarovsk
         Russia

The company has set a RUR6,760,800 starting price for the
auctioned assets.

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

         KGU Fund of Property of Khabarovsk
         Settlement Account 40603810700000000021
         Correspondent Account 30101810600000000718
         BIK 040813718
         TIN 2721083857
         KPP 272101001
         CB Dalkombank
         Khabarovsk
         Russia

Bidding documents must be submitted to:

         KGU Fund of Property of Khabarovsk
         Zaparina Str. 76
         Khabarovsk
         Russia

The Debtor can be reached at:

         KGU Fund of Property of Khabarovsk
         Room 1412
         Zaparina Str. 76
         Khabarovsk
         Russia


META OJSC: Creditors Must File Claims by May 14
-----------------------------------------------
Creditors of OJSC Meta have until May 14 to submit proofs of
claim to:

         G. Kazakbaev
         Temporary Insolvency Manager
         O. Tikhomirovoj Str. 59
         Yoshkar-Ola
         424031 Mariy El
         Russia

The Arbitration Court of Mariy El will convene at 10:00 a.m. on
July 19 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A-38-360-11/37-2007.

The Court is located at:

         The Arbitration Court of Mariy El
         Lenina Pr. 40
         Yoshkar-Ola, Mariy El
         Russia

The Debtor can be reached at:

         OJSC Meta
         Okhotina Str. 3
         Zvenogovo
         Zvenigoeskiy
         425060 Mariy El
         Russia


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

         G. Aristov
         Insolvency Manager
         Gilyarovskogo Str. 31
         107996 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-14537/06-95-67B.

The Court is located at:

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

The Debtor can be reached at:

         G. Aristov
         Insolvency Manager
         Gilyarovskogo Str. 31
         107996 Moscow
         Russia


POLIEL CJSC: Creditors Must File Claims by May 14
-------------------------------------------------
Creditors of CJSC Poliel (TIN 5262102760) have until May 14 to
submit proofs of claim to:

         M. Udaltsova
         Temporary Insolvency Manager
         Post User Box 59
         603086 Nizhniy Novgorod
         Russia

The Arbitration Court of Nizhniy Novgorod will convene at
1:00 p.m. on Aug. 21 to hear the company's bankruptcy
supervision procedure.  The case is docketed under Case No.
A64-941/07-21.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Poliel
         Genkinoj Str. 102
         Nizhniy Novgorod
         Russia


PROMSVYAZBANK: Fitch Affirms B+ IDR with Stable Outlook
-------------------------------------------------------
Fitch Ratings revised Russia-based Promsvyazbank's Outlook to
Stable from Positive.  The bank's ratings are affirmed at Issuer
Default 'B+', Short-term 'B', Support '5' and Individual 'D'.

The change in Outlook reflects the reduced likelihood that
German-based Commerzbank AG, will acquire a majority stake in
PSB following recent statements by Commerzbank representatives.
Fitch initially assigned the Positive Outlook in December 2006,
after Commerzbank completed the acquisition of a 15% stake in
PSB and was expected to continue negotiations with PSB's main
shareholders to seek control in the medium-term.

PSB's ratings reflect significant balance sheet concentrations
and risks inherent in the bank's rapid loan growth, which may
also put pressure on liquidity and capitalization levels.  
However, Fitch also acknowledges the broadening of PSB's
franchise and regional coverage, improved funding profile and
reduced related-party exposures and non-core assets. The ratings
are also supported by the bank's acceptable profitability and
asset quality to date.

PSB is one of the largest Russian privately held banks and is
majority-owned by the Ananiev brothers.  PSB mainly serves large
and mid-sized corporate clients.  It has built a network of more
than 140 points-of-sale across Russia to facilitate an ongoing
regional diversification and franchise expansion into the retail
and SME segments.


SHAKHUNSKIY WOOD-PROM-KHOZ: Creditors Must File Claims by May 14
----------------------------------------------------------------
Creditors of LLC Shakhunskiy Wood-Prom-Khoz (TIN 5239007501)
have until May 14 to submit proofs of claim to:

         A. Tigulev
         Insolvency Manager
         Beketova Str., 38a
         603146 Nizhniy Novgorod
         Russia
         Tel: 12-21-62

The Arbitration Court of Nizhniy Novgorod commenced bankruptcy
proceedings against the company after finding it insolvent.

The Court is located at:

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

The Debtor can be reached at:

         LLC Shakhunskiy Wood-Prom-Khoz
         Osipenko Str. 61
         Shakhunya
         Nizhniy Novgorod
         Russia


SHIP AND MECHANICAL: Creditors Must File Claims by June 14
----------------------------------------------------------
Creditors of declared CJSC Ship and Mechanical Plant have until
June 14 to submit proofs of claim to:

         A. Kurochkin
         Insolvency Manager
         Post User Box 7
         Naberezhnye Chelny
         423815 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A65-15914/2006-SG4-39.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         CJSC Ship and Mechanical Plant
         Pionerskaya Str. 1
         422983 Tatarstan
         Russia


TAGIL-VODKA JSC: Creditors Must File Claims by June 14
------------------------------------------------------
Creditors of declared OJSC Tagil-Vodka (TIN 6623000803) have
until June 14 to submit proofs of claim to:

         Y. Moskalenko
         Insolvency Manager
         Post User Box 99
         620131 Ekaterinburg
         Russia

The Arbitration Court of Sverdlovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A60-33950/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tagil-Vodka
         Industrialnaya Str. 3
         N. Tagil
         Sverdlovsk
         Russia


YUBILEYNYJ OJSC: Asset Bidding Deadline Slated for May 18
---------------------------------------------------------
OJSC Institute of Anti-Crisis Management, the bidding organizer
for OJSC YUBILEYNYJ, will open a public auction for the
company's properties at 11:00 a.m. on May 29.

The company has set a RUR3.68 million starting price for the
auctioned assets.

Interested participants have until May 18 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Yubileynyj
         Settlement Account 40702810439120100422
         Correspondent Account 30101810100000000615
         BIK 048952615
         Mordovskiy OSB 8589
         Russia

Bidding documents must be submitted to:

         OJSC Institute of Anti-Crisis Management
         N. Krupskoj Str. 29
         Saransk
         430000 Mordoviya
         Russia

The Debtor can be reached at:

         OJSC Yubileynyj
         Brovtseva Str. 136
         Dubenki
         Dubenskiy
         Mordoviya
         Russia


TUYMAZY-MEAT LLC: Creditors Must File Claims by June 14
-------------------------------------------------------
Creditors of declared LLC Tuymazy-Meat have until June 14 to
submit proofs of claim to:

         N. Bortnikov
         Insolvency Manager
         Post User Box 1780
         Solikamsk-13
         618553 Perm
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-320/05-G-ADM/NLV.

The Court is located at:

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

The Debtor can be reached at:

         LLC Tuymazy-Meat
         Severnaya Str. 1
         Tuymzay
         452750 Bashkortostan
         Russia


UEMSKIY CERAMIC: Asset Sale Slated for May 30
---------------------------------------------
O. Smirnov, the insolvency manager and bidding organizer for
OJSC Uemskiy Ceramic Factory, will open a public auction for the
company's properties at noon on May 30 at:

         O. Smirnov
         Popova Str. 18
         Arkhangelsk
         Russia

The company has set a RUR2,024,000 starting price for the
auctioned assets.

Interested participants have until May 28 to deposit an amount
of RUR101,200 to:

         PBOYuL Smirnov O.I.
         Settlement Account 40802810200010000254
         Correspondent Account 30101810500000000793
         BIK 041117793
         OJSC Fondservisbank (Arkhangelskiy)
         Arkhangelsk
         Russia

Bidding documents must be submitted to:

         O. Smirnov
         Popova Str. 18
         163000 Arkhangelsk
         Russia
         Tel/Fax: 20-44-43

The Debtor can be reached at:

         OJSC Uemskiy Ceramic Factory
         Brovtseva Str. 136
         Dubenki
         Dubenskiy
         Mordoviya
         Russia


UFA-AUDIT CJSC: Court Names S. Konovalov as Insolvency Manager  
--------------------------------------------------------------
The Arbitration Court of Bashkortostan appointed S. Konovalov as
Insolvency Manager for CJSC Audit Company Ufa-Audit (TIN
0274016620).  He can be reached at:

         S. Konovalov
         Post User Box 19
         Sterlitamak-28
         453128 Bashkortostan
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A07-25999/06-G-GIA.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Audit Company Ufa-Audit
         Bashkortostan
         Russia


UFA-OIL-GAS-STROY: Asset Bidding Deadline Slated for May 18
-----------------------------------------------------------
R.Gazizov, the bidding organizer and insolvency manager for OJSC
Ufa-Oil-Gas-Story, will open a public auction for the company's
properties at 10:00 a.m. on May 22 at:

         OJSC Ufa-Oil-Gas-Stroy
         Maykopskaya Str. 58/1
         Ufa
         Bashkortostan
         Russia

The case is docketed under Case No. 52100/05-G/PAV.

The company has set a RUR10,685,000 starting price for the
auctioned assets.

Interested participants have until May 18 to deposit an amount
of RUR534,250 to:

         OJSC Ufa-Oil-Gas-Story
         Settlement Account 40702810400000002891
         Correspondent Account 30101810800000000842
         BIK 048073842
         TIN 0274050998
         KPP 027201001
         OJSC ACB Bashkomsnabbank
         Ufa
         Russia

Bidding documents must be submitted to:

         R. Gazizov
         Maykopskaya Str. 58/1
         Ufa
         Bashkortostan
         Russia

The Debtor can be reached at:

         OJSC Ufa-Oil-Gas-Story
         Maykopskaya Str. 58/1
         Ufa
         Bashkortostan
         Russia


YUKOS OIL: Shell & BP Set to Join Auction for Petrol Stations
-------------------------------------------------------------
Royal Dutch Shell and TNK-BP Holding Ltd. will participate in
tomorrow's auction for OAO Yukos Oil Co.'s 537 petrol stations
in Russia, published reports say.

OAO Rosneft and Unitex are also expected to bid for the petrol
station network, which carries a RUR7.7 billion starting price.  

As widely reported, TNK-BP submitted a bid to acquire Yukos'
9.44% stake in Rosneft during the first series of Yukos auctions
on March 27.  However, RN-Razvitiye, a Rosneft subsidiary,
outbid TNK-BP when it offered RUR197.8 billion for the assets.  
Analysts criticized the sell-off accusing TNK-BP of
participating in the auction only to appease the Kremlin as two
bidders would legitimize the sale process, Russell Hotten writes
for Telegraph.co.uk.

Published reports say TNK-BP and Shell have confirmed their
interest in joining the bidding race.  TNK-BP, Steve Hawkes of
Times Online notes, already runs 1,600 petrol stations across
Russia.

Rosneft Oil and Gazprom are seen as the most likely bidders for
the bulk of the nearly 200 Yukos assets up for liquidation,
which Mr. Rebgun aims to sell by August 2007.

As of Jan. 31, claims against Yukos filed by 68 creditors
reached RUR709 billion (US$26.8 billion).

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: RFFI Sets May 11 Auction for Office & Research Assets
----------------------------------------------------------------
The Russian Federal Property Fund will auction OAO Yukos Oil
Co.'s Moscow office and its research and development assets
under one lot on May 11, RIA Novosti reports.

The lot, which includes the bankrupt company's 22-storey
headquarters, carry a RUR22 billion starting price, with a bid
increment of RUR110.3 million, RIAN relates.

According to analysts cited by Russian daily Kommersant, the ask
price for the gas station chain could have been twice as high.

The auction for the assets was initially scheduled in early
April but was called off due to a lack of bids.  The auctioneer
did not disclose the bidders participating in the auction.

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Slovakia Wants Russian Help Over Transpetrol Stake
-------------------------------------------------------------
Slovakian Prime Minister Robert Fico has sought the help of
Russian officials in resolving the fate of OAO Yukos Oil Co.'s
49 percent stake in Transpetrol a.s., The St. Petersburg Times
relates citing reports from the Associated Press.

In a meeting with Russian President Vladimir Putin and Prime
Minister Mikhail Fradkov, Mr. Fico asked Russia for
"comprehensive support in the elimination of all barriers in the
transfer of Yukos property and shares to Transpetrol," St.
Petersburg Times reports citing Itar-Tass as its source.

As reported in the Troubled Company Reporter on March 20, the
Economy Ministry of Slovakia sought to extend its veto power
against any possible sale of Yukos' minority stake.

The Slovakian government sold these shares to Yukos Finance BV,
the Dutch subsidiary of bankrupt OAO Yukos Oil Co., in 2002.
Under terms of the deal, Slovakia retains the right to block the
sale of these shares until April 2007.

The state, which holds the remaining 51% in Transpetrol,
indicated last year that it is trying to reinforce its position
over the company by repurchasing the 49% stake it sold to Yukos.

                      About Transpetrol

Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the  
Slovak part of the Druzhba oil pipeline through which about 10
million tons of Russian oil flow to western Europe annually.

                         About Yukos Oil

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

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

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

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

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

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


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


FENDER MUSICAL: S&P Assigns B+ Rating on US$200-Mil. Term Loan
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed the 'B+' corporate
credit rating on Fender Musical Instruments Corp. and revised
the outlook to stable from negative.  

At the same time, Standard & Poor's assigned a 'B+' rating, the
same as the corporate credit rating, to the company's US$200
million senior secured term loan facility, with a recovery
rating of '3', indicating that lenders could expect meaningful
(50%-80%) recovery of principal in the event of a payment
default.  The company will also procure a new US$100 million
asset-based revolving credit facility (unrated).
     
The revised outlook is based on Fender Musical achieving its
May 2006 bank model for fiscal 2006 and maintaining appropriate
credit protection measures and liquidity.
     
"We believe the company's improved infrastructure, which has
contributed to significantly improved inventory management, will
help the company maintain operating stability over the
intermediate term," said Standard & Poor's credit analyst
Kenneth Shea.  "The new bank facility will also result in lower
interest expense, enhancing the company's liquidity and credit
measures."
     
The ratings are based on Fender Musical's high debt leverage and
narrow business focus, and the discretionary nature of its
products.  These factors are somewhat mitigated by the company's
strong market share and global brand names in the guitar-and
amplifier-segment, including Fender, Squier, Gretsch, and Guild.

Scottsdale, Ariz.-based Fender Musical Instruments Corp.--
http://www.fender.com/-- is the world's foremost manufacturer  
of guitars, basses, amplifiers and related equipment.  The FMIC
family includes several other distinctive musical instrument
brands: Charvel(R), Gretsch(R), Guild(R), Jackson(R),
Olympia(R), Orpheum(R), SWR(R), Squier(R) and Tacoma(R).  FMIC
also manufactures a complete line of professional audio
equipment under the Fender brand, including the Passport(R)
portable sound system.  Fender also offers a complete line of
accessories, including strings, authorized replacement parts,
cases, straps and clothing among others.

FMIC's U.S. facilities are located in Arizona, California,
Tennessee and Washington, with international facilities in
England, France, Germany, Japan, Mexico, Spain and Sweden.


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


BEATRICE KAISER: Creditors' Liquidation Claims Due May 30
---------------------------------------------------------
Creditors of LLC Beatrice Kaiser have until May 30 to submit
their claims to:

         Beatrice Kaiser
         Liquidator
         Holbeinstrasse 22
         4051 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Beatrice Kaiser
         Basel BS
         Switzerland


CONFISERIE SIMMEN: Creditors' Liquidation Claims Due May 31
-----------------------------------------------------------
Creditors of JSC Confiserie Simmen have until May 31 to submit
their claims to:

         Bruno Tscholl
         Liquidator
         Bahnhofstrasse 14
         7000 Chur
         Plessur GR
         Switzerland

The Debtor can be reached at:

         JSC Confiserie Simmen
         Arosa
         Plessur GR
         Switzerland


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

         JSC Riedi Berni Theus
         Liquidator
         via Mulin 4
         7500 St. Moritz
         Maloja GR
         Switzerland

The Debtor can be reached at:

         JSC Elias
         Silvaplana
         Maloja GR
         Switzerland


ERMA ELAN: Creditors' Liquidation Claims Due May 31
---------------------------------------------------
Creditors of LLC Erma Elan Engineering have until May 31 to
submit their claims to:

         Jaromir Kubias
         Liquidator
         Krebsbarenhalde 8
         6048 Horw LU
         Switzerland

The Debtor can be reached at:

         LLC Erma Elan Engineering
         Horw LU
         Switzerland


FUNKEY LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC FunKey on April 17.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC FunKey
         6300 Zug
         Switzerland


HORSY REITSPORT: Creditors' Liquidation Claims Due May 30
---------------------------------------------------------
Creditors of LLC Horsy Reitsport have until May 30 to submit
their claims to:

         Rolf Walther
         Liquidator
         JSC Miwa Verwaltung
         Winterthurerstrasse 92
         8006 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Horsy Reitsport
         Bauma
         Pfaffikon ZH
         Switzerland


IMPRIM LLC: Creditors' Liquidation Claims Due May 29
----------------------------------------------------
Creditors of LLC Imprim have until May 29 to submit their claims
to:

         Steinhauserstrasse 13
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Imprim
         Zug
         Switzerland


KREIS 4 GARAGE: Creditors' Liquidation Claims Due May 30
--------------------------------------------------------
Creditors of JSC Kreis 4 Garage have until May 30 to submit
their claims to:

         Reheis Otto
         Liquidator
         Langfurenstr. 61
         8143 Stallikon
         Affoltern ZH
         Switzerland

The Debtor can be reached at:

         JSC Kreis 4 Garage
         Zurich
         Switzerland


SITA REISEBURO: Creditors' Liquidation Claims Due May 29
--------------------------------------------------------
Creditors of JSC Sita Reiseburo have until May 29 to submit
their claims to:

         Hans Forer
         Liquidator
         Buhlbergstrasse 102
         3775 Lenk im Simmental
         Obersimmental BE
         Switzerland

The Debtor can be reached at:

         JSC Sita Reiseburo
         St. Stephan
         Obersimmental BE
         Switzerland


XCCESS LLC: Creditors' Liquidation Claims Due May 30
----------------------------------------------------
Creditors of LLC XCCESS have until May 30 to submit their claims
to:

         Markus Kaufmann
         Liquidator
         Hauptstrasse 52
         4495 Zeglingen
         Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC XCCESS
         Zeglingen
         Sissach BL
         Switzerland


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


ATON-PLUS LLC: Creditors Must Register Claims by May 12
-------------------------------------------------------
Creditors of LLC Aton-Plus (code EDRPOU 33927518) have until
May 12 to submit written proofs of claim to:

         S. Kitsul
         Liquidator
         Leskovskaya Str. 28
         02097 Kiev Ukraine
                  
The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent on April 4.  The
case is docketed under Case No. B 11/111-07.

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 Aton-Plus
         Brovary, Metallurgov Str. 4
         07400 Kiev
         Ukraine


HERSON REGIONAL: Creditors Must Register Claims by May 13
---------------------------------------------------------
Creditors of OJSC Herson Regional Agricultural Equipment (code
EDRPOU 00914183) have until May 13 to submit written proofs of
claim to:

         Leonid Galka
         Liquidator
         Voenny passage
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/222-B-06.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         OJSC Herson Regional Agricultural Equipment
         Pervomayskaya Str. 107
         Kozatskoe
         Berislav District
         74343 Herson
         Ukraine

LVOV EXPERIMENTAL: Creditors Must Register Claims by May 12
-----------------------------------------------------------
Creditors of Common Enterprise Lvov Experimental Ceramics and
Sculpture Plant (code EDRPOU 02913682) have until May 12 to
submit written proofs of claim to:

         Andrew Kolesnikov
         Liquidator
         Tarnavsky Str. 104b
         79017 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings
against the company after finding it insolvent on March 29.  The
case is docketed under Case No. 6/242-8/210.

The Court is located at:

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

The Debtor can be reached at:

         Common Enterprise Lvov Experimental Ceramics and
         Sculpture Plant
         Muchnaya Str. 32
         Lvov
         Ukraine


PARTNER LLC: Claims Filing Bar Date Set May 12
----------------------------------------------
Creditors of LLC Partner (code EDRPOU 25068022) have until
May 12 to submit written proofs of claim to:

         Vitaly Gumeniuk
         Temporary Insolvency Manager
         Privokzalnaya Str. 9/81
         76000 Lvov
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B-15/76.  

The Court is located at:

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

The Debtor can be reached at:

         LLC Partner
         Koliyskaya Str. 72
         Sopov
         Kolomiya District
         78217 Ivano-Frankovsk
         Ukraine


ROMNY PLANT: Claims Filing Bar Date Set May 12
----------------------------------------------
Creditors of LLC Romny Plant Industrial Machine (code EDRPOU
32429929) have until May 12 to submit written proofs of claim
to:

         M. Derkach
         Temporary Insolvency Manager
         October Revolution Str. 5
         Romny
         42010 Sumy Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company on March 5.  The case is docketed under
Case No. 8/84-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Romny Plant Industrial Machine
         October Revolution Str. 8
         Romny
         42000 Sumy
         Ukraine


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


A.D.I. ENVIRONMENTAL: Creditors' Meeting Slated for May 18
----------------------------------------------------------
Creditors of A.D.I. Environmental Services Ltd. will meet at
11:00 a.m. on May 18 at:
  
         Langley Group LLP
         Langley House
         Park Road
         East Finchley
         London
         N2 8EX
         England

Creditors who want to vote at the meeting have until noon on
May 17 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
The proxy form and statement may be posted or sent by fax to
020 8444 3400.

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 16 at the offices of Langley Group LLP.


AGCO CORPORATION: Earns US$24.5 Million in Qtr. Ended March 31
--------------------------------------------------------------
AGCO Corporation reported net income of US$0.26 per share for
the first quarter of 2007.  For the first quarter of 2006, AGCO
reported net income of US$0.19 per share.  Net sales for the
first quarter of 2007 were US$1.3 billion, an increase of
approximately 14% compared to the same period in 2006.

"Strong performance from our South American operations
contributed to our results in the first quarter," stated Martin
Richenhagen, Chairman, President and Chief Executive Officer.  
"The improving conditions in the Brazilian agricultural
machinery market fueled sales growth of approximately 34% in our
South American business.  The additional sales volume allowed us
to leverage the improvements we have made in our cost structure
in South America, resulting in double-digit operating margins
for the region.  We saw sales growth in both our Massey Ferguson
and Valtra brands, which when combined, have a leading market
position in Brazil.  The strength of our full product lines and
our superior dealer networks has us well positioned in this
important region.  In addition, our first quarter earnings
benefited from lower net interest costs resulting from our
improved net debt position."

"The quarter also was marked by the initial production in Europe
of the new Fendt 900 series high horsepower tractors," Mr.
Richenhagen continued.  "This launch reinforces Fendt's role as
a pioneer in agricultural engineering and superior design.  As
previously discussed, our controlled roll-out of the new high
horsepower tractor model impacted our sales mix in the first
quarter of 2007 and resulted in lower margins in our
Europe/Africa/Middle East segment.  Strong performance by our
Massey Ferguson and Valtra brands in Europe partially offset the
weaker sales mix and supplier constraints experienced at Fendt.  
The 900 series is being well received by our customers, and we
expect strong sales and improved margins in our European
business for the remainder of 2007."

                    First Quarter Results

Net sales for the first quarter of 2007 increased approximately
14% to US$1,332.6 million compared to US$1,169.8 million for the
first quarter of 2006.  For the first quarter of 2007, AGCO
reported net income of US$24.5 million, or US$0.26 per share.  
For the first quarter of 2006, AGCO reported net income of
US$17.3 million, or US$0.19 per share.  Adjusted net income,
excluding restructuring and other infrequent expenses, was
US$17.4 million, or US$0.19 per share, for the first quarter of
2006.

AGCO's net sales, excluding the impact of currency translation
of US$75.6 million, increased approximately 7.5% in the first
quarter of 2007 compared to the same period in 2006.  Net sales
increased in all four of AGCO's geographical segments, with the
strongest sales increase in South America where improved market
conditions in Brazil led to higher sales.  European sales
increased due to strong growth in Scandinavia, Finland and the
United Kingdom, partially offset by weaker sales in Germany.  In
North America, net sales increased slightly in 2007 compared to
2006 consistent with the moderate increase in industry demand.  
Sales were slightly higher in AGCO's Asia/Pacific region despite
soft market conditions.

For the first quarter of 2007, income from operations increased
approximately US$1.7 million compared to 2006 resulting from the
increase in net sales.  First quarter gross margins were below
2006 due to brand and product mix. Unit production of tractors
and combines for the first quarter of 2007 was approximately 5%
above 2006 levels.

In AGCO's Europe/Africa/Middle East region, income from
operations decreased approximately US$4.2 million in the first
quarter of 2007 compared to 2006 due to a weaker sales mix and
lower operating margins caused by the phasing of the new Fendt
900 series production, as well as supplier constraints in
Germany that limited sales in the first quarter.  Growth from
the Massey Ferguson and Valtra brands contributed to a 5%
increase in net sales, excluding currency impact, and helped to
partially offset the operating income decline.

Income from operations in AGCO's South America region increased
approximately US$8.5 million for the first quarter of 2007
compared to 2006. Industry demand in South America was above
2006 levels, resulting in an increase in AGCO's net sales in
South America, excluding currency impact, of approximately 30%
for the first quarter of 2007.  Operating margins increased
approximately 2.5% in the first quarter of 2007 compared to the
first quarter of 2006.  Higher sales volumes combined with
ongoing process improvements and cost reduction initiatives
provided favorable operating leverage.

In North America, income from operations decreased approximately
US$1.9 million in the first quarter of 2007 compared to 2006.  
Income from operations in the first quarter of 2007 was lower
primarily due to negative currency impacts on products sourced
from Brazil and Europe, partially offset by sales growth.

Income from operations in the Asia/Pacific region decreased
approximately US$0.6 million in the first quarter of 2007
compared to 2006.  The reduction in operating income was
primarily due to a weaker sales mix in Australia, where the
severe drought has resulted in lower sales of combines and high
horsepower tractors.

                   Regional Market Results

North America -- Industry unit retail sales of tractors for the
first quarter of 2007 increased approximately 1% over the
comparable prior year period resulting from an increase in the
utility tractor segment largely offset by decreases in the
compact and high horsepower tractor segments.  Industry unit
retail sales of combines for the first quarter of 2007 increased
approximately 13% from the prior year period.  AGCO's unit
retail sales of tractors were lower and combines were higher in
the first quarter of 2007 compared to 2006.

Europe -- Industry unit retail sales of tractors for the first
quarter of 2007 increased approximately 3% compared to the prior
year period. Retail demand improved in most of the major markets
of Europe, but declined in Italy and Spain. AGCO's unit retail
sales for the first quarter of 2007 were higher when compared to
the prior year period.

South America -- Industry unit retail sales of tractors
increased approximately 25% and industry unit retail sales of
combines increased approximately 30% for the first quarter of
2007 compared to the prior year period.  Unit retail sales of
tractors and combines in the major market of Brazil increased
approximately 31% and 57%, respectively, during the first
quarter of 2007 compared to 2006.  AGCO's South American unit
retail sales of tractors and combines also increased in the
first quarter of 2007 compared to 2006.

Rest of World Markets -- Outside of North America, Europe and
South America, AGCO's net sales for the first quarter of 2007
were approximately 28% higher than 2006 due to higher sales in
Africa and Asia.

"Strong commodity prices supported industry demand across much
of the globe in the first quarter," stated Mr. Richenhagen.  "In
Europe, industry retail sales are benefiting from higher farm
income in 2006 and the continuing strong growth in Eastern and
Central Europe.  In North America, higher commodity prices and
improving farmer sentiment contributed to modest improvement in
retail demand in the first quarter.  The sugar cane sector
remains strong in Brazil, and a better grain harvest has
increased industry demand."

                           Outlook

Industry retail sales of farm equipment in 2007 in all major
markets are expected to be flat or above 2006 levels.  In North
America, 2007 farm income is expected to increase slightly as
the benefit of strong commodity prices is offset by higher input
costs and lower government subsidies.  As a result, sales of
farm equipment in 2007 are also expected to increase slightly.  
Improved farm income in Brazil is expected to support an
increase in industry sales this year. However, high levels of
farmer debt, especially in the mid-west region, could impact
Brazilian demand for the remainder of 2007.  Industry demand in
Europe is expected to be relatively flat compared to 2006 with
growth in Central and Eastern Europe offsetting small declines
in Western Europe.

AGCO's net sales for the full year of 2007 are expected to grow
8% to 9% compared to 2006, driven primarily by improving market
conditions in South America, continued growth in Europe and
currency impacts.  For the full year, AGCO is targeting earnings
per share of approximately US$1.45 with earnings improvements
resulting primarily from sales growth and lower interest costs.  
The earnings target continues to include investments in the form
of increased engineering expenses, plant restructurings, system
initiatives, new market development, and distribution
expenditures, all of which support the Company's strategic
direction.  In addition, ongoing working capital initiatives are
expected to produce strong cash flow.

                       About Agco Corp.

Headquartered in Duluth, Georgia, Agco Corp. --
http://www.agcocorp.com/-- is a global manufacturer of   
agricultural equipment and related replacement parts.  Agco
offers a full product line including tractors, combines, hay
tools, sprayers, forage, tillage equipment and implements, which
are distributed through more than 3,600 independent dealers and
distributors in more than 140 countries worldwide, including
Argentina, Australia, Brazil, France and the United Kingdom.  
AGCO products include the following brands: AGCO(R),
Challenger(R), Fendt(R), Gleaner(R), Hesston(R), Massey
Ferguson(R), New Idea(R), RoGator(R), Spra-Coupe(R),
Sunflower(R), Terra-Gator(R), Valtra(R), and White(TM)
Planters.  AGCO provides retail financing through AGCO Finance.  
The company had net sales of US$5.4 billion in 2005.

                        *     *     *

AGCO Corp.'s 1-1/4% Convertible Senior Subordinated Notes due
2036 carry Standard & Poor's BB- rating.


AJC CLEANING: Appoints Joint Administrators from Vantis
-------------------------------------------------------
Peter James Hughes-Holland and Frank Wesseley of Vantis Plc were
appointed joint administrators of AJC Cleaning Services Ltd.
(Company Number 04325880) on April 19.

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

The company can be reached at:

         AJC Cleaning Services Ltd.
         Dudley House  
         High Street  
         Bracknell  
         RG12 1LL  
         England
         Tel: 01344 453 926


ARMOR HOLDINGS: Inks US$4.1 Billion Sale Pact with BAE Systems
--------------------------------------------------------------
Armor Holdings, Inc. entered into a definitive merger agreement
to be acquired by BAE Systems, Inc., a wholly owned subsidiary
of BAE Systems plc, for US$4.1 billion, or a price per common
share of US$88 through a one-step merger.

The transaction is subject to approval of Armor Holdings, Inc.
shareholders and to customary closing conditions, including
compliance with The Hart-Scott-Rodino Antitrust Improvements Act
of 1976 and approval under the Exon-Florio National Security
Test for Foreign Investment.  The transaction is expected to
close in the third quarter.

"We are exceptionally pleased to join forces with BAE Systems
plc, a global leader in the defense industry," Warren B.
Kanders, Chairman and Chief Executive Officer of Armor Holdings,
Inc. said.  "We would like to thank our shareholders for the
constant support they have shown our company through numerous
transactions and business initiatives that have enabled us to
deliver superior investment returns.  Importantly, we would also
like to thank our management team and our Board of Directors for
their dedication and stewardship over the years."

"We are excited to move this business to the next phase of its
development," Robert R. Schiller, President of Armor Holdings,
Inc., commented.  "We have no doubt that BAE Systems will place
the needs of our customer and those of the men and women in
uniform who depend on our products at the center of their
ongoing effort.  We owe a special thanks and a deep debt of
gratitude to each of our over 8,000 employees around the world.  
Their tireless commitment to excellence and innovation has and
will continue to make this organization strong for many years
into the future."

Armor Holdings was advised by Goldman, Sachs & Co., Inc. and
Merrill Lynch & Co., Inc., as financial advisors and Kane
Kessler, P.C., as legal counsel.

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

                          *     *     *

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

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

Armor Holdings, Inc.'s 8-1/4% Senior Subordinated Notes due 2013
carry Moody's Investors Service's B1 rating and Standard &
Poor's B+ rating.


ARMOR HOLDINGS: S&P Places Watch to Positive on BAE Acquisition
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'BB' corporate credit rating, on Jacksonville, Fla.-based
Armor Holdings Inc. on CreditWatch with positive implications.

"The CreditWatch follows the announcement that Armor has agreed
to be acquired by Farnborough, U.K.-based BAE Systems PLC for a
total consideration of US$4.5 billion, including assumed debt,"
said Standard & Poor's credit analyst Christopher DeNicolo.  The
acquisition is subject to customary regulatory approvals, as
well as approval by Armor's shareholders, and is expected to
close in the third quarter of 2007.  Ratings are likely to be
withdrawn if outstanding rated debt is repaid or converted to
common stock in the case of Armor's US$345 million convertible
notes.

The company's aerospace and defense group (about 80% of revenues
in 2006) produces armored military vehicles, military body
armor, soldier equipment, and crew seats for military
helicopters and transports.  Armor is a leading provider of law
enforcement equipment, including body armor, holsters, riot
gear, and batons, through its Products group.  Armor also
provides commercial vehicle armoring through its Mobile Security
division (5%).


BFS INVESTMENTS: Payment for GBP700 Mln Split Capital Investors
---------------------------------------------------------------
The Financial Services Compensation Scheme has declared Exeter
Fund Managers, one of the firms involved in the GBP700 million
split capital investment trust fiasco, to be "in default,"
opening the way for claims of up to GBP48,000 per individual
investor under the statutory safety net, Telegraph.co.uk
relates.

The FSCS also disclosed that around 5,000 investors with BFS
Investments plc are set to receive an interim payout within the
next four months, the Telegraph states.

According to the report, only financiers in two Exeter unit
trusts and an open-ended investment company (Oeic) that invested
in the splits' shares are affected by the FSCS ruling.  The
funds covered are Exeter Zero Preference Fund Unit Trust, Exeter
Oeic Zero Portfolio, and Exeter High Income Unit Trust.

Investors in Exeter trusts were not entitled to claim from the
GBP196 million compensation fund, negotiated between the FSCS
and 19 groups involved in the scandal, because it reneged from
the deal.  Exeter claimed it could not donate enough cash to
cover its liabilities, leaving investors little hope of a
payout, the Telegraph reveals.

BFS also pulled out of the FSA deal pleading poverty, but
investors are closer to getting some compensation.  BFS
liquidator Grant Thornton said it would disburse an interim
payment worth 2 pence to 3 pence in the pound to eligible
investors within the next four months.  A second payment is due
later in the year, worth anything between 8 pence in the pound
and 30 pence in the pound subject to litigation with BFS, the
Telegraph reports.

The FSCS hopes to deal with most of the claims before April 2008
but notes that although some straightforward claims may be
completed in a matter of weeks, the more complicated ones will
take longer, the Telegraph says.

Split capital investment trusts tried to use gearing or
borrowing to boost returns but several failed when interest
rates rose and investment returns fell.  Thousands of investors
lost money in the sector, the Telegraph observes.

Regulators decided that marketing material issued by Exeter,
which claimed these investments were medium or low risk, "did
not properly describe the risk level of the three funds."  
Investors who can prove that Exeter caused them to buy or retain
these funds after April 1, 2001, through literature may be
eligible for compensation, the Telegraph discloses.

                   About Exeter Fund Managers

Exeter Fund Managers -- http://www.exeter.co.uk/-- is a fund  
management firm involved in the split capital trust industry.  
EFM is a wholly owned subsidiary of 23 Cathedral Yard Limited,
which is a part of the iimia investment group plc formed on
August 16, 2004, by the merger of iimia (Holdings) Limited with
the Exeter Investment Group, of which EFM was a part.

The company's directors placed Exeter Fund Managers into
administration after they concluded that there was insufficient
certainty that the company was solvent following potential
misselling claims from investors in respect of two funds, which
it previously marketed.

                      About BFS Investments

BFS Investments plc -- http://www.bfsinvest.co.uk/-- is a fund  
management firm that used to operate in the split capital trust
industry.  BFS Creditors confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company's operations on Feb. 10, 2006.


BRITISH AIRWAYS: To Launch Consortium Bid for Iberia This Week
--------------------------------------------------------------
Willie Walsh, chief executive of British Airways plc, is set to
launch a bid this week for Iberia Lineas Aereas de Espana SA
with a group of private equity investors, Danny Fortson writes
for The Independent.

According to the report, Mr. Walsh will decide over the weekend
whether BA will join with Texas Pacific Group and Spanish
private equity firm partner Ibersuizas and Vista Capital or
rival bidders British private equity group Apax Partners and
specialist aerospace investor Gestairin.

As previously reported in the TCR-Europe on April 24, British
Airways is considering how to use its 10% holding in Iberia.

As part of this process, the airline has approached a number of
private equity companies about making a consortium offer for
Iberia.  Any consortium bid would not involve further capital
investment by British Airways.  As well as a private equity
partner, this consortium is likely to include one or more
Spanish partners.

British Airways has not made a final decision about the future
of its shareholding in Iberia and continues to examine numerous
options including full disposal.  However, it has ruled out an
independent bid for the airline.

British Airways earlier appointed UBS AG to advise on how to use
the holding in the best interests of shareholders.

The move came after Iberia disclosed that it has received a bid
approach from private equity firm Texas Pacific Group.

According to the report, TPG is considering a cash offer of
EUR3.60 a share, which values Iberia at EUR3.4 billion (US$4.5
billion.

                      About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and   
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.  

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  LGD      Loss-iven
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Inks Strategic Partnership with HEICO Aerospace
----------------------------------------------------------------
HEICO Corp. and British Airways plc had entered into a long term
Alternative Parts Supply, Development and Management Agreement.

The Strategic Partnership is HEICO's seventh such unique
relationship with a major international airline.  HEICO has
partner positions with Lufthansa, American Airlines, United,
Delta Air Lines, Air Canada, JAL and now British Airways.

Under the new Agreement, HEICO will exclusively manage British
Airways' Alternative Parts Program helping the airline maximize
savings through the use of Alternative Parts in the most timely
way.  HEICO Aerospace, renowned for its exceptional safety and
quality record within the aviation industry, was the perfect
choice for British Airways whose dedication to safety and world
class product makes it one of the world's premier airlines.

HEICO Aerospace celebrates its 50th anniversary this year and is
the world's largest independent designer, manufacturer and
distributor of FAA and EASA Approved Replacement Parts for jet
engines and aircraft components.  Its global and growing
customer base includes most of the airlines and overhaul
facilities worldwide that service commercial aircraft and jet
engines.  HEICO Aerospace, well known for having over 5,000 FAA
Approved Alternative Parts and developing a further 400 each
year, is also experiencing significant success in offering
bespoke Alternative Parts Management programs to the airlines
allowing customers to maximize savings in record time frame.

"BA is delighted to be working with HEICO Aerospace on
developing our replacement parts program into the future. This
strategic partnership forms a key element of our business
strategy, while continuing to maintain the highest levels of
safety and reliability," Raj Mehta, British Airways General
Manager Materials Management & Component Overhaul, stated.

"We are incredibly proud that British Airways has chosen HEICO
as their long term strategic partner for this Parts Development
and Management program," Eric A. Mendelson, HEICO Aerospace's
President and Chief Executive Officer, commented.  "This
Strategic Partnership will accelerate HEICO's efforts in
developing a broader range of superior products and services
that help airlines generate huge savings in today's highly
competitive market.  British Airways is the seventh major
airline to enter into a strategic partnership with HEICO making
a clear statement to the industry that a safe, reliable
alternative is what many operators continue to look for."

                     About British Airways

Headquartered in West Drayton, United Kingdom, British Airways
Plc -- http://www.ba.com/-- operates of international and  
domestic scheduled and charter air services for the carriage of
passengers, freight and mail, and provides of ancillary
services.  The British Airways group consists of British Airways
Plc and a number of subsidiary companies including in particular
British Airways Holidays Limited and British Airways Travel
Shops Limited.  BA has offices in India and Guatemala.

                         *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, the rating
agency confirmed its Ba1 Corporate Family Rating for British
Airways Plc.

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

* Issuer: British Airways, Plc

                                                      Projected
                           Old Debt New Debt LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   GBP100-million 10.875%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2008                Ba2      Ba2      LGD5     84%

   GBP250-million 7.25%
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2016                Ba2      Ba2      LGD5     84%

* Issuer : British Airways Finance (Jersey) L.P.

  EUR300-million
  Preferred Stock          B1       Ba3      LGD6     97%

As reported in the TCR-Europe on March 27, Standard & Poor's
Ratings Services said that its 'BB+' long-term corporate credit
rating on British Airways PLC remains on CreditWatch, with
positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


COINSTAR INC: S&P Raises Corporate Credit Rating to BB from BB-
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings, including
the corporate credit rating, on Coinstar Inc. to 'BB' from
'BB-'.  The outlook is stable.
     
The upgrade is supported by continued improvement in financial
metrics for Coinstar, including leverage that was reduced to
1.9x in 2006 and strengthening of other credit protection
measures.
     
The ratings on Coinstar reflect a business characterized by
significant customer concentration, short-term contracts, and
higher operating risks with the growing entertainment services
and e-payment business segments.  Positive considerations
include the company's industry-leading position in automated
coin-counting machines, very satisfactory credit measures, and
strong free cash flow generation.
      
"We expect Coinstar to continue its good operating performance
while successfully integrating recent acquisitions," said
Standard & Poor's credit analyst Jackie E. Oberoi, "but the
weakening of operating results caused by the loss of a
significant retail partner, pricing pressures, or a more
aggressive growth strategy could lead to a negative outlook."

Coinstar, Inc., based in Bellevue, Washington, owns and operates
a multinational, fully automated network of coin processing
kiosks, as well as electronic payment, entertainment services,
and self-service DVD rentals.  The Company owns and operates
nearly 13,000 coin-counting machines in the US, Canada and the
UK, and 320,000 entertainment services (skill-crane, bulk
vending, and kiddie ride) machines across the US and Mexico.  
Additionally, it utilizes more than 19,300 point-of-sale
terminals and owns and operates approximately 360
stand-alone e-payment kiosks in the US and the UK.  The coin-
counting units are located primarily in supermarkets (such as
Kroger and Albertsons); the entertainment services machines can
be found in more than 33,000 retail locations including Wal-Mart
and Kmart stores.


COSTAIN GROUP: Arden Gets Financial Close on GBP30 Mln Project
--------------------------------------------------------------
Arden Partnership, Costain Group PLC's 50:50 joint venture with
Alfred McAlpine, has reached financial close on the GBP30
million Lincolnshire Project, the first of three phases of the
GBP76.5 million Three Shires PFI Scheme.  The deal was financed
by NIBC Bank NV as Lead Arranger.

The project is for the design, build and operation of a 8,500sqm
Community Hospital and ancillary services over a four hectare
site in Spalding, Lincolnshire.  Costain will carry out the
design and construction works and Alfred McAlpine will provide
facilities management services.

The remaining two projects in the batched scheme are in
Leicester and Derby and are due to reach financial close in the
summer.

"We're delighted to have reached Financial Close on another
significant PFI scheme in the health sector.  This is further
evidence of the strong relationships we are developing with key
NHS Trusts across the U.K. and we are confident of similar
success on the scheme's remaining two projects," Andrew Wyllie,
Chief Executive of Costain, said.

Headquartered in Maidenhead, United Kingdom, Costain Group PLC
-- http://www.costain.com/-- is an international engineering    
and construction group.  The Company provides building, civil
engineering and specialist processing services in the United
Kingdom, Europe and the Middle East, Asia, the Pacific Rim and
Africa.  The Group's customers include businesses in the
construction, marine, transport, retail hotel and utilities
sectors.

                          *     *     *

For the year ended Dec. 31, 2006, Costain Group PLC posted GBP54
million in net losses against GBP784.4 in net revenues, compared
with GBP23.6 million in net profit against GBP678.1 in net
revenues for the same period in 2005.

At Dec. 31, 2006, the Group's balance sheet showed GBP304.3
million in total assets, GBP359.5 million in total liabilities
and GBP55.2 million in stockholders' deficit.

The Group's Dec. 31, 2006 balance sheet also showed strained
liquidity with GBP219.4 million in current assets available to
pay GBP280.1 million in current liabilities coming due within
the next 12 months.

                         Covenant Breach

The directors prepared their 2006 interim financial information
on a going concern basis though noted that contract write downs
and provisions in respect of their Building and International
divisions had caused a breach in their banking and surety
covenants.  Further contract write-downs in the second half of
the year resulted in the Group renegotiating all of its
facilities and covenant levels to June 2008.


COSTAIN GROUP: Joint Venture Unit Wins Highways Agency Contract
---------------------------------------------------------------
Aone+, a joint venture of Costain Group PLC with Colas and
Halcrow, has been awarded a contract by the Highways Agency for
the day-to-day management of motorways and strategic roads in
Greater Manchester, Cheshire, Merseyside and parts of
Lancashire.

The contract, worth GBP158 million, is for a five-year duration,
with work scheduled to commence on Sept. 5.

"This contract is further evidence of the success of our 'Being
Number One' strategy which focuses on key sectors.  In the
Highways sector, we have an excellent relationship with the
Highways Agency, we are one of the nation's leading road
constructors and we have now gained our first significant
position in highways maintenance operations," Andrew Wyllie,
Chief Executive of Costain, said.

Headquartered in Maidenhead, United Kingdom, Costain Group PLC
-- http://www.costain.com/-- is an international engineering    
and construction group.  The Company provides building, civil
engineering and specialist processing services in the United
Kingdom, Europe and the Middle East, Asia, the Pacific Rim and
Africa.  The Group's customers include businesses in the
construction, marine, transport, retail hotel and utilities
sectors.

                          *     *     *

For the year ended Dec. 31, 2006, Costain Group PLC posted GBP54
million in net losses against GBP784.4 in net revenues, compared
with GBP23.6 million in net profit against GBP678.1 in net
revenues for the same period in 2005.

At Dec. 31, 2006, the Group's balance sheet showed GBP304.3
million in total assets, GBP359.5 million in total liabilities
and GBP55.2 million in stockholders' deficit.

The Group's Dec. 31, 2006 balance sheet also showed strained
liquidity with GBP219.4 million in current assets available to
pay GBP280.1 million in current liabilities coming due within
the next 12 months.

                         Covenant Breach

The directors prepared their 2006 interim financial information
on a going concern basis though noted that contract write downs
and provisions in respect of their Building and International
divisions had caused a breach in their banking and surety
covenants.  Further contract write-downs in the second half of
the year resulted in the Group renegotiating all of its
facilities and covenant levels to June 2008.


DEE-SIGN WINDOWS: Creditors' Meeting Slated for May 22
------------------------------------------------------
Creditors of Dee-Sign Windows & Doors Ltd. will meet at noon on
May 22 at:
  
         Gateway Hotel
         Nuthall Road  
         Nottingham
         NG8 6AZ
         England
  
Stephen Franklin of Panos Eliades Franklin & Co. will furnish
creditors with information concerning the company's affairs free
of charge as they may reasonably require during the period
before the day of the meeting.

The insolvency practitioner can be reached at:

         Stephen Franklin
         Panos Eliades Franklin & Co.  
         Albany House  
         18 Theydon Road  
         London  
         E5 9NZ
         England


EXETER FUND: Compensation for GBP700 Mln Split Capital Investors
----------------------------------------------------------------
The Financial Services Compensation Scheme has declared Exeter
Fund Managers, one of the firms involved in the GBP700 million
split capital investment trust fiasco, to be "in default,"
opening the way for claims of up to GBP48,000 per individual
investor under the statutory safety net, Telegraph.co.uk
relates.

The FSCS also disclosed that around 5,000 investors with BFS
Investments plc are set to receive an interim payout within the
next four months, the Telegraph states.

According to the report, only financiers in two Exeter unit
trusts and an open-ended investment company (Oeic) that invested
in the splits' shares are affected by the FSCS ruling.  The
funds covered are Exeter Zero Preference Fund Unit Trust, Exeter
Oeic Zero Portfolio, and Exeter High Income Unit Trust.

Investors in Exeter trusts were not entitled to claim from the
GBP196 million compensation fund, negotiated between the FSCS
and 19 groups involved in the scandal, because it reneged from
the deal.  Exeter claimed it could not donate enough cash to
cover its liabilities, leaving investors little hope of a
payout, the Telegraph reveals.

BFS also pulled out of the FSA deal pleading poverty, but
investors are closer to getting some compensation.  BFS
liquidator Grant Thornton said it would disburse an interim
payment worth 2 pence to 3 pence in the pound to eligible
investors within the next four months.  A second payment is due
later in the year, worth anything between 8 pence in the pound
and 30 pence in the pound subject to litigation with BFS, the
Telegraph reports.

The FSCS hopes to deal with most of the claims before April 2008
but notes that although some straightforward claims may be
completed in a matter of weeks, the more complicated ones will
take longer, the Telegraph says.

Split capital investment trusts tried to use gearing or
borrowing to boost returns but several failed when interest
rates rose and investment returns fell.  Thousands of investors
lost money in the sector, the Telegraph observes.

Regulators decided that marketing material issued by Exeter,
which claimed these investments were medium or low risk, "did
not properly describe the risk level of the three funds."  
Investors who can prove that Exeter caused them to buy or retain
these funds after April 1, 2001, through literature may be
eligible for compensation, the Telegraph discloses.

                      About BFS Investments

BFS Investments plc -- http://www.bfsinvest.co.uk/-- is a fund  
management firm that used to operate in the split capital trust
industry.  BFS Creditors confirmed the company's voluntary
liquidation after members passed a resolution to wind up the
company's operations on Feb. 10, 2006.

                   About Exeter Fund Managers

Exeter Fund Managers -- http://www.exeter.co.uk/-- is a fund  
management firm involved in the split capital trust industry.  
EFM is a wholly owned subsidiary of 23 Cathedral Yard Limited,
which is a part of the iimia investment group plc formed on
August 16, 2004, by the merger of iimia (Holdings) Limited with
the Exeter Investment Group, of which EFM was a part.

The company's directors placed Exeter Fund Managers into
administration after they concluded that there was insufficient
certainty that the company was solvent following potential
misselling claims from investors in respect of two funds, which
it previously marketed.


FELBER JUCKER: Taps Joint Administrators from Tenon Recovery
------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Felber Jucker & Co. Ltd. (Company Number
2238843) on April 16.

Tenon Recovery -- http://www.tenongroup.com/-- provides  
accounting and business advice to owner-managed and private
business.

The company can be reached at:

         Felber Jucker & Co Ltd
         48 Minerva Road  
         Ealing  
         London  
         NW10 6HJ
         England  
         Tel: 020 8965 9371  
         Fax: 020 8961 3732


HMV GROUP: Total Group Sales Down 2% in 52 Weeks Ended April 28
---------------------------------------------------------------
HMV Group PLC provides trading update for the 52 weeks ended
April 28.

            16 weeks ended               52 weeks ended  
             April 28, 2007              April 28, 2007

           Like for like     Total      Like for like     Total
           sales growth   sales growth sales growth sales growth
                (2)          (2)            (2)            (2)
  %

HMV            
U.K. & Ireland (2.0)         1.0           (3.4)        (0.5)  
Asia           (3.9)         0.5           (3.1)        (5.0)
Canada         (5.8)        (3.0)          (3.3)         1.0
Total HMV      (2.9)        (0.4)          (3.3)        (1.2)
Waterstone's   (7.3)        (7.8)          (4.1)   (4.7)
HMV Group      (3.9)        (1.5)          (3.5)        (2.0)

   (1) The 16-week period ended 28 April 2007.

   (2) Like for like sales growth and total sales growth are
       stated at constant exchange rates.

   (3) HMV Group's like for like sales performance measures
       stores that were open at the beginning of the previous   
       financial year and that have not been expanded, closed or
       resited during that time.  It includes sales from
       Internet sites in the U.K. and Japan.  Stores resized (up
       or down) are excluded from like for like sales
       performance.  Sales are only ever the net amount
       received.

Management is confident that Group profits before tax and
exceptional costs for the full year will be in line with market
expectations.  Total Group sales for the full year fell by 2% at
constant exchange rates, including a 3.5% like for like decline.

"The markets in which the Group operates have continued to be
extremely tough," Simon Fox, Chief Executive Officer, said.
"However, as we stated on March 13, our businesses are now
planning on the basis of continuing market change, and I am
confident that the initiatives we are putting in place to reduce
our costs, revitalize our core business and grow our revenues
are being pursued at pace and will lead to a turnaround of the
Group's performance."

"HMV U.K. begins the roll-out of electrical products to 20
stores this month and will launch 'store of the future' trials
in the West Midlands and Tunbridge Wells this summer, while
sales for HMV.co.uk continued to grow by 150% over the 16-week
period.  New Children's book and stationery departments are now
being rolled out in Waterstone's.  In HMV Canada, our e-commerce
website has been successfully relaunched and games are now being
sold in 77 stores.  A good start has also been made to our cost-
saving program, including the disposal in the calendar year to
date of eight Waterstone's stores," Mr. Fox added.

                           About HMV

Headquartered in Maindenhead, United Kingdom, HMV Group PLC --
http://www.hmvgroup.com/-- is engaged in the retailing of pre-  
recorded music, video and electronic games under the HMV brand,
and the retailing of books under the Waterstone's brand.  
Including the acquisition of Ottakar's Plc, the Group operates
over 730 stores in eight countries, with the principal markets
being those of the United Kingdom, Japan and Canada.

                          *     *     *

On March 31, 2005, the Group completed a refinancing of its
senior bank facilities, creating a more efficient capital
structure.  A five-year GBP260 million revolving credit facility
was arranged, replacing an existing GBP150 million revolving
credit facility, together with outstanding term debt of GBP160
million which was repaid in full.  Consequent to the
refinancing, GBP2.7 million of unamortized deferred financing
fees were written-off in the financial year to April 30, 2005,
as a non-cash exceptional interest charge.

For the 26 weeks ended Oct. 28, 2006, HMV posted GBP26.1 million
in net losses compared with GBP100,000 in net profit for the
same period in 2005.

At Oct. 28, 2006, the company's balance sheet showed GBP53.8
million in stockholders' deficit, compared with a GBP49.7-
million deficit at Oct. 29, 2005.

The company's Oct. 28, 2006 balance sheet also showed strained
liquidity with GBP423.3 million in total current assets
available to pay GBP734.5 million in total liabilities coming
due within the next 12 months.


HURLSTON HALL: Brings In Administrators from Kroll Ltd
------------------------------------------------------
P. F. Duffy and D. J. Whitehouse of Kroll Ltd. were appointed
joint administrators of Hurlston Hall Golf Club Plc. (Company
Number 2607148) on April 16.

Kroll Limited -- http://www.krllworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.

The company can be reached at:

         Hurlston Hall Golf Club Plc
         56 Moorfield Lane  
         Scarisbrick  
         Ormskirk  
         L40 8JD  
         England
         Tel: 01704 841 120  
         Fax: 01704 841 143


INTERNATIONAL RECTIFIER: Wedbush Morgan Raises Rating to "Buy"
--------------------------------------------------------------
Newratings.com reports that Wedbush Morgan analysts have
upgraded their rating on International Rectifier's shares to
"buy" from "hold."  

According to Newratings.com, the analysts also reduced their
estimates for International Rectifier, setting the 12-month
target price to US$45.

The analysts said in a research note published on May 1 that a
"seasonal lift" in the International Rectifier's "game console
and server power controller businesses" will likely occur in the
second half of 2007.

The analysts told Newratings.com that after the International
Rectifier's "ramp of its new Wales fab," gross margins are
expected to rise again in the second half.

According to Newratings.com, Wedbush Morgan said that overall
the International Rectifier's accounting irregularities are
expected to be insignificant.

Earnings per share estimate for 2007 was decreased to US$2.15
from US$2.27, while estimate for 2008 was reduced to US$2.03
from US$2.14.

Headquartered in El Segundo, Calif., International Rectifier
Corporation (NYSE:IRF) -- http://www.irf.com/-- provides  
enabling technologies for products that work smarter, run
cooler, and raise the world's productivity-per-watt.  It has
manufacturing facilities in the U.S., Mexico, United Kingdom,
Germany and Italy; and has subsidiaries in Japan and Singapore.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
March 14, 2007, Fitch Ratings has upgraded International
Rectifier Corp.'s (NYSE: IRF) ratings as:

     -- Issuer Default Rating to 'BB' from 'BB-';
     -- Senior Secured Bank Credit Facility Rating 'BB+' from
        'BB';
     -- Subordinated Debt Rating to 'BB-' from 'B+'.

Fitch said the rating outlook was positive.


ISLE OF CAPRI: Awaits Decision on NASDAQ Delisting Hearing
----------------------------------------------------------
Isle of Capri Casinos, Inc., reported that on April 26, 2007,
the company participated in a hearing before the NASDAQ Listing
Qualifications Panel resulting from the company's inability to
file its Quarterly Report on Form 10-Q by the March 9 due date,
as previously announced.
    
The company's failure to file its Form 10-Q for the third fiscal
quarter ended Jan. 28, 2007 by the March 9 due date, resulted
from the company's restatement of its financial statements for
the fiscal years ended April 25, 2004; April 24, 2005, and
April 30, 2006, and the quarterly results for fiscal 2005 and
2006 included therein, and for the first two quarters of fiscal
2007.  The failure to make a timely quarterly filing meant that
Isle of Capri Casinos is not in compliance with the filing
requirements for continued listing of its common stock on the
NASDAQ Global Select Market as set forth in Marketplace Rule
4310(c)(14).
    
On April 25, 2007, NASDAQ notified the company that the
Quarterly Report of Form 10-Q that the company filed on
April 18, 2007, did not cure the company's deficiency under
Marketplace Rule 4310(c)(14) because it had not been reviewed by
the company's independent auditors (pending completion of the
restatement).  The company expects to receive the decision of
the NASDAQ Listing Qualifications Panel within a few weeks,
regarding its request for an exception giving it time for its
auditors to complete their review and for the company to amend
the Quarterly Report on Form 10-Q to meet the requirements of
Marketplace Rule 4310(c)(14).  In the meantime, the company's
common stock will remain listed on the NASDAQ Global Select
Market.

                      About the Company

Based in Biloxi, Miss., Isle of Capri Casinos Inc. (Nasdaq:
ISLE) -- http://www.islecorp.com/-- owns and operates casinos
in Biloxi, Lula and Natchez, Mississippi; Lake Charles,
Louisiana; Bettendorf, Davenport and Marquette, Iowa; Kansas
City and Boonville, Missouri and a casino and harness track in
Pompano Beach, Florida.  The company also operates and has a 57
percent ownership interest in two casinos in Black Hawk,
Colorado.  Isle of Capri Casinos' international gaming interests
include a casino that it operates in Freeport, Grand Bahama and
a two-thirds ownership interest in casinos in Dudley and
Wolverhampton, England.

                        *     *     *

Moody's Investors Service affirmed its Ba3 Corporate Family
Rating on Isle of Capri Casinos in connection with its
implementation of the new Probability-of-Default and Loss-Given-
Default rating methodology for the Gaming, Lodging & Leisure
sector.  Moody's assigned LGD ratings to four of the company's
debts including a LGD5 rating on its 9% Sr. Sub. Notes,
suggesting debt holders will experience a 76% loss in the event
of a default.

As reported in the Troubled Company Reporter on Nov. 8, 2006,
Standard & Poor's Ratings Services affirmed ratings on Isle of
Capri Casinos Inc., including its 'BB-' corporate credit rating.

At the same time, Standard & Poor's removed the ratings from
CreditWatch, where they were placed on Oct. 4, 2006, with
negative implications.  S&P said the outlook is stable.


ISOFT GROUP: IBA Halts Share Trading to Raise New Equity Capital
----------------------------------------------------------------
IBA Health Limited has sought a halt in the trading of its
shares on the Australian Securities Exchange.  

The purpose of this halt in trading is to enable IBA to hold
meetings with certain institutional investors with a view to
raising new IBA equity capital in order to facilitate a possible
combination of IBA and iSOFT Group plc, to be executed by means
of a recommended all-share offer by IBA to acquire.  The iSOFT
management team is participating in these meetings.

The material which IBA is presenting to institutional investors
includes certain details of the contemplated offer terms, equity
raising and financing arrangements as follows:

    * iSOFT shareholders would receive 1.1 new IBA shares for
      each iSOFT share, valuing iSOFT at 56.9 pence per share
      based on the last trading price of IBA shares on the ASX
      and a GBP:AUD exchange rate of 0.4121

    * IBA is seeking to raise approximately AUD200 million
     (GBP82 million) of new equity capital through a placing and
      rights issue.  Both the placing and rights issue would be
      fully underwritten by ABN AMRO Rothschild

    * new debt facilities of GBP130 million (AUD315 million) for
      the combined entity to be arranged and underwritten by ABN
      AMRO Bank N.V.  These would be subject to completion of a
      number of conditions precedent including the completion of
      the equity placement/issuance

    * full run-rate annual cost synergies from the combination
      of the two companies are expected by IBA to be
      approximately AUD27 million (GBP11 million)in IBA's
      financial year ended June 30, 2009
  
There can be no certainty that an offer by IBA to acquire iSOFT
will be made.

iSOFT has in recent months been in discussions with a number of
external parties who have expressed an interest in acquiring
iSOFT or taking a significant stake in the Company.

On Feb. 16, IBA, a healthcare information technology company
listed on the Australian Securities Exchange, confirmed that it
was in discussions with iSOFT, which might or might not lead to
an all-share recommended offer for the Company.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed of a change in accounting
policy, as a consequence of which it became necessary to review
revenue recognition in prior years, in order to re-state some
prior year revenues.  Arising out of that review, a number of
possible accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


KRISPY KREME: Prudential Downgrades Shares to Neutral Weight
------------------------------------------------------------
Prudential Financial analyst Howard W. Penney has downgraded
Krispy Kreme Doughnuts' shares to "neutral weight" from
"overweight," Newratings.com reports.  The target price for
Krispy Kreme was reduced to US$14 from US$17.

According to the report, Mr. Penney noted in a research note
published on May 2 that Krispy Kreme has recently reorganized
its management team.  Mr. Penney expects the recent changes to
put off the turnaround at Krispy Kreme from a company-owned
model to a business model concentrated on franchisee.

Newratings.com added that the earnings per share estimate for
fiscal year 2007 was reduced to US$0.30 from US$0.34, while
estimate for fiscal year 2008 was decreased to US$0.77 from
US$0.81.

                        About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) -- http://www.krispykreme.com/-- is a branded  
specialty retailer of premium quality doughnuts, including the
company's signature Hot Original Glazed.  There are currently
approximately 323 Krispy Kreme stores and 79 satellites
operating system-wide in 43 U.S. states, Australia, Canada,
Mexico, the Republic of South Korea, and the United Kingdom.

The company generates revenues from three distinct sources:
company-owned stores, franchise fees and royalties from
franchise stores, and a vertically integrated supply chain.

Freedom Rings, LLC, company's franchisee in Eastern
Pennsylvania, Delaware and Southern New Jersey, filed on
Oct. 16, 2005, for Chapter 11 protection with the Delaware
Bankruptcy Court (Bankr. D. Del. Case No. 05-14268).  Following
closure of its four remaining stores, the Bankruptcy Court
confirmed Freedom Rings' plan of liquidation on April 20, 2006,
and its operations have been substantially wound up.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, filed for
restructuring on April 15, 2005, pursuant to the Companies'
Creditors Arrangement Act with the Ontario Superior Court of   
ustice.  Krispy Kreme Doughnut Corp. agreed to pay approximately
US$9.3 million to two secured creditors to settle its
obligations with respect to its guarantees pertaining to certain
indebteness and related equipment agreements.  In exchange, a
newly formed subsidiary of Krispy Kreme Doughnut Corp. acquired
substantially all of the operating assets of KremeKo, as
authorized by the Ontario Court.

Glazed Investments, LLC, company's franchisee in Colorado,
Minnesota and Wisconsin, filed for Chapter 11 protection on
Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-00932).  Subsequent
to this filing, Glazed Investments sold its remaining 12 Krispy
Kreme stores to Western Dough, Krispy Kreme's area developer for
Nevada, Utah, Idaho, Wyoming and Montana, for appoximately US$10
million.  This sale was facilitated by the Chapter 11 filing, by
permitting the assets to be sold free and clear of all liens,
claims and encumbrances.

Under the plan of liquidation filed by Glazed Investments, it
will be dissolved after distribution of the sale proceeds to
creditors, and Krispy Kreme will not receive any payment on
account of its ownership in Glazed Investments.  While a  
substantial portion of Glazed Investments' debts were retired
from the sale proceeds and liquidation of other assets, Krispy
Kreme paid approximately US$1 million of its franchisee's debt
which was guaranteed by it.


LEEDS UNITED: Appoints Joint Administrators from KPMG
-----------------------------------------------------
Richard Fleming, Mark Firmin and Howard Smith, of KPMG
Restructuring, were appointed May 4, administrators of Leeds
United Association Football Club Ltd. at the request of the
Club's directors.

Shortly after their appointment the joint administrators agreed
to sell the business and its assets to a newly formed company
called Leeds United Football Club Limited, the directors of
which are Ken Bates, Shaun Harvey and Mark Taylor.

The sale of the Club is subject to approval by its creditors,
via a Company Voluntary Arrangement (CVA).  This would see
creditors forgoing a significant element of their debt, in order
to allow the Club to continue trading under new ownership.  The
creditors' meeting, to consider the CVA, will be held before the
end of May.  The Football League will also need to approve the
sale.

"We were asked by the board of directors to advise Leeds United
on Monday, April 30, 2007.  The Club has experienced significant
financial difficulty for some years and was burdened with
historic debt and wage structures," Richard Fleming disclosed.

"It was necessary for the Club to enter administration as its
balance sheet dated March 31, 2007, indicated debts totaling
approximately GBP35 million, with a cash injection of
approximately GBP10 million required to continue trading.
Further, Her Majesty's Revenue & Customs (HMRC) recently issued
a winding up petition for approximately GBP5 million.  If this
debt had not been paid by 25 June 2007, the Club may have been
forced into liquidation," Mr. Fleming added.

The administrators understand from discussions with the Football
League that the administration will result in the immediate
deduction of 10 points from the Club's current points total in
this years Championship.  This means that next season the club
will start the campaign in League One with no points deducted.

"This agreement has been reached quickly to maximize the
possibility of survival of this major football club, to minimize
uncertainty for all the Club's stakeholders and supporters and
to allow the Club to plan ahead for next season.  There is now a
big decision for the creditors to make at their forthcoming
meeting," Mr. Fleming concluded.

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

Headquartered in Leeds, England, Leeds United Association
Football Club Ltd.  -- http://www.leedsunited.com/-- is an  
English professional football club.


MEGAZONE TECHNOLOGY: Creditors' Meeting Slated for May 23
---------------------------------------------------------
Creditors of Megazone Technology Ltd. will meet at 11:00 a.m. on
May 23 at:
  
         F A Simms & Partners Plc
         Insol House
         39 Station Road
         Lutterworth
         Leicestershire  
         LE17 4AP
         England

Creditors who want to vote at the meeting have until noon on
May 22 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 21 and May 22.


NORTHWAY COMPUTER: Creditors' Meeting Slated for May 18
-------------------------------------------------------
Creditors of Northway Computer Services Ltd. will meet at
10:30 a.m. on May 18 at:
  
         Carter Clark
         Meridian House  
         62 Station Road North  
         Chingford  
         London  
         E4 7BA
         England

Creditors who want to vote at the meeting have until noon on
May 17 to submit their proxy forms together with particulars of
their claims or of any security at the said address.
  
Alan J. Clark of Carter Clark will furnish creditors with
information concerning the company's affairs free of charge as
they may reasonably require.


OAKVIEW HORIZONS: Creditors' Meeting Slated for May 18
------------------------------------------------------
Creditors of Oakview Horizons Ltd. will meet at 3:00 p.m. on
May 18 at:
  
         Stones & Co.
         63 Walter Road
         Swansea
         SA1 4PT

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 16 at the offices
of Stones & Co.


ODYSSEY EXPERIENCE: Creditors' Meeting Slated for June 8
--------------------------------------------------------
Creditors of The Odyssey Experience Ltd. will meet at 11:30 a.m.
on June 8 at:
  
         Castle Suite
         The Thistle Hotel
         Gloucester Road
         Cheltenham
         Gloucestershire  
         GL51 0TS
         England

Creditors who want to vote at the meeting have until noon on
June 7 to submit their proxy forms together with particulars of
their claims or of any security to:

         The Odyssey Experience Ltd.
         c/o Harrisons
         Mortimer House
         Holmer Road
         Hereford
         HR4 9TA
         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 June 6.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.


OFFICE FURNITURE: Creditors' Meeting Slated for May 18
------------------------------------------------------
Creditors of Office Furniture Outlet Ltd. will meet at
11:30 a.m. on May 18 at:
  
         Rushtons Accountants
         Merchants Quay  
         Ashley Lane
         Shipley  
         West Yorkshire  
         BD17 7DB
         England

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

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 16 at the offices of Rushtons Accountants.


PRICELINE.COM INC: Settles 2000 Class Action Suit for US$80 Mil.
----------------------------------------------------------------
Priceline.com Incorporated has agreed to settle the securities
class action litigation filed against the company in 2000.

Under the terms of the settlement agreement, the class will
receive US$80 million in return for a release, with prejudice,
of all claims against the company and the individual defendants
that are related to the purchase of the company's securities by
class members during the class period.

The company's insurance carriers will fund US$30 million of the
settlement.  In connection with the settlement, the company
expects to incur a net charge of approximately US$55 million in
the 1st quarter of 2007, representing the settlement amount and
estimated legal expenses relating to the settlement

The company also said that in March and April, it had received
definitive notice from the Internal Revenue Service that the
company's previously disclosed refund request for excise taxes
paid on merchant airline tickets had been approved for payment.  
As a result, the company expects to record approximately
US$18.7 million of income in the first quarter of 2007 related
to the March notice and approximately US$3 million of income in
the second quarter of 2007 related to the April notice
associated with the tax refund, including estimated accrued
interest.

                     About Priceline.com Inc

Priceline.com Inc. (Nasdaq: PCLN) operates priceline.com, a
leading U.S. online travel service for value-conscious leisure
travelers, and Priceline Europe, a leading European online hotel
reservation service.

In the U.S., priceline.com offers customers a variety of ways to
save on their airline tickets, hotel rooms, rental cars,
vacation packages and cruises.

Priceline Europe operates one of Europe's fastest growing hotel
reservation services, operates in 40 countries in 12 languages
and offers its customers in Europe and the U.S. access to
approximately 25,000 participating European hotels.

Priceline.com also operates these travel websites:
Travelweb.com, Lowestfare.com, RentalCars.com and BreezeNet.com.  
Priceline.com also has a personal finance service that offers
home mortgages, refinancing and home equity loans through an
independent licensee. Priceline.com licenses its business model
to independent licensees, including priceline mortgage and
certain international licensees.

                          *     *     *

As reported in the Troubled Company Reporter on Apr. 11, 2007,
Standard & Poor's Ratings Services placed its ratings, including
the 'B' corporate credit rating, on Priceline.com Inc. on
CreditWatch with positive implications.

The Troubled Company Reporter also reported on Oct. 2, 2006,
that Standard & Poor's Ratings Services assigned its 'B' rating
to Priceline.com. Inc.'s US$150 million convertible senior notes
due 2013.  Additionally, S&P affirmed the corporate credit
rating on the company at 'B'.  S&P said the outlook is Stable.


PORTRAIT CORP: Plan Confirmation Hearing Scheduled for May 21
-------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
in White Plains will convene a hearing on May 21, 2007, at 2:30
p.m., in Courtroom 520, to consider confirmation on Portrait
Corporation of America Inc. at its debtor-affiliates' Amended
Chapter 11 Plan of Reorganization.

                       Treatment of Claims

The Plan, as published in the Troubled Company Reporter on
Feb. 8, 2007, provides that holders of Allowed Administrative
Expense Claims will be paid in full and in cash.

On the Plan's effective date, the DIP obligations will be deemed
allowed and paid indefeasibly in full in accordance with the
terms of the DIP Agreement and DIP Order.  Upon full payment of
all DIP Obligations, all liens and security interests granted to
secure those obligations will be terminated.  Provided, however,
that the particular provisions of the DIP Agreement that are
specified to survive will survive.  Existing letters of credit
issued pursuant to the DIP Agreement will be cancelled and
replaced with new letters of credit to be issued pursuant to the
Exit Facility.

Holders of Allowed Priority Tax Claim will receive cash on the
later of the plan effective date or the date the claim became
allowed, or equal annual cash payments together with interest to
be determined by the Bankruptcy Court.

Holders of Class A Allowed Priority Non-Tax Claims will also be
paid in full in cash.

At the sole option of the Debtors, holders of Class B Allowed
Other Secured Claims will:

   (a) receive payment in full in cash plus post-commencement
       date interest;

   (b) have a reinstated claim;

   (c) receive the collateral securing their claim; or

   (d) receive a treatment that renders the claim unimpaired
       pursuant to Section 1124 of the Bankruptcy Code.

Holders of Class C Allowed Second Lien Notes Claims will
receive, in full satisfaction of their claim, their pro rata
share of 100% of Reorganized Portrait Corp of America common
stock.

Holders of Class D Allowed Senior Notes and Other Unsecured
Claims will receive their pro rata distribution of new warrants.

Holders of Class E Allowed Convenience Class Claims will receive
1% of their allowed claim as payment.

Holders of Class F Allowed Goldman Note Claims, Class G Allowed
Old Preferred Equity Interests, Class H Allowed Old Common
Equity Interests, and Class I Allowed Old Common Subsidiary
Equity Interests will not receive anything under the plan.

Goldman Note Claims refer to:

   -- the 13.75% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.  These notes were guaranteed by Portrait
      Corporation of America Inc., American Studios Inc., PCA
      National LLC, PCA National of Texas LP, PCA Photo
      Corporation of Canada Inc., Photo Corporation of America
      Inc., and PCA Finance Corp; and

   -- the 16.5% Senior Subordinated Notes due 2010, issued to
      GS Mezzanine Partners II L.P. and GS Mezzanine Partners II
      Offshore L.P.

                       About Portrait Corp.

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

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


RADNOR HOLDINGS: Files Disclosure Statement in Delaware
-------------------------------------------------------
Radnor Holdings Corporation and its debtor-affiliates filed with
the United States Bankruptcy Court for the District of Delaware
a Joint Disclosure Statement explaining their Chapter 11 Plan of
Liquidation.

                       Overview of the Plan

The Plan provides for the orderly liquidation of substantially
all of the Debtors' operating assets.  The Debtors tell the
Court that it agreed to sell all of their assets to TR
Acquisition Co. Inc., an affiliate of Tennenbaum Capital
Partners LLC, to maximize value to the Debtors' estate and to
provide a vehicle to explore any and all restructuring
alternatives.

The Debtors said that the Plan also provides the holders with
the best recovery possible.

                       Treatment of Claims

Under the Plan, DIP Facility, Administrative, and Priority Tax
Claims will be paid in full.

Holders of Assumed Liabilities and Non-Tax Priority Claims will
also be paid in full, in cash equal to the unpaid portion of the
face amount of each holder's claim.

Each holder of Other Secured Claims will receive, either:

     a. cash equal to the value of the claim;

     b. the return of the holders' collateral securing their
        claims; or

     c. other treatment as agreed by the Debtor and the holder.

Holders of Secured Lender Claims will receive all recoveries on
causes of action and all other assets of the Debtors.

Holders of General Unsecured Claims will receive a pro rata
share of the initial distribution amount.

All Intercompany, Subordinated, and Old Equity Interest Claims
will not receive or retain any property from the Debtors under
the Plan.

A full-text copy of the Joint Disclosure Statement is available
for a fee at:

  http://www.researcharchives.com/bin/download?id=070507042032

                      About Radnor Holdings

Headquartered in Radnor, Pennsylvania, Radnor Holdings
Corporation -- http://www.radnorholdings.com/-- manufactured  
and distributed a broad line of disposable food service products
in the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serve the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed total assets of $361,454,000 and
total debts of $325,300,000.


RADNOR HOLDINGS: US Trustee's Ch. 7 Conversion Plea Put on Hold
---------------------------------------------------------------
Pursuant to a stipulation between Kelly Beaudin Stapleton, the
U.S. Trustee for Region 3, and Radnor Holdings Corporation and
its debtor-affiliates, the U.S. Trustee's motion to convert the
Debtors' Chapter 11 cases to Chapter 7 liquidation proceedings
are held in abeyance following the Debtors' filing of their plan
of reorganization on April 30, 2007.

The stipulation, as approved by the U.S. Bankruptcy Court for
the District of Delaware, provides that the U.S. Trustee will
consent to her conversion motion being put on hold until such
time as the Court denies confirmation the Debtors' plan of
reorganization.

If the Court denies confirmation of the plan, the Court will set
a hearing on the conversion motion on the next scheduled omnibus
hearing date, which is 14 days after the date of denial of
confirmation.

                  Reasons to Convert to Chapter 7

Ms. Stapleton argued that the Court should convert the Debtors'
cases to Chapter 7 because there is a continuing loss to or
diminution of the estate, there is no reasonable likelihood of
rehabilitation or reorganization, and that the Debtors have
failed to file the necessary and required operating reports.

The Debtors have signaled their intention of completing a wind-
down and piecemeal liquidation.  In the absence of operating
revenues to support these costs, which the Debtors do not have,
the wind-down and piecemeal liquidation process is causing a
continuing loss to the Debtor's estate, Ms. Stapleton
reiterated.  The Debtors have not shown that the benefit to be
gained from remaining in chapter 11 justifies the attendant
administrative expenses.

Ms. Stapleton reminded the Court that the Debtors had sold
substantially all of their assets.  The Debtors claim to still
possess certain assets to be liquidated, consisting of cash and
causes of action.  In spite of this, the Debtors are trying to
hire liquidation professionals at a significant cost to
administer the remaining assets, when a Chapter 7 trustee could
suffice in handling these tasks, Ms. Stapleton contended.

"What seems readily apparent, however, is that the Debtors'
resources are thin and any significant cost outlays will make
these cases administratively insolvent," argued Ms. Stapleton.

                      About Radnor Holdings

Based in Radnor, Pennsylvania, Radnor Holdings Corporation
-- http://www.radnorholdings.com/-- manufactured and  
distributed a broad line of disposable food service products in
the United States, and specialty chemicals worldwide.  The
Debtor and its affiliates filed for chapter 11 protection on
Aug. 21, 2006 (Bankr. D. Del. Case No. 06-10894).  Gregg M.
Galardi, Esq., and Mark L. Desgrosseilliers, Esq., at Skadden,
Arps, Slate, Meagher, represent the Debtors.  Donald J.
Detweiler, Esq., and Victoria Watson Counihan, Esq., at
Greenberg Traurig, LLP, serve the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed total assets of $361,454,000 and
total debts of $325,300,000.


ROCKET PRINT: Creditors' Meeting Slated for May 18
--------------------------------------------------
Creditors of Rocket Print & Design Ltd. will meet at 11:45 a.m.
on May 18 at:
  
         DTE Leonard Curtis
         DTE House
         Hollins Mount
         Bury  
         BL9 8AT
         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 16 at the offices of DTE Leonard Curtis.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.


SHAW GROUP: Wins US$700 Mil. EPC Contract from American Electric
----------------------------------------------------------------
The Shaw Group Inc. has been awarded an engineering, procurement
and construction contract by Southwestern Electric Power
Company, a unit of American Electric Power, to build a new 600
MW electric generating plant in Hempstead County, Arkansas.  

SWEPCO is seeking the necessary regulatory approvals to build
the plant from various Arkansas, Texas and Louisiana
authorities.  

The John W. Turk, Jr. - Unit 1 facility will use an ultra-
supercritical advanced pulverized clean coal combustion
technology.  By increasing steam pressure and temperatures, the
facility will require less fuel per megawatt hour, resulting in
increased efficiency and reduced emissions.  The new plant is
scheduled to be completed in mid-2011 at a total cost of
approximately US$1.3 billion.  Shaw's EPC contract is valued at
approximately US$700 million.

"We are very pleased to have been selected by AEP to design,
engineer and construct this highly efficient, environmentally
sound facility," J.M. Bernhard, Jr., Chairman, President and
Chief Executive Officer of Shaw, said.  "We are proud to combine
Shaw's leadership in fossil power with our expertise in high
alloy piping materials which are designed to withstand the high
steam temperatures and pressures at the new facility.  AEP is a
leader in the use of this technology and we look forward to
successfully delivering this generating plant to this valued
client."

                  About American Electric Power

Headquartered in Columbus, Ohio, American Electric Power --
http://www.aep.com/-- delivers electricity to more than 5  
million customers in 11 states in the U.S.  AEP owns nearly
38,000 megawatts of generating capacity in the U.S. AEP also
owns an electricity transmission system, a nearly 39,000-mile
network that includes more 765 kilovolt extra-high voltage
transmission lines than all other U.S. transmission systems
combined.  AEP's utility units operate as AEP Ohio, AEP Texas,
Appalachian Power (in Virginia and West Virginia), AEP
Appalachian Power (in Tennessee), Indiana Michigan Power,
Kentucky Power, Public Service Company of Oklahoma, and
Southwestern Electric Power Company (in Arkansas, Louisiana and
east and north Texas).

Southwestern Electric Power Company -- http://swepco.com/--  
serves over 464,000 customers in three states: 112,000 in
western Arkansas, 176,000 in Northwest Louisiana, and 176,000 in
East and North Texas.

                         About Shaw Group

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the   
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and Venezuela, among others.

                          *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SHAW GROUP: Subsidiary Provides Furnace Equipment to Petrokemya
---------------------------------------------------------------
The Shaw Group Inc.'s Shaw Stone & Webster business unit has
signed two letters of intent to provide proprietary furnace
equipment and professional services to Arabian Petrochemical
Company -- Petrokemya, an affiliate of Saudi Basic Industries
Corporation or SABIC, as part of the Olefins-1 Debottlenecking
Project at an existing ethylene plant in Jubail Industrial City,
Saudi Arabia.  

Shaw will provide two Ultra Selective Conversion(R) furnaces and
detailed engineering, procurement and construction management
services for the plant's expansion, which is expected to
increase capacity by 20% and be completed by first quarter 2009.  
The value of Shaw's contract was not disclosed.

J.M. Bernhard, Jr., Chairman, President and Chief Executive
Officer of Shaw, said, "Our technology and engineering solutions
continue to differentiate Shaw as the leader in the global
ethylene market.  This important project for Petrokemya further
strengthens Shaw's leadership position in the Middle East in
ethylene and other petrochemical processes."

Shaw is an established leader in ethylene technology having
provided technology, design, engineering and construction on
more than 120 plants.  Shaw's ethylene plants have a worldwide
reputation for exceptionally high operational reliability, rapid
start-up and superior performance.  Since 1990, Shaw technology
has been selected for 35% of the world's ethylene capacity
increases.  Shaw is currently providing technology and EPC
services for a 1.3 million metric-ton ethylene plant for Eastern
Petrochemical Company (SABIC affiliate), also known as SHARQ, in
Al Jubail, Saudi Arabia.

Based in Baton Rouge, Louisiana, The Shaw Group Inc. (NYSE: SGR)
-- http://www.shawgrp.com/-- provides services to the
environmental, infrastructure and homeland security markets,
including consulting, engineering, construction, remediation and
facilities management services to governmental and commercial
customers.  It is also a vertically integrated provider of
engineering, procurement, pipe fabrication, construction and
maintenance services to the power and process industries.  The
company segregates its business activities into four operating
segments: Environmental & Infrastructure; Energy & Chemicals;
Maintenance, and Fabrication, Manufacturing & Distribution.  In
January 2005, the company sold substantially all of the assets
of its Shaw Power Technologies, Inc. and Shaw Power Technologies
International, Ltd. units to Siemens Power Transmission and
Distribution Inc., a unit of Siemens AG.

The company has operations in Chile, China, Malaysia, the United
Kingdom and, Venezuela, among others.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit rating on The Shaw Group Inc. and removed it from
CreditWatch, where it was placed with negative implications in
October 2006.  S&P said the outlook is stable.

In addition, 'BB' senior secured debt rating was affirmed after
the US$100 million increase to the company's revolving credit
facility.


SOLUTIA INC: Judge Beatty Okays Settlement Pact with FMC Corp.
--------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
approved a settlement agreement dated as of April 10 between
Solutia Inc. and FMC Corp.

The settlement agreement resolves litigation between the parties
in the United States District Court for the Southern District of
New York arising from the Astaris LLC joint venture.

Solutia and FMC entered into a joint venture agreement in April
1999.  The parties hoped Astaris could produce purified
phosphoric acid using a wet-process technology developed by FMC.  
The technology was supposed to allow Astaris to produce PPA
through a process that was less expensive and more efficient
than the methods previously used by Solutia.  Unfortunately, the
technology did not perform as expected and the Astaris PPA plant
in Idaho was closed in October 2003.

Solutia filed an adversary proceeding against FMC in February
2004 alleging that FMC knew that shortcomings in the technology
undermined the joint venture, but failed to disclose them.

On FMC's request, the District Court assumed jurisdiction over
the FMC Litigation on July 27, 2004.  Solutia asserted seven
claims against FMC in the FMC Litigation, of which three were
dismissed.  Following extensive discovery, the District Court
granted FMC's request for summary judgment in part, limiting
Solutia's claims for breach of fiduciary duty, fraud and
negligent misrepresentation to one particular theory.  
Additionally, the District Court struck Solutia's jury demand.

Shortly after the FMC Litigation was filed, Solutia and FMC
began settlement discussions that continued in 2005 in
connection with the decision by FMC and Solutia to explore a
possible sale of Astaris.  On September 1, 2005, Astaris,
Solutia and FMC entered into an asset purchase agreement with
Israel Chemicals Limited and one of its subsidiaries, pursuant
to which Astaris agreed to sell substantially all of its assets
to ICL for US$225,000,000 in cash and the assumption by ICL of
certain related liabilities.  FMC and Solutia agreed that the
FMC Litigation would not be affected by the sale of Astraris.

On Oct. 14, 2005, both parties appeared before United States
Magistrate for court-ordered mediation, but could not resolve
the issues.  Settlement talks occurred sporadically throughout
2006.

Solutia and FMC again engaged in arm's-length negotiations to
settle the FMC Litigation during the weeks leading to the
April 2 trial date.  The parties reached a settlement with the
salient terms:

    -- FMC will pay Solutia US$22,500,000 in cash;

    -- the settlement payment will be made within five business
       days after the period for appealing the Bankruptcy
       Court's order approving the Proposed Settlement expires;

    -- Solutia will dismiss the FMC Litigation with prejudice
       within 20 days after FMC makes the settlement payment;

    -- Solutia, with the cooperation of FMC, will secure the
       Bankruptcy Court's approval of the Proposed Settlement;

    -- they will exchange mutual releases of all claims relating
       to the dispute;

    -- Solutia and FMC will recommend to the District Court
       that the trial be stayed during the Bankruptcy Court
       approval process and that the District Court retain
       jurisdiction over the case until resolution of the
       Bankruptcy Court approval process; and

    -- the fees and costs of the FMC Litigation will be borne by
       each party.

Solutia relates that the proposed settlement enables its estate
to avoid the costs of prosecuting the FMC Litigation through a
trial and an almost certain appeal.

                        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.  
(Solutia Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


SOLUTIA INC: Wants Deal with GE Capital on Contested Leases OK'd
----------------------------------------------------------------
Pursuant to Rule 9019(a) of the Federal Rules of Bankruptcy
Procedure, Solutia Inc. and its debtor-affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
approve a settlement agreement among Solutia, CPFilms Inc. and
General Electric Capital Corporation.

David A. Warfield, Esq., at Blackwell Sanders Peper Martin LLP,
in St. Louis, Missouri, relates that before the Debtors'
bankruptcy filing, the Debtors and GE Capital entered into
numerous lease agreements whereby the Debtors agreed to lease
certain personal property from GE Capital or its predecessors in
interest.  

On Dec. 16, 2004, GE Capital filed a request for, among others,
payment of postpetition lease obligations, and compelling
immediate assumption or rejection of leases.  In their response
to GE's request, the Debtors argued that five of the leases were
not true leases and should be recharacterized as security
interests:

    -- Master Lease Agreement entered into between Mellon US
       Leasing and Solutia dated July 23, 1999;

    -- Master Lease Agreement entered into between Lease Plan
       U.S.A., Inc., and Solutia dated Oct. 24, 2001;

    -- Master Lease Agreement entered into between GE Capital
       and CPFilms dated Oct. 15, 2001;

    -- Equipment Lease Agreement entered into by GE Capital and
       Solutia dated Jan. 1, 2001; and

    -- Master Lease Agreement entered into by Emerson Financial
       Services and Solutia dated June 19, 2001.

GE Capital contended that the Contested Leases are true leases.

The Debtors thoroughly investigated the Contested Leases.  The
Debtors obtained appraisals of the equipment, which was the
subject of the Contested Leases from SB Capital.  The Debtors
also retained NERA as a potential expert witness in connection
with the hearing on GE Capital's request and reviewed the
preliminary expert report.  The Debtors and GE Capital also
exchanged written discovery.  

GE Capital and the Debtors scheduled a settlement meeting for
March 12, 2007 where the parties were able to agree upon the
terms of a Settlement Agreement, which resolves all outstanding
issues posed by the GE Capital Motion and the Contested Leases.

The salient terms of the Settlement Agreement are:

   (1) Solutia will assume the Maryville Lease and restructure
       the payments due thereunder so that Solutia will pay GE
       Capital US$37,000 per month for 72 months;

   (2) CPFilms will assume the CPFilms Lease and restructure the
       payments due thereunder so that CPFilms will pay GE
       Capital US$5,000 per month for 72 months;

   (3) Solutia and CPFilms will each retain the right to
       purchase the equipment that is the subject of the
       Maryville Lease and CPFilms Lease at the end of the
       respective lease terms by paying to GE Capital the then
       fair market value of the equipment;

   (4) The Indian Orchard, Atlanta, and Pensacola Leases will
       each be terminated and GE Capital will convey all its
       interests in the affected equipment to Solutia;

   (5) GE Capital will be allowed a secured claim of US$100,000
       against Solutia, which will be paid upon the effective
       date of any plan of reorganization proposed by the
       Debtors, as well as a general unsecured claim of
       US$540,000 against Solutia;

   (6) GE Capital will withdraw all other proofs of claim that
       it filed in connection with the Contested Leases.

   (7) The Debtors and GE Capital will exchange mutual releases
       with respect to all claims that may exist with respect to
       the Contested Leases.

The Debtors and GE Capital identified a number of leases where
there are no existing disputes.  The parties will continue to
perform their respective obligations and duties with respect to
the Uncontested Leases.

                        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.  
(Solutia Bankruptcy News, Issue No. 85; Bankruptcy Creditors'
Service, Inc., http://bankrupt.com/newsstand/or 215/945-7000).


VISIONCRAFT LTD: Creditors' Meeting Slated for May 22
-----------------------------------------------------
Creditors of Visioncraft Ltd. will meet at 2:30 p.m. on May 22
at:
  
         1 Kings Avenue  
         Winchmore Hill  
         London  
         N21 3NA
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 21.


* UK Corporate Insolvencies Down 2.8% in First Quarter 2007
-----------------------------------------------------------
The DTI Insolvency Service and Companies House Executive
Agencies released the official insolvency statistics in the
United Kingdom for the first quarter 2007 on May 4.

Company Liquidations

There were 3,113 liquidations in England and Wales in the first
quarter of 2007 on a seasonally adjusted basis.  This was a
decrease of 2.8% on the previous quarter and a decrease of 11.6%
on the same period a year ago.

This was made up of 1,392 compulsory liquidations, a decrease of
1.0% on the previous quarter and a decrease of 5.7% on the
corresponding quarter of the previous year, and 1,721 creditors
voluntary liquidations, a decrease of 4.2% on the previous
quarter and a decrease of 15.8% on the corresponding quarter of
the previous year.

About 0.6% of active companies went into liquidation in the
twelve months ended Q1 2007, the same as the previous quarter
and down from 0.7% in the corresponding quarter of 2006.

Individual Insolvencies

There were 30,075 individual insolvencies in England and Wales
in the first quarter of 2007 on a seasonally adjusted basis.
This was an increase of 1.2% on the previous quarter and an
increase of 23.9% on the same period a year ago.

This was made up of 16,842 bankruptcies, a decrease of 1.3% on
the previous quarter and an increase of 10.0% on the
corresponding quarter of the previous year, and 13,233
Individual Voluntary Arrangements (IVAs), an increase of 4.7% on
the previous quarter and an increase of 47.6% on the
corresponding quarter of the previous year.

            Number of Insolvencies in England and Wales
                       (seasonally adjusted)

                                                        % change
                   2006   2006   2006   2006   2007    Q1   on:
                                                     2007
                    Q1r    Q2r    Q3r    Q4r    Q1p    Q4    Q1
                                                     2006  2006
Company           3,520  3,165  3,250  3,202  3,113  -2.8 -11.6
Liqui-
dations
of which:
      Compulsory  1,475  1,201  1,335  1,406  1,392  -1.0  -5.7
      Creditors   2,044  1,964  1,914  1,796  1,721  -4.2 -15.8
      Voluntary
Individ's        24,274 25,869 27,430 29,715 30,075   1.2  23.9
of which:
      Bank'cies  15,310 15,090 15,486 17,070 16,842  -1.3  10.0
      IVAs        8,964 10,779 11,944 12,645 13,233   4.7  47.6

   * p = provisional, r = revised

Insolvencies in Scotland and Northern Ireland

The following tables present recent trends in insolvencies in
Scotland and Northern Ireland, complementing those for England
and Wales above (longer series back to 1998 are presented in the
accompanying detailed tables).

               Number of Insolvencies in Scotland
                    (not seasonally adjusted)

                                                        % change
                       2006  2006  2006  2006  2007    Q1    on:
                                                     2007
                         Q1    Q2    Q3    Q4   Q1p    Q4     Q1
                                                     2006   2006
Company                 128   133   156   132   166  25.8   29.7
Liquidations
of which: Compulsory     96    99   132    89   132  48.3   37.5
          Creditors      32    34    24    43    34 -20.9    6.3
          Voluntary

Individuals           3,111 3,544 3,601 3,382 3,471   2.6   11.6
of which: Seques-     1,241 1,305 1,528 1,356 1,505  11.0   21.3
          trations
          Protected   1,870 2,239 2,073 2,026 1,966  -3.0    5.1
          Trust Deeds

   * p = provisional

               Number of Insolvencies in Northern Ireland
                      (not seasonally adjusted)

                                                       % change
                        2006 2006 2006  2006 2007     Q1    on:
                                                    2007
                          Q1   Q2   Q3    Q4  Q1p     Q4     Q1
                                                    2006   2006
Company                   29   41   28    30   36   20.0   24.1
Liquidations
of which:  Compulsory     19   24   15    20   29   45.0   52.6
           Creditors      10   17   13    10    7  -30.0  -30.0
           Voluntary
Individuals              408  495  425   482  343  -28.8  -15.9
of which:  Bankruptcies  245  286  241   264  218  -17.4  -11.0
             IVAs        163  209  184   218  125  -42.7  -23.3

   * p = provisional

Insolvent companies in England & Wales and Scotland are dealt
with under the Insolvency Act of 1986 and, in Northern Ireland,
by the Insolvency (Northern Ireland) Order 1989.  They can
either be the subject of a compulsory liquidation (winding-up)
order obtained from the court by a creditor, shareholder or
director or themselves pass a resolution, subject to the
approval of a creditors' meeting that the company be wound up
voluntarily (creditors voluntary liquidations, registered at
Companies House/Companies Registry).  A third type of winding-
up, members' voluntary liquidation, is not included because it
does not involve insolvency.

The Insolvency Act 1986 and, in Northern Ireland, the Insolvency
(Northern Ireland) Order 1989 also introduced the procedures of
company administration orders and company voluntary arrangements
(CVAs).  The administration procedure gives a period of time
during which creditors are restrained from taking action and a
court appointed administrator puts forward proposals to deal
with the company's financial difficulties.  The CVA procedure
aids business by enabling a company in financial difficulty to
come to a binding agreement with its creditors.

The primary objective of administration (and of CVAs) is the
rescue of the company as a going concern.  

Receivership appointments comprise administrative receivers
appointed under the 1986 Act (and the 1989 Order for Northern
Ireland) and certain other receivership appointments, for
example under the Law of Property Act 1925.  Due to the use of
the same statutory documentation for different types of
receivership, it is not possible to give a breakdown between
them.  The provisions of the Enterprise Act 2002 [section 250]
(Insolvency [Northern Ireland] Order 2005 [Article 5]) have made
some changes to the procedures for administrative receivership.

  
                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
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                 * * * End of Transmission * * *