TCREUR_Public/070516.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, May 16, 2007, Vol. 8, No. 96

                            Headlines


A U S T R I A

ATTENSAM PERSONALBEREITSTELLUNG: Vienna Court Shuts Down Firm
COTTO-MARMOR LLC: Claims Registration Period Ends June 1
IBL LARMSCHUTZSYSTEMEHANDELS: Claims Registration Ends June 13
MEINAUSBAUHAUS LLC: Claims Registration Period Ends June 18
OPEN FASSADENBAU: Claims Registration Period Ends June 6


B E L G I U M

CHIQUITA BRANDS: Incurs US$3 Million Net Loss in First Quarter
CHIQUITA BRANDS: Credit Concerns Prompt Moody's Negative Outlook
DELHAIZE GROUP: Prepares to Apply Cross-Guarantees with US Unit
DELHAIZE GROUP: S&P Assigns BB+ Long-Term Corp. Credit Rating
FERRO CORP: Moody's Rates US$200 Million Sr. Sec. Notes at B1

VALHI INC: Earns US$26.1 Million in 2007 First Quarter


D E N M A R K

EASTMAN KODAK: Board Raises Philip Faraci's Salary & Bonus
NORTEL NETWORKS: Selects Alvio Barrios as CALA Region President


F R A N C E

ALCATEL-LUCENT: Earns EUR199 Million for First Quarter 2007
ALCATEL-LUCENT: Acquires Service Gateway Developer NetDevices
AREP CAR: Moody's Puts B2 Corp. Family Rating on Lear Merger
CART 1: Fitch Puts BB Rating on EUR48.4 Mil. Class E Notes
EUROTUNNEL GROUP: Reduces Tender Offer Acceptance to 50%

LEAR CORP: Michigan Judge Dismisses Lawsuits Over Icahn Deal
LEAR CORP: Moody's Confirms Low-B Ratings on AREP Merger
XEROX CORP: Fitch Rates Trust Preferred Securities at BB


G E R M A N Y

DAIMLERCHRYSLER: Cerberus to Launch Huge Cost Cuts, Reports Say
DAIMLERCHRYSLER: No Immediate Job Cuts, Cerberus Assures Workers
DAIMLERCHRYSLER: Recalling 270T Minivans Due to Faulty Airbags
DUERR AG: Posts EUR2.1 Million Net Loss for First Quarter 2007
HDH PERSONALDIENSTLEISTUNG: Creditors Meeting Slated for June 13

HEIDELBERGCEMENT AG: Acquiring Hanson's Entire Share Capital
HOLZ UND MEHR: Creditors Must Register Claims by June 20
ISE DATA: Claims Registration Period Ends June 20
KOEHLER & LIPPMANN: Claims Registration Period Ends May 30
LEIPZIG WEST: Court Starts Criminal Procedure on Two Executives

LESOL BODENTECHNIK: Creditors' Meeting Slated for June 11
MEDIA BUSINESS: Creditors' Meeting Slated for June 15
METRIS KREUZFAHRTEN: Claims Registration Period Ends June 11
METRIS WELTREISEN: Claims Registration Period Ends June 13
POLYPORE INC: Earns US$6.2 Million in Quarter Ended March 31

POLYPORE INC: S&P Rates Proposed US$470 Million Loans at B+
POBURSKI GMBH: Claims Registration Ends June 22
RHEINBODEN AG: Moody's Withdraws Ratings Due to Lack of Info
RINGEN BLOCKHAUSER: Claims Registration Ends July 4
ROLF WAGEMANN: Creditors' Meeting Slated for June 28

SCHNEIDER CONSULT: Claims Registration Ends July 8
SPECTRUM BRANDS: Posts US$237-Million Loss in Second Quarter
SPORTFOERDERUNG NORIS: Claims Registration Ends July 15
TARGET CONSULT: Claims Registration Period Ends May 23
TEXPOINT MARTINI: Claims Registration Period Ends June 11

TRAUTWEIN & ADOLF: Claims Registration Period Ends June 14
TUCHT GMBH: Claims Registration Period Ends June 18
UNIVERSAL PRINTS: Claims Registration Period Ends June 14
UNTIEDT BAUGESELLSCHAFT: Claims Registration Period Ends June 28
W. WUNNENBERG: Creditors' Meeting Slated for June 20

WASSER- UND TIEFBAU: Claims Registration Period Ends May 25
WE - KA GESELLSCHAFT: Creditors Meeting Slated for May 30
WEST FINANZDIENSTLEISTUNGS: Claims Registration Ends June 11


H U N G A R Y

AES CORP: Incomplete 2006 Audit Prompts Form 10-Q Filing Delay


I T A L Y

CREDICO FUNDING: S&P Rates EUR4.9 Million Class E Notes at BB+
FIAT SPA: Buys Back One Million Ordinary Shares
IMAX CORP: Bondholder Asks Court to Nullify Consent Solicitation


K A Z A K H S T A N

ALLIANCE LLP: Creditors Must File Claims by June 12
ALUBOND LLP: Creditors' Claims Due June 12
EURO-NS LLP: Proof of Claim Deadline Slated for June 12
FIRM TECH-LINE: Claims Registration Ends June 12
LUCKY LLP: Claims Filing Period Ends June 12

MUNAI GAS: Creditors Must File Claims by June 12
PAVLODAR ENERGO: Creditors' Claims Due June 20
PERS-COMP LLP: Proof of Claim Deadline Slated for June 1
SHOW LTD: Claims Registration Ends June 12
SUNKAR LLP: Claims Filing Period Ends June 1


K Y R G Y Z S T A N

PASIFIC RESOURCES: Claims Registration Period Ends June 22
TAIDE LLC: Creditors Must File Claims by July 4


N E T H E R L A N D S

AMSTEL CORPORATE: Moody's Rates EUR150 Mln Class E Notes at Ba2
AMSTEL SHER 2007-1: Moody's Rates EUR90 Mln Class E Notes at Ba2


N O R W A Y

KRONOS INT'L: S&P Holds B Rating on EUR400 Million Senior Notes


P O L A N D

GENERAL DIRECTORATE: Insolvency Warning Cues State Rescue


R U S S I A

AGRO-KHIM-SERVICE: Creditors Must File Claims by May 21
DIMITROVOGRAD-GRAIN-PRODUCT: A. Chirkovskiy to Manage Assets
ILAN-L CJSC: Creditors Must File Claims by May 21
KASTORSKIY AGRO-SERVICE: Creditors Must File Claims by May 21
LENIN OJSC: Moscow Court Names S. Krasnov as Insolvency Manager

LUCH OJSC: Creditors Must File Claims by May 21
PROM-NERUD OJSC: Court Starts Bankruptcy Supervision Procedure
NORTH-WEST-OIL-PRODUCT: Creditors Must File Claims by May 21
NOVATEK OAO: Earns RUR3.17 Billion for First Quarter 2007
NOVOTROITSKIY REINFORCED: Creditors Must File Claims by June 21

PAN CJSC: Murmansk Court Names P. Volkov as Insolvency Manager
PRODTORG OJSC: Court Names A. Karelin as Insolvency Manager
SEVERSTAL OAO: Earns RUR9.34 Billion for First Quarter 2007
SOUTH-METAL CENTRE: Court Names V. Goncharov to Manage Assets
STREET CAR: Rostov Bankruptcy Hearing Slated for July 3

TRANSNEFT OAO: Earns RUR960 Million for First Quarter 2007
TSIVILSKAYA SEED-GROWING: Creditors Must File Claims by June 21
URALSKIY FACTORY: Asset Bidding Deadline Slated for May 20


S W I T Z E R L A N D

ARNOCHEM LLC: Creditors' Liquidation Claims Due May 25
CATRO LLC: Creditors' Liquidation Claims Due May 25
COMPUTER CONNECTIONS: Creditors' Liquidation Claims Due May 25
ERWETEX JSC: Creditors' Liquidation Claims Due May 25
GEROFA JSC: Creditors' Liquidation Claims Due May 25

IFI FINANCE: Creditors' Liquidation Claims Due May 25
PLC EUROPE: Creditors' Liquidation Claims Due May 25
SPORTIVO SHOP: Creditors' Liquidation Claims Due May 25
WEST CORP: March 31 Balance Sheet Upside-Down by US$2.1 Billion
WEST CORP: S&P Holds B+ Rating on US$135 Million Loan Add-On

WINTERHALTER LLC: Creditors' Liquidation Claims Due May 25
WISRO SWISS: Creditors' Liquidation Claims Due May 25


U K R A I N E

BUILDING INFORM: Creditors Must File Claims by May 19
CHEMICAL CURRENTS: Creditors Must File Claims by May 19
INTEGRATION LLC: Creditors Must File Claims by May 20
KIROVSK PLANT: Claims Filing Bar Date Set May 20
LAVORO LLC: Creditors Must File Claims by May 20

ON LOGISTICAL: Creditors Must File Claims by May 20
SNIEZHYNKA LLC: Creditors Must File Claims by May 20
SOURCE LLC: Creditors Must File Claims by May 20
TOPAZ LLC: Claims Filing Bar Date Set May 20
UKRAINIAN ABROAD: Creditors Must File Claims by May 20


U N I T E D   K I N G D O M

ARMOR HOLDINGS: Credit Suisse Downgrades Shares to Neutral
CONSTELLATION BRANDS: Completes US$700 Million Sr. Note Offering
CONSTELLATION BRANDS: Names Robert P. Ryder as Exec. VP & CFO
EPICOR SOFTWARE: Completes Offering with US$230MM Notes Issued
FAIRFAX FINANCIAL: S&P Rates Proposed US$464 Million Notes at BB

HANOVER COMPRESSOR: Calls to Redeem US$8 Mln Convertible Notes
ISOFT GROUP: IBA Extends Suspension of Share Trading on the ASX
MALIN CLO: Moody's EUR8.7 Million Class E Notes at Ba3
NEOMEDIA TECH: March 31 Balance Upside-Down by US$51.9 Million
SMARTIRE SYSTEMS: States Changes in Board & Leadership Structure

THORNSHAW LTD: Names Brendan Eric Doyle Liquidator
VIRGIN MEDIA: Shareholders Want to Cut Bill Huff's Board Seats
WARNER MUSIC: Eyes 400 Job Cuts to Realign Workforce

                            *********

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A U S T R I A
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ATTENSAM PERSONALBEREITSTELLUNG: Vienna Court Shuts Down Firm
-------------------------------------------------------------
The Trade Court of Vienna entered April 25 an order shutting
down the business of LLC Attensam Personalbereitstellung (FN
43939t).

Court-appointed estate administrator Christof Stapf declared
that the Debtor's estate is insufficient to cover creditors'
claims.

The estate administrator can be reached at:

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

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


COTTO-MARMOR LLC: Claims Registration Period Ends June 1
--------------------------------------------------------
Creditors owed money by LLC Cotto-Marmor (FN 145982f) have until
June 1 to file written proofs of claim to court-appointed estate
administrator Markus Kostner at:

         Dr. Markus Kostner
         c/o  Dr. Otmar Schimana
         Schoepfstrasse 6a
         6020 Innsbruck
         Austria
         Tel: 0512/56 15 70
         Fax: 0512/56157015
         E-mail: markus.kostner@aon.at
                 office@schimana.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 11:00 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on April 20 (Bankr. Case No. 19 S 41/07p).  Otmar
Schimana represents Dr. Kostner in the bankruptcy proceedings.


IBL LARMSCHUTZSYSTEMEHANDELS: Claims Registration Ends June 13
--------------------------------------------------------------
Creditors owed money by LLC IBL Larmschutzsystemehandels (FN
264197a) have until June 13 to file written proofs of claim to
court-appointed estate administrator Edmund Roehlich at:

         Dr. Edmund Roehlich
         c/o Dr. Maria Hoffelner
         Heumarkt 9/I/11
         1030 Vienna
         Austria
         Tel: 713 46 51
         Fax: 713 84 35
         E-mail: proksch@eurojuris.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 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 59/07z).  Maria Hoffelner
represents Dr. Roelich in the bankruptcy proceedings.


MEINAUSBAUHAUS LLC: Claims Registration Period Ends June 18
-----------------------------------------------------------
Creditors owed money by LLC MeinAusbauHaus (FN 231851h) have
until June 18 to file written proofs of claim to court-appointed
estate administrator Wilhelm Lackner at:

         Mag. Wilhelm Lackner
         Esterhazyplatz 6a
         7000 Eisenstadt
         Austria
         Tel: 02682/64044
         Fax: 02682/6404430
         E-mail: ra.schreiner@aon.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on July 2 for the
examination of claims.

The meeting of creditors will be held at:

         Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Donnerskirchen, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 26 S 49/07v).


OPEN FASSADENBAU: Claims Registration Period Ends June 6
--------------------------------------------------------
Creditors owed money by LLC Open Fassadenbau (FN 224199f) 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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:20 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 56/07p).  Wolfgang
Leitner represents Dr. Platzgummer in the bankruptcy
proceedings.


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


CHIQUITA BRANDS: Incurs US$3 Million Net Loss in First Quarter
--------------------------------------------------------------
Chiquita Brands International Inc. released financial and
operating results for the first quarter 2007.  First quarter net
sales increased by 3 percent year-over-year to US$1.2 billion,
and the company reported a net loss of US$3 million, including a
charge of US$5 million, related to a decision to exit certain
unprofitable farm leases in Chile.  This compares to net income
of US$20 million, or US$0.46 per diluted share, in the year-ago
period.

"During the first quarter, we continued to make good progress in
both our banana and salad operations," said Fernando Aguirre,
chairman and chief executive officer.  "In Europe, we grew
volume while maintaining our premium market position and
profitability, despite last year's onerous regulatory changes.
In our North American banana business, we also grew volume,
recovered cost increases, and are successfully introducing
higher-margin, innovative products to differentiate the Chiquita
brand.  At Fresh Express, we have strengthened our No. 1
position in retail value-added salads and reinforced our food
safety leadership in the face of soft consumer demand for
packaged salads.  While these primary segments are improving, we
have also taken decisive actions to improve profits in our other
produce operations, including exiting certain farm operations in
Chile.

"Most significantly, the long-term shipping agreement we
announced today is an important step in the execution of our
strategy to return to profitable, sustainable growth. In a
nutshell, we could not have asked for a better transaction.  We
will increase our financial flexibility, simplify our business
model, and focus on the marketplace to provide branded, healthy,
fresh foods to consumers worldwide, while we let the right
experts deliver as good or better results in our shipping
operations.  We are confident that our agreement with two
premier global shipping companies will ensure the continuing
reliable, high-quality shipment of Chiquita products at
competitive operating costs.  At the same time, the transaction
will significantly reduce our debt, and the alliance will better
position us to adapt our shipping services as we grow our
business over time."

Fernando Aguirre, the company's Chairman and Chief Executive
Officer, concluded, "Overall, while we have faced several
obstacles in recent quarters, I am confident that Chiquita is on
the right path, and we saw tangible signs of progress in the
first quarter.  We remain committed to deliver sustainable,
profitable growth, and we expect 2007 to be a positive step in
reaching those goals."

Cincinnati, Ohio- based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.


CHIQUITA BRANDS: Credit Concerns Prompt Moody's Negative Outlook
----------------------------------------------------------------
Moody's Investors Service changed the rating outlook for
Chiquita Brands International, Inc. to negative from stable.

The change in outlook is based on Moody's concern that Chiquita
may be challenged to maintain credit metrics that are
appropriate for its rating over the intermediate term.

That concern arises from the company's anemic operating
profitability in the recent first quarter, combined with the
negative impact on leverage and profitability from the announced
definitive agreement to sell and re-charter Chiquita's shipping
fleet.  The company's ratings, including its B3 corporate family
rating, were affirmed.

Ratings affirmed:

* Chiquita Brands International, Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

   -- US$250 million 7.5% senior unsecured notes due 2014 at
      Caa2 (LGD5, 89%)

   -- US$225 million 8.875% senior unsecured notes due 2015 at
      Caa2 (LGD5, 89%)

* Chiquita Brands LLC (operating subsidiary):

   -- US$200 million senior secured revolving credit agreement
      at B1 (LGD2, 26%)

   -- US$24.3 million senior secured term loan B at B1 (LGD2,
      26%)

   -- US$368.4 million senior secured term loan C at B1 (LGD2,
      26%)

Should the term loan B be repaid in full with a portion of the
proceeds of the sale of ships, that rating will be withdrawn.

Chiquita's operating performance continues to be very weak. In
the first quarter, segment operating income for bananas, the
company's largest segment at about 44% of consolidated sales,
declined 10.5%, despite the benefits of Euro currency impact,
cost and compensation savings, and the absence of residual costs
in the prior year's quarter from Tropical Storm Gamma.  Lower
banana profit was due in part to higher net industry cost
increases and lower local banana prices in the important
European market, and only modest ability to raise prices in
North America (up 1%). Hardest hit was Chiquita's salads and
healthy snacks segment (approximately 24% of sales), whose
segment operating income dropped 95% from US$12 million to
US$0.6 million. This segment suffered from increased costs due
to the January freeze in Arizona, lower prices and volumes on
certain foodservice products, lower net revenue per case in
retail value-added sales, and higher raw material and marketing
costs. Finally, another Chiquita segment's profitability was
impacted by a US$5 million charge to exit certain unprofitable
farm leases in Chile.

Chiquita announced on May 1, that it had signed a definitive
agreement to sell its 12 refrigerated cargo vessels for US$227
million. The transaction is expected to be finalized in about 45
days. Proceeds from the sale will reduce debt by US$170 million,
with much of the remaining proceeds to be used for general
corporate purposes including growth. If such growth
opportunities are not forthcoming in 180 days, remaining
proceeds will be used for additional debt reduction. While
reported debt balances will be lower post-sale, the re-
chartering of 11 vessels will increase rental expense, with a
net negative impact on reported fiscal 2007 EBITDA of -US$12
million. Debt to EBITDA, using Moody's standard analytical
adjustments, is expected to be higher after the sale of the
ships, despite the reduction in funded debt.

Chiquita's ratings could be downgraded if its earnings and cash
flow remain weak or in the event that its liquidity becomes
constrained. Specifically, Chiquita's ratings could be
downgraded if debt to EBITDA (incorporating Moody's standard
analytic adjustments and excluding certain non-recurring 2006
charges) rises above 8 times on a lagging 12-month basis, and/or
if EBIT to interest falls below 0.7 times on a lagging 12-month
basis. Conversely, a stabilization of the rating outlook would
require Chiquita to be able to sustain lagging 12-month
Debt/EBITDA below 7 times, and lagging 12-month EBIT/Interest
above 1.0 time.

The affirmation of the company's ratings, including its B3
corporate family rating, is supported by Chiquita's solid
franchise as one of the largest global fresh fruit and vegetable
companies with strong market shares and good diversification in
terms of product offerings, geographic reach, and raw material
supply. Chiquita's B3 corporate family rating also reflects the
company's high financial leverage, challenged operating
performance, continued uncertainty with regard to long term
structural changes occurring in the company's key EU banana
market, slow demand for the company's salads and healthy snacks,
and pressure from rising input costs.

Moody's considers Chiquita's ratings in the context of the key
rating drivers cited in Moody's Rating Methodology for Global
Natural Product Processors - Protein and Agriculture. Using the
methodology's 22 rating factors and fiscal 2006 historical
financial information, adding back US$43 million of impairment
charges and a US$25 million charge for the proposed financial
settlement with the Department of Justice, Chiquita's rating
would be B1. This model-generated rating indication largely
reflects the Ba and Baa scores the company achieves on
qualitative factors. However, these factors are overshadowed by
the company's high leverage and weak operating performance, as
well as by the fact that quantitative rating factors will be
negatively impacted in the near term by the rent expense
associated with re-leasing the shipping fleet.

Cincinnati, Ohio-based Chiquita Brands International, Inc.
(NYSE: CQB) -- http://www.chiquita.com/-- operates as an
international marketer and distributor of bananas and other
fresh produce sold under the Chiquita and other brand names in
over 70 countries including Panama, Philippines, Australia,
Belgium, Germany, among others.  It also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.


DELHAIZE GROUP: Prepares to Apply Cross-Guarantees with US Unit
---------------------------------------------------------------
Delhaize Group S.A. obtained an investment grade rating of Baa3
with stable outlook by the rating agency Moody's, while Standard
& Poor's designated Delhaize Group the same rating as Delhaize
America, which is BB+ with a recent revision to a positive
outlook.

"We are pleased that Moody's recognized our operational and
financial strength by designating Delhaize Group an investment
grade credit rating," Delhaize Group President and CEO Pierre-
Olivier Beckers disclosed.

Moody's gave Delhaize Group an investment grade rating of Baa3
with a stable outlook, which represents an upward revision in
comparison with the previous non-investment grade Ba1 rating of
Delhaize America.  This credit rating assumes successful
implementation of cross-guarantees between Delhaize Group, SA
and Delhaize America, Inc., its largest subsidiary.

In its press release, Moody's highlights Delhaize Group's
competitive positioning, its operating margin amongst the
highest in the supermarket industry, its low business risk, its
satisfactory level of liquidity, its disciplined approach to
selected divestitures and its recent bolt-on acquisitions.

S&P gave the same rating to Delhaize Group as it previously gave
to Delhaize America, BB+ with a positive outlook.  On
March 2, 2007, S&P revised the outlook of the credit rating of
Delhaize America from stable to positive referring to "steadily
improving financial measures, the good track record of its core
business, increasing format diversification, and above-average
operating margins."

Until now, Delhaize Group itself had no credit rating.  Delhaize
Group is currently preparing the implementation of cross-
guarantees between Delhaize Group and Delhaize America.  The
implementation of cross-guarantees was conditional upon Delhaize
Group obtaining a credit rating from Moody's and S&P at least as
strong as the current credit rating and outlook of Delhaize
America.

Delhaize Group expects the implementation of cross-guarantees to
be finalized very soon.  After the implementation of cross-
guarantees, Delhaize Group will be the rated entity instead of
Delhaize America.


Headquartered in Brussels, Belgium, Delhaize Group S.A. --
http://www.delhaizegroup.com/-- is a Belgian food retailer
present in eight countries on three continents.  Also present in
Asia, the group operates 50 stores in Indonesia.

At the end of March 2007, Delhaize Group's sales network
consisted of 2,717 stores.  In 2006, Delhaize Group posted
EUR19.2 billion in net sales and other revenues and EUR351.9
million in net profit.  At the end of 2006, Delhaize Group
employed approximately 142,500 people. D elhaize Group is listed
on Euronext Brussels (DELB) and the New York Stock Exchange
(DEG).


DELHAIZE GROUP: S&P Assigns BB+ Long-Term Corp. Credit Rating
-------------------------------------------------------------
Standard & Poor's assigned 'BB+' long-term corporate credit
rating to Belgium-based retail group Delhaize Group S.A.  The
outlook is positive.

All the group's senior unsecured bonds, including those issued
by Delhaize America Inc., are rated BB+.

The ratings on Delhaize reflect:

   -- its participation in the highly competitive U.S.
      supermarket industry (72% of sales);

   -- the diversified formats it operates in Belgium (22% of
      sales);

   -- higher operating margins but smaller scale relative to
      major operators; and

   -- somewhat aggressive debt protection measures.

These factors are mitigated by solid regional positions, notably
through the U.S.-based Food Lion banner (43% of the store base),
which enjoys leading positions in Mid-Atlantic and southeastern
U.S. markets and has a good track record of profitability.

Delhaize reported total debt of EUR3.1 billion at year-end 2006.

"Given its good market position and efficient operations, we
expect Delhaize to be able to maintain adequate credit ratios
despite the challenging climate for supermarket in the U.S.,"
Standard and Poor's credit analyst Nicole Baudouin said.

The group is expected to use some of its internal cash flow for
growth--primarily through store development--but free cash flows
are expected to remain positive after dividends and debt
leverage is consequently expected to gradually decrease.

"An upgrade to 'BBB-' would be contemplated if the group
maintains its solid local positions and improves free cash flow
generation," Mr. Baudouin added.

In particular, it would need to reach and maintain an adjusted
FFO-to-debt ratio above 25%, and debt to EBITDA of about 2.5x,
which was almost achieved at year-end 2006.  An outlook revision
to stable would be considered if market conditions deteriorate.

An outlook change to negative is not expected, based on the
company's steady performance and current financial policy, but a
significant debt-financial acquisition could put ratings under
pressure.


FERRO CORP: Moody's Rates US$200 Million Sr. Sec. Notes at B1
-------------------------------------------------------------
Moody's Investors Service assigned a B1 corporate family rating
to Ferro Corporation.  Moody's also assigned a B1 rating to the
company's US$200 million senior secured notes (issued as
unsecured notes in 2001) due in January 2009 and an SGL-3
speculative grade liquidity rating.

Moody's is reassigning the corporate family and notes ratings
after withdrawing them in March 2006, due to the delays in the
filing of financial statements for 2005 and quarterly statements
for 2004 through 2006.

The company's B1 corporate family rating reflects its elevated
leverage (when incorporating Moody's Global Standard Adjustments
to Financial Statements), limited free cash flow, the
expectation that the company will continue to restructure or
exit underperforming product lines, and relatively low, albeit
improving, EBITDA margins for a specialty chemical company.

The ratings are supported by an improving financial profile,
leading market positions in porcelain, glass and enamel coatings
and sustainable market positions in electronic materials.  The
B1 rating on the secured notes due 2009 reflects the collateral
package; the notes share the same collateral as the senior
secured credit facilities.

Moody's noted that the company's 10K filed in March 2007,
identified two remaining "material weaknesses" in its internal
controls over financial reporting; however this issue is not a
ratings driver at the current rating level.  The company is
working to remediate these remaining issues and has recently
hired a Chief Accounting Officer.

The positive outlook reflects the company's strong placement in
the B1 rating category and the expectation of further
improvements to operating performance or meaningful debt
reduction due to asset sales over the next 12-18 months.

However, Ferro is not expected to generate any free cash flow
over this timeframe due to elevated capex and additional
contributions to its pension plans.  "Although Ferro's rating
maps to the "Ba" category utilizing Moody's Chemicals Industry
Rating Methodology, key financial metrics are modestly weaker
than we would like for the Ba3 rating" stated John Rogers,
Senior Vice President at Moody's.

                        Ratings Assigned

Issuer: Ferro Corporation

   -- Corporate Family Rating, Assigned B1
   -- Probability-of-Default Rating, Assigned B1
   -- Senior Unsecured Regular Bond/Debenture, Assigned B1
   -- Senior Unsecured Regular Bond/Debenture, Assigned 47-LGD3

Headquartered in Cleveland, Ohio, Ferro Corporation --
http://www.ferro.com/-- is a global producer of an array of
specialty chemicals including coatings, enamels, pigments,
plastic compounds, and specialty chemicals for use in industries
ranging from construction, pharmaceuticals and
telecommunications.  Ferro operates through the following five
primary business segments: Performance Coatings, Electronic
Materials, Color and Performance Glass Materials, Polymer
Additives, and Specialty Plastics.  Revenues were US$2 billion
for the financial year ended Dec. 31, 2006.

Ferro Corp. has global locations in Argentina, Australia,
Belgium, Brazil, China, among others.


VALHI INC: Earns US$26.1 Million in 2007 First Quarter
------------------------------------------------------
Valhi Inc. reported net income of US$26.1 million in the first
quarter of 2007, compared with net income of US$23.4 million in
the first quarter of 2006.

Chemicals sales increased US$9.7 million in the first quarter of
2007 compared to the first quarter of 2006 due primarily to net
effects of favorable fluctuations in currency exchange rates,
which increased chemicals sales by around US$16 million, and
lower average TiO2 prices.  Kronos' average TiO2 selling prices
in the first quarter of 2007 were 3% lower than the first
quarter of 2006.  Kronos' TiO2 sales volumes in the first
quarter of 2007 increased less than 1% compared to the first
quarter of 2006, with higher volumes in Europe and export
markets offsetting the effect of lower volumes in the U.S.

Chemicals operating income declined US$2.9 million in the first
quarter of 2007 as compared to the same period in 2006 due
primarily to lower average TiO2 selling prices and higher raw
material and energy costs, partially offset by the favorable
effects of fluctuation in currency exchange rates, which
increased chemicals operating income by around US$3 million, and
higher TiO2 production volumes.  Kronos' TiO2 production volumes
increased 5% in the first quarter of 2007 as compared to the
first quarer of 2006.  Kronos' TiO2 production facilities were
operating at near full capacity in both periods, and Kronos'
sales and production volumes in the first quarter of 2007 were
new records for Kronos for a first quarter.

In December 2006, Kronos adopted a new accounting standard
related to planned major maintenance expense. Under the new
standard, Kronos no longer accrues the cost of planned major
maintenance expense in advance but instead recognizes the cost
of planned major maintenance when incurred.  The new standard
was adopted retroactively, and accordingly the Company's net
income in the first quarter of 2006 is approximately US$500,000
higher than previously reported.

Component product net sales decreased US$3.5 million in the
first quarter of 2007 as compared to the same quarter of 2006
due to lower sales to the office furniture market where, for
certain products, Asian competitors have established selling
prices at a level below which CompX considers would return an
acceptable margin, partially offset by new sales volumes as a
result of a performance marine acquisition in April 2006.
Despite the lower level of component product sales and
increasing raw material costs, component products operating
income increased US$.5 million in the first quarter of 2007 as
compared to the first quarter of 2006 due to a more favorable
product mix and a continued focus on reducing costs and
improving efficiency.  Waste management sales decreased, and its
operating loss increased, due to lower utilization of waste
management services.

TIMET's sales increased 19% from US$286.9 million in the first
quarter of 2006 to US$341.7 million in the first quarter of
2007.  TIMET's operating income also increased 22% from
US$95.1 million to US$116.2 million in the quarter.  TIMET's
average selling prices for melted and mill products in the first
quarter of 2007 increased 37% and 20%, respectively, over the
same period in 2006.  While combined volume of melted and mill
product shipments during the first quarter of 2007 approximated
prior year volumes, market demands resulted in a shift of
TIMET's product mix towards an increased level of mill products
which require additional processing and resources as compared to
melted products, but which also command higher selling prices.
TIMET's operating income comparisons were favorably impacted by
improved plant operating rates, which increased from 88% in the
first quarter of 2006 to 95% in the first quarter of 2007.

In addition to higher production costs associated with the shift
in product mix, comparing the first quarter of 2006 and 2007,
cost of sales also increased due to higher costs of certain raw
materials, including titanium sponge.

On March 26, the company paid a special dividend in the form of
all of the TIMET common stock it owns.  As a result, the company
will no longer report equity in earnings of TIMET after the
first quarter of 2007.

General corporate interest and dividend income declined in the
first quarter of 2007 as compared to the first quarter of 2006
due primarily to lower dividend distributions from The
Amalgamated Sugar Company LLC.  Insurance recoveries represent
NL's recovery from certain former insurance carriers in
settlements of claims related to certain environmental,
indemnity and past litigation defense costs.  These insurance
recoveries (net of tax and minority interest) aggregated US$.01
per diluted share in each of the first quarter of 2006 and 2007.
General corporate expenses declined slightly in the first
quarter of 2007 as compared to the first quarter of 2006, as
higher legal, litigation and environmental expenses of NL were
more than offset by lower pension and other expenses for other
subsidiaries.  Interest expense was lower in the first quarter
of 2007 due primarily to Kronos' May 2006 redemption of its
8.875% Senior Secured Notes using the proceeds from its April
2006 issuance of its 6.5% Senior Secured Notes.

A full-text copy of the company's financial result for the
quarter ended March 31, 2007, is available for free at:

                http://ResearchArchives.com/t/s?1f09

                          About Valhi

Valhi Inc. (NYSE: VHI) -- http://www.valhi.net/-- is engaged in
the titanium dioxide pigments, component products (security
products, furniture components and performance marine
components) and waste management industries.  The company's
subsidiaries include NL Industries Inc., Kronos Worldwide Inc.,
CompX International Inc., Tremont LLC and Waste Control
Specialists LLC.

Kronos Worldwide -- http://www.kronostio2.com/-- has locations
in Louisiana, Canada, Norway, Germany and Belgium.


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


EASTMAN KODAK: Board Raises Philip Faraci's Salary & Bonus
----------------------------------------------------------
The Executive Compensation and Development Committee of Eastman
Kodak Company's Board of Directors increased Philip J. Faraci's
base salary and target bonus percentage under the company's
annual incentive plan.

The raise is in consideration of Mr. Faraci's additional
responsibilities associated with the establishment of the Chief
Operating Office.

On March 14, the company disclosed that the formation of this
office led by two Kodak executive officers, Mr. Faraci and
James T. Langley.

Effective March 14, 2007, Mr. Faraci's base salary is increased
from US$520,000 to US$600,000 per year and his target bonus
percentage is increased from 62% of his base salary to 75%.

                   About Eastman Kodak Company

Headquartered in Rochester, New York, Eastman Kodak Company --
http://www.kodak.com/-- is a worldwide vendor of imaging
products and services.  The company has operations in India,
Australia, China, Denmark, Greece, Hong Kong, Japan, Korea,
Malaysia, New Zealand, Philippines, Singapore, Taiwan and
Thailand.

                         *      *      *

Eastman Kodak carries Moody's Investors Service's B1 corporate
family rating.


NORTEL NETWORKS: Selects Alvio Barrios as CALA Region President
---------------------------------------------------------------
Nortel Networks Corporation President and Chief Executive
Officer Mike Zafirovski disclosed that Alvio Barrios would be
appointed president for Caribbean and Latin America, effective
June 1, 2007.

Reporting directly to the CEO, Mr. Barrios will be based out of
Nortel's Sunrise, Florida office and will be responsible for
sales, operations and marketing for the CALA region.

"Nortel is committed to fielding a world-class leadership team,"
said Zafirovski.  "Alvio will bring 13 years of Nortel
experience and a consistent track record of performance to this
role.  He is the right person to drive the company's success in
this important region as it continues to compete and win.  The
company's unwavering focus on the CALA region is a key component
of Nortel's growth strategy."

A proven leader, Mr. Barrios has been with Nortel for over a
decade, most recently serving as regional sales vice- president
responsible for some of Nortel's largest customers and strategic
accounts in the CALA region.  He has a solid sales and
management track record and an in depth knowledge of the region.

Mr. Barrios will replace Martha Bejar, who has decided to leave
Nortel to accept an opportunity at another company.

"I want to thank Martha for her outstanding contributions to
Nortel over her 18-year career here," Mr. Zafirovski stated.
"Martha is an extremely talented and effective leader and I wish
her all the best in her new role."

                       About Nortel Networks

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

                          *     *     *

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

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

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

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


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


ALCATEL-LUCENT: Earns EUR199 Million for First Quarter 2007
-----------------------------------------------------------
Alcatel-Lucent posted EUR199 million in adjusted net profit on
EUR3.9 billion in net revenues for the first quarter of 2007,
compared with EUR404 million in adjusted net profit on EUR4.3
billion in net revenues for the same period in 2006.

"Having completed the largest merger in our industry, we are
encouraged by the progress we are making with our overall
integration plans," Patricia Russo, Alcatel CEO, said.  "Since
Dec. 1, 2006, we have finalized the product and technology
roadmaps for the combined company and are communicating these
decisions to our customers, helping reduce any uncertainty
regarding product plans.

"Additionally, during the first quarter we took costs out of the
business in areas such as procurement, information systems and
R&D, and have achieved a net headcount reduction of around 1,900
positions, before the impact of recently announced managed
services contract wins.  Based on this progress, we are on track
to achieve our planned pre-tax savings of at least EUR600
million this year, in line with our target of EUR1.7 billion
pre-tax savings within three years.  We will strategically
reinvest part of these savings in markets and technologies,
which we believe will enhance our position going forward.

                     Second Quarter Forecast

"Based on the strong order flow we are seeing across all
businesses, we anticipate solid sequential growth as the year
progresses, with our second quarter 2007 revenue expected to
grow approximately 10% from the first quarter 2007 at a constant
Euro/US$ exchange rate," Ms. Russo said.  "Looking forward to
the full year 2007, we expect revenues to increase on a
percentage basis at the carrier market growth rate of mid single
digits at a constant Euro/US$ exchange rate."

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent --
http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

In a TCR-Europe report on April 13, Fitch Ratings affirmed
Alcatel-Lucent's ratings at Issuer Default 'BB' with a Stable
Outlook, senior unsecured 'BB' and Short-term 'F2' and
simultaneously withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services puts a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


ALCATEL-LUCENT: Acquires Service Gateway Developer NetDevices
-------------------------------------------------------------
Alcatel-Lucent inked a definitive agreement to acquire privately
held NetDevices, a developer of services gateway products for
enterprise branch networks, based in Sunnyvale, California.

NetDevices delivers a market recognized, innovative and flexible
enterprise networking platform known as a Unified Service
Gateway which is designed to reduce the cost and complexity of
managing branch office networks.  NetDevices was founded in 2003
and has 45 employees located in Sunnyvale and Bangalore, India.

"Today's enterprises are looking for ways to transform their
businesses through the deployment of networks and services that
enable their employees to work more efficiently, and their
customers to receive a higher level of satisfaction," said
Hubert de Pesquidoux, President of Alcatel-Lucent's enterprise
activities.  "Enterprises are quickly evolving to a converged
communications infrastructure of data, voice, and security
services running with high reliability and serviceability.
Traditional architectures lack the flexibility and
programmability to deploy these new converged infrastructures in
a cost-effective way.  A fresh approach based on the innovative
enterprise platform from NetDevices combined with our core
strengths of voice and switching helps to deliver best in class
enterprise networks."

"NetDevices' services gateways bring all required services for a
branch office in a unified package, dramatically reducing the
network complexity for enterprise customers and small medium
business.  I am very excited that by joining forces with
Alcatel-Lucent, we can enhance the benefits of NetDevices'
solutions to our customers and create new opportunities for our
partners," said Seenu Banda, founder and CEO of NetDevices.
"Alcatel-Lucent provides an ideal partnership with its global
sales, service, and the development capabilities.  With this
agreement, NetDevices joins Alcatel-Lucent to complement its end
to end solutions, and to pursue our goal of delivering
innovative products to a large set of customers worldwide."

Upon closure of the transaction, the NetDevices team and
products will be integrated into Alcatel-Lucent's Enterprise
Business Group, reporting into Tom Burns, president of Alcatel-
Lucent's Enterprise Solutions activities.

The acquisition is subject to various standard closing
conditions, including applicable regulatory approvals, and is
expected to close in the second quarter of Alcatel-Lucent's
fiscal year 2007.  The terms of the deal were not disclosed.

                       About Alcatel-Lucent

Headquartered in Paris, France, Alcatel-Lucent
-- http://www.alcatel-lucent.com/-- provides solutions that
enable service providers, enterprises and governments worldwide
to deliver voice, data and video communication services to end
users.

Alcatel-Lucent maintains operations in 130 countries, including,
Austria, Germany, Hungary, Italy, Netherlands, Ireland, Canada,
United States, Costa Rica, Dominican Republic, El Salvador,
Guatemala, Peru, Venezuela, Australia, Brunei and Cambodia.

On Nov. 30, 2006, Alcatel and Lucent Technologies Inc. completed
their merger transaction, and began operations as a
communication solutions provider under the name Alcatel-Lucent
on Dec. 1, 2006.

                          *     *     *

In a TCR-Europe report on April 13, Fitch Ratings affirmed
Alcatel-Lucent's ratings at Issuer Default 'BB' with a Stable
Outlook, senior unsecured 'BB' and Short-term 'F2' and
simultaneously withdrawn them.

As of Feb. 7, 2007, Moody's Investor Services puts a Ba2 rating
on Alcatel's Corporate Family and Senior Debt rating.  Lucent
carries Moody's B1 Senior Debt rating and B2 Subordinated debt &
trust preferred rating.

Alcatel-Lucent's Long-Term Corporate Credit rating and Senior
Unsecured Debt carry Standard & Poor's Ratings Services' BB
rating.  Its Short-Term Corporate Credit rating stands at B.


AREP CAR: Moody's Puts B2 Corp. Family Rating on Lear Merger
------------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to AREP Car Acquisition Corp., the corporate entity that
will be established to affect the consummation of the proposed
acquisition and subsequent merger of Lear Corp. into a
subsidiary of American Real Estate Partners L.P.

At the same time, the rating agency confirmed Lear's existing
ratings consisting of:

   -- B2 corporate family rating,
   -- B3 senior unsecured notes, and
   -- B2 secured bank term loan.

The rating outlooks for, and revised Lear and Lear Newco's
outlook to, are stable from ratings under review for possible
downgrade.

Lear Newco's B2 rating considers the substantial leverage
deployed in its prospective capital structure, adequate interest
coverage and modest expectations for free cash flow.
Furthermore, the ratings incorporate the ongoing strengths, and
accompanying risk elements, in the underlying operating business
of Lear, which is a global leader in automotive seating and
electrical distribution systems.  Moody's assigned B2 ratings to
Lear Newco's US$3.6 billion of secured bank credit facilities,
and a Speculative Grade Liquidity rating of SGL-2, and a stable
outlook.

As Lear's shareholders have yet to vote on the acquisition
proposal from AREP, an affiliate of Mr. Carl C. Icahn, Moody's
will maintain separate ratings on Lear and ratings on Lear Newco
on an interim basis.  Should the merger and related financing be
completed as currently structured, which is expected towards the
end of the second quarter, ratings on Lear would be withdrawn.
Although Lear would be the surviving corporation, it would be
under different ownership and have a new board of directors and
a different capital structure.  In time, Lear Newco will be re-
named Lear Corp..

The acquisition is valued at roughly US$5 billion net of cash on
hand.  AREP will invest some US$1.3 billion in equity and
arrange a US$2.6 billion secured bank term loan with a maturity
in 2014 and a US$1.0 billion secured revolving credit facility
with a maturity in 2012, which is expected to be un-drawn at
closing.  Approximately US$1.3 billion of existing unsecured
Lear notes and some US$89 million of other Lear debt would
remain outstanding as obligations of Lear Newco.

"Although the acquisition will involve considerable financial
leverage and interest burden, Lear's global scale, market share,
and anticipated progress in diversifying its customer base and
restoring its operating margins establish a financial profile
that remains consistent with the B2 rating category," said Ed
Wiest, Vice President & Senior Analyst at Moody's.

The leveraging effect of the acquisition of Lear is viewed as a
negative credit event by Moody's.  Yet, because of the progress
that the company has made in recent months to improve its
operating performance, pro forma financial metrics for the
acquisition are expected to remain at levels consistent with the
B2 Corporate Family Rating.  In particular, Moody's noted that
Lear has completed the divestiture of its North American
interior business which had substantially negative EBITDA in
2006 and was a factor in the company's negative free cash flow
over the past few years.  Effectively, the elimination of this
loss making unit was a de-leveraging event for Lear.

Although Lear maintains a minority interest in the business, it
will no longer be burdened by the large cash losses.  Under
certain contingencies, however, Lear may be called upon to
contribute up to an additional US$40 million to the venture.
Despite lower production volumes at its principal North American
customers, Lear reported results above expectations in the first
quarter of 2007.  Positive contributions from its operations
outside of North America, the roll-out of new business awards,
and savings from its restructuring actions offset weakness on
key platforms in its largest market.  The company raised
guidance on its core operating earnings for 2007.  Consequently,
Moody's confirmed existing Lear ratings and restored a stable
outlook.

Lear Newco's Corporate Family Rating of B2 considers its
leveraged capital structure, margins which have been under
stress from lower North American vehicle production and elevated
raw material costs, and limited free cash flow anticipated over
the intermediate term.  The rating incorporates favorable
attributes of substantial scale, strong global market share,
resultant operating efficiencies, and a good liquidity profile.
It further reflects increasing customer and geographic
diversification and a footprint that enables participation in
growth markets outside of mature regions of North America and
Western Europe.

Lear Newco's EBITA margins of under 4%, pro forma debt/EBITDA of
around 5.5 times, and EBITA/interest coverage of 1.3 times, are
typical of single B credits.  In addition, the B2 rating
emphasizes current pressures within the cyclical automotive
industry, and, importantly, Lear's ongoing exposure to General
Motors ("GM" with 29% of global revenues in 2006) and Ford Motor
Company ("Ford" with 17%).  In part, this pressure arises from
lower volumes in Ford and GM's truck and SUV models on which
Lear historically has had significantly higher content per
vehicle. Over time, new business awards and restructuring
initiatives are expected to grow revenues, enhance customer
diversification, and contribute to healthier margins.

Lear Newco's stable outlook flows from its prospects for modest
free cash flow, solid liquidity, extended debt maturity profile,
and expectations of a gradual improvement in operating margins,
customer and geographic diversification. However, the company
faces a challenging environment in North America, including
recent weak new vehicle sales trends and potential disruption to
customer production should OEM negotiations with the UAW not
lead to a smooth contract renewal in September 2007, and recent
weak new vehicle industry sales. Its performance will continue
to be exposed to commodity costs, trends in North American
consumer interest for light trucks given its current
vehicle/platform mix, and developments in GM's and Ford's North
American market shares.

Lear Newco's Speculative Grade Liquidity rating is SGL-2 and
represents good liquidity over its initial year of operations.
The rating is based upon expectations of modest free cash flow,
a US$1 billion un-drawn revolving credit facility with material
headroom under applicable financial covenants and a favorable
debt maturity profile.

Moody's confirmed Lear's existing B2 corporate family rating and
revised the outlook to stable from ratings under review for
possible downgrade.  The review was initiated on Feb. 5 in
response to announcements that Lear's Board of Directors had
accepted a proposal from AREP to be acquired and was focused on
the prospective changes to Lear's credit metrics and capital
structure which a leveraged acquisition implied.

The terms of the acquisition financing have now been assessed as
well as their impact on existing Lear obligations.  In addition,
Lear has completed the divestiture of its North American
interior business and reported its first quarter results.  The
interior unit had substantially negative EBITDA in 2006 and was
a factor in Lear's negative free cash flow over the past few
years.  Effectively, its disposition was a de-leveraging event
for Lear although there are certain contingencies in which Lear
may have to contribute up to an additional US$40 million.
Despite lower production volumes at its principal North American
customers, Lear reported results above expectations in the first
quarter of 2007.  Positive contributions from its operations
outside of North America, the rollout of new business awards,
and savings from its restructuring actions offset weakness on
key platforms in its largest market.  The company raised
guidance on its core operating earnings for 2007.  Consequently,
Moody's confirmed existing Lear ratings and restored a stable
outlook.

Ratings assigned:

* AREP Car Acquisition Corp.

   -- Corporate Family, B2
   -- Senior Secured Term Loan, B2 (LGD-3, 44%)
   -- Senior Secured Revolving Credit Facility, B2 (LGD-3, 44%)
   -- Outlook, stable
   -- Speculative Grade Liquidity rating, SGL-2

Ratings confirmed:

* Lear Corporation

   -- Corporate Family, B2

   -- Senior Secured Term Loan, B2 (LGD-4, 50%)

   -- Senior Unsecured Notes, B3 (LGD-4, 61%)

   -- Shelf ratings for senior unsecured, subordinated and
      preferred, (P)B3, (P)Caa1(LGD-6, 97%), and (P)Caa1
      (LGD-6, 97%) respectively

   -- Speculative Grade Liquidity rating, SGL-2

Ratings revised:

* Lear Corporation

   -- Outlook stable from ratings under review for
      possible downgrade

Should the acquisition be approved by Lear's shareholders and
upon consummation of the merger, Lear's existing 8.75% notes,
8.5% notes, and 5.75% notes transition to obligations of Lear
Newco as Lear will be the surviving corporation.  Their ratings
would be unchanged at B3, but their Loss Given Default
Assessments would be LGD-4, 63%.

Indentures for unsecured notes constrain Lear's and its
guaranteeing subsidiaries' ability to grant collateral interests
without ratably securing the notes.  Existing Lear notes
maturing in 2008 and 2009 were issued under indentures, which
had tighter lien baskets than Lear's other unsecured notes.
Under those same indentures, Lear has the option to redeem the
notes at any time under certain conditions.  Lear will be
obligated to redeem, or provide satisfactory notice that it has
irrevocably called those notes (a condition precedent for the
acquisition financing).  The surviving indentures applicable to
Lear Newco will generally provide for a lien basket of 10% of
defined consolidated assets compared to the 5% basket under the
indenture for the 2008 and 2009 notes.

The last rating action was on Feb. 5, at which time Lear's
ratings were placed under review for possible downgrade.

                      About Lear Corporation

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products, electrical distribution systems, and other
interior products.  The company has 104,000 employees at 275
locations in 33 countries.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

The company had revenue of US$17.6 billion in 2006 and has more
than 90,000 employees in 33 countries.  Following the
disposition of its interior business, Lear expects its ongoing
revenues in 2007 to approximate US$14.8 billion.


CART 1: Fitch Puts BB Rating on EUR48.4 Mil. Class E Notes
----------------------------------------------------------
Fitch assigned CART 1 Ltd's issue of EUR154.7 million floating-
rate notes.  The transaction is a partially funded synthetic
securitization of debt obligations originated by Deutsche Bank
Aktiengesellschaft to certain small-and medium sized enterprise
clients domiciled mainly in Germany, while a smaller percentage
is located around the globe.

   * EUR51 million Class B: 'AA-'
   * EUR17 million Class C: 'A+'
   * EUR38.25 million Class D: 'BBB+'
   * EUR48.45 million Class E: 'BB'

The Class F notes, totaling EUR83.3 million are not rated.

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

The expected ratings are based on the credit quality of the
reference portfolio, the credit enhancement provided by
subordination, the quality of the collateral, the strength of
the swap counterparty and the transaction's sound financial and
legal structure.  The expected ratings address the timely
payment of interest and the ultimate repayment of principal.

At closing, DB will enter into a credit default swap with the
issuer. Under the CDS, the issuer will sell credit protection to
DB with respect to the reference portfolio.  The issuer will
hedge itself by issuing credit-linked notes.  The transaction is
designed to provide credit protection on a EUR1.7 billion
portfolio that can be replenished until June 2014, of which the
issuer will bear aggregate losses up to EUR154.7 million.

The replenishment criteria include, among others, the weighted-
average rating factor test, a weighted-average life covenant of
three and a half years and compliance with Fitch's model.  The
model is derived from Fitch VECTOR Model to take into account
highly concentrated portfolios.  It is used as a portfolio
management tool.

The WARF test is met if the weighted-average Fitch equivalent
rating of the reference obligations to be added is not lower
than 'BBB-'/'BB+' according to the model.

In this transaction, the issuer depends on the swap counterparty
to make the quarterly CDS premium payments to provide timely
interest payments on the notes.  Therefore, adequate downgrade
provisions are in place for the expected ratings of the notes to
be de-linked from the rating of the swap counterparty.


EUROTUNNEL GROUP: Reduces Tender Offer Acceptance to 50%
--------------------------------------------------------
Eurotunnel Group (aka Groupe Eurotunnel S.A.), with the approval
of the Autorite des marches financiers, reduced the acceptance
condition for the tender offer to 50% from 60% of the
outstanding Eurotunnel units.

The reduction follows the company's decision to extend the
acceptance period of the offer to May 21 from May 15, 2007.

Eurotunnel feared that the tender offer, which was launched on
April 10, 2007, was not going well, Reuters reports, citing Les
Echos as its source.

According to a report by the Express on Sunday, under
Eurotunnel's restructuring plan, the company asks its
shareholders, some 450,000 French and 150,000 Britons, to
exchange their shares for stock in a new company called Groupe
Eurotunnel S.A., which would reduce debts of GBP2.84 billion.

A Paris commercial court could declare the company insolvent and
auctioned off if shareholders would not support the exchange
offer, Express on Sunday relates.

            EIB Acceptance of Share Exchange Offer

In a separate press release on May 9, 2007, European Investment
Bank announced its acceptance to the offer to exchange its
Eurotunnel shares into shares of GET SA.

EIB holds about 60 million Eurotunnel shares or about 2.3% of
the total company shares.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


LEAR CORP: Michigan Judge Dismisses Lawsuits Over Icahn Deal
------------------------------------------------------------
A judge has dismissed three lawsuits in Michigan that had been
brought on behalf of all Lear Corporation shareholders related
to the Merger Proposal with American Real Estate Partners, L.P.
on the grounds that there was a prior lawsuit filed in Delaware.
The consolidated Delaware action is scheduled for a preliminary
injunction hearing on June 6, 2007.

                         Class Actions

As previously reported in the TCR-Europe on March 19, 2007, Lear
Corporation is facing six purported class actions filed by
certain shareholders seeking to block the automotive parts
supplier's acquisition by billionaire investor Carl Icahn,
according to the company's Feb. 27, 2007 Form 10-K filing with
the U.S. Securities and Exchange Commission for the period ended
Dec. 31, 2006.

In February, the company agreed to a US$2.31 billion buyout
offer from Icahn-controlled American Real Estate Partners LP.
The transaction involves Mr. Icahn paying US$36 per share for
the shares he does not already own, according to reports.

Under the terms of the agreement, Lear was allowed to solicit
alternate proposals for 45 days.

Between Feb. 9, 2007 and Feb. 21, 2007, certain stockholders
filed six purported class actions against the company, certain
members of the board of directors and American Real Estate
Partners, L.P. and certain of its affiliates (AREP).

Three of the lawsuits were filed in the Delaware Court of
Chancery and have since been consolidated into a single action.
Another three were filed in Michigan Circuit Court.

The class action complaints, which are substantially similar,
generally allege that the Agreement and Plan of Merger unfairly
limits the process of selling Lear and that certain members of
the company's board of directors have breached their fiduciary
duties in connection with the Merger Agreement and have acted
with conflicts of interest in approving the Merger Agreement.

The lawsuits seek to enjoin the merger, to invalidate the Merger
Agreement and to enjoin the operation of certain provisions of
the Merger Agreement, a declaration that certain members of the
company's Board of Directors breached their fiduciary duties in
approving the Merger Agreement and an award of unspecified
damages or rescission in the event that the proposed merger with
AREP is completed.

On Feb. 23, 2007, the plaintiffs in the consolidated Delaware
action filed a consolidated amended complaint, a motion for
expedited proceedings and a motion to preliminarily enjoin
the merger contemplated by the Merger Agreement.

                  Annual Stockholders' Meeting

Meanwhile, the Board of Directors of Lear re-affirmed that the
company's 2007 annual meeting of stockholders will be held at
10:00 a.m. Eastern Time on Wednesday, June 27, 2007, at:

         Hotel du Pont
         11th and Market Streets
         Wilmington
         Delaware 19801
         United States

The record date for determination of stockholders entitled to
notice of, and vote at, the meeting is the close of business on
Monday, May 14, 2007.

                    About Lear Corporation

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products, electrical distribution systems, and other
interior products.  The company has 104,000 employees at 275
locations in 33 countries.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

                          *     *     *

As previously reported in the Troubled Company Reporter on
May 14, 2007, Standard & Poor's Ratings Services affirmed its
'B' corporate credit rating and other ratings on automotive
supplier Lear Corp. and removed them from CreditWatch where they
were placed on Feb. 9, 2007, with negative implications
following the announcement that Lear had agreed to be acquired
by American Real Estate Partners L.P.  S&P said the outlook is
negative.

At the same time, S&P assigned loan and recovery ratings to
Lear's proposed US$3.6 billion senior secured credit facilities.
They were rated 'B' with a recovery rating of '3', indicating
the expectation of meaningful (50%-80%) recovery of principal in
the event of a payment default.

In February, Moody's Investors Service placed the long-term
ratings of Lear Corporation, corporate family rating at B2,
under review for possible downgrade.  The company's speculative
grade liquidity rating of SGL-2 was affirmed.


LEAR CORP: Moody's Confirms Low-B Ratings on AREP Merger
--------------------------------------------------------
Moody's Investors Service has assigned a B2 corporate family
rating to AREP Car Acquisition Corp., the corporate entity that
will be established to affect the consummation of the proposed
acquisition and subsequent merger of Lear Corporation into a
subsidiary of American Real Estate Partners, L.P.

At the same time, the rating agency confirmed Lear's existing
ratings consisting of:

   -- B2 corporate family rating,
   -- B3 senior unsecured notes, and
   -- B2 secured bank term loan.

The rating outlooks for, and revised Lear and Lear Newco's
outlook to, are stable from ratings under review for possible
downgrade.

Lear Newco's B2 rating considers the substantial leverage
deployed in its prospective capital structure, adequate interest
coverage and modest expectations for free cash flow.
Furthermore, the ratings incorporate the ongoing strengths, and
accompanying risk elements, in the underlying operating business
of Lear, which is a global leader in automotive seating and
electrical distribution systems.  Moody's assigned B2 ratings to
Lear Newco's US$3.6 billion of secured bank credit facilities,
and a Speculative Grade Liquidity rating of SGL-2, and a stable
outlook.

As Lear's shareholders have yet to vote on the acquisition
proposal from AREP, an affiliate of Mr. Carl C. Icahn, Moody's
will maintain separate ratings on Lear and ratings on Lear Newco
on an interim basis.  Should the merger and related financing be
completed as currently structured, which is expected towards the
end of the second quarter, ratings on Lear would be withdrawn.
Although Lear would be the surviving corporation, it would be
under different ownership and have a new board of directors and
a different capital structure.  In time, Lear Newco will be re-
named Lear Corporation.

The acquisition is valued at roughly US$5 billion net of cash on
hand.  AREP will invest some US$1.3 billion in equity and
arrange a US$2.6 billion secured bank term loan with a maturity
in 2014 and a US$1.0 billion secured revolving credit facility
with a maturity in 2012, which is expected to be un-drawn at
closing.  Approximately US$1.3 billion of existing unsecured
Lear notes and some US$89 million of other Lear debt would
remain outstanding as obligations of Lear Newco.

"Although the acquisition will involve considerable financial
leverage and interest burden, Lear's global scale, market share,
and anticipated progress in diversifying its customer base and
restoring its operating margins establish a financial profile
that remains consistent with the B2 rating category," said Ed
Wiest, Vice President & Senior Analyst at Moody's.

The leveraging effect of the acquisition of Lear is viewed as a
negative credit event by Moody's.  Yet, because of the progress
that the company has made in recent months to improve its
operating performance, pro forma financial metrics for the
acquisition are expected to remain at levels consistent with the
B2 Corporate Family Rating.  In particular, Moody's noted that
Lear has completed the divestiture of its North American
interior business which had substantially negative EBITDA in
2006 and was a factor in the company's negative free cash flow
over the past few years.  Effectively, the elimination of this
loss-making unit was a de-leveraging event for Lear.  Although
Lear maintains a minority interest in the business, it will no
longer be burdened by the large cash losses.  Under certain
contingencies, however, Lear may be called upon to contribute up
to an additional US$40 million to the venture.

Despite lower production volumes at its principal North American
customers, Lear reported results above expectations in the first
quarter of 2007.  Positive contributions from its operations
outside of North America, the roll-out of new business awards,
and savings from its restructuring actions offset weakness on
key platforms in its largest market.  The company raised
guidance on its core operating earnings for 2007.  Consequently,
Moody's confirmed existing Lear ratings and restored a stable
outlook.

Lear Newco's Corporate Family Rating of B2 considers its
leveraged capital structure, margins which have been under
stress from lower North American vehicle production and elevated
raw material costs, and limited free cash flow anticipated over
the intermediate term.  The rating incorporates favorable
attributes of substantial scale, strong global market share,
resultant operating efficiencies, and a good liquidity profile.
It further reflects increasing customer and geographic
diversification and a footprint that enables participation in
growth markets outside of mature regions of North America and
Western Europe.

Lear Newco's EBITA margins of under 4%, pro forma debt/EBITDA of
around 5.5 times, and EBITA/interest coverage of 1.3 times, are
typical of single B credits.  In addition, the B2 rating
emphasizes current pressures within the cyclical automotive
industry, and, importantly, Lear's ongoing exposure to General
Motors (with 29% of global revenues in 2006) and Ford Motor
Company (with 17%).  In part, this pressure arises from lower
volumes in Ford and GM's truck and SUV models on which Lear
historically has had significantly higher content per vehicle.
Over time, new business awards and restructuring initiatives are
expected to grow revenues, enhance customer diversification, and
contribute to healthier margins.

Lear Newco's stable outlook flows from its prospects for modest
free cash flow, solid liquidity, extended debt maturity profile,
and expectations of a gradual improvement in operating margins,
customer and geographic diversification. However, the company
faces a challenging environment in North America, including
recent weak new vehicle sales trends and potential disruption to
customer production should OEM negotiations with the UAW not
lead to a smooth contract renewal in September 2007, and recent
weak new vehicle industry sales. Its performance will continue
to be exposed to commodity costs, trends in North American
consumer interest for light trucks given its current
vehicle/platform mix, and developments in GM's and Ford's North
American market shares.

Lear Newco's Speculative Grade Liquidity rating is SGL-2 and
represents good liquidity over its initial year of operations.
The rating is based upon expectations of modest free cash flow,
a US$1 billion un-drawn revolving credit facility with material
headroom under applicable financial covenants and a favorable
debt maturity profile.

Moody's confirmed Lear's existing B2 corporate family rating and
revised the outlook to stable from ratings under review for
possible downgrade.  The review was initiated on Feb. 5, 2007,
in response to announcements that Lear's Board of Directors had
accepted a proposal from AREP to be acquired and was focused on
the prospective changes to Lear's credit metrics and capital
structure which a leveraged acquisition implied.

The terms of the acquisition financing have now been assessed as
well as their impact on existing Lear obligations.  In addition,
Lear has completed the divestiture of its North American
interior business and reported its first quarter results.  The
interior unit had substantially negative EBITDA in 2006 and was
a factor in Lear's negative free cash flow over the past few
years.  Effectively, its disposition was a de-leveraging event
for Lear although there are certain contingencies in which Lear
may have to contribute up to an additional US$40 million.
Despite lower production volumes at its principal North American
customers, Lear reported results above expectations in the first
quarter of 2007.  Positive contributions from its operations
outside of North America, the roll-out of new business awards,
and savings from its restructuring actions offset weakness on
key platforms in its largest market.  The company raised
guidance on its core operating earnings for 2007.  Consequently,
Moody's confirmed existing Lear ratings and restored a stable
outlook.

Ratings assigned:

* AREP Car Acquisition Corp.

   -- Corporate Family, B2
   -- Senior Secured Term Loan, B2 (LGD-3, 44%)
   -- Senior Secured Revolving Credit Facility, B2 (LGD-3, 44%)
   -- Outlook, stable
   -- Speculative Grade Liquidity rating, SGL-2

Ratings confirmed:

* Lear Corporation

   -- Corporate Family, B2

   -- Senior Secured Term Loan, B2 (LGD-4, 50%)

   -- Senior Unsecured Notes, B3 (LGD-4, 61%)

   -- Shelf ratings for senior unsecured, subordinated and
      preferred, (P)B3, (P)Caa1(LGD-6, 97%), and (P)Caa1
      (LGD-6, 97%) respectively

   -- Speculative Grade Liquidity rating, SGL-2

Ratings revised:

* Lear Corporation

   -- Outlook stable from ratings under review for
      possible downgrade

Should the acquisition be approved by Lear's shareholders and
upon consummation of the merger, Lear's existing 8.75% notes,
8.5% notes, and 5.75% notes transition to obligations of Lear
Newco as Lear will be the surviving corporation.  Their ratings
would be unchanged at B3, but their Loss Given Default
Assessments would be LGD-4, 63%.

Indentures for unsecured notes constrain Lear's and its
guaranteeing subsidiaries' ability to grant collateral interests
without ratably securing the notes.  Existing Lear notes
maturing in 2008 and 2009 were issued under indentures which had
tighter lien baskets than Lear's other unsecured notes.  Under
those same indentures, Lear has the option to redeem the notes
at any time under certain conditions.  Lear will be obligated to
redeem, or provide satisfactory notice that it has irrevocably
called those notes (a condition precedent for the acquisition
financing).  The surviving indentures applicable to Lear Newco
will generally provide for a lien basket of 10% of defined
consolidated assets compared to the 5% basket under the
indenture for the 2008 and 2009 notes.

The last rating action was on Feb. 5, at which time Lear's
ratings were placed under review for possible downgrade.

                      About Lear Corporation

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products, electrical distribution systems, and other
interior products.  The company has 104,000 employees at 275
locations in 33 countries.

Lear also operates in Argentina, Austria, Belgium, Brazil,
Canada, China, Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, India, Italy, Japan, Mexico, Morocco,
Netherlands, Philippines, Poland, Portugal, Romania, Russia,
Singapore, Slovakia, South Africa, South Korea, Spain, Sweden,
Thailand, Tunisia, Turkey, and Venezuela.

The company had revenue of US$17.6 billion in 2006 and has more
than 90,000 employees in 33 countries.  Following the
disposition of its interior business, Lear expects its ongoing
revenues in 2007 to approximate US$14.8 billion.


XEROX CORP: Fitch Rates Trust Preferred Securities at BB
--------------------------------------------------------
Fitch Ratings assigned a 'BBB-' rating to Xerox Corp.'s proposed
US$750 million offering of senior unsecured notes due 2012.
Proceeds from the offering will be utilized to redeem a
substantial portion of Xerox's US$1 billion bridge credit
facility that partially financed its May 11, 2007, acquisition
of Global Imaging Systems Inc. for US$1.7 billion.  The Rating
Outlook is Stable.

Xerox Corp.

   -- Issuer Default Rating 'BBB-';
   -- Unsecured credit facility 'BBB-';
   -- Senior unsecured debt 'BBB-';
   -- Trust preferred securities 'BB'.

Xerox Credit Corp.

   -- Issuer Default Rating 'BBB-';
   -- Senior unsecured debt 'BBB-'.

The ratings and Stable Outlook are predicated upon Xerox's
commitment to balance usage of free cash flow for share
repurchases and acquisitions.  Fitch believes Xerox will reduce
its share repurchase program in 2007, which totaled US$1.1
billion in 2006, to focus on reducing total debt following the
primarily debt-financed acquisition of Global Imaging.
Furthermore, Fitch believes Xerox will continue to reduce the
percentage of secured debt in the capital structure.  Total
secured debt declined to approximately US$1.9 billion (25.1% of
total debt) at March 31, 2007, from nearly US$3.3 billion at
March 31, 2006 (44.2% of total debt).

The US$750 million notes are governed by a base indenture dated
June 25, 2003 and a sixth supplemental indenture issued on
May 14, 2007.  Key terms and covenants of the notes include:

   * a change of control provision requiring Xerox to repurchase
     the notes at 101% of par value plus accrued interest if a
     change of control results in the notes being rated
     non-investment grade;

   * optional company redemption at 100% of the principal amount
     plus a make-whole premium;

   * limitation on secured debt equivalent to the greater of
     US$2 billion or 20% of consolidated net worth, excluding
     permitted liens.

Headquartered in Stamford, Connecticut, Xerox Corp. --
http://www.xerox.com/-- develops, manufactures, markets,
services and finances a range of document equipment, software,
solutions and services.  Xerox operates in over 160 countries
worldwide and distributes products in the Western Hemisphere
through divisions, wholly owned subsidiaries and third-party
distributors.  The company maintains operations in France,
Japan, Italy, Nicaragua, among others.


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


DAIMLERCHRYSLER: Cerberus to Launch Huge Cost Cuts, Reports Say
---------------------------------------------------------------
Cerberus Capital Management LP's US$7.4 billion deal to buy a
controlling stake in DaimlerChrysler AG's Chrysler Group should
set off an alarm for workers of the ailing unit as analysts
predict that the equity firm will launch massive cost cuts,
published reports say.

Cerberus specializes in buying distressed companies and then
turning them around through heavy cost cutting, The Associated
Press observes.  The Free Press notes that Gerald Meyers, former
American Motors Corp. chief executive and now a University of
Michigan professor of business management, said dramatic cost
cutting is going to be necessary to make the deal work.

The investment firm needs to work with the United Auto Workers
union to restructure the US$18 billion that Chrysler estimates
it will eventually owe for UAW retiree health-care benefits, The
Wall Street Journal suggests.  The UAW represents about 50,000
of Chrysler's 80,000 workers, as well as many other workers in
the industry.

Benefits for active and retired union workers are certain to be
a big issue.  Rising health-care costs have bedeviled Chrysler
as its ranks of retirees have grown and health-care inflation
has hovered around 10% in recent years.  Cerberus is expected to
pressure the UAW to make substantial concessions, which could
raise the costs of prescription drugs and health-care premiums
for about 84,000 UAW retirees and dependents, the WSJ states.

The deal is also likely to raise fears for further job cuts
among Chrysler workers, the WSJ observes.  In February, the auto
maker said it would shed about 13,000 workers and idle a sport-
utility-vehicle factory in Delaware, part of a plan to cut
production capacity by 400,000 vehicles a year.  Cerberus
officials didn't disclose plans for further job cuts yesterday.

The TCR-Europe reported on April 23, 2007, that UAW President
Ron Gettelfinger has expressed opposition to the sale of
Chrysler to private equity investors because he is concerned
that they would "strip and flip" the company by selling it off
in parts.

However, Mr. Gettelfinger revealed to Detroit radio station WJR
that DaimlerChrysler CEO Dieter Zetsche and Chrysler CEO Tom
LaSorda had told him Saturday that "the status quo for the
Chrysler Group was no longer an option."  In a recent news
conference, Mr. Gettelfinger explained that until Saturday, his
position had been to fight to keep Chrysler within
DaimlerChrysler.  He was told then that wasn't possible.  He
said several times that he had to work with "the hand I was
dealt," the WSJ notes.

Meanwhile, Cerberus has said it will work with Chrysler's
existing management team, led by Mr. LaSorda.  But Cerberus has
on its payroll a team of former senior auto executives it can
call upon for advice.  They include former Chrysler Chief
Operating Officer Wolfgang Bernhard, former Ford Vice Chairman
David Thursfield, former Ford sales executive Robert Rewey and
former Chrysler sales and marketing executive Gary Dilts,
published reports say.  Cerberus hopes to run Chrysler more
effectively as a private company.

"People say, how can you turn this around and we can't?" said
Cerberus Chairman John Snow, former Treasury Secretary, in an
interview.  It will take patience, he said.  "It might take a
couple of years to really show the results.  And public
companies don't have two or three years."

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: No Immediate Job Cuts, Cerberus Assures Workers
----------------------------------------------------------------
Leaders of the soon-to-be-independent Chrysler Group and its
buyer, Cerberus Capital Management LP, have launched a campaign
to bolster workers' confidence in the DaimlerChrysler AG unit
and win support from rank-and-file workers and union leaders
alike, the Wall Street Journal relates.

According to the report, Cerberus Capital founder Stephen
Feinberg met with leaders of Chrysler's two main unions and
offered assurances it plans no immediate job cuts, beyond the
13,000 previously proposed by the company, in an effort to ease
labor worries about Cerberus' planned acquisition of 80.1% of
Chrysler.

Mr. Feinberg has committed to not cutting additional hourly jobs
in Canada until at least September 2008, when the current CAW
contract with Chrysler expires, WSJ notes.  He also promised not
to eliminate United Auto Worker positions beyond those already
announced in February.

Canadian Auto Workers union leader Buzz Hargrove, who previously
had expressed opposition to a private-equity takeover, welcomed
the news with praises, saying he is confident that "this is not
about slice and dice ... they're in for the long term."

Mr. Feinberg also scored points with Mr. Hargrove by expressing
concern about trade policies and countries that sell vehicles in
North America but close their doors to imports from the U.S. and
Canada, WSJ observes.  Those are concerns that the CAW also
raises often, and Mr. Hargrove said Mr. Feinberg could help out
greatly in lobbying the U.S. and Canadian governments on those
issues.

Meanwhile, UAW chief Ron Gettelfinger, who had previously
expressed concern about a potential private-equity buyer for
Chrysler, has expressed his support for the deal, reports say.

The union leaders' positive response to the deal may have paved
the way for future talks with workers as part of Cerberus' plan
to acquire a majority stake in Chrysler; however, it does not
guarantee that the road will be smooth as the new owners are
expected to hold litigious contract negotiations with the UAW,
while Chrysler's health-care liabilities amounting to US$18
billion loom over their heads, WSJ suggests.

Chrysler CEO Tom LaSorda has advised that the automaker needs to
attack its labor-cost disadvantage in the near term as it looks
to return to profitability, WSJ states.  He reassured the public
Monday night that the company does not plan to kill any of its
three brands -- Dodge, Chrysler and Jeep.  He also disclosed on
Tuesday that Chrysler will consider alliances aimed at small
cars and fast-growth emerging markets as it breaks free from
Germany's Daimler AG, Reuters reports.

Mr. LaSorda has disclosed that the automaker would pursue a
turnaround plan announced in February that includes cutting
13,000 jobs and investing US$3 billion in new plants to make
more fuel-efficient engines as it shifts to private ownership
under Cerberus Capital Management, Reuters relates.  He added
that the new owners have endorsed the company's strategic plans
and will not spin off Chrysler's brands, freeze new investment
or push for higher-than-projected profitability by 2008.

Mr. LaSorda noted that as a private company, Chrysler would be
free of pressure to meet quarterly financial goals and be able
to reach out to partners in target markets such as India, Russia
and Southeast Asia, where it has lagged, Reuters says.

One prospect is expanding an alliance with China's Chery
Automobile Co. agreed in December, pending clearance from the
Chinese government, Reuters reveals.  Under the deal, Chery
would build small cars under Chrysler brands for sale in Europe
and the U.S.  The deal has been delayed by the sale of Chrysler
but a decision is expected soon.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Recalling 270T Minivans Due to Faulty Airbags
--------------------------------------------------------------
DaimlerChrysler AG is recalling about 270,958 Dodge Caravan and
Chrysler Town and Country minivans in the U.S. to replace faulty
air bags, the company said in a note posted on the Web site of
the National Highway Traffic Safety Administration.  The recall
is only applicable to states that use large amounts of salt for
road de-icing.

Sensors with brass bushings may corrode and crack allowing water
to enter the sensor, causing it to fail, illuminating the air
bag warning light, the company explained in the note.
DaimlerChrysler has promised to inform the owners and replace
the brass fittings with steel and other material.

Chrysler spokesman Max Gates said on Friday the company has
extended the warranty on another 133,000 of the minivans,
Reuters reports.

                      About DaimlerChrysler

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

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

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

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

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


DUERR AG: Posts EUR2.1 Million Net Loss for First Quarter 2007
--------------------------------------------------------------
Duerr AG reported its financial results for the first quarter
ended March 31, 2007.

For the first quarter ended March 31, 2007, the group posted
EUR2.1 million in net loss on EUR304.1 million in net revenues,
compared with EUR4.6 million in net loss on EUR309.3 million in
net revenues for the same period in 2006.

At March 31, 2007, the group's consolidated balance sheet showed
EUR1.03 billion in total assets, EUR783.08 million in total
liabilities and EUR243.55 million in shareholders' equity.

"We are very pleased with the order situation and have a good
level of capacity utilization for the next twelve months.
Business in Eastern Europe is acquiring growing importance.
From this region alone we received orders worth EUR150 million
in the first quarter.  To respond to the increasing demand we
are strengthening our presence in Russia and will be represented
in St. Petersburg as well as Moscow," Duerr AG's CEO Ralf Dieter
commented.

                   Unchanged Positive Outlook

In view of the investment projects announced by many automobile
manufacturers Duerr expects that the Group's order intake in
2007 will at least match the high level achieved in 2006.  The
company expects a significant earnings improvement in 2007.  A
further improvement is expected in 2008.  This is supported by
the fact that, given the good project situation, Duerr can be
more selective in taking on orders.  The target return for 2008
is unchanged at 4% based on earnings before taxes and 5% at the
operating earnings level.  Based on the new Group structure the
pro forma EBITDA target return is 6.5%; previously, Duerr had
targeted up to 8%.

A full-text copy of Duerr AG's financial results is available at
no charge at http://ResearchArchives.com/t/s?1f2c

                           About Duerr

Headquartered in Stuttgart, Germany, Duerr AG --
http://www.durr.com/en-- supplies products, systems, and
services for automobile manufacturing.   Its range of products
and services covers important stages of vehicle production.   As
a systems supplier, Duerr plans and builds complete paint shops
and final assembly facilities.   It also delivers cleaning and
filtration systems for the manufacture of engine and
transmission components as well as balancing systems.

                          *     *     *

As of April 10, 2007, Duerr AG carries Moody's Long-term
Corporate Family rating of B2, Senior Subordinated Debt rating
of Caa1 with Outlook Negative.

Moody's also assigned Loss-Given-Default Rating of LGD5 for
Duerr's 9.75% Senior Subordinated Regular Bond/Debenture Due
2011.

Standard & Poor's assigned Long-Term Foreign Issuer Credit
rating of B to Duerr, its Long-term Local Issuer Credit is at B
with Outlook Stable.


HDH PERSONALDIENSTLEISTUNG: Creditors Meeting Slated for June 13
----------------------------------------------------------------
The court-appointed insolvency manager for HDH
Personaldienstleistung GmbH, Klaus Hassdenteufel, will present
his first report on the Company's insolvency proceedings at a
creditors' meeting at 11:15 a.m. on June 13.

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

         The District Court of Saarbruecken
         Area Hall 13
         First Floor
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:00 a.m. on July 25 at the same venue.

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

The insolvency manager can be reached at:

         Klaus Hassdenteufel
         Kardinal-Wendel-Strasse 12
         66440 Blieskastel
         Germany

The District Court of Saarbruecken opened bankruptcy proceedings
against HDH Personaldienstleistung GmbH on April 20.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HDH Personaldienstleistung GmbH
         Torschlag 1
         66740 Saarlouis
         Germany


HEIDELBERGCEMENT AG: Acquiring Hanson's Entire Share Capital
------------------------------------------------------------
HeidelbergCement AG has agreed to make a cash offer to acquire
the entire share capital of Hanson plc for 1,100 pence per
share.  The board of directors of Hanson intends to recommend
Hanson shareholders to accept the offer.

It is intended that the acquisition will be implemented by way
of a Court sanctioned scheme of arrangement.  The scheme will be
conditional upon the requisite approval of Hanson's shareholders
and the English Courts.  The acquisition will also be
conditional upon the satisfaction or waiver of European,
Canadian and US competition authority clearance.
HeidelbergCement currently anticipates that the transaction will
be completed in the third quarter of 2007.

The funds required for the acquisition will initially be
provided under a new credit facility entered into with Deutsche
Bank and The Royal Bank of Scotland.  The credit facility will
be partly refinanced through a combination of hybrid-capital in
an amount of up to EUR2 billion, the issue of bonds and the
divestments of non-core business activities.  It is
HeidelbergCement's intention to maintain an investment grade
rating for the enlarged group, and to support its objective it
intends, in addition to raising the funds required to finance
the Acquisition, to undertake a cash capital increase in an
amount approximately EUR500 million.

Further on, HeidelbergCement will make use of the optional
redemption clause and redeem all the notes outstanding of 7.375%
Senior Notes due 2010 on July 15, 2007.  The redemption price
will be 103.688% of the principal amount plus accrued interest.

                       About Hanson PLC

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

                     About HeidelbergCement

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

                         *     *     *

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


HOLZ UND MEHR: Creditors Must Register Claims by June 20
--------------------------------------------------------
Creditors of Holz und mehr GmbH have until June 20 to register
their claims with court-appointed insolvency manager
Sebastian Henneke.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 13 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Sebastian Henneke
         Adenauerallee 36
         46399 Bocholt
         Germany

The District Court of Muenster opened bankruptcy proceedings
against Holz und mehr GmbH on April 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holz und mehr GmbH
         Kotten Buesken 91
         46325 Borken
         Germany


ISE DATA: Claims Registration Period Ends June 20
-------------------------------------------------
Creditors of ISE DATA Informationssystementwicklung und
Datenverarbeitung GmbH have until June 20 to register their
claims with court-appointed insolvency manager Fatma Kreft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 a.m. on July 11, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 District Court of Offenbach am Main opened bankruptcy
proceedings against ISE DATA Informationssystementwicklung und
Datenverarbeitung GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Fatma Kreft
         Neue Mainzer Str. 84
         60311 Frankfurt/Main
         Germany
         Tel: 069/6773677-0
         Fax: 069/6773677-20

The Debtor can be reached at:

         ISE DATA Informationssystementwicklung
         und Datenverarbeitung GmbH
         Freiligrathstr. 20
         63303 Dreieich
         Germany


KOEHLER & LIPPMANN: Claims Registration Period Ends May 30
----------------------------------------------------------
Creditors of Koehler & Lippmann Medienhaus GmbH have until
May 30 to register their claims with court-appointed insolvency
manager Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 12:15 p.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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 Braunschweig opened bankruptcy proceedings
against Koehler & Lippmann Medienhaus GmbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Torsten Gutmann
         Lueders Partnergesellschaft
         Zum Blauen See 5
         D 31275 Lehrte
         Germany
         Tel: (051 32) 8268 38
         Fax: (051 32) 8268 96

The Debtor can be reached at:

         Koehler & Lippmann Medienhaus GmbH
         Hinter dem Turme 12
         38114 Braunschweig
         Germany


LEIPZIG WEST: Court Starts Criminal Procedure on Two Executives
---------------------------------------------------------------
Pierre Klusmeyer, manager of Wohnungsbaugesellschaft Leipzig
West, and Juergen Schloegel, a major shareholder of the German
property company, were summoned to appear before the Regional
Court in Leipzig to answer fraud charges affecting 38,000
investors with claims amounting to EUR339 million, The Financial
Times reports citing Die Welt as its source.

According to the report, the two executives allegedly lured
investors to put money into bearer bonds although they were
aware that there would be no capital available for repayments
and interest.

FT says investors were promised interest rates of 5 to 7
percent.

The executives were also accused of delaying insolvency.

In June 2006, WLB filed for insolvency.  Subsequently,
bankruptcy proceedings commenced three months later, FT relates.


LESOL BODENTECHNIK: Creditors' Meeting Slated for June 11
---------------------------------------------------------
The court-appointed insolvency manager for LeSol Bodentechnik
GmbH, Knut Rebholz will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
11:40 a.m. on June 11.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 11:30 a.m. on Sept. 24 at the same venue.

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

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

The insolvency manager can be reached at:

         Knut Rebholz
         Cicerostr. 22
         10709 Berlin
         Germany

The Debtor can be reached at:

         LeSol Bodentechnik GmbH
         Wichertstr. 49
         10439 Berlin
         Germany


MEDIA BUSINESS: Creditors' Meeting Slated for June 15
-----------------------------------------------------
The court-appointed insolvency manager for The Media Business
Centre GmbH, Christoph Rosenmueller will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:50 a.m. on June 15.

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 9:20 a.m. on Sept. 28 at the same venue.

Creditors have until Aug. 1 to register their claims with the
court-appointed insolvency manager.

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

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The Debtor can be reached at:

         The Media Business Centre GmbH
         Johannisstr. 20
         10117 Berlin
         Germany


METRIS KREUZFAHRTEN: Claims Registration Period Ends June 11
------------------------------------------------------------
Creditors of Metris Kreuzfahrten GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Axel Fohrmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

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

The insolvency manager can be reached at:

         Dr. Axel Fohrmann
         Muehlenstrasse 108
         09111 Chemnitz
         Germany
         Tel: (0371) 4908 290
         Fax: (0371) 4908 201
         E-mail: Chemnitz@dr-fohrmann.de

The Debtor can be reached at:

         Metris Kreuzfahrten GmbH
         Attn: Stefan Mueller, Manager
         Loessnitzer Strasse 3
         08297 Zwoenitz
         Germany


METRIS WELTREISEN: Claims Registration Period Ends June 13
----------------------------------------------------------
Creditors of Metris Weltreisen GmbH have until June 13 to
register their claims with court-appointed insolvency manager
Axel Fohrmann.

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

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

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

The insolvency manager can be reached at:

         Dr. Axel Fohrmann
         Muehlenstrasse 108
         09111 Chemnitz
         Germany
         Tel: (0371) 4908 290
         Fax: (0371) 4908 201
         E-mail: Chemnitz@dr-fohrmann.de

The Debtor can be reached at:

         Metris Weltreisen GmbH
         Attn: Stefan Mueller, Manager
         Loessnitzer Strasse 3
         08297 Zwoenitz
         Germany


POLYPORE INC: Earns US$6.2 Million in Quarter Ended March 31
------------------------------------------------------------
Polypore Inc. reported results for the quarter ended March 31,
2007, in a Form 10-Q filing with the U.S. Securities and
Exchange Commission.

For the quarter ended March 31, 2007, the company reported net
income of US$6,293,000 compared to net income of US$3,365,000
for the same period in 2006.  Net sales for the quarter ended
March 31, 2007, was US$129,781,000 compared to a year ago of
US$115,293,000.

                    2006 Restructuring Plan

In response to a significant decline in demand for cellulosic
hemodialysis membranes driven by a shift in industry demand
toward synthetic membranes, the company's separations media
segment decided to exit the production of cellulosic membranes
and realign its cost structure at its Wuppertal, Germany
facility.

On Aug. 24, 2006, the company announced a layoff of
approximately 150 employees.  Production of cellulosic
hemodialysis membranes ceased on Dec. 27, 2006, and the majority
of the employees were laid off effective Jan. 1, 2007.  The
total cost of the plan is expected to be approximately
US$17,040,000, consisting of US$11,403,000 for the employee
layoffs and US$5,637,000 for other costs related to the shutdown
of portions of the Wuppertal facility that will no longer be
used.

The other costs included in the restructuring plan are related
to local regulations surrounding complete or partial shutdowns
of a facility.  The company expects to complete these activities
by the end of the second quarter of 2008.

                   2005 Restructuring Plan

In order to better accommodate customer growth and related
demand for both lead-acid and lithium battery separators in the
greater Asian market, the company's energy storage segment
transferred certain assets from Europe and the United States to
its facilities in Thailand and China.  The capacity realignment
plan included the closure of the company's facility in
Feistritz, Austria, the downsizing of its Norderstedt, Germany
facility and the relocation of certain assets from these two
plants to the Company's facilities in Prachinburi, Thailand.

During the three months ended Sept. 30, 2006, the company
completed installation and started production with the assets
relocated to Thailand.  Additionally, finishing equipment from
the Company's facility in Charlotte, North Carolina was
relocated to its facility in Shanghai, China.  The total cost of
the realignment plan is expected to be approximately
US$8,831,000, of which US$8,798,000 was recognized through
March 31, 2007. The remaining expenses will be recognized in
2007.  In addition to the benefit of realigning capacity with
market growth, the Company expects to realize the full impact of
cost savings in 2007.

                   2004 Restructuring Plan

In an effort to manage costs and in response to the decision of
a customer to outsource its dialyzer production, the company
implemented a number of cost reduction measures in 2004 relating
to the separations media segment, including employee layoffs,
the relocation of certain research and development operations
conducted in a leased facility in Europe to facilities where the
related manufacturing operations are conducted and other cost
reductions.  All activities and charges relating to the 2004
Restructuring Plan have been completed as of Dec. 30, 2006.

                          Acquisition

Effective Jan. 1, 2007, the company purchased from Nippon Sheet
Glass Company,Ltd. a 60% share in Daramic NSG Tianjin PE
Separator Co. Ltd. for US$5,181,000.  DNPET is a lead-acid
battery separator manufacturing facility located in Tianjin,
China.  The acquisition supports the company's strategy of
expanding capacity in the high growth Asia-Pacific region.

A full-text copy of the company's Form 10-Q filed with the U.S.
SEC is available for free at:

              http://ResearchArchives.com/t/s?1f0d

                        About Polypore

Headquartered in Charlotte, North Carolina, Polypore Inc. --
http://www.polypore.net/-- develops, manufactures and markets
specialized polymer-based microporous membranes used in
separation and filtration processes.  The company is a wholly
owned subsidiary of Polypore International Inc.

Polypore's business segments includes Daramic --
http://www.daramic.com/-- manufactures and supplies battery
separators for automotive, industrial, and specialty
applications.  Daramic has marketing and sales offices in North
and South America, Europe, Australia, South East Asia and China.

                        *     *     *

As reported in the Troubled Company-Europe on May 14, Moody's
Investors Service assigned Ba3 ratings to Polypore, Inc.'s new
senior secured bank credit facilities.

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


POLYPORE INC: S&P Rates Proposed US$470 Million Loans at B+
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its bank loan and
recovery ratings to Polypore Inc.'s proposed first-lien
US$100 million revolving credit facility due in 2013 and
US$370 million term loans due in 2014.

The 'B+' rating (one notch above the corporate credit rating)
and a recovery rating of '1' indicate the likelihood of full
recovery of principal (100%) in the event of a payment default.

At the same time, Standard & Poor's affirmed its 'B' corporate
credit rating on the company.  The outlook is stable.

Proceeds from the facilities will be used to refinance existing
bank facilities, and closing of the financing is contingent on
the successful completion of Polypore International Inc.'s IPO.
Polypore International Inc. is the parent company of Polypore
Inc.  Should an IPO be successfully completed, the bank loan
ratings would then be affirmed.  As previously indicated,
Standard & Poor's would then reevaluate Polypore's capital
structure, its financial policies as a public company, and its
growth strategy.  "Subject to the final terms of the
transaction, we expect that the full redemption of the senior
discount notes resulting in the permanent reduction in financial
leverage would result in the revision of the outlook to
positive," said Standard & Poor's credit analyst Gregoire Buet.

                          About Polypore

Headquartered in Charlotte, North Carolina, Polypore Inc. --
http://www.polypore.net/-- develops, manufactures and markets
specialized polymer-based microporous membranes used in
separation and filtration processes.  The company is a wholly
owned subsidiary of Polypore International Inc.

Polypore's business segments includes Daramic --
http://www.daramic.com/-- manufactures and supplies battery
separators for automotive, industrial, and specialty
applications.  Daramic has marketing and sales offices in North
and South America, Europe, Australia, South East Asia and China.


POBURSKI GMBH: Claims Registration Ends June 22
-----------------------------------------------
Creditors of Poburski GmbH have until June 22 to register their
claims with court-appointed insolvency manager Michael W.
Scholz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 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:

         Michael W. Scholz
         Welckerstrasse 8
         20354 Hamburg
         Germany

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

The Debtor can be reached at:

         Poburski GmbH
         Randersweide 69-73
         21035 Hamburg
         Germany


RHEINBODEN AG: Moody's Withdraws Ratings Due to Lack of Info
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings for
Allgemeine Hypothekenbank Rheinboden AG.  The ratings have been
withdrawn because Moody's believes it lacks adequate information
to maintain the ratings.

These ratings for Allgemeine Hypothekenbank Rheinboden AG were
withdrawn:

   -- Bank Financial Strength Rating: E+
   -- Senior Unsecured Debt and Long-term Deposit Ratings: Ba3
   -- Commercial Paper and Short-term Deposit Ratings: NP
   -- Subordinated Debt Rating (lower Tier 2): B1
   -- Subordinated Debt Rating ("Genussscheine"): Ca
   -- Public Sector "Pfandbriefe": A1
   -- Mortgage "Pfandbriefe": A3

The Senior Unsecured Debt and Long-term Deposit Ratings, as well
as the Subordinated Debt Rating (lower Tier 2) carried negative
outlooks.  All other rating outlooks were stable.

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.


RINGEN BLOCKHAUSER: Claims Registration Ends July 4
---------------------------------------------------
Creditors of Ringen Blockhauser GmbH have until July 4 to
register their claims with court-appointed insolvency manager
Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Stade
         Hall 113
         Main Building
         Wilhadikirchhof 1
         21682 Stade
         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:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Germany
         Tel: 040-650390
         Fax: 040-65039199
         E-mail: hamburg@shnf.de

The District Court of Stade opened bankruptcy proceedings
against Ringen Blockhauser GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Ringen Blockhauser GmbH
         Marktstrasse 7
         39539 Havelberg
         Germany


ROLF WAGEMANN: Creditors' Meeting Slated for June 28
----------------------------------------------------
The court-appointed insolvency manager for Rolf Wagemann Druck
und Postversand GmbH, Frank-Michael Rhode, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 9:50 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 9:15 a.m. on Aug. 30 at the same venue.

Creditors have until Aug. 7 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Frank-Michael Rhode
         Graf-Moltke-Str. 62
         28211 Bremen
         Germany
         Tel: 0421/3485212/213
         Fax: 0421/341078
         E-mail: info@rhode.de

The District Court of Bremen opened bankruptcy proceedings
against Rolf Wagemann Druck und Postversand GmbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Rolf Wagemann Druck und Postversand GmbH
         Georg-Wulf-Strasse 15
         28199 Bremen
         Germany


SCHNEIDER CONSULT: Claims Registration Ends July 8
--------------------------------------------------
Creditors of Schneider Consult Ingenieurgesellschaft fuer
Bauwesen, Wasserwirtschaft und Umwelttechnik mbH have until
July 8 to register their claims with court-appointed insolvency
manager Dr. Ralf Bornemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Mayen
         Hall 17
         St. Veit-Strasse 38
         56727 Mayen
         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. Ralf Bornemann
         Godesberger Allee 125-127
         53175 Bonn
         Germany
         Tel: 0228/81000-858
         Fax: 0228/81000-820
         E-mail: rae-bonn@dphg.de

The District Court of Mayen opened bankruptcy proceedings
against Schneider Consult Ingenieurgesellschaft fuer Bauwesen,
Wasserwirtschaft und Umwelttechnik mbH on April 27.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Schneider Consult Ingenieurgesellschaft fr Bauwesen,
         Wasserwirtschaft und Umwelttechnik mbH
         Gevelsbergstr. 1
         56727 Mayen
         Germany

         Attn: Helmut Schneider, Manager
         Ettringer Weg 13
         56727 Mayen
         Germany


SPECTRUM BRANDS: Posts US$237-Million Loss in Second Quarter
------------------------------------------------------------
Spectrum Brands Inc. reported net sales of US$439.7 million and
a net loss of US$237.5 million for the second quarter ended
April 1, 2007.  Spectrum Brands' second quarter net sales and
net income were US$414.7 million and US$500,000 in the
comparable period last year.

The company during the second quarter 2007 recorded pretax
restructuring and related charges of US$16.5 million associated
with the rationalization of the company's Latin American and
European businesses, the ongoing integration of the Global Pet
Supplies business, and company-wide cost reduction initiatives
announced in January; a non-cash pretax impairment charge of
US$214 million related to goodwill carried on the company's
books; US$36.2 million of charges associated with a pre-payment
premium incurred in connection with the refinancing of the
company's senior credit facility and the write-off of deferred
financing fees; professional fees of US$3.9 million incurred in
connection with the Home & Garden business sales process; and a
loss from discontinued operations, net of tax, of US$6.4 million
related to the Home & Garden business, which is being held for
sale.

Gross profit for the quarter was US$164.6 million, versus
US$158.9 million for the same period last year.  The company
generated a second quarter operating loss of US$209.9 million
versus income of US$18.1 million in the same quarter of fiscal
2006.

As of April 1, 2007, the company listed US$118.2 million in
cash, US$256.2 million in trade receivables, and US$348.8
million in net inventory.  It had total debt of US$2.7 billion
as of April 1, 2007.

"This quarter marked the completion of a number of critical
accomplishments," Spectrum Brands Chairperson and Chief
Executive Officer David Jones said.  "First, I am pleased with
the solid revenue growth generated this quarter from all of our
major product lines, particularly the significant improvement in
global battery sales.  In addition, we successfully refinanced
the company's senior debt facility to provide additional
liquidity and flexibility, and made significant progress in our
ongoing cost reduction program, the benefits of which will be
seen in the financial results for the second half of fiscal 2007
and beyond.  We continue to focus on strengthening our capital
structure through future strategic asset sales."

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in China, Australia and New Zealand,
and sales offices in Melbourne, Shanghai, and Singapore.  The
company's European headquarters is located at Sulzbach, Germany.

                         *     *     *

Standard & Poor's Ratings Services affirmed its ratings on
Spectrum Brands Inc., including the 'B-' corporate credit
rating. At the same time, the ratings were removed from
CreditWatch, where they were placed with negative implications
April 6, 2006, following the company's substantially lowered
earnings guidance for the second quarter.  The rating outlook is
negative.

Moody's Investors Service downgraded all ratings of Spectrum
Brands, Inc.  The outlook for the ratings is stable.  The action
concluded the review for downgrade that was initiated on
April 7, 2006.  Ratings downgraded include Corporate family
rating to B3 from B2; US$300 million senior secured revolving
credit facilities to B2 from B1; US$1.2 billion senior secured
term loan facilities to B2 from B1; US$700 million senior
subordinated notes due 2015 to Caa2 from Caa1, and US$350
million senior subordinated notes due 2013 to Caa2 from Caa1.


SPORTFOERDERUNG NORIS: Claims Registration Ends July 15
-------------------------------------------------------
Creditors of Sportfoerderung Noris GmbH have until July 15 to
register their claims with court-appointed insolvency manager
Alexander Pfadenhauer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Nuremberg
         Meeting Hall 126/I
         Flaschenhofstr. 35
         Nuremberg
         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:

         Alexander Pfadenhauer
         Sperberstr. 57
         90461 Nuremberg
         Germany
         Tel: 0911/448171
         Fax: 0911/441332

The District Court of Nuremberg opened bankruptcy proceedings
against Sportfoerderung Noris GmbH on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sportfoerderung Noris GmbH
         Kontumazgarten 9
         90429 Nuremberg
         Germany

         Attn: Andreas Michallek, Manager
         Kirchenweg 8
         90587 Obermichelbach
         Germany


TARGET CONSULT: Claims Registration Period Ends May 23
------------------------------------------------------
Creditors of Target Consult GmbH have until May 23 to register
their claims with court-appointed insolvency manager Henning
Schorisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         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:

         Henning Schorisch
         Wasastrasse 15
         01219 Dresden
         Web site: http://ww.hww-kanzlei.de/

The District Court of Dresden opened bankruptcy proceedings
against Target Consult GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Target Consult GmbH
         Zum Alten Dessauer 13
         01723 Kesselsdorf
         Germany

         Attn: Michael Romeiser, Manager
         Pruefling 44
         60389 Frankfurt
         Germany


TEXPOINT MARTINI: Claims Registration Period Ends June 11
---------------------------------------------------------
Creditors of Texpoint Martini-Sommer GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Dr. Rolf-Dieter Moenning.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 23, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         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. Rolf-Dieter Moenning
         Juelicher Strasse 116
         52070 Aachen
         Germany
         Tel: 0241/94618-0
         Fax: 0241/533562

The District Court of Aachen opened bankruptcy proceedings
against Texpoint Martini-Sommer GmbH on May 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Texpoint Martini-Sommer GmbH
         Adenauerstrasse 10
         52146 Wuerselen
         Germany

         Attn: Hartmut Rottmann, Manager
         Theaterplatz 17
         52062 Aachen
         Germany


TRAUTWEIN & ADOLF: Claims Registration Period Ends June 14
----------------------------------------------------------
Creditors of Trautwein & Adolf Werkzeug- & Formenbau GmbH & Co.
KG have until June 14 to register their claims with court-
appointed insolvency manager Wolfgang Hauser.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 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 Aalen
         Hall 0.11
         Ground Floor
         Stuttgarter Strasse 7,
         73430 Aalen
         Germany

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

The insolvency manager can be reached at:

         Wolfgang Hauser
         Moehringer Landstr. 5
         70563 Stuttgart
         Germany
         Tel: 0711/90134-20
         Fax: 0711/90134-199
         E-mail: STUTTGART@HAUSER-HAWELKA.DE

The District Court of Aalen opened bankruptcy proceedings
against Trautwein & Adolf Werkzeug- & Formenbau GmbH & Co. KG on
May 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Trautwein & Adolf Werkzeug- & Formenbau GmbH & Co. KG
         Gueglingstr. 79
         73529 Schwabisch Gmuend
         Germany

         Attn: Hermann Moll, Manager
         Moerikestr. 2
         71554 Weissach
         Germany


TUCHT GMBH: Claims Registration Period Ends June 18
---------------------------------------------------
Creditors of Tucht GmbH have until June 18 to register their
claims with court-appointed insolvency manager Egon Trockel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Egon Trockel
         Zweigertstrasse 43
         45130 Essen
         Germany

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

The Debtor can be reached at:

         Tucht GmbH
         Attn: Uwe Tucht, Manager
         Eisenbahnstr. 25
         45134 Essen
         Germany


UNIVERSAL PRINTS: Claims Registration Period Ends June 14
---------------------------------------------------------
Creditors of Universal Prints Verlag und Handel GmbH have until
June 14 to register their claims with court-appointed insolvency
manager Sven-Holger Undritz.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Sven-Holger Undritz
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Universal Prints Verlag und Handel GmbH on April 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Universal Prints Verlag und Handel GmbH
         Niendorfer Weg 11
         22453 Hamburg
         Germany

         Attn: Kejwan Valandiz, Manager
         Haynstrasse 28
         20249 Hamburg
         Germany


UNTIEDT BAUGESELLSCHAFT: Claims Registration Period Ends June 28
----------------------------------------------------------------
Creditors of Untiedt Baugesellschaft mbH have until June 28 to
register their claims with court-appointed insolvency manager
Olaf Buechler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Olaf Buechler
         Herrengraben 3
         20459 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Untiedt Baugesellschaft mbH on April 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Untiedt Baugesellschaft mbH
         Boetelkamp 31
         22529 Hamburg
         Germany

         Attn: Stefan Untiedt, Manager
         Fabriciusstrasse 24
         22177 Hamburg
         Germany


W. WUNNENBERG: Creditors' Meeting Slated for June 20
----------------------------------------------------
The court-appointed insolvency manager for W. Wunnenberg
Transporte GmbH, Petra Mork, will present her first report on
the Company's insolvency proceedings at a creditors' meeting at
9:30 a.m. on June 20.

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

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 8:50 a.m. on Aug. 15 at the same venue.

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

The insolvency manager can be reached at:

         Petra Mork
         Arndtstr. 28
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against W. Wunnenberg Transporte GmbH on April 30.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W. Wunnenberg Transporte GmbH
         Schoenaustr. 84
         44227 Dortmund
         Germany


WASSER- UND TIEFBAU: Claims Registration Period Ends May 25
-----------------------------------------------------------
Creditors of Wasser- und Tiefbau Kamenz GmbH have until May 25
to register their claims with court-appointed insolvency manager
Albert Wolff.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Albert Wolff
         Weisseritzstrasse 3
         01067 Dresden
         Germany
         Web: http://www.WORAKO.de/

The District Court of Dresden opened bankruptcy proceedings
against Wasser- und Tiefbau Kamenz GmbH on May 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Wasser- und Tiefbau Kamenz GmbH
         Attn: Harald Roth, Manager
         Neschwitzer Str. 33
         01917 Kamenz
         Germany


WE - KA GESELLSCHAFT: Creditors Meeting Slated for May 30
---------------------------------------------------------
The court-appointed insolvency manager for We - Ka Gesellschaft
fuer Grundbesitz mbH & Co. Immobilien-KG, Hartwig Albers, will
present his first report on the Company's insolvency proceedings
at a creditors' meeting at 10:15 a.m. on May 30.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Sept. 12 at the same venue.

Creditors have until July 18 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against We - Ka Gesellschaft fuer Grundbesitz mbH &
Co. Immobilien-KG on April 23.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         We - Ka Gesellschaft fuer Grundbesitz mbH & Co.
         Immobilien-KG
         Pohlstr. 20
         10785 Berlin
         Germany


WEST FINANZDIENSTLEISTUNGS: Claims Registration Ends June 11
------------------------------------------------------------
Creditors of WeSt Finanzdienstleistungs- und Immobilien GmbH
have until June 11 to register their claims with court-appointed
insolvency manager Dr. Klaus Reischl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Passau
         Meeting Room 12a
         Schustergasse 4
         Passau
         Germany

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

The insolvency manager can be reached at:

         Dr. Klaus Reischl
         Rathausgasse 5
         94481 Grafenau
         Germany
         Tel: 0851/9890589
         Fax: 0851/9890599


The District Court of Passau opened bankruptcy proceedings
against WeSt Finanzdienstleistungs- und Immobilien GmbH on
May 3.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

  WeSt Finanzdienstleistungs- und Immobilien GmbH
  Dr.-Ernst-Derra-Str. 6
  94036 Passau
  Germany


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


AES CORP: Incomplete 2006 Audit Prompts Form 10-Q Filing Delay
--------------------------------------------------------------
AES Corp. disclosed that its 2007 first quarterly report on
Form 10-Q could not be filed with the U.S. Securities and
Exchange Commission by May 10, 2007, without unreasonable effort
or expense due to the delay in completing its 2006 audit.

The company previously entered into a definitive agreement to
sell its 82.14% interest in La Electricidad de Caracas.  As a
result, the company anticipates presenting EDC in discontinued
operations for both 2006 and 2007 in the company's financial
statements.  At this time, the company has not completed a
reasonable estimate of its results because it has had to
allocate significant time and resources to the restatement of
prior period financial statement that will be filed with the
2006 report on Form 10-K.

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 Asian presence in China, India 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.

                          *     *     *

Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'. Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  Fitch said the rating
outlook for all remaining instruments is stable.

In March, Standard & Poor's Ratings Services raised its
corporate credit rating on diversified energy company The AES
Corp. to 'BB-' from 'B+'.  S&P said the outlook is stable.

Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


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


CREDICO FUNDING: S&P Rates EUR4.9 Million Class E Notes at BB+
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.18 billion asset-backed floating-rate
notes to be issued by Credico Funding 3 S.r.l.  At the same
time, it will issue EUR34.2 million of unrated notes.

This will be the third securitization of bonds issued by Italian
cooperative banks set up by Iccrea Banca S.p.A.

Credico Funding 3 will issue the notes and use the proceeds to
buy an equal amount of bonds issued by 97 cooperative banks
belonging to Iccrea Banca's network.

The cooperative banks have issued bonds specifically devised for
this transaction.  All the bonds have the same characteristics,
with a maturity date set at five years and 10 months from the
issue date.

The structure is very similar to the previous two transactions
(Credico Funding S.r.l. and Credico Funding 2 S.r.l., rated in
March 2002 and July 2004, respectively). The two main
differences are:

   -- the introduction of an interest rate cap swap for the
      entire life of the transaction; and

   -- the inclusion of an additional class of notes rated 'BB+'.

                             Ratings List

                         Credico Funding 3 S.r.l.

          EUR1,222.50 Million Asset-Backed Floating-Rate Notes

                                 Prelim.        Preliminary
                  Class          rating            amount
                  -----          -------       ----------------
                  A1             AAA           EUR1,033,000,000
                  A2             AAA              EUR33,000,000
                  B              AA               EUR23,250,000
                  C              A                EUR48,900,000
                  D              BBB-             EUR45,250,000
                  E              BB+               EUR4,900,000
                  F              NR               EUR34,200,000

                            NR - Not rated.


FIAT SPA: Buys Back One Million Ordinary Shares
-----------------------------------------------
Within the frame of the buy back program announced on April 5,
Fiat S.p.A. purchased 1 million Fiat ordinary shares at the
average price of EUR20.699 including fees on May 10.

From the start of the buy back program on April 24, the total
number of shares purchased by Fiat amounts to 8,426,000 for a
total invested amount of EUR178.3 million.

                  Share Repurchase Program

On April 5, Fiat stockholders authorized the purchase and
disposition of own shares.

The program, aimed at servicing stock options plans and at the
investment of liquidity, refers to a maximum number of own
shares of the three classes of stock which shall not exceed 10%
of the capital stock and a maximum aggregate amount of EUR1.4
billion and will be carried out on the regulated market as:

   -- it will become effective on April 10, 2007, and end on
      Dec. 31, 2007, or once the maximum amount of EUR1.4
      billion or a number of shares equal to 10% of the capital
      stock is reached;

   -- the maximum purchase price will not exceed 10% of the
      reference price reported on the Stock Exchange on the day
      before the purchase is made;

   -- the maximum number of shares purchased daily will not
      exceed 20% of the total daily trading volume for each
      class of shares.

                        About Fiat S.p.A.

Headquartered in Turin, Italy, Fiat S.p.A. --
http://www.fiatgroup.com/-- manufactures and sells automobiles,
commercial vehicles, and agricultural and construction
equipment.  It also manufactures, for use by the company's
automotive sectors and for sale to third parties, other
automotive-related products and systems, principally power
trains (engines and transmissions), components, metallurgical
products and production systems.  Fiat's creditors include Banca
Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del
Lavoro, Capitalia, Sanpaolo IMI, and UniCredito Italiano.

Fiat operates in Argentina, Australia, Austria, Belgium, Brazil,
Bulgaria, China, Czech Republic, Denmark, France, Germany,
Greece, Hungary, India, Ireland, Italy, Japan, Lituania,
Netherlands, Poland, Portugal, Romania, Russia, Singapore,
Spain, among others.

                          *     *     *

As reported in the TCR-Europe on April 10, 2007, Moody's
confirmed its Ba2 Corporate Family Rating for Fiat S.p.A.

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Italian industrial group Fiat S.p.A.
to 'BB' from 'BB-'.  At the same time, Standard & Poor's
affirmed its 'B' short-term rating on Fiat.  S&P said the
outlook is stable.

Fitch Ratings changed Fiat S.p.A.'s Outlook to Positive from
Stable.  Its Issuer Default rating and senior unsecured rating
are affirmed at BB-.  The Short-term rating is affirmed at B.
Around EUR6 billion of debt is affected by this rating action.


IMAX CORP: Bondholder Asks Court to Nullify Consent Solicitation
----------------------------------------------------------------
IMAX Corporation, on May 10, 2007, was served with a lawsuit
filed in New York Supreme Court, New York County, by a
bondholder seeking, among other things, judgment declaring that
the Consent Solicitation entered by the company was invalid and
ineffective and that the Company remains in default under the
Indenture.

On April 26 and May 3, the company received a purported notice
of default under the indenture governing its US$160 million of
9-5/8% Senior Notes due Dec. 1, 2010, from a single activist
bondholder and the bondholder's custodian.

The Notice relates to alleged defaults for the company's failure
to comply with the reporting covenant and the obligation to
provide compliance certificates arising out of such default.

In April 2007, the company sought waivers of any past default or
event of default arising from its failure to comply with the
financial reporting covenant in the Indenture and consents with
respect to an amendment to the Indenture to provide that any
failure of the company to comply with such reporting covenant
during the period March 30-May 31 or, at the option of the
Company, which would require payment of additional consent fees
to certain holders of Senior Notes, June 30, 2007, will not
constitute a default or be the basis of an event of default
under the Indenture.

On April 16, the company received consents from holders of
approximately 60% aggregate principal amount of the Senior Notes
and a supplemental indenture for the Senior Notes effecting the
amendment and waiver was executed.

The bondholder had previously and unsuccessfully attempted to
convince the trustee under the Indenture to place the company in
default under the Indenture in March 2007, and unsuccessfully
attempted to organize opposition to the Consent Solicitation.

The Company believes that it is in compliance with the Indenture
and that the claims are meritless.

                         About IMAX Corp.

Headquartered jointly in New York City and Toronto, Canada,
IMAX Corporation -- http://www.imax.com/-- (NASDAQ:IMAX) is one
of the world's leading entertainment technology companies, with
particular emphasis on film and digital imaging technologies
including 3D, post-production and digital projection.  IMAX is a
fully integrated, out-of-home entertainment enterprise with
activities ranging from the design, leasing, marketing,
maintenance, and operation of IMAX(R) theatre systems to film
development, production, post-production and distribution of
large-format films.  IMAX also designs and manufactures cameras,
projectors and consistently commits significant funding to
ongoing research and development.  IMAX has locations in
Guatemala, India, Italy, among others.

At Sept. 30, 2006, the company's balance sheet showed a
stockholders' deficit of US$32,790,000, compared to a deficit of
US$23,043,000 at Dec. 31, 2005.


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


ALLIANCE LLP: Creditors Must File Claims by June 12
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alliance insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk Ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 701 205 30-32


ALUBOND LLP: Creditors' Claims Due June 12
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Alubond insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

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


EURO-NS LLP: Proof of Claim Deadline Slated for June 12
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Euro-Ns insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Tel: 8 (3172) 21-48-16


FIRM TECH-LINE: Claims Registration Ends June 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of Astana has
declared LLP Firm Tech-Line insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Astana
         Valihanov Str. 71-68
         Astana
         Tel: 8 (3172) 21-48-16


LUCKY LLP: Claims Filing Period Ends June 12
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Lucky insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Dostyk ave. 44-99
         Almaty
         Kazakhstan
         Tel: 8 (3272) 91-43-47
              8 701 205 30-32


MUNAI GAS: Creditors Must File Claims by June 12
------------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Munai Gas Service insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

         LLP Munai Gas Service or call
         Tel: 8 (3292) 50-97-23


PAVLODAR ENERGO: Creditors' Claims Due June 20
----------------------------------------------
LLP Pavlodar Energo Repair Service has declared insolvency.
Creditors have until June 20 to submit written proofs of claim
to:

         LLP Pavlodar Energo Repair Service
         Elgin Str. 100
         Pavlodar
         Kazakhstan


PERS-COMP LLP: Proof of Claim Deadline Slated for June 1
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Pers-Comp insolvent.

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

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


SHOW LTD: Claims Registration Ends June 12
------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Show Ltd insolvent.

Creditors have until June 12 to submit written proofs of claim
to:

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


SUNKAR LLP: Claims Filing Period Ends June 1
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Sunkar insolvent.

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

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


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


PASIFIC RESOURCES: Claims Registration Period Ends June 22
----------------------------------------------------------
The Representation of American Company Pasific Resources
Incorporated has declared insolvency.

Creditors have until June 22 to submit written proofs of claim.

Inquiries can be addressed to (+996 312) 66-00-77.


TAIDE LLC: Creditors Must File Claims by July 4
-----------------------------------------------
LLC Taide has declared insolvency.  Creditors have until July 4
to submit written proofs of claim to:

         LLC Taide
         Sadygaliev Str. 4
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 53-03-14


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


AMSTEL CORPORATE: Moody's Rates EUR150 Mln Class E Notes at Ba2
---------------------------------------------------------------
Moody's Investors Service has assigned six definitive ratings to
the notes to be issued by Amstel Corporate Loan Offering 2007-1
B.V. (ACLO 2007-1):

   -- Aaa to the EUR5,000,000,000 Class A1 Floating Rate Notes
      due 2017

   -- Aaa to the EUR450,000,000 Class A2 Floating Rate Notes due
      2017

   -- Aa2 to the EUR125,000,000 Class B Floating Rate Notes due
      2017

   -- A2 to the EUR100,000,000 Class C Floating Rate Notes due
      2017

   -- Baa2 to the EUR100,000,000 Class D Floating Rate Notes due
      2017

   -- Ba2 to the EUR150,000,000 Class E Floating Rate Notes due
      2017

The Super Senior Credit Default Swap was not rated by Moody's.

The ratings on the notes address the expected loss posed to
investors versus amounts due by the final maturity date in March
2017.

The ratings of the notes are based upon:

   -- the credit quality and diversification of the reference
      portfolio;

   -- the definition of credit events; and

   -- the subordination position of each class of notes and
      their performance in relation to various default scenarios
      and related stress-test analyses.

The issuer is providing protection to ABN Amro Bank N.V. (Aa2,
Prime-1), via credit default swaps, on a EUR10 billion
portfolio. ACLO 2007-1 is hedging the first 62% of losses on the
portfolio. This portfolio is composed of credit facilities to
corporate entities, approximately 50% of which are European. ABN
Amro has the possibility to add and/or remove reference loans
from the portfolio, so long as the portfolio maintains certain
credit characteristics.

The proceeds of the notes were deposited with ABN Amro under
cash deposits which collateralise the vehicles' obligations
firstly under the credit default swaps, and secondly towards the
note holders. Should ABN Amro's long term rating fall below
Aa3/P-1, either the deposits will be moved to a bank with a long
term rating of at least A1, or the deposits will be liquidated
and the issuer will enter into repo agreements over at least Aa3
Euro denominated government bonds with an A1/Prime-1 bank.


AMSTEL SHER 2007-1: Moody's Rates EUR90 Mln Class E Notes at Ba2
----------------------------------------------------------------
Moody's Investors Service has assigned five definitive ratings
to five classes of notes issued by Amstel Securitisation of
Highgrade Exposures 2007-1 B.V.:

   -- Aaa to the EUR445,000,000 Class A Credit-Linked Floating
      Rate Notes due 2017

   -- Aa2 to the EUR75,000,000 Class B Credit-Linked Floating
      Rate Notes due 2017

   -- A2 to the EUR115,000,000 Class C Credit-Linked Floating
      Rate Notes due 2017

   -- Baa2 to the EUR75,000,000 Class D Credit-Linked Floating
      Rate Notes due 2017

   -- Ba2 to the EUR90,000,000 Class E Credit-Linked Floating
      Rate Notes due 2017

Amstel SHER 2007-1 also issued Euro 200,000,000 Class F Credit-
Linked Floating Rate Notes due 2017. These were not rated.

The ratings on the notes address the expected loss posed to
investors versus amounts due by the final maturity date in April
2017.

The definitive ratings of the notes are based upon:

   -- the credit quality and diversification of the initial
      reference portfolio and the conditions to replenishment;

   -- the definition of credit events;

   -- the subordination position of each class of notes and
      their performance in relation to various default scenarios
      and related stress-test analyses.

The issuer is providing protection to ABN Amro Bank N.V. (Aa2,
Prime-1), via credit default swaps, on a EUR10 billion
portfolio. AMSTEL SHER 2007-1 is hedging the first 10% of losses
on the portfolio. This portfolio is composed of credit
facilities to corporate entities, approximately 55% of which are
European. ABN Amro has the possibility to add and/or remove
reference loans from the portfolio, so long as the portfolio
maintains certain credit characteristics.

The proceeds of the notes are to be deposited with ABN Amro
under cash deposits which will collateralize the vehicles'
obligations firstly under the credit default swaps, and secondly
towards the note holders. A downgrade trigger mitigates the
credit risk of ABN Amro as deposit taker.


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


KRONOS INT'L: S&P Holds B Rating on EUR400 Million Senior Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Valhi Inc. one notch to 'B+', and removed the rating
from CreditWatch where it had been placed with negative
implications on Feb. 23, 2006.  The outlook is stable.

At the same time, Standard & Poor's affirmed its rating on
Kronos International Inc.'s existing EUR400 million senior
secured notes issue due 2013 and assigned a recovery rating.
Kronos International is a majority owned subsidiary of Valhi.

The notes rating was removed from CreditWatch and affirmed at
'B' (one notch lower than the corporate credit rating) and a '3'
recovery rating was assigned, following the assessment of
recovery prospects that support the expectation for meaningful
recovery of principal (50%-80%) in the event of default.

"The downgrade of the corporate credit rating reflects ongoing
concerns related to the pending lead pigment litigation in Rhode
Island," said Standard & Poor's credit analyst David Bird.

During February 2007, a Superior Court judge rejected all post-
trial motions by Sherwin-Williams Co., Millennium Holdings, and
NL Industries (a majority owned subsidiary of Valhi) in the
Rhode Island lawsuit.  The judge's ruling follows the February
2006 jury verdict in Rhode Island finding the companies liable
for creating a public nuisance by making lead-based paints
decades ago.

S&P's assessment of Valhi's credit quality takes into
consideration the additional potential liability resulting from
the lead-pigment litigation, the resulting constraints it
imposes on cash flows and the company's ability to address
future investment opportunities, and the likelihood that a
substantial liability will weaken the financial profile beyond
expectations at the previous ratings.

The ratings on Valhi reflect the company's limited business
diversity, exposure to cyclical commodity product cycles, and a
highly leveraged financial profile. These factors are offset by
several considerations, including the company's well-established
position among the leading global titanium dioxide producers.

Valhi Inc. (NYSE: VHI) -- http://www.valhi.net/-- is engaged in
the titanium dioxide pigments, component products (security
products, furniture components and performance marine
components) and waste management industries.  The company's
subsidiaries include NL Industries Inc., Kronos Worldwide Inc.,
CompX International Inc., Tremont LLC and Waste Control
Specialists LLC.

Kronos Worldwide -- http://www.kronostio2.com/-- has locations
in Louisiana, Canada, Norway, Germany and Belgium.


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


GENERAL DIRECTORATE: Insolvency Warning Cues State Rescue
---------------------------------------------------------
The Polish Finance Ministry granted PLN780 million to the
General Directorate for National Roads and Motorways (GDDKiA)
after it warned of insolvency, Polish News Bulletin reports.

Finance Minister Zyta Gilowska, Transport Minister Jerzy
Polaczek and Deputy Regional Development Tomasz Nowakowski
settled the emergency payout for the institution, Polish News
relates.

According to the report, the money will come from the
integration reserve administered by the Regional Development
Ministry.

Polish News said GDDKiA posted current liabilities at PLN120
million.  For the year 2007, the institution should receive PLN3
billion for road maintenance, PLN3.5 billion for the National
Road Fund and PLN2-3 billion from the integration reserve.

Zbigniew Kotlarek, GDDKia's head, told Polish News that payments
were delayed due to complicated procedures.  The Transport and
Regional Development Ministries in Poland is yet to approve the
motions for payout from GDDKia.

Headquartered in Warsaw, Poland, General Directorate for
National Roads and Motorways (GDDKiA) --
http://www.gddkia.gov.pl/-- is a national Public Authority in
the field of construction, maintenance and managing the national
roads network in Poland.


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


AGRO-KHIM-SERVICE: Creditors Must File Claims by May 21
-------------------------------------------------------
Creditors of LLC Agro-Khim-Service have until May 21 to submit
proofs of claim to:

         I. Gorn
         Insolvency Manager
         Post User Box 183
         127018 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-20357/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agro-Khim-Service
         Volochanovskoye Shosse 12
         Shakhovskaya
         Moscow
         Russia


DIMITROVOGRAD-GRAIN-PRODUCT: A. Chirkovskiy to Manage Assets
------------------------------------------------------------
The Arbitration Court of Ulyanovsk appointed A. Chirkovskiy as
Insolvency Manager for OJSC Dimitrovograd-Grain-Product.  He can
be reached at:

         A. Chirkovskiy
         Post User Box 963
         Dimitrovograd-13
         433513 Ulyanovsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A72-5379/04-17/19B.

The Debtor can be reached at:

         OJSC Dimitrovograd-Grain-Product
         Kuybysheva Str. 235
         Dimitrovograd
         433508 Ulyanovsk
         Russia


ILAN-L CJSC: Creditors Must File Claims by May 21
-------------------------------------------------
Creditors of CJSC Ilan-L (TIN 7701158366) have until May 21 to
submit proofs of claim to:

         I. Nikitina
         Temporary Insolvency Manager
         B. Tishinskiy per. 38
         123557 Moscow
         Russia

The Arbitration Court of Moscow will convene at 2:30 p.m. on
Sept. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A40-9774/07-73-33B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Ilan-L
         Building 5
         Vorontsovskaya Str. 8
         109004 Moscow
         Russia


KASTORSKIY AGRO-SERVICE: Creditors Must File Claims by May 21
-------------------------------------------------------------
Creditors of CJSC Kastorskiy Agro-Service have until May 21 to
submit proofs of claim to:

         P. Pozdnyakov
         Temporary Insolvency Manager
         Post User Box 16
         394038 Voronezh
         Russia

The Arbitration Court of Kursk will convene at 11:00 a.m. on
July 13 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A35-8112/06 g.

The Court is located at:

         The Arbitration Court of Kursk
         K. Marksa Str. 25
         305004 Kursk
         Russia

The Debtor can be reached at:

         CJSC Kastorskiy Agro-Service
         Kastornoye
         Kursk
         Russia


LENIN OJSC: Moscow Court Names S. Krasnov as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed S. Krasnov as
Insolvency Manager for OJSC Agro-Industrial Complex Named After
Lenin.  He can be reached at:

         S. Krasnov
         Keramicheskiy Proezd 71-1-463
         127591 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A41-K2-27651/05.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agro-Industrial Complex Named After Lenin
         Zheleznodorozhnaya Str. 16
         Serebryanye Prudy
         Moscow
         Russia


LUCH OJSC: Creditors Must File Claims by May 21
-----------------------------------------------
Creditors of OJSC Poultry Factory Luch have until May 21 to
submit proofs of claim to:

         Zh. Salina
         Insolvency Manager
         Naberezhnaya Kosmonavtov 8-47
         410031 Saratov
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A72-4793/06-21/46-B.

The Debtor can be reached at:

         OJSC Poultry Factory Luch
         Bezymyannaya Str. 2
         Veshkayma
         433200 Ulyanovsk
         Russia


PROM-NERUD OJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------------
The Arbitration Court of Dagestan commenced bankruptcy
supervision procedure on OJSC Prom-Nerud.  The case is docketed
under Case No. A15-1069/2006g.

The Temporary Insolvency Manager is:

         M. Baymurzaev
         Temporary Insolvency Manager
         Apartment 88
         Gagarina Str. 56
         Makhachkala
         367000 Dagestan
         Russia

The Court is located at:

         The Arbitration Court of Dagestan
         Gamzatova Pr. 91
         Makhachkala
         367002 Dagestan
         Russia

The Debtor can be reached at:

         M. Baymurzaev
         Temporary Insolvency Manager
         Apartment 88
         Gagarina Str. 56
         Makhachkala
         367000 Dagestan
         Russia


NORTH-WEST-OIL-PRODUCT: Creditors Must File Claims by May 21
------------------------------------------------------------
Creditors of LLC North-West-Oil-Product have until May 21 to
submit proofs of claim to:

         M. Miroshnichenko
         Insolvency Manager
         Lenina Str. 191
         Blagoveshensk
         Russia

The Arbitration Court of Amur commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A04-1235/07-12/53 B.

The Debtor can be reached at:

         LLC North-West-Oil-Product
         Sv. Innokentiya Str. 1
         Blagoveshensk
         Russia


NOVATEK OAO: Earns RUR3.17 Billion for First Quarter 2007
---------------------------------------------------------
OAO Novatek released its financial results for the first quarter
2007, prepared according to Russian Accounting Standards.

Novatek posted a 2.3% year-on-year decrease in net profit for
the first quarter of 2007 to RUR3.17 billion, RIA Novosti says.

The figure, however, is 50.7% higher than the company's fourth
quarter 2006 net results.  The company attributed the quarterly
rise in net profit to higher prices and increased sales.

                         About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons. The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                          *     *     *

Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating and assigned a Ba2 probability of default rating to OAO
Novatek.

Standard & Poor's rates Novatek's long-term foreign and local
issuer credit at BB- with a stable outlook.


NOVOTROITSKIY REINFORCED: Creditors Must File Claims by June 21
---------------------------------------------------------------
Creditors of LLC Novotroitskiy Reinforced Concrete have until
June 21 to submit proofs of claim to:

         T. Shumskaya
         Insolvency Manager
         9th January Str. 45
         460000 Orenburg
         Russia
         Tel: 773-415

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1345/2007-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Novotroitskiy Reinforced Concrete
         Stroygorodok
         Novotroitsk
         462369 Orenburg
         Russia


PAN CJSC: Murmansk Court Names P. Volkov as Insolvency Manager
--------------------------------------------------------------
The Arbitration Court of Murmansk appointed P. Volkov as
Insolvency Manager for CJSC PAN (TIN 5190300866).  He can be
reached at:

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

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

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC PAN
         Apartment 12
         Burkova Str. 25
         183025 Murmansk
         Russia


PRODTORG OJSC: Court Names A. Karelin as Insolvency Manager
-----------------------------------------------------------
The Arbitration Court of Udmurtiya appointed A. Karelin as
Insolvency Manager for OJSC Prodtorg (TIN 1831020858).  He can
be reached at:

         A. Karelin
         K. Marksa Str. 432-142
         Izhevsk
         426000 Udmurtiya
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A71-72/2005 G21.

The Court is located at:

         The Arbitration Court of Udmurtiya
         Lomonosova Str. 5
         Izhevsk
         426004 Udmurtiya Republic
         Russia

The Debtor can be reached at:

         OJSC Prodtorg
         Kirova Str. 9
         Izhevsk
         Udmurtiya
         Russia


SEVERSTAL OAO: Earns RUR9.34 Billion for First Quarter 2007
-----------------------------------------------------------
OAO Severstal released its financial results for the first
quarter of 2007, prepared according to Russian Accounting
Standards.

Severstal posted a 64.6% year-on-year increase in net profit for
the first quarter of 2007 to RUR9.34 billion, RIA Novosti
reports.

The company added that its net profit declined 19.6% quarter-on-
quarter, mainly due to lower operating profits in January-March
2007 period.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

In a TCR-Europe report on April 24, Fitch Ratings revised the
Outlooks on OAO Severstal's Issuer Default and National Long-
term ratings to Positive from Stable.  In addition, Fitch has
affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As reported in the TCR-Europe on April 16, Moody's Investors
Service's confirmed its Ba3 Corporate Family Rating for
Severstal OAO.  Moody's also assigned a Ba3 Probability-of-
Default rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2009                B1       B1       LGD5     75%

   Sr. Unsec. Regular
   Bond/Debenture
   Due 2014                B1       B1       LGD5     75%


As of Feb. 1, Severstal also carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's.  Outlook is stable.


SOUTH-METAL CENTRE: Court Names V. Goncharov to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Rostov appointed V. Goncharov as
Insolvency Manager for CJSC South-Metal Centre (TIN 6161036136).
He can be reached at:

         V. Goncharov
         Insolvency Manager
         Kholzunva Str. 19-9
         400123 Volgograd
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A53-3641/06-S2-30.

The Court is located at:

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

The Debtor can be reached at:

         CJSC South-Metal Centre
         Koroleva Str. 5 4
         Rostov-na-Donu
         Russia


STREET CAR: Rostov Bankruptcy Hearing Slated for July 3
-------------------------------------------------------
The Arbitration Court of Rostov will convene at 10:00 a.m. on
July 3 to hear the bankruptcy supervision procedure on LLC
Street Car Engineering (TIN 6164216218).  The case is docketed
under Case No. A53-1992/2007-S1-33.

The Court is located at:

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

The Debtor can be reached at:

         LLC Street Car Engineering
         Portovaya Str. 543 218
         Rostov-na-Donu
         Russia


TRANSNEFT OAO: Earns RUR960 Million for First Quarter 2007
----------------------------------------------------------
OAO Transneft released its unconsolidated financial results for
the first quarter of 2007, prepared according to Russian
Accounting Standards.

Transneft posted a 37.7% year-on-year decrease in net profit for
the first quarter of 2007 to RUR959.72 million, RIA Novsoti
reports.

The company, however, markedly improved its net result quarter-
on-quarter from a RUR448.28 million net profit for the fourth
quarter of 2006.  Transneft attributed the loss in the period to
expenses on rerouting a section of East Siberia-Pacific Ocean
(ESPO) oil pipeline project.

According to RIA Novosti, Transneft had expected US$11.5 billion
in expenses for the project, but the amount increased since the
pipeline was rerouted for ecological reasons about 400
kilometers away from Lake Baikal.  ESPO was further divided into
three segments following a series of discussions and a
presidential order.

                         About Transneft

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                          *     *     *

OAO Transneft carries Fitch's 'BB' rating.


TSIVILSKAYA SEED-GROWING: Creditors Must File Claims by June 21
---------------------------------------------------------------
Creditors of OJSC Tsivilskaya Seed-Growing Station (OGRN
1062137014587, TIN 2115903450) have until June 21 to submit
proofs of claim to:

         S. Guryev
         Insolvency Manager
         I. Yakovleva Pr. 43
         Cheboksary
         428003 Chuvashiya
         Russia

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

The Debtor can be reached at:

         OJSC Tsivilskaya Seed-Growing Station
         Chapaeva Str. 7
         Mikhaylovka
         Tsivilskiy
         Chuvashiya
         Russia


URALSKIY FACTORY: Asset Bidding Deadline Slated for May 20
----------------------------------------------------------
LLC Legal Company Alir, the bidding organizer for OJSC Uralskiy
Factory Of Experimental Alloy, will open a public auction for
the company's properties at 11:00 a.m. on May 28 at:

         LLC Legal Company Alir
         Office 302
         Lukinykh Str. 5
         Ekaterinburg
         Russia

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

         OJSC Uralskiy Factory of Experimental Alloy
         Settlement Account 4070281001000049321
         Correspondent Account 30101810100000000854
         BIK 046551854
         KPP 667101001
         OJSC Bank Severnaya Kazna

Bidding documents must be submitted to:

         LLC Legal Company Alir
         Office 302
         Lukinykh Str. 5
         Ekaterinburg
         Russia

The Debtor can be reached at:

         OJSC Uralskiy Factory of Experimental Alloy
         Letter R
         Alpinistov Str. 57
         Ekaterinburg
         Russia


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


ARNOCHEM LLC: Creditors' Liquidation Claims Due May 25
------------------------------------------------------
Creditors of LLC Arnochem have until May 25 to submit their
claims to:

         Glarnischstrasse 53
         8135 Langnau am Albis
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Arnochem
         Langnau am Albis
         Horgen ZH
         Switzerland


CATRO LLC: Creditors' Liquidation Claims Due May 25
---------------------------------------------------
Creditors of LLC Catro have until May 25 to submit their claims
to:

         Unterbach 12
         9043 Trogen AR
         Switzerland

The Debtor can be reached at:

         LLC Catro
         Trogen AR
         Switzerland


COMPUTER CONNECTIONS: Creditors' Liquidation Claims Due May 25
--------------------------------------------------------------
Creditors of JSC Computer Connections have until May 25 to
submit their claims to:

         BDO Visura
         Liquidator
         Aarbergergasse 33
         3001 Bern
         Switzerland

The Debtor can be reached at:

         JSC Computer Connections
         Bern
         Switzerland


ERWETEX JSC: Creditors' Liquidation Claims Due May 25
-----------------------------------------------------
Creditors of JSC Erwetex have until May 25 to submit their
claims to:

         Ruth Durig
         Liquidator
         Juraweg 6
         5707 Seengen
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         JSC Erwetex
         Seengen
         Lenzburg AG
         Switzerland


GEROFA JSC: Creditors' Liquidation Claims Due May 25
----------------------------------------------------
Creditors of JSC Gerofa have until May 25 to submit their claims
to:

         Georges Farnhammer
         Liquidator
         Tanngasse 26
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Gerofa
         Oberentfelden
         Aarau AG
         Switzerland


IFI FINANCE: Creditors' Liquidation Claims Due May 25
-----------------------------------------------------
Creditors of JSC IFI Finance and Investment have until May 25 to
submit their claims to:

         Caspar Allemann
         Liquidator
         Ulmgasse 10
         7204 Untervaz
         Landquart GR
         Switzerland

The Debtor can be reached at:

         JSC IFI Finance and Investment
         7204 Untervaz
         Landquart GR
         Switzerland


PLC EUROPE: Creditors' Liquidation Claims Due May 25
----------------------------------------------------
Creditors of LLC PLC Europe have until May 25 to submit their
claims to:

         Hernandez Angel
         Liquidator
         alte Bruggerstrasse 5b
         5506 Magenwil
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC PLC Europe
         Wohlen
         Bremgarten AG
         Switzerland


SPORTIVO SHOP: Creditors' Liquidation Claims Due May 25
-------------------------------------------------------
Creditors of LLC Sportivo Shop have until May 25 to submit their
claims to:

         Patricia Funk
         Liquidator
         Ackersteinstrasse 87
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Sportivo Shop
         Villmergen
         Bremgarten AG
         Switzerland


WEST CORP: March 31 Balance Sheet Upside-Down by US$2.1 Billion
---------------------------------------------------------------
West Corp. filed with the U.S. Securities and Exchange
Commission its quarterly report on Form 10-Q for the period
ended March 31, 2007.  The company's March 31, 2007, balance
sheet showed US$2.7 billion in total assets and US$3.9 billion
in total liabilities resulting in a stockholders' deficit of
US$2.1 billion.

The balance sheet however also showed that the company is liquid
with US$692 million in total current assets available to pay
US$535 million of debts due within the next 12 months.

For the quarter ended March 31, 2007, the company reported net
income of US$9 million down from US$41 million for the same
period in 2006.  Revenues however went up with US$508.6 million
in the period ended March 31, 2007, compared to US$424.7 million
for the period ended March 31, 2006.

                        About West Corp.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com/--  
provides outsourced communication solutions to many of the
world's largest companies, organizations and government
agencies.  West helps its clients communicate effectively,
maximize the value of their customer relationships and drive
greater profitability from every interaction.  The company's
integrated suite of customized solutions includes customer
acquisition, customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.

The company also has operations in Australia, Canada, China,
Hong Kong, India, Philippines, Singapore, Switzerland and the
United Kingdom.


WEST CORP: S&P Holds B+ Rating on US$135 Million Loan Add-On
------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' loan and
'2' recovery ratings on the senior secured first-lien bank
facility of business process outsourcer Omaha, Nebraska-based
West Corp. (B+/Stable/--), following the announcement that the
company will add US$135 million to its first-lien term loan.

The bank loan rating is at the same level as the corporate
credit rating.  The '2' recovery rating indicates the
expectation for substantial (80%-100%) recovery of principal in
the event of a payment default.  Pro forma for the proposed add-
on term loan, the facility will consist of a US$250 million
revolving credit facility due 2012 and a US$2.4 billion term
loan B due 2013.

The company will use proceeds from the proposed add-on term loan
to finance the acquisition of Omnium Worldwide Inc.  Omnium is a
provider of revenue cycle management services to the insurance,
financial services, communications, and health care industries.

                           About West Corp.

Based in Omaha, Nebraska, West Corp. -- http://www.west.com/--  
provides outsourced communication solutions to many of the
world's largest companies, organizations and government
agencies.  West helps its clients communicate effectively,
maximize the value of their customer relationships and drive
greater profitability from every interaction.  The company's
integrated suite of customized solutions includes customer
acquisition, customer care, automated voice services, emergency
communications, conferencing and accounts receivable management
services.

The company also has operations in Australia, Canada, China,
Hong Kong, India, Philippines, Singapore, Switzerland and the
United Kingdom.


WINTERHALTER LLC: Creditors' Liquidation Claims Due May 25
----------------------------------------------------------
Creditors of LLC Winterhalter have until May 25 to submit their
claims to:

         Jeannine Scharli
         Liquidator
         St. Jakob-Strasse 3
         4002 Basel BS
         Switzerland

The Debtor can be reached at:

         LLC Winterhalter
         Basel BS
         Switzerland


WISRO SWISS: Creditors' Liquidation Claims Due May 25
-----------------------------------------------------
Creditors of LLC Wisro Swiss have until May 25 to submit their
claims to:

         JSC Allied Finance Trust
         Liquidator
         Bahnhofstrasse 14
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Wisro Swiss
         Schwyz
         Switzerland


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


BUILDING INFORM: Creditors Must File Claims by May 19
-----------------------------------------------------
Creditors of LLC Building Inform (code EDRPOU 14020414) have
until May 19 to submit written proofs of claim to:

         Andrew Savochka
         Liquidator
         Sumy and Kiev Divisions Str. 20
         40024 Sumy Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/206-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Building Inform
         Skriabin Str. 7
         40022 Sumy
         Ukraine


CHEMICAL CURRENTS: Creditors Must File Claims by May 19
-------------------------------------------------------
Creditors of LLC Chemical Currents Source (code EDRPOU 30770478)
have until May 19 to submit written proofs of claim to:

         Andrew Savochka
         Liquidator
         Sumy and Kiev Divisions Str. 20
         40024 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7/204-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Chemical Currents Source
         Gromadiansky Str. 8
         40010 Sumy
         Ukraine


INTEGRATION LLC: Creditors Must File Claims by May 20
-----------------------------------------------------
Creditors of LLC Trade House Integration (code EDRPOU 31240005)
have until May 20 to submit written proofs of claim to:

         Oleg Nechaenko
         Liquidator
         Kakhovskaya Str. 60
         02002 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/467.

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 Trade House Integration
         Vasilkovskaya Str. 28
         03022 Kiev
         Ukraine


KIROVSK PLANT: Claims Filing Bar Date Set May 20
------------------------------------------------
Creditors of OJSC Kirovsk Plant on Production of Articles from
Metal Powder (code EDRPOU 00223705) have until May 20 to submit
written proofs of claim to:

         Liubov Podkolzina
         Temporary Insolvency Manager
         October Str. 312
         93108 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
22/71b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Kirovsk Plant on Production of
         Articles from Metal Powder
         Stepovaya Str. 1
         Kirovsk
         93800 Lugansk
         Ukraine


LAVORO LLC: Creditors Must File Claims by May 20
------------------------------------------------
Creditors of LLC Lavoro (code EDRPOU 30471408) have until May 20
to submit written proofs of claim to:

         S. Diachenko
         Liquidator
         P.O. Box 149
         03055 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/169-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 Lavoro
         Shovkunenko Str. 4
         03057 Kiev
         Ukraine


ON LOGISTICAL: Creditors Must File Claims by May 20
---------------------------------------------------
Creditors of OJSC On Logistical and Service Ensuring Oratoval
Agricultural Technical Service have until May 20 to submit
written proofs of claim to:

         V. Liaskovskaya
         Liquidator
         Oratov, Pirogov Str. 4
         22600 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/9-07.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         OJSC On Logistical and Service Ensuring Oratoval
         Agricultural Technical Service
         Mir Str. 38
         Oratov
         22650 Vinnica
         Ukraine


SNIEZHYNKA LLC: Creditors Must File Claims by May 20
----------------------------------------------------
Creditors of LLC Sniezhynka (code EDRPOU 20202898) have until
May 20 to submit written proofs of claim to:

         Vadim Koloshyn
         Liquidator 49006
         Rabochaya Str. 152/47
         Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B 29/114/06.

The Court is located at:

         The Economic Court of Dnipropetrovsk
         Kujbishev Str. 1a
         49600 Dnipropetrovsk
         Ukraine

The Debtor can be reached at:

         LLC Sniezhynka
         Inzhenernaya Str. 2a
         Dnipropetrovsk
         Ukraine


SOURCE LLC: Creditors Must File Claims by May 20
------------------------------------------------
Creditors of Agricultural LLC Source (code EDRPOU 00707389) have
until May 20 to submit written proofs of claim to:

         Svetlana Kovina
         Liquidator
         Olkhovsky Block 14
         91015 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/78b.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Source
         Bocharov Str. 159-b
         Lugutinsk District
         Orekhovka
         92000 Lugansk
         Ukraine


TOPAZ LLC: Claims Filing Bar Date Set May 20
--------------------------------------------
Creditors of Agricultural LLC Topaz (code EDRPOU 20102547) have
until May 20 to submit written proofs of claim to:

         Michael Mischishyn
         Temporary Insolvency Manager
         Kozitsky Str. 36
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/360-06.

The Court is located at:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Topaz
         Sugaki
         Mogilev-Podolsky
         24031 Vinnica
         Ukraine


UKRAINIAN ABROAD: Creditors Must File Claims by May 20
------------------------------------------------------
Creditors of LLC Ukrainian Abroad Work (code EDRPOU 33217418)
have until May 20 to submit written proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 21/48-07-2100.

The Debtor can be reached at:

         LLC Ukrainian Abroad Work
         Yuzhnaya Str. 26
         65091 Odessa
         Ukraine


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


ARMOR HOLDINGS: Credit Suisse Downgrades Shares to Neutral
----------------------------------------------------------
Newratings.com reports that Credit Suisse analyst R. Spingarn
has downgraded Armor Holdings' shares from "outperform" to
"neutral."

According to Newratings.com, the target price was increased to
US$88 from US$77.

Mr. Spingarn said in a research note on May 10 that Armor
Holdings received an US$88 per share acquisition bid from BAE
Systems.

Acquisition is an attractive strategic opportunity for BAE
Systems, since Armor Holdings may win a position on the Army's
approaching Joint Light Tactical Vehicle program, which it is
pursuing in partnership with Lockheed Martin, Mr. Spingarn told
Newratings.com.

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

                          *     *     *

The Troubled Company Reporter - Europe reported on May 9, that
Standard & Poor's Ratings Services placed its ratings, including
the 'BB' corporate credit rating, on Jacksonville, Fla.-based
Armor Holdings Inc. on CreditWatch with positive implications.

A Troubled Company Reporter report on May 10 disclosed that
Moody's Investors Service placed its ratings of Armor Holdings
Inc. (Corporate Family Rating of Ba3) on review for possible
upgrade.  The review was prompted by the announcement that it
has entered into a definitive merger agreement to be acquired by
BAE Systems Inc., a wholly owned subsidiary of BAE Systems plc
(long term rating Baa2, short term rating, Prime-2) for total
consideration of US$4.5 billion.


CONSTELLATION BRANDS: Completes US$700 Million Sr. Note Offering
----------------------------------------------------------------
Constellation Brands Inc. has completed the sale of US$700
million aggregate principal amount of 7.25% Senior Notes due
2017 at par in a private placement transaction.

The notes are senior obligations that rank equally with all of
the company's other senior unsecured indebtedness.  The notes
are and will be fully and unconditionally guaranteed by the
subsidiaries that are guarantors under Constellation Brands'
senior credit facility. Constellation Brands is using the
approximately US$694 million in net proceeds (after deducting
estimated selling and offering expenses) from the sale of the
notes to reduce a corresponding amount of borrowings under the
revolving portion of its senior credit facility.

                    About Constellation Brands

Constellation Brands Inc. (NYSE: STZ, ASX: CBR) --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  The
company has operations in Australia, Chile, Canada, Japan, New
Zealand and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 10,
2007, Moody's assigned a Ba3 rating to Constellation Brand's
US$700-million senior unsecured note issuance which will be used
to reduce outstanding borrowings under the US$900 million
revolving portion of the company's senior credit facility.  All
other ratings of the company are affirmed and the rating outlook
remains stable.

Rating assigned:

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

In a TCR-Europe report on May 11, 2007, Standard & Poor's
Ratings Services assigned its 'BB-' senior unsecured debt rating
to Constellation Brands Inc.'s proposed US$700 million note
offering due 2017, issued under Rule 144A with registration
rights.  Net proceeds will be used to reduce outstanding
borrowings under the company's senior secured revolving credit
facility.

In addition, Fitch Ratings has assigned a 'BB-' rating to
Constellation Brands Inc.'s proposed US$700 million 10-year
senior note offering.  Proceeds are to be used to repay
revolving bank debt.  Fitch said the Rating Outlook is Negative.


CONSTELLATION BRANDS: Names Robert P. Ryder as Exec. VP & CFO
-------------------------------------------------------------
Constellation Brands Inc. has appointed Robert P. Ryder
executive vice president and chief financial officer, replacing
Tom Summer, who has held that position for 10 years.

In October 2006, Mr. Summer announced he would be retiring from
the company.  Mr. Ryder's appointment, and Mr. Summer's
retirement, will be effective May 15, 2007.

"Bob has an excellent track record of creating shareholder value
throughout his career.  His demonstrated leadership abilities,
his broad financial background and his history of operating in
the global consumer products industry make him a terrific
addition as a key member of our executive management team,"
stated Richard Sands, Constellation Brands chairman and chief
executive officer.  "Tom has been a valued member of the
Constellation Brands management team and corporate family over
the past decade, whose contributions during this rapid growth
period of the company's history cannot be measured.  He will be
missed, and we wish him well in all of his future endeavors."

Mr. Ryder was most recently the chief administrative officer at
IMG, a major sports marketing and media company in Cleveland,
Ohio.  Prior to IMG, he was senior vice president and chief
financial officer at American Greetings, also in Cleveland.  He
previously spent 13 years in positions of increasing
responsibility with PepsiCo Inc.  His most recent positions with
PepsiCo were at its Frito-Lay division as vice president of
finance and controller at its Plano, Texas headquarters and,
preceding that, as vice president and chief financial officer
for Frito-Lay International's European developing markets group
headquartered in London.

A native of Scranton, Pa., in 1982 Mr. Ryder graduated from the
University of Scranton with a Bachelor of Science degree in
accounting.  He began his career with seven years at Price
Waterhouse in New York City, and he is a certified public
accountant.

                    About Constellation Brands

Constellation Brands Inc. (NYSE: STZ, ASX: CBR) --
http://www.cbrands.com/-- is an international producer and
marketer of beverage alcohol brands with a broad portfolio
across the wine, spirits and imported beer categories.  The
company has operations in Australia, Chile, Canada, Japan, New
Zealand and the United Kingdom.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 10,
2007, Moody's assigned a Ba3 rating to Constellation Brand's
US$700-million senior unsecured note issuance which will be used
to reduce outstanding borrowings under the US$900 million
revolving portion of the company's senior credit facility.  All
other ratings of the company are affirmed and the rating outlook
remains stable.

Rating assigned:

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

In a TCR-Europe report on May 11, 2007, Standard & Poor's
Ratings Services assigned its 'BB-' senior unsecured debt rating
to Constellation Brands Inc.'s proposed US$700 million note
offering due 2017, issued under Rule 144A with registration
rights.  Net proceeds will be used to reduce outstanding
borrowings under the company's senior secured revolving credit
facility.

In addition, Fitch Ratings has assigned a 'BB-' rating to
Constellation Brands Inc.'s proposed US$700 million 10-year
senior note offering.  Proceeds are to be used to repay
revolving bank debt.  Fitch said the Rating Outlook is Negative.


EPICOR SOFTWARE: Completes Offering with US$230MM Notes Issued
--------------------------------------------------------------
Epicor Software Corporation disclosed that the underwriters of
its offering of US$200 million in aggregate principal amount of
2.38% convertible senior notes due in 2027 have exercised in
full their overallotment option to purchase US$30 million of
additional notes, bringing the total amount of the notes issued
to US$230 million.  The issuance of the additional notes closed
May 8.

The notes will pay interest semiannually at a rate of 2.38% per
annum until May 15, 2027.  The notes will be convertible, under
certain circumstances, into cash or, at the company's option,
cash and shares of the company's common stock, at an initial
conversion rate of 55.26 shares of common stock per US$1,000
principal amount of notes, which is equivalent to an initial
conversion price of approximately US$18.10 per share.  The
initial conversion price represents a 30% premium over the last
reported sale price of the company's common stock on May 2,
which was US$13.92 per share.

Epicor estimates that the net proceeds from this offering will
be approximately US$222.3 million after deducting discounts,
commissions and estimated expenses associated with the offering.
Epicor expects the offering to be accretive to its fiscal 2007
earnings per diluted share.

On May 8, Epicor used approximately US$94 million of the net
proceeds to repay in full the company's term loan outstanding
under its credit facility.

The balance of the net proceeds will be used for:

   a) working capital;

   b) capital expenditures;

   c) other general corporate purposes, which may include
      funding acquisitions of businesses, technologies or
      product lines, although, Epicor currently has no
      commitments or agreements for any such specific
      acquisition; and

   d) the repurchase of outstanding shares of its common stock,
      through the remaining net proceeds.

                 About Epicor Software Corporation

Headquartered in Irvine, California, Epicor Software Corporation
-- http://www.epicor.com/www/-- is a provider of enterprise
resource planning, customer relationship management, and supply
chain management software and solutions to mid-market companies
worldwide.  Epicor Software has worldwide locations in China,
Australia, Canada, Germany, Hong Kong, Indonesia, Italy, Japan,
Korea, Malaysia, Mexico, Singapore, Taiwan, and the United
Kingdom, among others.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 23, 2007, Standard & Poor's Rating Services raised its
corporate credit rating on Irvine, California-based Epicor
Software Corp., to 'BB-' from 'B+'.  S&P said the outlook is
stable.  The action reflects successful integration of the CRS
Retail acquisition, continued cash flow generation, and
substantially reduced leverage to about 1.8x in 2006, from 2.9x
in 2005.


FAIRFAX FINANCIAL: S&P Rates Proposed US$464 Million Notes at BB
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior debt
rating to Fairfax Financial Holdings Ltd.'s (BB/Negative/--)
proposed US$464.2 million, 7.75% senior notes due in 2022.

At the same time, Standard & Poor's assigned its preliminary
'BB' senior unsecured debt, 'B+' subordinated debt, and 'B'
preferred stock ratings to FFH's US$750 million universal shelf,
from which this issue is a drawdown.

The new debt issuance is expected to be exchanged for the
existing senior notes outstanding of US$464.2 million due in
2012, and therefore leverage figures are expected to be stable
with zero incremental debt.  The interest rate on the existing
notes is 7.75%

"The ratings on FFH and its related core entities reflect the
negative views of qualitative areas of governance, risk
controls, and enterprise risk management, which contribute to
the negative outlook," noted Standard & Poor's credit analyst
Damien Magarelli.  "In contrast to these negative factors are
the company's good competitive position, improving earnings,
good and improving capitalization, and strong liquidity."
Reserves, recoverables, and financial leverage have all improved
in the past few years and are not viewed as significant
negatives to the rating.

                     About Fairfax Financial

Based in Toronto, Ontario, Fairfax Financial Holdings Ltd.
(TSX: FFH;NYSE: FFH) -- http://www.fairfax.ca/-- is a financial
services holding company which, through its subsidiaries, is
engaged in property and casualty insurance and reinsurance,
investment management and insurance claims management.

The company's U.S. subsidiary, Crum & Forster --
http://www.cfins.com/-- is based in Morristown, New Jersey.
Crum & Forster is a commercial property and casualty insurance
company that writes a broad range of commercial coverages.  Its
subsidiary Seneca Insurance provides property and casualty
insurance to small businesses and certain specialty coverages.
The company also has subsidiaries in Hong Kong through Falcon
Insurance and Singapore through First Capital.

Cunningham Lindsey Group Inc. --
http://www.cunninghamlindseygroup.com/-- of which Fairfax has
an 81% interest in provides a wide range of independent
insurance claims services, including claims adjusting, appraisal
and claims and risk management services, through a worldwide
network of branches in Canada, the United States, the United
Kingdom, continental Europe, the Far East, Latin America and the
Middle East.


HANOVER COMPRESSOR: Calls to Redeem US$8 Mln Convertible Notes
--------------------------------------------------------------
Hanover Compressor Company called for redemption on May 30 of
US$8,121,050 aggregate principal amount of the Convertible
Junior Subordinated Debentures Due 2029, which represents the
remaining outstanding principal amount.

All of the debentures are owned by Hanover Compressor Capital
Trust and the Trust is required to use the proceeds received
from such redemption to redeem:

   -- US$7,873,500 aggregate liquidation amount of its 7-1/4%
      Convertible Preferred Securities (CUSIP NO. 41076M3 02);
      and

   -- US$247,550 aggregate liquidation amount of its 7-1/4%
      Convertible Common Securities.

Hanover Compressor owns all of the Common Securities of the
Trust.

Prior to 5:00 p.m., Eastern Time, on May 29, 2007, holders may
convert their Preferred Securities called for redemption on the
basis of one Preferred Security per US$50 principal amount of
Debentures which will then be immediately converted into shares
of Hanover Compressor common stock at a price of US$17.875 per
share, or 2.7972 shares of Hanover Compressor common stock per
US$50 principal amount.  Cash will be paid in lieu of fractional
shares.

Alternatively, holders may have their Preferred Securities that
have been called for redemption, redeemed on May 30, 2007.  Upon
redemption, holders will receive US$50 for each of their
Preferred Securities, plus accrued and unpaid distributions
thereon from March 15, 2006 up to but not including May 30,
2007.  Any of the Preferred Securities called for redemption and
not converted on or before 5:00 p.m., Eastern Time, on May 29,
2007, will be automatically redeemed on May 30, 2007 and no
further distributions will accrue.

Holders of the Preferred Securities should complete the
appropriate instruction form for redemption or conversion, as
applicable, pursuant to The Depository Trust Company's book-
entry system and follow such other directions as instructed by
The Depository Trust Company.

                    About Hanover Compressor

Headquartered in Houston, Texas, Hanover Compressor Company --
http://www.hanover-co.com-- rents and repairs compressors and
performs natural gas compression services for oil and gas
companies.  It has a fleet of more than 6,520 mobile compressors
ranging from 8 to 4,735 horsepower.  The company's subsidiaries
also provide service, fabrication, and equipment for oil and
natural gas processing and transportation applications.  Hanover
Compressor is disposing of its non-oilfield power generation
facilities and used equipment businesses to focus on core
operations.  In 2006 the company sold the US amine treating
rental assets of Hanover Compression Limited Partnership to oil
and gas firm Crosstex Energy for about US$52 million.

The company has locations in Argentina, Bolivia, China,
Indonesia, Japan, Korea, Peru, Taiwan, Trinidad, the United
Kingdom, Venezuela and Vietnam, among others.

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the oilfield service and refining and marketing
sectors, the rating agency confirmed its B1 Corporate Family
Rating for Hanover Compressor Company.

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

Issuer: Hanover Compressor Company

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   4.75% Sr. Unsec.
   Conv Notes Due 2008    B3       B3      LGD5       89%

   8.625% Sr. Unsec.
   Gtd. Notes Due 2010    B3       B2      LGD4       59%

   4.75% Sr. Unsec.
   Conv Notes Due 2014    B3       B3      LGD5       89%

   9% Sr. Unsec. Gtd.
   Notes Due 2014         B3       B2      LGD4       59%

   7.5% Sr. Unsec. Gtd.
   Notes Due 2013         B3       B2      LGD4       59%

   7.25% Conv.
   Preferred
   Securities Due 2029   Caa1      B3      LGD6       96%

Issuer: Hanover Equipment Trust 2001A

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   2001 A Equipment
   Lease Notes
   Due 2008               B2      Ba3      LGD3       30%

Issuer: Hanover Equipment Trust 2001B

                                                   Projected
                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   2001 B Equipment
   Lease Notes
   Due 2011               B2      Ba3      LGD3       30%


ISOFT GROUP: IBA Extends Suspension of Share Trading on the ASX
---------------------------------------------------------------
IBA Health Limited sought and obtained permission from the
Australian Securities Exchange to extend the current voluntary
suspension in trading of its shares for a further trading day.
The voluntary suspension is now expected to end with the
commencement of trading today, May 16, 2007.

The purpose of this extension is to enable IBA Health to
conclude negotiations with iSOFT Group plc in relation to its
potential offer for that company.  A further announcement will
be made to the market prior to the commencement of trading on
Wednesday.

As previously reported in the TCR-Europe on May 9, 2007, IBA
earlier sought a halt in trading of its shares on the ASX to
enable to hold meetings with certain institutional investors
with a view to raising new IBA equity capital in order to
facilitate a possible combination of IBA and iSOFT, to be
executed by means of a recommended all-share offer by IBA to
acquire.  The iSOFT management team is participating in these
meetings.

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

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

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

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

    * full run-rate annual cost synergies from the combination
      of the two companies are expected by IBA to be
      approximately AUD27 million (GBP11 million)in IBA's
      financial year ended June 30, 2009

There can be no certainty that an offer by IBA to acquire iSOFT
will be made.

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

On Feb. 16, IBA confirmed that it was in discussions with iSOFT,
which might or might not lead to an all-share recommended offer
for the Company.

                          About iSOFT

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

                          *     *     *

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

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

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

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

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

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

                      Going Concern Doubt

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


MALIN CLO: Moody's EUR8.7 Million Class E Notes at Ba3
------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
seven classes of notes to be issued by Malin CLO B.V.:

   (1) Aaa to EUR100,000,000 First Priority Senior Secured
       Floating Rate Variable Funding Notes due May 2023,

   (2) Aaa to EUR188,000,000 Class A-1a First Priority Senior
       Secured Floating Rate Notes due 2023,

   (3) Aaa to EUR47,000,000 Class A-1b First Priority Senior
       Secured Floating Rate Notes due 2023,

   (4) Aa2 to EUR32,500,000 Class B Second Priority Deferrable
       Secured Floating Rate Notes due 2023,

   (5) A2 to EUR25,000,000 Class C Third Priority Deferrable
       Secured Fixed Rate Notes due May 2023,

   (6) Baa3 to EUR35,000,000 Class D Fourth Priority Deferrable
       Secured Fixed Rate Notes due 2023, and

   (7) Ba3 to EUR18,750,000 Class E Fifth Priority Deferrable
       Secured Floating Rate Notes due 2023.

Provisional ratings were assigned to this transaction on
April 23, 2007.

The ratings address the expected loss posed to investors by the
legal final maturity date on May 7, 2023.  The ratings take into
account the risk of diminishment of cash flow due to defaults on
the underlying assets, the foreign exchange risks in the
mismatching of collateral assets and notes liabilities, and the
legal documentation.

This transaction is a leveraged loan collateralised loan
obligation related to a EUR500,000,000 portfolio of mostly
European senior and mezzanine loans (with a predominance of
senior secured loans).  The investments may also include high
yield bonds and synthetics, and non-Euro issuers. This portfolio
will be partially acquired at closing and partially during the
nine months ramp-up period in compliance with portfolio
guidelines. Thereafter, the portfolio of loans will be actively
managed and the investment manager will be able to buy or sell
loans on behalf of the Issuer. Any addition or removal of loans
will be subject to a number of portfolio criteria. Babson
Capital Europe Limited will act as investment manager. Babson
currently manages seven other leveraged loan CDOs.

This transaction is arranged by Goldman Sachs International.


NEOMEDIA TECH: March 31 Balance Upside-Down by US$51.9 Million
--------------------------------------------------------------
NeoMedia Technologies Inc. reported a net loss of US$11.5
million on net sales of US$399,000 for the first quarter ended
March 31, 2007, compared with a net loss of US$1.3 million on
net sales of US$199,000 for the same period last year.

General and administrative expenses increased by US$1,093,000,
or 81%, to US$2,440,000.  The increase resulted from higher
accounting, professional, and legal services of US$1,054,000,
higher audit fees and general and administrative expenses of
US$39,000 from Gavitec AG, which was acquired during the first
quarter of 2006.

Results for the first quarter ended March 31, 2007, included a
loss on derivative financial instruments of US$3,508,000,
associated with the company's Series C preferred stock,
warrants, and convertible debenture, compared with a gain of
US$4,768,000 in the same period in 2006,

Results for the quarter ended March 31, 2006, included a loss on
extinguishment of debt in the amount of US$1,964,000, resulting
from debt retired in connection with the Series C preferred
stock issued and sold to Cornell Capital Partners on Feb. 17,
2007, with no corresponding charge in the same period in 2007.

Interest expense increased US$1,704,000 to US$1,698,000 for the
quarter ended March 31, 2007, from interest income of US$6,000
for the quarter ended March 31, 2006.  The increase resulted
from a charge to expense the costs of obtaining the debenture
financing in March 2007 of US$781,000, US$500,000 of interest
expense and liquidated damages related to the company's
convertible financing arrangements, and US$417,000 of other
interest expense.

Loss from discontinued operations were US$2.6 million in the
2007 quarter, compared to loss from discontinued operations of
US$1.2 million in the 2006 quarter.

At March 31, 2007, the company's balance sheet showed
US$33.7 million in total assets and US$85.6 million in total
liabilities, resulting in a US$51.9 million total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$19.1 million in total current assets
available to pay US$85.6 million in total current liabilities.

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?1efe

                  Default upon Senior Securities

NeoMedia is currently in default of the Investor Registration
Rights Agreement entered into on Feb. 17, 2006, in connection
with the US$22 million Series C Convertible preferred Stock
Sale, the Investor Registration Rights Agreement entered into on
Aug. 24, 2006, in connection with the US$5 million secured
convertible debenture, the Investor Registration Rights
Agreement entered into on Dec. 29, 2006, in connection with the
US$2.5 million secured convertible debenture, and the Investor
Registration Rights Agreement entered into on Mar. 27, 2007, in
connection with the US$7.5 million secured convertible
debenture.

                        Going Concern Doubt

As reported in the Troubled Company Reporter on April 13, 2007,
Stonefield Josephson Inc. expressed substantial doubt about
NeoMedia Technologies Inc.'s ability to continue as a going
concern after auditing the company's financial statements for
the years ended Dec. 31, 2006, and 2005.  Stonefield Josephson
pointed to the company's significant operating losses, negative
cash flows from operations and working capital deficit.

                    About NeoMedia Technologies

Headquartered in Fort Myers, Florida, NeoMedia Technologies Inc.
(OTC BB: NEOM) -- http://www.neom.com/-- is a global company
offering leading edge, technologically advanced products and
solutions for companies and consumers, built upon its solid
family of patented products and processes, and management
experience and expertise.  Its NeoMedia Mobile group of
companies offers end-to-end mobile enterprise and mobile
marketing solutions, through its flagship qode(R) direct-to-
mobile-web technology and ground-breaking products and services
from 4 (shortly to be 5) of the U.S.A.'s and Europe's leading
mobile marketing providers.

NeoMedia has offices in China, and the United Kingdom.


SMARTIRE SYSTEMS: States Changes in Board & Leadership Structure
----------------------------------------------------------------
SmarTire Systems Inc. disclosed several changes to its board of
directors and leadership structure.  Former chairman of the
board Robert Rudman and director Johnny Christiansen have
resigned in order to pursue other opportunities.  William
Cronin, a board member since 2001, and previously from 1995 to
1998, has been appointed to serve as Interim Chairman.

Messrs. Rudman and Christiansen have agreed to accept 5,719,601
common shares of the company in lieu of approximately US$113,000
in outstanding director's fees.

"The company wishes Robert and Johnny all the best in their
future endeavors, and appreciate their efforts in getting
SmarTire to this point in its corporate evolution," David
Warkentin, SmarTire's CEO, said.

In other board news, David Warkentin and George O'Leary have
joined the board of directors.  Mr. O'Leary is the ceo of SKS
Consulting, which he formed in 2000 with the mission to help
companies focus on executing their core business strategy.  SKS
Consulting is currently a consultant to SmarTire.  From 1996 to
2000, Mr. O'Leary was ceo and president of Communication
Resources Inc., where annual revenues grew from US$5 million to
US$40 million during his tenure.

"These changes reflect SmarTire's growth process and strategic
focus," Mr. Warkentin said.  "As the company moves into an era
in which the trucking and fleet industry becomes the company's
primary market, it is focused on the company's products, and on
taking SmarTire to a higher performance level with efficient
operations, increased revenues and profits.  The company plans
to focus on fiscal disciplines and demonstrating its
achievements to shareholders through clearer communications and
a more focused strategy."

The company also has promoted Greg Tooke to vice president,
Product and Supply Chain.  A nine-year SmarTire veteran, Tooke
was previously director of Business and Product Development.

As part of its focus on better communications with shareholders,
SmarTire has engaged the services of Walek & Associates, a New
York-based public relations and investor relations agency.

                    About SmarTire Systems Inc.

Based in British Columbia, Canada, SmarTire Systems Inc. (OTC
Bulletin Board: SMTR) -- http://www.smartire.com/-- develops
and markets technically advanced tire pressure monitoring
systems for the transportation and automotive industries that
monitor tire pressure and tire temperature.  Its TPMSs are
designed for improved vehicle safety, performance, reliability
and fuel efficiency.  The company has three wholly owned
subsidiaries: SmarTire Technologies Inc., SmarTire USA Inc. and
SmarTire Europe Ltd.  The company has operations in Australia
and New Zealand.

                         Going Concern

In an addendum to its audit report, KPMG pointed to the
company's uncertainty in meeting its current operating and
capital expense requirements after auditing the company 's
financial statements for the fiscal years ended July 31, 2005,
and 2004.


THORNSHAW LTD: Names Brendan Eric Doyle Liquidator
--------------------------------------------------
Brendan Eric Doyle was appointed liquidator of Thornshaw Ltd. on
May 3 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Thornshaw Ltd.
         Unit 6
         Raven Close
         Bridgend Industrial Estate
         Bridgend
         CF31 3RF
         Wales
         Tel: 01656 669 024
         Fax: 01656 669 068


VIRGIN MEDIA: Shareholders Want to Cut Bill Huff's Board Seats
--------------------------------------------------------------
Virgin Group and Franklin Mutual Advisers LLC, the two biggest
shareholders of Virgin Media Inc. (fka NTL Inc.), are seeking to
cut the number of board seats held by vulture fund manager Bill
Huff, Dominic White and Alistair Osborne write for The
Telegraph.

According to the report, the two shareholders argued that Mr.
Huff gets to keep three board seats although it only has less
than 6% stake in the cable company.  Virgin Group, on the other
hand, which holds 11% of Virgin Media, has only one board seat
while Franklin Mutual, which has a 9.4% stake in the company,
doesn't even have a board representation, The Telegraph relates.

The issue is expected to be resolved at Virgin Media's board
meeting in New York today, May 16, 2007.

Franklin Mutual earlier revealed in a filing with the U.S.
Securities and Exchange Commission that it may initiate
discussions with Virgin Media regarding the company's strategic
direction, corporate governance and management following poor
financial results for the first quarter of 2007.

Franklin Mutual also disclosed that it might communicate from
time to time with the company's executive management and board
of directors and with other shareholders regarding such matters.

According to Lisa Gordon, a spokeswoman for Virgin Media, the
company is open to a dialogue with its key shareholders, the
Associated Press reports.

As previously reported in the TCR-Europe on May 11, 2007, Virgin
Media posted GBP120.3 million in net losses against GBP1 million
in revenues for the first quarter ended March 31, 2007, compared
with GBP119.9 million in net losses against GBP611.4 million in
revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                       About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.

                          *     *     *

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 Ba3 Corporate Family Rating for Virgin
Media Inc.

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

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

* Issuer: Virgin Media Finance PLC
                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   9.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   8.75% Sr. Unsec.
   Regular Bond/Debenture
   Due 2014                B2       B2       LGD6     93%

   9.125% Sr. Unsec.
   Regular Bond/
   Debenture Due 2016      B2       B2       LGD6     93%

* Issuer: Virgin Media Investment Holdings Ltd.
                                                      Projected
                           Old      New      LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   ----------
   Sr. Unsec. Bank
   Credit Facility
   Due 2013                B1       B2       LGD5     86%

   Sr. Sec. Bank
   Credit Facility
   Due 2011                Ba3      Ba2      LGD3     39%

   Sr. Sec. Bank Credit
   Facility Due 2012       Ba3      Ba2      LGD3     39%

As reported in the TCR-Europe on March 23, Standard & Poor's
Ratings Services affirmed its 'BB-' senior secured debt rating
and '1' recovery rating on Virgin Media Investment Holdings
Ltd.'s GBP4.98 billion senior secured facilities.

The '1' recovery rating reflects the rating agency's
expectations of full recovery of principal in the event of a
payment default.


WARNER MUSIC: Eyes 400 Job Cuts to Realign Workforce
----------------------------------------------------
Warner Music Group Corp. expects to reduce its headcount by
about 400 employees in order to implement changes intended to
better align its work force with the changing nature of the
music industry by the end of fiscal year 2007.

The company expects majority of any cost savings to be offset by
new hirings and ongoing investment focused on new business
initiatives such as the company's ongoing digital and video
business initiatives.

In connection with these reductions, the company expects to
incur a charge ranging from US$55 million to US$65 million for
severance and related benefits.  In addition, the company
expects to incur implementation charges ranging from US$10
million to US$15 million related to consulting fees, costs of
temporary workers and stay bonuses.  All of these restructuring
and implementation costs will be paid in cash.

The changes are part of the company's continued evolution from a
traditional record and songs-based business to a music-based
content company and its ongoing management of its cost
structure.  The changes include a continued redeployment of
resources to focus on new business initiatives to help the
company diversify its revenue streams, including digital
opportunities.  The realignment plan is also designed to improve
the operating effectiveness of the company's current businesses
and to realign its management structure to, among other things,
effectively address the continued development of digital
distribution channels along with the decline of industry-wide CD
sales.

The company intends to enhance its effectiveness, flexibility,
structure and performance by reducing and realigning long-term
costs.  This will primarily consist of the reorganization of
management structures to more adequately and carefully address
regional needs and new business requirements, to reduce
organizational complexity and to improve leadership channels.

The company also intends to continue to shift resources from its
physical sales channels to efforts focused on digital
distribution and emerging technologies and other new revenue
streams.  Part of the plan will also result in the outsourcing
of some back-office functions as a cost-savings measure.

The company also expects to incur substantially all of the costs
associated with the restructuring plan by the end of the current
fiscal year.  Total costs of the restructuring plan are
estimated to range from US$65 million to US$80 million.  About
US$12 million of restructuring costs were incurred in the
company's fiscal second quarter of 2007, consisting primarily of
the elimination of duplicative positions and redirecting of
resources to growth areas of its businesses in Europe.

                     About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--  
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.

                           *     *     *

Standard & Poor's Ratings Services raised its long-term
corporate credit and senior secured ratings on Warner Music
Group Corp. to 'BB-' from 'B+'.  At the same time, Standard &
Poor's raised its senior subordinated debt rating on WMG to 'B'
from 'B-', two notches below the 'BB-' corporate credit rating.
S&P said the outlook is stable.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

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

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


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