TCREUR_Public/070514.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 14, 2007, Vol. 8, No. 94

                            Headlines


A U S T R I A

ANTIPODES CONCEPTS: Claims Registration Period Ends June 11
CATO EVENT: Claims Registration Period Ends June 11
CROSLAV TROCKENBAU: Administrator Declares Insufficient Assets
HEKLI LLC: Claims Registration Period Ends May 30
HOLZTRATTNER ELEKTRO: Claims Registration Period Ends June 11

MDM LLC: Claims Registration Period Ends June 4
MOEBEL- & RAUM: Claims Registration Period Ends June 11


B E L G I U M

GOODYEAR TIRE: Moody's Lifts Rating to Ba3 on Proposed Equity


C Z E C H   R E P U B L I C

ON SEMICONDUCTOR: Inks Pact to Repurchase 5 Million Common Stock


D E N M A R K

FS FUNDING: Moody's Junks EUR1.3 Billion Sr. Subordinated Notes
TDC A/S: Earns DKK2 Billion in First Quarter 2007


F R A N C E

EUROTUNNEL GROUP: French Tax Losses Amount to EUR890 Million
REMY COINTREAU: Begins Asset Sale Offer for Senior Notes


G E R M A N Y

ALKE PHARMA: Claims Registration Period Ends May 18
ANHALTINISCHE CHEMISCHE: Claims Registration Period Ends May 31
AUTO-HEILIG GMBH: Claims Registration Period Ends June 15
BAUWAREN HAUSNER: Creditors' Meeting Slated for May 30
DACHDECKER GMBH: Claims Registration Period Ends June 1

DAIMLERCHRYSLER: Cerberus May Be Closer to Win Chrysler: Source
DUMONTA DUMMERSDORF: Claims Registration Period Ends June 29
ELEKTRO WESTEN: Claims Registration Period Ends June 6
EMC EURO: Claims Registration Period Ends June 18
FESTSPIELHAUS NEUSCHWANSTEIN: Claims Registration Ends June 5

FRISEUR WIEMANN: Claims Registration Ends June 6
FUCHS ANLAGENBAU: Claims Registration Ends June 1
HAYES LEMMERZ: Unit Commences Offer to Repurchase 10-1/2% Notes
HP PELZER: Lenders Convert EUR62 Million of Debt to Equity
INDUSTRIEPLANUNG FISCHER: Chapter 15 Petition Summary

PROSIEBENSAT.1: Fitch Places IDR on Watch on Potential SBS Bid
SANDT LOGISTIK: Creditors' Meeting Slated for June 11
SPIEGELHAUER PRODUKTIONS: Claims Registration Ends June 20
STENGER ZENTRALSERVICE: Claims Registration Ends June 27
STRATE AUTOMOBIL: Claims Registration Ends June 19

VISUDERM PHARMA: Claims Registration Period Ends June 12
VONBIRN GMBH: Claims Registration Ends June 15
WDM-SERVICE GMBH: Claims Registration Period Ends June 20
WIRTSCHAFTS-NEWS VERLAGS: Creditors Meeting Slated for June 28
ZIEGELWERK EITENSHEIM: Creditors' Meeting Slated for June 11


K A Z A K H S T A N

AEROPROJECT LLP: Creditors Must File Claims by June 8
ASIA TRANS GAS: Creditors' Claims Due June 20
COOPERATIVE KUANYSH: Proof of Claim Deadline Slated for June 1
DARINA K LLP: Claims Registration Ends June 5
FIRM BEK-LTD: Claims Filing Period Ends June 5
KAZAKHGAS JSC: Court Started Bankruptcy Proceeding on April 10

SATKO LLP: Creditors' Claims Due June 1
SOVREMENNIYE TECHNOLOGIYI: Bankruptcy Hearing Begun on April 10
TS-ENGINEERING LLP: Claims Filing Period Ends June 8


K Y R G Y Z S T A N

HOME NET: Creditors Must File Claims by June 27


P O L A N D

INTERNATIONAL PAPER: Closing Montreal Milk Carton Plant in July


R U S S I A

AGRO-SERVICE OJSC: Creditors Must File Claims by June 21
ALEF CJSC: Creditors Must File Claims by May 21
ANTARES LLC: Moscow Court Names A. Podzhio as Insolvency Manager
ATOM-SERVICE CJSC: Rostov Bankruptcy Hearing Slated for July 23
AVEST ELECTRONICS: Creditors Must File Claims by May 21

COMSTAR UNITED: Moody's Assigns Ba3 Corporate Family Rating
HORIZON CJSC: Creditors Must File Claims by June 21
KRASNYJ METALLIST: Creditors Must File Claims by May 21
KRAYINVESTBANK: S&P Assigns B- CCR with Stable Outlook
KUDARINSKIY OJSC: Creditors Must File Claims by June 21

PARTNER CJSC: Creditors Must File Claims by June 21
PURE WATER: Court Names K. Zelyutin as Insolvency Manager
RASPADSKAYA SECURITIES: Moody's Puts (P)Ba3 Rating on Loan Notes
SHIRINSKOYE OJSC: Creditors Must File Claims by June 21
SNEZHNAYA CJSC: Creditors Must File Claims by June 21

VIST-MASTER CJSC: Creditors Must File Claims by June 21
VYSOKOYE-AGRO LLC: Creditors Must File Claims by May 21
YUKOS OIL: Khodorkovsky's Counsel Comments on Liquidation


S P A I N

FONCAIXA HIPOTECARIO 10: Moody's Junks EUR12 Mln Series D Notes
HIPOCAT 11: Fitch Junks EUR28 Million Class D Notes
SANTANDER EMPRESAS 3: Fitch Junks EUR45.5 Million Series F Notes
SANTANDER EMPRESAS 3: S&P Junks EUR45.5 Million Class F Notes
TDA IBERCAJA 5: Moody's Rates EUR4.8 Mln Series D Notes at Ba1


T U R K E Y

ANADOLU EFES: Fitch Affirms BB IDR with Stable Outlook
ARCELIK: Fitch Affirms BB IDR with Stable Outlook
COCA-COLA ICECEK: Fitch Affirms BB IDR with Stable Outlook
TURKCELL ILETISIM: Fitch Affirms BB IDR with Stable Outlook
TURKIYE PETROL: Fitch Affirms BB IDR with Stable Outlook

* Turkey's Political Risks Cue Fitch to Change Outlook to Stable


U K R A I N E

AFFINIA GROUP: Posts US$3 Million Net Loss in First Quarter 2007


U N I T E D   K I N G D O M

ADVANCED MARKETING: May Sell U.K. Subsidiaries and Bookwise
BILL HARMAN: Shay Lettice Leads Liquidation Procedure
BLUE EAGLE I: Fitch Affirms EUR22 Million Class D Notes at C
BOWATER INC: Abitibi Merger Cues DBRS to Maintain BB Ratings
DEBIT WISE: Appoints Ninos Koumettou as Liquidator

DECKMAN LTD: Names Paul John Webb Liquidator
ENRON CORP: Shareholders Want Supreme Court to Review Lawsuit
EUROPEAN FINANCE: Taps Alan S. Bradstock to Liquidate Assets
EUROTUNNEL GROUP: French Tax Losses Amount to EUR890 Million
EVOLINO AGENCY: Brings In Liquidators from Begbies Traynor

GENERAL MOTORS: Ends Two-Year Ban on Equities Trading by Execs
HAYMARCH ENGINEERING: Taps Begbies Traynor to Administer Assets
HOTELOC PLC: S&P Cuts Class E Ratings to D on Insufficient Funds
INEOS GROUP: Adding Subsidiary as Guarantor Under 2006 Indenture
KANTAN LTD: Hires Liquidator from Wilkins Kennedy

LOAN ASSURED: Appoints David Elliot as Liquidator
LONG TERM: Claims Filing Period Ends June 13
MCD REALISATIONS: Joint Liquidators Take Over Operations
METALFOLD ENGINEERING: Creditors' Meeting Slated for May 18
MVB ENGINEERING: Calls In Liquidator from Harris Lipman

NEWGATE FUNDING: Fitch Places BB- Ratings on Class Q Notes
OAKLEIGH MANOR: Names Joint Administrators from Tenon Recovery
OWEN OWEN: Administrators Reveal Extent of Financial Trouble
PEOPLE AND PLACES: Creditors' Meeting Slated for May 18
PLAISIR DU CHOCOLAT: Brings In Joint Administrators from PwC

PLANET GEARS: Taps Liquidator from Poppleton & Appleby
POLYPORE INC: Plans to Refinance Debt with US$470 Million Loan
POLYPORE INT'L: US$315 Million IPO Cues Moody's to Hold Ratings
SEA CONTAINERS: Wants Court to Set July 16 as Claims Bar Date
TRIDENT BUILDING: Claims Filing Period Ends May 31

UPS STRUCTURAL: Names Liquidator to Wind Up Business

                            *********

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


ANTIPODES CONCEPTS: Claims Registration Period Ends June 11
-----------------------------------------------------------
Creditors owed money by LLC Antipodes concepts (FN 233332k) have
until June 11 to file written proofs of claim to court-appointed
estate administrator Ursula Schilchegger-Silber at:

         Mag. Ursula Schilchegger-Silber
         Ringstrasse 14
         4600 Wels
         Austria
         Tel: 07242/41824
         Fax: 07242/41824-80
         E-mail: office@rakanzlei.at  

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

The meeting of creditors will be held at:

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

Headquartered in Aistersheim, Austria, the Debtor declared
bankruptcy on April 17 (Bankr. Case No. 20 S 54/07b).  


CATO EVENT: Claims Registration Period Ends June 11
---------------------------------------------------
Creditors owed money by LLC CATO Event (FN 262666z) have until
June 11 to file written proofs of claim to court-appointed
estate administrator Andreas Berchtold at:

         Mag. Andreas Berchtold
         Raubergasse 16
         8010 Graz
         Austria
         Tel: 0316/835862-0
         Fax: 0316/835862-6
         E-mail: andreas.berchtold@bk-rechtsanwalt.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Judendorf, Austria, the Debtor declared
bankruptcy on April 19 (Bankr. Case No. 40 S 9/07g).  


CROSLAV TROCKENBAU: Administrator Declares Insufficient Assets
--------------------------------------------------------------
Dr. Robert Gschwandtner, the court-appointed estate
administrator for LLC CROSLAV Trockenbau (FN 270979z), declared
April 24 that the Debtor's property is insufficient to cover
creditors' claim.

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

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No. 2 S 49/07d).  Peter Pullez
represents Dr. Gschwandtner in the bankruptcy proceedings.

The estate administrator can be reached at:

         Dr. Robert Gschwandtner
         c/o Dr. Peter Pullez
         Tuchlauben 8
         1010 Vienna
         Austria
         Tel: 513 29 79
         E-mail: pullezgschwandtner@aon.at  


HEKLI LLC: Claims Registration Period Ends May 30
-------------------------------------------------
Creditors owed money by LLC Hekli (FN 276981a) have until May 30
to file written proofs of claim to court-appointed estate
administrator Ute Toifl at:

         Dr. Ute Toifl
         c/o Mag. Astrid Haider
         Tuchlauben 12/20
         1010 Vienna
         Austria
         Tel: 535 46 11-0
         Fax: 535 46 11-11
         E-mail: office@thr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Austria, Austria, the Debtor declared
bankruptcy on April 19 (Bankr. Case No. 4 S 45/07f).  Astrid
Haider represents Dr. Toifl in the bankruptcy proceedings.


HOLZTRATTNER ELEKTRO: Claims Registration Period Ends June 11
-------------------------------------------------------------
Creditors owed money by LLC Holztrattner Elektro (FN 194140a)
have until June 11 to file written proofs of claim to court-
appointed estate administrator Paul Vavrovsky at:

         Dr. Paul Vavrovsky
         Reichenhallerstrasse 5
         5020 Salzburg
         Austria
         Tel: 0662/8495840
         Fax: 0662/849584-5
         E-mail: office@vavrovsky.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:15 a.m. on June 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Room 221
         Second Floor
         Salzburg
         Austria

Headquartered in Hallein, Austria, the Debtor declared
bankruptcy on April 17 (Bankr. Case No. 23 S 29/07w).  


MDM LLC: Claims Registration Period Ends June 4
-----------------------------------------------
Creditors owed money by LLC MDM (FN 238687k) have until June 4
to file written proofs of claim to court-appointed estate
administrator Daniel Lampersberger at:

         Mag. Daniel Lampersberger
         c/o Mag. Clemens Richter
         Esteplatz 4
         1030 Vienna
         Austria
         Tel: 712 33 30-0
         Fax: 712 33 30-30
         E-mail: engelhart@csg.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 19 (Bankr. Case No. 3 S 60/07d).  Clemens Richter
represents Mag. Lampersberger in the bankruptcy proceedings.


MOEBEL- & RAUM: Claims Registration Period Ends June 11
-------------------------------------------------------
Creditors owed money by LLC Moebel- & Raum (FN 233147p) have
until June 11 to file written proofs of claim to court-appointed
estate administrator Harald Eismayr at:

         Mag. Harald Eismayr
         Brunnenplatz 1
         4632 Pichl bei Wels
         Austria
         Tel: 07247/20371
         Fax: 07247/20372
         E-mail: office@eismayr.rakanzlei.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:40 a.m. on June 21 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Gallspach, Austria, the Debtor declared
bankruptcy on April 16 (Bankr. Case No. 20 S 52/07h).  


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B E L G I U M
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GOODYEAR TIRE: Moody's Lifts Rating to Ba3 on Proposed Equity
-------------------------------------------------------------
Moody's Investors Service upgraded Goodyear Tire & Rubber
Company's Corporate Family Rating to Ba3 from B1 and maintained
a positive rating outlook.  Moody's also affirmed Goodyear's
liquidity rating of SGL-2.  

The actions follow an announcement by Goodyear of plans to raise
approximately US$750 million of new equity capital, which marks
important further progress in the company's plans to strengthen
its balance sheet.

Goodyear has been pursuing strategies to better position the
company for long-term competitiveness in the global tire
business.  Capacity rationalization initiatives and a new labor
contract reached with the United Steel Workers should provide
scope for improved operating results, particularly in the core
North American Tire segment.  The labor agreement provides for
the company to utilize a VEBA structure to permanently reduce
OPEB liabilities.  At the same time, the company has declared a
strategy to further improve its balance sheet through debt
reduction.  

Proceeds from the proposed equity offering, combined with
anticipated receipts from the announced sale of its Engineered
Products Division and existing balance sheet liquidity, will
provide substantial capacity for the company to fund the VEBA
trust with US$1.0 billion in cash, contribute to its U.S.
pension plans and implement its debt reduction plan.  Full
execution of the plan, coupled with continued improvement in
operating performance, would significantly improve the company's
financial metrics, and could lead to a further rating upgrade.

However, realization of all of the benefits will occur over time
and remains subject to execution on several elements. While the
upgrade to Ba3 acknowledges the progress made in achieving a new
labor agreement, announcing the sale of EPD, and initiating an
equity offering, any additional upgrades remain contingent on
delivering on remaining elements of the plan.  The positive
rating outlook anticipates that the company's ability to
complete the EPD sale and equity offering, achieve court
approval of and fund the VEBA structure for OPEB liabilities,
further reduce outstanding debt and pension liabilities, and
sustain its improved operating performance could lead to a
further rating upgrade in the near term.

On May 9, 2007 Goodyear filed a registration statement with the
SEC for an equity issuance for US$750 million (A "green shoe"
option could expand the offering by 15%).  The company also
expects to receive funds from the announced sale of EPD for
US$1.475 billion (prior to fees, expenses, adjustments or
taxes).  Combined with residual balance sheet cash from earlier
financing, the aggregate inflows more than cover likely
requirements to fund its VEBA trust with US$1 billion,
contribute US$550-US$575 million to its U.S. pension plans and
initiate substantial debt reduction (including US$315 million of
"clawbacks" on two earlier issues of unsecured notes that are
triggered by the proposed equity offering).  Moody's would
anticipate debt reduction to occur over the coming year through
prioritizing debt with higher carrying costs, and more
restrictive terms.  The presence of variable rate obligations
without repayment premiums, approaching call dates, and ability
to induce conversion of an existing convertible issue into
equity could also assist the company in accomplishing its debt
reduction objectives at minimal relative expense.

Goodyear's ratings continue to consider its global scale,
geographic diversification and market share, and anticipated
improvements to its margins from the combination of
restructuring actions and cost savings achievable from its
recent labor accord with the USW in North America.  It further
considers strengths from its refreshed branded product
offerings, lengthened debt maturities from recent refinancing
and continued solid liquidity profile.  Nevertheless, the
company's recent profitability has been weak due to labor and
commodity cost pressures, and lower aggregate replacement tire
demand in North America.  With a high level of ongoing
indebtedness, coverage ratios have been modest.  While overall
credit metrics have historically been more consistent with a
Corporate Family Rating in the "B" category, they are expected
to demonstrate incremental improvement.  This improvement would
be driven by efficiencies realized from an improved cost
structure (which would be enhanced upon closing its envisioned
VEBA trust), a rationalized manufacturing footprint, recent
pricing actions, and ultimate recovery in unit demand in the
critical North American tire market.  The equity offering,
existing balance sheet cash and pending sale of its EPD unit
would provide substantial capacity for the company's pension
contributions, funding a VEBA trust and debt reduction.

"Goodyear's strategy should meaningfully improve its operating
performance and capital structure.  While these initial actions
have produced a rating upgrade to Ba3, the outlook remains
positive and recognizes the potential which further operational
improvements as well as reduced debt and legacy obligations
could have on ratings" said Ed Wiest, Vice President and Senior
Analyst at Moody's.

Ratings revised:

* Goodyear Tire & Rubber Company

   -- Corporate Family Rating to Ba3 from B1;

   -- US$1.5 billion first lien revolving credit facility to
      Baa3 (LGD-1, 3%) from Ba1 (LGD-1, 4%);

   -- US$1.2 billion second lien term loan to Ba1 (LGD-2, 17%)
      from Ba2 (LGD-2, 20%);

   -- Third lien secured term loan to Ba3 (LGD-4, 58%) from B2
      (LGD-4, 59%);

   -- 11% senior secured notes to Ba3 (LGD-4, 58%) from B2
      (LGD-4, 59%);

   -- Floating rate senior secured notes to Ba3 (LGD-4 58%) from
      B2 (LGD-4, 59%);

   -- 9% senior notes to Ba3 (LGD-4, 58%) from B2 (LGD-4, 59%);

   -- 8 5/8 % senior unsecured notes due 2011 to Ba3 (LGD-4,58%)
      from B2 (LGD-4, 59%);

   -- Floating rate unsecured note due 2009, Ba3 (LGD-4, 58%)
      from B2 (LGD-4, 59%);

   -- 6 3/8% senior notes to B2 (LGD-6, 94%) from B3
      (LGD-6, 94%);

   -- 7 6/7% senior notes to B2 (LGD-6, 94%) from B3 (LGD-6,
      94%);

   -- 7% senior notes to B2 (LGD-6, 94%) from B3 (LGD-6, 94%);
      and

   -- Senior unsecured convertible notes to B2 (LGD-6, 94%) from
      B3 (LGD-6, 94%).

* Goodyear Dunlop Tyres Europe B.V. and certain subsidiaries

   -- EUR505 million of first lien revolving credit facilities
      to Baa3 (LGD-1, 3%) from Ba1 (LGD-1, 4%)

Ratings affirmed:

* Goodyear Tire & Rubber Company

   -- Speculative Grade Liquidity rating, SGL-2

The last rating action was on March 27, 2007 at which time
ratings were assigned to Goodyear and GDTE's refinancing of
their respective first lien bank debt.

The SGL-2 Speculative Grade Liquidity rating represents good
liquidity over the coming 12 months and flows from the company's
considerable internal resources supplemented by the expected
infusion of funds from the equity issuance and divestiture of
EPD. It also considers approximately US$1 billion of available
funding from its US$1.5 billion committed revolving credit
facility.  The facility has minimal constraints from financial
covenants until defined liquidity would fall to a certain level.

The change in Corporate Family Rating and associated assumptions
in Moody's Loss Given Default methodology affects assigned issue
ratings of Goodyear and Goodyear Dunlop Tyres Europe obligations
as well as their respective LGD assessments.  In tandem with the
higher Corporate Family Rating, ratings on Goodyear's and GDTE's
first and second debt were up-notched one level as were
unsecured notes which did not have up-streamed guarantees from
material subsidiaries.  Goodyear's third lien debt as well as
its unsecured obligations with up-streamed guarantees were all
up-notched two levels.

Goodyear Tire & Rubber Company, based in Akron, Ohio, is one of
the world's largest tire companies with more than 90 facilities
in 28 countries around the world.  Revenues in 2006 were
approximately US$20.3 billion.


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C Z E C H   R E P U B L I C
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ON SEMICONDUCTOR: Inks Pact to Repurchase 5 Million Common Stock
----------------------------------------------------------------
ON Semiconductor Corporation disclosed in a press statement that
it agreed to repurchase 5 million shares of its common stock.  
The company reached the agreement with Lehman Brothers as the
underwriter of the public resale of 49.2 million shares by
affiliates of Texas Pacific Group, ON Semiconductor's largest
shareholder.  ON Semiconductor will pay for these shares using
cash on hand.

At the close of the transaction on May 11, 2007, the company
will have repurchased just over 45 million of the 50 million
shares of common stock authorized by the board of directors in
November 2006.

"The company is excited about its ability to purchase a large
amount of the company's common stock using cash on hand through
this privately negotiated transaction," Donald Colvin, ON
Semiconductor executive vice president and cfo, said.  "The
company believes this transaction provides an example of how the
company can use free cash flow from operations for shareholder
friendly actions such as stock repurchases."

                  Largest Shareholder Sells Stake

In a separate press statement, ON Semiconductor disclosed that
the affiliates of Texas Pacific have sold approximately 49.2
million shares of ON Semiconductor's common stock in a
registered public offering underwritten by Lehman Brothers.

After completion of the proposed offering, TPG's beneficial
ownership of the company's common stock was reduced to
approximately 1.2 million shares or less than 1% of the total
outstanding shares.

The sale was made pursuant to ON Semiconductor's existing shelf
registration statements.  ON Semiconductor will not receive any
proceeds from this sale of its common shares.

                      About ON Semiconductor

ON Semiconductor Corporation of Phoenix, Arizona (NASDAQ: ONNN)
-- http://www.onsemi.com/-- designs, manufactures, and markets  
power   and data management semiconductors, and standard
semiconductor components worldwide, including Japan and the
Czech Republic.  It offers automotive and power regulation
products.

At March 30, 2007, the company's balance sheet showed total
assets of US$1.4 billion, total liabilities of US$1.5 billion,
and minority interests of US$19 million, resulting in a total
stockholders' deficit of US$157.2 million.

                          *     *     *

As reported in the Troubled Company Reporter-Europe on May 9,
2007, Standard & Poor's Ratings Services raised its corporate
credit rating on Phoenix, Arizona-based ON Semiconductor Corp.
to 'BB-' from 'B+'.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'BB' rating to the company's
amended and restated credit agreement, with a recovery rating of
'1', indicating the expectation of full (100%) recovery of
principal in the event of a payment default.  

In a TCR-Europe report on March 8, Moody's Investors Service
upgraded the corporate family ratings of ON Semiconductor
Corporation to B1 from B2 and assigned a Ba1 rating to the
amended and restated credit facility.


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D E N M A R K
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FS FUNDING: Moody's Junks EUR1.3 Billion Sr. Subordinated Notes
---------------------------------------------------------------
Moody's affirmed the B2 corporate family rating of FS Funding
A/S, the holding company of ISS A/S.  

Moody's concurrently affirmed the Caa1 rating issued by the same
entity:

   -- EUR850 million Senior Subordinated Floating Rate Notes due
      2016; and

   -- EUR454 million Senior Subordinated Notes due 2016.  

The outlook on all ratings remains stable.

The ratings affirmation follows the company's announcement of
its intention to refinance a portion of the Group's existing
debt and to raise new funding for future acquisitions.  The
proposed refinancing is expected to include approximately
EUR1,140 million of add on to Term Loan Facilities B (ca. DKK
8,500) and a EUR600 million Second Lien Facility (ca. DKK4,473).

The proceeds are expected to be used primarily to refinance the
company's drawn Acquisition Facilities in an amount of up to
EUR500 million, to prepay some or all of the Senior Subordinated
Floating Rate Notes due 2016, and to refinance up to 70% of the
EMTNs due 2014.  The company does not intend to pay any
dividends to its shareholders in connection with the
refinancing.

The affirmation of the B2 corporate family rating reflects:

   (i) the company's global presence and leadership in the
       facility services industry, further strengthened by the
       most recent acquisitions;

  (ii) the broad range of services the company is able to offer
       (from cleaning, property and office support to catering
       and security services), which increases the opportunity
       of cost synergies, cross selling and bundling;

(iii) low customer concentration, which combined with the
       company's global penetration reduces the impact of market
       volatility on operating margins;

  (iv) the company's stable margins and high cash conversion
       ratios, thanks to relatively low capex requirements and
       good control over working capital.

However, the ratings also reflect:

   (i) the company's highly leveraged capital structure and
       rising nominal debt, with a Debt/EBITDA ratio still at
       7.5x at the end of 2006;

  (ii) the low barriers to entry and fragmentation of the
       facility services market, which increase the competitive
       pressures on the company;

(iii) ongoing integration risk linked to the company's strategy
       of growing through acquisitions, especially as targets
       become larger;

  (iv) the risk represented by the increasing use of fixed fee
       contracts in the industry and the potentially negative
       impact on margins resulting from them, partly mitigated
       by the company's relatively flexible cost base.

While the transaction is not expected to significantly impact
the company's credit metrics, it nonetheless increases its
capacity to draw on additional debt and weakens FS Funding's
position within the rating category.

Moody's also notes that, if the transaction is completed as
announced, the level of debt ranking senior to the Subordinated
Notes will increase.  As a consequence, Moody's acknowledges
that the refinancing might lead to a deterioration of the
recovery prospects for this instrument and to a change in LGD
rate from 89%-LGD5 to 94.6%-LGD6.

The rating outlook remains stable, reflecting the positive
performance of the company and the success in integrating the
acquired businesses shown so far, although Moody's expects that
its credit metrics will remain weak for the rating category in
the medium term.

ISS, based in Copenhagen, Denmark, is the fully owned subsidiary
of FS Funding A/S and one of the leading facility services
providers in the world.  In March 2005, the company was acquired
by funds advised by EQT Partners and Goldman Sachs Capital
Partners.  In 2006, the company reported revenues and operating
profits before extraordinary items and impairment of
approximately DKK55.7 billion (ca. EUR7.45 billion) and DKK3.2
billion, respectively.


TDC A/S: Earns DKK2 Billion in First Quarter 2007
-------------------------------------------------
TDC A/S released its financials results for the first quarter
ended March 31, 2007.

TDC reported DKK2 billion in net income against DKK11.4 billion
in revenues for the first quarter ended March 31, 2007, compared
with DKK515 million in net income against DKK11.5 billion in
revenues for the same period in 2006.

"We are in a market with hardly any growth and at the same time
prices continuously go down.  That puts pressure on earnings and
emphasizes the importance for us to focus on improving the
efficiency of our business and reducing our costs so we can
achieve satisfactory results in the future", Jens Alder,
President and CEO of TDC, said.

In addition to the general pressure by the competition the
financial statement is negatively impacted by an increase in
costs for cable fault correction, the divestment of the Baltic
mobile business Bite in February 2007, and a negative
development in the exchange rate in relation to TDC Switzerland.
When adjusted for acquisition and divestment of businesses,
TDC's revenue increased by 0.7%.   

In the domestic market TDC continues to attract more customers
and thus has in total 7.8 million customer relations in Denmark
corresponding to a growth of 3.1%.  The improvement is primarily
the result of a strong growth in the number of broadband
customers, but also the TV and mobile business has attracted
more customers in the period.

At March 31, 2007, TDC's balance sheet showed DKK81.2 billion in
total assets, DKK76.6 billion in total liabilities and DKK4.6
billion in total shareholders' equity.

                       Outlook for 2007

TDC expects that revenue in 2007 will be on level with revenue
in 2006, as the decrease in the landline business and the impact
of the divestment of Bite largely will be offset by continued
growth in broadband and mobile activities.

Net income is expected to decrease 5%-10% in 2007, as the
increasing interest expenses from full year impact of the change
in the capital structure in 2006 will be partly compensated for
by more efficient operations.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates,   
provides communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
TDC A/S.

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

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%       
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank      
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Sr. Unsecured Floating   
   Rate Notes 2016          B2       B2       LGD6    92%

   8.875%/8.25% Senior      
   Unsecured Regular Bond/
   Debenture Due 2016       B2       B2       LGD6    92%

As reported in the TCR-Europe on April 27, 2007, Fitch Ratings
placed TDC A/S's Issuer Default rating of 'BB-' on Rating Watch
Negative, following the company's disclosure of anticipated
additional tax charges from July 1.  The ratings of
TDC's and NTC Holdings' debt are also put on RWN.

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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


EUROTUNNEL GROUP: French Tax Losses Amount to EUR890 Million
------------------------------------------------------------
The French Ministry for Economy, Finance and Industry has
confirmed that the Eurotunnel Group tax losses for the periods
2000 to 2002 may be carried forward for an indefinite period for
an amount of EUR890 million.

Tax losses breakdown are EUR412.5 million for year 2000;
EUR363.9 million for year 2001; and EUR113.1 million for year
2002.

Eurotunnel presented the taxation arrangements relative to the
safeguard plan to the authorities in both France and the U.K.
Following agreements in principle with the two States on these
arrangements, Eurotunnel should receive formal agreement from
the U.K. tax authorities around the middle of May.

On the basis that the current Exchange Tender Offer is
successful, the first use for these tax losses after the
implementation of the Safeguard Plan, would enable the
generation of savings equal to the amount of the tax charge on
the fiscal profits expected in the 2007 accounts.

"All the shareholders who despaired of the States ever taking an
interest in Eurotunnel's situation can now be satisfied.  With
these carried forward tax losses Eurotunnel will benefit from a
significant improvement in its fiscal environment, a clear means
of creating added value if the ETO succeeds," Eurotunnel
Chairman and CEO Jacques Gounon said.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


REMY COINTREAU: Begins Asset Sale Offer for Senior Notes
--------------------------------------------------------
Remy Cointreau S.A. has commenced an offer to purchase from the
holders of the Company's EUR175 million 6-1/2% Senior Notes due
2010 issued on June 24, 2003 and the holders of the Company's
EUR200 million 5.20% senior Notes due 2012 issued on Jan. 12,
2005.

The Company is offering to purchase all or any of the Notes held
by such Noteholders, in whole or in part in integral multiples
of 1,000 euros, in exchange for a cash payment, upon the terms
and conditions set out in the Company's Offer to Purchase and
Solicitation Statement dated May 10, 2007.  The Notes are listed
on the Luxembourg Stock Exchange.

The Company is also soliciting the approval of the 5.20%
Noteholders whose Notes are not purchased in the Asset Sale
Offer to a waiver under the terms and conditions of the 5.20%
Notes relating to the proposed payment by Remy Cointreau S.A. of
dividends to its shareholders of up to EUR50 million in respect
of the fiscal year ended March 31, 2007 and of up to EUR50
million in respect of the fiscal year ending March 31, 2008.

                     The Asset Sale Offer
                (6-1/2% Notes and 5.20% Notes)

The Asset Sale Offer is required under the terms and conditions
of the Notes, and the maximum tender amount of EUR144.1 million
in aggregate principal amount of Notes is equal to the net cash
proceeds of certain asset sales described in the Offer to
Purchase and Solicitation Statement.  The price payable in
respect of each EUR1,000 principal amount of the Notes will be
1,000 euro, 100% of their principal amount.  In addition, the
Noteholders having validly tendered their Notes will receive
accrued and unpaid interest up to, but excluding, the Asset Sale
Offer settlement date.

In the event that Noteholders tender an aggregate principal
amount of Notes that is greater than the Maximum Tender Amount,
a reduction will be applied to such tenders.  Notes purchased
pursuant to the Asset Sale Offer will be cancelled. Noteholders
who do not participate in the Asset Sale Offer or whose Notes
are not successfully submitted and accepted for tender pursuant
to the Asset Sale Offer will continue to hold their Notes
subject to the terms and conditions of the Notes.

The Asset Sale Offer will commence on May 10, 2007 and will
expire at 17:00 hours CET on June 8, 2007, unless extended.
Tendered Notes may be withdrawn at any time up to 14:00 hours
CET on June 8, 2007, after which time all tenders will be
irrevocable.

                      The Proxy Solicitation
                       (5.20% Notes only)

The Company has convened a meeting of the general assembly of
5.20% Noteholders for the purpose of obtaining this waiver
through a resolution of the general assembly.  The meeting will
take place at 11:30 CET on June 15, 2007 at its registered
office in Cognac, France (rue Joseph Pataa, ancienne
rue de la Champagne, 16100 Cognac, France).

The Company currently intends to redeem the 6-1/2% Notes, which
become redeemable at our option at 103.25% of their principal
amount from July 1, 2007, in accordance with their terms and
conditions.

The proposed resolution would waive the application of clause
(iv) of Condition 11 "Events of Default" to the proposed
dividend payments and would agree that these dividends will not
be counted as a dividend or other distribution under clause
(iii) of the first paragraph of Condition 10 "Covenants -
Limitation on Restricted Payments".  The text of the resolution
is included in the Offer to Purchase and Solicitation Statement.

If the resolution is passed at a meeting of the general assembly
of 5.20% Noteholders by a majority of voting rights held by the
Noteholders present or represented by proxy, all 5.20%
Noteholders following the Asset Sale Offer will be entitled to
receive a one-time cash payment in the amount of 10 euro per
1,000 euro in nominal amount of the 5.20% Notes they hold.  If
the resolution is passed, Waiver Payments will be made on or
about June 20, 2007.  Notes that are purchased in the Asset Sale
Offer will not be entitled to vote at the meeting of 5.20%
Noteholders and will not be eligible to receive the Waiver
Payment.

5.20% Noteholders must ensure delivery of their voting
instructions to the principal paying agent, BNP Paribas
Securities Services, prior to 17:00 CET on June 8m 2007.  5.20%
Noteholders should contact their financial intermediary to
confirm the deadline for receipt of your voting instructions so
that voting instructions may be processed and delivered to the
principal paying agent in a timely manner.

Headquartered in Cognac, France, Remy Cointreau --
http://www.remycointreau.com/-- offers a range of premium wine  
and spirit brands, known and recognized throughout the world.
These brands include, among others, Remy Martin, Cointreau,
Passoa, Metaxa, Mount Gay Rum, Charles Heidsieck and Piper-
Heidsieck.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors, the rating agency confirmed its
Ba2 Corporate Family Rating for Remy Cointreau S.A.

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

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

                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   6.5% Sr. Unsec.
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     53%

   5.2% Sr. Unsec. Regular
   Bond/Debenture
   Due 2012                Ba2      Ba2      LGD4     53%

In December 2006, Standard & Poor's Ratings Services revised its
outlook on France-based spirits and wine group Remy Cointreau
S.A. to negative from stable.  At the same time, Standard &
Poor's affirmed its 'BB-' long-term corporate credit and senior
unsecured debt ratings on the group.


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


ALKE PHARMA: Claims Registration Period Ends May 18
---------------------------------------------------
Creditors of Alke Pharma-Marketing-Partner GmbH & Co. KG have
until May 18 to register their claims with court-appointed
insolvency manager Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The District Court of Muenster opened bankruptcy proceedings
against Alke Pharma-Marketing-Partner GmbH & Co. KG on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Leo Schoofs
         Salierstr. 4
         46395 Bocholt
         Germany
         Tel: 028 71/21 83-0
         Fax: +4928712183410

The Debtor can be reached at:

         Alke Pharma-Marketing-Partner GmbH & Co. KG
         Ostlandstrasse 15
         46325 Borken
         Germany


ANHALTINISCHE CHEMISCHE: Claims Registration Period Ends May 31
---------------------------------------------------------------
Creditors of Anhaltinische Chemische Fabriken (ACF) GmbH have
until May 31 to register their claims with court-appointed
insolvency manager Karina Schwarz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on June 28, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Justizzentrum Magdeburg
         Breiter Weg 203 - 206
         39104 Magdeburg         
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Magdeburg opened bankruptcy proceedings
against Anhaltinische Chemische Fabriken (ACF) GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/ 6286260
         Fax: 0391/ 6286266
         E-mail: magdeburg@Rechtsanwaelte-Schwarz.de

The Debtor can be reached at:

         Anhaltinische Chemische Fabriken (ACF) GmbH
         Magdeburger Str. 241
         39218 Schoenebeck
         Germany

         Attn: Frank Dittrich, Manager
         Lueneburger Str. 20
         28203 Bremen
         Germany


AUTO-HEILIG GMBH: Claims Registration Period Ends June 15
---------------------------------------------------------
Creditors of Auto-Heilig GmbH & Co. KG have until June 15 to
register their claims with court-appointed insolvency manager
Helmut Hemmerling.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 9, 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7
         73430 Aalen
         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 Aalen opened bankruptcy proceedings
against Auto-Heilig GmbH & Co. KG on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Dr. Helmut Hemmerling
         Heilbronner Strasse 86
         70191 Stuttgart
         Germany
         Tel: 0711/259729-0
         Fax: 0711/259729-999
         E-mail: info@hwr-stuttgart.de
         Web site: http://www.hwr-stuttgart.de/

The Debtor can be reached at:

         Auto-Heilig GmbH & Co. KG
         Weissensteiner Strasse 87
         73525 Schwabisch Gmuend
         Germany


BAUWAREN HAUSNER: Creditors' Meeting Slated for May 30
------------------------------------------------------
The court-appointed insolvency manager for Bauwaren Hausner,
Genth & Co. GmbH, Christian Gerloff will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on May 30.

The meeting of creditors and other interested parties 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 at 9:00 a.m. on July 31 at the same venue.

Creditors have until June 29 to register their claims with the
court-appointed insolvency manager.

The District Court of Munich opened bankruptcy proceedings
against Bauwaren Hausner, Genth & Co. GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Christian Gerloff
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/120260
         Fax: 089/12026137

The Debtor can be reached at:

         Bauwaren Hausner, Genth & Co. GmbH
         Siemensstr. 3
         85521 Ottobrunn
         Germany


DACHDECKER GMBH: Claims Registration Period Ends June 1
-------------------------------------------------------
Creditors of Dachdecker GmbH Hermann Schroeder have until June 1
to register their claims with court-appointed insolvency manager
Andre Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Justizzentrum Magdeburg
         Breiter Weg 203 - 206
         39104 Magdeburg         
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Magdeburg opened bankruptcy proceedings
against Dachdecker GmbH Hermann Schroeder on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Andre Loeffler
         Klewitzstr. 15
         39112 Magdeburg
         Germany
         Tel: 0391/7324630
         Fax: 0391/7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The Debtor can be reached at:

         Dachdecker GmbH Hermann Schroeder
         Jagerstr. 23
         38820 Halberstadt
         Germany

         Attn: Hermann Schroeder
         Klintstr. 12
         38836 Dedeleben
         Germany


DAIMLERCHRYSLER: Cerberus May Be Closer to Win Chrysler: Source
---------------------------------------------------------------
DaimlerChrysler AG has chosen Cerberus Capital Management LP as
the finalist in the recent bidding for its U.S. Chrysler Group,
Bloomberg reports citing three people familiar with the talks.

Bloomberg relates that according to sources, the selection is
expected to be announced today although the deal is still under
negotiations pending final agreement.

Cerberus, as the finalist, means that the equity firm was able
to hurdle past two other suitors who have been in negotiations
with DaimlerChrysler, Magna International Inc. and a partnership
composed of Blackstone Group LP and Centerbrdige Capital
Partners LP, Bloomberg says.

Daimler, Cerberus, Magna and Centerbridge declined to comment.

                      About DaimlerChrysler

Based in Stuttgart, Germany, DaimlerChrysler AG --
http://www.daimlerchrysler.com/-- develops, manufactures,
distributes, and sells various automotive products, primarily
passenger cars, light trucks, and commercial vehicles worldwide.
It primarily operates in four segments: Mercedes Car Group,
Chrysler Group, Commercial Vehicles, and Financial Services.
The company's has locations in Canada, Mexico, United States,
Argentina, Brazil, Venezuela, China, India, Indonesia, Japan,
Thailand, Vietnam and Australia.

DaimlerChrysler lowered its operating profit forecast for full-
year 2006 to be in the magnitude of EUR5 billion (US$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (US$1.2 billion) for its Chrysler
Group.

The Chrysler Group is facing a difficult market environment in
the United States with excess inventory, non-competitive legacy
costs for employees and retirees, continuing high fuel prices
and a stronger shift in demand toward smaller vehicles.  At the
same time, key competitors have further increased margin and
volume pressures -- particularly on light trucks -- by making
significant price concessions.  In addition, increased interest
rates caused higher sales & marketing expenses.  Chrysler Group
will take additional production cuts in the third and fourth
quarters to reduce dealer inventories and make way for its
current product offensive.


DUMONTA DUMMERSDORF: Claims Registration Period Ends June 29
------------------------------------------------------------
Creditors of DUMONTA Dummersdorf Industriemontagen GmbH have
until June 29 to register their claims with court-appointed
insolvency manager Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on Aug. 1, 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 Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Potsdam opened bankruptcy proceedings
against DUMONTA Dummersdorf Industriemontagen GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Strasse 48
         10785 Berlin
         Germany

The Debtor can be reached at:

         DUMONTA Dummersdorf Industriemontagen GmbH
         Geschwister-Scholl-Strasse 39
         14776 Brandenburg an der Havel
         Germany


ELEKTRO WESTEN: Claims Registration Period Ends June 6
------------------------------------------------------
Creditors of Elektro Westen GmbH have until June 6 to register
their claims with court-appointed insolvency manager Andreas
Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The insolvency manager can be reached at:

         Andreas Sontopski
         Gnoiener Platz 1
         48493 Wettringen
         Germany
         Tel: 02557/9384-0
         Fax: +492557938450

The Debtor can be reached at:

         Elektro Westen GmbH
         Carl-Zeiss-Strasse 24
         48432 Rheine
         Germany

         Attn: Klaus Westen, Manager
         Dockenschlag 13
         48432 Rheine
         Germany


EMC EURO: Claims Registration Period Ends June 18
-------------------------------------------------
Creditors of EMC Euro Mobil Concept GmbH have until June 18 to
register their claims with court-appointed insolvency manager
Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 25, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Moenchengladbach opened bankruptcy
proceedings against EMC Euro Mobil Concept GmbH on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Arne Meyer
         Karl-Oberbach-Strasse 50
         41515 Grevenbroich
         Germany
         Tel: 02181/21306-10
         Fax: 02181/21306-23

The Debtor can be reached at:

         EMC Euro Mobil Concept GmbH
         Attn: Joan Kuijpers, Manager
         Mevissen 6
         41516 Grevenbroich
         Germany


FESTSPIELHAUS NEUSCHWANSTEIN: Claims Registration Ends June 5
-------------------------------------------------------------
Creditors of Festspielhaus Neuschwanstein Gastronomie und
Veranstaltungs GmbH & Co. KG have until June 5 to register their
claims with court-appointed insolvency manager Dr. Marco
Liebler.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on June 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kempten
         Residenzplatz 4-6
         87435 Kempten
         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. Marco Liebler
         Nymphenburger Str. 139
         c/o Kanzlei Ott & Kollegen
         80636 Munich
         Germany
         Tel: 089/120 260
         Fax: 089/120 261 27

The District Court of Kempten opened bankruptcy proceedings
against Festspielhaus Neuschwanstein Gastronomie und
Veranstaltungs GmbH & Co. KG on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Festspielhaus Neuschwanstein Gastronomie und  
         Veranstaltungs GmbH & Co. KG
         Im See 1
         87629 Fuessen
         Germany


FRISEUR WIEMANN: Claims Registration Ends June 6
------------------------------------------------
Creditors of Friseur Wiemann GmbH have until June 6 to register
their claims with court-appointed insolvency manager Ulrich
Nehrig.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Freiburg
         Holzmarkt 2
         79098 Freiburg
         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:

         Ulrich Nehrig
         LG-Fach 107
         Schillerstr. 2
         79102 Freiburg
         Germany
         Tel: 0761/703900
         Fax: 0761/7039052

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

The Debtor can be reached at:

         Friseur Wiemann GmbH
         Heinz-Josef Wiemann
         Leo-Wohleb-Str. 5
         79206 Breisach
         Germany


FUCHS ANLAGENBAU: Claims Registration Ends June 1
-------------------------------------------------
Creditors of Fuchs Anlagenbau GmbH have until June 1 to register
their claims with court-appointed insolvency manager Oliver
Schartl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Munich
         Meeting Room 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Fuchs Anlagenbau GmbH
         Ganghoferstr. 22
         82216 Maisach
         Germany


HAYES LEMMERZ: Unit Commences Offer to Repurchase 10-1/2% Notes
---------------------------------------------------------------
Hayes Lemmerz International Inc. disclosed that on May 8, 2007,
its indirect subsidiary, HLI Operating Company Inc., commenced a
cash tender offer to repurchase all of its outstanding 10-1/2%
Senior Notes Due 2010 (CUSIP No. 404216AB9), under the terms
and conditions stated in HLI's Offer to Purchase and Consent
Solicitation Statement dated May 8, 2007, and the related Letter
of Transmittal and Consent for Tender Offer.

The tender offer and consent solicitation for the Notes is
conditioned on the satisfaction of certain conditions,
including, but not limited to:

   * the valid tender on or prior to the Consent Date of at
     least a majority of the aggregate principal amount of Notes
     outstanding not owned by HLI or any of its affiliates;

   * receipt by the Company upon completion of the Rights
     Offering of net cash proceeds sufficient to fund:

     i. the purchase of all Notes validly tendered in the tender
        offer;

    ii. the payment of the fees and expenses related to the
        Rights Offering, the tender offer, and the consent
        solicitation; and

   iii. the amendment or refinancing of the Existing Credit
        Facility; and

    iv. the execution of the Supplemental Indenture on or
        promptly following receipt of the requisite consents.

HLI said that it is also soliciting consents to amend the
indenture governing the Notes.  The proceeds of the Company's
previously announced US$180 million equity rights offering will
be used by HLI to repurchase the Notes.  Currently, the
aggregate principal amount of Notes outstanding is US$157
million.

HLI further explains that the tender offer and consent
solicitation for the Notes are part of a recapitalization of the
Company and its subsidiaries that includes the Rights Offering
and a proposed new senior secured credit facility in the
aggregate principal amount of US$495 million that will be used,
together with additional indebtedness of approximately US$150
million to be incurred by the company, to refinance debt under
the Company's Amended and Restated Credit Agreement dated as of
April 11, 2005, and related documents, to pay related
transaction costs, fees, and expenses, to provide working
capital, and for other general corporate purposes.

Hayes Lemmerz said that holders who validly tender their Notes
and deliver their consents to the proposed amendments to the
indenture on or prior to 5:00 p.m., New York City time, on
May 21, 2007, unless extended or earlier terminated, will be
eligible to receive the "Total Consideration" for the Notes.

Hayes Lemmerz also states that the "Total Consideration" to be
paid for each US$1,000 of principal amount of Notes validly
tendered and accepted for purchase, subject to the terms and
conditions of the Offer to Purchase, will be paid in cash and
will be based on a fixed spread pricing formula.  HLI expects to
determine the Total Consideration on May 21, 2007, based upon a
fixed spread of 50 basis points over the yield on the 3.625%
U.S. Treasury Note due June 30, 2007.

The Total Consideration includes a consent payment equal to
US$30 per US$1,000 in principal amount of Notes, Hayes Lemmerz
noted.

Tendered Notes may not be withdrawn and consents may not be
revoked after the Consent Date. The tender offer will expire at
11:59 p.m., New York City time, on Tuesday, June 5, 2007, unless
extended or earlier terminated by HLI.  Holders of Notes who
tender their Notes after the Consent Date and on or before the
expiration date will receive the Tender Offer Consideration,
which is the Total Consideration minus the Consent Payment.

In each case, holders whose Notes are accepted for payment in
the tender offer will receive accrued and unpaid interest in
respect of such purchased Notes from the last interest payment
date to, but not including, the applicable payment date for
Notes purchased in the tender offer.

Concurrently with the tender offer, HLI said that it is
soliciting consents to amend the indenture governing the Notes.  
The proposed amendments to the indenture governing the Notes
will, among other things, eliminate substantially all
restrictive covenants, certain related events of default and
conditions on the defeasance of the Notes, and certain
limitations on the ability of HLI and the Company to merge,
consolidate, sell all or substantially all of their assets, and
enter into similar transactions.

In addition, the proposed amendments will permit notice of
redemption of the Notes and the intended redemption thereof to
occur on the same day.  On or promptly after receipt of the
requisite consents, HLI and the trustee under the indenture will
execute an amendment to the indenture, the amended provisions of
which will not become operative until the date on which HLI
purchases those Notes validly tendered on or prior to the
Consent Date.

              About Hayes Lemmerz International Inc.

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

                          *    *    *

As reported in the Troubled Company Reporter on May 4, 2007,
Moody's Investors Service raised to B3 from Caa1 the corporate
family and probability of default ratings of HLI Operating
Company, Inc., a wholly-owned subsidiary of Hayes Lemmerz
International, and changed the rating outlook to stable from
negative.

Moody's also assigned a B2 (LGD3, 33%) to new senior secured
bank facilities to be issued by HLI Operating Company, a B2
(LGD3, 33%) to a secured term loan and synthetic letter of
credit facility to be issued by HLI Luxembourg S.a.r.l. and a
Caa2 (LDG5, 87%) to new senior unsecured notes also to be issued
by HLI Luxembourg.


HP PELZER: Lenders Convert EUR62 Million of Debt to Equity
----------------------------------------------------------
HP Pelzer Group signed a comprehensive financial restructuring
agreement with its lenders and shareholders.  This replaced the
bridge financing facility that was provided by the company's
lenders in March 2007 in order to stabilize Pelzer's operations.

The automotive supplier's lenders commit EUR32 million in new
liquidity and agree to convert over EUR62 million of debt to
equity.

Pelzer's new management team can now focus on serving its OEM
customers and optimizing performance of the company's
operations, with the new capital structure.

The first step of the restructuring was completed on May 4,
2007, when, as previously announced, 100% of the ownership
passed from Helmut Pelzer and related parties to a legal entity
managed on behalf of a consortium of the company s lenders by
restructuring expert Horst Piepenburg.

The subsequent financial restructuring agreement, also
unanimously approved by the lenders on May 4, 2007, has three
main elements:

   -- the conversion of all of the company s mezzanine debt and
      accrued interest into equity;

   -- the amendment of the remaining approximately EUR160
      million of syndicated term debt including a holiday on
      debt amortization and extension of certain maturities; and

   -- the commitment of EUR32 million of new credit facilities.
      The new facilities will fund the company s operational
      restructuring plans and provide working capital.

The restructuring transactions will significantly reduce the
company s leverage, interest expense, debt service requirements
and restructuring related expenses resulting in greater cash
flow available for capital investment, R&D and other operating
activities.  Pro forma for these transactions, Pelzer will have
net senior debt of approximately EUR167 million.

With the implementation of the debt to equity conversion,
expected to complete documentation within two weeks, the lenders
will own 100% of the equity of HP Pelzer, with the two largest
stakes, accounting for a majority of Pelzer s voting shares,
held by Goldman Sachs and Silver Point Capital.

"This is great news for our customers, our suppliers, joint
venture partners, and our employees.  We are once again a stable
and reliable supplier for the OEMs, and we will continue to be a
global technology leader in our acoustic automotive components
market segment.  With a stable financial structure and strong
supportive ownership, we can now focus on improving the
operational performance of our global manufacturing base to
better and more cost effectively HP Pelzer Group serve our
customers.  With the new ownership, management team and capital
structure, HP Pelzer can now embark on a successful new chapter
in its history," CEO of HP Pelzer Group and a Managing Director
of the global turnaround management firm Alvarez & Marsal Peter
A. Briggs, disclosed.

"We are very pleased to support the restructuring of HP Pelzer.  
This is a company with a strong customer franchise, market
leading technology and a global manufacturing footprint well
positioned to successfully compete in its product segments.  
With the past year s distractions and financial pressure
removed, we expect Pelzer can now strengthen its relationships
with its OEM customers," a spokesman for Goldman Sachs stated.

                      About Goldman Sachs

Goldman Sachs is a leading global investment banking, securities
and investment management firm that provides a wide range of
services worldwide to a substantial and diversified client base
that includes corporations, financial institutions, governments
and high net-worth individuals.  Founded in 1869, it is one of
the oldest and largest investment banking firms.  The firm is
headquartered in New York and maintains offices in London,
Frankfurt, Hong Kong, Tokyo and other major financial centers
around the world.

                   About Silver Point Capital

Silver Point Capital is a global private investment firm with
approximately US$7.5 billion under management.  The Greenwich,
Connecticut-based firm provides financing to and invests in
companies across all industries.  Silver Point Europe is the
London-based affiliate of Silver Point Capital, which services
the European markets.

                        About HP Pelzer

Headquartered in Witten, Germany, HP Pelzer Group --
http://www.pelzer.de/-- is the world's leading supplier of  
acoustics systems.  The company's customers include all major
car manufacturers globally.

In financial year 2004, the group achieved sales of EUR550
millions.  It has a workforce of over 3,900.

                           *    *    *

The lending banks for HP Pelzer Group have offered a rescue
package for the automotive supplier that includes new liquidity
to continue uninterrupted operations and transfer of ownership
of the company to an independent company. An agreement was
signed on March 10, 2007, removing the need for HP Pelzer to
file for insolvency.  This agreement is subject to the necessary
approvals.

Independent company headed by restructuring expert Horst
Piepenburg controlled the company and its managing director was
replaced by restructuring expert Kay Michael from Alvarez &
Marsal.


INDUSTRIEPLANUNG FISCHER: Chapter 15 Petition Summary
-----------------------------------------------------
Petitioner: Angelika Amend

Debtor: IndustriePlanung Fischer Aktiengesellschaft
        P.O. Box 877
        Wetumpka, Al 36092

Case No.: 07-30662

Type of Business: The Debtor was a German stock corporation
                  that provided engineers for general
                  contracting operations.  See
                  http://www.ip-fischer.de/de_index.html

                  In June 30, 2006, a bankruptcy proceedings was
                  initiated in Germany pursuant to the German
                  Bankruptcy Act and Angelika Amend was
                  appointed as insolvency administrator of the
                  estate.  A meeting of creditors was held on
                  Aug. 14, 2006.

                  On June 19, 2006, subsidiary I.P.F. America,
                  Inc., filed a lawsuit against both Eisenmann
                  Corp. and Hyundai Motor Manufacturing of
                  Alabama seeking claims for damages from
                  violations of the Alabama Prompt Pay Act (by
                  both defendants) and the plaintiff's recording
                  of a lien against the property of Hyundai.

                  In Aug. 22, 2006, Eisenmann Corp. filed a
                  third-party complaint and a counterclaim that
                  sought to recover a claim of US$805,743 from
                  several agreements between parent, Eisenmann
                  Fodertechnik GmbH  & Co. KG (Eisenmann
                  Germany), and the Debtor.  Eisenmann also
                  sought a right to set-off any damages it may
                  be liable for under the Alabama case by
                  asserting the same claim of US$805,743.  
                  Eisenmann further sought a US$2.3 million set-
                  off of its third-party complaint for a debt
                  allegedly owed to it by the Debtor.  Finally,
                  Eisenmann also sought a US$3 million award for
                  a misrepresentation claim both itself and
                  parent Eisenmann Germany had asserted against
                  both I.P.F. America and the Debtor.

Chapter 15 Petition Date: May 9, 2007

Court: Middle District of Alabama (Montgomery)

Petitioner's Counsel: Robert Wayne Hendrick, Esq.
                      Hendrick & Hendrick
                      P.O. Box 877
                      Wetumpka, AL 36092
                      Tel: (334) 263-0014
                      Fax: (334) 215-0446

Estimated Assets: US$1 Million to US$10 Million

Estimated Debts:  US$1 Million to US$10 Million


PROSIEBENSAT.1: Fitch Places IDR on Watch on Potential SBS Bid
--------------------------------------------------------------
Fitch Ratings placed Germany-based ProSiebenSat.1's Issuer
Default and senior unsecured ratings on Rating Watch Negative on
the increasing likelihood of a tie-up with SBS.

Fitch understands that a bid for SBS is now being looked at more
closely, with PSS1 in the process of arranging the necessary
finance to support a potential bid.  In the event that PSS1
announces an offer for SBS, Fitch will resolve the RWN, which
could involve a multi-notch downgrade if there is a significant
leverage increase in the combined entity.

PSS1's Outlook was changed to Negative from Stable on December
15, 2006 following indications that PSS1 and SBS could be
combined later in 2007.

However, Fitch also understands that one of the current
shareholders of SBS, namely Telegraaf Media Groep (20%
shareholding), has specific rights regarding SBS in the event
that an offer is made on SBS.  Accordingly Fitch views any
potential acquisition as a competitive bid process with the
outcome unclear and points out that as of today no formal bid
for SBS from PSS1 has been forthcoming.

On May 9, 2007, PSS1 announced that first quarter results showed
continued strong operating progress with revenues and EBITDA
growing 7.7% and 16.1% respectively.  The company has now de-
leveraged to net debt/EBITDA of 0.2x, supporting Fitch's current
rating of 'BBB'.


SANDT LOGISTIK: Creditors' Meeting Slated for June 11
-----------------------------------------------------
The court-appointed insolvency manager for Sandt Logistik GmbH,
Steffen Rauschenbusch, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:00 a.m. on June 11.

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

         The District Court of Pirmasens
         Area 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:00 p.m. on July 23 at the same venue.

Creditors have until July 12 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Steffen Rauschenbusch
         O 3, 11+12
         68161 Mannheim
         Germany
         Tel: 0621 16680
         Fax: 0621 166811
         E-Mail: rauschenbusch@febnet.de   

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

The Debtor can be reached at:

         Sandt Logistik GmbH
         Attn: Norbert Obry, Manager
         Lemberger Strasse 82
         66955 Pirmasens
         Germany


SPIEGELHAUER PRODUKTIONS: Claims Registration Ends June 20
----------------------------------------------------------
Creditors of Spiegelhauer Produktions- und Dienstleistungs-GmbH
have until June 20 to register their claims with court-appointed
insolvency manager Markus Ernestus.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 1, 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 Darmstadt
         Hall 4.326
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Markus Ernestus
         O 3, 9-12
         68165 Mannheim
         Germany
         Tel: 0621/16680
         Fax: 0621/166811

The District Court of Darmstadt opened bankruptcy proceedings
against Spiegelhauer Produktions- und Dienstleistungs-GmbH on
May 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Spiegelhauer Produktions- und Dienstleistungs-GmbH
         Seife 3-7
         64711 Erbach
         Germany

         Attn: Juergen Spiegelhauer, Manager
         Erbacher Strasse 8
         64753 Brombachtal
         Germany


STENGER ZENTRALSERVICE: Claims Registration Ends June 27
--------------------------------------------------------
Creditors of Stenger Zentralservice GmbH have until June 27 to
register their claims with court-appointed insolvency manager
Peter Sulzmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 166N
         First Floor
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         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:

         Peter Sulzmann
         Bahnhofstrasse 31
         63500 Seligenstadt
         Germany
         Tel: 06182-9205-0
         Fax: 06182-9205-15

The District Court of Offenbach am Main opened bankruptcy
proceedings against Stenger Zentralservice GmbH on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Stenger Zentralservice GmbH
         Leo Zoeller, Manager
         Abt.-Peter-Str. 29
         63500 Seligenstadt
         Germany


STRATE AUTOMOBIL: Claims Registration Ends June 19
--------------------------------------------------
Creditors of Strate Automobil GmbH have until June 19 to
register their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 a.m. on July 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against Strate Automobil GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Strate Automobil GmbH
         Attn: Hans Dieter Strate, Manager
         Hubertusstr. 32-34
         45657 Recklinghausen
         Germany


VISUDERM PHARMA: Claims Registration Period Ends June 12
--------------------------------------------------------
Creditors of Visuderm Pharma GmbH have until June 12 to register
their claims with court-appointed insolvency manager Eberhard
Irrgang.

Creditors and other interested parties are encouraged to attend
the meeting at 3:15 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 Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Eberhard Irrgang
         Martin-Luther-Platz 11
         95100 Selb
         Germany
         Tel: 09287-2575
         Fax 09287-87197


The District Court of Hof opened bankruptcy proceedings against
Visuderm Pharma GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Visuderm Pharma GmbH
         Weissdorfer Str. 1
         95234 Sparneck
         Germany


VONBIRN GMBH: Claims Registration Ends June 15
----------------------------------------------
Creditors of Vonbirn GmbH have until June 15 to register their
claims with court-appointed insolvency manager Bernd Statz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

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

The insolvency manager can be reached at:

         Bernd Statz
         Muehlstrasse 25
         D 63526 Erlensee
         Germany
         Tel: 06183/900370
         Fax: 06183/900371

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

The Debtor can be reached at:

         Vonbirn GmbH
         Robert-Bosch-Str. 5 c
         63477 Maintal
         Germany


WDM-SERVICE GMBH: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors of WDM-Service GmbH have until June 20 to register
their claims with court-appointed insolvency manager Dr. Joerg
Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:08 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Aachener Str. 563-565
         50933 K"ln
         Germany
         Tel: 0221/ 940 80 30
         Fax: +492219408039

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

The Debtor can be reached at:

         WDM-Service GmbH
         Matthias-Brueggen-Str. 17
         50827 Koeln
         Germany

         Attn: Thorsten Klenke, Manager
         Flachsgarten 19
         50226 Frechen
         Germany


WIRTSCHAFTS-NEWS VERLAGS: Creditors Meeting Slated for June 28
--------------------------------------------------------------
Hans-W. Goetsch, the court-appointed insolvency manager for
Wirtschafts-News Verlags GmbH, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on June 28

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

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 23 at the same venue.

Creditors have until July 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hans-W. Goetsch
         Libellenweg 4
         55128 Mainz
         Germany
         Tel: 06131/3337960
         Fax: 06131/3337961.

The District Court of Mainz opened bankruptcy proceedings
against Wirtschafts-News Verlags GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wirtschafts-News Verlags GmbH
         Attn: Marcos Ackermann, Manager
         Berliner Str. 19
         55268 Nieder-Olm
         Germany


ZIEGELWERK EITENSHEIM: Creditors' Meeting Slated for June 11
------------------------------------------------------------
The court-appointed insolvency manager for Ziegelwerk Eitensheim
GmbH, Dr. Werner Poehlmann, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on June 11.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Sept. 17 at the same venue.

Creditors have until Aug. 3 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Werner Poehlmann
         Fuerstenfelder Strasse 9
         80331 Munich
         Germany
         Tel: 089/46 13 444-0
         Fax: 089/46 13 444-20

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

The Debtor can be reached at:

         Ziegelwerk Eitensheim GmbH
         Ziegelei 2
         85117 Eitensheim
         Germany

         Attn: Sebastian Ernst, Manager
         Friedrichshofener Strasse 79
         85049 Ingolstadt
         Germany


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


AEROPROJECT LLP: Creditors Must File Claims by June 8
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aeroproject insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-55
              8 701 733 36-24


ASIA TRANS GAS: Creditors' Claims Due June 20
---------------------------------------------
LLP Asia Trans Gas has declared has declared insolvency.  
Creditors have until June 20 to submit written proofs of claim
to:

         LLP Asia Trans Gas
         Kazybek bi Str. 29-27
         Almaty
         Kazakshtan


COOPERATIVE KUANYSH: Proof of Claim Deadline Slated for June 1
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Cooperative Kuanysh insolvent.

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

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


DARINA K LLP: Claims Registration Ends June 5
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Company Darina K insolvent.

Creditors have until June 5 to submit written proofs of claim
to:

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


FIRM BEK-LTD: Claims Filing Period Ends June 5
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Firm Bek-Ltd insolvent.

Creditors have until June 5 to submit written proofs of claim
to:

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


KAZAKHGAS JSC: Court Started Bankruptcy Proceeding on April 10
--------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
region has begun bankruptcy proceeding against Uptk JSC
Kazakhgas on April 10.


SATKO LLP: Creditors' Claims Due June 1
---------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Satko insolvent.

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

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


SOVREMENNIYE TECHNOLOGIYI: Bankruptcy Hearing Begun on April 10
---------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
started bankruptcy proceeding against LLP Sovremenniye
Technologiyi 2004 (RNN 600300522428) on March 29, 2007.


TS-ENGINEERING LLP: Claims Filing Period Ends June 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Ts-Engineering insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 427
         Maulenov Str. 92
         Almaty
         Kazakhstan
         Tel: 8 (3272) 67-63-55
              8 701 733 36-24


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


HOME NET: Creditors Must File Claims by June 27
-----------------------------------------------
LLC Home Net has declared insolvency.  Creditors have until
June 27 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 44-08-11.


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


INTERNATIONAL PAPER: Closing Montreal Milk Carton Plant in July
---------------------------------------------------------------
International Paper will shut down its milk and cream carton
manufacturing plant located in Longueuil on the South Shore of
Montreal, Canada.  The closure was announced by Evergreen
Printing, which acquired International Paper a few weeks ago.

The 36 members of Teamsters Local Union 555M will thus lose
their jobs next July.

In addition to the plant on the South Shore of Montreal,
Evergreen Printing will also be shutting down plants in London,
Ontario, and Boston, Massachusetts.  The Longueuil plant was
considered as one of the most profitable in the industry in
North America.

"We are both disappointed and angered by the company's decision.
We wrongfully believed that a profitable and productive plant
would protect our members from a hostile and unjustified
restructuring effort," stated with indignation the president of
Teamsters Local Union 555M, Larry Myles.

"Since several months now, Evergreen Printing's American plants
have difficulty filling their order books.  It's the main reason
for the shutdown of the Longueuil plant.  Even so, labour
relations were great before International Paper was acquired by
Evergreen and we had confidence in the future," added Myles.

For the first quarter of 2007, International Paper declared
dividends of US$0.25 per share.  That was before it was sold to
Evergreen Printing.

"The question now at hand is whether the big clients of the
Longueuil plant, Natrel, Saputo and Parmalat, will accept to
have their cartons printed south of the border.  I do hope that
they decide to act like good corporate citizens," concluded
Myles.

                    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.  
Its South American operations include, among others, facilities
in Argentina, Brazil, Bolivia, and Venezuela.  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-SERVICE OJSC: Creditors Must File Claims by June 21
--------------------------------------------------------
Creditors of OJSC Agro-Service (TIN 5105040391) have until
June 21 to submit proofs of claim to:

         P. Volkov
         Insolvency Manager
         Office
         Starostina Str. 19
         183071 Murmansk
         Russia
         Tel.: 8-8152-277-236

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-797/2007.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         OJSC Agro-Service
         3rd Km of Road Airport-Murmashi
         Murmashi
         Kolskiy
         Murmansk
         Russia


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

         E. Valyuzhinich
         Temporary Insolvency Manager
         Lermontova Str. 343
         Stavropol
         Russia

The Arbitration Court of Stavropol will convene at 10:00 a.m. on
July 12 to hear the company's bankruptcy supervision procedure.  
The case is docketed under Case No. A63-19082/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol  
         Russia

The Debtor can be reached at:

         CJSC Alef
         Stavropol
         Russia


ANTARES LLC: Moscow Court Names A. Podzhio as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Moscow appointed A. Podzhio as
Insolvency Manager for LLC Jewellery Factory Antares.  He can be
reached at:

         A. Podzhio
         Moskovskiy Pr. 18
         105187 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-68027/06-73-1143B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Jewellery Factory Antares
         Office 65
         Building 1
         Lyublinskaya Str. 107/10
         109387 Moscow
         Russia


ATOM-SERVICE CJSC: Rostov Bankruptcy Hearing Slated for July 23
---------------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:00 a.m. on
July 23 to hear the bankruptcy supervision procedure on CJSC
Atom-Service (TIN 6143059518).  The case is docketed under Case
No. A53-16445/2006-S1-51.

The Temporary Insolvency Manager is:

         S. Ivanov
         Temporary Insolvency Manager
         Office 504
         Oborony Str. 24
         344082 Rostov-na-Donu
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Atom-Service
         Volgodonsk-28
         Rostov
         Russia


AVEST ELECTRONICS: Creditors Must File Claims by May 21
-------------------------------------------------------
Creditors of CJSC Avest Electronics have until May 21 to submit
proofs of claim to:

         N. Postnikov
         Temporary Insolvency Manager
         Post User Box 43/3
         680013 Khabarovsk
         Russia

The Arbitration Court of Evrejskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A16-27/07-5.

The Debtor can be reached at:

         CJSC Avest Electronics
         Transormatornaya Str. 1
         Birobidzhan
         Evrejskiy
         Russia


COMSTAR UNITED: Moody's Assigns Ba3 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service assigned a "Ba3" corporate family
rating to Comstar United TeleSystems.  The outlook on the
ratings is stable.

Comstar incorporates the incumbent traditional operator Moscow
City Telephone Network, (MGTS, rated "Ba3" by Moody's),
alternative telecommunications operator Comstar-Moscow, provider
of broadband, Pay-TV and dial-up services Comstar-Direct and
several alternative telecommunication services providers in the
regions of Russia, CIS, Armenia and Ukraine.

Following its IPO in 2006, Comstar is 51% owned by JSFC Sistema
(rated "B1" by Moody's) via its subsidiary Sistema Telecom, 14%
cross-owned by MGTS, with the remaining 35% in free float.
Approximately 62% of group revenues are derived from traditional
services segment; 95.6% of revenue originates from Moscow and
Moscow region.  This is the first time that Moody's rates the
company.

The Ba3 corporate family rating factors in:

   (i) Comstar's competitive advantage in the market as the
       owner of the local loop infrastructure in Moscow and of a
       second-large alternative operator with an established
       brand;

  (ii) the limited competition Comstar faces in both the
       residential traditional services market, and the
       corporate and broadband/data markets;

(iii) the growth potential in all segments supported by inter-
       company synergies, cross-selling and single brand
       promotion;

  (iv) the potential benefits from integrating with other   
       Sistema projects, such as FMC with MTS (Mobile
       Telecommunications, rated by Moody's "Ba3"); and

   (v) the potential synergies from cooperation with the state-
       owned all-Russia telecommunications holding OAO
       Svyazinvest, where cross shareholdings exist and in which
       Comstar holds a 25% plus one share equity stake acquired
       in 2006.

At the same time, the rating reflects:

   (i) Comstar's required and planned substantial investment in
       a new generation network to replace MGTS's analogue
       switching infrastructure and support the rollout of
       broadband services, which places pressures on cash flow
       over the next 3 years;

  (ii) the risk of fixed-to-mobile substitution;

(iii) the potential pressure on the traditional fixed line
       segment should future tariff increases lag inflation; and

  (iv) some degree of strategic uncertainty and event risk
       associated with Comstar's regional expansion plans and
       the risk of future major acquisitions such as potentially
       further increasing their stake in Svyazinvest.

Moody's regards Comstar and its ownership of MGTS as a single
strategic entity, notwithstanding the presence of minority
shareholders at the MGTS level recognizing that the two groups
have a heavy degree of interdependence in pursuing their
strategies.  Comstar currently owns 80% of total active
telephone lines in Moscow, out of which 70% (4.3 million lines)
are owned by the traditional incumbent operator and cover over
98% of the residential market, and 10% (0.6 million lines) by
the alternative one.  Via MGTS Comstar has access to the "last
mile" in Moscow, where local loop infrastructure is likely to
remain unbundled over the medium term.

Comstar is facing little or no competition in the relatively
stable and low-income residential voice service market, operated
by MGTS.  In the alternative telecom operators segment, Comstar
provides integrated services to businesses, a market in which it
almost equally shares 38% of the corporate market in revenue
terms with Golden Telecom with the balance of the market being
fragmented.  Comstar has leading positions in the broadband
market in Moscow (38% as of Dec. 31, 2006), with further
potential growth underpinned by further anticipated growth in PC
penetration which currently stands at 69% though only 59% of
computers are actually connected to the internet at this time.

Going forward, Comstar will seek to improve and further
customize its integrated telecommunications services offerings
to the high-yield corporate segment and promote value-added
services, such as ADSL internet connection and triple play
broadband to households, based on the telecom network
infrastructure being upgraded at the MGTS level.  While the
current level of line digitalization is approximately 41.5% this
is expected to begin to improve further as Comstar will be
implementing NGN technologies over the course of 2007 and beyond
in conjunction with replacing the remaining analogue switches.
While there is an element of discretionary spending associated
with Comstar's 6-year investment program, envisaging
approximately US$330-350 million capex per annum of which 70% is
attributable to the traditional fixed-line network operated by
MGTS, Moody's regards these expenditures as strategically
important to the further development of alternative business,
data and broadband value-added services among the businesses
operated by Comstar.

Comstar's traditional segment has been subjected to fixed-to-
mobile substitution in recent years; however, with mobile
penetration in Moscow now exceeding 100%, the effect of such
substitution should lessen, assuming a balanced residential
tariff policy.

Moody's notes that MGTS' residential tariffs, which had formerly
been insufficient to meet service provision costs, were modified
as of Feb. 1, 2007.  The new tariff system offers a choice of
three tariffs: flat, per-minute charging, or a combination of
the two.  Average increase in tariffs depends on distribution of
subscribers' choice between these three tariff plans.  Moody's
notes that in 2006, Comstar and MGTS embarked on a comprehensive
cost-cutting program with an aim to increase efficiency of its
operations.

Moody's furthermore notes that regulatory changes introduced
during 2006 had in some cases a favorable impact on Comstar's
business, such as introduction of CPP (calling party pays).

In December 2006, Comstar acquired 25% plus one share stake in
the state-owned OAO Svyazinvest, the largest Russian
telecommunications operator, comprising 7 incumbent regional
operators, an incumbent ILD/DLD provider Rostelecom, and 23% of
MGTS.  Moody's views the transaction as a positive development,
noting high intrinsic value of the telecom asset, its strategic
importance in view of contemplated Svyazinvest privatization,
and potential imminent operating synergies relating to Comstar's
regional expansion.

The impact of this transaction though was a considerable
increase in leverage at the MGTS level where adjusted
Debt/EBITDA increased to 3.0x as of the end of 2006 as a result
of the partially debt-financed Svyazinvest transaction.  The Ba3
rating assigned to Comstar therefore relies on Comstar's
commitment to apply the cash proceeds of approximately US$300
million expected to be received later this year from the put
option on Comstar shares granted as part of the consideration
for Svyazinvest stake toward debt reduction.  Such action
however remains subject to the actual exercising of the option
by the counterparty at the end of 2007.  The rating does not
factor in the incurrence of any additional debt at this time and
any material acquisition, resulting in leverage increasing above
the current consolidated level of 2.1x, would need to be
reviewed by Moody's for its potential impact on the ratings.

As an integral part of Sistema, Comstar co-ordinates its
branding with the mobile operator MTS and interconnection
provider MTT.  Umbrella brand strategies for its
telecommunications division was adopted by Sistema in May of
2006 as a step towards the launch of bundled services, cross-
selling and potentially fixed-mobile convergence.

The rating assumes maintenance of a conservative dividend policy
on behalf of Sistema going forward.

The stable outlook on the rating reflects Moody's expectations
that the company will be able to maintain the profitability of
its residential segment going forward while actively developing
new higher-return segments and implementing its development
plans without excessive pressure on the cash flows beyond those
currently anticipated.

Sustainable growth in targeted segments, paced implementation of
the network modernization program, generation of positive free
cash flow and reducing consolidated leverage as measured by
Debt/EBITDA sustainably to 1.5x would have a positive impact on
the rating.

Material debt financed acquisitions could have a downward
pressure on the rating were they to result in leverage
increasing above current levels.

Headquartered in Moscow, Russia, Comstar is the largest provider
of fixed line telecommunication services in the Moscow
metropolitan area with a population of over 10 million, 5
regions of Russia, Ukraine and Armenia.  As at Dec. 31, 2006,
Comstar had US$1.12 billion in revenues and US$428.6 million in
EBITDA (excluding US$62 million stock bonus awards).


HORIZON CJSC: Creditors Must File Claims by June 21
---------------------------------------------------
Creditors of CJSC Horizon (TIN 5192700891) have until
June 21 to submit proofs of claim to:

         P. Volkov
         Insolvency Manager
         Office
         Starostina Str. 19
         183071 Murmansk
         Russia
         Tel: 8-8152-277-236

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-1126/2007.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Horizon
         Safonova Str. 47
         Murmansk
         Russia


KRASNYJ METALLIST: Creditors Must File Claims by May 21
-------------------------------------------------------
Creditors of CJSC Krasnyj Metallist have until May 21 to submit
proofs of claim to:

         N. Azev
         Temporary Insolvency Manager
         4th Floor
         Office 3
         Gorkogo Str. 42
         355088 Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A63-6114/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol  
         Russia

The Debtor can be reached at:

         CJSC Krasnyj Metallist
         K. Marksa Pr. 2
         355000 Stavropol
         Russia


KRAYINVESTBANK: S&P Assigns B- CCR with Stable Outlook
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
and 'C' short-term counterparty credit and 'ruBBB' Russia
national scale ratings to Russia-based Krayinvestbank.  The
outlook is stable.

"The ratings reflect the bank's high level of concentration in
its loan portfolio, low core profitability, and weak financial
flexibility," said Standard & Poor's credit analyst Eugene
Tarzimanov.

These negative factors are somewhat offset by Krayinvestbank's
strong links to its principal owner, the regional government of
the Krasnodar Krai, the bank's adequate distribution network in
the Krai, and adequate capitalization.

"We expect Krayinvestbank to continue to operate in line with
its strategic objectives, while maintaining close ties with the
government of the Krai," said Mr. Tarzimanov.

We also expect the bank to receive adequate support from the
Krai, in accordance with its status as a government-related
entity. We would consider raising the ratings on the bank if it
improves the quality and diversification of its loan portfolio
and funding base, increases capital materially, and demonstrates
an ability to generate higher profitability.  The ratings could
be lowered if the bank's asset quality, financial performance,
and capitalization deteriorate to a significant degree.  A
downgrade might also follow if the ties between Krayinvestbank
and the Krai weaken significantly.


KUDARINSKIY OJSC: Creditors Must File Claims by June 21
-------------------------------------------------------
Creditors of OJSC Butter Making Plant Kudarinskiy have until
June 21 to submit proofs of claim to:

         V. Dympilov
         Insolvency Manager
         Office 400
         Solnechnaya Str. 7a
         670031 Ulan-Ude
         Russia
         Tel: (8-3012) 41-50-47

The Arbitration Court of Buryatiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A10-1652/06.

The Court is located at:

         The Arbitration Court of Buryatiya
         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         OJSC Butter Making Plant Kudarinskiy
         Promyshlennaya Str. 7
         Kudara-Somon
         Kyakhtinskiy
         672831 Buryatiya
         Russia


PARTNER CJSC: Creditors Must File Claims by June 21
---------------------------------------------------
Creditors of CJSC Partner (TIN 5108400878) have until
June 21 to submit proofs of claim to:

         P. Volkov
         Insolvency Manager
         Office
         Starostina Str. 19
         183071 Murmansk
         Russia
         Tel: 8-8152-277-236

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-799/2007.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Partner
         Apartment 274
         Yuzhnaya Str. 3
         Olenegorsk
         184533 Murmansk
         Russia


PURE WATER: Court Names K. Zelyutin as Insolvency Manager
---------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed K. Zelyutin as
Insolvency Manager for LLC Pure Water.  He can be reached at:

         K. Zelyutin
         Insolvency Manager
         Post User Box 366
         620014 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-19281/06-S11.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pure Water
         Tsentralnaya Str. 4a
         Kushva
         Sverdlovsk
         Russia


RASPADSKAYA SECURITIES: Moody's Puts (P)Ba3 Rating on Loan Notes
----------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 senior unsecured
rating with a stable outlook to the loan participation notes
issued by Raspadskaya Securities Ltd., and on-lent to the
operating company Raspadskaya OJSC.  

At the same time, Moody's Interfax Rating Agency, which is
majority owned by Moody's, assigned a Aa3.ru national scale
credit rating with a stable outlook to the company.

On May 3, 2007, Moody's had assigned a Ba3 Corporate Family
Rating to Raspadskaya.  With regards to the loan participation
notes issued by Raspadskaya Securities Ltd., Moody's noted their
pari passu ranking with other senior unsecured debt of
Raspadskaya OJSC.

However, Moody's also took into consideration the company's
intention to borrow up to US$150 million under a Syndicated
Structured Facility, benefiting from a pledge of export
contracts of 125% of the outstanding amount; this results in an
absolute amount of actual receivables pledged that is sufficient
to cover quarterly amortizing principal and interest payments,
which Moody's takes into account as only a partial collateral
for the entire syndicated loan of initially up to US$150
million.

In its assessment of the company's capital structure for the
purpose of assessing the loss given default, Moody's therefore
considers this debt to rank slightly ahead of the loan
participation notes and in its Loss-Given-Default assessment,
Moody's assumed this loan to be secured, but with a deficiency
claim of the security of 75%.  In addition there remains US$30
million of secured debt at its subsidiary Raspadskaya
Preparation Plant and trade claims, which also have been
considered to rank ahead of the loan participation notes, in the
amount of 11 million.  Unsecured bank loans of US$10 million at
other operating subsidiaries and unfunded pension obligations of
US$22 million however are ranked at the same level as the loan
participation notes.

The loan participation notes are subject to various restrictions
and financial covenants, including a minimum Debt/EBITDA
incurrence ratio of 3.0x and limitations regarding additional
indebtedness and dividend payments. The proceeds of the notes
will be applied to refinance US$300 million loan from Natexis
Banques Populaires and Bank Natexis ZAO maturing in June 2007.
Given that both the amount and terms and conditions of the
syndicated facility and the loan participation notes still need
to be finalized, the rating and loss given default assessment
are only provisional.

In line with its Loss-given-Default Methodology, Moody's has
therefore assigned a provisional (P)Ba3 for the loan
participation notes and a provisional LGD assessment of LGD4,
LGD rate of 59%.  The assigned ratings assume that there will be
no material variations to the draft legal documentation reviewed
by Moody's.  The ratings will be finalized upon receipt of final
documentation.

The ratings were assigned:

   * Issuer: Raspadskaya Securities Ltd.

   -- Senior Unsecured Regular Bond/Debenture, Assigned (P)Ba3
      (Loss Given Default Assessment LGDx, xx%)

   * Issuer: Raspadskaya, OJSC

   -- Corporate Family Rating, Assigned Aa3.ru

Raspadskaya is Russia's second largest coking coal producer and
is among the top 10 coking coal producers globally with coal
production volume of 10.6 million tonnes in 2006.  The company's
production assets consist of 2 underground mines, one open-pit
and a coal preparation plant, one more mine is currently under
construction.  All the assets are located in Kuzbass Basin
Kemerovo, Russia.  The company is controlled by management and
Evraz Group through equal stakes in Corber Enterprises Ltd.
which holds an 80% stake in Raspadskaya.  In 2006 the company
reported revenue of US$469 million and US$242 of EBITDA based on
audited consolidated financial statements.


SHIRINSKOYE OJSC: Creditors Must File Claims by June 21
-------------------------------------------------------
Creditors of OJSC Shirinskoye have until June 21 to submit
proofs of claim to:

         A. Rostovtsev
         Insolvency Manager
         Lenina Pr. 113A
         300026 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-21/B-06.

The Court is located at:

         The Arbitration Court of Tula  
         Hall 35
         Sovetskaya Str. 112
         Tula  
         Russia

The Debtor can be reached at:

         OJSC Shirinskoye
         Shirinskiy
         Novomoskovskiy
         301699 Tula
         Russia


SNEZHNAYA CJSC: Creditors Must File Claims by June 21
-----------------------------------------------------
Creditors of CJSC Production Company Snezhnaya have until
June 21 to submit proofs of claim to:

         V. Tarasov
         Insolvency Manager
         3rd Kosmodemyanskoj Str. 29
         183008 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-8126/2006.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Production Company Snezhnaya
         Molochnyj
         Murmansk
         Russia


VIST-MASTER CJSC: Creditors Must File Claims by June 21
-------------------------------------------------------
Creditors of CJSC Vist-Master have until June 21 to submit
proofs of claim to:

         V. Asakov
         Insolvency Manager
         Apartment 7
         Gubarevicha Str. 6
         358000 Kalmykiya
         Russia

The Arbitration Court of Kalmykiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A22-556/06/15-75.

The Debtor can be reached at:

         V. Asakov
         Insolvency Manager
         Apartment 7
         Gubarevicha Str. 6
         358000 Kalmykiya
         Russia


VYSOKOYE-AGRO LLC: Creditors Must File Claims by May 21
-------------------------------------------------------
Creditors of LLC VYSOKOYE-AGRO (TIN 6378003954) have until
May 21 to submit proofs of claim to:

         A. Safronov
         Insolvency Manager
         Vuyanova Str. 62-3
         432063 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A55-3113/2007.

The Court is located at:

         The Arbitration Court of Samara  
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         LLC Vysokoye-Agro
         Zavodskaya Str. 8
         Vysokoye
         Pestravskiy
         Samara
         Russia


YUKOS OIL: Khodorkovsky's Counsel Comments on Liquidation
---------------------------------------------------------
As the Russian bankruptcy liquidator organizes the final
auctions of Yukos Oil, once Russia's largest and most
prestigious private oil company, Robert Amsterdam, the
international counsel to the political prisoner Mikhail
Khodorkovsky, issued these comments:

"This is the ending we have been expecting for some time," said
Mr. Amsterdam.  "From the beginning of the attack on Yukos and
the unlawful imprisonment of my client, to the final rigged
auction, the process has been riddled with procedural and legal
violations which have thoroughly discredited any claim of
legitimacy to the charges by the State."

"The media is wont to say that the conclusion of the Yukos
affair marks the end of an era of vast personal enrichment - but
that's not true.  Now it is the siloviki inside the Kremlin
lining their pockets under the guise of public trust.  I
challenge the government to show where the auction money is
really going," Mr. Amsterdam said.  "The Kremlin would like you
to believe that Yukos was the Enron of Russia - but that's not
true, and there's no plausible explanation how in 2004 the
company should owe a preposterous eight rubles tax for every one
ruble of revenue, or how the chief bankruptcy liquidator gets
nominated for the board of Rosneft next to the president's other
friends."

"The most shameful feature of the Yukos auctions has been
Russia's successful arm-twisting of energy multinationals to
provide a service of 'reputation laundering' in the fencing of
these stolen goods," said Mr. Amsterdam.  "But let it be known
to firms such as ENI, Enel, BP, and Royal Dutch Shell who have
bought or expressed interest in bidding on Yukos assets, that
the number of accomplices does not lessen the gravity of the
crime.  Aside from making a mockery out of their pledges to
corporate social responsibility, their shameful attempts to
curry favor with a corrupt regime at the cost of human rights
will ultimately fail, and within the year these companies will
again face harassment from the authorities."

                         About Yukos Oil

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

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

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

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

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

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


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


FONCAIXA HIPOTECARIO 10: Moody's Junks EUR12 Mln Series D Notes
---------------------------------------------------------------
Moody's Investors Service assigned provisional credit ratings to
four series of Bonos de Titulizacion de Activos to be issued by
FONCAIXA HIPOTECARIO 10 Fondo de Titulizacion de Activos, a
Spanish Asset Securitization Fund that has been created by
Gesticaixa, S.G.F.T, S.A. Moody's has assigned these ratings:

   -- (P) Aaa to the EUR1,458.0 million Series A notes;
   -- (P) Aa3 to the EUR30.0 million Series B notes;
   -- (P) Baa2 to the EUR12.0 million Series C notes; and
   -- (P) C to the EUR12.0 million Series D notes.

Moody's provisional ratings address the expected loss posed to
investors by the legal final maturity.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date on Classes A/B/C, and for ultimate payment of
interest and principal at par on or before the rated final legal
maturity date on Class D.  Moody's ratings address only the
credit risks associated with the transaction.  Other non-credit
risks have not been addressed, but may have a significant effect
on yield to investors.

The transaction consists exclusively of the securitization of
some additional drawdown of a flexible mortgage product which is
structured like a line of credit and it is currently La Caixa's
flagship product.  Under this product borrowers are allowed to
make additional drawdown up to the original LTV limit and for an
amount equal to the amortized principal.  Generally, such
additional drawdowns are subject to La Caixa's credit review and
approval.

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

   (1) interest rate swap to hedge interest rate risk in the
       transaction and secure the weighted average interest rate
       on the notes, plus 50 bps;

   (2) a reserve fund that is fully funded upfront to cover any
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism;

   (4) the fact that 100% of the loans are secured by first-lien
       residential mortgages;

   (5) very good quality collateral in terms of LTV, seasoning
       and occupancy type;

   (6) very good performance data on previous deals; and

   (7) the quality of La Caixa as originator and servicer.

However, Moody's notes that the deal also has weaknesses,
including:

   (1) 100% of the loans are flexible, which leads to a higher
       expected default frequency and more severe losses;

   (2) the loans may enjoy principal grace periods; and

   (3) Geographical concentration in the region of Catalonia
      (52%), mitigated in part by the fact that La Caixa has its
       origins in this region, where it has greatest expertise.

As of April 22, 2007, the provisional portfolio comprises 60,997
additional drawdowns for a total amount of EUR1,911,226.  The
collateral backing the notes' issuance is entirely composed of
first-lien mortgage additional drawdowns.  The current WALTV is
58.23%.  The average additional drawdown size is EUR31,333.  The
additional drawdowns are originated between 1993 and 2007 with a
weighted average seasoning of 4.75 years.  All the additional
drawdowns are paid via direct debit

Moody's based its ratings on:

  (1) an evaluation of the underlying portfolio of mortgage
      loans securing the structure and

  (2) the transaction's structural protections, which
      include the subordination, the strength of the cash
      flows (including the reserve fund) and any excess
      spread available to cover losses.

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


HIPOCAT 11: Fitch Junks EUR28 Million Class D Notes
---------------------------------------------------
Fitch Ratings assigned ratings to Hipocat 11, Fondo de
Titulizacion de Activos' EUR1,628m mortgage-backed floating-rate
notes due in January 2050:

   -- EUR200 million Class A1: 'AAA'
   -- EUR1.1 billion Class A2: 'AAA'
   -- EUR200 million Class A3: 'AAA'
   -- EUR52.8 million Class B: 'A+'
   -- EUR64 million Class C: 'BBB'
   -- EUR28 million Class D: 'CCC'

This transaction is a cash flow securitiation of a EUR1.6
billion static pool of first-ranking Spanish mortgage credit
facilities originated and serviced by Caixa d'Estalvis de
Catalunya.

The ratings are based on the quality of the collateral, the
underwriting and servicing of the mortgage credit facilities,
available credit enhancement, the integrity of the transaction's
legal and financial structure and Gestion de Activos
Titulizados, S.G.F.T., S.A.'s administrative capabilities.

Initial credit enhancement for the A to C notes is provided by
subordination and a reserve fund, which has been funded at
closing using part of the proceeds from the issuance of the
notes.  The Class D notes are uncollateralized by mortgage
credit facilities but benefit from the excess spread available
within the structure.

The ratings address the payment of interest on the notes
according to the terms and conditions of the documentation,
subject to a deferral trigger on the Class B and Class C notes,
as well as the repayment of principal at legal final maturity.

Spanish Securitisation Law 19/1992 and Royal Decree 926/1998
regulate the fund.  Its sole purpose is to transform into fixed-
income securities a portfolio of mortgages certificates acquired
from Caixa d'Estalvis de Catalunya.  The CTHs are subscribed by
Gestion de Activos Titulizados, S.G.F.T., S.A., whose sole
function is to manage asset-backed notes on behalf of the fund.


SANTANDER EMPRESAS 3: Fitch Junks EUR45.5 Million Series F Notes
----------------------------------------------------------------
Fitch assigned Fondo de Titulizacion de Activos Santander
Empresas 3's CDO notes totaling EUR3.5 billion due in October
2049, expected ratings:

   -- EUR800 million Series A1: 'AAA'
   -- EUR1.8 billion Series A2: 'AAA'
   -- EUR627.5 million Series A3: 'AAA'
   -- EUR39.7 million Series B: 'AA'
   -- EUR117.3 million Series C: 'A+'
   -- EUR70 million Series D: 'BBB+'
   -- EUR45.5 million Series E: 'BB+'
   -- EUR45.5 million Series F: 'CCC'

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

The expected ratings address the payment of interest on the
notes according to the terms and conditions of the
documentation, subject to a deferral trigger on the Series B, C,
D and E notes.

This transaction is a cash-flow securitization of a
EUR3.5 billion static pool of secured and unsecured loans
granted by Banco Santander Central Hispano to small- and medium-
sized enterprises, self-employed borrowers and larger companies
in Spain.  The expected ratings are based on the quality of the
collateral, available credit enhancement, the financial
structure of the deal, the underwriting and servicing of the
collateral and Sociedad Gestora's administrative capabilities.
Additionally, SAN provides the first layer of protection under
an interest rate swap agreement that guarantees an excess spread
of 65 basis points.

SAN continues to be an active player in the Spanish
securitization arena.  This is the third transaction under the
Santander Empresas program, which shares identical structural
features and collateral characteristics to its predecessors
"Fondo de Titulizacion de Activos Santander Empresas 1" and
"Fondo de Titulizacion de Activos Santander Empresas 2" rated in
November 2005 and December 2006.


SANTANDER EMPRESAS 3: S&P Junks EUR45.5 Million Class F Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR3.545 billion floating-rate notes to be
issued by Fondo de Titulizacion de Activos Santander Empresas 3.
  
The originator is Banco Santander Central Hispano, S.A., the
largest Spanish banking group, and, by market capitalization,
one of the largest banks in the Eurozone.
  
At closing, SCH will sell to Santander Empresas 3 a
EUR3.5 billion closed-portfolio of secured and unsecured loans
granted to Spanish SMEs.  To fund this purchase, Santander
Empresas 3 will issue seven classes of floating-rate, quarterly
paying notes on behalf of Santander Empresas 3.  The class F
notes will be issued to fund the reserve fund.
  
The ratings on the notes reflect the subordination of the
respective classes of notes below them, the reserve fund, the
presence of the interest rate swap (which provides the weighted-
average coupon on the notes and an excess spread of 65 bps),
comfort provided by various other contracts, the rating on SCH
and the downgrade languages.
  
Santander Empresas 3 is the fifth securitization of credit
exposure to a static pool of SCH's domestic small and midsize
corporate clients.  This securitization comprises a mixed pool
of underlying mortgage-backed and unsecured assets.  The
structure is very similar to that of Fondo de Titulizacion de
Activos Santander Empresas 2, which closed at the end of last
year.  

                          Ratings List

Fondo de Titulizacion de Activos Santander Empresas 3
   EUR3.5 Billion Floating-Rate Notes

                          Prelim.        Prelim. Amount
           Class          Rating           (Mil. EUR)
           -----          ------            --------
            A1             AAA            800.0
            A2             AAA           1800.0
            A3             AAA            627.5
            B              AA              39.7
            C              A              117.3
            D              BBB             70.0
            E              BB              45.5
            F              CCC-            45.5

(1) These notes will fund the reserve fund.


TDA IBERCAJA 5: Moody's Rates EUR4.8 Mln Series D Notes at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
five series of "Bonos de Titulizacion de Activos" to be issued
by TdA Ibercaja 5 Fondo de Titulizacion de Activos (TdA Ibercaja
5), a Spanish asset securitization fund that has been created by
Titulizacion de Activos, S.G.F.T, S.A.:

   -- Aaa to the EUR150 million Series A1 notes;
   -- Aaa to the EUR1002 million Series A2 notes;
   -- A1 to the EUR32.4 million Series B notes;
   -- Baa2 to the EUR10.8 million Series C notes; and
   -- Ba1 to the EUR4.8 million Series D notes.

Moody's ratings address the expected loss posed to investors by
the legal final maturity.  The rating agency believes that the
structure of the TdA Ibercaja 5 notes allows for timely payment
of interest and ultimate payment of principal at par, on or
before the final legal maturity date and not at any other
expected maturity date.  The ratings do not address the full
redemption of the notes on the expected maturity date.  Moody's
ratings address only the credit risks associated with the
transaction.  Other non-credit risks have not been addressed,
but may have a significant effect on yield to investors.

According to Moody's, this deal benefits from strong features,
including:

   (1) the swap agreements, which guarantees 65 bp excess
       spread;

   (2) a reserve fund that is fully funded upfront to cover a
       potential shortfall in interest and principal;

   (3) an 18-month artificial write-off mechanism;

   (4) the securing of 100% of loans by residential mortgages;
       and

   (5) the good performance data on previous Ibercaja deals.

However, Moody's notes that the deal also has a number of
weaknesses, including the fact that:

   (1) the deferral of interest payments on each of Series B, C
       and D increases the expected loss on these subordinated
       series; and

   (2) pro-rata amortisation of the B, C and D Series of notes
       leads to reduced credit enhancement of the senior series
       in absolute terms.  

These increased risks were reflected in Moody's credit
enhancement calculation.

The products being securitized are first-lien mortgage loans
granted to individuals (all of whom will use these loans to
acquire or refurbish properties located in Spain), originated by
Ibercaja (A1/Prime-1), which will continue to service them.

As of April 11, 2007, the provisional portfolio comprised 15,256
loans for a total amount of EUR1,544,022,974.  The original
weighted average loan-to-value is 77.41%.  The current WALTV is
68.43%.  The average loan size is EUR101,208.  The loans were
originated between 1992 and 2006, with a weighted average
seasoning of 33.72 months.  The pool is concentrated in the
Madrid (31%), Aragon (24%) and Catalonia (13%) regions.

All the properties on which the mortgage security has been
granted are covered by property damage insurance and fire
insurance.

To hedge the potential mismatch risk derived from the different
index reference rates on the asset and notes sides, or the risk
derived from any amendment in the terms of the mortgage
agreements, the "Fondo" will enter into a swap agreement with
Ibercaja.

Moody's bases its ratings on an evaluation of the underlying
portfolio of mortgage loans securing the structure, and the
transaction's structural protections, which include the
subordination, the strength of the cash flows (including the
reserve fund) and any excess spread available to cover losses.
  

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


ANADOLU EFES: Fitch Affirms BB IDR with Stable Outlook
------------------------------------------------------
Fitch Ratings changed the Outlooks of the Foreign Currency
Issuer Default ratings for Turkish corporates to Stable from
Positive.  This follows the revision on the Outlook on Turkey's
Foreign Currency Issuer Default rating of 'BB-' to Stable from
Positive:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Stable

Arcelik

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR 'BBB-' remains on Rating Watch Negative

Fitch intends to resolve the RWN after a review of Arcelik
management's strategy involving the acquired Beko as well as the
likely full financial impact of the transaction on Arcelik's
financial position at FYE06

Coca-Cola Icecek

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB'; Outlook remains Stable

Turkcell Iletisim Hizmetleri A.S

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Positive

Turkiye Petrol Rafinerileri A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB-'; Outlook remains Stable


ARCELIK: Fitch Affirms BB IDR with Stable Outlook
-------------------------------------------------
Fitch Ratings changed the Outlooks of the Foreign Currency
Issuer Default ratings for Turkish corporates to Stable from
Positive.  This follows the revision on the Outlook on Turkey's
Foreign Currency Issuer Default rating of 'BB-' to Stable from
Positive:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Stable

Arcelik

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR 'BBB-' remains on Rating Watch Negative

Fitch intends to resolve the RWN after a review of Arcelik
management's strategy involving the acquired Beko as well as the
likely full financial impact of the transaction on Arcelik's
financial position at FYE06

Coca-Cola Icecek

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB'; Outlook remains Stable

Turkcell Iletisim Hizmetleri A.S

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Positive

Turkiye Petrol Rafinerileri A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB-'; Outlook remains Stable


COCA-COLA ICECEK: Fitch Affirms BB IDR with Stable Outlook
----------------------------------------------------------
Fitch Ratings changed the Outlooks of the Foreign Currency
Issuer Default ratings for Turkish corporates to Stable from
Positive.  This follows the revision on the Outlook on Turkey's
Foreign Currency Issuer Default rating of 'BB-' to Stable from
Positive:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Stable

Arcelik

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR 'BBB-' remains on Rating Watch Negative

Fitch intends to resolve the RWN after a review of Arcelik
management's strategy involving the acquired Beko as well as the
likely full financial impact of the transaction on Arcelik's
financial position at FYE06

Coca-Cola Icecek

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB'; Outlook remains Stable

Turkcell Iletisim Hizmetleri A.S

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Positive

Turkiye Petrol Rafinerileri A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB-'; Outlook remains Stable


TURKCELL ILETISIM: Fitch Affirms BB IDR with Stable Outlook
-----------------------------------------------------------
Fitch Ratings changed the Outlooks of the Foreign Currency
Issuer Default ratings for Turkish corporates to Stable from
Positive.  This follows the revision on the Outlook on Turkey's
Foreign Currency Issuer Default rating of 'BB-' to Stable from
Positive:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Stable

Arcelik

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR 'BBB-' remains on Rating Watch Negative

Fitch intends to resolve the RWN after a review of Arcelik
management's strategy involving the acquired Beko as well as the
likely full financial impact of the transaction on Arcelik's
financial position at FYE06

Coca-Cola Icecek

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB'; Outlook remains Stable

Turkcell Iletisim Hizmetleri A.S

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Positive

Turkiye Petrol Rafinerileri A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB-'; Outlook remains Stable


TURKIYE PETROL: Fitch Affirms BB IDR with Stable Outlook
--------------------------------------------------------
Fitch Ratings changed the Outlooks of the Foreign Currency
Issuer Default ratings for Turkish corporates to Stable from
Positive.  This follows the revision on the Outlook on Turkey's
Foreign Currency Issuer Default rating of 'BB-' to Stable from
Positive:

Anadolu Efes Biracilik ve Malt Sanayii A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Stable

Arcelik

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR 'BBB-' remains on Rating Watch Negative

Fitch intends to resolve the RWN after a review of Arcelik
management's strategy involving the acquired Beko as well as the
likely full financial impact of the transaction on Arcelik's
financial position at FYE06

Coca-Cola Icecek

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB'; Outlook remains Stable

Turkcell Iletisim Hizmetleri A.S

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BB+'; Outlook remains Positive

Turkiye Petrol Rafinerileri A.S.

FC IDR affirmed at 'BB'; Outlook revised to Stable from Positive
LC IDR affirmed at 'BBB-'; Outlook remains Stable


* Turkey's Political Risks Cue Fitch to Change Outlook to Stable
----------------------------------------------------------------
Fitch Ratings revised the Outlooks on the Republic of Turkey's
foreign currency and local currency Issuer Default ratings to
Stable from Positive, owing to heightened political risks.  At
the same time, the agency has affirmed the IDRs at 'BB-', the
Short-term foreign currency rating at 'B' and the Country
Ceiling at 'BB'.

"Although Turkey's current prudent fiscal policy stance,
impressive growth performance and strong FDI inflows are
consistent with improving macroeconomic fundamentals, negative
political shocks have raised event risk and clouded the credit
outlook," says Edward Parker, Head of Emerging Europe sovereigns
at Fitch.

Presidential elections have sparked an escalation in political
risk in Turkey, in Fitch's view.  The military's threat to
intervene and the subsequent judgment by the Constitutional
Court prevented Foreign Minister Abdullah Gul of the ruling
Justice and Development Party, which have its roots in political
Islam, from being elected president.  Parliamentary elections
will now be brought forward to July from November and may result
in a weaker coalition government.  The constitution may not
provide a clear road map for choosing a new president, while
elevated tensions between the secular establishment and
political Islam may persist.  EU accession, an important policy
anchor, may be more problematic than before.

Meanwhile Turkey's economy is generally performing well.  Real
GDP growth was 6.1% in 2006, despite market turbulence in the
spring that triggered a rise in interest rates to 17.5%. And it
has averaged 7.2% over the past five years - the best
performance since at least the 1960s.  The consolidated budget
deficit narrowed to just 0.7% of GDP in 2006 from 16% in 2001,
helping to reduce government debt to 61% of GDP at end-2006 from
over 100% in 2001, though above the 'BB' range median of 40%.
Public debt dynamics should remain favorable, though are
vulnerable to interest and exchange rate risk, as well as a
potential loosening in post-election fiscal policy.

Nevertheless, inflation remains stubbornly high at 10.7% in
April and will overshoot the Central Bank's end-2007 target of
4% by a substantial margin, for the second year running.  This
will reduce the scope for further monetary policy easing so that
the risk of a sharper than expected slowdown of the economy
cannot be wholly discounted.  The current account deficit
widened to 8% of GDP in 2006 from 6.4% in 2005, and Fitch
forecasts 7.2% in 2007, albeit half financed by net FDI.
Nevertheless, Turkey's external debt ratios are well above 'BB'
range peers and its gross external financing needs are the
largest of any emerging market in US$ terms, rendering the
economy vulnerable to adverse shifts in global investor
sentiment as well as domestic shocks.  Official foreign reserves
have risen to around US$70 billion from US$37 billion at end-
2004, albeit partly reflecting "hot money" inflows such as non-
resident purchases of local equities and domestic debt; while
Turkish residents have increased foreign currency bank deposits
by US$27 billion since April 2006.


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


AFFINIA GROUP: Posts US$3 Million Net Loss in First Quarter 2007
----------------------------------------------------------------
Affinia Group Inc. reported net sales of US$502 million for the
first quarter ended March 31, 2007, as compared with US$548
million for the same period in 2006.  

Net loss for the quarter ended March 31, 2007, was US$3 million,
which includes restructuring costs of US$6 million net of tax,
compared to a loss of US$6 million, which includes restructuring
costs of US$4 million net of tax, for the same quarter in 2006.

The decline in revenues for the first quarter 2007 was a result
of Affinia's planned exit from certain unprofitable brake and
chassis product contracts and the discontinuation in early 2006
of a customer relationship.  General softness in retail and
traditional market channels also contributed to lower brake and
chassis product sales.

Gross profit increased to US$94 million, as compared with
US$92 million for the same period in 2006.  The company has made
steady improvement in its first three years with 15%, 17% and
19% gross margin in the 2005, 2006 and 2007 first quarters,
respectively.

"A significant portion of our revenue decline in the first
quarter was due to our planned exit from business that was not
profitable, and was not on our strategic roadmap.  We remain on
schedule with our US$152 million restructuring plan, all of
which is being financed through internal operations.  Overall,
we are very pleased with our improved margin as a result of our
restructuring program," said Thomas Madden, Affinia's senior
vice president and chief financial officer.

Selling, general and administrative expenses were US$83 million,
a decrease of US$1 million compared to 2006.

As of March 31, 2007, Affinia had US$70 million of cash and
total long-term debt outstanding of US$597 million.  At
March 31, 2007, Affinia had no borrowings under the company's
receivables securitization program or its revolving credit
facility, and was in compliance with all debt covenants.

"In the first quarter, we continued with our transformation
program and moved forward on a number of new global growth
initiatives.  We announced construction of a new facility in
Mexico to produce filters for the Latin and North American
markets; announced a joint venture to produce brake products in
China and India; and began production at our new filter
manufacturing plant in the Ukraine," said Terry McCormack,
Affinia's president and chief executive officer.  "These
initiatives were clearly defined by our strategic roadmap which
drives Affinia to become a high quality global manufacturer and
distributor of on and off highway replacement products and
services.  I am pleased with the first steps we have taken on
the road to our future growth," said Ms. McCormack.

                       About Affinia Group

Headquartered in Ann Arbor, Michigan, Affinia Group Inc. --
http://www.affiniagroup.com/-- designs, manufactures and  
distributes aftermarket components for passenger cars, sport
utility vehicles, light, medium and heavy trucks and off-highway
vehicles.  The company's product range addresses filtration,
brake and chassis markets in North and South America, Europe and
Asia.  It maintains operations in China, India, Mexico, and
Ukraine, among others.

                          *     *     *

As reported in the Troubled Company Reporter on Jan. 25, 2007,
Moody's Investors Service has upgraded Affinia Group Inc.'s   
Corporate Family Rating to B2 from B3 and revised the outlook to
stable from negative.


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


ADVANCED MARKETING: May Sell U.K. Subsidiaries and Bookwise
-----------------------------------------------------------
The Hon. Judge Christopher S. Sontchi of the United States
Bankruptcy Court for the District of Delaware has allowed
Advanced Marketing Services Inc.'s entry into, and performance
under, two separate Stock Purchase Agreements dated April 5,
2007, as amended, with:

    (1) Medwyn Lloyd Hughes and Catherine Elizabeth Goodman,
        under which Mr. Hughes and Ms. Goodman will acquire from
        AMS all of the outstanding shares of capital stock, and
        Certain selected inventory, of Publishers Group UK
        Limited, and H.I. Marketing Limited -- AMS's wholly
        owned subsidiaries under the laws of the United
        Kingdom,; and

    (2) Brumby Books Holdings Pty Ltd, under which Brumby will
        acquire from AMS all of the outstanding shares of
        capital stock, and certain selected inventory, of AMS's
        wholly owned subsidiaries (a) Bookwise International Pty
        Ltd, based in Australia, and (b) Bookwise Asia Pte Ltd.,
        Based in Singapore.

The twice-amended Bookwise Stock Purchase Agreement provides
that:

    (a) The Purchase Price to be paid by Brumby to AMS at
        Closing will be:

        * AUD200,000 in cash plus the Closing Deficiency Amount,
          if any, for the Shares of Bookwise International;

        * US$100,000 in cash for the Shares of Bookwise Asia;
          and

        * US$24,273 in cash for the Selected APG Inventory.

    (b) One or both of Bookwise International and Bookwise Asia
        will have transferred to AMS a total of US$210,000 in
        immediately available funds via wire transfer to an
        account designated by AMS.  Except as set forth, AMS
        will have no obligation to ensure that sufficient funds
        are available to satisfy this condition.  Brumby agrees
        that to the extent that sufficient funds are not
        available to pay the full Pre-Closing Inter-Company
        Payment Amount:

         -- one or both of the Companies will transfer all funds
            available for the purpose to AMS; and

         -- Brumby agrees that the difference between the Pre-
            Closing Inter-Company Payment Amount and the
            Available Funds Amount will be added to the Purchase
            Price for the Shares of Bookwise International.

        Upon the earlier of the payment of the Pre-Closing
        Inter- Company Payment Amount or, if applicable, the
        Closing Deficiency Amount, any outstanding inter-company
        Accounts receivable and accounts payable between either
        of the Companies and AMS or any of its affiliates will
        be deemed settled and released.

    (c) the term "Selected APG Inventory" will mean certain
        inventory of APG located in Australia or Singapore and
        consigned by AMS to either of Bookwise International and
        Bookwise Asia.  For the avoidance of doubt, the Selected
        APG Inventory will not include inventory purchased by
        Baker & Taylor Inc., pursuant to the terms and
        Conditions of an Asset Purchase Agreement, dated as of
        Feb. 16, 2007, as amended, between AMS and Baker &
        Taylor.

The amended U.K. Stock Purchase Agreement, on the other hand,
reflects that:

    (a) Subject to the terms and conditions of the U.K. Sale's
        Purchase Agreement, Mr. Hughes and Ms. Goodman desire to
        purchase from AMS all of the Shares and the Selected APG
        Inventory, free and clear of any liens as provided by
        the Court approval on the U.K. Sale's Purchase
        Agreement; and

    (b) The term "Selected APG Inventory" will mean inventory of
        APG located in the U.K., and consigned by AMS to either
        of Publishers Group UK and H.I. Marketing.  For the
        avoidance of doubt, the Selected APG Inventory will not
        include inventory purchased by Baker & Taylor, pursuant
        to the terms and conditions of that the APA, dated as of
        February 16, 2007, as amended, between AMS and Baker &
        Taylor.

As reported in the TCR-Europe on April 25, 2007, Advanced
Marketing Services Inc. also asked the Court to determine that
the sale and transfer of the Shares and the Selected APG
Inventory are free and clear of Liens.

With respect to the U.K. Sale, the Purchase Price to be paid by
Mr. Hughes and Ms. Goodman to AMS at Closing will be the cash
sum of:

    (i) US$50,000 for the Shares; and

   (ii) US$66,325 for Selected APG Inventory, excluding any
        applicable taxes which will be borne by Buyers; and

  (iii) US$100,000 of the outstanding inter-company receivables
        owing from either of the Companies to Seller or any of
        its affiliates with respect to all inter-company trade
        receivables.

According to Mark D. Collins, Esq., at Richards, Layton &
Finger, P.A., in Wilmington, Delaware, the Buyers have agreed to
participate in an auction for the companies and the Selected APG
Inventories, subject to bid procedures provided for in the
Purchase Agreements, and the receipt of higher and better
offers.

             About Advanced Marketing Services Inc.

Based in San Diego, California, Advanced Marketing Services,
Inc. -- http://www.advmkt.com/-- provides customized  
merchandising, wholesaling, distribution and publishing
services, currently primarily to the book industry.  The company
has operations in the U.S., Mexico, the United Kingdom and
Australia and employs approximately 1,200 people Worldwide.

The company and its two affiliates, Publishers Group
Incorporated and Publishers Group West Incorporated filed for
chapter 11 protection on Dec. 29, 2006 (Bankr. D. Del. Case Nos.
06-11480 through 06-11482).  Suzzanne S. Uhland, Esq., Austin K.
Barron, Esq., Alexandra B. Feldman, Esq., O'Melveny & Myers,
LLP, represent the Debtors as Lead Counsel.  Chun I. Jang, Esq.,
Mark D. Collins, Esq., and Paul Noble Heath, Esq., at Richards,
Layton & Finger, P.A., represent the Debtors as Local Counsel.  
Lowenstein Sandler PC represents the Official Committee of
Unsecured Creditors.  When the Debtors filed for protection from
their creditors, they listed estimated assets and debts of more
than USUSUS$100 million.  (Advanced Marketing Bankruptcy News,
Issue No. 11; Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

The Debtors' exclusive period to file a plan expires on Aug. 10,
2007.


BILL HARMAN: Shay Lettice Leads Liquidation Procedure
-----------------------------------------------------
Shay Lettice of Peters Elworthy & Moore was appointed liquidator
of Bill Harman & Co. Ltd. on April 30 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Bill Harman & Co. Ltd.
         42 Garland Street
         Bury St. Edmunds
         IP33 1HB
         England
         Tel: 01284 747 121
         Fax: 01284 747 232  


BLUE EAGLE I: Fitch Affirms EUR22 Million Class D Notes at C
------------------------------------------------------------
Fitch upgraded Blue Eagle CDO I S.A.'s Class B-1 and B-2 notes
due 2015 and affirmed all others following a satisfactory
performance review.

   -- EUR3.8 million Class A-1 affirmed at 'AAA'
   -- EUR456,481 Class A-2 affirmed at 'AAA'
   -- EUR30 million Class B-1 upgraded to 'A+' from 'BBB+'
   -- EUR27.5 million Class B-2 upgraded to 'A+' from 'BBB+'
   -- EUR35 million Class C affirmed at 'B'/DR1
   -- EUR25 million Class D affirmed at 'C'/DR6
   -- EUR22 million combination notes affirmed at 'C'/DR6

The upgrade of the Class B notes follows the nearly complete
amortization of Class A-1 and A-2.  Currently, only 1.3% of
their initial notional balances remain outstanding, which is
likely to be repaid at the next payment date in June 2007.  The
current balance of the principal account stands at EUR38.9
million.  The Class A repayment is reflected in the increase of
overcollateralization levels for the Class A and B notes.

On the other hand the Class D par value and the Class C and D
interest coverage tests continue to fail.  While interest
continues to be paid due to a structural feature of the
transaction, the available interest income from the portfolio is
not sufficient to cover the interest payments on the
liabilities.  As the transaction nears maturity this imbalance
is set to worsen.

Nevertheless at this point Fitch is comfortable to affirm the
ratings of the junior notes, based on the stable performance of
the collateral during 2006. The Fitch Weighted Average Rating
Factor improved slightly to 49.62 at present from 50.6 in
February 2006.  As of April 2007 there were two obligors in the
'CCC+'-and-below bucket compared to four obligors in February
2006.  Since the Calpine default in December 2005, no further
defaults have occurred.

In December 2000 Blue Eagle I CDO S.A, a limited liability
company organized under Luxembourg law, issued EUR500 million of
various Classes of fixed-rate and floating-rate notes and
invested the proceeds in a portfolio of investment- and
speculative-grade debt securities.


BOWATER INC: Abitibi Merger Cues DBRS to Maintain BB Ratings
------------------------------------------------------------
Dominion Bond Rating Service said it will maintain the rating of
Bowater Canadian Forest Products Inc.'s Senior Debentures at
BB (low) and Bowater Inc.'s Issuer Rating at BB (low) under
review with positive implications in expectation of a merger
with Abitibi Inc.

On Jan. 29, 2007, Abitibi and Bowater agreed to merge to form a
new company, AbitibiBowater Inc., which would be the largest
newsprint producer in the world with a significant market share
in North America. DBRS views the transaction, which is expected
to close in third quarter 2007, as positive for Bowater and
Abitibi.

The "Under Review with Positive Implications" status reflects
the expectation that the transaction will be completed on time,
as well as the uncertainty regarding the financial and
operational structure of the new company. If the transaction
closes in third quarter 2007 with a financial structure that is
not substantially dissimilar from the proforma estimates, the
likely rating action would be a confirmation of BB (low) with a
newly assigned Stable trend.  The confirmation and trend change
would reflect the increased scale of a new company with an
improved business risk compared with Bowater and Abitibi on a
standalone basis.

The industry is expected to reverse the recent decline in
newsprint prices and restore the upward momentum by cutting
production and thereby closing the demand/supply gap.  The
creation of AbitibiBowater would provide a broad base of assets
that would better respond to industry dynamics.  However, the
financial risk profile of AbitibiBowater is expected to remain
relatively high, and a significant reduction in debt and a
commensurate improvement in interest and cash flow coverage
ratios would be required to upgrade the rating, an event
unlikely to occur in the near term.

Planned asset sales, including the previously announced sale of
timberland and hydroelectric generation facilities, would
provide funds that will be used to reduce debt in 2007 and
moderately improve AbitibiBowater's financial profile. Expected
acquisition synergies of US$250 million annually will increase
earnings and cash flow in two year's time.  Moreover, combined
available borrowings on credit facilities totalled US$900
million at December 30, 2006, which will be more than sufficient
to fund capital requirements
in the near term.

DBRS will continue to monitor developments with respect to the
transaction along with prevailing market conditions and will
determine the appropriate rating action prior to the closing of
the transaction.  In the event that the transaction is delayed
or does not close, there would be negative implications for the
rating.


DEBIT WISE: Appoints Ninos Koumettou as Liquidator
--------------------------------------------------
Ninos Koumettou of Alexander Lawson Jacobs was appointed
liquidator of Debit Wise Ltd. on April 30 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Debit Wise Ltd.
         25 Old Broad Street
         City of London
         Lo ndon
         EC2N 1HQ
         England    
         Tel: 020 7246 8580
         Fax: 020 7246 8589  


DECKMAN LTD: Names Paul John Webb Liquidator
--------------------------------------------
Paul John Webb of Mayfields Insolvency Practitioners was
appointed liquidator of Deckman Ltd. on May 1 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Deckman Ltd.
         Office 5 Knights Farm
         Newton Road
         Rushden
         NN10 0SX
         England
         Tel: 01933 418 490
         Fax: 01933 411 080


ENRON CORP: Shareholders Want Supreme Court to Review Lawsuit
-------------------------------------------------------------
Enron Corp. shareholders have taken their case to the United
States Supreme Court to file a petition for a review of their
class action lawsuit against several banks, whose alleged
"active and knowing participation in the Enron fraud led to tens
of billions of dollars in investor losses."

The Petition seeks to overturn the 2-1 decision by a three-judge
panel of the U.S. Court of Appeals for the Fifth Circuit, which
ruling was issued on March 19, 2007.

In their Petition, the Plaintiffs ask the Supreme Court: does
liability exist under Section 10(b) of the Securities Exchange
Act of 1934 and the Securities and Exchange Commission Rule
10b 5, where an actor knowingly employs deceptive devices and
contrivances as part of a scheme to defraud investors in another
public company, but makes no affirmative misrepresentations to
the market?

The Plaintiffs contend that Section 10(b) and Rule 10b-5, which
both prohibit any person from directly or indirectly using or
employing a deceptive device or contrivance, clearly encompasses
the banks' conduct in the Enron fraud case.

William S. Lerach, Esq., at Lerach, Coughlin, Stoia, Geller,
Rudman & Robbins LLP, in San Diego, California, lead counsel for
the Plaintiffs, maintains that "[T]he banks should be held
accountable because the Fifth Circuit's decision gives other
corporations the green light to commit fraud without consequence
in the future, threatens the credibility of the securities
markets, and leaves investors without any legal recourse."

A full-text copy of the Plaintiffs' Petition to the Supreme
Court is available at no charge at
http://ResearchArchives.com/t/s?1ede

Moreover, in a statement issued by the University of California,
Office of the President, the Fifth Circuit imposed "a very
narrow interpretation of the securities law to hold accountable
and liable only those who have made affirmative misstatements in
the market."

"The Enron shareholders deserve the opportunity to present their
case at trial," according to the University of California's
issued statement, citing Charles Robinson, the university's
general counsel.  "On behalf of the victims of one of the
largest securities frauds in history, we believe the law is
broad enough to include parties who intentionally engage in
deceptive conduct for the purpose of misleading investors."

Mr. Robinson added, "The evidence clearly proves that these
financial institutions were active, knowing and crucial
participants in the Enron fraud and not innocent bystanders.  We
are simply asking for our day in court."

Given the Fifth Circuit's ruling, Judge Melinda Harmon of the
U.S. District Court for the Southern District of Texas has
stayed the trial in the U.S. District Court in Houston.  No new
trial date has been set.

The University of California stated, however, that prior
settlements are not affected by the Fifth Circuit's ruling.  The
prior settlement money will be allocated to the settlement class
according to a plan of allocation, which will be presented to
Judge Harmon for approval.

The remaining defendants in the case which was set for trial
include Barclays Bank, Credit Suisse First Boston, and Merrill
Lynch, as well as several former Enron officers, including Jeff
Skilling, CEO; Richard Causey, chief accounting officer; Richard
Buy, chief risk officer; Jeff McMahon, treasurer; and Mark
Koenig, executive vice president of investor relations.

The cases against Royal Bank of Canada, Royal Bank of Scotland
and Toronto Dominion Bank have not been set for trial and are
stayed pending the appeal of the Fifth Circuit's ruling.

                      Plea for SEC Support

Representative from groups composed of individuals who lost
retirement saving in Enron's collapse asked the U.S. Securities
and Exchange Commission to endorse the shareholders' suit
against the banks, the Associated Press reports.

The SEC had no immediate comment.

                    About Enron Corporation

Headquartered in Houston, Texas, Enron Corporation filed for
chapter 11 protection on December 2, 2001 (Bankr. S.D.N.Y. Case
No. 01-16033) following controversy over accounting procedures,
which caused Enron's stock price and credit rating to drop
sharply.  Judge Gonzalez confirmed the Company's Modified Fifth
Amended Plan on July 15, 2004, and numerous appeals followed.  
The Debtors' confirmed chapter 11 Plan took effect on Nov. 17,
2004.  Albert Togut, Esq., at Togut Segal & Segal LLP, Brian S.
Rosen, Esq., Martin Soslan, Esq., Melanie Gray, Esq., Michael P.
Kessler, Esq., Sylvia Ann Mayer, Esq., at Weil, Gotshal & Manges
LLP, Frederick W.H. Carter, Esq., Michael Schatzow, Esq., Robert
L. Wilkins, Esq., at Venable, Baetjer and Howard, LLP, and Mark
C. Ellenberg, Esq., at Cadwalader, Wickersham & Taft, LLP
represent the Debtor.  Jeffrey K. Milton, Esq., Luc A. Despins,
Esq., Matthew Scott Barr, Esq., and Paul D. Malek, Esq., at
Milbank, Tweed, Hadley & McCloy LLP represents the Official
Committee of Unsecured Creditors.  (Enron Bankruptcy News, Issue
No. 190 and 183; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)


EUROPEAN FINANCE: Taps Alan S. Bradstock to Liquidate Assets
------------------------------------------------------------
Alan S. Bradstock of Langley Group LLP was appointed liquidator
of European Finance (Brokers) Ltd. on April 27 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         European Finance Brokers Ltd.
         West Kensington Court
         Edith Villas
         London
         W14 9AD
         England
         Tel: 020 7602 1133
         Fax: 020 7371 2090


EUROTUNNEL GROUP: French Tax Losses Amount to EUR890 Million
------------------------------------------------------------
The French Ministry for Economy, Finance and Industry has
confirmed that the Eurotunnel Group tax losses for the periods
2000 to 2002 may be carried forward for an indefinite period for
an amount of EUR890 million.

Tax losses breakdown are EUR412.5 million for year 2000;
EUR363.9 million for year 2001; and EUR113.1 million for year
2002.

Eurotunnel presented the taxation arrangements relative to the
safeguard plan to the authorities in both France and the U.K.
Following agreements in principle with the two States on these
arrangements, Eurotunnel should receive formal agreement from
the U.K. tax authorities around the middle of May.

On the basis that the current Exchange Tender Offer is
successful, the first use for these tax losses after the
implementation of the Safeguard Plan, would enable the
generation of savings equal to the amount of the tax charge on
the fiscal profits expected in the 2007 accounts.

"All the shareholders who despaired of the States ever taking an
interest in Eurotunnel's situation can now be satisfied.  With
these carried forward tax losses Eurotunnel will benefit from a
significant improvement in its fiscal environment, a clear means
of creating added value if the ETO succeeds," Eurotunnel
Chairman and CEO Jacques Gounon said.

                       About Eurotunnel

Headquartered in Folkestone, United Kingdom and Calais, France,
Eurotunnel Group -- http://www.eurotunnel.co.uk/-- operates a  
fleet of 25 shuttle trains, which carry cars, coaches and
trucks.  It manages the infrastructure of the Channel Tunnel and
receives toll revenues from train operating companies whose
trains pass through the Tunnel.

The British and French governments have granted Eurotunnel a
concession to operate the Channel Tunnel until 2086.

Eurotunnel Group files reports in the U.S. Securities and
Exchange Commission under the names of Eurotunnel PLC (ETNUF.PK)
and Eurotunnel SA (ETTFF.PK).

At Dec. 31, 2006, Eurotunnel's balance sheet showed GBP5.25
billion in total assets, GBP6.56 billion in total liabilities
and GBP1.32 billion in shareholders' deficit.

                     Safeguard Protection

Eurotunnel obtained Aug. 2, 2006, an order placing the channel
operator under the protection of the Court pursuant to the new
safeguard legislation (Procedure de sauvegarde).  At the end of
2006, the group's creditors and bondholders approved a plan to
decrease its GBP6.2 billion debt to GBP2.84 billion.

On Jan. 15, 2007, the Court approved Eurotunnel's safeguard
plan, backed by the court-appointed representatives to the
company and to the creditors.


EVOLINO AGENCY: Brings In Liquidators from Begbies Traynor
----------------------------------------------------------
Timothy John Edward Dolder and Colin David Wilson of Begbies
Traynor (South) LLP were appointed joint liquidators of Evolino
Agency Ltd. on April 30 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         Evolino Agency Ltd.
         Stratford Arcade
         75 High Street
         Stony Stratford
         Milton Keynes
         MK11 1AY
         England
         Tel: 0845 226 6980
         Fax: 0845 226 6984  


GENERAL MOTORS: Ends Two-Year Ban on Equities Trading by Execs
--------------------------------------------------------------
General Motors Corp. allowed around 20 of its executives to
trade shares through May 31, Reuter reports.  The two-year ban,
which took effect as the company implemented a restructuring,
was done to prevent insider trading.

According to Reuters, the company's shares increased to more
than 50% in 2006.
  
Reuters relates that among the executives who stand to gain from
the lifting of the ban include Chief Executive Rick Wagoner,
Chief Financial Officer Fritz Henderson, and Vice Chairman of
Global Product Development Robert Lutz.  These three executives
have been credited in the automaker's turnaround.  CEO Wagoner,
who reduced his base salary by 50% in 2005, will receive a
US$1.65 million base salary in 2007.

The automaker however, still doesn't provide earnings forecast
which it had stopped since April 2005.

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- is the         
world's largest automaker and has been the global industry sales
leader for 76 years.  GM currently employs about 280,000 people
around the world.  GM manufactures its cars and trucks in 33
countries.  In 2006, nearly 9.1 million GM cars and trucks were
sold globally under these brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 15, 2006,
Standard & Poor's Ratings Services affirmed its 'B' corporate
credit rating and other ratings on General Motors Corp. and
removed them from CreditWatch with negative implications, where
they were placed March 29, 2006.  S&P said the outlook is
negative.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.

As reported in the Troubled Company Reporter on Nov. 14, 2006,
Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
US$1.5 billion secured term loan of General Motors Corp.


HAYMARCH ENGINEERING: Taps Begbies Traynor to Administer Assets
---------------------------------------------------------------
Michael Francis Stevenson and Julie Anne Palmer of Begbies
Traynor were appointed joint administrators of Haymarch
Engineering Services Ltd. (Company Number 04734166) on April 27.

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

The company can be reached at:

         Haymarch Engineering Services Ltd
         21 Whittle Road
         Ferndown Industrial Estate
         Wimborne
         BH21 7RL
         England
         Tel: 01202 893311
         Fax: 01202 873311
         Web site: http://www.haymarch.co.uk/


HOTELOC PLC: S&P Cuts Class E Ratings to D on Insufficient Funds
----------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch with
negative implications and lowered its ratings on the class E
notes issued by HOTELoC PLC to 'D' from 'CC'.
  
This follows their expected failure to repay in full at May 10's
legal final maturity date.  The ratings on the remaining notes
were withdrawn following their full redemption.
  
The rating actions follow the distribution of funds received
from the sale of the 28 hotels and borrower share capital that
had previously secured the single loan backing the notes.  The
funds, which had fully cash collateralized the class A, B, C,
and D notes, had been held on deposit since the sale until they
could be released at this interest payment date.
  
The funds were sufficient to repay these notes fully once
released, and the ratings on the class A, B, C, and D notes have
consequently been withdrawn.  However, the funds were
insufficient to repay in full the class E notes, which have been
lowered to 'D' as a result.
  
This class, initially rated 'BB' in 2002, is the first class of
European CMBS rated by Standard & Poor's to be lowered to 'D'.
  
                           Ratings List
  
HOTELoC PLC
   GBP514.000 Million Commercial Mortgage-Backed Floating-Rate
   Notes And US$26.557 Million Mortgage-Backed
   Floating-Rate Notes
  
           Class                Rating
                      To                   From
  
Ratings Withdrawn
  
           A          NR                   AAA                  
           B          NR                   AAA                  
           C          NR                   AAA                  
           D          NR                   AAA                  
  
Ratings Removed From CreditWatch With Negative Implications And
Lowered
  
           E1         D                    CC/Watch Neg         
           E2         D                    CC/Watch Neg         
           E3         D                    CC/Watch Neg         
  

INEOS GROUP: Adding Subsidiary as Guarantor Under 2006 Indenture
----------------------------------------------------------------
Ineos Group Holdings plc informs the holders of its 7/78% Senior
Notes due 2016 and 8-1/2% Senior Notes due 2016 that on
April 23, 2007, a subsidiary was added as a guarantor under the
Indenture dated as of Feb. 7, 2006, pursuant to a Supplemental
Indenture entered into by Ineos the Additional Guarantor, the
Existing Guarantors and The Bank of New York, as trustee.

The Supplemental Indenture was entered into pursuant to Section
5.02.

Headquartered in Southampton, England, Ineos Group Holdings plc
-- http://www.ineos.com/-- is a diversified and integrated  
chemicals group.  Following the completion of the Innovene
acquisition in December 2005, Ineos reported 2005 revenues of
EUR22.3 billion and nine-month 2006 revenues of EUR20.2 billion
and EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for
nine months of 2006.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa last week,
the rating agency confirmed its Ba3 Corporate Family Rating for
Ineos Group Holdings Plc.  

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

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Ineos Group Holdings Plc

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.5% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%

   7.875% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%    


* Issuer: Ineos Holdings Ltd.

                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Ba3      Ba2      LGD3     34%

   Senior Secured Bank
   Credit Facility
   (Second Lien)            B1       B1       LGD5     78%


* Issuer: INEOS Vinyls Finance Plc.

                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9.125% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                 B3       B2       LGD6     96%


In December 2006, Fitch Ratigns assigned U.K.-based chemical
producer Ineos Group Holdings Plc an Issuer Default rating of
BB- with Positive Outlook.  At the same time, Fitch assigned
Ineos' EUR1.63 billion 8.875% and US$700 million 8.5% senior
unsecured notes due 2016 ratings of B+.  The agency also
assigned Ineos Holdings Ltd.'s senior secured facilities a BB+
rating and its second lien facilities a BB- rating.


KANTAN LTD: Hires Liquidator from Wilkins Kennedy
-------------------------------------------------
Stephen P. Grant of Wilkins Kennedy was appointed liquidator of
Kantan Ltd. on April 26 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Kantan Ltd.
         101 Clerkenwell Road
         Camden
         London
         EC1R 5BX
         England
         Tel: 020 7242 1000


LOAN ASSURED: Appoints David Elliot as Liquidator
-------------------------------------------------
David Elliot of Wilson Field Ltd. was appointed liquidator of
Loan Assured Financial Services Ltd. on April 26 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Loan Assured Financial Services Ltd.
         Waterside Court
         3 Bold Street
         Sheffield
         S9 2LR
         England
         Tel: 0845 077 7007
         Fax: 0845 077 7008  


LONG TERM: Claims Filing Period Ends June 13
--------------------------------------------
Creditors of Long Term Security (South) Ltd. have until June 13
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Samuel Jonathan Talby
         Joint Liquidator
         Bishop Fleming
         Russell Bedford House
         City Forum
         250 City Road
         London  
         EC1V 2QQ
         England

Jeremiah Anthony O'Sullivan and Samuel Jonathan Talby of Bishop
Fleming were appointed joint liquidators of the company on  
April 23.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides  
services that include tax advice, financial forecasts, business
planning and corporate finance.


MCD REALISATIONS: Joint Liquidators Take Over Operations
--------------------------------------------------------
Dermot Justin Power and Matthew Dunham of BDO Stoy Hayward LLP
were appointed joint liquidators of MCD Realisations Ltd.
(formerly Mainland Car Deliveries Ltd.) on April 23 for the
creditors' voluntary winding-up proceeding.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business  
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         MCD Realisations Ltd.
         Ashville Way
         Sutton Weaver
         Runcorn
         WA7 3EZ
         England
         Tel: 01928 701 022  


METALFOLD ENGINEERING: Creditors' Meeting Slated for May 18
-----------------------------------------------------------
Creditors of Metalfold Engineering Ltd. will meet at 11:30 a.m.
on May 18 at the offices of:
  
         Royce Peeling Green Ltd.  
         The Copper Room  
         Deva Centre  
         Trinity Way
         Manchester  
         M3 7BG  
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and  
4:00 p.m. on May 16.


MVB ENGINEERING: Calls In Liquidator from Harris Lipman
-------------------------------------------------------
Michaela Joy Hall of Harris Lipman was appointed liquidator of
MVB Engineering Co. Ltd. on May 2 for the creditors' voluntary
winding-up procedure.

The company can be reached at:

         MVB Engineering Co. Ltd.
         Benlow Works
         Silverdale Road
         Hayes
         UB3 3BW
         England
         Tel: 020 8573 5907  


NEWGATE FUNDING: Fitch Places BB- Ratings on Class Q Notes
----------------------------------------------------------
Fitch Ratings assigned expected ratings to Newgate Funding Plc's
Series 2007-2 GBP450 million-equivalent mortgage-backed medium-
term notes and GBP7.85 million-equivalent excess spread-backed
notes, which are due in 2050:

   -- GBP-equivalent 143 million Class A1: 'AAA'
   -- GBP-equivalent 135.35 million Class A2: 'AAA'
   -- GBP-equivalent 103.3 million Class A3: 'AAA'
   -- GBP-equivalent 11.25 million Class M: 'AAA'
   -- GBP-equivalent 25.55 million Class B: 'AA-'
   -- GBP-equivalent 17.1 million Class C: 'A-'
   -- GBP-equivalent 9.9 million Class D: 'BBB'
   -- GBP-equivalent 2.3 million Class E: 'BB'
   -- GBP-equivalent 2.25 million Class F: 'B'
   -- GBP-equivalent 3.35 million Class T: 'BBB-'
   -- GBP-equivalent 4.5 million Class Q: 'BB-'
   -- Mortgage early redemption certificates: 'AAA'

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

This transaction is a securitization of sub-prime residential
mortgages originated and located in the UK.  The expected
ratings are based on the quality of the collateral, available
credit enhancement, the underwriting criteria and the servicing
capabilities of Mortgages PLC, and the back up servicing of
capabilities of Homeloan Management Limited and the
transaction's sound legal structure.

Credit enhancement for the Class A notes totals 15.89% and will
be provided by the subordination of the Class M notes (2.5%),
the Class B notes (5.68%), the Class C notes (3.8%), the Class D
notes (2.2%), Class E notes (0.51%) and the Class F notes (0.5%)
and an initial and target reserve fund of 0.7%.

The Class T notes will receive interest equally and pro rata
with the Class D notes, and the Class T notes will receive
principal after any necessary payments into the reserve fund.
Interest on the Class Q notes will be paid after the
replenishment of the reserve fund, if needed, and before
principal on the Class T. Principal on the Class Q will be paid
after the principal on the Class T has been repaid in full.

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


OAKLEIGH MANOR: Names Joint Administrators from Tenon Recovery
--------------------------------------------------------------
S. J. Parker and T. J. Binyon of Tenon Recovery were appointed
joint administrators of Oakleigh Manor Landscapes Ltd. (Company
Number 4161620) on May 1.

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

The company can be reached at:

         Oakleigh Manor Landscapes Ltd.
         The Landscape Design Centre
         Chapel Plantation Nursery
         Dargate Village
         Faversham
         ME13 9HB
         England
         Tel: 01227 752245  
         Fax: 01227 751718  
         Web site: http://www.oakleighmanor.com/    


OWEN OWEN: Administrators Reveal Extent of Financial Trouble
------------------------------------------------------------
Philip Francis Duffy and David John Whitehouse, joint
administrators of Owen Owen Ltd. (Company Number 00167385),
revealed the extent of the department store chain's trouble
after meeting with the company's creditors on May 8, 2007.

According to a report by Caroline Innes of Liverpool Daily Post,
only 10 creditors attended the meeting, where a report
summarized the company's financial liabilities and revealed
that:

   -- trade creditors are owed GBP5.1 million and the company
      has a VAT liability of GBP1.7 million;

   -- in the 52 weeks to January 28, 2006, the company reported
      a loss of GBP2.8 million on a turnover of GBP43.2 million;

   -- at the end of February 2007, the company's cashflow
      problems meant it was unable to pay salaries for that
      month;

   -- as part of a review of staffing costs, 22 head office
      staff were made redundant on March 7, 2007;

   -- to date, administrators have responded in writing to over
      390 customer queries and had dealt with a large number of
      customers who paid deposits for goods prior to
      administration, which they did not receive; and

   -- the company's director blames the losses on redevelop-
      ment of Liverpool's city center, which meant Lewis's was
      surrounded for lengthy periods by roadworks and hoardings.

Liverpool Daily says administrators valued the company's fixed
assets including freehold and leasehold property at GBP7.6
million, goodwill at GBP0.1 million, fixtures and fittings at
GBP3.1 million and plant equipment at GBP0.4 million.

Owen Owen's Robbs of Hexham and Esslemont & MacInstosh stores
was expected to close on May 12, 2007, after the administrators
failed to secure its sale, Liverpool Daily relates.

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

Owen Owen Ltd. operates department stores in the U.K.  The
largest store it operates is Lewis's in Liverpool, England,
which employs 250 staff.  It operates three other stores in
Sunderland, Hexhamand Aberdeen.  The Owen Owen brand name is no
longer used, but Owen Owen is the name of the operating company.
Owen Owen Ltd. (Company Number 00167385) went into
administration on Feb. 28.


PEOPLE AND PLACES: Creditors' Meeting Slated for May 18
-------------------------------------------------------
Creditors of People and Places Architects Ltd. will meet at noon
on May 18 at:
  
         First Floor
         1 East Poultry Avenue
         West Smithfield
         London  
         EC1A 9PT
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 16 at:

         M. J. Ryan & Co.  
         5 Walden Close  
         Belvedere
         Kent  
         DA17 5HD
         England


PLAISIR DU CHOCOLAT: Brings In Joint Administrators from PwC
------------------------------------------------------------
Graham H. Martin and Laurie K. Manson of PricewaterhouseCoopers
LLP were appointed as Joint Administrators of Plaisir du
Chocolat Ltd. on May 4, 2007.  

The joint administrators will manage the company's affairs,
business and property without personal liability.

"This company operates at the top end of its market and produces
a very well-received product.  We expect interest from parties
who will have the ability to take the business to the next stage
of its development in continuing to expand its brand presence
and channels to market," Mr. Martin was quoted by the Herald as
saying.

Mr. Martin told Edinburgh News that founders Bertrand Espouy and
Heather Kiernan would continue to work in the business but that
it needed cash from an outsider.  The company's administration
threatens the jobs of 21 factory employees.

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.  

Headquartered in Edinburg, Plaisir du Chocolat --
http://www.plaisirduchocolat.com/-- is a luxury chocolate  
maker.  It has boutiques in Melrose, where they make the
chocolates, and three concessions located in Edinburg,
Manchester and Istanbul.


PLANET GEARS: Taps Liquidator from Poppleton & Appleby
------------------------------------------------------
M. D. Hardy of Poppleton & Appleby was appointed liquidator of
Planet Gears Ltd. on May 1 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Planet Gears Ltd.
         Unit 2 Maguire Industrial Estate
         219 Torrington Avenue
         Coventry
         CV4 9HN
         England
         Tel: 024 7647 4213
         Fax: 024 7646 1214


POLYPORE INC: Plans to Refinance Debt with US$470 Million Loan
--------------------------------------------------------------
Polypore Inc. plans to refinance its existing senior credit
facility and replace it with a new US$470 million senior credit
facility.
    
The new senior credit facility is expected to include a six-year
revolving line of credit of approximately US$100 million and a
seven-year term loan of approximately US$370 million.  The
company intends to use these new financing sources to:

   a) repay US$369 million of term loans outstanding; and

   b) replace and upsize the US$90 million revolving line of
      credit provided under its existing senior credit facility
      for general corporate purposes.
    
The planned refinancing is contingent on several factors and
an effective date has not been established.
    
Headquartered in Charlotte, North Carolina, Polypore Inc. --
http://www.polypore.net/-- is a wholly owned subsidiary of
Polypore International Inc., growing high technology filtration
company specializing in microporous membranes.  Polypore's flat
sheet and hollow fiber membranes are used in specialized
applications that require the removal or separation of various
materials from liquids, primarily in the ultrafiltration and
microfiltration markets.  The company has manufacturing
facilities or sales offices in nine countries serving six
continents.


POLYPORE INT'L: US$315 Million IPO Cues Moody's to Hold Ratings
---------------------------------------------------------------
Moody's Investors Service assigned Ba3 ratings to Polypore,
Inc.'s new senior secured bank credit facilities.

In a related action, Moody's affirmed the B3 Corporate Family
and Probability of Default Ratings of Polypore's ultimate
parent, Polypore International, Inc., and affirmed the ratings
of Polypore, Inc.'s senior subordinated notes at Caa1.

The outlook is changed to positive.

The rating actions are based on Polypore International's SEC
filing for an initial public common stock offering of
approximately US$315 million (excluding greenshoe option), and
the potential for further improvement in the financial metrics
of the company as operating performance stabilizes.  According
to the filing, the net proceeds of the offering will to be used
to tender for Polypore International's 10.5% senior discount
notes due 2012, and pay related expenses.  The accreted value of
the senior discount notes at December 30, 2006 was US$250.8
million.

As a result of the intended tender offer and consent
solicitation related to the senior discount notes, Moody's has
also affirmed the Caa2 rating on any remaining stub amounts.  
The tender and consent will likely include provisions to strip
covenants and rights from any senior discount notes not
purchased.  The rating of the senior discount notes will be
withdrawn if substantially all of these notes are purchased.

The positive rating outlook reflects the expected deleveraging
event, improved performance in the company's energy storage
business, and stabilized performance in the company's healthcare
segment resulting from the restructuring away from the
cellulosic membrane business.  The company's 2007 performance
should be positively impacted by headcount reductions announced
in the second half of 2006 as part of the company's
restructuring efforts.

The assigned ratings are:

Polypore, Inc.

    * Ba3 (LGD2, 19%) to the US$100 million guaranteed senior
      secured revolving credit facility due 2013;

    * Ba3 (LGD2, 19%) US$370 million guaranteed senior secured
      term loan due November 2014;

These ratings are affirmed:

Polypore International, Inc.

    * Corporate Family Rating; B3;

    * Probability of Default rating, B3;

    * Caa2 (LGD6, 96%) rating of 10.5% unguaranteed senior
      discount notes due October 2012;

(These ratings will be withdrawn upon the repurchase of
substantially all of the notes.)

Polypore, Inc.

    * US$ guaranteed senior subordinated notes due May 2012,
      Caa1 (LGD 5, 78%);

    * Euro guaranteed senior subordinated notes due May 2012,
      Caa1 (LGD 5, 78%);

These ratings will be withdrawn upon their repayment:

    * Ba3 (LGD2, 16%) rating for the existing guaranteed senior
      secured credit facilities;

The last rating action was on February 27, 2007 when the ratings
were affirmed and the outlook changed to Stable.

Using Moody's standard adjustments for the last twelve months
ended Dec. 30, 2006, Polypore's consolidated total debt/EBITDA
leverage approximated 8.5x inclusive of the holding company
discount notes.  EBIT coverage of cash interest was
approximately 1.0x. Polypore maintained a US$90 million
revolving credit facility under which there were no borrowings
at Dec. 30, 2006.  The company also maintained US$64 million of
cash on hand.  Pro forma for the purchase of the senior discount
notes, Debt/EBITDA will be approximately 6.3x.  Liquidity is
expected to increase slightly at closing due to the increase in
the revolving credit facility to US$100 million.

Polypore International Inc., headquartered in Charlotte, North
Carolina, is a leading worldwide developer, manufacturer and
marketer of specialized polymer-based membranes used in
separation and filtration processes.  The company is managed
under two business segments.  The energy storage segment, which
currently represents approximately two-thirds of total revenues,
produces separators for lead-acid and lithium batteries.  The
separations media segment, which currently represents
approximately one-third of total revenues, produces membranes
used in various healthcare and industrial applications.  For the
LTM period ended Dec. 30, 2006, Polypore's revenues approximated
US$480 million.


SEA CONTAINERS: Wants Court to Set July 16 as Claims Bar Date
-------------------------------------------------------------
Sea Containers Ltd. and its debtor-affiliates ask the Honorable
Kevin J. Carey of the U.S. Bankruptcy Court for the District of
Delaware to establish July 16, 2007, 5:30 p.m., as the deadline
for all persons and entities holding or wishing to assert a
claim against any of the Debtors to file a proof of claim in
these Chapter 11 cases.

In the event a Debtor rejects an executory contract or unexpired
lease pursuant to Section 365 of the Bankruptcy Code, the
Debtors anticipate that a claim may be asserted in connection
with that rejection.  Accordingly, the Debtors propose that the
bar date for filing any proof of claim relating to their
rejection of an executory contract or unexpired lease pursuant
to a Court order entered prior to the applicable Debtor's plan
of reorganization will be the later of:

   (i) the general bar date; or

  (ii) 30 calendar days after the effective date of that Court
       order, unless otherwise provided.

Persons or entities who need not file proofs of claim include:

   * any person or entity that already has filed a signed proof
     of claim against the applicable Debtor with either BASIC or
     the Clerk of the Bankruptcy Court for the District of
     Delaware in a form substantially similar to Official
     Bankruptcy Form No. 10;

   * any person or entity who does not dispute its Claim as
     listed on the Debtors' Schedules of Assets and Liabilities;

   * any holder of a claim that previously has been allowed by a
     Court order;

   * any holder of a claim that has been paid in full by any of
     the Debtors in accordance with the Bankruptcy Code or a
     Court order;

   * any holder of a claim for which a specific deadline
     previously has been by the Court;

   * any Debtor asserting a claim against another Debtor;

   * any direct or indirect non-debtor wholly-owned subsidiary
     of a Debtor asserting a claim against a Debtor;

   * any holder of a claim allowable under Section 503(b) and
     507(a)(2) as an expense of administration;

   * any professional retained by the Debtors or Court-approved
     Committees who asserts administrative claims for fees and
     expenses;

   * any current officer or director of any Debtor asserting
     indemnification, contribution or reimbursement claims;

   * any holder of a claim arising with respect to any of
     these issuances of Sea Containers Ltd. public notes:

        -- 10 3/4% notes due October 15, 2006,
        -- 7 7/8% notes due February 15, 2008,
        -- 12 1/2% notes due December 1, 2009,
        -- 10 1/2% notes due May 15, 2012;

   * any individual participant in the Sea Containers 1983 and
     1990 Pension Schemes asserting a claim arising under or in
     respect of those pension plans; and

   * any holder of equity securities of, or other interests in,
     the Debtors solely with respect to that holder's ownership
     interest in or possession of those equity securities or
     other interests.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. (NYSE: SCRA,
SCRB) -- http://www.seacontainers.com/-- provides passenger and  
freight transport and marine container leasing.  Registered in
Bermuda, the company has regional operating offices in London,
Genoa, New York, Rio de Janeiro, Sydney, and Singapore.  The
company is owned almost entirely by United States shareholders   
and its primary listing is on the New York Stock Exchange (SCRA
and SCRB) since 1974.  On October 3, the company's common shares
and senior notes were suspended from trading on the NYSE and
NYSE Arca after the company's failure to file its 2005 annual
report on Form 10-K and its quarterly reports on Form 10-Q
during 2006 with the U.S. Securities and Exchange Commission.  
Through its GNER subsidiary, Sea Containers Passenger Transport
operates Britain's fastest railway, the Great North Eastern
Railway, linking England and Scotland.  It also conducts ferry
operations, serving Finland and Estonia as well as a commuter
service between New York and New Jersey in the U.S.  

Sea Containers Ltd. and two subsidiaries filed for chapter 11
protection on Oct. 15, 2006, (Bankr. D. Del. Case No. 06-11156).  
Robert S. Brady, Esq., at Young, Conaway, Stargatt & Taylor
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they reported
USUS$1.7 billion in total assets and USUS$1.6 billion in total
debts.

The Debtors' exclusive period to file a plan expires on June 12,
2007.  Their exclusive period to solicit acceptances expires on
Aug. 11, 2007.  (Sea Containers Bankruptcy News, Issue No. 14
and 13; Bankruptcy Creditors' Service, Inc.
http://bankrupt.com/newsstand/or 215/945-7000)


TRIDENT BUILDING: Claims Filing Period Ends May 31
--------------------------------------------------
Creditors of Trident Building Components Ltd. have until May 31
to send in their full names, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Robert C. Keyes
         Joint Liquidator
         Hurst Morrison Thomson CR LLP
         5 Fairmile
         Henley-on-Thames
         Oxfordshire  
         RG9 2JR
         England  

Robert C. Keyes and Gareth W. Roberts of Hurst Morrison Thomson
LLP were appointed joint liquidators of the company on April 26.  


UPS STRUCTURAL: Names Liquidator to Wind Up Business
----------------------------------------------------
Eileen T. F. Sale of Sale Smith & Co. Ltd. was appointed
liquidator of UPS Structural Ltd. on May 1 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         UPS Structural Ltd.
         Roma Road
         Birmingham
         B11 2JH
         England
         Tel: 0121 707 3707


                           *********

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.


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