TCREUR_Public/070510.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Thursday, May 10, 2007, Vol. 8, No. 92

                            Headlines


A U S T R I A

AMOS BUCH: Claims Registration Period Ends June 14
BAUTEC RAUTER: Claims Registration Period Ends May 29
ELEKTRO KALINA: Claims Registration Period Ends June 6
HUGO FLOSSMANN: Claims Registration Period Ends June 15
OEKO FLOOR: Creditors' Meeting Slated for May 14

TECTRA INVESTMENT: Claims Registration Period Ends June 12
UNIVERSAL PROJEKT: Claims Registration Period Ends June 14


B U L G A R I A

FIRST INVESTMENT: Eyes BGN110 Million Capital Increase From IPO


C Z E C H   R E P U B L I C

ANDREW CORPORATION: Posts US$2 Mln Net Loss in 2nd Quarter 2007


D E N M A R K

EASTMAN KODAK: Sells China Assets to Xiamen Land for US$40 Mln
EASTMAN KODAK: Moody's Affirms B1 Corporate Family Rating


F R A N C E

PERNOD RICARD: Sales Up 7.2% in Nine Months Ended March 31


G E R M A N Y

8CHIM'S GESELLSCHAFT: Claims Registration Period Ends June 11
ABRECHNUNGSAGENTUR ZSA: Claims Registration Period Ends June 6
ADVANTAGE MOBILE: Creditors' Meeting Slated for June 20
BBS MOTORSPORT: Claims Registration Period Ends June 12
BBS PERSONAL: Claims Registration Period Ends June 12

BBV AG: Claims Registration Period Ends June 20
BENQ CORP: Shareholders to Approve Spin-Off Plan on June 15
BERNHARD GIEDE: Claims Registration Period Ends June 19
BRUNER HANDELS: Claims Registration Period Ends July 16
CELLULAR PROCESS: Claims Registration Ends June 20

CONTIS KFZ-AUSRUESTUNGS: Creditors Must File Claims by June 22
DEUTSCHE HYPOTHEKENBANK: Fitch Junks EUR12 Million Notes
ECHTERHOELTER VERMIETUNGS: Claims Registration Ends May 18
EDDIE BAUER: Refocuses on Outdoor Core Product Lines
ESTE BAU GMBH: Claims Registration Ends June 18

FLOW-ICE INTERNATIONAL: Claims Registration Ends June 1
GCH GENIUS: Claims Registration Ends June 5
H. MOEBIS & CO: Claims Registration Period Ends June 8
HEIZUNGSBAU KOCH: Claims Registration Ends June 5
HERMES STALLEINRICHTUNGEN: Claims Registration Ends June 4

HS DIENSTLEISTUNGS: Claims Registration Ends May 25
ICHA STRAHL: Claims Registration Ends May 21
INFINITY VERLAG: Creditors Must Register Claims by June 5
IPRO-MED GMBH: Creditors Must Register Claims by June 8
JOHANN EHLEN: Creditors Must Register Claims by June 1

KONSTRUKTIVER + PRODUKTIVER: Creditors' Meeting Set for May 23
KREATIV FENSTER: Claims Registration Period Ends June 15
L + W MIETSERVICE: Claims Registration Period Ends June 14
LICHT- UND METALLWAREN: Claims Registration Period Ends May 30
LOTHAR ROSCHLAUB: Claims Registration Period Ends June 15

LUECK + WAHLEN: Creditors' Meeting Slated for June 18
M + P DIENSTLEISTUNGS: Claims Registration Period Ends June 11
MARROCCHINO GMBH: Claims Registration Period Ends May 30
MEWO GMBH: Claims Registration Period Ends May 14
MTH MASCHINEN: Claims Registration Period Ends May 25

SGL CARBON: S&P Rates EUR175 Mln Senior Secured Notes at BB+


I R E L A N D

SMURFIT KAPPA: Folding Cartons Unit to Close Plant in Ireland


K A Z A K H S T A N

AKTAU REPAIR: Creditors Must File Claims by June 6
ASIA-REMTECHSERVICE LLP: Creditors' Claims Due June 6
ELECTROPROM-AN LLP: Proof of Claim Deadline Slated for June 8
KOSTANAI-MELAGRO LLP: Claims Registration Ends June 6
KURYLTAI LLP: Claims Filing Period Ends June 6

PARAD CJSC: Creditors Must File Claims by June 20
TEPLO SERVICE: Creditors' Claims Due June 6
TS KURAL-COMPANY: Proof of Claim Deadline Slated for June 8


K Y R G Y Z S T A N

ARSAA INTERNATIONAL: Creditors' Claims Due June 20
ERKIN-SAI: Creditors Must File Claims by June 20


N E T H E R L A N D S

GLOBAL POWER: Wants to Issue EUR1.1 Mln L/C from DIP Facility
GLOBAL POWER: Court Extends Lease Decision Periods to June 2007
GLOBAL POWER: Selects BDO Seidman as Auditors
ROMPETROL GROUP: Posts US$41 Million EBITDA in First Quarter


P O L A N D

INTERNATIONAL PAPER: Earns US$434 Million in First Quarter 2007


R U S S I A

AGRO-PROCESS CJSC: Bankruptcy Hearing Slated for Aug. 21
DORSIB CJSC: Creditors Must File Claims by June 21
GNEZDOVO-GRAIN-PRODUCT: Creditors Must File Claims by June 21
KUMINSKIY WOODWORKING: Bankruptcy Hearing Slated for July 30
MASTER LLC: Creditors Must File Claims by May 21

MOON LLC: Chelyabinsk Bankruptcy Hearing Slated for Aug. 16
MONOLITH CJSC: Creditors Must File Claims by May 21
NIZHNE-BESKESSKIY CJSC: Creditors Must File Claims by June 21
NORTH MARKET: Orel Bankruptcy Hearing Slated for July 18
PECHORA-ENERGO-STROY: Creditors Must File Claims by May 21

SPRING OF ORLOVSKOYE: Creditors Must File Claims by June 21
SYNTHESIS OJSC: Creditors Must File Claims by May 21
TRANS-IMPORT CJSC: Court Names A. Platonov as Insolvency Manager
WATER TRANSPORT: Creditors Must File Claims by May 21


S W I T Z E R L A N D

AARBERGER KUCHEN-HAUS: Bern Court Closes Bankruptcy Proceedings
E.C. ROBINS: Creditors' Liquidation Claims Due May 31
FRAGILE JSC: Creditors' Liquidation Claims Due June 18
GABAU LLC: Bern Court Closes Bankruptcy Proceedings
MOFIB JSC: Creditors' Liquidation Claims Due June 30

OTTO VOGELI: Creditors' Liquidation Claims Due May 31


T U R K E Y

IZMIT SU: Fitch Assigns B Ratings with Stable Outlook
KENT KONUT: Fitch Assigns B Ratings with Stable Outlook


U N I T E D   K I N G D O M

A. EVANS: Creditors' Meeting Slated for May 21
ABA PLASTICS: Claims Filing Period Ends June 30
ACE OF LEATHER: Appoints Zafar Igbal as Liquidator
AGGREGATOR LTD: Administrators Offer Business & Assets for Sale
AUDENBURY ENGINEERING: Hires Liquidators From Moore Stephens

BOMBARDIER INC: Earns US$268 Million in Full Year Ended Jan. 31
BOMBARDIER INC: Flybe Orders 15 More Q400 Planes for US$394 Mln
BOWATER INC: Weak Earnings Cue S&P's Negative Outlook
CENTRAL EUROPEAN: Moody's Puts (P)Ba3 Rating on Proposed Notes
CLS SCAFFOLDING: Joint Liquidators Take Over Operations

COMBINED PLANT: Taps Andrew Pear to Liquidate Assets
CONNAIR PLANT: T. Papanicola Leads Liquidation Procedure
CONSTELLATION BRANDS: Moody's Rates US$700 Mln Sr. Notes at Ba3
COSTAIN GROUP: Secures GBP30 Million King's Cross Contract
CRADLEY PRINT: Names Liquidators to Wind Up Business

ESS & JAY: Administrators Put Business and Assets on the Block
FOCUS DIY: Hilco Leads Race to Acquire Company
FORD MOTOR: To Halt Operations of Cleveland Casting Plant
IAN MEARNS: Calls In Liquidator from DTE Leonard Curtis
MCDERMOTT INT'L: Unit Acquires Marine Mechanical for US$75 Mln

MCDERMOTT INT'L: Earns US$158.1 Million in First Quarter 2007
METRONET RAIL: Moody's Lowers Rating to Ba1 on Financial Profile
OLDCOURT ACCOUNTING: Creditors' Meeting Slated for May 16
PRO-WELD MARINE: Creditors' Meeting Slated for May 17
ROCKCOM INTERNATIONAL: Claims Filing Period Ends May 31

SCOTTISH RE: MassMutual Deal Cues A.M Best to Raise Ratings
SOUTH HERTS: Brings in Liquidators from PricewaterhouseCoopers
W.B. BRADFORD: Creditors' Meeting Slated for May 22
WATERCRESS DEVELOPMENTS: Hires Administrators from PKF (UK) LLP
WATERCRESS DEVELOPMENTS: Administrators Sells Residential Unit

WINTAN EASYFOODS: Appoints Claire L. Dwyer as Liquidator

* Upcoming Meetings, Conferences and Seminars

                            *********


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


AMOS BUCH: Claims Registration Period Ends June 14
--------------------------------------------------
Creditors owed money by LLC Amos Buch- und Zeitschriften (FN
113163t) have until June 14 to file written proofs of claim to
court-appointed estate administrator Alexander Schoeller at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 28 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 18 (Bankr. Case No. 5 S 52/07t).  Stephan Riel
represents Dr. Schoeller in the bankruptcy proceedings.


BAUTEC RAUTER: Claims Registration Period Ends May 29
-----------------------------------------------------
Creditors owed money by KEG Bautec Rauter (FN 218793f) have
until May 29 to file written proofs of claim to court-appointed
estate administrator Felix Fuchs at:

         Mag. Felix Fuchs
         Neuer Platz 5/I
         9020 Klagenfurt
         Austria
         Tel: 0463/57866
         Fax: 0463/57866-6
         E-mail: rechtsanwaelte@sommerfuchs.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Klagenfurt, Austria, the Debtor declared
bankruptcy on April 19 (Bankr. Case No. 41 S 37/07z).  


ELEKTRO KALINA: Claims Registration Period Ends June 6
------------------------------------------------------
Creditors owed money by LLC Elektro Kalina (FN 82109z) have
until June 6 to file written proofs of claim to court-appointed
estate administrator Annemarie Kosesnik-Wehrle at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna
         Tel: 713 61 92
         E-mail: kanzlei@kosesnik-langer.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on June 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18 (Bankr. Case No. 2 S 57/07f).  Stefan Langer
represents Dr. Kosesnik-Wehrle in the bankruptcy proceedings.


HUGO FLOSSMANN: Claims Registration Period Ends June 15
-------------------------------------------------------
Creditors owed money by LLC Hugo Flossmann (FN 146935g) have
until June 15 to file written proofs of claim to court-appointed
estate administrator Klaus Vergeiner at:

         Dr. Klaus Vergeiner
         Maximilianstrasse 9
         Second Floor
         6020 Innsbruck
         Austria
         Tel: 0512/56 03 71
         Fax: 0512/56037111
         E-mail: office@vergeiner.co.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 8:45 a.m. on June 29 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on April 13 (Bankr. Case No. 7 S 22/07f).  


OEKO FLOOR: Creditors' Meeting Slated for May 14
------------------------------------------------
Creditors owed money by KEG Oeko Floor (FN 148151w) are
encouraged to attend the first creditors' meeting at 11:00 a.m.
on May 14.

The creditors' meeting will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

The Court will also examine the claims at 10:00 a.m. on June 18,
at the same venue.

Creditors have until June 6 to file written proofs of claim to
court-appointed estate administrator Gernot Franz Herzog at:

         Dr. Gernot Franz Herzog
         Haunspergstrasse 33
         5020 Salzburg
         Austria
         Tel: 0662/8700460
         Fax: 0662-878462
         E-mail: office@hauserherzog.com  

Headquartered in Plainfeld, Austria, the Debtor declared
bankruptcy on April 11 (Case No. 23 S 10/07a).  


TECTRA INVESTMENT: Claims Registration Period Ends June 12
----------------------------------------------------------
Creditors owed money by LLC Tectra Investment (FN 247816k) have
until June 12 to file written proofs of claim to court-appointed
estate administrator Guenther Grassner at:

         Dr. Guenther Grassner
         c/o Dr. Norbert Mooseder
         Suedtirolerstrasse 4-6
         4020 Linz
         Austria
         Tel: 0732/77 08 15
         Fax: 770816
         E-mail: lawfirm@gltp.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on June 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in St. Florian bei Linz, Austria, the Debtor
declared bankruptcy on April 18 (Bankr. Case No. 14 S 9/07g).  
Norbert Mooseder represents Dr. Grassner in the bankruptcy
proceedings.


UNIVERSAL PROJEKT: Claims Registration Period Ends June 14
----------------------------------------------------------
Creditors owed money by LLC Universal Projekt- und
Liegenschaftsverwertung (FN 266900a) have until
June 14 to file written proofs of claim to court-appointed
estate administrator Florian Gehmacher at:

         Dr. Florian Gehmacher
         c/o Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: gehmacher@preslmayr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 28 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 18 (Bankr. Case No. 5 S 53/07i).  Matthias Schmidt
represents Dr. Gehmacher in the bankruptcy proceedings.


===============
B U L G A R I A
===============


FIRST INVESTMENT: Eyes BGN110 Million Capital Increase From IPO
---------------------------------------------------------------
First Investment Bank's initial public offering, scheduled for
May 7-18, is expected to raise between BGN85 million and BGN119
million and boost the bank's capital from BGN100 million to
BGN110 million, according to First Financial Brokerage House CEO
Todor Breshkov, who is also a member of the lender's supervisory
board, Dnevnik relates.

According to the report, the IPO proceeds and the profit stream
of the bank will underpin its development over the next three
years.  Mr. Breshkov's forecast prices the new shares at BGN8.5
to BGN11 per unit.  The offering will employ a book-building
process and set a cut-off price by May 21.

First Financial, a 13.89% shareholder in FIBank, will sell
5 million shares and an additional 1.5 million shares to boost
the free float and comply with legislative requirements for the
size of the equity from a public corporation that an investment
intermediary is allowed to control, Dnevnik states.  First
Financial is expected to gain between BGN55.25 million and
BGN71.5 million from the disposal of First Investment Bank
shares.

First Investment Bank -- http://www.fibank.bg/-- is the largest  
Bulgarian-owned bank.  At end-2006, it reported BGN28.9 million
in net profits compared with BGN21 million net profits in 2005.  
Ultimate control lies in the hands of two individuals, its
founding shareholders, who have significant interests in the
tourism and real estate sectors.  Historically a corporate bank,
FIB is also actively expanding retail lending.

*     *     *

In a TCR-Europe report on Oct. 3, 2006, Fitch Ratings affirmed
FIB's ratings at Issuer Default BB-, Short-term B, Individual D,
and Support 5.  Fitch changed the Outlook on Bulgaria-based
First Investment Bank's Issuer Default rating to Positive from
Stable.

Moody's Investors Service rates the bank's Local and Foreign
Long-term Bank Deposits at Ba1 and assigned a D rating to FIB's
Bank Financial Strength.


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


ANDREW CORPORATION: Posts US$2 Mln Net Loss in 2nd Quarter 2007
---------------------------------------------------------------
Andrew Corp. reported preliminary results for the second quarter
of fiscal 2007 with total sales of US$502.7 million and a net
loss of US$2 million.  The company had total sales of US$481.7
million and a net income of US$3.7 million for the second
quarter ended March 31, 2006.

Higher income taxes contributed to the loss in the quarter,
which compared to net income for the prior year second quarter
of US$3.6 million.  

"As we previously guided, the first half of our fiscal year has
been challenging due to consolidation issues with two
significant North American customers, volatile commodity costs
and a number of important facility start-ups and relocations,"
said Ralph Faison, president and chief executive officer, Andrew
Corporation.  "While our revenue growth for the quarter was
modest in our seasonally weakest quarter, we are pleased that we
have been able to replace reduced revenues of over US$130
million to those two customers in the first half of our fiscal
year 2 with significant increases in volume with other customers
and in other geographies.  We also have been able to recover a
significant portion of our higher commodity costs incurred
during the quarter.

"In addition, we have executed well on two significant facility
relocations this year.  Our new world-class cable facility in
Joliet is in production, on budget and ahead of our expectations
and our new factory in India is also in production and ramping
up well, helping to serve the unprecedented demand we are
experiencing in India.  As we look ahead, we believe that Andrew
is well positioned to continue to be the supplier of choice on a
global basis to serve the needs of wireless operators and
infrastructure original equipment manufacturers.  While we
believe that our North American business is starting to improve
and should help drive a stronger second half, we remain cautious
about our prospects in that geography if we do not see
meaningful sequential improvement from the two customers where
we have had significant weakness for the last two quarters.  
Finally, we continue to deliver on our goal of improving gross
margins consistent with our previous guidance.  We expect higher
levels of business in the June and September quarters and
anticipate improved operating leverage on that seasonal uptick."

The company made significant progress in exiting its Orland Park
facility and transitioning to its new Joliet, Illinois cable
facility during the quarter.  About US$8 million of relocation
and start-up costs, including unabsorbed overhead for lost
production and duplicate facilities, were incurred during the
quarter, which reduced gross margin by about 160 basis points.

                Satellite Communications Business

The company has retained an investment bank, CIBC World Markets
Corp., to help explore strategic alternatives for its Satellite
Communications business and intends to sell the business.

Mr. Faison said, "In exploring strategic alternatives, we have
received several indications of interest for Satellite
Communications.  As a result, we have decided to pursue a sale
of the business.  Similar to the recent sale of our broadband
cable assets, which we completed subsequent to the end of the
second quarter, this decision allows management to focus all of
its time, attention and resources on our core wireless
infrastructure products and solutions."

The final terms of any divestiture transaction are subject to
board approval, and there can be no assurance as to the terms,
timing or consummation of any such transaction.  

              Balance Sheet and Cash Flow Highlights

Cash flow from operations was US$21.8 million in the second
quarter, compared to US$13.4 million in the prior year second
quarter.  Cash and cash equivalents were US$127 million at
March 31, 2007, compared to US$100 million at December 31, 2006.  
Total debt outstanding was US$366 million at March 31, 2007, as
compared with US$386 million at Dec. 31, 2006.  During the
quarter, the company amended the operating lease agreement for
its new Joliet, Illinois facility, which served to reduce the
amount of debt previously recorded on the balance sheet by about
US$30 million.

As of March 31, 2007, the company posted US$2.3 billion in total
assets and total liabilities of US$842.5 million, resulting in a
total stockholders' equity of US$1.5 billion.

                        Fiscal 2007 Outlook

Sales are anticipated to range from US$2.2 billion to US$2.3
billion, excluding any significant rationalization of product
lines or significant acquisitions.  The company currently
anticipates the effective tax rate for the year will be in the
range of 44% to 46%, based on the anticipated full year results.

                     About Andrew Corporation

Headquartered in Westchester, Illinois, Andrew Corp.
(NASDAQ:ANDW) -- http://www.andrew.com/-- designs, manufactures  
and delivers equipment and solutions for the global
communications infrastructure market.  The company serves
operators and original equipment manufacturers from facilities
in 35 countries including, among others, Italy and the Czech
Republic.  Andrew is an S&P 500 company Founded in 1937.

                          *     *     *

As reported in the Troubled Company Reporter on March 13, 2007,
Standard & Poor's Ratings Services affirmed its 'BB' corporate
credit and other ratings on Westchester, Illinois-based Andrew
Corp. and removed the ratings from CreditWatch, where they
originally were placed with positive implications on May 31,
2006.  S&P said the outlook is stable.


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


EASTMAN KODAK: Sells China Assets to Xiamen Land for US$40 Mln
--------------------------------------------------------------
Eastman Kodak Company has agreed to sell its buildings, land use
rights, and public utility equipment located on its Haicang Site
in Xiamen, China, to Xiamen Land Development for approximately
US$40 million.

Kodak has also entered into several building and utility
equipment leases with Xiamen Land in order to continue certain
operations at the site.

Kodak said that it expects the transaction will close by
June 30.  As a result of the transaction, Kodak will record a
non-cash charge of approximately US$220 million in the second
quarter of 2007.

Eastman Kodak said that the sale is part of its restructuring
program.

                   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: Moody's Affirms B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service has confirmed Eastman Kodak Company's
B1 corporate family rating, concluding a review for possible
downgrade, which had been prompted by Kodak's May 2006
announcement of its health business sale.

On April 30, Kodak sold its health imaging business to Onex
Healthcare Holdings and received about US$2.35 billion cash
(excluding Kodak's opportunity to earn an additional US$200
million if Onex realizes an internal rate of return in excess of
25% on its investment).  The rating outlook is stable.

The B1 corporate family rating reflects the significant
challenges that Kodak faces to replace revenue and cash flow
from its declining legacy film businesses, as well as the
company's market position, operating profit margin and free cash
flow volatility, asset returns (net of cash), financial
leverage, and liquidity.

The stable rating outlook reflects Moody's expectation that
Kodak will continue to maintain liquidity and generate earnings
sufficient to withstand further secular declines of its legacy
film businesses, lack of substantial profitability in certain of
its digital businesses, and its sizeable new business start up
costs.

The ratings would experience downward rating pressure if the
company were to resume stock purchases, restructuring payments
were to exceed the company's forecast (range of US$575 million
to US$625 million in 2007), digital earnings were to decline,
cash balances were to fall below US$1 billion, or the company's
ratio of debt to EBITDA were to exceed 4.0x.  The ratings would
experience upward rating pressure if the company's recurring
digital operating earnings were to grow in excess of US$350
million and the company's ratio of debt to EBITDA were to
represent 3.9x or less on a sustained annual basis.  By Moody's
estimates, Kodak had an approximate 2.2x ratio of debt to pre
restructuring charge EBITDA for the twelve months ended March
2007, adjusted for leases, under funded pensions, the health
business sale, and repayment of US$1.15 billion term loans.

Rating upgraded:

    * US$1 billion 5 Yr Revolving Credit Facility
     (expires 2010), Secured, Ba3 --> Ba1, LGD2, 18%

Ratings confirmed:

    * B1 Corporate Family Rating

    * US$500 million Senior Notes due 2013,
      Unsecured, B2 LGD4, 68%

    * US$3 million Senior Term Note Debenture due 2018,
      Unsecured, B2 LGD4, 68%

    * US$575 million Convertible Senior Notes due 2033,
      Unsecured, B2 LGD4, 68%

    * US$250 million Senior Medium Term Notes due 2008,
      Unsecured, B2 LGD4, 68%

    * US$10 million Senior Notes due 2021,
      Unsecured, B2 LGD4, 68%

Headquartered in Rochester, New York, the Eastman Kodak Company
is a worldwide provider of imaging products and services.


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F R A N C E
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PERNOD RICARD: Sales Up 7.2% in Nine Months Ended March 31
----------------------------------------------------------
For the first nine months of the 2006/07 financial year
(July 1, 2006 to March 31, 2007), Pernod Ricard S.A. recorded
consolidated sales (excluding duties and taxes) of EUR4.9
billion, a +7.2% increase compared to the previous period and an
excellent +10.3% organic growth (-3.0% unfavorable foreign
exchange impact, favorable group structure effect of +0.3%).

Spirits continued to perform remarkably well with organic
growth* of +12.6%, whereas wine brands experienced renewed
growth (3rd quarter organic growth of +6.8%).  The most dynamic
geographic areas remained Asia/Rest of World and Americas, along
with enhanced organic growth* in Europe.

The premiumization of the Group's portfolio continued.  The 15
strategic brands thus registered strong organic growth of +10%
in volume and +14% in value.  Ballantine's (+23%), Martell
(+21%), Stolichnaya (+20%), Havana Club (+16%), The Glenlivet
(+13%) and Jameson (+12%) performed best with volume organic
growth. Such high growth rates were even more marked among super
and ultra premium spirit brands**, which posted an average
growth rate of +32%: Ballantine's 30 years old (+57%), Martell
Cordon Bleu (+43%), Chivas Regal 18 years old (+35%) and Royal
Salute (+20%).

Consolidated sales for the third quarter amounted to
EUR1.4 billion, an increase of +6.8%, of which +12.2% organic
growth, -4.0% foreign exchange impact and -0.9% group structure
effect.

Sales growth in the third quarter was due in particular to:

   -- vigorous Europe sales,
   -- successful Chinese New Year-related sales, and
   -- recovery of the wine business.

                        Currency Effect

The continuing decline in the US dollar, a certain number of
Asian currencies and the Mexican peso versus euro had an adverse
affect of sales for the first nine months of the 2006/2007
financial year of EUR139 million.  This currency effect will
also adversely affect the growth in full-year operating profit
from ordinary activities by some EUR80 million, if the exchange
rates remain at their current level.

All geographic regions contributed to growth

Asia/Rest of World: EUR1.5 billion
(+12.1%, that is +14.1% organic growth*)

The Asia / Rest of World region experienced faster growth,
further enhanced by the success of the Chinese New Year.

    * China: Martell, Chivas Regal and Ballantine's experienced
      strong growth.

    * India: outstanding growth by Royal Stag (+42%) and
      Imperial Blue (+26%) whiskies.   

    * Thailand: decline of the 100 Pipers scotch whisky brand
      (-17%) in a difficult market.
   
    * Australia and New Zealand: faster growth thanks to Montana
     and Jacob's Creek wines, as well as spirits.

Americas: EUR1.3 billion
(+5.5%, that is organic growth* of +11.1%**)

    * North America (organic growth*: +8.2%**)

The US recorded good performances by spirit brands (Jameson, The
Glenlivet, Stolichnaya, Malibu, Seagram Gin, Wild Turkey) as
well as wines (Jacob's Creek, Campo Viejo, Mumm Napa).

Mexico posted double-digit growth thanks to the expansion of
international brands (Martell, Havana Club, Chivas Regal) as
well as local brands (Presidente, Don Pedro).

    * Central and South America (organic growth*: +24.6%)

Central and South America recorded very strong growth.  Chivas
Regal and Havana Club were the main growth drivers.  Local
brands Montilla (Brazil) and Something Special (Venezuela)
experienced strong growth.

Europe: EUR1.6 billion
(+5.8%, that is organic growth* of +8.7%**)

Recovery by Western Europe markets: U.K., Italy, Germany, was
added to the vigour of Eastern European countries.

Spirits recorded strong growth (+12.4%**) thanks to Ballantine's
(Germany, Eastern Europe), Havana Club (Germany, Greece),
Jameson (Ireland, Russia), Beefeater (Spain, U.K.), Martell
(U.K., Russia) and Chivas Regal (Germany, Russia).

The wine portfolio showed signs of recovery.  Over the 3rd
quarter, Jacob's Creek recovered in the UK while Montana and
Campo Viejo continued to grow.

France: EUR494 million
(+2.6%, that is organic growth* of +1.6%)

Aniseed market stabilization and growth of the Ricard brand were
confirmed, as testified by Panel IRI/ Infoscan Census 12 months:
Ricard (+4.3%) compared to the aniseed market (+3%).  Other
strategic brands experienced strong growth, such as
Ballantine's, Chivas Regal and Havana Club.

                           Outlook

"These very good results are in line with our expectations and
indicate favorable prospects for the second half year.  We
therefore confirm, guidance of around 20% growth in net profit
from ordinary activities (Group Share), excluding foreign
exchange impact, for the full year," Patrick Ricard, Chairman
and CEO, stated.


    * Organic growth, measured from August to March for Allied
      Domecq brands and over 9 months for Pernod Ricard original
      brands

    ** Excluding bulk spirits sales

                      About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes    
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

As reported in the TCR-Europe on Nov. 21, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
and senior unsecured debt ratings on French spirits manufacturer
and marketer Pernod Ricard S.A. to 'BB+' from 'BB' following
quicker-than-expected integration of acquired businesses and
improved profitability prospects.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  S&P said the outlook is stable.


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


8CHIM'S GESELLSCHAFT: Claims Registration Period Ends June 11
-------------------------------------------------------------
Creditors of 8chim's Gesellschaft zur Vermarktung, Vertrieb &
Distribution neuer Medien & Technik GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Dirk-Henning Toennesmann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 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 Bonn
         Meeting Hall S 2.18
         Second Floor
         William-Strasse 23
         53111 Bonn
         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 Bonn opened bankruptcy proceedings against
8chim's Gesellschaft zur Vermarktung, Vertrieb & Distribution
neuer Medien & Technik GmbH on April 26.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251/65081-22
         Fax: 02251/65081-25

The Debtor can be reached at:

         8chim's Gesellschaft zur Vermarktung, Vertrieb &
         Distribution neuer Medien & Technik GmbH
         Attn: Rainer Walter Arke, Manager
         Swiststr. 44
         53919 Weilerswist
         Germany


ABRECHNUNGSAGENTUR ZSA: Claims Registration Period Ends June 6
--------------------------------------------------------------
Creditors of Abrechnungsagentur ZSA GmbH have until June 6 to
register their claims with court-appointed insolvency manager
Helmut Eisner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on July 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Crailsheim
         Hall 113
         First Floor
         Schillerstrasse 1
         74564 Crailsheim
         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 Crailsheim opened bankruptcy proceedings
against Abrechnungsagentur ZSA GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Dr. Helmut Eisner
         Josef-Schmitt-Str. 10
         97922 Lauda-Koenigshofen
         Germany
         Tel: 09343/2065
         Fax: 093433833

The Debtor can be reached at:

         Abrechnungsagentur ZSA GmbH
         Attn: Yorck Fritz Zander, Manager
         Wilhelm-Frank-Str. 6
         97980 Bad Mergentheim
         Germany


ADVANTAGE MOBILE: Creditors' Meeting Slated for June 20
-------------------------------------------------------
The court-appointed insolvency manager for ADVANTAGE Mobile AG,
Dirk Wittkowski, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:35 a.m. on
June 20.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:35 a.m. on Sept. 26 at the same venue.

Creditors have until July 27 to register their claims with the
court-appointed insolvency manager.

The District Court of Charlottenburg opened bankruptcy
proceedings against ADVANTAGE Mobile AG on April 24.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Dirk Wittkowski
         Kirchblick 11
         14129 Berlin
         Germany

The Debtor can be reached at:

         ADVANTAGE Mobile AG
         Muehlenstr. 62-65
         13187 Berlin
         Germany


BBS MOTORSPORT: Claims Registration Period Ends June 12
-------------------------------------------------------
Creditors of BBS Motorsport & Engineering GmbH have until
June 12 to register their claims with court-appointed insolvency
manager Thomas Oberle.

Creditors and other interested parties are encouraged to attend
the meeting at 3:30 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
         Room 005
         Second Floor
         Branch Office
         Koenigstrasse 20
         78628 Rottweil
         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 Rottweil opened bankruptcy proceedings
against BBS Motorsport & Engineering GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Thomas Oberle
         Blumenstr. 17
         69115 Heidelberg
         Germany
         Tel: 06221/9118 - 0
         Fax: 06221/9118 - 45

The Debtor can be reached at:

         BBS Motorsport & Engineering GmbH
         Attn: Martin Braungart, Manager
         Welschdorf 220
         77761 Schiltach
         Germany


BBS PERSONAL: Claims Registration Period Ends June 12
-----------------------------------------------------
Creditors of BBS Personal Services 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 3:00 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
         Koenigstr. 20
         78628 Rottweil
         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 Rottweil opened bankruptcy proceedings
against BBS Personal Services 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: 06221/9118 - 0
         Fax: 06221/23128

The Debtor can be reached at:

         BBS Personal Services GmbH
         Attn: Klaus Kuhn and Michael Wenk, Managers
         Welschdorf 220
         77761 Schiltach
         Germany


BBV AG: Claims Registration Period Ends June 20
-----------------------------------------------
Creditors of bbv AG Consultants for Finance and Technology have
until June 20 to register their claims with court-appointed
insolvency manager Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Hamburg opened bankruptcy proceedings
against bbv AG Consultants for Finance and Technology on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Gideon Boehm
         Bachstrasse 85 a
         22083 Hamburg
         Germany

The Debtor can be reached at:

         bbv AG Consultants for Finance and Technology
         Attn: Axel Wilkens and Karl-Heinz Bresch, Managers
         Heussweg 25
         20255 Hamburg
         Germany


BENQ CORP: Shareholders to Approve Spin-Off Plan on June 15
-----------------------------------------------------------
Benq Corp.'s shareholders will meet on June 15, 2007, to decide
on the planned spin-off of its branded business and to rename
the company Jia Da Corp after the exercise, InfoWorld Daily
reports.

According to the report, the company's board of directors had
earlier approved the plan to spin off its branded business,
which step is seen as a bold attempt for a major turn-around.

As reported by the Troubled Company Reporter - Asia Pacific on
April 26, 2007, BenQ's board approved the spin-off after the
company posted its sixth straight quarterly loss due to its
ailing mobile phone business.  The TCR-AP said the spin-off is
set for Sept. 1, 2007.

InfoWorld relates that BenQ Mobile GmbH & Co. OHG's closing was
also the catalyst behind the currently proposed spin-off.  
"After the discontinuation of funding for the German mobile
phone subsidiary, BenQ's branded business structure has become
less complicated and the scale of the branded business has
become relatively small compared to our integrated manufacturing
service business," K.Y. Lee, the company's chairman, said in a
statement, according to the report.  "Therefore, it is a
straightforward decision to spin-off the branded business," he
added.

After the spin-off, BenQ's branded company will be positioned as
a fabless company with integration of 3C technology in the
fields of product design, mobile communications, mechanical and
material engineering, and network convergence technologies, the
report adds.  Meanwhile, all BenQ brand-related global sales and
marketing departments and related R&D units, as well as the
lifestyle design center and part of the advanced technology
center, will be transferred to the spun-off unit.

Jia Da Corp. will be positioned as a dedicated 3C integrated
manufacturing service provider focusing on the fields of
display, optoelectronic devices, mobile devices and infotainment
solutions, InfoWorld notes.  Mr. Lee will continue to serve as
chairman of the new company.

Headquartered in Taiwan, Republic of China, BenQ Corp., Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,   
developing, and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handsets, camera phones, and other products.

BenQ Mobile GmbH & Co., the company's German-based wholly owned
subsidiary, filed for insolvency in Munich on Sept. 29, 2006,
after BenQ Corp.'s board decided to discontinue capital
injection into the mobile unit in order to stem unsustainable
losses.  The collapse follows a year after Siemens sold the
company to Taiwanese technology group BenQ.  BenQ Mobile has
lost market share against giant competitors.

A Munich Court opened insolvency proceedings against BenQ Mobile
GmbH & Co OHG on Jan. 1 after the company failed to secure a
buyer by the Dec. 31, 2006 deadline.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.  The ratings reflect BenQ's continuing operating
losses from its handset operations and high leverage, and the
competitive nature and low profitability of the LCD monitor
industry.


BERNHARD GIEDE: Claims Registration Period Ends June 19
-------------------------------------------------------
Creditors of Bernhard Giede GmbH have until June 19 to register
their claims with court-appointed insolvency manager Peter
Depre.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Peter Depre
         O 4, 13-16
         68161 Mannheim
         Germany
         Tel: (0621) 1207 80

The Debtor can be reached at:

         Bernhard Giede GmbH
         Attn: Sebastian Giede
         Kaiserallee 147
         76185 Karlsruhe
         Germany


BRUNER HANDELS: Claims Registration Period Ends July 16
-------------------------------------------------------
Creditors of Bruner Handels GmbH have until July 16 to register
their claims with court-appointed insolvency manager Oliver
Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 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 Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The insolvency manager can be reached at:

         Oliver Schartl
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 089-545110
         Fax: 089-54511-444

The Debtor can be reached at:

         Bruner Handels GmbH
         Attn: Heide Bruner, Manager
         Musenbergstr. 29
         81929 Munich
         Germany


CELLULAR PROCESS: Claims Registration Ends June 20
--------------------------------------------------
Creditors of Cellular Process Chemistry Systems GmbH have until
June 20 to register their claims with court-appointed insolvency
manager Dr. Joerg Lehr.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 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 Mainz
         Hall 174
         Gebaude B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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 Lehr
         GF 192
         Jean-Pierre-Jungels-Strasse 6
         D 55126 Mainz
         Germany
         Tel: 06131/948000
         Fax: 06131/9480050

The District Court of Mainz opened bankruptcy proceedings
against Cellular Process Chemistry Systems GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Cellular Process Chemistry Systems GmbH
         Heiligkreuzweg 90
         55130 Mainz
         Germany


CONTIS KFZ-AUSRUESTUNGS: Creditors Must File Claims by June 22
--------------------------------------------------------------
Creditors of CONTIS Kfz-Ausruestungs- GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Jochen Eisenbeis.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jochen Eisenbeis
         Kathe-Kollwitz-Str. 11
         66115 Saarbruecken
         Germany
         Tel: 0681/ 7097 790
         Fax: 0681/ 7097 7910

The District Court of Saarbruecken opened bankruptcy proceedings
against CONTIS Kfz-Ausruestungs- GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         CONTIS Kfz-Ausruestungs- GmbH
         Justus-von-Liebig-Strasse 14
         66280 Sulzbach
         Germany


DEUTSCHE HYPOTHEKENBANK: Fitch Junks EUR12 Million Notes
--------------------------------------------------------
Fitch Ratings downgraded Deutsche Hypothekenbank AG, Hannover
1999-1's Class B-1 and B-2 notes and affirmed the Class A and M
notes.  The deal is a securitization of second lien portions of
loans secured on predominantly commercial properties in Germany:

   -- EUR25.3 million Class A affirmed at 'AAA';
   -- EUR16.5 million Class Ma affirmed at 'A';
   -- EUR5 million Class Mb affirmed at 'A';
   -- EUR9.7 million Class B-1A down to 'BB' from 'BBB-';
   -- EUR9 million Class B-1B down to 'BB' from 'BBB-';
   -- EUR5 million Class B-2aA down to 'CCC/DR3' from 'B';
   -- EUR2 million Class B-2aB down to 'CCC/DR3' from 'B'; and
   -- EUR5 million Class B-2b down to 'CCC/DR3' from 'B'

The downgrades reflect the deteriorated pool quality and the
rising delinquencies and increased expected losses.  In February
2007, 270 loans remained in the pool with an aggregate loan
balance of EUR84.8 million.  Sixty-one loans totaling
EUR15.1 million had a credit event notice outstanding.  This
includes 32 loans totaling EUR9.9 million in restructuring
agreements, which are currently not in arrears but remain a high
risk.  The loan-to-value ratio has deteriorated to 109.5% in
February 2007 from 82.6% at closing in 1999.  This is mainly the
result of largely declined property values and accumulation of
debt for loans in arrears.  Actual losses totaling EUR2 million
have occurred to date.

To assess the threat to the rated notes, Fitch assumed that in a
'B' stress 66% of the credit events would enter foreclosure.
This includes credit given to refinancing of loans in arrears
and the probability of curing a loan in restructuring.  Also, it
was assumed that 10% of the current loans will default and
generate losses.  A loss severity of 100% was applied to all
loans in foreclosure, given the second lien nature of the
transaction and the actual loss allocations to date.  The
expected loss in a 'B' scenario is EUR17 million and would
completely use up the first loss piece, Class B-3, leaving only
19% of the B-2 notes.  As the B-2 tranches have failed in a 'B'
stress, an additional recovery rating analysis was conducted.  
In line with Fitch's methodology, principal and interest
payments were forecasted for all tranches based on historical
principal payment and interest rates and applied to the
respective tranches in a simulation, together with the expected
losses. Finally, the net present value of all payments was
calculated, with a discount factor of 8% per annum, resulting in
'DR3' recovery and 'CCC' long-term ratings for these B-2
tranches.

Fitch then assigned higher default probabilities to the current
and delinquent loans for higher rating scenarios.  The Class B-1
notes passed the 'B' and 'BB' stress but failed 'BBB-'.  The
notes were therefore downgraded to 'BB'.  The Class M notes
passed all stresses including 'A'; thus the 'A' rating for the
two M- tranches was affirmed.  Class A, which was in February
2007 at 12.3% of its original size, is currently well-protected
through subordination of the other tranches.  It is backed by
Deutsche Hypothekenbank Public Sector Pfandbrief collateral,
which is considered 'AAA' quality by Fitch.


ECHTERHOELTER VERMIETUNGS: Claims Registration Ends May 18
----------------------------------------------------------
Creditors of Echterhoelter Vermietungs- und Verwaltungs GmbH
have until May 18 to register their claims with court-appointed
insolvency manager Joachim Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at May 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 Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         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 Detmold opened bankruptcy proceedings
against Echterhoelter Vermietungs- und Verwaltungs GmbH on
April 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany
         
The Debtor can be reached at:
         
         Echterhoelter Vermietungs- und Verwaltungs GmbH
         Attn: Rainer Echterhoelter, Manager
         Ehlenbrucher Str. 97-100
         32791 Lage
         Germany


EDDIE BAUER: Refocuses on Outdoor Core Product Lines
----------------------------------------------------
Eddie Bauer Holdings Inc. has refocused on outdoor casual
sportswear and accessories, its core product lines, yielding
positive results, Retail Traffic reports.

According to Britt Beemer, chairman and founder of America's
Research Group Inc., the specialty retailer must stick with the
strategy to maintain momentum.

                          Refinancing

Eddie Bauer disclosed that following the refinancing of its
US$275 million senior secured term loan on April 4, BDO Seidman
LLP, its independent auditor, removed the explanatory paragraph
with respect to the company's ability to continue as a going
concern from its audit opinion on the company's Financial
Statements for fiscal year ended Dec. 30, 2006.

The new financing package includes a US$225 million secured term
loan, which initially bears interest at LIBOR plus 325 basis
points and has a final maturity date of April 1, 2014, and US$75
million in 5.25% convertible senior notes due 2014.

"Completing this refinancing was an important step in
positioning the company to move forward with its turnaround
strategy," Interim Chairman Howard Gross was quoted by Retail
Traffic as saying.

Amended Financial Statements for the fiscal year ended
Dec. 30, 2006 along with this revised opinion thereon were filed
with the Securities and Exchange Commission on a Form 8-K on
April 17.

As reported in the Troubled Company Reporter on April 5,
BDO Seidman raised substantial doubt about Eddie Bauer
Holdings Inc.'s ability to continue as a going concern after
auditing the company's financial statements for the years ended
Dec. 31, 2006, and 2005.  The auditing firm pointed to the
company's ability to refinance its term loan to avoid an event
of default related to the failure of the company in meeting its
financial covenants in one or more future interim periods.

The successor company had a net loss of US$211.4 million on
total revenues of US$1 billion for the year ended Dec. 31, 2006.  
For the six month-period ended Dec. 31, 2005, the successor
company had a net loss of US$22.8 million on total revenues of
US$593.7 million.  The predecessor company had a net income of
US$60.9 million on total revenues of US$465.7 million for the
six month-period ended July 2, 2005.

The company listed total assets of US$855.9 million and total
liabilities of US$509.3 million, resulting to total
stockholders' equity of US$346.6 million as of Dec. 31, 2006.

                         About Eddie Bauer

Headquartered in Redmond, Washington, Eddie Bauer Holdings Inc.
(NASDAQ: EBHI) -- http://www.eddiebauer.com/-- is a specialty     
retailer that sells casual sportswear and accessories for the
"modern outdoor lifestyle."  Established in 1920 in Seattle,
Eddie Bauer products are available at approximately 380 stores
throughout the United States and Canada, through catalog sales
and online at http://www.eddiebaueroutlet.com/ The company also  
participates in joint venture partnerships in Japan and Germany
and has licensing agreements across a variety of product
categories.  Eddie Bauer employs 10,000 part-time and full-time  
associates in the United States and Canada.

                          *     *     *

As reported in the Troubled Company Reporter on March 26,
Standard & Poor's Rating Services lowered the ratings on Eddie
Bauer Holdings Inc., to 'B-' from 'B'.

At the same time, Standard & Poor's removed the rating from
CreditWatch with negative implications, where it was placed on
Nov. 13, 2006.  S&P said the outlook is negative.


ESTE BAU GMBH: Claims Registration Ends June 18
-----------------------------------------------
Creditors of Este Bau GmbH have until June 18 to register their
claims with court-appointed insolvency manager Dr. Achim
Ahrendt.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Room I
         Area CE.02
         Linden 23
         21255 Tostedt
         Germany

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

The insolvency manager can be reached at:

         Dr. Achim Ahrendt
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: 040/899560
         Fax: 040/8995641

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

The Debtor can be reached at:

         Este Bau GmbH
         Estebrueggestr. 40
         21614 Buxtehude
         Germany


FLOW-ICE INTERNATIONAL: Claims Registration Ends June 1
-------------------------------------------------------
Creditors of Flow-Ice International GmbH have until June 1 to
register their claims with court-appointed insolvency manager
Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Flensburg
         Hall A220
         Amtsgerichtsgebaude
         Suedergraben 22
         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:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against Flow-Ice International GmbH on April 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Flow-Ice International GmbH
         Attn: Per Reinhold Samuelsen, Manager
         Engelsbyer Str. 42
         24943 Flens-burg
         Germany


GCH GENIUS: Claims Registration Ends June 5
-------------------------------------------
Creditors of GCH Genius Catering und Hauswirtschafts- GmbH have
until June 5 to register their claims with court-appointed
insolvency manager Karl- Heinrich Lorenz.

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

The meeting of creditors will be held at:

         The District Court of Mannheim
         Room 232         
         Second Floor
         West Wing
         Schloss
         68149 Mannheim
         Germany

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

The insolvency manager can be reached at:

         Karl- Heinrich Lorenz
         Theodor Heuss-Anlage 12
         68165 Mannheim
         Germany
         Tel: 0621/422900

The District Court of Mannheim opened bankruptcy proceedings
against GCH Genius Catering und Hauswirtschafts- GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         GCH Genius Catering und Hauswirtschafts- GmbH
         Klaus Dudenhoefer
         Bonadiesstrasse 4-11
         68169 Mannheim
         Germany


H. MOEBIS & CO: Claims Registration Period Ends June 8
------------------------------------------------------
Creditors of H. Moebis & Co. GmbH have until June 8 to register
their claims with court-appointed insolvency manager Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Chemnitz
         Hall 24
         Fuerstenstrasse 21
         Chemnitz
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (03 75) 81 89 20
         Fax: (03 75) 818 92 14
         E-mail: widera@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against H. Moebis & Co. GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         H. Moebis & Co. GmbH
         Attn: Heiko Moebis, Manager
         Liebknechtstrassee 79
         08523 Plauen
         Germany


HEIZUNGSBAU KOCH: Claims Registration Ends June 5
-------------------------------------------------
Creditors of Heizungsbau Koch GmbH have until June 5 to register
their claims with court-appointed insolvency manager Joerg
Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 11:50 a.m. on July 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         Germany

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

The insolvency manager can be reached at:

         Joerg Trittermann
         Lessingplatz 9
         38100 Braunschweig
         Germany
         Tel: 0531/1206870
         Fax: 0531/1206880

The District Court of Wolfsburg opened bankruptcy proceedings
against Heizungsbau Koch GmbH on April 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Heizungsbau Koch GmbH
         Doetel 2
         38464 Gross Sisbeck
         Germany

         Attn: Karl-Heinz Koch, Manager
         Forstweg 10
         38442 Wolfsburg
         Germany


HERMES STALLEINRICHTUNGEN: Claims Registration Ends June 4
----------------------------------------------------------
Creditors of HERMES-Stalleinrichtungen GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Gerhard Fichter.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court 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:

         Gerhard Fichter
         Uhlandstrasse 4
         74072 Heilbronn
         Germany
         Tel: 07131/888666
         Fax: 07131/888667

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

The Debtor can be reached at:

         HERMES-Stalleinrichtungen GmbH
         Ringstrasse 14
         74532 Ilshofen
         Germany

         Attn: Claus Erhard, Manager
         Ringstrasse 12
         74532 Ilshofen
         Germany


HS DIENSTLEISTUNGS: Claims Registration Ends May 25
---------------------------------------------------
Creditors of HS Dienstleistungs GmbH Schwarza have until May 25
to register their claims with court-appointed insolvency manager
Klaus Siemon.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 Meiningen
         Hall A 0208
         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 insolvency manager can be reached at:

         Klaus Siemon
         Strasse der Nationen 51
         09111 Chemnitz
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against HS Dienstleistungs GmbH Schwarza on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HS Dienstleistungs GmbH Schwarza
         Attn: Andreas Ehrlich, Manager
         Rasenmuehlenstrasse 34
         98547 Schwarza
         Germany


ICHA STRAHL: Claims Registration Ends May 21
--------------------------------------------
Creditors of Icha Strahl- und Oberflachentechnik GmbH have until
May 21 to register their claims with court-appointed insolvency
manager Dr. Biner Bahr.

Creditors and other interested parties are encouraged to attend
the meeting at 9:35 a.m. on May 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 Duesseldorf
         Meeting Hall A 388
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     

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

The insolvency manager can be reached at:

         Dr. Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Icha Strahl- und Oberflachentechnik GmbH on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Icha Strahl- und Oberflachentechnik GmbH
         Helmholtzstr. 14
         40764 Langenfeld
         Germany

         Attn: Andreas Icha, Manager
         Opladener Str. 149
         40764 Langenfeld
         Germany


INFINITY VERLAG: Creditors Must Register Claims by June 5
---------------------------------------------------------
Creditors of Infinity Verlag GmbH have until June 5 to register
their claims with court-appointed insolvency manager Thomas
Kind.

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

The meeting of creditors will be held at:

         The District Court of Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Thomas Kind
         N 7, 11
         68161 Mannheim
         Germany
         Tel: 0621/4802640

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

The Debtor can be reached at:

         Infinity Verlag GmbH
         Marstallstr. 12
         68723 Schwetzingen
         Germany



IPRO-MED GMBH: Creditors Must Register Claims by June 8
-------------------------------------------------------
Creditors of ipro-med GmbH have until June 8 to register their
claims with court-appointed insolvency manager Rudolf Rossmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Meeting Hall 162
         Alten Einlass 1
         86150 Augsburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rudolf Rossmann
         Schiessstattenstr. 15
         86159 Augsburg
         Germany

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

The Debtor can be reached at:

         ipro-med GmbH
         Pilsener Str. 9
         86199 Augsburg
         Germany


JOHANN EHLEN: Creditors Must Register Claims by June 1
------------------------------------------------------
Creditors of Johann Ehlen GmbH have until June 1 to register
their claims with court-appointed insolvency manager
Herbert Duerkop.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Herbert Duerkop
         Neuer Wall 86
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Johann Ehlen GmbH
         Stader Strasse 20
         21075 Hamburg
         Germany


KONSTRUKTIVER + PRODUKTIVER: Creditors' Meeting Set for May 23
--------------------------------------------------------------
The court-appointed insolvency manager for Konstruktiver +
Produktiver Fassadenelementebau Fischer GmbH, Udo Mueller, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:50 a.m. on May 23.

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

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 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 District Court of Magdeburg opened bankruptcy proceedings
against Konstruktiver + Produktiver Fassadenelementebau Fischer
GmbH on April 4.  Consequently, all pending proceedings against
the company have been automatically stayed.

The insolvency manager can be reached at:

         Udo Mueller
         Editharing 31
         39108 Magdeburg
         Germany
         Tel: 0391/5066030
         Fax: 0391/5066033
         
The Debtor can be reached at:
         
         Konstruktiver + Produktiver Fassadenelementebau
         Fischer GmbH
         Grosse Fischerei 30 a
         39240 Calbe
         Germany
         
         Attn: Jens Fischer, Manager
         Brumbyer Weg 16
         39240 Calbe
         Germany


KREATIV FENSTER: Claims Registration Period Ends June 15
--------------------------------------------------------
Creditors of Kreativ Fenster & Tueren GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Sandra Bitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Paderborn
         Meeting Hall 216
         Second Floor
         Bogen 2-4
         33098 Paderborn
         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:

         Sandra Bitter
         Liboriberg 21
         33098 Paderborn
         Germany
         Tel: 05251/ 180660
         Fax: 05251 / 1806666

The District Court of Paderborn opened bankruptcy proceedings
against Kreativ Fenster & Tueren GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Kreativ Fenster & Tueren GmbH
         Blankenauer Str. 21
         37688 Beverungen
         Germany

         Attn: Helmut Busch, Manager
         Joh. Diedrich Str. 21
         37688 Beverungen
         Germany


L + W MIETSERVICE: Claims Registration Period Ends June 14
----------------------------------------------------------
Creditors of L + W Mietservice GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Dirk-Henning Toennesmann.

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

The meeting of creditors will be held at:

         The District Court of Bonn
         Room W 1.24c
         First Floor
         William-Strasse 23
         53111 Bonn
         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-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251 / 65081-22
         Fax: 02251/65081-25

The District Court of Bonn opened bankruptcy proceedings against
L + W Mietservice GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         L + W Mietservice GmbH
         Puetzbergring 34
         53879 Euskirchen
         Germany

         Attn: Matthias Bungart, Manager
         Annaturmplatz 6
         53879 Euskirchen
         Germany


LICHT- UND METALLWAREN: Claims Registration Period Ends May 30
--------------------------------------------------------------
Creditors of Licht- und Metallwaren GmbH Rothenthal have until
May 30 to register their claims with court-appointed insolvency
manager Dr. Christoph Junker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Junker
         Horst-Menzel-Strasse 12-22
         09112 Chemnitz
         Germany
         Tel: (0371) 3550505
         Fax: (0371) 3550515
         E-mail: chemnitz@junker-kollegen.de

The District Court of Chemnitz opened bankruptcy proceedings
against Licht- und Metallwaren GmbH Rothenthal on May 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Licht- und Metallwaren GmbH Rothenthal
         Attn: Hans-Juergen, Manager
         Oertel, Talstrasse 9
         09526 Rothenthal
         Germany


LOTHAR ROSCHLAUB: Claims Registration Period Ends June 15
---------------------------------------------------------
Creditors of Lothar Roschlaub Transport GmbH have until June 15
to register their claims with court-appointed insolvency manager
Tjark Thies.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on July 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Tjark Thies
         Domstrasse 15
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Lothar Roschlaub Transport GmbH on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lothar Roschlaub Transport GmbH
         Attn: Lothar Roschlaub, Manager
         Buchheisterstrasse 74
         20457 Hamburg
         Germany


LUECK + WAHLEN: Creditors' Meeting Slated for June 18
-----------------------------------------------------
The court-appointed insolvency manager for Lueck + Wahlen GmbH &
Co. KG Bauunternehmung, Dirk-Henning Toennesmann, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 11:00 a.m. on June 18.

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

         The District Court of Bonn
         Room W 1.24c
         First Floor
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Sept. 12 at the same venue.

Creditors have until June 14 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dirk-Henning Toennesmann
         Josef-Ruhr-Str. 30
         53879 Euskirchen
         Germany
         Tel: 02251 / 65081-22
         Fax: 02251/65081-25

The District Court of Bonn opened bankruptcy proceedings against
Lueck + Wahlen GmbH & Co. KG Bauunternehmung on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Lueck + Wahlen GmbH & Co. KG Bauunternehmung
         Puetzbergring 34
         53879 Euskirchen
         Germany

         Attn: Matthias Bungart, Manager
         Annaturmplatz 6
         53879 Euskirchen
         Germany


M + P DIENSTLEISTUNGS: Claims Registration Period Ends June 11
--------------------------------------------------------------
Creditors of M + P Dienstleistungs-GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Martin Schoebe.

Creditors and other interested parties are encouraged to attend
the meeting at 8:15 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 Ingolstadt
         Meeting Room 28/1
         Schrannenstr. 3
         85049 Ingolstadt
         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:

         Martin Schoebe
         Marie-Curie-Strasse 6
         85055 Ingolstadt
         Germany
         Tel: 0841/9014-200
         Fax: 0841/9014-205


The District Court of Ingolstadt opened bankruptcy proceedings
against M + P Dienstleistungs-GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         M + P Dienstleistungs-GmbH
         Haunwoehrer Strasse 11
         85051 Ingolstadt
         Germany
         
         Attn: Gerhard Mayer, Manager
         Schlossgraben 8
         86706 Weichering
         Germany


MARROCCHINO GMBH: Claims Registration Period Ends May 30
--------------------------------------------------------
Creditors of Marrocchino GmbH & Co. Immobilien have until May 30
to register their claims with court-appointed insolvency manager
Erich Hoelzemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on May 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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 Dortmund opened bankruptcy proceedings
against Marrocchino GmbH & Co. Immobilien on April 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Erich Hoelzemann
         Goethestrasse 2
         59065 Hamm
         Germany
         
The Debtor can be reached at:
         
         Marrocchino GmbH & Co. Immobilien
         Attn: Francesco Marrocchino, Manager
         Hueserstr. 53
         59075 Hamm
         Germany


MEWO GMBH: Claims Registration Period Ends May 14
-------------------------------------------------
Creditors of Mewo GmbH & Co. have until May 14 to register their
claims with court-appointed insolvency manager Wilfried Pohle.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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 Arnsberg opened bankruptcy proceedings
against Mewo GmbH & Co. KG on April 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Wilfried Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany
         
The Debtor can be reached at:
         
         Mewo GmbH & Co.
         Donnerfeld 2
         59757 Arnsberg
         Germany


MTH MASCHINEN: Claims Registration Period Ends May 25
-----------------------------------------------------
Creditors of MTH Maschinen Technik Handels GmbH & Co. have until
May 25 to register their claims with court-appointed insolvency
manager Ygglev Stintzing.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         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 Flensburg opened bankruptcy proceedings
against MTH Maschinen Technik Handels GmbH & Co. on April 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Ygglev Stintzing
         Rathausstrasse 1
         24937 Flensburg
         Germany
         
The Debtor can be reached at:
         
         MTH Maschinen Technik Handels GmbH & Co.
         Donnerfeld 2
         59757 Arnsberg
         Germany
         
         Attn: Sven Johnson, Manager
         Heideland-Ost 19
         24941 Jarplund-Weding
         Germany


SGL CARBON: S&P Rates EUR175 Mln Senior Secured Notes at BB+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
'BB+' rating to the proposed EUR175 million senior secured notes
to be issued by Germany-based graphite-electrodes producer SGL
Carbon AG, due 2015.  At the same time, the notes were assigned
a recovery rating of '1'.

"The issue is rated one notch above the corporate credit rating
on SGL, reflecting the '1' recovery rating, which indicates
Standard & Poor's expectation of full recovery prospects for
secured creditors in the event of a default," said Standard &
Poor's credit analyst Simon Redmond.

The notes rank pari passu with a new EUR200 million secured
credit facility.  Along with the EUR200 million unsecured
convertible bond, due 2013, these three debt instruments
complete the refinancing of SGL's external debt.

                      Recovery Analysis

The proposed EUR175 million senior secured notes, like the
corporate credit rating, would benefit from SGL's moderate
leverage, with funds from operations to adjusted debt of about
40%.  The security package relies on share pledges and
guarantees rather than specific pledges of SGL's significant
fixed-asset base.  The package encompasses companies
contributing a proportion of group EBITDA expected to be well in
excess of the 75% threshold required by the documentation.

SGL is domiciled in Germany, but the group's production and
sales operations are global. It has material businesses in
Germany, the U.S., Austria, Spain, and Poland. Insolvency
jurisdictions are therefore broadly supportive, subject to
typical guarantee and share-pledge limitations, in particular as
there remains a local credit facility in Poland, which will
reduce to PLN50 million (about EUR13.3 million) on Dec. 31,
2007.

The unrated EUR200 million senior secured credit facility
benefits from financial covenants relating to total and senior
secured debt to EBITDA, whereas the proposed EUR175 million
secured notes only have incurrence covenants, including fixed-
charge coverage and senior debt coverage.  There are provisions
for additional indebtedness, in particular related to
potentially secured liabilities for letters of credit or
guarantees up to EUR90 million.

To calculate recoveries, Standard & Poor's has simulated a
default scenario and the value of the group captured by the
security package after a hypothetical payment default.  This is
considered unlikely before 2011.  S&P have modeled stresses
incorporating some factors seen between 2000 and 2002.  
Specifically, S&P assumed:

   -- weak revenue growth followed by declines as pricing
      pressure offsets newer product growth and underlying
      demand for steel wanes in later years;

   -- lower gross profit margin trends;

   -- adverse working capital movements nearer default; capital
      expenditure ahead of expectations in the near term; and

   -- increased interest costs.

At the point of simulated default, we assume a going-concern
sale and debt restructuring would be most likely, given SGL's
sound market position in global carbon electrode sales.  At that
point, we expect the residual value of the group after deducting
priority obligations to be sufficient to allow full repayment of
secured creditors.


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


SMURFIT KAPPA: Folding Cartons Unit to Close Plant in Ireland
-------------------------------------------------------------
Smurfit Kappa Cartons, a unit of Smurfit Kappa Group, will close
its plant in Coolock, Dublin, as pressures experienced in the
Irish manufacturing sector affected the business, Finfacts
Ireland reports.

According to the report, the plant closure will terminate 140
jobs.

Smurfit Kappa Cartons management said it would enter into a
period of negotiation with employee representatives on
redundancy terms and the company will close operations later
this year, Finfacts relates.


                    About Smurfit Kappa Group

Headquartered in Dublin, Ireland, Smurfit Kappa Group --  
http://www.smurfit-group.com/-- manufactures containerboard  
containerboard and converts it into corrugated cases, folding
cartons, paper sacks, tubes, and composite cans. Other products
include boxboard, sack kraft paper, and printing and writing
paper.  The company produces 6 million tons of paper annually
and has 300 facilities worldwide.  In Latin America, the company
operates in Argentina, Brazil, Chile, Colombia, Costa Rica,  
Dominican Republic, Ecuador, Mexico and Venezuela.  

                        *     *     *

In a TCR-Europe report on Feb. 19, Standard & Poor's Ratings
Services maintained its credit ratings, including its 'B+' long-
term corporate credit rating, on Ireland-based paper and
packaging company Smurfit Kappa Group Ltd. and related entities
on CreditWatch with positive implications.

As reported in the TCR-Europe on June 30, 2006, Fitch Ratings
affirmed Smurfit Kappa Acquisitions' Issuer Default Rating at  
'B+'.  At the same time the agency affirmed the instrument
ratings.  A Stable Outlook has been assigned.

The stable outlook assigned to Smurfit Kappa Group's ratings
reflects Fitch's view that EBITDA will return to growth during
the course of 2006 and that SKG will be in a position to
generate significant cashflow for debt repayment from 2007-8.


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


AKTAU REPAIR: Creditors Must File Claims by June 6
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Aktau Repair Service Remservice insolvent.

Creditors have until June 6 to submit written proofs of claim
to:

         LLP Aktau Repair Service Remservice
         Building Of Auto Station
         Room 6 and 7
         Second Floor
         Micro District 28
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-15-89


ASIA-REMTECHSERVICE LLP: Creditors' Claims Due June 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Asia-Remtechservice insolvent.

Creditors have until June 6 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 321
         Baitursynov Str. 95
         Kostanai
         Kazakshtan


ELECTROPROM-AN LLP: Proof of Claim Deadline Slated for June 8
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Electroprom-An insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


KOSTANAI-MELAGRO LLP: Claims Registration Ends June 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai-Melagro insolvent.

Creditors have until June 6 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Room 321
         Baitursynov Str. 95
         Kostanai
         Kazakshtan


KURYLTAI LLP: Claims Filing Period Ends June 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Kuryltai insolvent.

Creditors have until June 6 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakshtan


PARAD CJSC: Creditors Must File Claims by June 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared CJSC Parad insolvent.

Creditors have until June 20 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Third Floor
         Makataev Str. 117
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
         8 701 111 77-02


TEPLO SERVICE: Creditors' Claims Due June 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau has
declared LLP Kulsary Heat Service Teplo Service insolvent.

Creditors have until June 6 to submit written proofs of claim
to:

Creditors have until June 6 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Atyrau
         Third Floor
         Abai Str. 10a
         Atyrau
         Kazakhstan


TS KURAL-COMPANY: Proof of Claim Deadline Slated for June 8
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Ts Kural-Company insolvent.

Creditors have until June 8 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


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


   
ARSAA INTERNATIONAL: Creditors' Claims Due June 20
--------------------------------------------------
Russian-Kyrgyz-Pakistani LLC Arsaa International has declared
insolvency.  Creditors have until June 20 to submit written
proofs of claim to:

         LLC Arsaa International
         Gogol Str. 179-21
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 24-14-66


ERKIN-SAI: Creditors Must File Claims by June 20
------------------------------------------------
Trade Firm Erkin-Sai has declared insolvency.  Creditors have
until June 20 to submit written proofs of claim.

Inquiries can be addressed to (0-517) 22-04-60.


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


GLOBAL POWER: Wants to Issue EUR1.1 Mln L/C from DIP Facility
-------------------------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates seek
authority from the U.S. Bankruptcy Court for the District of
Delaware to amend the debtor-in-possession financing agreement
they entered into with Morgan Stanley Senior Funding Inc. and
Morgan Stanley & Co. as agents to the DIP Financing lenders.

The DIP Financing Agreement, which was approved by the Court on
a final basis on Jan. 9, permitted the Debtors to borrow up to
US$85,000,000 from the DIP Financing Lenders.

Additionally, the DIP Financing Agreement provides for certain
restrictions on the use of the funds available to support
operations of the Debtors' foreign affiliates.

One of the exceptions to the restrictions provides that the
Debtors may issue to Braden-Europe BV, a non-Debtor foreign
affiliate of the Debtors, a synthetic letter of credit to
support obligations of certain of the Debtors and Braden-Europe
arising out of a project for a major customer of the Debtors.

                     Braden-Europe Credit Pact

Braden-Europe is the borrower under a credit agreement with ABN
AMRO Bank NV dated Feb. 14, 2005.

The BE Credit Agreement contains a covenant that requires
Braden-Europe to maintain a certain level of tangible net worth.

As of Dec. 31, 2006, ABN AMRO has alleged that Braden-Europe is
not in compliance with the tangible net worth covenant, due in
large part to the Debtors' commencement of the chapter 11 cases.  

To resolve the issue and bring Braden-Europe back into
compliance under the BE Credit Agreement, Braden-Europe has
requested that the Debtors issue in favor of ABN AMRO an
irrevocable standby letter of credit for EUR1,100,000.

To issue the ABN AMRO L/C, however, the Debtors say they need to
amend the DIP Financing Agreement.

The Debtors believe that the amendment to the DIP Financing
Agreement will prevent disruption to the Braden-Europe
operations, which are integral to the value of the Braden
Debtors and to the efficient administration of the cases.

In addition, the Debtors believe that the Final DIP Order
permits them to enter into an amendment without the need for
further Court approval, however, the Debtors say they are asking
the Court's permission out of an abundance of caution and to
provide the greatest amount of transparency to the Court and all
parties-in-interest.

Furthermore, the Debtors explain that they do not seek in the
motion to increase the amounts they can borrow under the DIP
Facility, rather, they seek only to be permitted to use the
already authorized borrowings to protect the estate assets by
providing credit support for Braden-Europe.

The Debtors tell the Court that the DIP Lenders have consented
to the proposed amendment.  

              About Global Power Equipment Group Inc.

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.

The Court has entered a second bridge order extending the
Debtors' exclusive period to file a plan until a hearing set for
May 17, 2007.


GLOBAL POWER: Court Extends Lease Decision Periods to June 2007
---------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware extended
the time within which Global Power Equipment Group Inc. and its
debtor-affiliates can assume or reject two unexpired leases of
nonresidential property.

Specifically, the Court gave the Debtors until June 15 to decide
on an April 12, 1994 agreement between Jason Incorporated, a
former affiliate of Global Power, and Metropolitan Life
Insurance Company for the lease of an office space at Two Warren
Place in Tulsa, Oklahoma.  The Warren Place Lease expires on
Nov. 1.

The Debtors say they are currently in negotiations with
Metropolitan regarding further amendments to the Warren Place
Lease.

In addition, the Court gave the Debtors until June 11 to decide
on an agreement dated Jan. 29, 2001, between Braden
Manufacturing LLC and Braden Investors LLC for the lease of
certain premises at 5199 N. Mingo Road, in Tulsa, Oklahoma.  The
terms of the Mingo Road Lease expires on Sept. 30, 2011.

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.

The Court has entered a second bridge order extending the
Debtors' exclusive period to file a plan until a hearing set for
May 17, 2007.


GLOBAL POWER: Selects BDO Seidman as Auditors
---------------------------------------------
Global Power Equipment Group Inc. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the District of Delaware for
authority to employ BDO Seidman LLP as their auditors, nunc pro
tunc to April 30.

BDO Seidman will:

   a. perform a consolidated audit of the financial statements
      of Global Power and its subsidiaries for the year ended
      Dec. 31, 2006, including the consolidated balance sheet of
      Global Power and the related consolidated statements of
      income and comprehensive income, stockholders' equity, and
      cash flows;

   b. express an opinion on the financial statements based on
      its audit;

   c. submit to the Debtors a report containing its opinion as
      to whether the consolidated financial statements, taken as  
      a whole, are fairly presented based on generally accepted
      accounting principles; and

   d. inform the Debtors of any material errors, fraud, illegal
      acts, misstatements, and any other significant
      deficiencies or material weaknesses that it identifies.

Documents submitted to the Court did not disclose the Firm's
hourly rates.

To the best of the Debtors' knowledge, the Firm does not hold
any interest adverse to the estate and is disinterested pursuant
to Sec. 101(14) of the Bankruptcy Code.

The Debtors inform the Court that the Firm's retention is
subject to certain indemnity and limitation on liability
provisions as contained in an engagement letter dated April 20.  

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.

The Court has entered a second bridge order extending the
Debtors' exclusive period to file a plan until a hearing set for
May 17, 2007.


ROMPETROL GROUP: Posts US$41 Million EBITDA in First Quarter
------------------------------------------------------------
The Rompetrol Group NV posted in the first quarter ended
March 31, 2007, a turnover of US$1.24 billion and an EBITDA of
US$41 million.

"We had a solid start this year. Strong margins combined with
good performance lead to a good first quarter.  We are very
pleased that we had contributions to EBITDA internationally and
across Busines Units," TRG CEO Andre Naniche disclosed.

Rompetrol Rafinare marked in the first quarter ended
March 31, 2007, a significant rise of consolidated turnover to
US$664 million, displaying a 32% rise over the similar 2006
duration.  The rise was fueled by the expansion of retail and
petrochemicals and improved use of refining capabilities.

EBITDA scored remarkable progress over the first three months
too and reached US$28 million compared to the USD2 million
figure in first quarter in 2006.

"The refining market as a rule is weaker in the first quarter,
because consumption is low during winter.  On these grounds,
budgeted EBITDA for Jan-March was US$11.7 million, and we're
happy to have surpassed the target and have a two-fold rise of
said financial indicator," said Adrian Petrus, TRG Vice-
President.

Adverse conditions in the petrochemicals market and continued
high utility costs lead the company to report a consolidated
loss of US$3 million in the first quarter in 2007, compared with
US$23 million loss in first quarter of 2006.

The mentioned net result includes US$8 million in cost coming
from the depreciation of the USD against the EUR and RON.

The refinery continues to be a major taxpayer, with a
contribution totaling close to US$210 million in first quarter
of 2007.  

                      About the Company

Headquartered in The Netherlands, The Rompetrol Group NV --
http://www.rompetrol.com/-- is an oil company with the majority  
of its assets and operations in France, Romania, Spain and
South-Eastern Europe.  The group contains 40 companies that are
active primarily in refining and downstream marketing, with
additional operations in exploration and production, and other
oil industry services such as drilling, EPCM, transportation,
etc.  It has a staff of 8,000 employees.

                           *    *    *

As of May 9, 2007, Rompetrol Group NV carries S&P ratings of
'B-' Long-term Foreign Issuer Credit and 'B-' Long-term Local
Issuer Credit rating, with Stable outlook.

Fitch gave the company a Long-term Issuer Default rating of 'B-'
with Stable outlook.


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


INTERNATIONAL PAPER: Earns US$434 Million in First Quarter 2007
---------------------------------------------------------------
International Paper Co. reported preliminary first-quarter 2007
net earnings of US$434 million, compared with net loss of US$1.2
billion in the first quarter of 2006.  Amounts in all periods
include special items, including the receipt of proceeds from
the sale of the majority of the company's U.S. forestlands in
the fourth quarter of 2006.

Quarterly net sales were US$5.2 billion, compared with US$5.3
billion in the fourth quarter of 2006, and US$5.5 billion in the
first quarter of 2006, primarily reflecting lower forestland
sales.

Industry segment operating profits continued to rise to
US$530 million for the 2007 first quarter versus US$425 million
in the 2006 fourth quarter and US$411 million in the first
quarter of 2006.  The increase reflects continued strong average
price realizations and strong manufacturing operations.

"We've hit the ground running in 2007 with our best first
quarter since 2000 and operational margins up nearly 300 basis
points versus the first quarter last year," said Chairman and
CEO John Faraci.  "Our pricing momentum remains strong, with
volumes flat overall as we took some downtime and shifted
product among global markets to match our supply with our
customers' demand.  Our manufacturing operations performed well
and improvements in cost and mix more than offset some overall
increases in input costs.  We've also now bought more than
US$800 million in shares on the open market, which has brought
our outstanding share count down."

Commenting on the second quarter of 2007, Mr. Faraci said, "We
expect somewhat higher earnings from continuing operations in
the second quarter, with seasonally stronger volumes and
improvements in average price realizations.  We continue to
improve the performance of our global manufacturing operations,
and we'll realize earnings from our first full quarter of
operations from the Luiz Antonio mill in Brazil.  We expect that
input costs will remain high and also expect to have slightly
higher maintenance outage expense in the second quarter."

As of March 31, 2007, the company listed total assets of
US$23.8 billion, total liabilities of US$15.7 billion, and
minority interest of US$236 million, resulting in a total
shareholders' equity of US$7.9 billion.

                       Segment Information

Operating profits for Printing Papers were US$231 million, up
from fourth quarter 2006 operating profits of US$191 million,
excluding special items.  Industrial Packaging operating profits
were US$103 million, compared with US$130 million in the prior
quarter.  Consumer Packaging operating profits were US$61
million in the first quarter, up from US$27 million in the 2006
fourth quarter, due to higher earnings in U.S. and European
coated paperboard and foodservice businesses, as well as
contributions from the IP-Sun Paper joint venture in China.  The
company's distribution business, xpedx, reported record first-
quarter operating profits of US$29 million compared with
operating profits in the prior quarter of US$31 million.  Sales
revenues were slightly down versus the fourth quarter of 2006
because of seasonal slowdowns in volumes.

Forest Products operating profits declined to US$100 million
from fourth-quarter operating profits of US$162 million.  Net
corporate expense totaled US$164 million for the quarter,
essentially even with US$166 million in the 2006 fourth quarter
and well below US$180 million for the 2006 first quarter.

                    About International Paper

Based in Stamford, Connecticut, International Paper Co.
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the U.S., Europe, South America and Asia.  In
Europe, the company has offices in the United Kingdom, Poland,
Russia, among others.  These businesses are complemented by an
extensive North American merchant distribution system.  
International Paper is committed to environmental, economic and
social sustainability, and has a long-standing policy of using
no wood from endangered forests.

                          *     *     *

International Paper Co. carries Moody's Investors Service Ba1
senior subordinate rating and Ba2 Preferred Stock rating.


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


AGRO-PROCESS CJSC: Bankruptcy Hearing Slated for Aug. 21
--------------------------------------------------------
The Arbitration Court of Kaluga will convene on Aug. 21 to hear
the bankruptcy supervision procedure on CJSC Agro-Process.
The case is docketed under Case No. A23-215/07B-17-8.

The Temporary Insolvency Manager is:

         A. Kulikov
         Temporary Insolvency Manager
         3rd floor
         Novinskiy Avenue 11
         121009 Moscow
         Russia

The Court is located at:  

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga  
         Russia

The Debtor can be reached at:

         CJSC Agro-Process
         Polyana
         Peremyshlskiy
         249135 Kaluga
         Russia


DORSIB CJSC: Creditors Must File Claims by June 21
--------------------------------------------------
Creditors of CJSC Dorsib have until June 21 to submit proofs of
claim to:

         O. Tarima
         Insolvency Manager
         Belinskogo Str. 20/1-2
         634029 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-3388/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Dorsib
         Goncharnaya Str. 268
         Asino
         Tomsk
         Russia


GNEZDOVO-GRAIN-PRODUCT: Creditors Must File Claims by June 21
-------------------------------------------------------------
Creditors of OJSC Gnezdovo-Grain-Product (TIN 6714002396) have
until June 21 to submit proofs of claim to:

         A. Grimovskiy
         Insolvency Manager
         Room 6
         Dzerzhinskogo Str. 18/2
         214000 Smolensk
         Russia

The Arbitration Court of Smolensk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A62-2635/2006 (932-N).

The Debtor can be reached at:

         OJSC Gnezdovo-Grain-Product
         Zadorozhnaya Str. 14
         Gnezdovo
         Smolensk
         Russia


KUMINSKIY WOODWORKING: Bankruptcy Hearing Slated for July 30
------------------------------------------------------------
The Arbitration Court of Khanty-Mansiyskiy will convene at noon
on July 30 to hear the bankruptcy supervision procedure on LLC
Kuminskiy Woodworking Combine.  The case is docketed under Case
No. A75-1202/07.

The Insolvency Manager is:

         S. Vinnik
         Insolvency Manager
         Post User Box 2699
         Central Post Office
         644099 Omsk
         Russia

The Court is located at:

         The Arbitration Court of Khanty-Mansiyskiy
         Lenina Str. 54/1
         Khanty-Mansiysk Autonomous  
         Russia

The Debtor can be reached at:

         LLC Kuminskiy Woodworking Combine
         Pochtovaya Str. 51
         Kuminskiy
         Kondinskiy
         Khanty-Mansiyskiy
         Russia


MASTER LLC: Creditors Must File Claims by May 21
------------------------------------------------
Creditors of LLC Building Company Master have until May 21 to
submit proofs of claim to:

         S. Suvorov
         Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-18783/06-95-190B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Company Master
         M. Vinnitskaya 8-7-2
         Moscow
         Russia


MOON LLC: Chelyabinsk Bankruptcy Hearing Slated for Aug. 16
-----------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Aug. 16 to
hear the bankruptcy supervision procedure on LLC Moon.  The case
is docketed under Case No. A76-112/2007-60-1.

The Temporary Insolvency Manager is:

         G. Bogdanova
         Chkalova Str. 21
         390000 Ryazan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Moon
         Svobody Str. 32
         454091 Chelyabinsk
         Russia


MONOLITH CJSC: Creditors Must File Claims by May 21
---------------------------------------------------
Creditors of CJSC Monolith have until May 21 to submit proofs of
claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-9562/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Monolith
         Traktovaya Str. 50
         Kargasok
         636700 Kargasokskiy
         Tomsk
         Russia


NIZHNE-BESKESSKIY CJSC: Creditors Must File Claims by June 21
-------------------------------------------------------------
Creditors of CJSC Nizhne-Beskesskiy Wood-Prom-Khoz have until
June 21 to submit proofs of claim to:

         M. Amirokov
         Insolvency Manager
         Naberezhnaya Str. 126a
         Cherkessk
         369001 Karachaevo Cherkessiya
         Russia
         Tel: (928) 398-98-97

The Arbitration Court of Karachaevo Cherkessiya commenced
bankruptcy proceedings against the company after finding it
insolvent.  The case is docketed under Case No. A25-656/03-8.

The Debtor can be reached at:

         CJSC Nizhne-Beskesskiy Wood-Prom-Khoz
         Gagarina Str. 49
         Kurdzhinovo
         Karachaevo Cherkessiya
         Russia


NORTH MARKET: Orel Bankruptcy Hearing Slated for July 18
--------------------------------------------------------
The Arbitration Court of Orel will convene at 9:10 a.m. on
July 18 to hear the bankruptcy supervision procedure on OJSC
North Market.  The case is docketed under Case No. A48-719/
07-17b.

The Temporary Insolvency Manager is:

         Y. Kulikov
         Temporary Insolvency Manager
         Building 1
         Mosckoskoye Shosse 137
         302025 Orel
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC North Market
         Roshinskaya Str. 4
         302038 Orel
         Russia


PECHORA-ENERGO-STROY: Creditors Must File Claims by May 21
----------------------------------------------------------
Creditors of OJSC Pechora-Energo-Stroy (TIN 1105012887) have
until May 21 to submit proofs of claim to:

         I. Russkikh
         Temporary Insolvency Manager
         Apartment 2
         Pokrovskiy Avenue 1
         Syktyvkar
         167005 Komi
         Russia
         Tel/Fax: (8212) 55-17-74, 51-65-28

The Arbitration Court of Komi commenced bankruptcy supervision
procedure on OJSC Pechora-Energo-Stroy (TIN 1105012887).
The case is docketed under Case No. A29-962/2007.

The Court is located at:

         The Arbitration Court of Komi
         Room 407
         Ordzhonikidze Str. 49a
         Syktyvkar
         Russia

The Debtor can be reached at:

         OJSC Pechora-Energo-Story
         Stroyploshadka GRES
         Pechora
         169601 Komi
         Russia


SPRING OF ORLOVSKOYE: Creditors Must File Claims by June 21
-----------------------------------------------------------
Creditors of OJSC Spring of Orlovskoye Polesye have until
June 21 to submit proofs of claim to:

         V. Sinegubkin
         Insolvency Manager
         Office 29
         Gorkogo Str. 45
         302028 Orel
         Russia
         Tel/Fax: (486-2) 45-50-76

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A49 3647/06-16B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Spring of Orlovskoye Polesye
         Zhuderskiy
         Khotynetskiy
         Orel
         Russia


SYNTHESIS OJSC: Creditors Must File Claims by May 21
----------------------------------------------------
Creditors of OJSC Synthesis have until May 21 to submit proofs
of claim to:

         S. Pak
         Insolvency Manager
         Post User Box 46
         692103 Nakhodka-3
         Russia

The Arbitration Court of Primorye 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 Debtor can be reached at:

         OJSC Synthesis
         Nakhodkinskiy Pr. 62
         Nakhodka
         Primorye
         Russia


TRANS-IMPORT CJSC: Court Names A. Platonov as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Orel appointed A. Platonov as
Insolvency Manager for CJSC Trans-Import.  He can be reached at:

         A. Platonov
         1st Kurskaya Str. 55-32
         302004 Orel
         Russia
         Tel: 8-910-302-67-06

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-842/07-17b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Trans-Import
         Lenina Str. 104
         Naryshkino
         Orel
         Russia


WATER TRANSPORT: Creditors Must File Claims by May 21
-----------------------------------------------------
Creditors of CJSC Water Transport have until May 21 to submit
proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 1530
         634006 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-9797/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Water Transport
         Gerasimova Str. 115/2
         Geologicheskiy
         Kargasokskiy
         636703 Tomsk
         Russia


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


AARBERGER KUCHEN-HAUS: Bern Court Closes Bankruptcy Proceedings
---------------------------------------------------------------
The Bankruptcy Service of Berner Jura-Seeland in Bern entered
April 5 an order closing the bankruptcy proceedings of LLC
Aarberger Kuchen-Haus.

The Bankruptcy Service of Schwyz can be reached at:

         Bankruptcy Service of Berner Jura-Seeland
         Office Seeland
         2501 Biel/Bienne BE
         Switzerland

The Debtor can be reached at:

         LLC Aarberger Kuchen-Haus
         Bahnhofstrasse 16
         3270 Aarberg BE
         Switzerland


E.C. ROBINS: Creditors' Liquidation Claims Due May 31
-----------------------------------------------------
Creditors of LLC E.C. Robins Switzerland have until May 31 to
submit their claims to:

         Dr. Sandro Visini
         Liquidator
         Hurlimann & Uhlmann
         Bahnhofstrasse 3
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC E.C. Robins Switzerland
         Steinhausen ZG
         Switzerland


FRAGILE JSC: Creditors' Liquidation Claims Due June 18
------------------------------------------------------
Creditors of JSC Fragile have until June 18 to submit their
claims to:

         Erika Hediger
         Liquidator
         Schutzenstr. 43
         5454 Bellikon
         Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Fragile
         Weiningen
         Dietikon ZH
         Switzerland


GABAU LLC: Bern Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Bern entered April 4 an order closing
the bankruptcy proceedings of LLC Gabau.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Burgdorf
         3400 Burgdorf BE
         Switzerland

The Debtor can be reached at:

         LLC Gabau
         Sandstrasse 3
         3322 Urtenen-Schonbuhl
         Fraubrunnen BE
         Switzerland


MOFIB JSC: Creditors' Liquidation Claims Due June 30
----------------------------------------------------
Creditors of JSC Mofib have until June 30 to submit their claims
to:

         Dr. Max Glauser
         Liquidator
         Seefeldstrasse 7
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Mofib
         Baar ZG
         Switzerland


OTTO VOGELI: Creditors' Liquidation Claims Due May 31
-----------------------------------------------------
Creditors of JSC Otto Vogeli Transport have until May 31 to
submit their claims to:

         Kradolfstrasse 47
         8583 Sulgen
         Switzerland

The Debtor can be reached at:

         JSC Otto Vogeli Transport
         Sulgen
         Bischofszell TG
         Switzerland


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


IZMIT SU: Fitch Assigns B Ratings with Stable Outlook
-----------------------------------------------------
Fitch Ratings assigned Turkey's Izmit Su ve Kanalizasyon Idaresi
Long-term foreign and local currency ratings of 'B'.  The
Outlook is Stable.

The ratings are based on ISU's public sector legal status, the
importance to the Metropolitan Municipality of Kocaeli for the
provision of water and sewage services and ISU's role as a
utility service provider, which is a mandatory responsibility of
the municipality.

There is strong control from the Metropolitan Municipality on
ISU, which is maintained through close link between the entity
and the municipal administration because of ISU's public-sector
status.  The municipal council acts as the general assembly of
ISU and its Mayor is the Chairman of the board.  ISU was
established in its current status in 1995.  The entity was
included what was then called "Izmit Metropolitan Municipality",
which denoted the metropolitan area consisting of the city
center of the same name and province of Kocaeli.  The main
function of ISU is to manage the whole water flow process
starting from the purchase of the water from the water
production facilities to the treatment of the wastewater.

The Metropolitan Municipality of Kocaeli is located in the
Northwestern part of Turkey, neighboring province to Istanbul.
It has around 2 million inhabitants.  Kocaeli is the most
densely industrialized Turkish province with strong VAT-
generating capacity and has the highest GDP per capita at 180%
of the national average.


KENT KONUT: Fitch Assigns B Ratings with Stable Outlook
-------------------------------------------------------
Fitch Ratings assigned Turkey's Kent Konut A.S. Long-term
foreign and local currency ratings of 'B'.  The Outlook is
Stable.

The ratings are based on Kent Konut's strong link with its
shareholder, the Metropolitan Municipality of Kocaeli, given the
former's public sector legal status.  The ratings also reflect
Kocaeli's tight control over Kent Konut and the importance of
the entity in the provision of social housing in the
Metropolitan Municipal area.

Kent Konut is strongly controlled by the Metropolitan
Municipality over areas such as budget planning and borrowing
authorization.  In addition, members of the municipal
administration are on the board of Kent Konut, thereby exerting
strong control over its business plans.  The metropolitan
municipality has also contributed to the start-up capital of
Kent Konut through land transfers.  The activities of Kent Konut
center on formal agreements entered under the strategy set by
local administration to construct and subsequently sell the
social housing stock in the metropolitan area.

The Metropolitan Municipality of Kocaeli is located in the
northwestern part of Turkey, neighboring province to Istanbul.  
It has around 2 million inhabitants. Kocaeli is the most densely
industrialized Turkish province with strong VAT-generating
capacity and has the highest GDP per capita at 180% of the
national average.


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


A. EVANS: Creditors' Meeting Slated for May 21
----------------------------------------------
Creditors of A. Evans Decorators (Walsall) Ltd. will meet at
11:00 a.m. on May 21 at:
  
         Muras Baker Jones
         Third Floor
         Regent House
         Bath Avenue
         Wolverhampton  
         WV1 4EG
         England

Creditors who want to vote at the meeting have until noon on
May 18 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 17.


ABA PLASTICS: Claims Filing Period Ends June 30
-----------------------------------------------
Creditors of ABA Plastics Ltd. (formerly Classgap Ltd.) have
until June 30 to send their names and addresses and particulars
of their debts or claims, and the names and addresses of the
solicitors (if any) to:

         David Hill
         Liquidator  
         Begbies Traynor
         5th Floor
         Riverside House
         31 Cathedral Road
         Cardiff  
         CF11 9HB
         Wales

David Hill of Begbies Traynor was appointed liquidator of the
company on April 25.

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


ACE OF LEATHER: Appoints Zafar Igbal as Liquidator
--------------------------------------------------
Zafar Iqbal of Cooper Young was appointed liquidator of Ace of
Leather Ltd. on April 30 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Ace of Leather Ltd.
         Cheshire Road
         Haringey
         London
         N22 8JJ
         England
         Tel: 020 7613 1992
         Fax: 020 7613 3101


AGGREGATOR LTD: Administrators Offer Business & Assets for Sale
---------------------------------------------------------------
Michael David Rollings and Geoffrey Lambert Carton-Kelly of
Baker Tilly, acting as joint administrators for Aggregator Ltd.,
offer for sale either as a whole or in part, the company's
business and assets.

The assets for sale include in-house developed delivery platform
and associated IPR, four channels of program content, 1,200
existing subscribers, and an experienced team of engineers and
customer support staff.

Interested parties should contact:

         Simon Harris
         Baker Tilly Restructuring and Recovery LLP
         5 Old Bailey
         London
         EC4M 7AF
         England
         Tel: 02070 028 654
         Fax: 02070 028 891
         E-mail: simon.d.harris@bakertilly.co.uk

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

London-based Aggregator Ltd. -- http://www.aggregator.tv/--  
sources, packages and delivers television programming over
broadband platforms internationally, delivering enhanced TV
services to targeted audiences and communities via a range of
digital devices.


AUDENBURY ENGINEERING: Hires Liquidators From Moore Stephens
------------------------------------------------------------
Mark Elijah Thomas Bowen and Nigel Price of Moore Stephens LLP
were appointed joint liquidators of Audenbury Engineering Ltd.
on April 30 for the creditors' voluntary winding-up proceeding.

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

The company can be reached at:

         Audenbury Engineering Ltd.
         12 Winslow Avenue
         Droitwich
         WR9 8PX
         England
         Fax: 01905 770 621


BOMBARDIER INC: Earns US$268 Million in Full Year Ended Jan. 31
---------------------------------------------------------------
Bombardier Inc. released financial results for the fourth
quarter and the year ended Jan. 31, 2007, demonstrating steady
improvement in the overall profitability of the corporation.

For the fourth quarter of 2007, net income was US$112 million,
compared to US$86 million for the same period the previous year.  
For the year ended Jan. 31, 2007, net income was US$268 million,
compared to US$249 million for the same period the previous
year.

Earnings before income taxes from continuing operations reached
US$335 million, an increase of US$185 million compared to last
year.  Free cash flow increased by US$78 million to total US$610
million.

The robust new order intake for the year brought the total order
backlog to an unprecedented US$40.7 billion as at Jan. 31, 2007,
an increase of US$9.1 billion compared to last year.

"Our fiscal 2007 financial results show that we are reaping the
benefits of the measures we implemented in recent years,"
Laurent Beaudoin, Chairman of the Board and Chief Executive
Officer, Bombardier Inc, said.  "Bombardier Transportation had
an exceptional year, breaking industry records in terms of new
orders and total backlog.  The record order intake illustrates
the increased competitiveness of Bombardier Transportation's
product and service portfolio.  As for Bombardier Aerospace, our
innovativeness and product development are paying off in the
business aircraft segment, where deliveries and order intake
rose to the highest level ever for the group, thereby
consolidating our number one position in this market.  In
addition, we continued to strengthen our financial position and
the completion of our recent refinancing enabled us to achieve
our objective of increasing the Corporation's financial and
operating flexibility."

For the fourth quarter ended January 31, 2007, consolidated
revenues totaled US$4.4 billion compared to US$4 billion for the
same period last year.  For the year ended Jan. 31, 2007,
consolidated revenues reached US$14.8 billion compared to
US$14.7 billion for the same period last year.

For the fourth quarter ended Jan. 31, 2007, earnings before
financing income, financing expense, income taxes, depreciation
and amortization from continuing operations, before special
items amounted to US$372 million, or 8.5% of revenues, compared
to US$306 million, or 7.6%, for the same period last year.

For the year ended Jan. 31, 2007, EBITDA from continuing
operations, before special items, amounted to US$1.1 billion, or
7.4% of revenues, compared to US$990 million, or 6.7%, for the
same period last year.

At Jan. 31, 2007, the company's balance sheet showed total
assets of US$18.6 billion and total liabilities of US$16.2,
resulting in a US$2.4 billion stockholders' equity.  Equity for
the same period last was US$2 billion.

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures transportation       
solutions, from regional aircraft and business jets to rail
transportation equipment.  In Europe, it maintains operations in
Northern Ireland, United Kingdom, Germany, Switzerland, Sweden,
and Austria.

                          *     *     *

Bombardier Inc.'s 5-3/4% Notes due Feb. 2, 2008 carry Moody's
Investors Service's Ba2 rating, Standard & Poor's BB rating, and
Fitch Ratings' BB- rating.


BOMBARDIER INC: Flybe Orders 15 More Q400 Planes for US$394 Mln
---------------------------------------------------------------
Bombardier Aerospace Corp., a subsidiary of Bombardier Inc.,
disclosed that Exeter, England-based Flybe has signed a contract
to acquire 15 additional Bombardier Q400 high-speed turboprop
airliners.  In addition, Flybe has taken options on 15 Q400
aircraft.  The value of the firm orders, based on the list price
of the Q400 aircraft is approximately US$394 million.

Flybe already operates the world's largest Q400 fleet; and
deliveries of the 15 firm-ordered aircraft, along with those
previously ordered, will increase the fleet to 60 aircraft.

"The introduction of the Bombardier Q400 aircraft has played a
key role in the turn-around of the business due to its customer
appeal and economics," Flybe Chairman and CEO Jim French said.  
"For the future though, most importantly its environmental
credentials are exceptional.  It is one of the quietest and most
effective aircraft, ideally suited for the regional markets of
the world."

Flybe became Europe's largest regional airline on March 5, 2007
when it acquired BA Connect from British Airways.  With that
acquisition, Flybe will operate 152 routes from 22 airports in
the U.K. and 34 in Europe.

"Very low operating costs, jet-like speed and a spacious, quiet
and comfortable cabin distinguish the Bombardier Q400 from the
competition," Bombardier Regional Aircraft President Steven
Ridolfi said.  "We are delighted that Flybe will continue to
grow their fleet with the Q400 airliner."

The transaction increases firm orders for the Q400 aircraft to
245.  As of Jan. 31, 2007, Bombardier had delivered 143 of these
airliners to operators in Africa, the Asia Pacific region,
Europe, the Middle East and North America.

Headquartered in Valcourt, Quebec, Bombardier Inc. (TSX: BBD) --
http://www.bombardier.com/-- manufactures transportation       
solutions, from regional aircraft and business jets to rail
transportation equipment.  In Europe, it maintains operations in
Northern Ireland, United Kingdom, Germany, Switzerland, Sweden,
and Austria.

                          *     *     *

Bombardier Inc.'s 5-3/4% Notes due Feb. 2, 2008 carry Moody's
Investors Service's Ba2 rating, Standard & Poor's BB rating, and
Fitch Ratings' BB- rating.


BOWATER INC: Weak Earnings Cue S&P's Negative Outlook
-----------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Greenville, South Carolina-based Bowater Inc. to negative from
stable.  All ratings, including the company's 'B+' corporate
credit rating, were affirmed.

"The outlook revision reflects weaker-than-expected earnings and
cash flow stemming from difficult newsprint market conditions,
softer pricing for coated and specialty papers, ongoing
operating losses for lumber, and elevated costs," said Standard
& Poor's credit analyst Pamela Rice.

Standard & Poor's had expected Bowater's credit measures to
improve modestly in 2007 as the company used asset-sale proceeds
to reduce debt and reduced costs to offset lower prices.  
However, industry supply discipline in North America has not
kept pace with demand declines, so prices remain under pressure.  
As a result, Bowater's debt, including debt-like obligations,
remains very high at $2.7 billion, and debt leverage for the
12 months ended March 31, 2007, rose to 7.4x from 6.7x at year-
end 2006.

Although S&P stated in January 2007 that the proposed merger
between Bowater and Abitibi-Consolidated Inc. (B+/Negative/--)
could result in a 'B+' corporate credit rating and a stable
outlook for the new company, S&P also expressed some caution
that weaker newsprint market conditions during the protracted
merger closing period would expose the ratings and outlook to
further pressure.

"The ratings on Bowater reflect the company's high debt burden;
cyclical, mature, and oversupplied markets; and enduring input
cost pressures," Ms. Rice said.  "Still, the company maintains
leading market positions in newsprint and coated groundwood
paper, has undertaken vigorous cost reduction efforts, and has
valuable timberland holdings."

The outlook is negative.  Although market conditions should
improve seasonally in the near term, S&P remain concerned about
Bowater's profitability and inability to reduce its heavy debt
burden.  S&P could lower the ratings if the company is unable to
strengthen its earnings and cash flow with cost improvement
efforts, or if market conditions worsen.  S&P could revise the
outlook to stable if Bowater is able to reduce debt beyond
expectations or if it merges with Abitibi, and S&P believe the
combined entity's credit risk profile will support the current
ratings over the intermediate term.

                       About Bowater Inc.

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en-- produces newsprint  
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.


CENTRAL EUROPEAN: Moody's Puts (P)Ba3 Rating on Proposed Notes
--------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating and a Loss
Given Default assessment of LGD4 (59%) to the proposed issuance
of EUR150 million senior floating rate notes due in 2014 by
Central European Media Enterprises Ltd.  Concurrently, Moody's
has affirmed CME's Corporate Family Rating at Ba3 with a stable
outlook.

The new notes will rank pari-passu with the existing EUR245
million 8.25% Senior notes due in 2012 and the EUR125 million
Senior floating rate notes due in 2012.  Moody's notes that the
company intends to redeem the EUR125 million Senior Floating
Rate Notes on May 15, 2007.

The new notes are contractually and structurally subordinated to
debt raised at the operating company level and benefit from
certain debt incurrence and structural protections, although the
terms are less restrictive than those included in the
documentation of the existing EUR245 million senior notes due
2012.  For example, the new notes allow for a material amount of
secured debt at the subsidiary level (primarily EUR150 million
of credit facilities and a EUR100 million basket).  However,
Moody's derives comfort from the fact that the more restrictive
covenants of the existing notes will continue to govern the
financial policy of the company at least until May 15, 2009,
when the EUR245 million notes can be redeemed.

The Ba3 rating of the notes, i.e. at the same level as the
Corporate Family Rating, factors Moody's expectation that there
will continue to be a limited amount of debt ranking
structurally or effectively ahead of these obligations.  
However, the rating agency cautions that any further material
use of the flexibility to incur secured debt ahead of the notes
could have negative impact on the notching.

Moody's notes that the company expects to apply the net proceeds
from the offering toward general corporate purposes, including
the potential purchase of additional ownership interests in its
existing operations.  In Moody's opinion, the company has built
up financial flexibility in its current rating as a result of an
improvement in its operating and financial risk profiles.
Moody's expects CME to make use of this financial flexibility in
order to selectively pursue opportunistic acquisitions,
particularly in growth markets.  However, it is Moody's
expectation that any potential acquisition will be made in the
context of CME's stated commitment to investors to adhere to a
net-debt-to-EBITDA ratio of less than 4.0x.

The stable outlook reflects Moody's view that CME is comfortably
positioned in the Ba3 rating category, despite the event risk
associated with potential bolt-on acquisitions.  Downward
pressure on the ratings could materialize if the company's
management increased its leverage targets above the stated net
debt to EBITDA ratio of less than 4.0x.

Based in Bermuda with corporate offices in London, UK, Central
European Media Enterprises Ltd is an international television
broadcasting company with operations across Central and Eastern
Europe.  Launched in 1994, CME and its partners now operate 13
networks in six countries, including TV Nova and Galaxie Sport
in the Czech Republic; PRO TV, PRO Cinema and Acasa in Romania;
Markiza TV in the Slovak Republic; POP TV and Kanal A in
Slovenia; and Studio 1+1, Kino and Citi in Ukraine.  For the
year ending on Dec. 31, 2006, CME generated Segment revenues of
US$605 million and Segment EBITDA of US$219 million.


CLS SCAFFOLDING: Joint Liquidators Take Over Operations
-------------------------------------------------------
David Anthony Horner and David Adam Broadbent of David Horner &
Co. were appointed joint liquidators of CLS Scaffolding Ltd. on
April 26 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         CLS Scaffolding Ltd.
         15 Oakfields
         Hunwick
         Crook
         England
         DL15 0GA
         Tel: 01388 604 144


COMBINED PLANT: Taps Andrew Pear to Liquidate Assets
----------------------------------------------------
Andrew Pear of Tenon Recovery was appointed liquidator of
Combined Plant Services Ltd. (t/a CPS Civil Engineering) on
April 18 for the creditors' voluntary winding-up procedure.

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

The company can be reached at:

         Combined Plant Services Ltd.
         Wareham Delivery Office Unit 4-5
         Sandford Lane Industrial Estate
         Wareham
         BH20 4AA
         England
         Tel: 01929 551 133
         Fax: 01202 604 543


CONNAIR PLANT: T. Papanicola Leads Liquidation Procedure
--------------------------------------------------------
T. Papanicola of Bond Partners LLP was appointed liquidator of
Connair Plant Hire Ltd. on April 26 for the creditors' voluntary
winding-up procedure.

Bond Partners LLP -- http://www.bondpartners.co.uk/--  
specializes in: audit and assurance, taxation, corporate
recovery, business rescue and insolvency, bookkeeping services,
as well as financial services through Bond Financial Network.

The company can be reached at:

         Connair Plant Hire Ltd.
         Grimsby
         DN31 1NX
         England
         Tel: 01507 358 592


CONSTELLATION BRANDS: Moody's Rates US$700 Mln Sr. Notes at Ba3
---------------------------------------------------------------
Moody's assigned a Ba3 rating to Constellation Brand's US$700
million senior unsecured note issuance which will be used to
reduce outstanding borrowings under the US$900 million revolving
portion of the company's senior credit facility.  All other
ratings of the company are affirmed and the rating outlook
remains stable.

The following rating was assigned:

   -- Constellation Brands, Inc. US$700 million senior unsecured
      notes due 2017: Ba3; LGD 4; 50%

Moody's last took rating action on Constellation Brands on
March 1 when the company announced its plans to do a debt-funded
share buyback on the heels of a string of acquisitions including
the acquisition of SVEDKA Vodka, announced in February of this
year.  Moody's at that time downgraded the corporate family
rating to Ba3 from Ba2 and said that the string of acquisitions
followed by the shift to a more aggressive financial policy as
demonstrated by the share buyback led to the downgrade.

The SGL-2 Speculative Grade Liquidity rating for Constellation
Brands, Inc., which was affirmed in March, reflects overall good
liquidity, given the company's ongoing strong financial
performance, ample availability under the revolver, modest
covenant cushion and its unencumbered asset base.  In Moody's
view, the company may rely on its revolving credit facility over
the next twelve months, largely due to notable seasonality in
working capital funding needs and a sizeable debt maturity of
US$200 million due in February 2008.

The outlook is stable reflecting the company's solid business
franchise, good product and geographic diversity, strong margins
and the expectation that cash flow generation will continue to
be solid as well as the view that the company's current leverage
can be tolerated at this rating level.

Headquartered in Fairport, New York, Constellation Brands, Inc.
had LTM sales of approximately US$5.1 billion and is a leading
international producer and marketer of beverage alcohol brands
with a broad portfolio across the wine, spirits, and imported
beer categories.


COSTAIN GROUP: Secures GBP30 Million King's Cross Contract
----------------------------------------------------------
Costain Group PLC disclosed that, in joint venture with Laing
O'Rourke, it has secured the GBP30 million King's Cross Eastern
Range and Platform Y contract awarded by Network Rail.

The contract is to upgrade the 300m-long 4-storey Grade 1 listed
Eastern Range building adjacent to platform 1 at King's Cross.  
In due course, the project will also create a new platform,
Platform Y, at ground level beneath the Eastern Range building,
replacing the existing taxi road.

This is the first step in Network Rail's GBP400 million
redevelopment of one of the country's busiest stations, designed
to increase capacity ahead of the 2012 Olympics.

"This success at King's Cross follows on from the outstanding
achievement at St. Pancras where we are coming to the end of
similar works as part of the Channel Tunnel Rail Link upgrade
contract," Costain CEO Andrew Wyllie 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.


CRADLEY PRINT: Names Liquidators to Wind Up Business
----------------------------------------------------
Ian J. Gould and Edward T. Kerr of PKF (U.K.) LLP were appointed
joint liquidators of Cradley Print Ltd. (formerly Bayfab Ltd.)
on April 10 for the creditors' voluntary winding-up proceeding.

PKF (U.K.) LLP -- http://www.pkf.co.uk-- specializes in  
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Limited.

The company can be reached at:

         Cradley Print Ltd.
         Chester Road
         Cradley Heath
         B64 6AB
         England
         Tel: 01384 414 100


ESS & JAY: Administrators Put Business and Assets on the Block
--------------------------------------------------------------
Paul Clark and Jason Godefroy of Menzies Corporate
Restructuring, acting as joint administrators for paper and
board products manufacturer Ess & Jay Ltd, offer for sale, as a
going concern, the company's business and assets.

Menzies Corporate Restructuring -- http://www.menzies.co.uk/--  
provides corporate restructuring services including: services
for directors or stakeholders of troubled businesses; services
to Lenders of troubled businesses; raising rescue funding at
short notice; and forensic and fraud services.

Ess & Jay Ltd -- http://www.essandjay.co.uk/-- has been  
manufacturing paper and board products for the food industry for
over 20 years with annual revenues of GBP2.5 million per annum.  
The company exports its products to Western Europe and Saudi
Arabia.  It holds a leasehold premise where it performs
production, warehousing and administrative functions involving
about 25 employees.

The company can be reached at:

         Ess & Jay Ltd
         Unit C
         Burntcommon Distribution Center
         London Road
         Send
         Woking
         Surrey
         GU23 7LN
         Tel: 01483-212900
         Fax: 01483-212700
         E-mail: info@essandjay.co.uk


FOCUS DIY: Hilco Leads Race to Acquire Company
----------------------------------------------
Hilco Consumer Capital led the race to acquire Focus DIY
(Finance) PLC, and was said to be in advanced talks with owners
Apax Partners and Duke Street, Reuters reports, citing The Times
as its source.

It is still not certain if Hilco would take control of the
entire Focus operation, Reuters relates.  A source told Reuters
that Apax and Duke Street could retain a stake in Focus due to
its recently improved performance.

In January 2007, Focus's board instructed NM Rothschild to sell
the retailer after it is evident that sales could not service
company's debts of GBP280 million.

According to The Sunday Telegraph, Focus is likely to be placed
in administration if NM Rothschild fails to strike a deal with a
bidder.

Focus has bank borrowings of GBP180 million and around GBP100
million of bonds, both listed on the Irish Stock Exchange.  
Leading lenders Barclays and ING hired PricewaterhouseCoopers to
assess the company's stability, believing Focus could breach its
banking covenants, The Sunday Telegraph relates.

In January 2006, Focus agreed to a new business plan, set to run
until July 2007, in order to renegotiate its senior debt
covenants for that period.  At that time it was envisaged that
the financing structure of the Group would need to be reviewed
in the first half of 2007.

Focus DIY -- http://www.focusdiy.co.uk/-- is third-largest DIY  
retailer in the United Kingdom by market share and offer an
extensive range of DIY and gardening products, primarily to
consumers seeking to undertake light home improvement and
maintenance projects.  The company operates over 250 stores with
a total of approximately 8.2 million square feet of net selling
space (including 1.9 million square feet of outdoor selling
space) and, on average, approximately 32,000 square feet of net
selling space per store.

                           *     *     *

As reported in the TCR-Europe on April 11, 2007, Moody's
confirmed Caa3 Corporate Family Rating for Focus DIY
(Investments) Limited, and assigned Loss-Given-Default Rating
of:

* Issuer: Focus DIY (Investments) Limited
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Caa2     Caa2     LGD3    33%


* Issuer: Focus (Finance) Plc

   Senior Subordinated
   Regular Bond/Debenture
   Due 2015                 Ca       Ca       LGD5    87%

On March 5, 2007, Fitch Ratings placed certain ratings of UK-
based Focus DIY on Rating Watch Negative, following the
company's agreement with its mezzanine noteholders to defer the
issue of its audited accounts for the financial year ended
October 2006, which were due on Feb. 28.

Focus DIY (Investments) Ltd.

   -- Issuer Default rating 'CCC'
   -- Senior secured credit facility 'B-'/'RR2'
   -- Short-term rating 'C'

Focus DIY (Finance) plc

   -- IDR 'CCC'
   -- Mezzanine notes 'CC'/'RR6'

And as reported by the TCR-Europe on Jan. 16, 2007, Standard &
Poor's Ratings Services lowered its long-term corporate credit
ratings on Focus DIY (Finance) PLC and Focus DIY (Investments)
Ltd., the parent companies of U.K.-based home-improvement
retailer Focus, to 'CCC-' from 'B-', and placed the ratings on
CreditWatch with negative implications.


FORD MOTOR: To Halt Operations of Cleveland Casting Plant
---------------------------------------------------------
Ford Motor Company intends to idle the Cleveland Casting Plant
in 2009, as part of the company's Way Forward plan to transform
its North American automotive business.  In addition, the
company will defer production at Cleveland Engine No. 1,
beginning in two weeks, for approximately 12 months.

The actions are in line with Ford's commitment to match its
manufacturing capacity with actual customer demand.

"These are difficult actions, and we're approaching them with
great sensitivity because they involve our people," Joe
Hinrichs, Ford's vice president of North America Manufacturing,
said.  "However, operating an efficient and competitive
manufacturing business is a key to our Way Forward plan to
transform our business back to sustained profitability."

Cleveland Casting opened in 1952 and employs 1,100 hourly and
118 salaried workers.  It produces cast-iron components for
engines for Ford F-Series Super Duty trucks, Ford E-Series vans
and Ford Expedition and Lincoln Navigator SUVs.

Ford's intention to idle Cleveland Casting is consistent with
the company's move away from in-house casting operations.  The
company will also end casting production at Ford facilities in
Leamington, United Kingdom and Windsor, Ontario.

Production activities at Cleveland Engine No. 1 are being
deferred for approximately one year to capitalize on production
efficiencies at Ford's Lima Engine Plant, in Ohio, where the
company now can produce all its Duratec 3.5-liter engines for
the Ford Taurus passenger car and Taurus X crossover, as well as
other models.  Previously, Cleveland Engine No. 1 produced the
Duratec 3.0-liter engine for prior models of the Ford Five
Hundred passenger car and Freestyle crossover.  If demand
warrants, Ford says, production activities at Cleveland Engine
No. 1 could resume earlier than the planned 12 months.

Opened in 1951, Cleveland Engine Plant No. 1 currently employs
530 hourly and 47 salaried workers.  When it returns to
production, the plant is slated to produce the Duratec 3.5-liter
engine and a variant for the Lincoln MKZ passenger car, Lincoln
MKX crossover, Ford Taurus, Ford Taurus X, Ford Edge crossover
and Mercury Sable passenger car.  In addition, the plant will
produce engines for two all-new vehicles, the Lincoln MKS
passenger car and Ford Flex crossover.

Cleveland Engine Plant No. 2 will continue to operate as
planned.  Opened in 1955, it currently employs 700 hourly and 85
salaried workers.  It produces two versions of 3.0-liter engines
for the Ford Fusion passenger car and Ford Escape crossover,
Mercury Milan passenger car and Mercury Mariner crossover, Mazda
6 passenger car and Mazda Tribute crossover, as well as for the
Ford Mondeo passenger car for Europe and various Jaguar models.

                       25,000 Workers Gone

The company also disclosed that 25,000 factory workers, all of
whom accepted early retirement and buyout offers from Ford, left
the company's payroll, according to various sources.

As reported in the Troubled Company Reporter on Nov. 30, 2006,
Ford confirmed about 38,000 of its United Auto Workers union-
represented hourly workers have accepted package offerings for
voluntary separations from the company.

However, Poornima Gupta of Reuters relates that 2000 of them
withdrew their acceptance of the buyouts, which left 11,000
workers departing under the buyout program.

The buyout program, which was offered to the entire workforce of
Ford and its Automotive Component Holdings subsidiary a year
ago, was in conjunction with the company's four-year turnaround
plan to close 16 plants and cut 45,000 jobs.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core and
affiliated automotive brands include Ford, Jaguar, Land Rover,
Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The company
provides financial services through Ford Motor Credit Company.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan
and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


IAN MEARNS: Calls In Liquidator from DTE Leonard Curtis
-------------------------------------------------------
Paul David Masters of DTE Leonard Curtis was appointed
liquidator of Ian Mearns Holidays Ltd. on April 21 for the
creditors' voluntary winding-up procedure.

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.

The company can be reached at:

         Ian Mearns Holidays Ltd.
         12-16 Tannery Yard
         Witney Street
         Burford
         OX18 4DP
         England
         Tel: 01993 822 655
         Fax: 01993 822 650


MCDERMOTT INT'L: Unit Acquires Marine Mechanical for US$75 Mln
--------------------------------------------------------------
McDermott International, Inc.'s Government Operations
subsidiary, BWX Technologies, Inc. has completed its acquisition
of Marine Mechanical Corporation for approximately US$75
million.

Headquartered in Euclid, Ohio, Marine Mechanical Corporation
designs, manufactures and supplies electro-mechanical equipment
used by the United States Navy.  MMC, employing approximately
250 people, generated revenues in 2006 of approximately US$50
million and ended the year with backlog of approximately US$165
million.  McDermott will operate MMC as a unit of BWXT's Nuclear
Operations Division.

                  About McDermott International

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors, the rating agency confirmed
its B1 Corporate Family Rating for McDermott International Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97


MCDERMOTT INT'L: Earns US$158.1 Million in First Quarter 2007
-------------------------------------------------------------
McDermott International, Inc. reported net income of US$158.1
million for the 2007 first quarter, compared to net income of
US$55.3 million for the corresponding period in 2006.  

Weighted average common shares outstanding on a fully diluted
basis were approximately 114.2 million and 113.0 million for the
quarters ended March 31, 2007 and March 31, 2006, respectively.  
For the 2006 quarter, McDermott's common shares outstanding and
earnings per share are adjusted to reflect the 3-for-2 stock
split effected in May 2006.

McDermott's revenues in the first quarter of 2007 were
US$1,363.4 million, compared to US$644.9 million in the
corresponding period in 2006.  The increase in revenues is
primarily attributable to three months of The Babcock & Wilcox
Company's revenues in 2007 first quarter, compared to only one
month during the 2006 quarter, as B&W was reconsolidated with
the Company in March last year.  Additionally, revenues in the
Offshore Oil & Gas Construction segment increased 86 % compared
to a year ago due to strong industry demand.

Operating income was US$192.5 million in the 2007 first quarter,
compared to US$67.7 million in the 2006 first quarter. The
improvement in operating income is primarily attributable to a
446 % increase in segment income in the Offshore Oil & Gas
Construction segment.  In addition, the Company's other
segments, Government Operations and Power Generation Systems,
increased segment income by 31.8 % and 57.8 %, respectively,
while unallocated corporate expenses declined.

"At McDermott, we generally avoid over-emphasizing any given
quarter as our results, and the industry in general, are
inherently lumpy.  However, the first quarter was truly
outstanding for us and is a terrific start to 2007," said Bruce
W. Wilkinson, Chairman of the Board and Chief Executive Officer
of McDermott.  "During the quarter, the Company experienced near
flawless execution of our backlog, we delivered profits ahead of
forecast and successfully realized income opportunities while
mitigating risks.  The combination of these factors with our
active workload allowed McDermott to deliver earnings that far
surpassed our own expectations."

At March 31, 2007, McDermott's consolidated backlog was US$7.9
billion, compared to US$5.9 billion at March 31, 2006 and US$7.6
billion at December 31, 2006.

                      Results of Operations
      (2007 First Quarter Compared With 2006 First Quarter)

   * Offshore Oil & Gas Construction Segment (J. Ray)

Revenues in the Offshore Oil & Gas Construction segment were
US$550.3 million in the 2007 first quarter, compared to US$295.4
million for the same period a year ago.  The year-over-year
increase in revenues resulted primarily from increased activity
in the Middle East, Asia Pacific and Caspian regions.

Segment income for the 2007 first quarter was US$121.2 million,
compared to US$22.2 million in the 2006 first quarter.  Each
major region contributed to the improvement, led by the
increased activities in the Middle East.  In addition, project
close-outs; change orders and settlements were particularly
strong during the first quarter of 2007, with J. Ray realizing
approximately US$40 million in segment income from these items.
In the 2006 first quarter, J. Ray's segment income was reduced
by a non-cash impairment of US$16.4 million related to
accumulated currency translation losses.

At March 31, 2007, J. Ray's backlog was US$4.2 billion, compared
to backlog of US$2.4 billion and US$4.1 billion at March 31,
2006 and December 31, 2006, respectively.

   * Power Generation Systems Segment

Revenues in the Power Generation Systems segment for the first
quarter 2007 were US$655.4 million, compared to US$189.0 million
reported in the first quarter of 2006 which included only one
month of B&W's financial results.  Between February 2000 and
February 2006, B&W was deconsolidated from the Company's
reported financial statements.

Segment income for the 2007 first quarter was US$43.5 million,
compared to US$27.6 million in the 2006 first quarter.  The
improvement in segment income resulted primarily from improved
margins in B&W's service and parts business, and increased
activity during the 2007 first quarter for new boilers and
retrofit projects.

At March 31, 2007, B&W's backlog was US$2.3 billion compared to
backlog of US$1.9 billion and US$2.2 billion at March 31, 2006
and December 31, 2006, respectively.  Backlog at March 31, 2007
excludes the amounts associated with three TXU boiler and SCR
contracts that B&W continues to fulfill, but the respective
amounts will be rebooked should a new buyer or buyers contract
for one of more of these units.

   * Government Operations Segment

Revenues in the Government Operations segment were US$161.4
million in the 2007 first quarter, compared to US$161.0 million
for the same period a year ago.

Segment income for the 2007 first quarter was US$34.8 million,
compared to US$26.4 million in the 2006 first quarter.  The
improvement was primarily due to increased activity and higher
margins from the manufacture of nuclear components for certain
U.S. Government programs, including the recognition of savings
associated with the previously announced completion of a multi-
award agreement with the Department of Energy.

At March 31, 2007, BWXT's backlog was US$1.5 billion, compared
to backlog of US$1.6 billion and US$1.3 billion at March 31,
2006 and December 31, 2006, respectively.

   * Corporate

Unallocated corporate expenses were US$6.9 million in the 2007
first quarter, compared to US$8.4 million in the 2006 first
quarter.  The decrease was primarily related to lower stock
based compensation expenses.

   * Other Income and Expense

The Company's other expense for the first quarter of 2007 was
US$1.1 million, compared to other income of US$8.9 million in
the first quarter of 2006.  The year-over-year variance is
primarily due to a US$13.2 million benefit from tax-related
interest adjustments that occurred in the first quarter a year
ago, partially offset by a US$5.5 million improvement in net
interest income/expense compared to the 2006 first quarter due
to improved cash and investment balances.

                  About McDermott International

Headquartered in Houston Texas, McDermott International, Inc.
(NYSE:MDR) -- http://www.mcdermott.com/-- through its  
subsidiaries, an engineering and construction company, with
specialty manufacturing and service capabilities, focused on
energy infrastructure.  McDermott's customers are predominantly
utilities and other power generators, major and national oil
companies, and the United States Government.  With its global
operations, McDermott operates in over 20 countries -- including
Indonesia and the United Kingdom -- with more than 20,000
employees.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
Oct. 11, 2006, that in connection with Moody's Investors
Service's implementation of its new Probability-of-Default and
Loss-Given-Default rating methodology for the oilfield service
and refining and marketing sectors, the rating agency confirmed
its B1 Corporate Family Rating for McDermott International Inc.

Moody's also revised its probability-of-default ratings and
assigned loss-given-default ratings on these loans and bond debt
obligations:

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   Multiple Seniority
   Shelf (Senior
   Unsecured)            (P)B3    (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Subordinate)  (P)Caa2   (P)B3    LGD6        97%

   Multiple Seniority
   Shelf (Preferred)    (P)Caa3   (P)B3    LGD6        97


METRONET RAIL: Moody's Lowers Rating to Ba1 on Financial Profile
----------------------------------------------------------------
Moody's Investors Service downgraded to Ba1 from Baa3 the senior
secured un-guaranteed debt ratings of both Metronet Rail BCV
Finance plc and of Metronet Rail SSL Finance plc.  The ratings
have been placed on review for further downgrade.  

At the same time, the Aaa guaranteed debt ratings of BCV Finco
and SSL Finco have been affirmed.

Moody's notes that the debt raised by BCV Finco is on-lent to
Metronet Rail BCV Limited and the debt raised by SSL Finco is
on-lent to Metronet Rail SSL Limited.  The debt raised will be
used to finance the operation, maintenance and asset upgrade of
part of the London Underground.  The downgrade reflects Moody's
view that there is now a higher probability that both BCV Finco
and SSL Finco will have insufficient available funding to meet
expenditure commitments prior to the first Service Contract
Periodic Review in October 2010 without the receipt of
additional funds from an Extraordinary Review or from other
financial sources.  Moody's has placed the ratings on review for
further downgrade pending clarification of the financial profile
of BCV Finco and SSL Finco over the coming months.

Moody's previous rating action on these issuers was the change
of the rating outlook to negative from stable for the senior
secured un-guaranteed debt ratings of both BCV Finco and SSL
Finco on Sept. 13, 2006.

According to Moody's, the Ba1 ratings of both BCV Finco and SSL
Finco reflect:

   (1) the fixed indexed revenue paid to BCV/SSL by London
       Underground Limited under the guarantee of Transport for
       London (rated Aa1, stable);

   (2) the complexities of the LUL public private partnership
       and potential for dispute;

   (3) the challenging asset upgrade and renewal program, which
       is experiencing material problems, in particular in the
       stations upgrade program;

   (4) BCV and SSL's expected financial profile, and the likely
       cash requirements which may be greater than currently
       available funding without additional revenues or de-
       scoped work; and

   (5) the Service Contract termination provisions, together
       with the senior debt structural enhancements that
       underpin the senior debt.

Furthermore, the Ba1 rating reflects a speculative-grade default
probability which is somewhat offset by an assumed low loss
severity in the event that BCV/SSL were to default on their debt
obligations.

The speculative-grade default probability reflects Moody's view
that SSL and BCV may be challenged to meet their cost reduction
targets and asset upgrade obligations within their current
available funding limits.  Moody's believes it likely that BCV
and SSL will need to seek an Extraordinary Review.  
Nevertheless, the outcome of any Extraordinary Review is very
uncertain given that it is an untested procedure.  Moreover,
Moody's believes that it is impossible to predict at this
juncture how much of the additional costs that might be referred
will be deemed by the PPP Arbiter as valid additional costs
incurred economically and efficiently.  The rating agency notes
that the PPP Arbiter has previously concluded that, over the
first three years of the BCV and SSL Service Contract, many
activities were not conducted in an economic and efficient
manner, although he acknowledged improvements in the 12 months
to March 2006.  The PPP Arbiter has indicated that an
Extraordinary Review may take up to one year to conclude from
the initial reference, although the PPP Arbiter has the option
of awarding an interim increase in revenues if he concludes that
one or both infrastructure companies require additional funding
to meet economic and efficient costs prior to a final
determination.

Moody's adds that the assumed low loss severity arises from the
terms of the Service Contract and supporting financial
documentation.  A debt default could arise either through
funders ceasing to advance monies to BCV and/or SSL, or if BCV
and/or SSL were to have insufficient funds to meet all of their
respective obligations.  Moody's notes that such serious
financial difficulties would likely result in an acceleration of
debts outstanding and an insolvency if not remedied.  The rating
agency understands that, in such circumstances, LUL may step in
on behalf of the relevant company and must, as a direct
obligation, meet the interest and principal payments that are
due to the senior debt funders during that step-in period.  If
LUL does not exercise its step-in rights, the funders may
require LUL to acquire the Service Contract in exchange for an
Underpinned Amount, which is defined as 95% of the senior debts
outstanding at that time.  Furthermore, if the LUL step-in
period continues for 12 months or more, the funders can require
the initiation of a sale process which would see the Service
Contract novated to an LUL nominee in exchange for an amount at
least equivalent to the Underpinned Amount.

Moody's rating reviews will focus on BCV's and SSL's financial
requirements over the coming months, the availability of funding
to meet these, and the options that BCV and/or SSL may have in
order to reduce funding requirements if sufficient funding
cannot be procured through an extraordinary review or otherwise.
The rating of either BCV or SSL is likely to be downgraded
further if Moody's believes that there is a material likelihood
that BCV and/or SSL will run out of funding availability within
the next 12 months.  Moody's may make a rating distinction
between BCV and SSL following this rating review if evidence
warrants.

Following this rating action, Metronet Rail BCV Finance plc has
the following guaranteed debt ratings outstanding, with a stable
outlook:

   -- GBP350 million Guaranteed Secured Fixed-Rate Bonds due
      2032: Aaa (guaranteed by Ambac Assurance UK Limited).

   -- GBP165 million Guaranteed Secured Index Linked Bonds due
      2032: Aaa (guaranteed by Financial Security Assurance
      (U.K.) Limited).

The following ratings of Metronet Rail BCV Finance plc are
outstanding:

   -- Underlying Ratings of the above two bonds: Ba1, on review
      for downgrade.

   -- GBP510 million of senior secured bank loan facilities:
      Ba1, on review for downgrade.

Further to this rating action, Metronet Rail SSL Finance plc has
the following guaranteed debt ratings outstanding, with stable
outlook:

   -- GBP350 million Guaranteed Secured Fixed-Rate Bonds due
      2032 -- Aaa (guaranteed by Financial Security Assurance
     (U.K.) Limited)

   -- GBP165 million Guaranteed Secured Index Linked Bonds due
      2032 -- Aaa (guaranteed by Ambac Assurance UK Limited)

The following ratings of Metronet Rail SSL Finance plc are
outstanding:

   -- Underlying Ratings of the above two bonds: Ba1, on review
      for downgrade.

   -- GBP510 million of senior secured bank loan facilities:
      Ba1, on review for downgrade.

Metronet Rail BCV Finance plc is a financing conduit that raises
finance and on-lends the proceeds to Metronet Rail BCV Limited,
and Metronet Rail SSL Finance plc is a financing conduit that
raises finance and on-lends the proceeds to Metronet Rail SSL
Limited.  Metronet Rail BCV Limited and Metronet Rail SSL
Limited are companies that provide infrastructure upgrade,
operation and maintenance services to London Underground Limited
under the terms of the Service Contracts, which form part of the
London Underground Public Private Partnership.


OLDCOURT ACCOUNTING: Creditors' Meeting Slated for May 16
---------------------------------------------------------
Creditors of Oldcourt Accounting Services Ltd. will meet at
10:30 a.m. on May 16 at:
  
         DSi Services
         29 King Street
         Newcastle under Lyme  
         Staffordshire  
         ST5 1ER
         England

Creditors who want to vote at the meeting have until noon on
May 15 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 14.


PRO-WELD MARINE: Creditors' Meeting Slated for May 17
-----------------------------------------------------
Creditors of Pro-Weld Marine Engineering Ltd. will meet at
2:15 p.m. on May 17 at:
  
         Customs House  
         9/10 Hampshire Terrace  
         Portsmouth  
         PO1 2QF
         England

Phillip Anthony Roberts will furnish creditors with information
concerning the company's affairs free of charge as they may
reasonably require prior to the date of the meeting.


ROCKCOM INTERNATIONAL: Claims Filing Period Ends May 31
-------------------------------------------------------
Creditors of Rockcom International Ltd. have until May 31 to
send in their names and addresses with particulars of their
debts or claims and the names and addresses of their solicitors
(if any) to:

         John William Lewis  
         Joint Liquidator
         J W Lewis Insolvency Services Ltd.
         Suite B1
         White House Business Center
         Forest Road
         Kingswood
         Bristol  
         BS15 8NH
         England

John William Lewis of Terry Christopher Evans of J W Lewis
Insolvency Services Ltd. were appointed joint liquidators of the
company on April 19.


SCOTTISH RE: MassMutual Deal Cues A.M Best to Raise Ratings
-----------------------------------------------------------
A.M. Best Co. has upgraded the financial strength rating to B+
(Good) from B (Fair) and the issuer credit ratings to "bbb-"
from "bb+" for the primary operating insurance subsidiaries of
Scottish Re Group Limited (Cayman Islands) [NYSE: SCT].

A.M. Best has also upgraded the ICR to "bb-" from "b" and the
various debt ratings of Scottish Re.

All ratings have been removed from under review with positive
implications and assigned a stable outlook.

These rating actions follow the completion of the previously
announced agreement in which MassMutual Capital Partners, LLC
and Cerberus Capital Management, LP each would invest US$300
million into Scottish Re.  Under the agreement, Scottish Re will
issue convertible preferred shares, which is the equivalent of a
68.7% ownership interest in the company.  The capital investment
is permanent and enables Scottish Re to meet both its short-term
and longer-term capital and cash flow needs.

A.M. Best notes the support demonstrated by its new ownership
and expects financial and risk management controls will improve
as a result of this change.  Capital levels at the insurance
entities currently support a "Secure" rating.

However, Scottish Re recorded a substantial loss in 2006 on both
a statutory and GAAP basis.  Moreover, A.M. Best expects that
improvement in earnings may be slow to emerge in the near term,
as costs related to operational and corporate governance
measures are incurred.  In addition, rebuilding its brand in the
reinsurance market will likely take time.  The generation of new
business has been negatively impacted by rating downgrades and
Scottish Re's financial difficulties, and retention of current
treaties will need to be monitored.  Operating leverage also
remains at a high level.

The stable outlook reflects A.M. Best's opinion that Scottish Re
will benefit from the discipline from its new Board of Directors
and the stability provided by its investors.  A.M. Best will
closely monitor the profit emergence of its inforce business as
well as the ability to generate new business profitably.

The FSR has been upgraded to B+ (Good) from B (Fair) and the
ICRs to "bbb-" from "bb+" for the following subsidiaries of
Scottish Re Group Limited:

    * Scottish Annuity & Life Insurance Company (Cayman) Ltd.
    * Scottish Re (U.S.), Inc.
    * Scottish Re Life Corporation
    * Scottish Re Limited
    * Orkney Re, Inc.

The ICR has been upgraded to "bb-" from "b" for Scottish Re
Group Limited.

These debt ratings have been upgraded:

Scottish Re Group Limited-

    * to "b" from "ccc+" on US$125 million non-cumulative
preferred
      shares

Stingray Pass-thru Trust-

    * to "bbb-" from "bb" on US$325 million 5.902% senior
      secured pass-thru certificates, due 2012

These indicative ratings for debt securities have been upgraded:

Scottish Re Group Limited-

    * to "bb-" from "b" on senior unsecured debt

    * to "b+" from "b-" on subordinated debt

    * to "b" from "ccc+" on preferred stock

    * Scottish Holdings Statutory Trust II and III-to "b+" from
      "b-" on preferred securities

Founded in 1899, A.M. Best Company is a full-service credit
rating organization dedicated to serving the financial services
industries, including the banking and insurance sectors.


SOUTH HERTS: Brings in Liquidators from PricewaterhouseCoopers
--------------------------------------------------------------
Stephen Mark Oldfield and Michael John Andrew Jervis of
PricewaterhouseCoopers LLP were appointed joint liquidators of
South Herts Waste Management Ltd. on April 19 for the creditors'
voluntary winding-up proceeding.

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

The joint liquidators can be reached at:

         Stephen Mark Oldfield nd Michael John Andrew Jervis  
         PricewaterhouseCoopers LLP
         Hill House
         Richmond Hill
         Bournemouth  
         BH2 6HR
         England


W.B. BRADFORD: Creditors' Meeting Slated for May 22
---------------------------------------------------
Creditors of W.B. Bradford (Measham) Ltd. will meet at
11:30 a.m. on May 22 at the offices of:
  
         Elwell Watchorn & Saxton LLP
         109 Swan Street
         Sileby
         Leicestershire  
         LE12 7NN
         England

Creditors who want to vote at the meeting have until noon on
May 21 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 between 10:00 a.m. and 4:00 p.m. on
May 18 and May 21.

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


WATERCRESS DEVELOPMENTS: Hires Administrators from PKF (UK) LLP
---------------------------------------------------------------
Kerry Franchina Bailey and Jonathan David Newell of PKF (UK) LLP
were appointed joint administrators of Watercress Developments
Limited (Company Number 05039021) on April 23.

PKF (UK) LLP -- http://www.pkf.co.uk/-- specializes in advising  
the management of developing private and public businesses.  Its
principal services include assurance & advisory; corporate
finance; corporate recovery & insolvency; forensic; management
consultancy; and taxation.  It also offers financial services
through its FSA authorized company, PKF Financial Planning Ltd.

The company can be reached at:

         Watercress Developments Limited
         Bridge House
         4 Borough High Street
         Southwark
         London
         SE1 9QR
         England


WATERCRESS DEVELOPMENTS: Administrators Sells Residential Unit
--------------------------------------------------------------
The joint administrators of Watercress Developments Limited,
Kerry Bailey, Jonathan Newell and Philip Long of PKF (UK) LLP,
offer for sale units in a residential mill conversion in
Milnsbridge, Huddersfield.

The property consists of:

    * 53 apartments over 6 floors

    * 34 of the apartments have leases available for sale, of
      which 14 have exchanged contracts

The apartments range from 630-996 square feet with a 999-year
lease granted on December 25, 1874.  The administrators are also
offering the leases of two other titles where ground rents are
collectable.  The property is approximately two miles from the
center of Huddersfield.

Interested parties should contact:

         Amanda Larkin  
         PKF (UK) LLP
         Farringdon Place
         20 Farringdon Road
         London
         EC1M 3AP  
         Tel: 020 7065 0335
         Fax: 020 7065 0525
         Email: amanda.larkin@uk.pkf.com

PKF (U.K.) LLP -- http://www.pkf.co.uk/-- specializes in  
advising the management of developing private and public
businesses.  Its principal services include assurance &
advisory; corporate finance; corporate recovery & insolvency;
forensic; management consultancy and taxation.  It also offers
financial services through its FSA authorized company, PKF
Financial Planning Ltd.

The company can be reached at:

         Watercress Developments Limited
         Bridge House
         4 Borough High Street
         Southwark
         London
         SE1 9QR
         England


WINTAN EASYFOODS: Appoints Claire L. Dwyer as Liquidator
--------------------------------------------------------
Claire L. Dwyer of Jones Lowndes Dwyer LLP was appointed
liquidator of Wintan Easyfoods Ltd. on April 30 for the
creditors' voluntary winding-up procedure proceeding.

The company can be reached at:

         Wintan Easyfoods Ltd.
         48-52 Penny Lane
         Liverpool
         L18 1DG
         England
         Tel: 0161 202 3388


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
May 14-16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      1st Annual TMA Regional Conference - Texas
         Hyatt Regency Resort & Spa
            Lost Pines, Texas
               Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Corporate Restructuring Workshop
         Cable Center, Denver, Colorado
            Contact: http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

May 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bankruptcy Judges Panel
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

May 17-18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      6th Annual Great Lakes Regional Conference
         Renaissance Quail Hollow Resort, Painesville, Ohio
            Contact: http://www.turnaround.org/

May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Valuation / Sale of the Distressed Business
         Athletic Club, Seattle, Washington
            Contact: http://www.turnaround.org/
  
May 17, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Networking Lunch
         TBD, Arizona
            Contact: 623-581-3597 or www.turnaround.org/

May 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      13 Week CF Program
         Kansas City, Missouri
            Contact: http://www.turnaround.org/

May 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      LI-TMA Annual Golf Outing
         TBD, Long Island, New York
            Contact: 631-251-6296 or http://www.turnaround.org/

May 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Hedge Funds
         Standard Club, Chicago, Illinois
            Contact: http://www.turnaround.org/

May 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Calaloo Caf,, Morristown, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

May 24-25, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Fourth Annual Conference on Distressed Investing Europe
         Maximizing Profits in the European Distressed Debt
            Market
               Le Meridien Piccadilly Hotel - London, UK
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

May 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona and RMA Joint Meeting
         Hotel Valley Ho, Scottsdale, Arizona
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/
  
Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
           http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/
  
BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

  
                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *