TCREUR_Public/070515.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

              Tuesday, May 15, 2007, Vol. 8, No. 95

                            Headlines


A U S T R I A

BAURISS LLC: Claims Registration Period Ends June 13
BLITZ CLEAN: Salzburg Court Orders Business Shutdown
BVS BAU: Claims Registration Period Ends June 6
KRANZ LLC: Claims Registration Period Ends June 6
MARTH KEG: Innsbruck Court Orders Business Shutdown

MDA-WH LLC: Vienna Court Orders Business Shutdown
MPF MEETING: Claims Registration Period Ends May 30


G E R M A N Y

ALIT WERK: Creditors' Meeting Slated for June 27
ALLGEMEINE HYPOTHEKENBANK: Court Postpones Verdict to May 29
BREMER INSTITUT: Creditors' Meeting Slated for June 21
BURKHARDT & KOENIG: Creditors' Meeting Slated for June 14
CONCENTRA COSMETIC: Creditors' Meeting Slated for June 19

DAIMLERCHRYSLER: Cerberus to Buy 80% Chrysler Stake for US$7 Bln
EISCAFE VENETO: Creditors' Meeting Slated for June 28
GEBRUEDER SCHULTEN: Claims Registration Period Ends June 11
GEISREITER UND PARZINGER: Claims Registration Ends June 29
GESCHENKE BLITZ: Claims Registration Period Ends June 29

GT RIBBON: Claims Registration Ends June 5
GULDAGER GMBH: Claims Registration Ends June 25
HELBER & KLESSING: Claims Registration Ends June 5
INFORMATIONSTECHNOLOGIE UND: Claims Registration Ends July 12
LOHARENS ING: Claims Registration Ends June 25

LUDWIG2 PRODUKTIONS: Claims Registration Ends June 5
MERT MARKET: Claims Registration Ends May 29
MUSIKTHEATER FUESSEN: Claims Registration Ends June 5
R&S SOLDINER: Creditors Must Register Claims by June 19
RICHARD PAULMANN: Creditors Must Register Claims by June 18

RK ENERGIETECHNIK: Creditors Must Register Claims by June 4
SEMPA MANAGEMENT: Creditors Must Register Claims by June 11
SOLAR-VISION GMBH: Claims Registration Period Ends June 6
SOP ABBRUCHTECHNIK: Claims Registration Period Ends June 5
SOP GMBH: Claims Registration Period Ends June 5

TRW AUTOMOTIVE: Completes US$2.5BB Credit Refinancing Thru Unit
TRW AUTOMOTIVE: Fitch Rates New Secured Credit Facility at BB+
VOGT MOTORRADSPORT: Creditors' Meeting Slated for May 24


H U N G A R Y

AES CORP: U.S. Supreme Court Puts Off Property Tax Break Hearing


I R E L A N D

SANYO ELECTRIC: GE Buys 97% Stake in SANYO Credit for US$1 Bln
SANYO ELECTRIC: To Set Up Investigation Panel for Past Results


I T A L Y

ALITALIA SPA: Aeroflot-Unicredit Group Rules Out Third Partner


K A Z A K H S T A N

ALMATY STROY: Creditors Must File Claims by June 20
ASSOSIATION MIR: Claims Filing Period Ends June 1
COST GARANT: Claims Registration Ends June 13
ELEVATOR UZYNKOL: Creditors' Claims Due June 13
ELIT STROY: Creditors Must File Claims by June 8

GROUP COMPANY: West Kazakhstan Court Starts Bankruptcy Procedure
KARUM LTD: Claims Registration Ends June 8
SPETS STROY: Creditors' Claims Due June 8
TRIPLEX LLP: Claims Filing Period Ends June 1


K Y R G Y Z S T A N

RIVERA LLC: Creditors' Meeting Slated for May 21
SMS IMPORT: Creditors Must File Claims by June 27
SUNSHINE SCIENCE: Claims Filing Period Ends June 27


N E T H E R L A N D S

INDO INTEGRATED: Moody's Rates US$250 Million Bonds at B2
REVLON INC: March 31 Balance Sheet Upside-Down by US$1.1 Billion


N O R W A Y

STRATOS GLOBAL: Pending CIP Deal Cues Moody's to Hold Ratings


R U S S I A

BOGORODSKIY BAKERY: Creditors Must File Claims by June 21
BUR-GAS-OIL-SERVICE: Ryazan Bankruptcy Hearing Slated for Aug. 7
CAMOMILE OJSC: Creditors Must File Claims by June 21
FRUNZE CJSC: Creditors Must File Claims by May 21
NATIONAL BANK TRUST: Moody's Assigns B1 Foreign Currency Rating

NATIONAL BANK: Fitch Rates Upcoming Eurobonds at B-
NIZHNEOMSKAYA MILL: Creditors Must File Claims by June 21
SABLE CJSC: Creditors Must File Claims by June 21
SPB CJSC: St. Petersburg Bankruptcy Hearing Slated for July 5
SOSNOVSKIY FACTORY: Creditors Must File Claims by May 21

STEPNOYE OJSC: Creditors Must File Claims by June 21
VERKHOVSKIY DISTILLERY: Creditors Must File Claims by June 21
VNESHTORGBANK JSC: Floats 1.5 Trillion Shares in London & Moscow
VOLGOMAN-WOOD OJSC: Creditors Must File Claims by June 21
YAROSLAVSKIY FACTORY: Creditors Must File Claims by May 21

YUKOS OIL: Prana Wins Assets for US$3.9 Billion Over Rosneft
YUG-OIL-SERVICE: Creditors Must File Claims by June 21
ZAPADNODVINSKOYE MILK: Creditors Must File Claims by May 21


S W I T Z E R L A N D

ABA BERTSCHI: Zurich Court Closes Bankruptcy Proceedings
BEREUTER JSC: Claims Registration Period Ends May 28
CT COMPACT: Zug Court Closes Bankruptcy Proceedings
DORING CONSULTING: Creditors' Liquidation Claims Due June 20
ISOTIS S.A.: Ernst & Young Expresses Going Concern Doubt
LINEA ADRIANO: Aargau Court Closes Bankruptcy Proceedings

NICOSANA LLC: Creditors' Liquidation Claims Due Aug. 16
NUMINO JSC: Creditors' Liquidation Claims Due July 20
PET'S WORLD: Creditors' Liquidation Claims Due June 25
PETER FENNEL: Creditors' Liquidation Claims Due June 30
PLANTINA LLC: Aargau Court Starts Bankruptcy Proceedings

SM&S EUROPE: Creditors' Liquidation Claims Due July 31
WSA WORLDWIDE: Creditors' Liquidation Claims Due June 25


U K R A I N E

CHOTYRBOKI LLC: Creditors Must File Claims by May 19
KARAT LLC: Creditors Must File Claims by May 19
LOGISTICS-MARKET LLC: Creditors Must File Claims by May 19
TOWER US: Creditors Must File Claims by May 19
TRASA OJSC: Creditors Must File Claims by May 19

UKRAINE LLC: Creditors Must File Claims by May 19
UKRAINIAN SPECIAL: Creditors Must File Claims by May 19
VID CJSC: Claims Filing Bar Date Set May 19


U N I T E D   K I N G D O M

ADAPTIVE LTD: Appoints Joint Administrators from Tenon Recovery
AIRE VALLEY: Fitch Affirms BB Rating to Class D Issuances
ASHLEY DISTRIBUTION: HSBC Appoints Begbies Traynor as Receivers
BRACKENHILL HOMES: Creditors' Meeting Slated for May 29
BRITISH AIRWAYS: Inks GBP60 Million Deal with Go-Aheads' Aviance

CLARKSON KNITTING: Creditors' Meeting Slated for May 24
GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
MICROCOMPUTING LTD: Names Ian William Kings as Administrator
NOVAE GROUP: Moody's Affirms GBP100 Million Bond Rating at Ba1
PRICELINE.COM: Posts US$14.7 Million Net Loss in First Quarter

READYPLUS TRADING: Creditors' Meeting Slated for May 23
SEA CONTAINERS: Can Enter Into US$176 Million DIP Lending Pact
SEA CONTAINERS: U.K. Regulator Reissues FSD Warning
SEA CONTAINERS: Can Implement Non-Insider Retention Plan
TOTAL MOTORSPORT: Creditors' Meeting Slated for May 24

TRICOM GB: Creditors' Meeting Slated for May 23
VNESHTORGBANK JSC: Floats 1.5 Trillion Shares in London & Moscow

* Large Companies with Insolvent Balance Sheets

                            *********

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


BAURISS LLC: Claims Registration Period Ends June 13
----------------------------------------------------
Creditors owed money by LLC Bauriss (FN 205671h) have until
June 13 to file written proofs of claim to court-appointed
estate administrator Nikolaus Vogt at:

         Mag. Nikolaus Vogt
         c/o Dr. Eva Riess
         Zeltgasse 3/13
         1080 Vienna
         Austria
         Tel: 402 57 01 33
         Fax: 402 57 01 57
         E-mail: nikolaus.vogt@riess.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:50 a.m. on June 27 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 23 (Bankr. Case No. 2 S 58/07b).  Eva Riess represents
Mag. Vogt in the bankruptcy proceedings.


BLITZ CLEAN: Salzburg Court Orders Business Shutdown
----------------------------------------------------
The Land Court of Salzburg entered April 19 an order shutting
down the business of LLC Blitz Clean (FN 258033k).

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

The estate administrator can be reached at:

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

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


BVS BAU: Claims Registration Period Ends June 6
-----------------------------------------------
Creditors owed money by LLC BVS Bau (FN 192190h) have until
June 6 to file written proofs of claim to court-appointed estate
administrator Helmut Platzgummer at:

         Dr. Helmut Platzgummer
         c/o Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 01/533 19 39
         Fax: 01/533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at  
                 kanzlei@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Nodendorf, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 36 S 54/07v).  Wolfgang
Leitner represents Dr. Platzgummer in the bankruptcy
proceedings.


KRANZ LLC: Claims Registration Period Ends June 6
-------------------------------------------------
Creditors owed money by LLC Kranz (FN 247563p) have until June 6
to file written proofs of claim to court-appointed estate
administrator Helmut Platzgummer at:

         Dr. Helmut Platzgummer
         c/o Dr. Wolfgang Leitner
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 01/533 19 39
         Fax: 01/533 19 39 39
         E-mail: helmut.platzgummer@lp-law.at
                 kanzlei@lp-law.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:40 a.m. on June 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Ernstbrunn, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 36 S 58/07g).  Wolfgang
Leitner represents Dr. Platzgummer in the bankruptcy
proceedings.


MARTH KEG: Innsbruck Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Innsbruck entered April 20 an order shutting
down the business of KEG Marth (FN 234940a).

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

The estate administrator can be reached at:

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

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on April 16 (Bankr. Case No 19 S 37/07z).  Helmut
Naschberger represents Dr. Paumgarten in the bankruptcy
proceedings.


MDA-WH LLC: Vienna Court Orders Business Shutdown
-------------------------------------------------
The Trade Court of Vienna entered April 25 an order shutting
down the business of LLC MDA-WH (FN 138904x).

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

The estate administrator can be reached at:

         Dr. Karl Schirl
         c/o Mag. Markus Siebinger
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 31-1
         E-mail: dr.karl.schirl@der-rechtsanwalt.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 3 (Bankr. Case No 3 S 55/07v).  Markus Siebinger
represents Dr. Schirl in the bankruptcy proceedings.


MPF MEETING: Claims Registration Period Ends May 30
---------------------------------------------------
Creditors owed money by LLC MPF Meeting Point Future (FN
252082i) have until May 30 to file written proofs of claim to
court-appointed estate administrator Reinhard Koeffler at:

         Dr. Reinhard Koeffler
         Moritschstrasse 11/1
         9500 Villach  
         Austria
         Tel: 04242/26 0 98
         Fax: 04242/25 8 60
         E-mail: kanzlei@c-f-k.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 5 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Treffen bei Villach, Austria, the Debtor
declared bankruptcy on April 20 (Bankr. Case No. 40 S 22/07m).


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


ALIT WERK: Creditors' Meeting Slated for June 27
------------------------------------------------
The court-appointed insolvency manager for Alit Werk Carl
Schmitt GmbH & Co. KG, Hans-Joerg Laudenbach will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 8:45 a.m. on June 27.

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

         The District Court of Marburg/Lahn
         Hall 157
         Universitatsstrasse 48
         35037 Marburg/Lahn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Aug. 29 at the same venue.

Creditors have until July 16 to register their claims with the
court-appointed insolvency manager.

The District Court of Marburg/Lahn opened bankruptcy proceedings
against Alit Werk Carl Schmitt 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. Hans-Joerg Laudenbach
         Fach 62
         Carlo-Mierendorff-Strasse 15
         35398 Giessen
         Germany
         Tel: 0641/98292-15
         Fax: 0641/98292-85

The Debtor can be reached at:

         Alit Werk Carl Schmitt GmbH & Co. KG
         Erich-Rohde-Strasse 2
         34613 Schwalmstadt
         Germany


ALLGEMEINE HYPOTHEKENBANK: Court Postpones Verdict to May 29
------------------------------------------------------------
The Provincial High Court of Frankfurt has postponed to May 29,
2007, its verdict in a compensation claim lodged by Allgemeine
HypothekenBank Rheinboden AG against five former managers,
Financial Times Deutschland reports.

The case involved speculative interest-related operations, which
brought the bank to the verge of insolvency.  The bank,
demanding EUR250 million in compensation, alleges that the five
former managers misjudged the development of interest rates for
2001 and 2002 and that they were responsible for subsequent
losses of billions of euros, FT Deutschland reveals.

According to the report, the court of first instance rejected
the complaint, arguing that the interest rate-related
transactions were normal for the sector and had been approved by
the financial authorities.

                        About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank
Rheinboden AG -- http://www.ahbr.de/-- finances residential and  
commercial real estate projects locally.  The group is also
engaged in commercial lending abroad.  It has assets of more
than EUR80 billion.  It is owned directly and indirectly --
through BHW -- by the trade union private equity holding group
BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It
recently sold the company to U.S. investment group Lone Star for
EUR400 million.

                          *     *     *

In a TCR-Europe report on April 2, Standard & Poor's Ratings
Services lowered its long-term counterparty credit rating on
Germany-based Allgemeine HypothekenBank Rheinboden AG to 'BB-'
from 'BB', following a review of the bank's progress in
implementing its new business model.

At the same time, the 'B' short-term rating was affirmed.  The
outlook is negative.

As of Feb. 15, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior
Unsecured Debt, carry Moody's Ba3 rating.  AHBR's Subordinated
debt carries Moody's B1 rating.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


BREMER INSTITUT: Creditors' Meeting Slated for June 21
------------------------------------------------------
The court-appointed insolvency manager for Bremer Institut fuer
Gebaudemanagement, Gebaudeautomation, Energie- und Umwelttechnik
-ECOTEC- GmbH, Edgar Groenda will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:15 a.m. on June 21.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Aug. 16 at the same venue.

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

The District Court of Bremen opened bankruptcy proceedings
against Bremer Institut fuer Gebaudemanagement,
Gebaudeautomation, Energie- und Umwelttechnik -ECOTEC- GmbH on
May 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The insolvency manager can be reached at:

         Edgar Groenda
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421-3686-0
         Fax: 0421-3686-100
         E-mail: InsOBremen@schubra.de
         Web site: http://www.schubra.de/

The Debtor can be reached at:

         Bremer Institut fuer Gebaudemanagement,
         Gebaudeautomation, Energie- und
         Umwelttechnik -ECOTEC- GmbH
         Wilhelm-Herbst-Str. 7
         28359 Bremen
         Germany


BURKHARDT & KOENIG: Creditors' Meeting Slated for June 14
---------------------------------------------------------
The court-appointed insolvency manager for Burkhardt & Koenig
GmbH, Detlef-Helmut Stuermann will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
9:00 a.m. on June 14.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on Sept. 13 at the same venue.

Creditors have until July 31 to register their claims with the
court-appointed insolvency manager.

The District Court of Bremen opened bankruptcy proceedings
against Burkhardt & Koenig GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Detlef-Helmut Stuermann
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsolvenzBremen@schubra.de
         Web site: http://www.schubra.de/

The Debtor can be reached at:

         Burkhardt & Koenig GmbH
         Hans-Bredow-Str. 9
         28307 Bremen
         Germany

         Attn: Frank Kevin Burkhardt, Manager
         Waldweg 1
         29597 Stoetze
         Germany


CONCENTRA COSMETIC: Creditors' Meeting Slated for June 19
---------------------------------------------------------
The court-appointed insolvency manager for Concentra Cosmetic
GmbH, Petra Hilgers will present her first report on the
Company's insolvency proceedings at a creditors' meeting at
10:30 a.m. on June 19.

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

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


The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on Oct. 2 at the same venue.

Creditors have until Aug. 2 to register their claims with the
court-appointed insolvency manager.

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

The insolvency manager can be reached at:

         Dr. Petra Hilgers
         Goethestr. 85
         10623 Berlin
         Germany

The Debtor can be reached at:

         Concentra Cosmetic GmbH
         Kurfuerstendamm 125 A
         10711 Berlin
         Germany


DAIMLERCHRYSLER: Cerberus to Buy 80% Chrysler Stake for US$7 Bln
----------------------------------------------------------------
The Board of Management of DaimlerChrysler AG has decided,
subject to the approval of the Supervisory Board and the
relevant authorities, on the future concept for the Chrysler
Group and the realignment of DaimlerChrysler AG.  Completion of
the transaction is subject to the satisfaction of customary
closing conditions, including the receipt of regulatory
approvals and Cerberus financing arrangements.

                   Structure of the Transaction

An affiliate of private equity firm Cerberus Capital Management,
L.P., New York, will make a capital contribution of US$7.4
billion in return for an 80.1 percent equity interest in the
future new company, Chrysler Holding LLC.

DaimlerChrysler will hold a 19.9 percent equity interest in the
new company.  Chrysler Holding LLC will hold 100 percent each of
the future Chrysler Corporation LLC, which produces and sells
Chrysler, Dodge and Jeep(R) vehicles, and the future Chrysler
Financial Services LLC, which provides financial services for
these vehicles in the NAFTA region.

Of the total capital contribution of US$7.4 billion, US$5.0
billion will flow into the industrial business (Chrysler
Corporation LLC) and US$1.05 billion will flow into the
financial services business in order to strengthen the equity
base of both businesses.

DaimlerChrysler will receive the balance of US$ 1.35 billion.  
In addition, DaimlerChrysler will grant a loan of US$0.4 billion
to Chrysler Corporation LLC.

According to the agreement, upon the closing of the transaction,
DaimlerChrysler will transfer the industrial business of the
Chrysler Group completely free of debt.  Due to the Chrysler
Group's anticipated negative cash flow until closing in
connection with its restructuring plan, the transaction will
give rise to a cash outflow of US$1.6 billion for
DaimlerChrysler.  The overall net cash outflow resulting from
the transaction will therefore be US$0.65 billion.

In addition, DaimlerChrysler will have to discharge long-term
liabilities of the Chrysler Group in connection with the
transaction.  This will result in prepayment compensation of
approximately US$878 million, to be borne by DaimlerChrysler.  
The usual transaction costs will also be incurred.

The Chrysler Group's financial obligations for pension and
healthcare benefits towards its employees and the employees of
the financial services business related to the Chrysler Group
will be retained by the Chrysler companies.  The pension plans
are significantly over-funded at present.

                      Effects on Key Figures

The transaction will have these effects on DaimlerChrysler AG:

   * In total, current estimates indicate that net profit    
     according to IFRS in 2007 will be reduced by
     US$4.1-5.4 billion;

   * Due to the deconsolidation of the Chrysler companies and
     the resulting reduction in the balance-sheet total, the
     equity ratio of DaimlerChrysler's industrial business is
     expected to increase to more than 40 percent by the
     beginning of 2008;

   * There will be no changes relating to the bonds issued and
     guaranteed by DaimlerChrysler AG.  In the financial
     services business for the Chrysler, Jeep and Dodge brands,
     Cerberus will take over the financing previously provided
     by DaimlerChrysler AG;

   * The 19.9 percent equity interest held by DaimlerChrysler AG
     in the new company Chrysler Holding LLC will be included
     after closing at equity in the Van, Bus, Others segment;
     and

   * The closing of the transaction is expected to take place in     
     the third quarter of 2007.

Commenting on the transaction, Dr. Dieter Zetsche, Chairman of
the Board of Management of DaimlerChrysler AG and Head of the
Mercedes Car Group, said, "We're confident that we've found the
solution that will create the greatest overall value - both for
Daimler and Chrysler.  With the transaction, we have created the
right conditions for a new start for Chrysler and Daimler."

Ron Gettelfinger, President of the United Autoworkers said, "The
transaction with Cerberus is in the best interests of our UAW
members, the Chrysler Group and Daimler.  We are pleased that
this decision has been made. Because our members and the
management can now focus entirely on the development and
manufacture of quality products for the future of the Chrysler
Group."

John W. Snow, Chairman of Cerberus Capital Management, L.P.,
stated that, "We welcome Chrysler into the Cerberus family of
companies and believe Cerberus will be a good home for Chrysler.
Cerberus believes in the inherent strength of U.S. manufacturing
and of the U.S. auto industry.  Most importantly, we believe in
Chrysler."

Mr. Snow continued, "We would like to thank DaimlerChrysler for
their good stewardship of this American icon over the last
decade. We are aware that Chrysler faces significant challenges,
but we are confident that they can and will be overcome.  A
private investment firm like Cerberus will provide management
with the opportunity to focus on their long-term plans rather
than the pressures of short-term earnings expectations."

                         Business Progress

According to the automaker, in nearly 10 years as
DaimlerChrysler, a lot has been done to move the businesses
forward.  The synergies possible between Mercedes-Benz and
Chrysler have been fully utilized.  Additional potential for
collaboration is limited between two businesses operating in
such different market segments.  The strong volatility and
pressure on margins in the Chrysler Group's North American core
market have an increasingly negative impact on DaimlerChrysler's
overall profitability and share-price development.

The Chrysler Group has made substantial progress in recent
years. For example, production hours per vehicle have fallen
from 48 hours in 2001 to just over 30 at present.  Quality has
improved by more than 40 percent over the past six years.  Since
2002, more than US$10 billion has been invested in new
production facilities and technologies. And with 34 new models
since 2001, Chrysler has one of the youngest product lines in
the industry.

"As a result, Chrysler today is structurally more sound than its
North American based competitors. And with Cerberus as a
partner, Chrysler will have the best chances of utilizing its
full potential," Mr. Zetsche said.

                       Ongoing Collaboration

The company says that existing projects with the Mercedes Car
Group will be continued, for example in the development of
conventional and alternative drive systems, purchasing, and
sales and financial services outside the NAFTA region.  
Furthermore, the company discloses that a Joint Automotive
Council will be established in which representatives of both
sides will assess and decide on the potential of new and current
projects.  The Council will be led by board-level members from
each company.

"We very much look forward to our continued cooperation as
business partners, as we want to continue to reap the mutual
benefits of working together.  That's one of the reasons why
we're retaining a 19.9 percent equity position in Chrysler," Mr.
Zetsche noted.

                          New Daimler AG

Due to the new corporate structure, the name of DaimlerChrysler
AG is to be changed to Daimler AG.  A decision on this is to be
taken by the shareholders at an Extraordinary Shareholders'
Meeting probably in fall 2007.

The Board of Management of the new company will be reduced to
six members.  Tom LaSorda, Eric Ridenour and Tom Sidlik will
leave the Board of Management with the Group's sincere thanks.

There will no longer be a separate board position for
procurement in the new Daimler AG.  In the future, all
procurement activities will be directly coordinated between the
divisions.  Within the Board of Management, Bodo Uebber will
additionally assume overall responsibility for procurement.

The leadership teams of the Mercedes Car Group, the Truck Group
and Financial Services will remain unchanged, as will the teams
in the vans and buses businesses.

"We've done our homework in our corporate functions and in all
of our divisions.  As a result of our strategic review, we have
a well-defined roadmap to lead us into a good future," Mr.
Zetsche relates.

The Mercedes Car Group will generate a return on sales of at
least 7 percent this year, with higher rates to follow in the
coming years.

The Truck Group will achieve an average return on sales of 7
percent over the cycle as of 2008.  This represents a return on
net assets of approximately 30 percent.

DaimlerChrysler is also a world leader and profitability
benchmark for buses.  And in the vans business, which is
performing very well, the new Sprinter will continue the success
story of its predecessor.

The Financial Services division aims to earn a return on equity
of more than 14 percent.

                       Growth Perspectives

"We have a strong starting position.  We have an above-average
financial power.  And our future prospects are promising," Mr.
Zetsche said.

According to Mr. Zetsche, the Group has defined these main areas
for continued growth:

   -- Further expansion in the core business, which means in the
      traditional segments that are the most profitable and have
      the highest growth rates, as well as exploiting new market
      opportunities on a regional basis;

   -- Continued development of innovative, customer-oriented and
      tailor-made services and activities, pursuing
      opportunities both up and down the value chain; and

   -- Strengthening leadership in sustainable, responsible and
      environmentally friendly technologies.

By focusing on these three areas, Daimler's full potential is to
be exploited and enterprise value is to be increased further
through profitable and sustainable growth.  Daimler intends to
do this on its own, while continuing to benefit from
opportunities of scale with Chrysler.

About Daimler's goals, Mr. Zetsche said, "We will be the leading
manufacturer of premium products and a provider of premium
services in every market segment we serve worldwide.  And we
will pursue our commitment to excellence based on a common
culture, a great heritage of innovation and pioneering
achievements and - with Mercedes-Benz - the strongest automotive
brand in the world."

                      Tom LaSorda's Statement

Commenting on the sale transaction, Tom LaSorda, Chrysler
Corporation's president and chief executive officer, said in a
press statement that, "We are confident that this transaction
will create a standalone Chrysler that is financially stronger,
with a winning combination of people, industry know-how,
operational expertise and spirit of innovation that will
accelerate the company's recovery, and help us regain our
position as a competitive industry leader.

Cerberus is the right strategic buyer for Chrysler, with a long-
term commitment to Chrysler's growth and success. They are
committed to working constructively with both union leadership
and Chrysler's management team to help Chrysler realize its full
potential.  There are no new job cuts planned in connection with
[the] transaction[. . .] .

As a private company, Chrysler will be better positioned to
focus on its long-term plan for recovery, rather than just
short-term results.  It will allow Chrysler to renew its focus
on what has always made us special - our passion, creativity and
commitment to delivering exciting Chrysler, Jeep and Dodge
vehicles and quality Mopar parts to our customers, along with
unparalleled customer service.

With strong backing from Cerberus and a continued relationship
with Daimler, Chrysler must demonstrate once and for all that we
can win in this global marketplace.  It is ours to win.  And
Chrysler has it in its DNA to do just that."  

                        Sale Advisers

Shearman & Sterling serves as DaimlerChrysler AG's lead counsel
in the transaction.  Shearman & Sterling attorneys who advised
DaimlerChrysler on the transaction are: Georg F. Thoma (partner,
Corporate/M&A, Dusseldorf); John Madden and Jeffrey Lawrence
(both partners, Corporate/M&A, New York; Kenneth Laverriere
(partner, Executive Compensation, New York); Peter Blessing
(partner, Tax, New York); and Fredric Sosnick (partner,
Corporate, New York).

               About Cerberus Capital Management

Cerberus Capital Management, L.P., New York, is one of the
largest private investment firms in the world, with
approximately US$23.5 billion under management in funds and
accounts.  Founded in 1992, Cerberus currently has significant
investments in more than 50 companies that, in aggregate,
generate more than US$60 billion in annual revenues worldwide.

                      About DaimlerChrysler

Headquartered 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 (USUS$6.4
billion) based on an expected full-year operating loss of
approximately EUR1 billion (USUS$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.


EISCAFE VENETO: Creditors' Meeting Slated for June 28
-----------------------------------------------------
The court-appointed insolvency manager for Eiscafe Veneto GmbH,
Kai Norden will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:15 a.m. on
June 28.

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

         The District Court of Bremen
         Hall 115
         Ostertorstr. 25-31
         28195 Bremen
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 10:00 a.m. on Aug. 16 at the same venue.

Creditors have until July 24 to register their claims with the
court-appointed insolvency manager.

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

The insolvency manager can be reached at:

         Kai Norden
         Sedanplatz 2
         28757 Bremen
         Germany
         Tel: 0421/66006-0
         Fax: 0421/66006-40
         E-mail: inso@lohsin-partner.de
         Web site: http://www.lohsin-partner.de/

The Debtor can be reached at:

         Eiscafe Veneto GmbH
         Alten Speicher 1
         28757 Bremen
         Germany


GEBRUEDER SCHULTEN: Claims Registration Period Ends June 11
-----------------------------------------------------------
Creditors of Gebrueder Schulten GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Heinrich Stellmach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court 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 Gebrueder Schulten GmbH on April 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Gebrueder Schulten GmbH
         Moerike Str. 12
         46414 Rhede
         Germany


GEISREITER UND PARZINGER: Claims Registration Ends June 29
----------------------------------------------------------
Creditors of Geisreiter und Parzinger GmbH have until June 29 to
register their claims with court-appointed insolvency manager
Florian Loserth.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Traunstein
         Meeting Hall C 001
         Herzog-Otto-Str. 1
         83278 Traunstein
         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 Traunstein opened bankruptcy proceedings
against Geisreiter und Parzinger GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Florian Loserth
         Richard-Wagner-Str. 15
         84453 Muehldorf
         Germany
         Tel: 08631/160350
         Fax: 08631/160351

The Debtor can be reached at:

         Geisreiter und Parzinger GmbH
         Innerlohener Str. 8
         83355 Grabenstatt
         Germany


GESCHENKE BLITZ: Claims Registration Period Ends June 29
--------------------------------------------------------
Creditors of Geschenke Blitz GmbH have until June 29 to register
their claims with court-appointed insolvency manager Axel W.
Bierbach.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

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

The insolvency manager can be reached at:

         Axel W. Bierbach
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 54511-0
         Fax: 54511-444

The Debtor can be reached at:

         Geschenke Blitz GmbH
         Neumuehlhausen 7
         85664 Hohenlinden
         Germany


GT RIBBON: Claims Registration Ends June 5
------------------------------------------
Creditors of GT Ribbon GmbH have until June 5 to register their
claims with court-appointed insolvency manager Dr. Stephan
Schlegel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Darmstadt
         Hall 4.312
         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:

         Dr. Stephan Schlegel
         Hauptstrasse 336
         65760 Eschborn
         Germany
         Tel: 06173/9394-0
         Fax: 06173/9394-20

The District Court of Darmstadt opened bankruptcy proceedings
against GT Ribbon GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GT Ribbon GmbH
         Bertha-von-Suttner-Strasse 2
         64560 Riedstadt
         Germany


GULDAGER GMBH: Claims Registration Ends June 25
-----------------------------------------------
Creditors of Guldager GmbH & Co. KG have until June 25 to
register their claims with court-appointed insolvency manager
Dirk Hammes.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Duisburg
         Room C215
         2nd floor
         Kardinal-Galen-Str. 124-132
         47058 Duisburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dirk Hammes
         Wilhelmshofallee 75
         47800 Krefeld
         Germany

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

The Debtor can be reached at:

         Guldager GmbH & Co. KG
         Duisburger Str. 161-167
         47166 Duisburg
         Germany


HELBER & KLESSING: Claims Registration Ends June 5
--------------------------------------------------
Creditors of Helber & Klessing Immobilien GmbH have until June 5
to register their claims with court-appointed insolvency manager
Frank Katzenberger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Tuebingen
         Hall 208
         Second Floor
         Branch Office
         Schulberg 14
         72074 Tuebingen
         Germany

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

The insolvency manager can be reached at:

         Frank Katzenberger
         Wilhelmstr. 78
         75323 Bad Wildbad
         Germany
         Tel. 07081/1303

The District Court of Tuebingen opened bankruptcy proceedings
against Helber & Klessing Immobilien GmbH on --.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Helber & Klessing Immobilien GmbH
         Schoenblickstr. 39
         72221 Haiterbach
         Germany


INFORMATIONSTECHNOLOGIE UND: Claims Registration Ends July 12
-------------------------------------------------------------
Creditors of Informationstechnologie und Softwareentwicklung -
Resourcing - mbH, Steinheimer have until July 12 to register
their claims with court-appointed insolvency manager Clemens
Ott.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Aug. 8, 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 162N
         First Floor
         Kaiserstrasse
         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:

         Clemens Ott
         Waldstrasse 45
         D 63065 Offenbach am Main
         Germany
         Tel: 069/8007 49-0
         Fax: 069/8007 49-90

The District Court of Offenbach am Main opened bankruptcy
proceedings against Informationstechnologie und
Softwareentwicklung - Resourcing - mbH, Steinheimer on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Informationstechnologie und Softwareentwicklung -
         Resourcing - mbH, Steinheimer
         Strasse 117
         63500 Seligenstadt
         Germany


LOHARENS ING: Claims Registration Ends June 25
----------------------------------------------
Creditors of Loharens Ing.-Bau GmbH have until June 25 to
register their claims with court-appointed insolvency manager
Stefan Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 16, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

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

The Debtor can be reached at:

         Loharens Ing.-Bau GmbH
         Attn: Manfred Loharens and
               Manfred Duevelmeyer, Managers
         Carl-Zeiss-Str. 8
         32549 Bad Oeynhausen
         Germany


LUDWIG2 PRODUKTIONS: Claims Registration Ends June 5
----------------------------------------------------
Creditors of Ludwig2 Produktions GmbH have until
June 5 to register their claims with court-appointed insolvency
manager Dr. jur. Marco Liebler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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
         Meeting Hall 170/I
         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. jur. Marco Liebler
         Nymphenburger Str. 139
         c/o Kanzlei Ott & Kollegen
         80636 Munich
         Germany
         Tel: 089/120 260
         Fax: 089/120 261

The District Court of Kempten opened bankruptcy proceedings
against Ludwig2 Produktions GmbH on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ludwig2 Produktions GmbH
         See 1
         87629 Fuessen
         Germany


MERT MARKET: Claims Registration Ends May 29
--------------------------------------------
Creditors of MERT Market GmbH have until May 29 to register
their claims with court-appointed insolvency manager Jan Gerrit
Kehbel.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on June 15, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Jan Gerrit Kehbel
         Turmhof 15
         42103 Wuppertal
         Germany
         Tel: 0202 493700

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

The Debtor can be reached at:

         MERT Market GmbH
         Suedstrasse 1
         42551 Velbert
         Germany

         Attn: Nuri Mueslueman, Manager
         Kurfuerstenstrasse 1
         42655 Solingen
         Germany


MUSIKTHEATER FUESSEN: Claims Registration Ends June 5
-----------------------------------------------------
Creditors of Musiktheater Fuessen GmbH & Co. KG have until
June 5 to register their claims with court-appointed insolvency
manager Dr. jur. Marco Liebler.

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

The meeting of creditors will be held at:

         The District Court of Kempten
         Meeting Hall 170/I
         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. jur. 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 Musiktheater Fuessen GmbH & Co. KG on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Musiktheater Fuessen GmbH & Co. KG
         See 1
         87629 Fuessen
         Germany


R&S SOLDINER: Creditors Must Register Claims by June 19
-------------------------------------------------------
Creditors of R&S Soldiner Grundstuecksverwaltungs GmbH have
until June 19 to register their claims with court-appointed
insolvency manager Dr. Christoph Schulte-Kaubruegger.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Charlottenburg opened bankruptcy
proceedings against R&S Soldiner Grundstuecksverwaltungs GmbH on
April 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         R&S Soldiner Grundstuecksverwaltungs GmbH
         Pohlstrasse 20
         10785 Berlin
         Germany


RICHARD PAULMANN: Creditors Must Register Claims by June 18
-----------------------------------------------------------
Creditors of Richard Paulmann, Bedachungen - Isolierungen aller
Art GmbH & Co. KG have until June 18 to register their claims
with court-appointed insolvency manager Jens Ruediger.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Jens Ruediger
         Prinzenstrasse 3
         30159 Hannover
         Germany

The District Court of Hannover opened bankruptcy proceedings
against Richard Paulmann, Bedachungen - Isolierungen aller Art
GmbH & Co. KG on April 30.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Richard Paulmann, Bedachungen - Isolierungen aller Art
         GmbH & Co. KG
         Kopernikusstr. 28
         30853 Langenhagen
         Germany


RK ENERGIETECHNIK: Creditors Must Register Claims by June 4
-----------------------------------------------------------
Creditors of RK Energietechnik GmbH i.L. have until June 4 to
register their claims with court-appointed insolvency manager
Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend
the meeting at 12:10 p.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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Stefan Hinrichs
         Kaiser-Wilhelm-Strasse 93
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against __ on May 2.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         RK Energietechnik GmbH i.L.
         Oehleckerring 2
         22419 Hamburg
         Germany


SEMPA MANAGEMENT: Creditors Must Register Claims by June 11
-----------------------------------------------------------
Creditors of SEMPA Management GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Rainer Bachert.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Mannheim
         Hall 232
         Second Floor
         Schloss
         68149 Mannheim
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Rainer Bachert
         Hauptstr. 161
         68259 Mannheim
         Germany

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

The Debtor can be reached at:

         SEMPA Management GmbH
         R 3 4-5
         68161 Mannheim
         Germany


SOLAR-VISION GMBH: Claims Registration Period Ends June 6
---------------------------------------------------------
Creditors of Solar-Vision GmbH have until June 6 to register
their claims with court-appointed insolvency manager Bruno
Kuebler.

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

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D132
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Dr. Bruno Kuebler
         Nieritzstrasse 14
         01097 Dresden
         Germany
         Web site: www.kuebler-gbr.de

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

The Debtor can be reached at:

         Solar-Vision GmbH
         Schlossplatz 3
         02977 Hoyerswerda
         Germany


SOP ABBRUCHTECHNIK: Claims Registration Period Ends June 5
----------------------------------------------------------
Creditors of SOP Abbruchtechnik GmbH have until June 5 to
register their claims with court-appointed insolvency manager
Johannes Koepsell.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Johannes Koepsell
         Morianstrasse 3
         42103 Wuppertal
         Germany
         Tel: 0202/24 56 721
         Fax: 0202/2456722

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

The Debtor can be reached at:

         SOP Abbruchtechnik GmbH
         Vohwinkler Str 145f
         42329 Wuppertal
         Germany

         Attn: Bernd Josef Bilstein, Manager
         Hundsiefen 3
         51429 Bergisch Gladbach
         Germany


SOP GMBH: Claims Registration Period Ends June 5
------------------------------------------------
Creditors of SOP GmbH have until June 5 to register their claims
with court-appointed insolvency manager Johannes Koepsell.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Wuppertal
         Meeting Room A234
         Second Floor
         Isle 2
         42103 Wuppertal
         Germany

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

The insolvency manager can be reached at:

         Johannes Koepsell
         Morianstrasse 3
         42103 Wuppertal
         Germany
         Tel: 0202/24 56 721
         Fax: 0202/2456722

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

The Debtor can be reached at:

         SOP GmbH
         Vohwinkler Str. 145f
         42329 Wuppertal
         Germany

         Attn: Bernd Josef Bilstein, Manager
         Hundsiefen 3
         51429 Bergisch Gladbach
         Germany


TRW AUTOMOTIVE: Completes US$2.5BB Credit Refinancing Thru Unit
---------------------------------------------------------------
TRW Automotive Holdings Corp., through its subsidiary TRW
Automotive Inc., has completed the refinancing of its existing
US$2.5 billion credit facilities with new credit facilities in
approximately the same amount.  

The new credit facilities are comprised of:

   -- a US$1.4 billion revolving credit facility;
   -- a US$600 million Term Loan A facility; and
   -- a US$500 million Term Loan B facility.  

The company expects to incur charges related to the transaction
of approximately US$8 million during the second quarter of 2007.  

J.P. Morgan Securities Inc. and Banc of America Securities LLC
acted as joint lead arrangers on the transaction.
    
                       About TRW Automotive

Headquartered in Livonia, Michigan, TRW Automotive Holdings
Corp. (NYSE: TRW) -- http://www.trwauto.com/-- is an automotive
supplier.  Through its subsidiaries, it employs approximately
63,800 people in 26 countries including Brazil, China, Germany,
Italy, among others.  TRW Automotive products include
integrated vehicle control and driver assist systems, braking
systems, steering systems, suspension systems, occupant safety
systems (seat belts and airbags), electronics, engine
components, fastening systems and aftermarket replacement parts
and services.


TRW AUTOMOTIVE: Fitch Rates New Secured Credit Facility at BB+
--------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to TRW Automotive
Inc.'s new senior secured revolving credit facility, new senior
secured term loan A facility and new senior secured term loan B
facility.

The new bank lines replace the existing senior secured bank
lines and as such, do not affect the current ratings or Rating
Outlook.

In addition, Fitch is withdrawing its issue ratings on the
9-3/8% senior notes due 2013 ('BB-'), the 10-1/8% senior Euro
notes due 2013 ('BB-'), the 11% senior subordinated notes due
2013 ('B+') and the 11-3/4% senior subordinated Euro notes due
2013 ('B+') following the tender of substantially all of the
notes.

The current ratings of TRW Automotive Holdings Corp. and TRW
Automotive, Inc. are:

TRW Automotive Holdings Corp.

    -- Issuer Default Rating 'BB';

TRW Automotive Inc.

    -- Issuer Default Rating 'BB';
    -- Senior secured revolving credit facility 'BB+';
    -- Senior secured term loan A facility 'BB+';
    -- Senior secured term loan B facility 'BB+';
    -- Senior unsecured notes 'BB-'.

Fitch's rating actions affect approximately US$4 billion in
total debt, including the undrawn revolving credit facility.  
The Rating Outlook is Stable.

TRW announced that it is refinancing US$2.5 billion in existing
bank facilities with the same amount in new facilities.  The new
credit facilities include a US$1.4 billion revolving credit
facility, a US$600 million tranche A-1 term loan and a US$500
million tranche B-1 term loan.  The new bank lines closed on
May 9, 2007.

The new credit agreement lowers TRW's cost of capital, extends
maturities and loosens covenants.  Interest rates for the
revolver and tranche A-1 term loan are based on LIBOR plus an
amount determined by pricing grid based on a Net Leverage Ratio
while the tranche B-1 term loan interest rate is based on LIBOR
plus 1.5% or an alternative base rate plus 0.5%.  TRW's existing
revolver and tranche A term loan matures in January of 2010, the
tranche B and B-2 term loans mature in June 2012 and a tranche E
term loan that matures in October of 2010.  Under the new credit
agreement, the revolver matures five years from the closing
date, the tranche A-1 term loan matures six years after closing
and the tranche B-1 matures six years and nine months from the
closing date.  

Financial covenants are slightly less restrictive and include a
minimum interest coverage ratio and a maximum net leverage
ratio.  The net leverage ratio takes unrestricted cash in excess
of US$100 million and up to US$500 million and nets it against
debt to determine the ratio.  The current facility uses gross
debt in the calculation.

Fitch's ratings reflect TRW's relatively diverse customer base,
global manufacturing presence, as well as the company's
technology-driven products.  Operating efficiency, a substantial
book of business outside of North America and continued healthy
demand for safety related products partially offsets significant
declines in North American manufacturers' volumes as well as
industry cost challenges.  The company's margins remain at the
high end of the automotive supply chain.  Healthy margins and
liquidity should provide TRW with a buffer if industry
fundamentals were to erode materially.  Even when assuming
adverse economic and industry conditions through 2007, Fitch
expects TRW to generate free cash flow, although debt reduction
could be limited in such a scenario.

Fitch's concerns include debt levels, margin pressures from
price competition and raw materials, customers' production
volumes, potential work stoppages due to customers' critical
union negotiations, and a financially stressed base of suppliers
other than TRW.

Including the cash and marketable securities balance of US$589
million, total liquidity at the end of the fourth-quarter 2006
(4Q06) was approximately US$1.7 billion.  Also at the end of
4Q06, TRW had approximately US$830 million of availability under
its current revolver after US$70 million in outstanding letters
of credit.  As of Dec. 31, 2006, there were no outstanding
balances on any of TRW's accounts receivable (A/R) programs.  
Under the U.S. A/R securitization facility, approximately US$191
million of receivables was eligible for borrowings and about
US$104 million would have been available for funding.  After
giving effect to a January 2007 amendment to the A/R facility,
US$196 million would have been available for funding.  In
addition, approximately EUR140 million and GBP11 million were
available under uncommitted European facilities.


VOGT MOTORRADSPORT: Creditors' Meeting Slated for May 24
--------------------------------------------------------
The court-appointed insolvency manager for Vogt Motorradsport
GmbH, Alexander Pfadenhauer, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
2:15 p.m. on May 24.

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

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 2:15 p.m. on Aug. 9 at the same venue.

Creditors have until June 15 o register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Alexander Pfadenhauer
         Sperberstr. 47
         90461 Nuremberg
         Germany
         Tel: 0911/448171
         Telefax: 0911/441332

The District Court of Fuerth opened bankruptcy proceedings
against Vogt Motorradsport GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Vogt Motorradsport GmbH
         Nuernberger Strasse 5-7
         90566 Cadolzburg
         Germany


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


AES CORP: U.S. Supreme Court Puts Off Property Tax Break Hearing
----------------------------------------------------------------
Thomas J. Prohaska at Buffalo News reports that the U.S. State
Supreme Court Justice Richard C. Kloch Sr. has postponed a
hearing on the multiple lawsuits over the AES Corp. property tax
break.

The Niagara county, the Town of Somerset and the Barker Central
School District have filed a lawsuit against AES and the
Industrial Development Agency over the "payment-in-lieu-of-taxes
deal," which will cost the taxing entities US$43.4 million over
12 years, compared with what they would collect from AES if the
firm's Lake Road power plant continued to be taxed at the
current rate, Mr. Prohaska at Buffalo News relates.

If one assumes a 3% yearly tax raise, the lost revenue tops
US$90 million, Mr. Prohaska at Buffalo News says, citing those
who are against the deal.

Buffalo News' Mr. Prohaska says that the hearing was postponed
indefinitely.  Attorneys in the case say that the proceedings
may resume in August or later.

Judge Kloch is involved in a jury trial in a civil case that
might take six weeks.  The judge and the attorneys have also
scheduled summer vacation, Buffalo News' Mr. Prohaska notes,
citing Niagara County Attorney Claude A. Joerg.

Meanwhile, the town of Somerset attorney Edwin J. Shoemaker
commented to Buffalo News' Mr. Prohaska, "It would certainly not
be before mid-August.  Right now it looks like this thing might
not be decided until early next year.  [Kloch] won't decide
until he has a hearing, and he won't tell you when the hearing
is."

Buffalo News' Mr. Prohaska relates that the hearing for the AES
case was expected to take at least two weeks, as Judge Kloch
looked for information on whether the Industrial Development
Agency breached its procedural rules in October 2006 when it
granted a 12-year tax break to AES.

AES is Niagara's biggest property taxpayer, according to Buffalo
News' Mr. Prohaska.

Buffalo News' Mr. Prohaska notes that AES will still be paying
US$192.6 million over the life of the deal.  But its yearly bill
will decrease to US$17.3 million in 2008 and US$15.8 million by
2011, from US$19.6 million in this year.

AES' legal representatives are trying to get Judge Kloch to
cancel subpoenas the complainants issued for company documents
and this will have to be decided before the hearing, according
to Buffalo News' Mr. Prohaska.

Judge Kloch said in a public statement that he dismissed all
segments of the lawsuits that asserted the Industrial
Development Agency didn't have the authority "to grant a tax
break" to a firm that didn't offer to make new jobs or
investment.

Buffalo News' Mr. Prohaska states that Judge Kloch had
encouraged both parties to reach an out-of-court settlement,
which seemed to fail.  AES offered to pay the taxing entities an
extra US$1.5 million, which the complainants rejected.

"We haven't had any response from them, other than they didn't
like our last [offer]," AES Somerset President Kevin R. Pierce
told Buffalo News' Mr. Prohaska.

AES Corporation -- http://www.aes.com/-- is a global power     
company.  The company operates in South America, Europe, Africa,
Asia, and the Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

The company has presence in India, China, and Sri Lanka.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                        *     *     *

On Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


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


SANYO ELECTRIC: GE Buys 97% Stake in SANYO Credit for US$1 Bln
--------------------------------------------------------------
As widely reported, General Electric Co. has acquired a 97.15%
stake in SANYO Electric Credit Co. for US$1.05 billion.

The Troubled Company Reporter - Asia Pacific reported two weeks
ago that Sanyo Electric Co. Ltd. agreed to tender its entire
16.7% stake in Sanyo Electric Credit Co. Ltd., a Japanese
leasing company whose main shareholder is Goldman Sachs.  

Reuters noted that GE offered to pay JPY3,250 per SANYO Electric
Credit share, a premium of nearly 62% from the previous close.

Takahiko Hyuga of Bloomberg News reports that GE bought control
of SANYO Credit "to increase office-equipment leasing and
lending to small companies in Japan."

"SANYO Credit had outstanding loans of about 800 billion yen at
the end of 2006, General Electric said in March," Mr. Hyuga
noted.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 2, 2007 Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

As reported by the TCR-AP on May 25, 2006, Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on SANYO Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


SANYO ELECTRIC: To Set Up Investigation Panel for Past Results
--------------------------------------------------------------
SANYO Electric Co., Ltd. will establish an internal
"Investigation Committee for Previous Financial Results" to
prevent problems from reoccurring and in order to uncover the
cause of the problem.

As previously reported by the Troubled Company Reporter - Asia
Pacific, on February 27, 2007, the company started conducting a
comprehensive review of its financial results from previous
years to ensure accordance with accounting standards and
practical guidelines relating to financial commodities.  The
amendment of impairment losses for subsidiaries and affiliates
is currently under consideration.

In order to improve transparency, SANYO will appoint three new
persons from outside the company to the investigation committee,
including Ichiro Kawamoto (Lawyer, Corporate Law), Chitoshi Koga
(Accountant), and Takaharu Dohi (Lawyer, previous Attorney
General) as the committee chairman.  Additionally, the
committee's executive office will be aided by a number of
lawyers, accountants, and SANYO in-house law and auditing staff.

The committee plans to present a summary report of the findings
if and when there are revisions of the securities report for
previous fiscal years.

                         Planned Response

For the four terms spanning from Fiscal Year 2000 (ended March
2001) through Fiscal Year 2003 (ended March 2004), SANYO will
conduct a comprehensive review ensuring compliance to accounting
standards and practical guidelines in order to decide which
subsidiaries and affiliates will be subject for review for
impairment losses and which companies have the potential of
recoverable performance, particularly in the semiconductor
business which has been subject to market fluctuations.

As a result, regarding the total impairment losses allocated for
the given period, SANYO plans to amend the appropriate
allocation period for each subsidiary/affiliate and make
additional allocations for certain parts.  Along with these
actions, SANYO will recalculate impairment losses for
subsidiaries and affiliates and deferred tax assets for each
fiscal year after Fiscal-Year 2004.  The revisions will be
limited to non-consolidated financial results.

There is no expected impact on the SANYO Group's consolidated
financial results for Fiscal-Year 2005.

              Grant Thornton Tapped to Conduct Audit

Regarding revisions to previous financial statements, Grant
Thornton Taiyo ASG will conduct the audit.  Since the audit will
cover an extended period from Fiscal-Year 2000 to Fiscal Year
2006, the current outlook is that the audit will be completed by
November or December 2007.  Upon receiving the official
auditor's opinion, SANYO plans to make a decision whether or not
to revise previous fiscal year securities reports among the
board of directors, after which the decision will then be
disclosed.

For the given period, SANYO has requested to and gained
acceptance from Grant Thornton Taiyo ASG to conduct the audit
revision.  Previously SANYO used Chuo Aoyama Audit Corporation
(currently Misuzu Audit Corporation) as the auditing firm, and
currently changed the audit firm to Azsa & Co. on a temporary
basis.

              2006 Results to be Released on May 28

Fiscal Year 2006 financial results will be announced on May 28
and currently, Azsa & Co. are in the midst of auditing the
results. Following the General Shareholders Meeting to be held
on June 28, SANYO plans to submit its securities report. At
present, significant impact on the Fiscal-Year 2006 financial
results is not expected; however, as previous Fiscal Year audits
are as yet unfinished, it is expected that these results will be
issued having received qualified opinion by the auditors.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading  
manufacturers of consumer electronics products.  

The company has global operations in Brazil, Germany, India,
Ireland, Spain, the United States and the United Kingdom, among
others.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
March 2, 2007 Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

As reported by the TCR-AP on May 25, 2006, Standard & Poor's
Ratings Services affirmed its negative BB long-term corporate
credit and BB+ senior unsecured debt ratings on SANYO Electric
Co. Limited.  At the same time, the ratings were removed from
CreditWatch where they were first placed with negative
implications on Sept. 28, 2005.


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


ALITALIA SPA: Aeroflot-Unicredit Group Rules Out Third Partner
--------------------------------------------------------------
OAO Aeroflot and Unicredito Italiano S.p.A. has ruled out a
third partner in their bid to acquire the Italian government's
39.9% stake in national carrier Alitalia S.p.A., RIA Novosti
reports.

"This has been established by the bidding procedure -- two
participants -- and there may not be any changes," Aeroflot CEO
Valery Okulov told RIA Novsoti.

In a TCR-Europe report on April 5, Sergio Ermotti, deputy
director of UniCredit, said that another carrier may join their
Alitalia bid.  Backed by the Russian Transportation Ministry,
Aeroflot will finance 95% of the bid while UniCredit will fund
the remaining 5%.

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

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

Other bidders are:

   -- AirOne S.p.A. and Intesa-San Paolo S.p.A.; and

   -- TPG Capital, MatlinPatterson Global Advisers and
      Mediobanca

Transport Minister Alessandro Bianchi told Dow Jones Newswires
that the buyer for Alitalia would have to spend around EUR3
billion to acquire and return it to profitability.  Mr. Bianchi
said Alitalia's buyer would have to spend EUR1.5 billion to buy
the carrier, and another EUR1.5 billion to turn it around.

                         About Alitalia

Headquartered in Rome, Italy, Alitalia S.p.A. --
http://www.alitalia.it/-- provides air travel services for   
passengers and air transport of cargo on national, international
and inter-continental routes.  In Europe, the company reaches 45
airports, with 1,238 flights per week.  In the rest of the
world, the Alitalia Group's aircrafts operate out of 32 airports
with 255 flights per week.  The Alitalia Group network is
centered on two main airports, Rome Fiumicino and Milan
Malpensa, and includes, as of Sept. 30, 2006, an operating fleet
of 182 aircrafts.  The Italian government owns 49.9% of
Alitalia.

Despite a EUR1.4 billion state-backed restructuring in 1997,
Alitalia posted net losses of EUR256 million and EUR907 million
in 2000 and 2001 respectively.  Alitalia registered EUR93
million in net profits in 2002 after a EUR1.4 billion capital
injection.  The carrier booked consecutive annual net losses of
EUR520 million in 2003, EUR813 million in 2004, and EUR168
million in 2005.


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


ALMATY STROY: Creditors Must File Claims by June 20
---------------------------------------------------
LLP Construction Company Corporation Almaty Stroy Capital has
declared insolvency.  Creditors have until June 20 to submit
written proofs of claim to:

         LLP Almaty Stroy Capital
         Furmanov Str. 311-121b
         Almaty   
         Kazakhstan


ASSOSIATION MIR: Claims Filing Period Ends June 1
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Assosiation Mir insolvent on Dec. 13, 2006.

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

         LLP Assosiation Mir
         Timiryazev Str. 61-2
         Almaty
         Kazakhstan
         Tel: 8 (3272) 75-67-84


COST GARANT: Claims Registration Ends June 13
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Cost Garant insolvent.

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

         LLP Cost Garant
         Gogol Str. 177a
         Kostanai
         Kazakhstan


ELEVATOR UZYNKOL: Creditors' Claims Due June 13
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai Region
declared LLP Elevator Uzynkol insolvent.

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

         LLP Elevator Uzynkol
         Gogol Str. 177a
         Kostanai
         Kazakhstan


ELIT STROY: Creditors Must File Claims by June 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Construction Company Elit Story (RNN 600400072701) insolvent
on Feb. 2.

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

         LLP Elit Story
         Third Floor
         Makataev Str. 117
         Almaty
         Kazakhstan
         Tel: 8 (3272) 34-39-77
              8 (7011) 11-77-02


GROUP COMPANY: West Kazakhstan Court Starts Bankruptcy Procedure
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region commenced bankruptcy proceedings against LLP Group
Company Engineering on March 24.


KARUM LTD: Claims Registration Ends June 8
------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Joint Kazakh-Chinese Enterprise Karum Ltd.
declared insolvent.  Subsequently, bankruptcy proceedings were
introduced at the company.

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

         LLP Karum Ltd
         Jambyl Str. 9
         Karaganda
         Kazakhstan


SPETS STROY: Creditors' Claims Due June 8
-----------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda
Region declared LLP Construction Company Spets Stroy insolvent.  
Subsequently, bankruptcy proceedings were introduced at the
company.

Creditors have until June 8 to submit written proofs of claim
to:
         
         LLP Spets Stroy
         Jambyl Str. 9
         Karaganda
         Kazakhstan


TRIPLEX LLP: Claims Filing Period Ends June 1
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty declared
LLP Triplex insolvent on Dec. 27, 2006.

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

    LLP Triplex
         Timiryazev Str. 61-2
         Almaty   
         Kazakhstan
         Tel: 8 (3272) 75-67-84


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


RIVERA LLC: Creditors' Meeting Slated for May 21
------------------------------------------------
Creditors of LLC Rivera will convene at 10:00 a.m. on May 21 at:

         LLC Rivera
         Leo Tolstoy Str. 100b
         Bishkek
         Kyrgyzstan

At a creditors' meeting on March 23, Bilim Rayimkulov was
dismissed from the position of temporary insolvency manager.

Subsequently, the Bankruptcy Department under the State Property
Committee of the Kyrgyz Republic has appointed Mr. Esenbek
Aitymbetov as the company's new temporary insolvency manager.

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

The representatives of the creditors must have authorization to
vote.

The temporary insolvency manager can be reached at:


         Esenbek Aitymbetov
         Tel: (+996 312) 21-57-75
              (0-502) 50-28-88


SMS IMPORT: Creditors Must File Claims by June 27
-------------------------------------------------
LLC SMS Import has declared insolvency.  Creditors have until
June 27 to submit written proofs of claim to:

         LLC SMS Import
         Rostovkaya Str. 98
         Bishkek
         Kyrgyzstan


SUNSHINE SCIENCE: Claims Filing Period Ends June 27
---------------------------------------------------
LLC Sunshine Science Inc. has declared insolvency.  Creditors
have until June 27 to submit written proofs of claim to:

         LLC Sunshine Science Inc.
         Akchy
         Free Economic Zone Bishkek
         Bishkek
         Kyrgyzstan


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


INDO INTEGRATED: Moody's Rates US$250 Million Bonds at B2
---------------------------------------------------------
Moody's Investors Service has affirmed its B2 corporate family
rating of PT Indika Energi (Indika).  

At the same time, Moody's has affirmed its B2 rating for the
5-year, US$250 million senior secured bond issued by Indo
Integrated Energy BV and guaranteed by Indika following the
completion of the bond issuance.  Both ratings have been removed
from their provisional status.  The ratings outlook is stable.

The bond proceeds will be used for refinancing, acquisitions,
investments, and for general corporate purpose.

Indika is a privately held, integrated energy group based in
Indonesia.  Its principal investment is its 46% shareholding in
Kideco, Indonesia's third largest domestic coal producer.  In
addition, Indika is involved in Engineering, procurement and
Construction (EPC) and Operations and Maintenance (O&M)
businesses through its wholly owned subsidiary Tripatra which
has a long established history of successfully completing such
projects in Indonesia for major international oil companies.

Indo Integrated Energy BV is the company's Dutch affiliate in
Amsterdam.


REVLON INC: March 31 Balance Sheet Upside-Down by US$1.1 Billion
----------------------------------------------------------------
Revlon Inc.'s balance sheet at March 31, 2007, showed
US$907.9 million in total assets and US$2.04 billion in total
liabilities, resulting in a US$1.13 billion total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$469.8 million in total current assets
available to pay US$565.5 million in total current liabilities.

Revlon Inc. reported a net loss of US$35.2 million on net sales
of US$328.6 million for the first quarter ended March 31, 2007,
compared with a net loss of US$58.2 million on net sales of
US$325.5 million for the first quarter 2006 ended March 31,
2006.

In the United States, net sales in the first quarter of 2007
declined 2.5% to US$193.3 million, compared with net sales of
US$198.3 million in the first quarter of 2006.  This performance
was driven primarily by lower shipments in color cosmetics,
partially offset by higher shipments in beauty care products.

In International, net sales in the first quarter of 2007
increased 6.4% to US$135.3 million, compared with net sales of
US$127.2 million in the first quarter of 2006.  This growth
reflected higher shipments in all three international regions.

Operating income in the first quarter 2007 was US$3 million,
compared to an operating loss of US$17.2 million in the first
quarter 2006.

Adjusted EBITDA in the first quarter 2007 was approximately
US$32.3 million, compared to US$15.3 million reported in the
same period last year.  Results for the first quarter 2007
included restructuring expenses of US$4.3 million, while the
first quarter 2006 included restructuring expenses of US$9
million.

The improvements in operating income, net loss and Adjusted
EBITDA were due to slightly higher net sales, and significantly
lower general and administrative expenses, which were a direct
result of the initial benefits from the company's restructuring
actions.

Adjusted EBITDA, which is a non-GAAP measure, is defined as net
earnings before interest, taxes, depreciation, amortization,
gains/losses on foreign currency transactions, gains/losses on
the sale of assets, gains/losses on the early extinguishment of
debt and miscellaneous expenses.  The company's management
utilizes Adjusted EBITDA as an operating performance measure in
conjunction with GAAP measures, such as net income and gross
margin calculated in accordance with GAAP.

Commenting on today's announcement, Revlon president and chief
executive officer David Kennedy said, "Our performance this
quarter was driven by a modest increase in sales and a
significant decrease in costs, which was a direct result of the
restructuring actions we announced last year.  We are pleased to
have generated positive operating income and that our Adjusted
EBITDA more than doubled in the first quarter of 2007 compared
to last year.

"Importantly, we remain committed to achieving Adjusted EBITDA
of approximately US$210 million in 2007.  Our focus remains on
building the Revlon brand, the Almay brand and our other key
brands around the world, continuing to improve our execution by
working with our retail customers and intensely controlling our
costs."

Cash flow provided by operating activities in the first quarter
of 2007 was US$24.7 million, compared with cash flow provided by
operating activities of US$8.5 million in the first quarter of
2006.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?1ebb

                         About Revlon Inc.

Revlon Inc. (NYSE: REV) -- http://www.revloninc.com/-- Revlon  
is a worldwide cosmetics, skin care, fragrance, and personal
care products company.  The company's vision is to deliver the
promise of beauty through creating and developing the most
consumer preferred brands.  The company's brands, which are sold
worldwide, include Revlon(R), Almay(R), Ultima(R), Charlie(R),
Flex(R), and Mitchum(R).

The company has international operations in Argentina,
Australia, Bermuda, Brazil, Germany, Spain, the Netherlands and
the United Kingdom.


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


STRATOS GLOBAL: Pending CIP Deal Cues Moody's to Hold Ratings
-------------------------------------------------------------
Moody's Investors Service confirmed Stratos Global Corporation's
B1 corporate family, Ba2 senior secured and B3 senior unsecured
ratings and lowered the company's speculative grade liquidity
rating to SGL-4 from SGL-3.  The outlook is negative.  

The long term ratings reflect a B1 probability of default and
loss-given default assessments of LGD 2, 24% on the senior
secured debt and LGD 5, 77% on the senior unsecured notes.

The rating action follows Moody's review of the pending
transaction in which CIP Canada Investment Inc plans to acquire
Stratos with indirect funding from a subsidiary of Inmarsat plc.

Inmarsat will have a call option to acquire Stratos from CIP
Canada beginning in April 2009, prior to which time Stratos will
be controlled by an independent trust and expected to retain its
existing debt capital structure.

The ratings confirmation reflects Moody's belief that Inmarsat
(Ba2/ Negative) is likely to exercise its call option once it is
able to do so in 2009 and that Stratos' operating prospects and
debt capital is unlikely to be negatively impacted by the
transaction in the interim period.  The rating also considers
the reduction in risk associated with the renewal of the
distribution agreement in 2009 and Moody's expectation that
Stratos is likely to improve its cash flow generation through
the next couple of years, which may reduce its adjusted leverage
ratio towards 4.3x by the end of 2008 and produce free cash flow
to adjusted debt of roughly 3% in that year.

The negative outlook considers Moody's view that Stratos' key
credit metrics position the company weakly within the B1 rating
category and risks exist to the continued improvement in
operating performance required to sustain the current rating.  
Specifically, while the intensely competitive pricing
environment, which persisted through much of 2005 and the first
half of 2006 has shown signs of stabilizing, the potential for
future results to again become volatile remains possible, in
Moody's opinion. Should a shortfall to Moody's current
expectations occur, Stratos' rating is likely to be lowered.  
Additionally, the negative outlook and SGL-4 liquidity rating
signal Moody's view that Stratos' liquidity is weak.  While the
company has sufficient cash and operating lines to cover modest
expected cash consumption through the next year, Moody's
believes there is an elevated possibility that the company will
not be able to maintain compliance with financial maintenance
covenants through the 12 month horizon of the SGL rating.

Downgrades:

Issuer: Stratos Global Corporation

    * Speculative Grade Liquidity Rating, Downgraded to SGL-4
      from SGL-3

    * Senior Secured Bank Credit Facility, Downgraded to 24 -
      LGD2 from 23 - LGD2

Outlook Actions:

Issuer: Stratos Global Corporation

    * Outlook, Changed To Negative From Rating Under Review

Confirmations:

Issuer: Stratos Global Corporation

    * Probability of Default Rating, Confirmed at B1
    * Corporate Family Rating, Confirmed at B1
    * Senior Secured Bank Credit Facility, Confirmed at Ba2
    * Senior Unsecured Regular Bond/Debenture, Confirmed at B3

Headquartered in Bethesda, Maryland, Stratos Corporation (TSX:
SGB) -- http://www.stratosglobal.com/-- is a publicly traded  
company that provides a range of mobile and fixed-site remote
communications solutions for users operating beyond the reach of
traditional networks.  The company has offices in Canada,
Brazil, the United Kingdom, Norway, Germany, the Netherlands,
Sweden, Italy, Spain, Turkey, Russia, Kenya, South Africa,
United Arab Emirates, India, Hong Kong, Japan, Singapore,
Australia and New Zealand.


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


BOGORODSKIY BAKERY: Creditors Must File Claims by June 21
---------------------------------------------------------
Creditors of CJSC Bogorodskiy Bakery have until June 21 to
submit proofs of claim to:

         S. Konev
         Insolvency Manager
         Office 406
         Mendeleevskaya Str. 1
         300024 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-459/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:

         CJSC Bogorodskiy Bakery
         Uritskogo Per. 17
         Bogoroditskiy
         Tula
         Russia


BUR-GAS-OIL-SERVICE: Ryazan Bankruptcy Hearing Slated for Aug. 7
----------------------------------------------------------------
The Arbitration Court of Ryazan will convene on Aug. 7 to hear
the bankruptcy supervision procedure on LLC Bur-Gas-Oil-Service.
The case is docketed under Case No. A54-890/2007.

The Insolvency Manager is:

         N. Komkov
         Gorkogo Str. 1-307
         Kasimov
         391300 Ryazan
         Russia

The Court is located at:

         The Arbitration Court of Ryazan
         Pochtovaya Str. 43/44
         Ryazan  
         Russia

The Debtor can be reached at:

         LLC Bur-Gas-Oil-Serivce
         Kasimovskiy
         Ryazan
         Russia


CAMOMILE OJSC: Creditors Must File Claims by June 21
----------------------------------------------------
Creditors of OJSC Camomile (TIN 5751006051) have until June 21
to submit proofs of claim to:

         V. Goltsov
         Insolvency Manager
         Office 24
         Gorkovo Str. 45
         302028 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-4988/06-17b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Camomile
         Pushkina Str. 54
         302030 Orel
         Russia


FRUNZE CJSC: Creditors Must File Claims by May 21
-------------------------------------------------
Creditors of CJSC Named After Frunze have until May 21 to submit
proofs of claim to:

         N. Vysotskaya
         Temporary Insolvency Manager
         G. Lizyukova Str. 66a - 12
         Voronezh
         Russia

The Arbitration Court of Voronezh will convene at 10:00 a.m. on
July 26 to hear the bankruptcy supervision procedure.  The case
is docketed under Case No. A14-2309/2007/14/7b.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Named After Frunze
         Dmitrievka
         Ertilskiy
         Voronezh
         Russia


NATIONAL BANK TRUST: Moody's Assigns B1 Foreign Currency Rating
---------------------------------------------------------------
Moody's Investors Service has assigned B1/Not-Prime long- and
short-term foreign currency and local currency deposit ratings
and an E+ BFSR to National Bank Trust.  The outlooks for the
global scale long-term ratings and the BFSR are positive.

At the same time, Moody's Interfax Rating Agency has assigned an
A1.ru long-term national scale credit rating (NSR) to NBT.  
Moscow-based Moody's Interfax is majority-owned by Moody's, a
leading global rating agency.

According to Moody's and Moody's Interfax, the B1/NP/E+ global
scale ratings reflect global default and loss expectation, while
the A1.ru national scale rating reflects the standing of the
bank's credit quality relative to its domestic peers.

The E+ BFSR is supported by the bank's experienced management
team, relatively adequate collection and good geographical
diversification.  A wide branch network, adequate asset quality
and reasonable liquidity management also support the ratings.  
However, they are negatively affected by the bank's modest
market shares in its target segment as a result of a short
history of operations, as well as by relatively untested
systems.  Other constraining factors are:

   -- the bank's moderately high risk appetite,

   -- limited distribution channels (concentrated on a corporate
      channel),

   -- poor profitability,

   -- concentrated loan portfolio and funding base (including
      one customer inherited from the past when the bank
      belonged to Menatep group), and

   -- unclear sustainability of sources of future capitalisation
      over the long run.

The B1 local and foreign currency deposit ratings do not include
any possibility of support, and are directly linked to the
bank's Baseline Credit Assessment.

The positive outlook reflects Moody's anticipation that the bank
will be better positioned to improve its franchise given the
forthcoming US$95 million subordinated debt issuance which will
take place by the end-1H2007 and will be further converted into
share capital during the RUR3.4 billion share capital increase
by end-2007.

Moody's notes that a significant improvement in market positions
and brand recognition, including those powered by an increased
distribution network, as well as improved diversification of
business would constitute positive rating drivers.  A proven
track record of good profitability would also be essential for
any upgrade of the ratings.  On the other hand, failure to
address rising competition levels, as well as a significant rise
in risk appetite would exert negative pressure on the ratings.

Based in Moscow, NBT is a member of Trust Group, which also
includes a sister investment bank (Trust Investment Bank).  NBT
reported total consolidated assets of US$1.7 billion and total
equity of US$169 million under IFRS at end-2006.


NATIONAL BANK: Fitch Rates Upcoming Eurobonds at B-
---------------------------------------------------
Fitch Ratings has assigned National Bank Trust Finance Limited's
upcoming issue of limited recourse notes expected ratings of
Long-term 'B-' and Recovery 'RR4'.  The final ratings are
contingent on the receipt of final documents conforming to
information already received.

The notes will be issued solely to finance a loan to Russia-
based National Bank Trust, rated Issuer Default 'B-' with a
Stable Outlook, Short-term 'B', Individual 'D/E' and Support
'5'. NBT Finance will only pay noteholders amounts (principal
and interest) received from NBT under the loan agreement.  NBT
Finance's claims under the loan with NBT will rank at least
equally with the claims of other senior unsecured creditors,
save those preferred by relevant (bankruptcy, liquidation etc.)
laws.  Under Russian law, the claims of retail depositors rank
above those of other senior unsecured creditors. At end-2006,
retail deposits comprised 29% of NBT's total liabilities,
according to the bank's audited accounts under International
Financial Reporting Standards.

The loan agreement contains a negative pledge clause, which
allows 30% of loans and advances to customers to be securitized
by NBT and its subsidiaries.  Were such transactions to be
undertaken, Fitch comments that the nature and extent of any
over-collateralization would be assessed by the agency for any
potential impact on unsecured creditors.

The loan agreement limits mergers and disposals by NBT and its
subsidiaries and allows noteholders to exercise a put option
within a defined period of time, should there be a change of
control or a rating downgrade as a result of a merger with Trust
Investment Bank.  The loan agreement also limits transactions
between NBT and its affiliates.  The bank has also covenanted to
maintain minimum Basel 1 Total and Tier 1 capital adequacy
ratios of 12% and 8%, respectively.  At end-2006, these ratios
stood at 17% and 14%, respectively.

IBT managers bought out NBT, together with its sister IBT, from
the shareholders of Group Menatep (who were also the main
shareholders of Yukos) in 2004.  IBT has continued to develop as
an investment bank, while NBT has focused on building its retail
and SME franchises in the regions, utilizing its large network
(123 outlets at end-2006).  NBT and IBT are run relatively
independently but share senior-level managers (some of whom are
also owners) and some middle- and back-office functions.  The
shareholders do not exclude the possibility of merging the two
banks and/or selling a stake in IBT to support the
capitalization of NBT.


NIZHNEOMSKAYA MILL: Creditors Must File Claims by June 21
---------------------------------------------------------
Creditors of CJSC Nizhneomskaya Mill have until June 21 to
submit proofs of claim to:

         A. Kuzmin
         Insolvency Manager
         K. Marksa Pr. 34A-16
         644042 Omsk
         Russia
         Tel: 8(3812) 325-418

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-8653/06.

The Debtor can be reached at:

         CJSC Nizhneomskaya Mill
         Transportnaya Str. 55
         Nizhnyaya Omka
         Omsk
         Russia


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

         I. Odintsov
         Insolvency Manager
         Festivalnaya Str. 16/1
         634059 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-8664/06.

The Court is located at:

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

The Debtor can be reached at:

         I. Odintsov
         Insolvency Manager
         Festivalnaya Str. 16/1
         634059 Tomsk
         Russia


SPB CJSC: St. Petersburg Bankruptcy Hearing Slated for July 5
-------------------------------------------------------------
The Arbitration Court of St. Petersburg and Leningrad will
convene at 11:10 a.m. on July 5 to hear the bankruptcy
supervision procedure on CJSC Bridge Company SPB.  The case is
docketed under Case No. A56-1717/2007.

The Temporary Insolvency Manager is:

         S. Sedov
         Temporary Insolvency Manager
         Vidanskaya Str. 15-V
         Petrozavodsk
         Russia

The Court is located at:

         The Arbitration Court of St. Petersburg and Leningrad  
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Bridge Company SPB
         Vokzalnaya Str. 5
         Kingisepp
         Leningrad
         Russia


SOSNOVSKIY FACTORY: Creditors Must File Claims by May 21
--------------------------------------------------------
Creditors of LLC Sosnovskiy Factory have until May 21 to submit
proofs of claim to:

         E. Dyakova
         Insolvency Manager
         Pushkina 29-116
         603098 N. Novgorod
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A79-1685/2007.

The Debtor can be reached at:

         LLC Sosnovskiy Factory
         Sosnovskogo Str. 46
         Sosnovka
         Cheboksary
         Chuvashiya
         Russia


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

         Ya. Gomerov
         Insolvency Manager
         Post User Box 325
         Krasnoobsk
         630501 Novosibirsk
         Russia
         Tel: 348-60-77

The Arbitration Court of Novosibirsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A45-15650/06-54/410.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Stepnoye
         Andreevka
         Baganskiy
         Novosibirsk
         Russia


VERKHOVSKIY DISTILLERY: Creditors Must File Claims by June 21
-------------------------------------------------------------
Creditors of CJSC Verkhovskiy Distillery have until June 21 to
submit proofs of claim to:

         I. Talanov
         Insolvency Manager
         Tsentralnaya Str. 2
         Zarechenskiy
         302528 Orel
         Russia

The Arbitration Court of Orel commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A48-5089/06-17B.

The Court is located at:

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

The Debtor can be reached at:

         I. Talanov
         Insolvency Manager
         Tsentralnaya Str. 2
         Zarechenskiy
         302528 Orel
         Russia


VNESHTORGBANK JSC: Floats 1.5 Trillion Shares in London & Moscow
----------------------------------------------------------------
JSC Vneshtorgbank has floated 1.513 trillion new shares through
open subscription to local and foreign markets, RIA Novosti
reports.

The new shares, equivalent to 22.5% of VTB's equity, is expected
to raise over US$6 billion in fresh funds, RIA Novosti relates.  
VTB has accepted over 131,000 individual applications worth
US$1.6 billion.

The bank's supervisory board set the offering price at RUR0.136
each, RIA Novosti adds.  Russian stock market regulators
approved a US$10.56 offering price for the bank's Global
Depositary Receipts in London.

In a TCR-Europe report on April 17, VTB CEO Andrei Kostin said
the new securities would be offered through open subscription to
professional investors on the London Stock Exchange and both to
professional market participants and individuals in Russia.

The IPO is aimed at decreasing the Russian government's stake in
VTB from 99.9% to 75% plus one.  Sberbank, another state-owned
bank, recently completed its initial public offering.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates a network of 151 branches, including 55
branches of VTB, 42 branches of VTB Retail Services and 54
branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


VOLGOMAN-WOOD OJSC: Creditors Must File Claims by June 21
---------------------------------------------------------
Creditors of OJSC Volgoman-Wood have until June 21 to submit
proofs of claim to:

         O. Goreva
         Insolvency Manager
         Gertsena Str. 15
         610002 Kirov
         Russia

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-633/06-328/6.

The Court is located at:

         The Arbitration Court of Kirov  
         K-Libknekhta Str. 102
         610017 Kirov  
         Russia

The Debtor can be reached at:

         OJSC Volgoman-Wood
         Maromitsa
         Oparinskiy
         Kirov
         Russia


YAROSLAVSKIY FACTORY: Creditors Must File Claims by May 21
----------------------------------------------------------
Creditors of OJSC Yaroslavskiy Factory of Oil Package have until
May 21 to submit proofs of claim to:

         D. Kolosov
         Temporary Insolvency Manager
         Office 44
         Lunacharskogo Pr. 43
         Cherepovets
         162614 Vologda
         Russia

The Arbitration Court of Yaroslavl commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A82-2888/06-43-B/37.

The Debtor can be reached at:

         OJSC Yaroslavskiy Factory of Oil Package
         Sudostroitelej Str. 1
         Yaroslavl
         Russia


YUKOS OIL: Prana Wins Assets for US$3.9 Billion Over Rosneft
------------------------------------------------------------
A Russian company with unknown backers won Friday's auction for
the last few remaining assets of bankrupt OAO Yukos Oil Co.,
which includes the company's 22-story headquarters in Moscow,
published reports say.

Prana offered US$3.9 billion (RUR100.5 billion) for the assets
outbidding OAO Rosneft Oil in a three-hour battle, which could
have awarded Rosneft with a string of major victories.  The
auction went up to 707 bids and counterbids before Rosneft threw
in the towel, Tanya Mosolova of Reuters reports.  Prana's offer
is 4.5x more than the lot's US$856.8 million (RUR22.1 billion)
starting price.

"I don't think anyone would have expected the price to go up so
quickly and such a big battle to break out," said Nikolai
Lashkevich, a spokesman for YUKOS's bankruptcy receiver was
quoted by Reuters as saying.  "We just hope that the winner of
the auction will be able to meet the obligations it has taken
on."

According to Reuters' Ms. Mosolova, the bidding amounts appeared
unjustified by the value of the 22-story Moscow headquarters
prompting speculations that the bidders might knew about hidden
value in another asset in the lot.

"I can't see why a big building in Moscow could cost that much.  
Some people say that the lot, which also contains YUKOS's
trading firm, Trading House Yukos-M, is attractive because there
are some oil inventories left," a market source told Reuters.

Kommersant daily reports that Friday's auction saw Yukos' stocks
rise 63 percent before closing at 49% on May 11, indicating
shareholder expectations on a possible claims recovery.  Shares
on the RTS rose from 42 cents to 52 cents per share on Friday.

Alexander Temerko, a former top Yukos shareholder and deputy
chief executive, told Reuters in a telephone interview that he
was also surprised by the price paid for the assets as he valued
the lot at around US$1.5 billion.  

"Today's auction highlights once again that YUKOS could have
avoided bankruptcy," Mr. Temerko was quoted by Reuters as
saying.  "The company was able to cover tax claims.  We will
file a suit to (the court in) Strasbourg," he said.  

Proceeds of the series of Yukos auctions, which began on
March 27, 2007, have reached RUR813 billion (US$31.5 billion).  
As of Feb. 1, 2007, Yukos owed up to RUR709.1 billion to its
creditors, which include:

                                     Claim Amount
   Creditors                           (in RUR)
   ---------                         ------------
   Federal Tax Service               439.2 billion
   Rosneft                           263.6 billion
   Tomskneft                          12.2 billion
   Samaraneftegaz                      1.8 billion
   Siberia service company           228.4 million

As previously reported in the Troubled Company Reporter-Europe,
Rosneft has acquired majority of Yukos' assets through its
subsidiaries in a series of auctions that started on March 27.
Notably, its RN-Razvitiye unit repurchased its 9.44% stake from
Yukos on March 27 for RUR197.8 billion; Neft-Aktiv acquired
Yukos' East Siberian assets, which includes major oil production
firm Tomskneft, for RUR177.7 billion.

Rosneft Oil and Gazprom were earlier seen as the most likely
bidders for the bulk of the nearly 200 Yukos assets up for
liquidation, which bankruptcy receiver Eduard Rebgun aims to
completely sell by August 2007.

Aside from being a potential buyer, Rosneft also holds a
RUR264.6 billion (US$10 billion) claim against Yukos, which
entitled Rosneft a seat in the firm's creditors' committee.

                         About Yukos Oil

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

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

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

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

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

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


YUG-OIL-SERVICE: Creditors Must File Claims by June 21
------------------------------------------------------
Creditors of CJSC Yug-Oil-Service have until June 21 to submit
proofs of claim to:

         A. Zaytsev
         Insolvency Manager
         Post User Box 2897
         350004 Krasnodar
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-32-58621/2005-2/581-B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Yug-Oil-Service
         Uralskaya Str. 144
         350080 Krasnodar
         Russia


ZAPADNODVINSKOYE MILK: Creditors Must File Claims by May 21
-----------------------------------------------------------
Creditors of Municipal Unitary Enteprrise Zapadnodvinskoye Milk
have until May 21 to submit proofs of claim to:

         Y. Smirnov
         Temporary Insolvency Manager
         Post User Box 177
         Central Post Office
         170000 Tver
         Russia

The Arbitration Court of Tver commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A66-350/2007.

The Court is located at:

         The Arbitration Court of Tver
         Room 7
         Sovetskaya Str. 23b
         Tver
         Russia

The Debtor can be reached at:

         Municipal Unitary Enteprrise Zapadnodvinskoye Milk
         Shkolnaya Str. 56
         Zapadnaya Dvina
         Tver
         Russia


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


ABA BERTSCHI: Zurich Court Closes Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Service of Oerlikon-Zurich entered April 17 an
order closing the bankruptcy proceedings of JSC ABA Bertschi
Verlag.

The Bankruptcy Service of Oerlikon-Zurich can be reached at:

         Bankruptcy Service of Oerlikon-Zurich
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         JSC ABA Bertschi Verlag
         Bahnhaldenstrasse 7
         8052 Zurich
         Switzerland


BEREUTER JSC: Claims Registration Period Ends May 28
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Bereuter on April 23.

Creditors have until May 28 to file their written proofs of
claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5400 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Bereuter
         Oberer Talackerweg 9
         5612 Villmergen
         Switzerland


CT COMPACT: Zug Court Closes Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Service of Zug entered April 23 an order closing
the bankruptcy proceedings of JSC CT Compact Truck.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC CT Compact Truck
         Baarerstrasse 191
         6300 Zug
         Switzerland


DORING CONSULTING: Creditors' Liquidation Claims Due June 20
------------------------------------------------------------
Creditors of LLC Doring Consulting have until June 20 to submit
their claims to:

         Jurgen Doring-Huwiler
         Liquidator
         Fanalweg 1
         7307 Jenins
         Landquart GR
         Switzerland

The Debtor can be reached at:

         LLC Doring Consulting
         Hildisrieden
         Sursee LU
         Switzerland


ISOTIS S.A.: Ernst & Young Expresses Going Concern Doubt
--------------------------------------------------------
Ernst & Young LLP expressed substantial doubt about IsoTis
S.A.'s ability to continue as a going concern after auditing the
company's financial statements for the fiscal years ended
Dec. 31, 2006 and 2005.

The auditing firm pointed to the company's history of recurring
losses from operations, cash flow deficits and insufficient
financial resources to fund operations beyond the third quarter
of 2007.  In addition, the company did not comply with a certain
loan covenant during 2006, and may not be able to comply with
the covenant in future periods.  

IsoTis reported US$18.5 million in net losses against
US$40.7 million in total revenues for the year ended Dec. 31,
2006, compared with US$908,932 in net income against US$32.1
million in total revenues.      

At Dec. 31, 2006, the company's balance sheet showed US$70.6
million in total assets, US$25.1 million in total liabilities
and US$45.4 million in total stockholders' equity.

                             Waiver

On Aug. 31, 2006, IsoTis OrthoBiologics, Inc., a subsidiary of
the Company entered into a loan and security agreement with
Silicon Valley Bank.  The Loan Agreement provides for a
revolving credit facility in the principal amount of up to
US$5 million which includes a US$1-million term loan that bears
interest at prime +2% (10.25% at December 31, 2006) and
US$4 million revolving credit facility, that bears interest at
prime +1.75% (10% at December 31, 2006).  The Loan Agreement is
secured by the assets of Isotis Orthobiologics, Inc.  Based on
the borrowing base, IsoTis OrthoBiologics, Inc.'s net borrowing
availability under the revolving credit facility agreement was
US$68,500 as of December 31, 2006.

The Loan Agreement has an initial two-year maturity on the
revolver and a three-year maturity on the term loan.  The term
loan will be due and payable if the revolving line is not
renewed at final maturity.  The Loan Agreement also contains
tangible net worth covenants with which IsoTis OrthoBiologics,
Inc. was not in compliance at Dec. 31, 2006.  Effective
April 11, 2007, IsoTis OrthoBiologics, Inc. executed a limited
waiver and amendment to the Loan Agreement, which provides for a
waiver of noncompliance at Dec. 31, 2006.

Headquartered in Lausanne, Switzerland, IsoTis S.A. --
http://www.isotis.com/-- manufactures, markets and sells a  
range of innovative bone graft substitutes and other related
medical devices that are used to enhance the repair and
regeneration of bone in spinal and trauma surgery, total joint
replacements and dental applications.  The company also operates
in the Netherlands and the United States.


LINEA ADRIANO: Aargau Court Closes Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Service of Aargau entered April 18 an order
closing the bankruptcy proceedings of LLC Linea Adriano.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden,
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Linea Adriano
         Funkenstrasse 10
         4800 Zofingen AG
         Switzerland


NICOSANA LLC: Creditors' Liquidation Claims Due Aug. 16
-------------------------------------------------------
Creditors of LLC Nicosana have until Aug. 16 to submit their
claims to:

         Russikerstrasse 7
         8320 Fehraltorf
         Pfaffikon ZH
         Switzerland

The Debtor can be reached at:

         LLC Nicosana
         Fehraltorf
         Pfaffikon ZH
         Switzerland


NUMINO JSC: Creditors' Liquidation Claims Due July 20
-----------------------------------------------------
Creditors of JSC Numino have until July 20 to submit their
claims to:

         Balz Zimmermann
         Liquidator
         Strasse 7
         8302 Kloten
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Numino
         Kloten
         Bulach ZH
         Switzerland


PET'S WORLD: Creditors' Liquidation Claims Due June 25
------------------------------------------------------
Creditors of JSC Pet's World have until June 25 to submit their
claims to:

         Martin Schwaller
         Liquidator
         Obere Vorstadt 37
         5001 Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Pet's World
         Meisterschwanden
         Lenzburg AG
         Switzerland


PETER FENNEL: Creditors' Liquidation Claims Due June 30
-------------------------------------------------------
Creditors of JSC Peter Fennel Design have until June 30 to
submit their claims to:

         Dr. Max Glauser
         Liquidator
         Seefeldstrasse 7
         P.O. box
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Peter Fennel Design
         Kusnacht ZH
         Switzerland


PLANTINA LLC: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Plantina on April 24.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Plantina
         Egg 12
         5444 Kunten
         Switzerland


SM&S EUROPE: Creditors' Liquidation Claims Due July 31
------------------------------------------------------
Creditors of LLC SM&S Europe have until July 31 to submit their
claims to:

         Thurgauerstrasse 40
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC SM&S Europe
         8050 Zurich
         Switzerland


WSA WORLDWIDE: Creditors' Liquidation Claims Due June 25
--------------------------------------------------------
Creditors of JSC WSA Worldwide Security Activities have until
June 25 to submit their claims to:

         Martin Schwaller
         Liquidator
         Obere Vorstadt 37
         5001 Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC WSA Worldwide Security Activities
         Oftringen
         Zofingen AG
         Switzerland


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


CHOTYRBOKI LLC: Creditors Must File Claims by May 19
----------------------------------------------------
Creditors of Chotyrboki Agricultural LLC have until May 19 to
submit written proofs of claim to:

         Leonid Korshuk
         Liquidator
         Plischinskaya Str. 125
         Shepetovka
         30400 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 17/43-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         Chotyrboki Agricultural LLC
         Chotyrboki
         Shepetovka District
         Hmelnitskiy
         Ukraine


KARAT LLC: Creditors Must File Claims by May 19
-----------------------------------------------
Creditors of LLC Production Enterprise Karat (code EDRPOU
30824622) have until May 19 to submit written proofs of claim
to:

         Michael Klimenko
         Liquidator
         October Str. 312
         93108 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/39b.

The Court is located at:

         The Economic Court of Lugansk
         Geroiv VVV Square 3a
         91000 Lugansk
         Ukraine

The Debtor can be reached at:

         LLC Production Enterprise Karat
         Zhukovsky Str. 1a
         Brianka
         Lugansk
         Ukraine


LOGISTICS-MARKET LLC: Creditors Must File Claims by May 19
----------------------------------------------------------
Creditors of LLC Logistics-Market (code EDRPOU 32798778) have
until May 19 to submit written proofs of claim to:

         Jury Ignatchenko
         Liquidator
         Kotovsky Str. 9
         Kozelschina
         Poltava
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/225-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Logistics-Market
         Marshal Rybalko Str. 10/8
         Kiev
         Ukraine


TOWER US: Creditors Must File Claims by May 19
----------------------------------------------
Creditors of LLC Firm Tower Us (code EDRPOU 30306190) have until
May 19 to submit written proofs of claim to:

         Jury Ignatchenko
         Liquidator
         Kozelschina, Kotovsky Str. 9
         Poltava Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/227-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Firm Tower Us
         Pecherskaya Square 1
         Kiev
         Ukraine


TRASA OJSC: Creditors Must File Claims by May 19
------------------------------------------------
Creditors of OJSC Trasa (code EDRPOU 03114193) have until May 19
to submit written proofs of claim to:

         Dmitry Ischenko
         Liquidator
         P.O. Box 1
         Bronzos Str. 43/16
         Melitopol
         72319 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 5/2/113(01).

The Court is located at:

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

The Debtor can be reached at:

         OJSC Trasa
         Lomonosov Str. 331
         Melitopol
         72319 Zaporozhje
         Ukraine


UKRAINE LLC: Creditors Must File Claims by May 19
-------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 31322166)
have until May 19 to submit written proofs of claim to:

         I. Dulov
         Liquidator
         Primorsk, Komsomolskaya Str. 28
         72100 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/216/06.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Ukraine
         Molodezhnaya Str. 67-a
         Nelgovka
         Primorsk District
         72114 Zaporozhje
         Ukraine


UKRAINIAN SPECIAL: Creditors Must File Claims by May 19
-------------------------------------------------------
Creditors of LLC Ukrainian Special Delivery (code EDRPOU
31270160) have until May 19 to submit written proofs of claim
to:

         Nikita Nikitenko
         Liquidator
         Lermontov Str. 18/138
         69035 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 25/242/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Ukrainian Special Delivery
         Lermontov Str. 18/138
         69035 Zaporozhje
         Ukraine


VID CJSC: Claims Filing Bar Date Set May 19
-------------------------------------------
The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company on March 20.  The case is docketed
under Case No. 5/37B.

Creditors of Druzhkovka Project-Building CJSC Vid have until
May 19 to submit written proofs of claim to:

         Anatoly Buriak
         Temporary Insolvency Manager
         Druzhkovka, Lvov Str. 36
         84200 Donetsk
         Ukraine

The Court is located at:

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

The Debtor can be reached at:

         Druzhkovka Project-Building CJSC Vid
         Moscow Str. 179
         Druzhkovka
         84200 Donetsk
         Ukraine


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


ADAPTIVE LTD: Appoints Joint Administrators from Tenon Recovery
---------------------------------------------------------------
T. J. Binyon and S. J. Parker of Tenon Recovery were appointed
joint administrators of Adaptive Ltd. (Company Number 4508352)
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:

         Adaptive Ltd.
         Dean Park House 8
         10 Dean Park
         Crescent  
         Bournemouth
         BH1 1HL
         England
         Tel: 01202 491 240
         Fax: 01202 449 448


AIRE VALLEY: Fitch Affirms BB Rating to Class D Issuances
---------------------------------------------------------
Fitch Ratings has affirmed Aire Valley master trust program's
previous three issues:

   -- Aire Valley Mortgages 2004-1 plc,
   -- Aire Valley Mortgages 2005-1 plc, and
   -- Aire Valley Mortgages 2006-1 plc.  

This follows the assignment of the final ratings to its fourth
issued May 10.  The latest bonds are issued by Valley Mortgages
2007-1 plc.

In rating the latest transaction, it is necessary to ensure that
the previous issuances from the master trust have passed Fitch's
stress scenarios.

All Classes of notes are backed by mortgage loans secured by
residential properties in England, Scotland and Wales.

  Aire Valley Mortgages 2004-1 plc:

     Class A: 'AAA'
     Class B: 'AA'
     Class C: 'BBB'
     Class D: 'BB'

  Aire Valley Mortgages 2005-1 plc:

     Class A: 'AAA'
     Class B: 'AA'
     Class C: 'BBB'

  Aire Valley Mortgages 2006-1 plc:

     Class A: 'AAA'
     Class B: 'AA'
     Class C: 'BBB'


ASHLEY DISTRIBUTION: HSBC Appoints Begbies Traynor as Receivers
---------------------------------------------------------------
HSBC Bank Plc appointed Paul Finnity and Robert Michael Young of
Begbies Traynor joint administrative receivers of Ashley
Distribution Ltd. (Company Number 01619357) on April 26.

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:

         Ashley Distribution Ltd.
         Duffield Road  
         Little Eaton  
         Derby  
         DE21 5DR
         England
         Tel: 01332 830 404  
         Fax: 01332 830 202


BRACKENHILL HOMES: Creditors' Meeting Slated for May 29
-------------------------------------------------------
Creditors of Brackenhill Homes Ltd. will meet at 10:30 a.m. on  
May 29 at the offices of:
  
         Buchanans
         Latimer House
         5 Cumberland Place
         Southampton  
         SO15 2BH
         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 24 and May 25.


BRITISH AIRWAYS: Inks GBP60 Million Deal with Go-Aheads' Aviance
----------------------------------------------------------------
The Go-Ahead Group plc's aviation services business, aviance UK,
has agreed on contractual terms with British Airways plc to take
over the airline's ground handling operations at Aberdeen,
Edinburgh, Glasgow and Manchester under a five-year contract
worth approximately GBP60 million.  

The unit will take over the operations on a phased basis,
starting on June 12, 2007, and will complete this process by
July 11, 2007.  The relevant British Airways staff will have the
right to transfer to aviance UK under TUPE regulations.

"We are delighted that we have been awarded this contract by
British Airways and look forward to delivering a first class
service to British Airways and its passengers," Go-Ahead CEO
Keith Ludeman said.

                     About British Airways

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

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


CLARKSON KNITTING: Creditors' Meeting Slated for May 24
-------------------------------------------------------
Creditors of Clarkson Knitting Ltd. (Company Number 02467475)
will meet at 10:00 a.m. on May 24 at:

         PricewaterhouseCoopers LLP
         One Kingsway
         Cardiff  
         CF10 3PW
         Wales

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 23 at:

         R. N. Lewis, D. AHowell and C. M. T. Haig
         Joint Administrators
         PricewaterhouseCoopers LLP
         One Kingsway
         Cardiff  
         CF10 3PW
         Wales
  
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.


GENERAL MOTORS: Credit Suisse Maintains Neutral Rating on Shares
----------------------------------------------------------------
Credit Suisse analyst C. Ceraso has kept his "neutral" rating on
General Motors Corp.'s shares, Newratings.com reports.

Newratings.com relates that the 12-month target price for
General Motors' shares was decreased to US$29 from us$33.

Mr. Ceraso said in a research note published on May 4 that
General Motors' first quarter 2007 earnings per share were
"significantly short of the estimates and the consensus."

Mr. Ceraso told Newratings.com that the underperformance was due
to its poor North American results that resulted from:

          -- increasing raw material costs,
          -- a weak US sales environment, and
          -- high costs related to the expensive new products.

The earnings per share estimate for 2007 was decreased to
US$3.04 from US$3.82, while estimate for 2008 was reduced to
US$3.51 from US$4.10.

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.

                        *     *     *

In December 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.

In November 2006, Moody's Investors Service assigned a Ba3,
LGD1, 9% rating to the US$1.5 billion secured term loan of
General Motors Corp.


MICROCOMPUTING LTD: Names Ian William Kings as Administrator
------------------------------------------------------------
Ian William Kings of Tenon Recovery was named administrator of
Microcomputing Ltd. (Company Number 01564340) on May 2.

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

The company can be reached at:

         Microcomputing Ltd
         Armstrong House  
         Armstrong Road  
         Washington  
         NE37 1PR
         England
         Tel: 0191 417 6018  
         Fax: 0191 417 6018


NOVAE GROUP: Moody's Affirms GBP100 Million Bond Rating at Ba1
--------------------------------------------------------------
Moody's Investors Service affirmed the Ba1 rating on Novae Group
plc's GBP100 million subordinated notes due 2017.  Moody's said
that the Ba1 subordinated debt rating had a stable outlook,
reflecting Moody's view of the Group's stand-alone credit
quality.

In the same rating action, Moody's placed the A3 Insurance
Financial Strength Ratings (IFSR) of Lloyd's syndicate 2007,
Novae Syndicates Limited, on review for possible upgrade in
light of the improving overall aggregate financial position and
strengthened Central Resources of the Lloyd's of London
insurance market (Lloyd's), and the syndicate's existing stand-
alone credit fundamentals.

Novae syndicate 2007 operates in the Lloyd's of London insurance
market and is predominantly backed by Novae Group plc.  Moody's
stated that the A3 IFSR on syndicate 2007 reflected its
franchise as a leading syndicate within its core business areas
in the Lloyd's market and its excellent business
diversification.  This is offset by the Novae Lloyd's
operation's (including run-off entities) significant gross
underwriting leverage (gross premiums written and gross loss
reserves relative to shareholders' equity) and the impact of
reserving adjustments to-date on its ongoing business'
profitability, albeit that these factors are mitigated by the
decreasing level of adverse reserve adjustments and the quality
of the reinsurance recoverables.

As a business operating within Lloyd's, Novae Syndicate 2007
benefits from the Lloyd's franchise and the Central Resources
underpinning the limited mutuality of the market.  Moody's
elaborated that its rating policy for individual syndicate
ratings was to evaluate syndicates on a stand-alone basis and
then consider the extent of Central Resources, including Lloyd's
Central Fund, to provide enhancement to individual syndicate
ratings, with potential access to Central Resources being
considered as a positive factor in the ratings.

Moody's stated that Lloyd's overall aggregate financial position
had been steadily improving since 2001, notwithstanding the
impact of the 2005 Hurricanes, with Central Resources net of
expected calls on the Central Fund also steadily improving.  
Lloyd's on an aggregate, proforma basis has recently reported a
return on average equity of 31% for 2006, on an annually
accounted basis, with its 5-year average return on average
equity being 16%.  Unencumbered Central Resources, net of losses
from run-off members, are estimated at about GBP1.9 billion or
11% of GPW at Dec. 31, 2006, compared to about 5% of GPW at
Dec. 31, 2003.

Moody's continued that it viewed the announcement of the
completion of Phase I of the reinsurance contract for Equitas,
under which Lloyd's has contributed GBP72 million, as positive
for Lloyd's financial strength.  This was both from the point of
view of making the contingent liability from a failure of
Equitas remote, cover under Phase I of the transaction being
US$5.7 billion excess of existing reserves of US$8.7bn or 66% of
existing reserves, but also in terms of strengthening third
parties' view of Lloyd's franchise given Lloyd's management of
the issue.

With Lloyd's strong franchise, improving Central Resources, good
commitment from most of its members for the medium term, the
completion of phase I of the Equitas reinsurance transaction and
the existing stand-alone credit fundamentals for the syndicate,
Moody's has therefore placed the A3 Insurance Financial Strength
Rating of Novae Syndicate 2007 on review for possible upgrade.

Moody's stated that the review would focus in particular on its
view of the work performed by the Franchise Performance
Directorate effectively to improve risk management in respect of
syndicates materially impacted by the 2005 Hurricanes.

Moody's most recent rating action on Lloyd's syndicate 2007,
Novae Group plc's principal insurance operation, was on Nov. 10,
2006, when the rating agency assigned a positive outlook to the
syndicate's A3 insurance financial strength rating.  Moody's
most recent rating action on Novae Group plc was on 12th April
2007 when a Ba1 subordinated debt rating was assigned to Novae
Group plc's GBP100m subordinated notes issue.

Novae syndicate 2007 is a leading Non-Marine orientated
syndicate backed 94% by Novae Group plc, which operates in the
Lloyd's of London insurance market.


PRICELINE.COM: Posts US$14.7 Million Net Loss in First Quarter
--------------------------------------------------------------
Priceline.com had revenues in the first quarter of US$301.4
million, an increase over the first quarter revenues of US$241.9
million a year ago.  Its gross profit for the first quarter 2007
was US$119.7 million, up from US$72.2 million in the prior year.  
Priceline.com had a net loss of US$14.7 million for the first
quarter 2007, as compared with a net loss of US$99,000 for the
same period a year ago.

The first quarter results include, among other things, the
impact of litigation settlement expenses and an excise tax
refund. Several days ago, priceline.com announced that it had
agreed to settle the securities class action litigation that was
filed against the company in 2000 and pay the class plaintiffs
US$80 million, of which US$30 million will be funded by
priceline.com's insurance carriers.  Priceline.com incurred a
first quarter 2007 net charge of about US$55 million to settle
the litigation and cover expenses.

Priceline.com also announced that in March and April it received
notices from the Internal Revenue Service that the company's
previously disclosed refund request for excise taxes paid on
merchant airline tickets had been approved for payment.  As a
result, priceline.com recorded in the first quarter US$15.9
million in revenue and US$2.8 million in interest income related
to the March IRS notice and expects to record about US$3 million
of additional income in the second quarter 2007 related to the
April notice, including estimated accrued interest.

"First quarter pro forma earnings growth exceeded our
expectations in both the United States and Europe," said
priceline.com president and chief executive officer Jeffery H.
Boyd.  "In Europe, Booking.com benefited from 91% growth in
gross travel bookings as we continued to build the business
across Europe.  In the United States, pro forma earnings growth
was driven by 8% growth in merchant gross travel bookings and
greater efficiencies in marketing, which cost gross travel
bookings, but significantly decreased acquisition costs."

Looking towards the second quarter 2007, Mr. Boyd said, "We
expect to see continued growth in our European operations from
increased penetration of larger markets, geographic expansion
and integration initiatives.  In our domestic business, we
believe the merchant business and marketing efficiencies will
continue to drive domestic earnings growth; however, we believe
that the impact of lower margins on retail airline tickets and
the higher return hurdles we have imposed on marketing
investment will continue to negatively impact the retail airline
ticket business and, consequently, domestic gross travel
bookings.  As we approach the peak summer travel season, we
believe that priceline.com's Name Your Own Price(R) travel
services can effectively meet the needs of consumers concerned
with high fuel prices and mixed economic signals and we expect
to emphasize that money-saving message as the Priceline
Negotiator ad campaign featuring William Shatner continues."

Balance sheet as of March 31, 2007, showed total assets of about
US$1.2 billion and total liabilities of about US$806 million,
resulting in a total stockholders' equity of about US$359.7
million.  The company's accumulated deficit as of March 31,
2007, increased US$16.3 million to US$1.3 billion.

The company's March 31 balance sheet also showed a negative
working capital with total current assets of US$555.8 million
and total current liabilities of US$732.2 million.

                      About Priceline.com Inc

Priceline.com Inc. (Nasdaq: PCLN) operates priceline.com and
Priceline Europe.  In the U.S., priceline.com offers customers a
variety of ways to save on their airline tickets, hotel rooms,
rental cars, vacation packages and cruises.  Priceline Europe
operates hotel reservation services in 40 countries in 12
languages and offers its customers in Europe and the U.S. access
to about 25,000 participating European hotels.  Priceline.com
also offers home mortgages, refinancing and home equity loans
through an independent licensee.  It licenses its business model
to independent licensees, including priceline mortgage and
certain international licensees.

Priceline.com also operates these travel websites:
Travelweb.com, Lowestfare.com, RentalCars.com and BreezeNet.com.  

                          *     *     *

As reported in the Troubled Company Reporter on Apr. 11, 2007,
Standard & Poor's Ratings Services placed its ratings, including
the 'B' corporate credit rating, on Priceline.com Inc. on
CreditWatch with positive implications.

Priceline.com. Inc.'s US$150 million convertible senior notes
due 2013 carry Standard & Poor's Ratings Services' 'B' rating.


READYPLUS TRADING: Creditors' Meeting Slated for May 23
-------------------------------------------------------
Creditors of Readyplus Trading Ltd. will meet at 10:30 a.m. on  
May 23 at:
  
         Waterfront Quay  
         Salford Quays
         Salford
         Lancashire

Creditors who want to vote at the meeting have until noon on
May 22 to submit their proxy forms together with particulars of
their claims or of any security at:

         Centrum Recovery Ltd.
         Cambridge House
         North Church Street
         Bakewell
         Derbyshire  
         DE45 1DB
         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 21.


SEA CONTAINERS: Can Enter Into US$176 Million DIP Lending Pact
--------------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
permission from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to execute and
enter into a commitment letter with its debtor-in-possession
lenders, Caspian Capital Partners LP, Dune Capital LP and
Trilogy Capital LLC.

The DIP lenders have committed to provide the Debtors with a
senior secured debtor-in-possession credit facility of up to
US$176,500,000.

Judge Carey finds that SCL's decision to enter into the
Commitment Letter with Caspian Capital and certain other lenders
is reasonable and appropriate under the circumstances.

The Court also approves the indemnification obligations
contemplated under the Commitment Letter, provided that in no
event will the DIP Lenders be indemnified for actions taken in
their capacity as members of the SCL Creditors Committee.

The DIP Lenders' right to receive the expenses and the
indemnified amounts will be superiority administrative expenses
in the Debtors' bankruptcy cases and will be payable pursuant to
the terms of the Commitment Letter without any further Court
order, Judge Carey rules.

                         Prior Responses

GE Capital Container SRL and GE Capital Container Two SRL
complained that they do not have sufficient opportunity to fully
analyze the Debtors' proposed DIP Facility due to, among others,
the shortened notice and lack of definitive documents to review.

The Debtors seek to incur more than US$175,000,000 of new
obligations, with priority over all existing claims against Sea
Containers Ltd., including those of GE Capital and other
creditors, Howard A. Cohen, Esq., at Drinker Biddle & Reath LLP,
in Wilmington, Delaware, pointed out.

The Debtors are also seeking approval of a Commitment Letter
with Caspian Capital Partners LP and other lenders for a
postpetition financing facility on a very short notice, leaving
the creditors with only four days over a holiday weekend in the
United Kingdom to review and consider the Commitment Letter
Motion and related documents, Mr. Cohen contended.

The Proposed Facility appears to contain numerous potentially
objectionable elements, Mr. Cohen argued.  For instance, the DIP
Facility would refinance an obligation of Sea Containers SPC
Ltd., a non-debtor affiliate, that is not guaranteed by the
Debtors through the incurrence of debt by SCL.

The Proposed Facility grants superpriority status to claims
against SCL, which will effectively subordinate the legitimate
claims of the Debtors' creditors, Mr. Cohen told the Court.

In addition, the granting of superpriority status of certain
claims results in a breach of covenants in GE SeaCo's
organizational documents that forbids a pledge of SCL's interest
in the Class A Quotas of GE SeaCo SRL, Mr. Cohen emphasized.

Also, a condition precedent to the Proposed Facility is
acknowledgment in a final order authorizing the facility that
the Proposed Lenders' new role as secured, superpriority
creditors of SCL does not create a conflict with their role as
member of SCL's statutory committee of unsecured claimholders or
mandate their removal from the committee, Mr. Cohen pointed out.  
"The Motion does not highlight this condition and contains no
explanation of how a secured, superpriority creditor's interest
would not conflict with those of SCL's unsecured creditors," Mr.
Cohen said.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
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 Oct. 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).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
16; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


SEA CONTAINERS: U.K. Regulator Reissues FSD Warning
---------------------------------------------------
The United Kingdom Government Pensions Regulator reissued a
warning notice on April 26, 2007, to Sea Containers Ltd., that
it may exercise its powers to issue financial support directions
to the company under relevant UK pensions legislation, according
to a Securities and Exchange Commission filing.

The UK Regulator previously issued its first FSD warning on
Oct. 19, 2006, with respect to Sea Containers 1983 Pension
Scheme and the Sea Containers 1990 Pension Scheme.

The 1983 and 1990 Pension Schemes are multi-employer defined
benefit pension plans of Sea Containers Services Ltd., a U.K.
subsidiary of the company.  If FSDs are issued to SCL, it may be
liable to make a financial contribution to one or both of the
Schemes.

The Trustees of the Schemes or their actuary have advised SCL
that their current estimates of the cost of winding up the
Schemes, including the cost of purchasing annuities to pay
projected benefit obligations to Scheme participants, would be:

   -- approximately GBP107,000,000 or USD201,000,000 for the
      1983 Scheme, after giving effect to the withdrawal of a GE
      SeaCo SRL subsidiary from the 1983 Scheme; and

   -- approximately GBP27,000,000 or USD51,000,000 for the 1990
      Scheme.

Because the Schemes are multi-employer plans, the liabilities
under them are shared among the participating companies.

SCL has responded to the original warning notices, asserting
that it would not be reasonable to issue an FSD, and actively
engaged with the UK Regulator to persuade it of this concern,
Robert MacKenzie, president and chief executive officer of SCL,
notes.

A response on the second FSD warning is due by May 14, 2007.

The UK Regulator says the reissue is not meant to prejudice
attempts to resolve matters by alternative means but sees no
benefit in delaying crystallizing a potential liability.

SCL is preparing a response maintaining that it is not
reasonable under the circumstances for the UK Regulator to issue
an FSD, Mr. MacKenzie relates in the SEC filing.

The UK Regulator has indicated that its Determination Panel will
consider the matter on June 12 and 13, 2007.

                       About Sea Containers

Based in Hamilton, Bermuda, Sea Containers Ltd. --
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 Oct. 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).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue No.
16; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


SEA CONTAINERS: Can Implement Non-Insider Retention Plan
--------------------------------------------------------
Sea Containers, Ltd. and its debtor-affiliates obtained
authority from the Honorable Kevin J. Carey of the U.S.
Bankruptcy Court for the District of Delaware to implement a
non-insider retention plan.

Judge Carey approved the Retention Bonus Plan except with
respect to certain disputed employees, authorizes the Debtors to
take all actions necessary to implement the Retention Plan, and
permits the Debtors to file the Retention Plan Exhibit under
seal.

The Debtors are authorized, but not required, to make all
payments contemplated under the Retention Plan.  All payments
due under the Retention Plan will be entitled to administrative
expense priority pursuant to Section 503(b)(1).

                         Prior Objections

After careful consideration and detailed planning, the Debtors
and their compensation consultants, Towers Perrin, structured a
narrowly focused retention plan that identifies certain non-
insider, critical employees.  The retention plan will in part
reward the Eligible Employees for their past performance and in
part provide them with an incentive to remain in the Debtors'
employ.

Kelly Beaudin Stapleton, the United States Trustee for Region 3,
complains that the Retention Plan Motion does not identify the
specific Eligible Employees, nor does it disclose the amount of
the retention payments each is scheduled to receive.

"The Debtors have instead moved to seal an exhibit containing
that information," the U.S. Trustee said.

The U.S. Trustee did not object to retention payments to 10 of
the 12 individuals designated as Eligible Employees, according
to Mark S. Kenney, Esq., at the office of the U.S. Trustee, in
Wilmington, Delaware.

With respect to an 11th employee, the job title in the proposed
sealed exhibit suggests possible insider status and thus,
further
information must be supplied to ensure that the employee in
question is not an insider, Mr. Kenny asserted.

Moreover, the U.S. Trustee opposes the Motion with respect to
the 12th employee, whom the Debtors acknowledge to be a director
of certain non-Debtor subsidiaries.  "The non-Debtor
subsidiaries are affiliates of one or more of the Debtors and,
therefore, insiders.  The individual, in turn, is an insider of
the affiliates because he is a director thereof," Mr. Kenney
contended.

The Director Employee, as an insider of the Debtors, is barred
by Section 503(c)(1) of the Bankruptcy Code from receiving any
retention payment except in strict in strict accordance with the
conditions stated in Section 503(c)(1)(A) through (C).

The Court will convene a hearing on May 18, 2007, with respect
to the Disputed Employees.

                       About Sea Containers

Headquartered in Hamilton, Bermuda, Sea Containers Ltd. --
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 Oct. 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).  
Edmon L. Morton, Esq., Edwin J. Harron, Esq., Robert S. Brady,
Esq., Sean Matthew Beach, Esq., and Sean T. Greecher, Esq., at
Young, Conaway, Stargatt & Taylor, represent the Debtors in
their restructuring efforts.

The Official Committee of Unsecured Creditors and the Financial
Members Sub-Committee of the Official Committee of Unsecured
Creditors of Sea Containers Ltd. is represented by William H.
Sudell, Jr., Esq., and Thomas F. Driscoll, Esq., at Morris,
Nichols, Arsht & Tunnell LLP.  Sea Containers Services, Ltd.'s
Official Committee of Unsecured Creditors is represented by
attorneys at Willkie Farr & Gallagher LLP.

In its schedules filed with the Court, Sea Containers Ltd.
disclosed total assets of US$62,400,718 and total liabilities of
US$1,545,384,083.  (Sea Containers Bankruptcy News, Issue
No. 16; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000)

The Debtors' exclusive period to file a chapter 11 plan of
reorganization expires on June 12, 2007.


TOTAL MOTORSPORT: Creditors' Meeting Slated for May 24
------------------------------------------------------
Creditors of Total Motorsport Solutions Ltd. will meet at
2:30 p.m. on May 24 at:
  
         The Met Hotel
         King Street
         Leeds  
         LS1 2HQ
         England

Creditors who want to vote at the meeting have until noon on  
May 23 to submit their proxy forms together with particulars of
their claims or of any security at the offices of:

         Jacksons Jolliffe Cork
         33 George Street  
         Wakefield  
         WF1 1LX
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge on May 21 at the offices
of Jacksons Jolliffe Cork.

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


TRICOM GB: Creditors' Meeting Slated for May 23
-----------------------------------------------
Creditors of Tricom (GB) Ltd. will meet at 11:00 a.m. on May 23
at:
  
         Kings Court Hotel
         Kings Coughton
         Warwickshire  
         B49 5QQ
         England

Creditors who want to vote at the meeting have until noon on  
May 22 to submit their proxy forms together with particulars of
their claims or of any security at the offices of:

         Bond Partners LLP
         Suite 2
         First Floor  
         Turnpike Gate House  
         Birmingham Road
         Alcester  
         B49 5JG
         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 21.

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


VNESHTORGBANK JSC: Floats 1.5 Trillion Shares in London & Moscow
----------------------------------------------------------------
JSC Vneshtorgbank has floated 1.513 trillion new shares through
open subscription to local and foreign markets, RIA Novosti
reports.

The new shares, equivalent to 22.5% of VTB's equity, is expected
to raise over US$6 billion in fresh funds, RIA Novosti relates.  
VTB has accepted over 131,000 individual applications worth
US$1.6 billion.

The bank's supervisory board set the offering price at RUR0.136
each, RIA Novosti adds.  Russian stock market regulators
approved a US$10.56 offering price for the bank's Global
Depositary Receipts in London.

In a TCR-Europe report on April 17, VTB CEO Andrei Kostin said
the new securities would be offered through open subscription to
professional investors on the London Stock Exchange and both to
professional market participants and individuals in Russia.

The IPO is aimed at decreasing the Russian government's stake in
VTB from 99.9% to 75% plus one.  Sberbank, another state-owned
bank, recently completed its initial public offering.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates a network of 151 branches, including 55
branches of VTB, 42 branches of VTB Retail Services and 54
branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.

                           *********

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
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* Large Companies with Insolvent Balance Sheets
-----------------------------------------------

                                Shareholders   Total    Working
                                   Equity      Assets   Capital
                          Ticker    (US$MM)    (US$MM)   (US$MM)
                          ------ -----------  -------   --------

AUSTRIA
-------
Libro AG                            (111)         174     (182)
Rhi AG                              (214)       1,756      293


BELGIUM
-------
City Hotels               CITY.BR     (7)         210      (15)
Hamon S.A.                HAMO       (12)         236      (58)
Sabena S.A.                          (86)       2,215     (297)


CZECH REPUBLIC
--------------
Ceskomoravska Kolben &
   Danek Praha Holding               (89)         192   (2,186)


DENMARK
-------
Elite Shipping                       (28)         101       19


FRANCE    
------
Acces Industrie                       (8)         106      (35)
Arbel                     PA.ARB     (116)        194      (94)
Banque Nationale
   de Paris Guyane        BNPG       (41)         352      N.A.
BSN Glasspack                       (101)       1,151      179
Charbo De France                  (3,872)       4,738   (2,868)
Compagnie Francaise de
   l'Afrique Occidentale             (65)         256       21
Dollfus Mieg & Cie S.A.   DS         (16)         143      (45)
Euro Computer System                (110)         682      377
Genesys S.A.              GNS.PA     (10)         120       (5)
Grande Paroisse S.A.                (927)         629      330
Immob Hoteliere                      (65)         259       10
Labo Dolisos              DOLI.PA    (28)         110      (33)
Matussiere et Forest S.A. MTF        (78)         294      (28)
Oeneo S.A.                SABT.PA    (12)         292       38
Pagesjaunes GRP           PAJ      (2718)        1121     (291)
Pneumatiques Kleber S.A.             (34)         480      139
Rhodia S.A.               RHA       (828)       6,796      531
SDR Centrest                        (132)         252      N.A.
SDR Picardie                        (135)         413      N.A.
Selcodis S.A.             SPVX       (18)         128       22
Soderag                               (3)         404      N.A.
Sofal S.A.                          (305)       6,619      N.A.
Spie-Batignolles                     (16)       5,281       75
St Fiacre (FIN)                       (1)         111      (33)
Teamlog                   TLO        (19)         109       (3)
Trouvay Cauvin                        (0)         134       10
Usines Chausson                      (23)         249       35


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG        (8)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (20)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


GREECE
------
Empedos S.A.              EMPED      (34)         175      (48)
Pouliadis Associates      
   Corporation            POUL       (73)          68      (37)
Radio A.Korassidis        KORA      (101)         181     (139)
   Commercial

HUNGARY
-------
Exbus Asset Management
   Nyrt.                  EXBUS      (30)         118   (5,162)
IPK Osijek DD OS          IPKORA     (18)         190     (320)


ICELAND
-------
Decode Genetics Inc.      DCGN        (55)         216      141

ITALY
-----
Binda S.p.A.              BND        (11)         129      (20)
Cirio Finanziaria S.p.A.            (422)       1,583     (396)
Compagnia Italia          ICT       (138)         527     (235)
Credito Fondiario
   e Industriale S.p.A.             (200)       4,218      N.A.
Finpart S.p.A.                      (152)         732     (322)
Gruppo Coin S.p.A.        GC        (154)         801      (50)
I Viaggi del
   Ventaglio S.p.A.       VVE.MI     (61)         487      (57)
Olcese S.p.A.             OLCI.MI    (13)         180      (64)
Parmalat Finanziaria
   S.p.A.                        (18,419)       4,121  (12,481)
Technodiffusione
   Italia S.p.A.          TDIFF.PK   (90)         152      (24)
Wind Telecomunicazioni
   S.p.A.                            (10)      12,698     (815)


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


NETHERLANDS
-----------
Baan Company N.V.         BAAN        (8)         610       46
United Pan-Euro Air       UPC     (5,266)       5,180   (8,730)


NORWAY
------
Petroleum-Geo Services    PGO        (32)       2,963   (5,250)
BW Offshore               BWO        (85)         487     (516)


POLAND
------
Mostostal Zabrze          MECOF.PK    (6)         227     (366)
Vista Alegre Atlantis
   SGPS S.A.              VAAAE      (18)         193      (83)  

ROMANIA
-------
Oltchim RM Valce          OLT        (45)         232     (321)
Rafo Onesti               RAF       (395)         359    (1695)


RUSSIA
------
East Siberia Brd          VSNK       (40)         106      (70)
Gukovugol Pfd             GUUGP      (58)         144    (4094)
OAO Samaraneftegas                  (332)         892  (16,942)
Zil Auto                            (185)         378  (11,107)
Vimpel Ship               SOVP       (77)         188     (927)


SPAIN
-----
Altos Hornos de
   Vizcaya S.A.                     (116)       1,283     (278)
Santana Motor S.A.                   (46)         223       41
Sniace S.A.                          (10)         134      (37)


SWITZERLAND
-----------
Wedins Skor
    Accessoarer AB                   (10)         139     (129)


TURKEY
------
Nergis Holding                       (24)         125       26
Yasarbank                           (948)         623      N.A.


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (166)         706   (1,320)
Mariupolsky Meta          MMKI      (394)         172    (1640)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748        7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST      (108)         595      (61)
Danka Bus System          DNK.L     (108)         540       34
Dawson Holdings           DWN.L      (12)         158      (19)
Dignity Plc               DTY        (55)         552       36
Easynet Group             ESY.L      (45)         323       38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818     (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,144)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

                           *********


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
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Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *