TCREUR_Public/070518.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

            Friday, May 18, 2007, Vol. 8, No. 98

                            Headlines


A U S T R I A

HUBER DISKOTHEKEN: Claims Registration Period Ends June 13
MERI LLC: Claims Registration Period Ends June 5
ORI LLC: Claims Registration Period Ends June 7
PRIVATBRAUEREIEN HOLDING: Creditors' Meeting Slated for May 30
SAN TEAM: Claims Registration Period Ends June 18

SKALS INNENAUSBAU: Claims Registration Period Ends June 7
STEROVSKY KG: Claims Registration Period Ends June 6
YES! HANDEL: Claims Registration Period Ends June 6


C Z E C H   R E P U B L I C

TEXLEN TRUTNOV: Eyes 200 Job Cuts by End of July 2007
EASTMAN KODAK: Fitch Lifts Rating on US$1.15-Bil. Term Loan to B


F R A N C E

ACCESSOIRE DIFFUSION: Court Okays Vivarte's Proposed Acquisition
BAUSCH & LOMB: Inks US$4.5 Bln Merger Deal with Warburg Pincus
BAUSCH & LOMB: Moody's Reviews Ratings Over Warburg Merger Deal
BAUSCH & LOMB: Fitch Holds Watch Neg. Despite Warburg Sale Pact

BAUSCH & LOMB: US$4.5 Bln Warburg Deal Cues S&P to Lower Rating
CHEMTURA CORP: Moody's Cuts US$1.05 Billion Notes to Ba2
EUROTUNNEL GROUP: Eyes EUR4 Billion Debt Reduction Under Plan
SMOBY-MAJORETTE: MGA Acquires Breuil's 51% Stake for EUR1


G E R M A N Y

A. BEHRENS-MANNERMODE: Claims Registration Period Ends June 15
A. GEISLER: Creditors' Meeting Slated for June 20
AQUA-MEMBRANTECHNOLOGIE: Claims Registration Period Ends June 29
AUTOCENTER GEORGE: Claims Registration Period Ends June 18
BENQ CORP: Inks Memorandum of Intent to Sell Brazilian Plant

BRAUER SERVICE: Claims Registration Period Ends June 4
DAIMLERCHRYSLER: Chrysler Posts EUR1.49 Bln First Quarter Loss
DIECKMANN GMBH: Claims Registration Period Ends June 5
ERNST PAUL: Hans Rudolf Wohrl Abandons Acquisition Plans
ESBL GMBH: Claims Registration Period Ends July 25

F.W. PLANBAU: Claims Registration Period Ends June 8
FAIR-BAU VERWALTUNGS: Claims Registration Ends June 4
FORUM WOHNUNGSBAUGESELLSCHAFT: Claims Registration Ends June 26
FRESENIUS AG: Moody's Affirms Ba2 Corporate Family Rating
HBG - SCHALTANLAGENBAU: Claims Registration Ends June 7

KARL HOFMANN: Creditors Must Register Claims by June 5
KLICK-BILDERBOX.DE GMBH: Creditors Must File Claims by June 25
KOBES POLUBIEC: Creditors Must Register Claims by June 14
KORNFELD MEDIA: Creditors Must Register Claims by June 11
LEIPZIG-WEST: Ex-Shareholder Faces Fraud Charges in German Court

MYLAN LABORATORIES: Buying Merck's Generics Biz for EUR4.9 Bln
PERI-WERK: High Profitability Cues Moody's to Lift Rating to Ba1
SCHAE VAN: Claims Registration Period Ends June 15
SIEGEL + GLASMEYER: Claims Registration Period Ends June 12
SPASS IN DORMAGEN: Claims Registration Period Ends June 8

UNIQUE-TRANS VERWALTUNGS: Claims Registration Ends June 15
WIMATHERM KLIMATECHNIK: Claims Registration Period Ends July 4


I R E L A N D

BENCHMARK ELECTRONICS: Pemstar Buy Cues S&P to Remove Watch
SHAMROCK CAPITAL: Moody's Puts Low-B Ratings to Two Note Classes


I T A L Y

DANA CORP: Wants to Buy Manufacturing Plants from Non-Debtor Arm
DANA CORP: To Terminate Non-Union Pension Benefits on July 1
PARMALAT SPA: U.S. Court Moves Injunction Hearing to June 21
PARMALAT SPA: Earns EUR111.1 Million for First Quarter 2007


K A Z A K H S T A N

ADILET KURYLYS: Creditors Must File Claims by June 1
AGENCY DEMI: Creditors' Claims Due June 22
ARKA-AGRO LLP: Claims Filing Period Ends June 15
CANARGO ENERGY: Posts US$5.9 Mln Net Loss in Qtr Ended March 31
KAZ BIDAI: Proof of Claim Deadline Slated for June 1

KEMER OJSC: Claims Registration Ends June 22
MAESTRO PLUS: Proof of Claim Deadline Slated for June 1
NAN-ATBASAR LLP: Claims Filing Period Ends June 15
NOVAYA JIZN: Creditors' Claims Due June 1
STRELA-EXPRESS TRANSSERVICE: Claims Registration Ends June 22


K Y R G Y Z S T A N

MULTIPLEKS INC: Creditors Must File Claims by July 4


N E T H E R L A N D S

ARES EURO CLO I: Moody's Rates EUR19.5 Million Notes at Low B
AUDATEX HOLDINGS: Moody's Lifts Rating to B1 After Parent IPO


P O L A N D

INTERBROK INVESTMENTS: Polish Court Rules Bankruptcy
SPCM SA: Moody's Affirms B3 Rating on Sr. Unsecured Notes


P O R T U G A L

NOBLE GROUP: Moody's Affirms Upcoming Bond Issue at Ba1


R U S S I A

AGRO-KHIM: Creditors Must File Claims by May 28
BAZHENOVSKIY OJSC: Creditors Must File Claims by June 28
BUCYRUS INTL: Underwriters Buy Additional 692,000 Class A Stock
DIARY PRODUCT: Creditors Must File Claims by May 28
GOLDEN TELECOM: Net Income Dips 33% to US$12.6 Mln in Q1 2007

KUEDINSKIY BREWERY: Court Starts Bankruptcy Supervision Process
MUROMSKIY ENGINEERING: Court Names A. Selishev to Manage Assets
NIZHNEE LLC: Court Starts Bankruptcy Supervision Procedure
PONOMAREVSKIY BUTTER: Bankruptcy Hearing Slated for June 6
PUSHKARSKAYA OJSC: Creditors Must File Claims by June 28

RAZDOLYE CJSC: Creditors Must File Claims by June 28
RITZIO ENTERTAINMENT: S&P Holds B Corporate Credit Rating
ROSNEFT OIL: Anti-Monopoly Service to Okay Yukos Asset Purchases
SPETS-SERVICE OJSC: Creditors Must File Claims by May 28
STROY-DETAIL LLC: Creditors Must File Claims by June 28

SV-GAS CJSC: Creditors Must File Claims by June 28
VICTORIA OJSC: Creditors Must File Claims by June 28
VOROBYEVO OJSC: Creditors Must File Claims by May 28
YUKOS OIL: Anti-Monopoly Service to Okay Assets Sold to Rosneft
YUKOS OIL: Anti-Monopoly Service Denies Asset Sale to Promregion


S P A I N

ANIXTER INTERNATIONAL: Earns US$53.6 Million in First Quarter
CONSUMO BANCAJA: Fitch Affirms CCC Rating on EUR12.9 Mil. Notes
INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating
U.S. STEEL: S&P Rates US$900 Million Notes Offering at BB+


S W I T Z E R L A N D

BIZIM MARKET: Creditors' Liquidation Claims Due May 29
BLUE JEANS: Creditors' Liquidation Claims Due May 30
BRUMA HANDELS: Bern Court Starts Bankruptcy Proceedings
BUCHHANDLUNG TAT: Creditors' Liquidation Claims Due May 30
CHRISTENSEN CONSULTING: Creditors' Liquidation Claims Due May 31

CIDARIS CONSULTING: Creditors' Liquidation Claims Due May 31
DEULEN JSC: Creditors' Liquidation Claims Due May 30
NILORN SWITZERLAND: Creditors' Liquidation Claims Due May 30
SIS SEGAINTERSETTLE: Moody's Holds Low B Rating on Merger News
SMC CONSULTING: Creditors' Liquidation Claims Due May 31

STAUDT ISOLIERTECHNIK: Creditors' Liquidation Claims Due May 31


U K R A I N E

ENERGY INDUSTRIAL: Creditors Must File Claims by May 24
FLETCHER STUFF: Creditors Must File Claims by May 24
FORTEX-2004: Creditors Must File Claims by May 24
GRINTSEVO AGRICULTURAL: Claims Filing Bar Date Set May 23
INDUSTRIAL KITTING-C: Creditors Must File Claims by May 24

INDUSTRIAL TERMINAL: Creditors Must File Claims by May 24
INTEX SERVICE: Creditors Must File Claims by May 24
PRODUCTS DELIVERY: Creditors Must File Claims by May 24
RUBANKA LLC: Creditors Must File Claims by May 23
TECHNICAL TRADE: Creditors Must File Claims by May 24

UKRAINIAN INTERNATIONAL: Fitch Rates US$125 Mln. Bonds at B-


U N I T E D   K I N G D O M

ADVANSTAR COMMS: Veronis Acquisition Cues Moody's Junk Rating
ALBANY BUILDING: Brings In Administrators from Ernst & Young
AMF BOWLING: Moody's Junks Proposed Sr. Sec. Credit Facilities
AMF BOWLING: S&P Rates US$270 Million Facilities at B+
AUTOPUMPS INTERNATIONAL: Taps Begbies Traynor as Administrators

BIG DISPLAY: Claims Filing Period Ends August 31
BRETT ESSEX: Creditors' Meeting Slated for May 30
COLLINS & AIKMAN: Canadian Unit Files for CCAA Protection
CONCARGO LTD: Appoints Joint Administrators from BDO Stoy
EUROTUNNEL GROUP: Eyes EUR4 Billion Debt Reduction Under Plan

FERRYSCOTT LTD: Brings In Administrators from Deloitte & Touche
FORD MOTOR: Founding Family Members Deny Equity Sale Talks
FORD MOTOR: Finance Arm Sells US$1.5-Billion Debt, Reuters Says
FORD MOTOR: High Ct. Wants Lower Courts to Review US$82.6M Award
G.P. TURNER: Appoints PwC as Joint Administrators

GENERAL MOTORS: Mulls Sale of Midsize Truck Unit to Navistar
HOMEWORKS MIDLANDS: Names Roderick Graham Butcher Liquidator
INT'L RECTIFIER: Reporting Delay Cues Fitch to Watch Ratings
KLASS ACT: Creditors' Meeting Slated for May 22
KRONOS INC: Moody's Junks US$390 Million Second Lien Term Loan

LAURENCE SCOTT: Brings In Administrators from Kroll
LEEDS UNITED: Creditors' Meeting Slated for June 1
LEVEL 3: European Group Inks Network Deal with Easynet
MARIX DRUG: Hires Liquidator from Monahans
MELROSE FINANCING: Moody's Rates Three Class D Notes at Ba2

PISTOL MARKETING: Joint Liquidators Take Over Operations
PREGIS CORP: S&P Lifts Rating on EUR100 Million Notes to B+
QUEEN STREET: Moody's Rates EUR18 Mln Class E Notes at (P)Ba3

* BOOK REVIEW: Black Monday: The Stock Market Catastrophe of
               October 19, 1987

                            *********

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


HUBER DISKOTHEKEN: Claims Registration Period Ends June 13
----------------------------------------------------------
Creditors owed money by KEG Huber Diskotheken (FN 276324i) have
until June 13 to file written proofs of claim to court-appointed
estate administrator Andrea Prochaska at:

         Mag. Andrea Prochaska
         Wassergasse 33/12
         1030 Vienna
         Austria
         Tel: 01/718 77 50
         Fax: 01/718 77 50 15
         E-mail: kanzlei@andrea.prochaska.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 27 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 Bruck an der Leitha, Austria, the Debtor
declared bankruptcy on April 24 (Bankr. Case No. 36 S 60/07a).  


MERI LLC: Claims Registration Period Ends June 5
------------------------------------------------
Creditors owed money by LLC Meri (FN 134882g) have until June 5
to file written proofs of claim to court-appointed estate
administrator Stefan Kohlfuerst at:

         Mag. Stefan Kohlfuerst
         c/o Dr. Heimo Hofstatter
         Advocacy OEG Hofstatter & Kohlfuerst
         Marburgerkai 47
         8010 Graz
         Austria
         Tel: 0316/815454-0
         Fax: 0316/815454-22
         E-mail: advokat@hofstaetter.co.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:10 a.m. on June 14 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 222
         Second Floor
         Graz
         Austria

Headquartered in Hart bei Graz, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 26 S 27/07a).  Heimo
Hofstatter represents Mag. Kohlfuerst in the bankruptcy
proceedings.


ORI LLC: Claims Registration Period Ends June 7
-----------------------------------------------
Creditors owed money by LLC Ori (FN 265334y) have until June 7
to file written proofs of claim to court-appointed estate
administrator Wolfgang Leitner at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on June 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 23 (Bankr. Case No. 6 S 50/07f).  Helmut Platzgummer
represents Dr. Leitner in the bankruptcy proceedings.


PRIVATBRAUEREIEN HOLDING: Creditors' Meeting Slated for May 30
--------------------------------------------------------------
Creditors owed money by LLC Privatbrauereien Holding und
Betreiber (FN 273183s) are encouraged to attend the first
creditors' meeting at 9:45 a.m. on May 30.

The creditors' meeting will be held at:

         The Land Court of Leoben
         Hall 4
         First Floor
         Leoben
         Austria

The Court will also examine the claims at 10:00 a.m. on June 20,
at the same venue.

Creditors have until June 5 to file written proofs of claim to
court-appointed estate administrator Herbert Ortner at:

         Mag. Herbert Ortner
         Hauptplatz 57
         8570 Voitsberg
         Austria
         Tel: 03142-22303
         Fax: 03142-22303-6
         E-mail: office@recht-kompetent.at  

Headquartered in St. Georgen ob Murau, Austria, the Debtor
declared bankruptcy on April 23 (Case No. 17 S 35/07a).


SAN TEAM: Claims Registration Period Ends June 18
-------------------------------------------------
Creditors owed money by LLC San Team (FN 153452s) have until
June 18 to file written proofs of claim to court-appointed
estate administrator Michael Kaintz at:

         Dr. Michael Kaintz
         Gartenweg 108
         7100 Neusiedl am See
         Austria
         Tel: 02167/8296-0
         Fax: 02167/8296-20
         E-mail: ra_kaintz@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 2 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Parndorf, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 26 S 48/07x).  


SKALS INNENAUSBAU: Claims Registration Period Ends June 7
---------------------------------------------------------
Creditors owed money by LLC Skals Innenausbau (FN 248806t) have
until June 7 to file written proofs of claim to court-appointed
estate administrator Clemens Richter at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at noon on June 21 for the examination of
claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1701
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 23 (Bankr. Case No. 6 S 49/07h).  Daniel Lampersberger
represents Mag. Richter in the bankruptcy proceedings.


STEROVSKY KG: Claims Registration Period Ends June 6
----------------------------------------------------
Creditors owed money by KG Sterovsky (FN 231732h) have until
June 6 to file written proofs of claim to court-appointed estate
administrator Johannes Jaksch at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 01/713 44 33
         Fax: 01/713 10 33
         E-mail: kanzlei@jsr.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 20 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Nodendorf, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 36 S 57/07k).  Stephan
Riel represents Dr. Jaksch in the bankruptcy proceedings.


YES! HANDEL: Claims Registration Period Ends June 6
---------------------------------------------------
Creditors owed money by LLC Yes! Handel (FN 207639b) have until
June 6 to file written proofs of claim to court-appointed estate
administrator Johannes Jaksch at:

         Dr. Johannes Jaksch
         c/o Dr. Stephan Riel
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 01/713 44 33
         Fax: 01/713 10 33
         E-mail: kanzlei@jsr.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 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 Maria Enzersdorf, Austria, the Debtor declared
bankruptcy on April 23 (Bankr. Case No. 36 S 55/07s).  Stephan
Riel represents Dr. Jaksch in the bankruptcy proceedings.


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


TEXLEN TRUTNOV: Eyes 200 Job Cuts by End of July 2007
-----------------------------------------------------
(rewrite/joy)

Czech textile firm Texlen Trutnov is planning to lay off
approximately 200 employees by the end of July 2007, The
Financial Times reports citing Czech Republic Business Bulletin
as its source.

The job cut will leave Texlen Trutnov with just about 400
employees.

Meanwhile, Frydek-Mistek, North Moravia-based rival textile
maker Slezan showed interest in acquiring Texlen Trutnov, Czech
Business Weekly relates.

According to CWB, Slezan would act as a strategic investor in an
effort to save the 400 remaining jobs.

As previously reported in the TCR-Europe on April 26, 2007, the
Trutnov Labour Office has paid 903 employees of Texlen Trutnov a
total of CZK21.5 million in unpaid wages for January and
February.

In March, the Regional Court in Hradec Kralove declared Texlen
Trutnov bankrupt after parent company Texlen Linen entered
bankruptcy proceedings.

Texlen's board of directors told CTK some banks demanded the
early repayment of loans and blocked its accounts after a
potential investor ended due diligence at the company with a
negative result.  The lenders' demands prompted the Czech
textile group's insolvency.


EASTMAN KODAK: Fitch Lifts Rating on US$1.15-Bil. Term Loan to B
----------------------------------------------------------------
Fitch Ratings has upgraded Eastman Kodak Company's senior
unsecured debt to 'B/RR4' from 'B-/RR5' due to improved recovery
prospects following the company's redemption on May 3, 2007, of
a US$1.15 billion secured term loan funded with a portion of the
proceeds from the sale of its Health Group to Onex Healthcare
Holdings, Inc., for US$2.35 billion on April 30, 2007.

In addition, Fitch has affirmed these Kodak ratings:

     -- Issuer Default Rating 'B';
     -- Secured credit facility 'BB/RR1'.

The Rating Outlook remains Negative and is reviewed quarterly
for signs of earnings stability, with particular near-term focus
on year-over-year revenue growth for digital products within the
Consumer Digital Imaging Group, improvement in operating profit
margin for the Graphic Communications Group, and sales trends,
retail distribution efforts and any manufacturing constraints
for the company's recently introduced lineup of consumer inkjet
printers.  In addition, Fitch continues to monitor the outcome
of Kodak's ongoing review of potential uses for the
approximately US$1.2 billion of remaining proceeds from the
divesture of the Health Group.  The company has indicated that a
portion of the remaining proceeds is located outside of the
U.S., requiring the development of a tax-efficient repatriation
strategy before the cash is available for acquisitions of U.S.-
based companies, share repurchases, further debt reduction, and
incremental dividends. Fitch believes the most likely uses for
the US$1.2 billion of excess cash, which is based on the
company's stated minimum cash balance of US$1 billion, are
acquisitions and share repurchases.

The updated Recovery Ratings and notching reflect Fitch's
recovery expectations under a distressed scenario considering
Kodak's divestiture of the Health Group and full redemption of
its secured term loan.  Fitch continues to believe that the
enterprise value of the company, and thus, recovery rates for
its creditors, will be maximized in a restructuring scenario
(going concern) rather than a liquidation scenario.

In deriving a distressed enterprise value, Fitch applies a 50%
discount to Kodak's estimated operating EBITDA of approximately
US$1 billion for the latest 12 months ended March 31, 2007,
excluding the Health Group.  The EBITDA discount reflects the
estimated percentage decline in EBITDA necessary to violate the
secured credit agreement's leverage ratio of 3.5 times.  Fitch
then applies a 4x distressed EBITDA multiple, which considers
Kodak's current multiple and multiples paid for prior
acquisitions, given that a stress event would indicate business
model difficulties and multiple contraction.  As is standard
with Fitch's recovery analysis, the revolver is fully drawn and
cash balances fully depleted to reflect a stress event.  The
current 'RR1' Recovery Rating for Kodak's secured bank facility
reflects Fitch's belief that 100% recovery is realistic.  The
'RR4' Recovery Rating for the senior unsecured debt reflects
Fitch's estimate that a recovery of 30%-50% would be achievable,
up from previous recovery expectations of only 10%-30% prior to
the redemption of the secured term loan.

Total liquidity (cash and committed credit facility
availability) increased to approximately US$3.2 billion as of
May 3, 2007, from US$2.5 billion as of Dec. 31, 2006, due to the
net proceeds after debt reduction from the sale of the Health
Group less cash usage in Kodak's seasonally weak first quarter
of 2007.  Total liquidity includes an undrawn US$1 billion
secured revolving credit facility due Oct. 18, 2010 (US$856
million net of letters of credit as of March 31, 2007).  Free
cash flow for the LTM ended
March 31, 2007, including the Health Group, increased to US$587
million from US$396 million in the year-ago period due primarily
to a reduction in capital expenditures and lower cash
restructuring payments, which remain significant for fiscal 2007
at approximately US$600 million.

Total debt declined to approximately US$1.6 billion subsequent
to the repayment of the secured term loan on May 3, 2007, down
from US$2.8 billion as of Dec. 31, 2006.  As a result, Fitch
estimates leverage (debt/operating EBITDA) declined to 1.6x
compared with approximately 2.9x at Dec. 31, 2006, excluding the
Health Group. Fitch estimates interest coverage (operating
EBITDA/gross interest expense) improved to approximately 12x
from nearly 6x for the LTM ended Dec. 31, 2006, excluding the
Health Group. Fitch believes the company's near-term debt
maturities are manageable, as the next material debt maturity is
not until 2008, when approximately US$250 million of debt
matures.

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

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


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F R A N C E
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ACCESSOIRE DIFFUSION: Court Okays Vivarte's Proposed Acquisition
----------------------------------------------------------------
The commercial court of Lyons accepted Vivarte S.A.'s offer to
acquire two of Accessoire Diffusion's three brands, The
Financial Times reports citing Le Figaro as its source.

According to the report, Vivarte will acquire the Accessoire
Diffusion and Accessoire Detente brands while brand Ludi Bleu
will remain under Financiere Plastigom's control.

Vivarte will take over four of Accessoire's eight stores.  

The company's manufacturing site in Saint-Symphorien-sur-Coise
is set to close at the end of the month.  Out of the company's
63 employees, only five will keep their jobs, FT relates.

Headquartered in Saint-Symphorien-sur-Coise, France, Accessoire
Diffusion -- http://www.accessoire-diffusion.com/-- is one of  
the oldest European ladies' shoe manufacturers.

It designed, made, and distributed its own brand names like
Accessoire Diffusion, Accessoire Detente and Lundi Bleu for over
30 years.  For the year 2006, it posts turnover of EUR8 million.
It filed for bankruptcy in 1997 and 2002.  Financiere Plastigom
bought the company in 2002.  Accessoire was placed in
receivership in April 2007.  


BAUSCH & LOMB: Inks US$4.5 Bln Merger Deal with Warburg Pincus
--------------------------------------------------------------
Bausch & Lomb Inc. entered into a definitive merger agreement
with affiliates of Warburg Pincus, the global private equity
firm, in a transaction valued at approximately US$4.5 billion,
including approximately US$830 million of debt.

Under the terms of the agreement, affiliates of Warburg Pincus
will acquire all of the outstanding shares of Bausch & Lomb
common stock for US$65 per share in cash.  This represents a
premium of approximately 26% over the volume weighted average
price of Bausch & Lomb's shares for 30 days prior to press
reports of rumors regarding a potential acquisition of the
company.

Bausch & Lomb's Board of Directors, following the recommendation
of a Special Committee composed entirely of independent
directors, has unanimously approved the agreement and recommends
that Bausch & Lomb shareholders approve the merger.

"After extensive negotiations and careful and thorough analysis,
together with our independent advisors, the Special Committee
and our board have unanimously endorsed this transaction as in
the best interest of the Company and our shareholders," William
H. Waltrip, lead director and chairman of the Special Committee
of the Bausch & Lomb Board of Directors, said.  "We are pleased
that this transaction appropriately recognizes the value of
Bausch & Lomb's highly respected brand and innovative products
in the eye care industry, while providing our shareholders with
an immediate and substantial cash premium for their investment
in Bausch & Lomb."

"We believe this transaction with Warburg Pincus is good for the
Company's employees, partners in the eye care profession, and
customers, as well as our shareholders," Ronald L. Zarrella,
chairman and CEO of Bausch & Lomb, said.  "As a private company,
Bausch & Lomb will have greater flexibility to focus on our
long-term strategic direction to be a global leader in providing
innovative and technologically advanced eye health products to
eye care professionals and consumers.  We are proud to partner
with Warburg Pincus, a distinguished firm with a strong
reputation and proven track record of success in acquiring and
guiding healthcare companies.  Warburg Pincus understands our
industry and our business well, and will be a tremendous asset
as we build upon our leadership position and continue to
implement our strategic plan to deliver enhanced value for our
customers worldwide.  The firm shares our confidence in Bausch &
Lomb's future and will support our people in achieving our long-
term goals.  Our success is driven by the ongoing efforts of our
talented employees around the world and I thank them for their
continued hard work and dedication.  We look forward to working
with Warburg Pincus to quickly complete the transaction."

"Bausch & Lomb is an exceptional company, with significant
potential and a strong commitment to its employees, partners and
customers worldwide," Elizabeth H. Weatherman, a Warburg Pincus
managing director, said.

Ms. Weatherman, who leads the firm's medical device investment
activities, added, "This investment reflects a unique blend of
our deep domain expertise in medical technology, pharmaceuticals
and healthcare, which has been a focus area for Warburg Pincus
since 1973."

The transaction is subject to certain closing conditions,
including the approval of Bausch & Lomb's shareholders,
regulatory approvals and the satisfaction of other customary
closing conditions.  There is no financing condition to
consummate the transaction.  Bausch & Lomb expects to hold a
Special Meeting of Stockholders to consider and vote on the
proposed merger and merger agreement, among other things.  The
transaction is expected to close promptly following the
satisfaction of all closing conditions.

Under the merger agreement, Bausch & Lomb may solicit superior
proposals from third parties during the next 50 calendar days.  
To the extent that a superior proposal solicited during this
period leads to the execution of a definitive agreement, Bausch
& Lomb would be obligated to pay a US$40 million break-up fee to
affiliates of Warburg Pincus.  In accordance with the agreement,
the Board of Directors of Bausch & Lomb, through its Special
Committee and with the assistance of its independent advisors,
intends to solicit superior proposals during this period.  In
addition, Bausch & Lomb may, at any time, subject to the
provisions of the merger agreement, respond to unsolicited
proposals.  Bausch & Lomb advises that there can be no assurance
that the solicitation of superior proposals will result in an
alternative transaction.

Bausch & Lomb does not intend to disclose developments with
respect to this solicitation process unless and until its Board
of Directors has made a decision regarding any alternative
proposals.

Morgan Stanley & Co. Incorporated is acting as financial advisor
to the Special Committee of the Bausch & Lomb Board of Directors
and has delivered a fairness opinion.  Wachtell Lipton Rosen
& Katz is acting as legal counsel to the Special Committee in
this transaction.  Banc of America, Citi, Credit Suisse and
JPMorgan served as the financial advisors to Warburg Pincus, and
Cleary Gottlieb Steen & Hamilton LLP is acting as legal advisor
to Warburg Pincus.

                      About Bausch & Lomb

Bausch & Lomb (NYSE:BOL) -- http://www.bausch.com/-- is the eye  
health company, dedicated to perfecting vision and enhancing
life for consumers around the world.  Its core businesses
include soft and rigid gas permeable contact lenses and lens
care products, and ophthalmic surgical and pharmaceutical
products.  The Bausch & Lomb name is one of the best known and
most respected healthcare brands in the world.  Founded in 1853,
the company is headquartered in Rochester, New York, and employs
approximately 13,000 people worldwide.  Its products are
available in more than 100 countries.

The company manages its business through five business segments,
which include three regional commercial segments: the Americas;
Europe, Middle East and Africa (Europe), and Asia, and two
centralized functions: Global Operations and Engineering, and
Research and Development.  The company's international
operations include Brazil, Mexico, Australia, China, France, and
Germany, among others.


BAUSCH & LOMB: Moody's Reviews Ratings Over Warburg Merger Deal
---------------------------------------------------------------
Moody's Investors Service stated that it will continue its
review of Bausch & Lomb Incorporated's ratings for possible
downgrade following the announcement that the company has
entered into a definitive merger agreement with affiliates of
Warburg Pincus.

The proposed transaction is valued at approximately US$4.5
billion, including approximately US$830 million of debt.  BOL's
Board of Directors has unanimously approved the merger
agreement.

The transaction is subject to certain closing conditions,
including the approval of BOL shareholders, regulatory approval
and the satisfaction of other customary closing conditions.  
Additionally, there is no financing condition to consummate the
transaction.  Under the merger agreement, BOL may solicit
proposals from third parties during the next 50 days. If BOL
enters into another definitive agreement, BOL would be obligated
to pay Warburg Pincus a $40 million break-up fee.

Sidney Matti, Analyst, stated that, "The review for possible
downgrade will focus primarily on the company's post-acquisition
capital structure and the likelihood that BOL's post-acquisition
credit metrics would fall below the 'Ba' rating category."

These ratings remain on review for possible downgrade:

   -- Ba1 Corporate Family rating;

   -- Ba1 Probability of Default rating;

   -- Ba1 (LGD4/52%) rating on $133.2 million Senior Unsecured
      Notes due 2007;

   -- Ba1 (LGD4/52%) rating on $50 million Senior Unsecured
      Notes due 2008;

   -- Ba1 (LGD4/52%) rating on $160 million Senior Unsecured
      Notes due 2023;

   -- Ba1 (LGD4/52%) rating on $0.4 million Senior Unsecured
      Notes due 2026;

   -- Ba1 (LGD4/52%) rating on $66.4 million Senior Unsecured
      Notes due 2028; and

   -- Ba1 rating on a Medium Term Note Program.

Headquartered in Rochester, New York, Bausch & Lomb, Inc. is a
leading worldwide provider of eye care products, including
contact lens, lens care, ophthalmic pharmaceuticals and surgical
products.  For the fiscal year ended December 31, 2006, the
company reported revenues of approximately $2.2 billion.

The company maintains operations in Brazil, Mexico, Australia,
China, France, and Germany, among others.


BAUSCH & LOMB: Fitch Holds Watch Neg. Despite Warburg Sale Pact
---------------------------------------------------------------
Following the announcement that Bausch & Lomb (NYSE: BOL) has
entered into a definitive agreement with affiliates of Warburg
Pincus to be acquired for approximately US$4.5 billion,
including approximately US$830 million of debt, Fitch maintains
its Negative Rating Watch on BOL.  

The transaction would significantly increase leverage and likely
result in a multiple-notch downgrade.  As currently
contemplated, the transaction would result in an Issuer Default
Rating of no higher than 'BB-'.  Fitch now has an IDR of 'BBB-'
on BOL and first placed BOL on Negative Watch on April 12, 2006.  
The Negative Watch also reflects the fact that BOL has yet to
file its first-quarter 2007 10Q.

According to the agreement, BOL may shop for superior offers
during the next 50 calendar days.  Should BOL enter into a
superior agreement, Fitch will evaluate its impact on BOL's
credit rating at that time.  In addition, the current agreement
includes a US$40 million break-up fee.

Fitch's ratings for BOL are as:

     -- Issuer Default Rating 'BBB-';
     -- Bank credit facilities 'BBB-'; and
     -- Senior unsecured notes 'BBB-'.
     
Headquartered in Rochester, New York, Bausch & Lomb Inc.
(NYSE:BOL) -- http://www.bausch.com/-- develops, manufactures,  
and markets eye health products, including contact lenses,
contact lens care solutions, and ophthalmic surgical and
pharmaceutical products.  The company is organized into three
geographic segments: the Americas; Europe, Middle East, and
Africa; and Asia (including operations in India, Australia,
China, Hong Kong, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan and Thailand).  In Latin America, the company
has operations in Brazil and Mexico.  In Europe, the company
maintains operations in France and Germany, among others.


BAUSCH & LOMB: US$4.5 Bln Warburg Deal Cues S&P to Lower Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on Bausch
& Lomb Inc. and placed them on CreditWatch with negative
implications.  The corporate credit rating was lowered to 'BB+'
from 'BBB'.

"These actions reflect the announcement that B&L has entered
into a definitive merger agreement with affiliates of Warburg
Pincus in a transaction valued at about US$4.5 billion,
including about US$830 million of debt," explained Standard &
Poor's credit analyst Cheryl Richer.  "The transaction is
subject to certain closing conditions, including the approval of
B&L shareholders, regulatory approvals, and the satisfaction of
other customary closing conditions."
     
Even if the transaction is not consummated (B&L may solicit
superior proposals from third parties during the next 50
calendar days under the merger agreement), management's
willingness to aggressively increase leverage to this extent is
not commensurate with an investment-grade rating.
     
Credit metrics were already marginally weak for the prior rating
as a result of the ReNu with MositureLoc recall.  Financial
strengthening, anticipated as the company rebuilds its brand
name and expands sales in unaffected lines of business, will be
insufficient to offset the increase in debt.  Pro forma for an
additional US$830 million of debt at year-end 2006, debt to
EBITDA would increase to 5.7x--a level more characteristic of a
rating that is more than one notch lower than the current 'BB+'
rating--from the actual 3.1x.  Standard & Poor's will monitor
the progress of this transaction to determine the extent to
which the rating will decline.

                      About Bausch & Lomb

Bausch & Lomb (NYSE:BOL) -- http://www.bausch.com/-- is the eye  
health company, dedicated to perfecting vision and enhancing
life for consumers around the world.  Its core businesses
include soft and rigid gas permeable contact lenses and lens
care products, and ophthalmic surgical and pharmaceutical
products.  The Bausch & Lomb name is one of the best known and
most respected healthcare brands in the world.  Founded in 1853,
the company is headquartered in Rochester, New York, and employs
approximately 13,000 people worldwide.  Its products are
available in more than 100 countries.

The company manages its business through five business segments,
which include three regional commercial segments: the Americas;
Europe, Middle East and Africa (Europe), and Asia, and two
centralized functions: Global Operations and Engineering, and
Research and Development.  The company's international
operations include Brazil, Mexico, Australia, China, France, and
Germany, among others.


CHEMTURA CORP: Moody's Cuts US$1.05 Billion Notes to Ba2
--------------------------------------------------------
Moody's Investors Service lowered Chemtura Corporation's
corporate family rating to Ba2 from Ba1 and also lowered the
company's outstanding debt ratings to Ba2.

Moody's also revised the ratings outlook to stable from
negative.

The rating action reflects that Chemtura's operational
performance has not resulted in credit metric improvement in
line with Moody's prior expectations.  The lowered Ba2 ratings
continue to reflect Chemtura's high pro forma leverage, weak
credit metrics and ongoing challenges at the non flame retardant
Plastic Additives (NFRPA) segment.

Moody's believes the challenges of integrating two organizations
that had been individually challenged by their own unique
restructuring programs, combined with essentially a complete
changeover in senior management, are also factors in justifying
the Ba2 rating.  Chemtura's pro forma leverage as of Dec. 31,
2006, was 4.3X (Debt/EBITDA - adjusted for unusual one time
items). Moody's adjusted debt includes $1.1 billion of funded
debt, $294 million in unfunded pension obligations, $280 million
of account receivable securitizations, and $227 million in
capitalized operating leases. This ratio maps to a high "B"
rating.  Moody's had been expecting retained cash flow to be in
excess of $300 million or more.  Retained cash flow in 2006
(adjusted for one time items) was only $200 million and was
about 11% of total debt, a metric that maps to the low end of
the "Ba" category.

While much progress has been made in raising prices to cover
higher raw material costs in many of Chemtura's businesses, this
strategy has been challenged in the NFRPA portion of Chemtura's
business where margins have declined.  NFRPA represents about
30% of revenues. As a result of aggressive pricing strategies
profitable volumes were lost and management has instituted steps
to restore volume and improve performance.

The move to a stable outlook is supported by Moody's belief that
there has been progress in managing process of integration and
remaining legacy issues. Additionally, the prospect of somewhat
stronger retained cash flow generation over the next several
years is reflected in the move to a stable outlook. Moody's
expects that retained cash flow to total debt will average close
to 15% over the next two years, a metric that maps to the middle
of the "Ba" rating category. Chemtura's improved capital
structure, with no material debt maturities until July 2009,
combined with adequate liquidity also support the Ba2 rating and
the stable outlook.

Ratings lowered:

   -- Corporate Family Rating: Ba2 from Ba1

   -- Senior notes, $500 million due 2016: Ba2 from Ba1;
      LGD4 (53%)

   -- Senior Unsecured Notes, $150 million due 2026: Ba2 from
      Ba1; LGD4 (53%)

   -- Senior Unsecured Notes, $400 million due 2009: Ba2 from
      Ba1; LGD4 (53%)

Moody's last rating action on Chemtura was in April 2006, when
the Ba1 corporate family rating was affirmed and the company's
senior notes due 2016 were rated (also Ba1). The negative rating
outlook was assigned in September of 2005.

Headquartered in Middlebury, Connecticut, Chemtura manufactures
a variety of polymer and rubber additives, castable urethane
pre-polymers, ethylene propylene diene monomer (EPDM), crop
protection chemicals, brominated flame-retardants, recreational
water treatment chemicals, and brominated/fluorinated specialty
chemicals. In 2006, the company had revenues and adjusted EBITDA
(as estimated by Moody's) of $3.7 billion and approximately $445
million, respectively.

The company has facilities in Singapore, Australia, China, Hong
Kong, India, Japan, South Korea, Taiwan, Thailand, Brazil,
Belgium, France, Germany, Mexico, and The United Kingdom.


EUROTUNNEL GROUP: Eyes EUR4 Billion Debt Reduction Under Plan
-------------------------------------------------------------
Eurotunnel Group's (aka Groupe Eurotunnel S.A.) safeguard plan
envisages that following the implementation of the
reorganization, the financial indebtedness of Eurotunnel will be
reduced to EUR4.164 billion (excluding the nominal amount of the
NRS, which will be treated as quasi-equity), representing a debt
reduction of 54% from current indebtedness, which amounted to
EUR9.073 billion on Sept. 30, 2006.

Eurotunnel SA and Groupe Eurotunnel SA wished to bring to the
attention of the public an update and some additional
information on the Senior Facilities described in paragraph
5.3.4, or the financing of Eurotunnel Group, of the registration
document.

The six loan tranches, which constitute the Senior Facilities,
are denominated either in euros or GBP with different maturity
dates and amortization start dates depending on the basis on
which interest is calculated for each tranche, described as:

           Financial Conditions of the Senior Facilities

For the Tranches Denominated in GBP:

   -- a tranche A1 loan amounting to GBP750 million, bearing
      interest at a fixed rate linked to the U.K. All Items
      Retail Price Index inflation index as published by the
      United Kingdom Office for National Statistics;

   -- a tranche B1 loan amounting to GBP400 million, bearing
      interest at a fixed rate; and

   -- a tranche C1 loan, amounting to GBP350 million, bearing
      interest at a floating rate, which will be entirely hedged
      by a fixed/floating interest rate swap.

Eurotunnel Finance Ltd. has already purchased interest rate
swaptions providing protection against an increase in interest
rates.  The maximum rate payable by Eurotunnel Finance Ltd. at
the time of drawdown of the loan guaranteed by these swaptions
is around 6.6% to 6.7% per annum after taking into account the
credit margin.

The equivalent fixed rate at the time of drawdown of the loan
will depend upon the prevailing rates and the expected inflation
at the time the hedge is finalized.

For the Tranches Denominated in Euros:

   -- a tranche A2 loan amounting to EUR367 million, bearing
      interest at a fixed rate linked to the indice des prix a
      la consommation hors tabac inflation index as published by
      l'Institut National de la Statistique et des Etudes
      Economiques;

   -- a tranche B2 loan amounting to EUR645 million, bearing
      interest at a fixed rate; and

   -- a tranche C2 loan, amounting to EUR953 million, bearing
      interest at a floating rate, which will be entirely hedged
      by a fixed/floating interest rate swap.

France Manche SA has already purchased interest rate swaptions
providing protection against an increase in interest rates: the
maximum rate payable by France Manche S.A. at the time of
drawdown of the loan guaranteed by these swaptions is around
6.4% to 6.5% per annum after taking into account the credit
margin.

The equivalent fixed rate at the time of drawdown of the loan
will depend upon the prevailing rates and the expected inflation
at the time the hedge is finalized.

                Repayment of the Senior Facilities

The funds borrowed under the Senior Facilities will be repayable
in accordance with their respective amortization schedules, of
which the main characteristics reflect the discussions with the
rating agencies, and are currently as follows:

For the Tranches Denominated in GBP:

   -- repayment of the A1 tranche will begin on June 20, 2018,
      to end on June 20, 2042.  Repayments will fall six monthly
      on June 20 and December 20.  The A1 tranche has a loan
      weighted average life of between 25 and 26 years;

   -- repayment of the B1 tranche will begin on June 20, 2046,
      to end on June 20, 2046.  Repayments will fall six monthly
      on June 20 and December 20.  The B1 tranche has a loan
      weighted average life of between 29 and 30 years; and

   -- repayment of the C1 tranche will begin on June 20, 2046,
      to end on June 20, 2050.  Repayments will fall six monthly
      on June 20 and December 20.  The C1 tranche has a loan
      weighted average life of between 41 and 42 years.

The repayment profile of the aggregate principal payments due in
respect of the three tranches denominated in GBP (before taking
into account inflation on Tranche A1) is close to a constant
annuity.

For the Tranches Denominated in Euros:

   -- repayment of the A2 tranche will begin on June 20, 2018,
      to end on June 20, 2041.  Repayments will fall six monthly
      on June 20 and December 20.  The A2 tranche has a loan
      weighted average life of between 24 and 25 years;

   -- repayment of the B2 tranche will begin on June 20, 2013,
      to end on June 20, 2041.  Repayments will fall six monthly
      on June 20 and December 20.  The B2 tranche has a loan
      weighted average life of between 22 and 23 years; and

   -- repayment of the C2 tranche will begin on June 20, 2041,
      to end on June 20, 2050.  Repayments will fall six monthly
      on June 20 and December 20.  The C2 tranche has a loan
      weighted average life and of between 39 and 40 years.

The repayment profile of the aggregate principal payments due in
respect of the three tranches denominated in euros, before
taking into account inflation on Tranche A2, is close to a
constant annuity.

                       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 on 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.


SMOBY-MAJORETTE: MGA Acquires Breuil's 51% Stake for EUR1
---------------------------------------------------------
MGA Entertainment Inc. has completed its acquisition of Smoby-
Majorette after buying the Breuil family's 51% stake in the
French toymaker for a nominal EUR1, The Financial Times reports
citing Claire Gatinois of Le Monde.

A source reveals that MGA Entertainment has provided Smoby with
a capital injection of EUR29 million.

Smoby is currently negotiating to repurchase EUR15 million of
inventory from the holders of its EUR178 million term loan B,
Chris Haffenden and Adelene Lee write for FT citing sources
privy to the matter.

According to the report, the Commercial Court of Lons-le-Saunier
has approved the request of the lenders to seize the inventory,
which was pledged by Smoby in exchange for deferring EUR7.4
million of debt amortization.  However, the order has not taken
effect as of yet.

A source close to the company says that both parties are working
on an amicable solution.  The source added that MGA would
finance the inventory purchase.

A safeguard hearing is set next week during which a definitive
payment proposal will be presented to the court and to lenders.  
The judge will then decide how much time is needed for a
consensual deal, the source further disclosed.

As previously noted by a number of sources, should the lenders
fail to agree on the rescue plan the court could impose a ten-
year rescheduling of the debt amortization if Smoby is able to
demonstrate that it can continue to operate, FT relates.

The TCR-Europe reported on April 5, 2007, that U.S. company MGA
Entertainment, a manufacturer of Bratz dolls, and Cornerstone,
one of China's biggest toy and game makers and distributors,
have emerged as potential buyers of Smoby-Majorette.  The two
toy makers offered about EUR60 million each to acquire Smoby-
Majorette, which has a market capitalization of EUR25.5 million.

Smoby-Majorette's founding family has expressed its support for
MGA Entertainment's bid after Cornerstone's offer fueled fears
that jobs might be moved to China if the bid is successful.
   
                          About Smoby

Headquartered in Lavans les Saint-Claude, France, Smoby --
http://www.smoby.fr/-- specializes in the creation,  
development, production and distribution of toys for children
from birth to age 10.  Its toy collection includes over 2,000
products divided into groups for specific age ranges.  Its
products are marketed under such brand names as Smoby, Berchet,
Ecoiffier, Majorette, Solido, Smoby Engineering and Mob.  The
Company's principal subsidiaries include Ecoiffier, which
focuses on the design and production of toys, and Mob, which is
a producer of plastic packaging.  Smoby has a presence in over
90 countries globally, with commercial and/or industrial
operations in South America, Asia and throughout Europe.  The
Company's products are sold worldwide through a network of 18
subsidiaries, with 65% of sales generated outside of France.  In
France, the Company employs 1, 300 workers.

Smoby requested for bankruptcy protection, which commenced on
March 19, 2007, hoping to snag an investor who will inject fresh
capital yet remain a minority, as the company grapples with a
EUR330 million debt.

The company reported a net loss of EUR15.87 million for the year
ended March 31, 2006, compared with a net profit of
EUR1.56 million in 2005.


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


A. BEHRENS-MANNERMODE: Claims Registration Period Ends June 15
--------------------------------------------------------------
Creditors of A. Behrens-Mannermode GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Joerg Trittermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 A. Behrens-Mannermode GmbH on April 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The insolvency manager can be reached at:

         Joerg Trittermann
         Lessingplatz 9
         D 38100 Braunschweig
         Germany
         Tel: (0531) 1206875
         Fax: (0531) 1206880
         E-mail: insolvenz@trittermann.de

The Debtor can be reached at:

         A. Behrens-Mannermode GmbH
         Attn: Andreas Behrens, Manager
         Lange Herzogstrasse 25
         38300 Wolfenbuettel
         Germany


A. GEISLER: Creditors' Meeting Slated for June 20
-------------------------------------------------
The court-appointed insolvency manager for A. Geisler
Meisterbetrieb fuer Dachdeckerei und Bauklempnerei GmbH,
Dr. Bjoern Gehde, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 11:40 a.m. on
June 20.

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 11:40 a.m. on Sept. 26 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Bjoern Gehde
         Goethestr. 85
         10623 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against A. Geisler Meisterbetrieb fuer Dachdeckerei
und Bauklempnerei GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         A. Geisler Meisterbetrieb fuer Dachdeckerei
         und Bauklempnerei GmbH
         Bremer Strasse 61
         10551 Berlin
         Germany


AQUA-MEMBRANTECHNOLOGIE: Claims Registration Period Ends June 29
----------------------------------------------------------------
Creditors of aqua-membrantechnologie noa GmbH have until June 29
to register their claims with court-appointed insolvency manager
Jens Hamdorf.

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

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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 Norderstedt opened bankruptcy proceedings
against aqua-membrantechnologie noa GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Jens Hamdorf
         Hallerstrasse 76
         20146 Hamburg
         Germany

The Debtor can be reached at:

         aqua-membrantechnologie noa GmbH
         Attn: Norman J. Andersen, Manager
         Beim Haferhof 10
         25479 Ellerau
         Germany


AUTOCENTER GEORGE: Claims Registration Period Ends June 18
----------------------------------------------------------
Creditors of Autocenter George GmbH have until June 18 to
register their claims with court-appointed insolvency manager
Raimund Schraad.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Eschwege
         Meeting Hall 2
         First Floor
         Friedr.-Wilh.-Strasse 39
         37269 Eschwege
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Aug. 1, at the same venue.

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

The insolvency manager can be reached at:

         Raimund Schraad
         Dudenstrasse 14
         36251 Bad Hersfeld
         Germany
         Tel: 06621/507822
         Fax: 06621/507844

The Debtor can be reached at:

         Autocenter George GmbH
         Attn: Robert George, Manager
         Niederhoner Strasse 40
         37269 Eschwege
         Germany


BENQ CORP: Inks Memorandum of Intent to Sell Brazilian Plant
------------------------------------------------------------
BenQ Corp. said in a statement that it has signed a memorandum
of intent to sell its Brazilian plant that produces mobile phone
handsets.

Business News Americas relates that BenQ signed the memorandum
to transfer control of the factory and research center in Manaus
to entrepreneurs Enzo Monzani and Conrado Will, the owners of
retail clothes chain Zoomp.

According to BenQ's statement, the value of the deal has not
been disclosed.

A BenQ spokesperson told BNamericas that Denise Santos,
president of BenQ's Manaus unit, said the workers will resume
work and there would be no lay-offs.

Rumors that BenQ might shut down the Manaus unit intensified in
2006 when a local trade union official stated that the firm had
fired 310 workers at the plant, BNamericas reports.

BenQ said in a statement that despite good handset sales in
Brazil -- chiefly in the retail market -- the problems that BenQ
has been experiencing worldwide affected the Brazilian unit.

BenQ lost almost US$1 billion worldwide from the handset unit
since the firm acquired the handset division of Germany's
Siemens in 2005.  Meanwhile, BenQ reported US$13 billion global
revenues last year, BNamericas states.

Headquartered in Taiwan, Republic of China, BenQ Corp.,
Inc. -- http://www.benq.com/-- is principally engaged in  
manufacturing, developing and selling of computer peripherals
and telecommunication products.  It is also a major provider of
3G handset, 3G handset, Camera phones, and other products.  The
company's global operations are in Latin America: Brazil,
Mexico; Asia-Pacific: Australia, China, Hong Kong, India,
Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines,
Singapore, Taiwan, Turkey, Thailand and Vietnam; Europe:
Austria, Belgium.

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

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


BRAUER SERVICE: Claims Registration Period Ends June 4
------------------------------------------------------
Creditors of Brauer Service GmbH have until June 4 to register
their claims with court-appointed insolvency manager Sylvia
Rhein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 4, 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 Darmstadt
         Hall 4.312
         Fourth Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Darmstadt opened bankruptcy proceedings
against Brauer Service GmbH on May 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Sylvia Rhein
         Walther-Rathenau-Str. 24
         64646 Heppenheim
         Germany
         Tel: 06252/6877-0
         Fax: 06252/6877-11

The Debtor can be reached at:

         Brauer Service GmbH
         Attn: Sigrid Brauer, Manager
         Goethestrasse 11
         64625 Bensheim
         Germany


DAIMLERCHRYSLER: Chrysler Posts EUR1.49 Bln First Quarter Loss
--------------------------------------------------------------
DaimlerChrysler AG has presented its interim report on the first
quarter of 2007 for the first time in accordance with
International Financial Reporting Standards.

The Chrysler Group posted a loss of EUR1.49 billion in the first
quarter of 2007, compared with EBIT of EUR641 million in the
prior-year.  The unit posted revenues of EUR10.2 billion in the
first quarter of 2007, 18% lower than in 2006; measured in US
dollars, revenues decreased by 11%.

DaimlerChrysler increased its EBIT to EUR2 billion in the first
quarter of this year compared with EUR1.2 billion in 2006.  
Earnings were reduced particularly by restructuring expenses
related to the implementation of the Chrysler Group's Recovery
and Transformation Plan amounting to EUR914 million.  There were
additional charges of EUR120 million from the financial support
provided to troubled suppliers and EUR54 million for the
implementation of the new management model.

Income of EUR1.6 billion, however, was realized in connection
with DaimlerChrysler's equity interest in EADS, partially offset
by expenses of EUR114 million from the Power8 restructuring
program at EADS.

Improved operating results at the Mercedes Car Group and the
Truck Group largely offset the decline in earnings at the
Chrysler Group.

Net profit in the first quarter of 2007 amounted to EUR2 billion
compared with EUR781 million in 2006, while earnings per share
amounted to EUR1.89 this year compared with EUR0.77 in 2006.

               Unit Sales Below Prior-Year Levels

In the first quarter of 2007, DaimlerChrysler sold 1.1 million
vehicles worldwide, dropping 5% from sales during the prior-year
quarter.  DaimlerChrysler's total first-quarter revenues
decreased 6% from EUR37.4 billion to EUR35.4 billion; adjusted
for exchange-rate effects and changes in the consolidated Group,
revenues were at the same level as in 2006.

At the end of the first quarter of 2007, DaimlerChrysler
employed a workforce of 356,749 people worldwide compared with
368,853 at the end of the first quarter of 2006.  Of this total,
165,779 were employed in Germany and 91,170 were employed in the
U.S.

The result for the first quarter of 2007 includes restructuring
charges of EUR914 million incurred in connection with the
Chrysler Group's Recovery and Transformation Plan.  The result
for the first quarter of 2006 included a gain of EUR390 million
related to changes to the healthcare programs offered to active
and retired employees.
The decline in the first quarter of 2007 result also reflects a
decrease in factory unit sales in the United States and an
unfavorable product and market mix.  However, as a result, the
Chrysler Group further reduced its dealer inventories to
approximately 500,500 vehicles at the end of the quarter.

                       Divisions' Results

The Mercedes Car Group achieved first-quarter EBIT of
EUR792 million in the first quarter of 2007 compared with a loss
of EUR735 million in 2006.  The division's revenues increased by
1% to EUR12.1 billion.

The Truck Group reported EBIT of EUR528 million in the first
quarter compared with EUR422 million in 2006.  Revenues of
EUR7.3 billion were of the same magnitude as in the prior-year
quarter.

The Financial Services division reported stable business
developments in the first quarter of this year.  The division's
EBIT decreased by EUR36 million compared with the prior-year
quarter to EUR419 million.

The Van, Bus, Other segment posted first quarter EBIT of
EUR1.9 billion in the first quarter of 2007 compared with EUR366
million in 2006.

                            Outlook

As the year progresses, DaimlerChrysler expects growth in global
automobile markets to be lower than in the prior year, in line
with overall economic developments.  In full-year 2007, demand
for vehicles in North America and Western Europe -
DaimlerChrysler's core markets - is likely to be slightly weaker
than in 2006.  In the emerging markets of Asia, Eastern Europe
and Latin America, the company anticipates an increase in demand
for passenger cars and commercial vehicles.  In the commercial-
vehicles business, DaimlerChrysler expects a sharp decrease in
demand for trucks in North America and Japan; markets should
remain stable in Western Europe, however.  On the basis of the
divisions' planning, DaimlerChrysler expects overall unit sales
to increase slightly in 2007 from the 4.7 million vehicles sold
in 2006.

The DaimlerChrysler Group's total revenues in full-year 2007 are
likely to be of the same magnitude as the EUR152.8 billion
revenues in 2006.

DaimlerChrysler expects to achieve EBIT of EUR7 billion for
full-year 2007 compared with EUR5.5 billion in 2006.  
Significant special factors affecting earnings in 2007 are the
gain of EUR1.6 billion realized on the transfer of interest in
EADS and charges of EUR1.0 billion resulting from the
implementation of the Recovery and Transformation Plan at the
Chrysler Group and of EUR0.6 billion from the new management
model.

This earnings guidance relates to the current structure of the
Group.  The effects of the future concept for the Chrysler Group
and the realignment of DaimlerChrysler AG as published on
May 14, 2007, have not yet been taken into consideration.

                      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.


DIECKMANN GMBH: Claims Registration Period Ends June 5
------------------------------------------------------
Creditors of Dieckmann GmbH & Co. KG Baugeschaft und
Schluesselfertigbau have until June 5 to register their claims
with court-appointed insolvency manager Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 101 B
         First Floor
         Gerichtsstr. 2-6
         48149 Muenster
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The District Court of Muenster opened bankruptcy proceedings
against Dieckmann GmbH & Co. KG Baugeschaft und
Schluesselfertigbau on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

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

The Debtor can be reached at:

         Dieckmann GmbH & Co. KG
         Baugeschaft und Schluesselfertigbau
         Attn: Brigitte Dieckmann, Manager
         Dieselstrasse 39
         48565 Steinfurt
         Germany


ERNST PAUL: Hans Rudolf Wohrl Abandons Acquisition Plans
--------------------------------------------------------
German entrepreneur Hans Rudolf Wohrl has unexpectedly dropped
plans to acquire Ernst Paul Lehmann Patentwerk OHG, foiling
attempts to rescue the company's Nuremberg factory, The
Financial Times reports, citing Suddeutsche Zeitung as its
source.

Mr. Wohrl was the only bidder who could have maintained
production at the site, which employs about 130 staff, the
report says.

The TCR-Europe, citing company owner Hermann Schontag, reported
on April 18, 2007, that it took a while to find investors for
the model railway company, valued at EUR3.7 million.

                        About the Company

Headquartered in Nuremberg, Germany, Ernst Paul Lehmann
Patentwerk OHG -- http://www.lgb.de/english/-- created the  
world's first "G-scale" train, Lehmann Gross Bahn, in 1968, and
continues to make the most popular garden railway model in
Europe.

Ernst Paul Lehmann Patentwerk filed for bankruptcy protection in
the Nuremberg district court on Sept. 18, 2006.  The court then
ordered temporary bankruptcy administration, and Dr. Steffen
Goede of the law firm Goede, Bergfeld, Waldherr & Hussmann was
appointed as the temporary bankruptcy trustee.


ESBL GMBH: Claims Registration Period Ends July 25
--------------------------------------------------
Creditors of ESBL GmbH have until July 25 to register their
claims with court-appointed insolvency manager Claudia Jansen.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on Sept. 5, 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 Frankfurt (Main)
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt (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 Frankfurt (Main) opened bankruptcy
proceedings against ESBL GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The insolvency manager can be reached at:

         Claudia Jansen
         Bockenheimer Landstrasse 20
         D 60323 Frankfurt (Main)
         Germany
         Tel: 069/4272686-5270
         Fax: 069/4272686-5555

The Debtor can be reached at:

         ESBL GmbH
         Attn: Heinrich Bergen, Manager
         Frankfurter Strasse 92
         65760 Eschborn
         Germany


F.W. PLANBAU: Claims Registration Period Ends June 8
----------------------------------------------------
Creditors of F.W. Planbau GmbH have until June 8 to register
their claims with court-appointed insolvency manager Severin
Kiesl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rosenheim
         Hall 114
         Rosenheim
         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 Rosenheim opened bankruptcy proceedings
against F.W. Planbau GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The insolvency manager can be reached at:

         Severin Kiesl
         Stollstrasse 5
         83022 Rosenheim
         Germany
         Tel: 08031/38096-0
         Fax: 08031/13892

The Debtor can be reached at:

         F.W. Planbau GmbH
         Falkensteinstr. 9
         83098 Brannenburg
         Germany


FAIR-BAU VERWALTUNGS: Claims Registration Ends June 4
-----------------------------------------------------
Creditors of Fair-Bau Verwaltungs GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Dr. Leo Schoofs.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Muenster
         Meeting Hall 119 B
         Gerichtsstr. 2-6
         48149 Muenster
         Germany

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

The insolvency manager can be reached at:

         Dr. Leo Schoofs
         Salierstr. 4
         46395 Bocholt
         Germany
         Tel: 02871/2183-0
         Fax: +4928712183410

The District Court of Muenster opened bankruptcy proceedings
against Fair-Bau Verwaltungs GmbH on May 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Fair-Bau Verwaltungs GmbH
         Attn: Rudolf Ostendorf and
               Hans-Joachim Diekmann, Managers
         Gewerbering 15
         48734 Reken
         Germany


FORUM WOHNUNGSBAUGESELLSCHAFT: Claims Registration Ends June 26
---------------------------------------------------------------
Creditors of FORUM Wohnungsbaugesellschaft mbH have until
June 26 to register their claims with court-appointed insolvency
manager Holger-Rene Bruckhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 9:25 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 Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Holger-Rene Bruckhoff
         Theodor-Heuss-Ring 19-21
         50668 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against FORUM Wohnungsbaugesellschaft mbH on April 25.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         FORUM Wohnungsbaugesellschaft mbH
         Attn: Ernst Otto Mones, Manager
         Judenpfad 19 a
         50996 Cologne
         Germany


FRESENIUS AG: Moody's Affirms Ba2 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service affirmed all ratings of Fresenius AG,
and changed the outlook to positive from stable.  Concurrently,
Moody's has also affirmed the ratings of Fresenius's subsidiary,
Fresenius Medical Care & Co KGaA, and changed the outlook to
positive from stable.

According to Moody's, the rating affirmations for Fresenius and
FME reflect the successful integration of the Helios acquisition
by Fresenius AG and the acquisition of Renal Care Group by FME.

"The positive outlooks for FME and Fresenius reflect the
constant improvements in the operating performance of the two
companies driven by organic growth supported by the favorable
demographic fundamentals for healthcare services and medical
equipment and the progress in de-leveraging of both entities
capital structures.

"While both ratings carry positive outlooks we expect a faster
rating migration for Fresenius than for FME, given the broader
diversification of cash flow sources and a more pronounced
improvement in credit metrics expected for the next twelve
months than for FME," says Christian Hendker, Moody's lead
analyst for Fresenius and FME.

The affirmation of Fresenius's Ba2 Corporate Family Rating
(Ba2 PDR) reflects:

  (1) the group's sizeable scale as a global provider of
      healthcare services and medical products and the recurring
      nature of the revenue base;

  (2) its balanced level of geographical diversification;

  (3) its segmental diversification in the healthcare market
      supported by strong market positions; and

  (4) good financial flexibility.

However, the rating is constrained by:

  (1) still relatively high financial leverage following a
      number of sizeable acquisitions in recent years;

  (2) ongoing acquisition risk and the expectation for
      acquisition-related cash flow constraints over the medium
      term;

  (3) shareholder orientation; and

  (4) exposure to regulatory changes and pricing pressure from
      governments and healthcare organizations worldwide.

The positive outlook for Fresenius AG reflects the benefits of
an improved segmental diversification due to increasing
performance contributions of ProServe and Kabi which are
somewhat reducing the historical dependency on the operating
performance of FME. Additionally, the group's credit metrics are
approaching historical levels, as reflected by Debt to EBITDA of
3.7x in the fiscal year ending Dec. 31, 2006. An upgrade in
Fresenius's ratings could be triggered by a clear trend of
improving CFO to Debt towards the high teens and reducing Debt
to EBITDA below 3.5x.

The affirmation of the Ba2 Corporate Family Rating for FME
(Ba2 Probability of Default or PDR) is supported by:

  (1) FME's absolute scale and a strong market position as a
      leading global provider of dialysis products and private
      dialysis services;

  (2) continued favorable industry growth trends as well as the
      recurring nature of FME's revenues;

  (3) high profitability levels; and

  (4) good financial flexibility.

FME's rating is constrained by:

  (1) its relatively high adjusted financial leverage;

  (2) the potential risks from the company's pure-play focus on
      the dialysis market, albeit mitigated by its position as a
      provider of both products and services;

  (3) the company's exposure to regulatory changes, government
      investigations and pricing pressure from governments and
      healthcare organisations worldwide; and

  (4) regional concentration on the North American market.

The positive outlook for FME incorporates Moody's view of the
stability of the dialysis market and is underpinned by
favourable demographic demand drivers the rating remains
constrained by relatively high financial leverage (Debt to
EBITDA of 3.9x in the fiscal year ending Dec. 31, 2006). Given a
relatively more concentrated business profile than Fresenius,
FME's metrics would need to show a track record of Debt to
EBITDA below 3.5x and CFO to Debt in the high teens on a
sustained basis to accommodate a rating upgrade.

Moody's notes that the rating levels for Fresenius' Ba2
Corporate Family Rating and the Ba2 Corporate Family Rating of
its key subsidiary FME are not directly linked. However,
Fresenius' consolidated operating performance and financial
leverage are highly correlated to FME, given the full
consolidation of FME's financial results (Fresenius AG holds a
36% economic interest in FME, but as result of FME's legal
status as a KGaA Fresenius has 100% management control of this
entity). FME remains fully controlled and hence fully
consolidated by Fresenius AG as long as Fresenius owns more than
25% of FME. Moody's notes that, although a change in the
consolidation method would affect the group's consolidated
operating performance and cash generation, it would also result
in a reduction in absolute debt levels.

The previous rating action for these issuers was on 31 March
2006, when Moody's affirmed the ratings for Fresenius and FME
following US anti-trust approval and the expected completion of
the acquisition of Renal Care Group, Inc.

Outlook Actions:

* FMC Trust Finance S.a.r.l.

   -- Outlook, Changed To Positive From Stable

* Fresenius AG

   -- Outlook, Changed To Positive From Stable

* Fresenius Finance BV

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care AG & KGaA

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust II

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust III

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust IV

   -- Outlook, Changed To Positive From Stable

* Fresenius Medical Care Capital Trust V

   -- Outlook, Changed To Positive From Stable

Headquartered in Bad Homburg, Germany, Fresenius Medical Care AG
is the world's leading provider of dialysis products and
services. For the fiscal year ended Dec. 31, 2006, Fresenius
Medical Care AG generated net revenues of US$8.5 billion.

Fresenius AG is a global health care company with products and
services for dialysis (through Fresenius Medical Care),
international healthcare services and facilities management
(Fresenius ProServe) and nutrition and infusion therapies
(Fresenius Kabi). For the fiscal year ending on Dec. 31, 2006,
Fresenius AG generated consolidated sales of EUR10.8 billion.  
The company also operates facilities in Australia, Brazil,
Canada, China, France, Korea, Mexico, Portugal and Sweden, among
others.


HBG - SCHALTANLAGENBAU: Claims Registration Ends June 7
-------------------------------------------------------
Creditors of HBG - Schaltanlagenbau GmbH have until June 7 to
register their claims with court-appointed insolvency manager
Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 22, 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 185
         First 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:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany
   
The District Court of Essen opened bankruptcy proceedings
against HBG - Schaltanlagenbau GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         HBG - Schaltanlagenbau GmbH
         Rheinelbestr. 32
         45886 Gelsenkirchen
         Germany

         Attn: Rolf Ganser, Manager
         Jahnstr. 19 a
         45701 Herten
         Germany


KARL HOFMANN: Creditors Must Register Claims by June 5
------------------------------------------------------
Creditors of Karl Hofmann Verwaltungs-GmbH have until June 5 to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 6, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Ansbach
         Meeting Room 3
         Promenade 8
         91522 Ansbach
         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:

         Joachim Exner
         Stahlstr. 17
         90411 Nuremberg
         Germany
         Tel: 0911-951285-0
         Fax: 0911-95128510

The District Court of Ansbach opened bankruptcy proceedings
against Karl Hofmann Verwaltungs-GmbH on May 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Karl Hofmann Verwaltungs-GmbH
         Dr.-Martin-Luther-Str. 23
         91550 Dinkelsbuehl
         Germany


KLICK-BILDERBOX.DE GMBH: Creditors Must File Claims by June 25
--------------------------------------------------------------
Creditors of klick-bilderbox.de gmbh have until June 25 to
register their claims with court-appointed insolvency manager
Thomas Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.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 Freiburg
         Hall I
         Holzmarkt 2
         79098 Freiburg
         Germany

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

The insolvency manager can be reached at:

         Thomas Kaiser
         LG-Fach 37
         Wilhelmstr. 1b
         79098 Freiburg
         Germany
         Tel: 0761/703940
         Fax: 0761/7039410

The District Court of Freiburg opened bankruptcy proceedings
against klick-bilderbox.de gmbh on May 1.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         klick-bilderbox.de gmbh
         Attn: Marianne Moser and Markus Ruths, Managers
         Universitatsstr. 10
         79098 Freiburg
         Germany


KOBES POLUBIEC: Creditors Must Register Claims by June 14
---------------------------------------------------------
Creditors of Kobes Polubiec GmbH have until June 14 to register
their claims with court-appointed insolvency manager
Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 9:58 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Andreas Amelung
         Im Mediapark 6 B
         50670 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Kobes Polubiec GmbH on May 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Kobes Polubiec GmbH
         Im Bischofsacker 2
         51065 Cologne
         Germany


KORNFELD MEDIA: Creditors Must Register Claims by June 11
---------------------------------------------------------
Creditors of Kornfeld Media GmbH have until June 11 to register
their claims with court-appointed insolvency manager
Gerd Mensendiek.

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 of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Gerd Mensendiek
         Detmolder Str. 43
         33604 Bielefeld
         Germany

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

The Debtor can be reached at:

         Kornfeld Media GmbH
         Industriestr. 4
         33813 Oerlinghausen
         Germany


LEIPZIG-WEST: Ex-Shareholder Faces Fraud Charges in German Court
----------------------------------------------------------------
Jurgen Schlogel, formerly Leipzig-West Liegenschaften AG's main
shareholder, appeared in court beginning May 10, 2007, to deal
with allegations of fraud and attempts to delay insolvency, The
Financial Times relates, citing Handelsblatt as its source.

According to the report, Mr. Schlogel and Leipzig-West Manager
Pierre Klusmeyer allegedly defrauded around 5,000 investors,
causing damages worth around EUR27 million.  Altogether, the
insolvency administrator and consumer protection bodies estimate
that almost 38,000 investors may have lost a total of almost
EUR300 million to the defendants.  Meanwhile, a lawyer has
revealed that his firm is representing almost 2,000 investors
claiming damages of more than EUR36 million.

The company carried out bond issues subscribed largely by small
savers, the report says.  The transactions were designed to
finance property business, but a large part of the sum is said
to have flowed into the funds of Mr. Schlogel and his associated
businesses.  These are said to have included investment company
DM-Beteiligungen, which has also become insolvent.

Leipzig-West Liegenschaften AG is an insolvent property company
based in Sachsen, Germany.


MYLAN LABORATORIES: Buying Merck's Generics Biz for EUR4.9 Bln
--------------------------------------------------------------
Mylan Laboratories Inc. and Merck KGaA have signed a definitive
agreement under which Mylan will acquire Merck's generics
business for EUR4.9 billion (US$6.7 billion) in an all-cash
transaction.

The combination of Mylan and Merck Generics will create a
vertically and horizontally integrated generics and specialty
pharmaceuticals leader with a diversified revenue base and a
global footprint.  On a pro forma basis, for calendar 2006, the
combined company would have had revenues of approximately US$4.2
billion, EBITDA of approximately US$1 billion and approximately
10,000 employees, immediately making it among the top tier of
global generic companies, with a significant presence in all of
the top five global generics markets.

In addition to retaining Hank Klakurka, currently president and
chief executive officer of Merck Generics, Mylan has executed
long-term employment agreements with members of Merck Generics'
senior management team, ensuring that senior leadership remains
intact.  Mylan views the existing management and employees of
Merck Generics as key to the success of the combined company.

"Mylan's acquisition of Merck Generics would substantially
complete the execution on one of its long-term visions: to
create a world class global quality generics leader," Mylan Vice
Chairman and CEO Robert J. Coury commented.  "The fit between
our two companies is truly outstanding.  Mylan is already a
leader in the U.S., the world's largest market, and through
Matrix Laboratories controls one of the broadest API platforms
in the world.  Merck Generics provides us with leading positions
in many of the world's other key regions.  Together, we will
form a powerful, diverse, robust and vertically integrated
generics platform.

"Cash EPS represents EPS adjusted for amortization expense
related to intangible assets.

"The combination with Merck Generics will significantly extend
our range of therapeutic categories and dosage forms, and bring
us a number of new, differentiated products and successful
franchises," Mr. Coury added.

Merck Generics is a subsidiary of Merck KGaA, a more than 300-
year old global chemical and pharmaceutical conglomerate.  Merck
Generics has sales in more than 90 countries and is the world's
number three ranked generics business by 2006 calendar year
revenues.  It has more than 400 high quality products and 70% of
its revenues are generated from countries where it is a top
three player.  Merck Generics' U.S. specialty pharmaceuticals
business, Dey, is focused on respiratory and allergy products
and had US$650 million in revenues in 2006.  Merck Generics
reported sales of EUR1.8 billion (US$2.45 billion) and EBITDA of
EUR335 million (US$450 million) in 2006.  The business employs
approximately 5,000 people worldwide.

"My management team and I are extremely excited to be joining
the Mylan team," President and CEO of Merck Generics Hank
Klakurka said.  "We believe Mylan is the best possible acquirer
for our company.  The two businesses are an excellent fit in
terms of geography and product mix, and together we can offer
extremely attractive product baskets across our combined
territories.  Mylan has established itself as a leader in the
U.S. in terms of quality, manufacturing excellence and customer
service, and has demonstrated a strong commitment to its
employees and the communities in which it operates.  My team and
I look forward to working with Mylan to build an undisputed
world leader in quality generics."

                       Strategic Rationale

The acquisition offers a unique, compelling opportunity to
create a global generics leader with critical mass in most of
the important generics markets.  The transaction positions Mylan
to leverage substantial growth opportunities and maximize
operating efficiencies driven by global scale.

Leadership and scale in key global regions:

The transaction creates critical mass by combining Mylan's
leading position in the U.S. with Merck Generics' broad
geographic mix, including leading positions in Australia,
France, Japan, Portugal, Spain and the U.K.  This global
footprint creates substantial growth opportunities, and reduces
the risks associated with over-reliance on any one region.

Broad and diversified product portfolio: The new company will be
well diversified across most therapeutic areas with
approximately 560 products.

Differentiated dosage form expertise:

The combined company will have manufacturing capabilities in
several specialized dosage forms including solid orals, patches,
controlled-release and high potency formulations, antibiotics,
sterile liquids, inhalants and creams.  Many of these dosage
forms benefit from barriers to competition and longer product
growth cycles. Additionally, Merck Generics has a highly
successful product sourcing and in-licensing strategy that has
allowed the company to develop critical mass in key
differentiated dosages in attractive markets.

Vertical integration and API supply:

Together, Mylan and Merck Generics will benefit from significant
savings driven by Matrix's low cost, high quality API capacity
and the benefits of manufacturing high product volumes for
multiple markets around the world.  In 2007, Mylan completed its
acquisition of a 71.5% stake in India-based Matrix, the second
largest API manufacturer globally, with more than 165 APIs in
the marketplace or under development.

                      Transaction Details

Under terms of the transaction, which have been unanimously
approved by Mylan's Board of Directors, Mylan will acquire 100%
of the shares of the various businesses comprising Merck
Generics for a cash consideration of EUR4.9 billion (US$6.7
billion).  Mylan has secured fully committed debt financing from
Merrill Lynch, Citigroup and Goldman Sachs.

The transaction is anticipated to be dilutive to full-year cash
EPS in year one, breakeven in year two, and significantly
accretive thereafter based on management's internal projections.
The company is committed to reducing its leverage in the near
term through the issuance of US$1.5 billion to US$2 billion of
equity and equity-linked securities.  The combined company will
generate substantial free cash flow that will further enable it
to rapidly reduce acquisition-related debt.  Reflecting its more
leveraged capital structure and focus on growth, Mylan is
suspending the dividend on its common stock.

Mylan expects to achieve synergies of approximately US$250
million by the end of year three.  The majority of these
synergies will result from vertical integration of Merck's API
supply by leveraging the Matrix platform, aligning capabilities
in research and development, and driving further efficiencies in
increased manufacturing volumes of key products across the
globe.

Mylan does not anticipate significant reductions in headcount at
Mylan, Matrix or Merck Generics in order to achieve these
synergies.

The combined company will have a dramatically accelerated growth
profile with long-term compounded net income growth expected to
exceed 30% per annum and long-term revenue growth in excess of
10%.  This growth will be driven by new opportunities created by
the formation of a truly global platform, through promising
growth at Merck Generics, and by expected deleveraging of the
balance sheet.

The transaction remains subject to regulatory review in relevant
jurisdictions and certain other customary closing conditions,
and is expected to close in the second half of 2007.

"We have been very impressed by the successful business built by
the management team and employees at Merck Generics and by their
dedication to excellence across all areas of their operations.  
We look forward to working together to create greater
opportunities for all employees of Mylan and Merck Generics, as
well as to uniting two cultures built on excellence in
regulatory, R&D, manufacturing and customer service in one of
the world's largest global generic pharmaceutical companies,"
Mr. Coury concluded.

Merrill Lynch acted as exclusive financial advisor and provided
a fairness opinion to Mylan in this transaction.  The external
legal counsel for Mylan was Cravath, Swaine & Moore LLP.

                     About Merck Generics

Merck Generics offers affordable standard therapies in nearly
all major therapeutic areas through high-quality drugs
containing active ingredients that are no longer patent
protected.  The range of products includes a wide assortment of
more than 400 different substances plus special dosage forms and
delivery systems with high patient benefit.

Merck Generics is a subsidiary of Merck KGaA, a more than 300-
year old global chemical and pharmaceutical conglomerate.  

                   About Mylan Laboratories

Mylan Laboratories Inc. -- http://www.mylan.com/-- (NYSE:MYL)   
manufactures prescription medicines specializing in developing,
manufacturing and marketing generic pharmaceuticals.  Mylan
manufactures and markets 160 generic products in nearly 400
product strengths, covering 46 therapeutic categories.  Mylan is
headquartered just outside of Pittsburgh and operates through
its three subsidiaries: Mylan Pharmaceuticals (Morgantown,
W.Va.) is primarily focused on solid oral dose generic
pharmaceutical products. Mylan Technologies (St. Albans, Vt.) is
the market leader in generic transdermal drug delivery
technology and is the largest producer of generic transdermal
patches for the U.S. market. UDL Laboratories (Rockford, Ill.)
is the number one supplier of unit dose pharmaceuticals to
hospitals and other institutions across the United States.

Mylan also owns a 71.5% stake in Matrix Laboratories Limited of
India and has a production facility in Puerto Rico.

                          *     *     *

As reported in the TCR-Europe on May 16, 2007, Moody's Investors
Service placed the ratings of Mylan Laboratories Inc. under
review for possible downgrade.  

Ratings placed under review for possible downgrade:

  * Mylan Laboratories Inc.

    -- Ba1 Corporate Family Rating

    -- Ba1 Probability of Default Rating

    -- Ba1 (LGD4, 51%) sr. unsecured revolving credit facility  
       of US$700 million due 2011

    -- Ba1 (LGD4, 51%) sr. unsecured revolving credit facility
       of US$300 million due 2011

    -- Ba1 (LGD4, 51%) sr. unsecured term loan of US$450 million
       due 2012

    -- Ba1 (LGD4, 51%) sr. unsecured notes of US$150 million due
       2010

    -- Ba1 (LGD4, 51%) sr. unsecured notes of US$350 million due
       2015

At the same time, Standard & Poor's Ratings Services said it
lowered its corporate credit and senior unsecured debt ratings
on Mylan Laboratories to 'BB+' from 'BBB-' and placed all the
ratings on CreditWatch with negative implications.

The actions come on the heels of the company's announcement that
it is acquiring Merck KGaA's generic business for EUR4.9 billion
(US$6.7 billion) in an all-cash transaction.


PERI-WERK: High Profitability Cues Moody's to Lift Rating to Ba1
----------------------------------------------------------------
Moody's Investors Service upgraded both the corporate family
rating and the senior unsecured debt ratings of Peri-Werk Artur
Schwoerer GmbH & Co. KG to Ba1 from Ba2.  The outlook has been
changed to stable.

"The upgrade reflects the company's ability to manage its
double-digit sales growth while maintaining a high level of
profitability and cash flow generation," said Matthias
Hellstern, Moody's lead analyst for Peri.

At the time of the last rating action in January 2006 when
Moody's had changed the outlook on the company's Ba2 ratings to
positive from stable, key criteria that Moody's set for an
upgrade to Ba1 was that Peri could cope with an ongoing strong
sales growth in 2006 (which at 21% was even stronger than
expected in FY 2006) without compromising its profitability. The
concern had been that profitability could have come under
pressure from the need to add further production and rental
capacities. However, the upgrade to Ba1 reflects the strength of
the company's business model allowing it to cope with such a
significant growth while at the same time maintaining high EBIT
margins.

The rating also reflects the company's well-diversified
geographical operations covering more than 55 countries and its
leading position in a strongly growing, albeit fragmented part
of the construction market, which should provide some resilience
to regional demand swings.

Moody's notes that the company's strong business model --
supported by clear management continuity within the family -
should allow Peri to continue to benefit from the current strong
global demand environment, resulting in double-digit growth
rates, profit margins above 15% and reduction in leverage as a
result of improving free cash flows. However, the stable outlook
reflects Moody's caution that for an upgrade into investment
grade Peri would need to demonstrate some resilience to cyclical
demand swings, as the current strong performance and
significantly expanded business profile of Peri has not yet been
tested in a less benign market environment. Moody's believes
that even in the case of another strong performance in 2007,
such a track record would need to be established over some time.

Ratings affected by this upgrade are:

* Peri-Werk Artur Schwoerer GmbH & Co. KG

   -- Long-term corporate family rating: Ba1, upgrade from Ba2;

   -- the PD rating has also been upgraded to Ba1, with a group
      LGD-assessment of 4 with a LGD rate of 50%

* Peri GmbH

   -- EUR250 million of Senior Fixed Rate Notes due in 2011:
      Ba1, upgrade from Ba2;

   -- LGD-assessment of 4 remains unchanged, with a
      LGD-rate of 53%

The last rating action on Peri was on January 16, 2006, when the
outlook was changed from stable to positive.

Headquartered in Weissborn, Germany, Peri is one of the world's
leading developers, manufacturers and suppliers of formwork
systems for cast-in-place concrete and providers of related
engineering and technical services.  As a family-owned business,
Peri employs over 4,000 staff and engages in the direct sale and
rental of formwork and scaffolding systems to the construction
industry and also offers supporting services which complement
its core businesses including clean-up, repair and logistics.
With more than 70 sales and rental parks worldwide, Peri is
considered to operate the largest rental stock of formwork
systems, enabling it to offer just in time delivery to more than
25,000 customers. Revenues generated in 2006 accounted for
EUR922 million, an increase of 21% compared to 2005.

The company has operations in Australia, Canada, India, Japan,
Denmark, Italy, Mexico and the United States.


SCHAE VAN: Claims Registration Period Ends June 15
--------------------------------------------------
Creditors of Schae Van Baumschinen Metallbau, Reparatur und
Transportservice GmbH have until June 15 to register their
claims with court-appointed insolvency manager Christian Graf
Brockdorff.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany   
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Breite Strasse 9 a
         D 14467 Potsdam
         Germany
         Tel: 0331/298000
         Fax: 0331/2980050

The District Court of Stendal opened bankruptcy proceedings
against Schae Van Baumschinen Metallbau, Reparatur und
Transportservice GmbH on May 2.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schae Van Baumschinen Metallbau,
         Reparatur und Transportservice GmbH
         Attn: Hartmut Valentin, Manager
         Niedergoerner Damm 9
         39596 Arneburg
         Germany


SIEGEL + GLASMEYER: Claims Registration Period Ends June 12
-----------------------------------------------------------
Creditors of Siegel + Glasmeyer GmbH have until June 12 to
register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Muenster
         Meeting Hall 112 B
         First Floor
         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:

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

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

The Debtor can be reached at:

         Siegel + Glasmeyer GmbH
         Gutenbergstrasse 11
         49477 Ibbenbueren
         Germany

         Attn: Helmut Siegel, Manager
         Suedring 20
         49477 Ibbenbueren
         Germany


SPASS IN DORMAGEN: Claims Registration Period Ends June 8
---------------------------------------------------------
Creditors of Spass in Dormagen Gastronomie GmbH have until
June 8 to register their claims with court-appointed insolvency
manager Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     

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

The District Court of Duesseldorf opened bankruptcy proceedings
against Spass in Dormagen Gastronomie GmbH on May 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The insolvency manager can be reached at:

         Dr. Joerg Nerlich
         Louise-Dumont-Str. 25
         40211 Duesseldorf
         Germany

The Debtor can be reached at:

         Spass in Dormagen Gastronomie GmbH
         Attn: Stefan Luedtke, Manager
         Koelner Str. 80
         41539 Dormagen
         Germany


UNIQUE-TRANS VERWALTUNGS: Claims Registration Ends June 15
----------------------------------------------------------
Creditors of Unique-Trans Verwaltungs-GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Dr. Hubert Ampferl.

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

The meeting of creditors will be held at:

         The District Court of Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Hubert Ampferl
         Kumpfmuehler Str. 30
         93051 Regensburg
         Germany
         Tel: 0941/2807370
         Fax: 0941/2807379

The District Court of Regensburg opened bankruptcy proceedings
against Unique-Trans Verwaltungs-GmbH on May 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Unique-Trans Verwaltungs-GmbH
         Henleinstr. 6
         93082 Barbing
         Germany


WIMATHERM KLIMATECHNIK: Claims Registration Period Ends July 4
--------------------------------------------------------------
Creditors of WIMATHERM Klimatechnik und Maschinenbau GmbH have
until July 4 to register their claims with court-appointed
insolvency manager Diplom-Volkswirt Helge Wachsmuth.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Diplom-Volkswirt Helge Wachsmuth
         Alexanderstr. 2
         30159 Hannover
         Germany
         Tel: 0511 325095
         Fax: 0511 329934

The District Court of Hannover opened bankruptcy proceedings
against WIMATHERM Klimatechnik und Maschinenbau GmbH on May 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         WIMATHERM Klimatechnik und Maschinenbau GmbH
         Attn: Hans-Guenter Lipski, Manager
         Albert-Einstein-Str. 1
         31515 Wunstorf
         Germany


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


BENCHMARK ELECTRONICS: Pemstar Buy Cues S&P to Remove Watch
-----------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Angleton, Texas-based Benchmark Electronics Inc. from
CreditWatch, where they were placed with positive implications
on Nov. 1, 2006.  The 'BB-' corporate credit rating is affirmed;
the outlook is stable.
      
"The rating actions follow the company's stock-based acquisition
of Pemstar, Inc. and a review of 2006 results," said Standard &
Poor credit analyst Lucy Patricola.  While Pemstar adds
complementary customers and programs to Benchmark's portfolio,
with a minimum of redundant facilities, Benchmark recently
experienced share erosion at its key customer, Sun Microsystems;
end-market softness in some of its largest sectors; and program
ramp delays.  
     
The ratings reflect Benchmark's mid-tier industry position,
significant customer concentration, and challenges posed by
volatile computing and communications end-market demand.  
Consistent operating performance and a strong financial profile
for the rating partly offset these concerns.  Benchmark had no
funded debt outstanding as of March 2007, and lease-related
adjustments are nominal at US$25 million.
     
Benchmark provides electronic manufacturing services, primarily
in the high-end computing and communications equipment markets,
although the company has made strides at diversifying its
revenue base organically and through its recent acquisition of
Pemstar.  Still, following the acquisition, computing and
telecommunications remain about 70% of total sales.  Medical
devices, industrial controls, and instrumentation accounted for
the balance.  At US$2.9 billion in 2006 annual revenue, the
company is the smallest in the rated EMS sector.

                  About Benchmark Electronics

Based in Angleton, Texas, Benchmark Electronics Inc. (NYSE: BHE)
-- http://www.bench.com/-- manufactures electronics and  
provides services to original equipment manufacturers of
computers and related products for business enterprises, medical
devices, industrial control equipment, testing and
instrumentation products, and telecommunications equipment.  The
company's global operations include facilities in The
Netherlands, Romania, Ireland, Brazil, Mexico, Thailand,
Singapore, and China.


SHAMROCK CAPITAL: Moody's Puts Low-B Ratings to Two Note Classes
----------------------------------------------------------------
Moody's Investors Service has assigned definitive credit ratings
to the eight classes of notes issued under Series 2007-1 by
Shamrock Capital P.L.C., a special purpose company incorporated
in Ireland, in relation with the ORB Emerging Market CDO
transaction.

The ratings are:

   -- Aaa to the Series 2007-01 EUR38,600,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- Aaa to the Series 2007-02 CZK600,000,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- Aa2 to the Series 2007-03 EUR5,000,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- Aa2 to the Series 2007-04 CZK112,000,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- A1 to the Series 2007-09 SKK253,125,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- Baa2 to the Series 2007-05 EUR19,500,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- Ba3 to the Series 2007-06 EUR13,500,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

   -- B3 to the Series 2007-07 EUR7,500,000 Floating Rate
      Portfolio Credit Linked Notes due 2012

The ratings assigned to the Notes will address the expected loss
posed to Noteholders by the legal maturity of the Notes.  The
Notes are synthetic collateralized debt obligations exposed to a
managed underlying portfolio of corporate emerging market
reference entities.  The transaction is arranged by Citigroup
Global Markets Limited and managed by BI Asset Management
Fondsm'glerselskab A/S (Bankinvest), a Danish Asset Manager.
Upon the occurrence of a credit event, a fixed recovery rate of
40% will be used as final price.

The ratings are primarily based upon:

     (i) an assessment of the credit quality of the underlying
         reference entities;

    (ii) an assessment of the asset correlation of the
         underlying reference entities;

   (iii) the level of protection against losses provided through
         the thresholds; and

    (iv) the legal and structural integrity of this issue.

In addition, Moody's has assigned a provisional rating to the
Senior Swap in relation to the ORB Emerging Market CDO
Transaction:
   
   -- (P)Aaa to the Series 2007-01 EUR 210,000,000 Senior Swap
      expiring 2012

The Moody's rating assigned to this super senior swap measures
the risk on an expected loss basis that the credit protection
provider will be required to make payments in respect of credit
events under the terms of the transaction.  The rating also
addresses any premium due but not paid by the protection buyer,
up until an early termination date, if any.  The rating does not
address potential losses resulting from an early termination of
the transaction, nor any market risk associated with the
transaction.


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


DANA CORP: Wants to Buy Manufacturing Plants from Non-Debtor Arm
----------------------------------------------------------------
Dana Corp. and its debtor-affiliates seek the U.S. Bankruptcy
Court for the Southern District of New York's authority to
purchase manufacturing plants located in Stockton, California,
and Danville, Kentucky, from their wholly owned non-debtor
subsidiary, Dana Commercial Credit Corporation.

Pursuant to separate purchase agreements, the Debtors will pay
US$1,327,210 for the Stockton Plant and US$6,108,365 for the
Danville Plant.

Moreover, the Purchase Agreements provides that DCCC will pay
one half of the expenses associated with title insurance for the
Plants and one half of an escrow agent's fees.  The Debtors will
pay the other half of the title insurance expenses and the
escrow agent fees.  DCCC will pay all transfer taxes associated
with the sale of the Plants and the Debtors will pay all the
recording fees associated with the transfer of the Plant's
ownership.

In connection with the purchase of the Plants, the real and
property leases associated with the Plants will be terminated
and no further claims will be due and owing under the Leases.

DCCC is in the process of winding down its business, Richard H.
Engman, Esq., at Jones Day, in New York, tells the Court.  In
connection with the winddown, the Debtors and DCCC agreed that
the Debtors would pay all rental payments due to DCCC under the
Leases associated with the Plants.

The Debtors currently pay DCCC US$45,013 per month in rent for
the Danville Plant and US$103,550 a month in rent for the
Stockton Plant, Mr. Engman says.

Mr. Engman asserts that pursuant to accounting rules, the
Debtors will show increased income once they purchase the Plants
resulting from the elimination of rental expense.  Purchasing
the Plants now, Mr. Engman notes, will accelerate the Debtors'
realization of the accounting benefits and make the Plants
available as collateral for any exit financing in the bankruptcy
cases.

The Debtors believe that the purchase price for the Plants is in
the range of likely market values for the Plants.

The Debtors also seek the Court's permission to waive any stay
of the effectiveness of the order approving the repurchase
request.  Mr. Engman says the Debtors would like to commence
closing the transactions as soon as possible to obtain the
accounting benefits contemplated under the transaction.

The Debtors would also like to avoid having to make lease
payments on June 1, 2007, which would ordinarily come due during
the automatic stay of effectiveness of the sought order, Mr.
Engman adds.

                         About Dana Corp.

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

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

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

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

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.  

(Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

                        *     *     *

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for  
Chapter 11 bankruptcy court protection and defaulted on its debt  
agreements, Fitch downgraded Dana's issuer default rating to 'D'  
from 'C'.  

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured
notes.  These ratings will be withdrawn in 30 days.  The 'B-'
rating on the pre-petition senior secured facility and the
recovery rating of 'RR1' are being withdrawn, as the facility is
expected to achieve full recovery through the establishment of
US$1.45 billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.


DANA CORP: To Terminate Non-Union Pension Benefits on July 1
------------------------------------------------------------
Dana Corp. and its debtor-affiliates and the Official Committee
of Non-Union Retirees wish to avoid the expense and uncertainty
associated with litigating their disputes under Section
1113/1114 of the Bankruptcy Code.

Accordingly, the Debtors and the Retiree Committee agree to deem
resolved the Section 1113/1114 disputes, the Debtors' request to
terminate non-union pension benefits and the objections as to
all former employees who:

   -- while working for the Debtors were not represented or are
      not currently represented by a labor organization; and

   -- were receiving or eligible to receive Non-Pension Retiree
      Benefits from the Debtors as of March 31, 2007.

Any non-union employee that retired after March 31, 2007, is not
subject to the terms of the Stipulation but is subject to the
terms of the order authorizing the termination of the non-union
pension benefits entered on March 30, 2007.

Judge Lifland had authorized the Debtors to terminate, effective
as of April 1, 2007, all their non-pension retiree benefits for
non-union active employees that have not retired on or before
March 30, 2007.

The Debtors will terminate the non-union pension benefits
effective as of July 1, 2007, in consideration for the payment
of US$78,800,000 to fund a Voluntary Employees' Benefit
Association trust for the Non-Union Retirees.

The Debtors' obligation to contribute to the VEBA Trust will
have the status of an allowed administrative expense.

The Non-Union Retiree VEBA will bear all costs, fees and
expenses incurred for the creation of the Trust except with
respect to reasonable professional fees and expenses of Stahl
Cowen Crowley, LLC, the Retiree Committee's bankruptcy counsel,
and The Segal Company, the Retiree Committee's actuarial and
benefits claim.

The parties clarify that the Stipulation is not intended to
mandate or provide for the type, nature or duration of benefits
or payments that may be offered or provided by the Non-Union
Retiree VEBA.  All decisions with respect to the benefits will
be made within the sole discretion the trustees of the Non-Union
Retiree VEBA.

The parties mutually release all claims, lawsuits or causes of
actions they have against each other.

The parties further agree that the Debtors will provide the
Retiree Committee, at no cost, access to their counsel, their
actuary, and their human resources department for the formation
of the VEBA Trust.

The Debtors will provide information on life insurance
conversion options and will reasonably assist the non-union
retirees in the conversion of their life insurance policies;
provided that the Debtors will not be required to take any
actions that will result in the Debtors incurring out-of-pocket
expenses in respect of the assistance.

The Debtors will comply with Section 4980B of the Internal
Revenue Code of 1986 and the Employee Retirement Income Security
Act of 1974 with regard to making available to the non-union
retirees Consolidated Omnibus Budget Reconciliation Act
continuation coverage.

The Debtors will offer eligible non-union retirees an
opportunity to elect COBRA continuation coverage; the agreement,
however, will not apply if:

   (a) it is otherwise not required by, inconsistent with or
       contrary to applicable law;

   (b) the Debtors cease to provide any group health plan to
       their employees;

   (c) a non-union retiree fails to pay a COBRA premium; or

   (d) a non-union retiree becomes covered under any other group
       health plan.

As of May 7, 2007, there are approximately 7,300 non-union
retirees.  If it is later determined that the number of non-
union retirees increase by at least 100 individuals, then the
Debtors and the Retiree Committee, in consultation with the
Official Committee of Unsecured Creditors, will engage in good
faith negotiations to work out a fair and equitable compromise.

The Retiree Committee will elect or appoint a trustee or
trustees of the Non-Union Retiree VEBA.  The Debtors will have
no obligations regarding the establishment or administration of
the Non-Union Retiree VEBA.

The Retiree Committee agrees to support any Chapter 11 plan of
reorganization the Debtors may file, provided that that plan is
consistent with the terms of the Stipulation.

Claim Nos. 11384, 11388 though 11424, 11482 and 12912 filed by
the Retiree Committee will be deemed withdrawn.

                         About Dana Corp.

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

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

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

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

The Debtors' exclusive period to file a plan expires on Jan. 3,
2007.  They have until Mar. 5, 2007, to solicit acceptances to
that plan.  

(Dana Corporation Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or  
215/945-7000).

                        *     *     *

Dominion Bond Rating Service downgraded Dana Corporation's Bank
Debt rating to D from CCC, and cut the Senior Unsecured Notes
rating to D from CC.  DBRS's rating action follows the company's
decision to file for Chapter 11 bankruptcy protection.  The
filing covers Dana and 40 U.S. subsidiaries of the company, and
excludes Dana's European, South American, Asia-Pacific,
Canadian, and Mexican subsidiaries.

Following Dana Corporation's announcement that it has filed for  
Chapter 11 bankruptcy court protection and defaulted on its debt  
agreements, Fitch downgraded Dana's issuer default rating to 'D'  
from 'C'.  

Fitch also affirms and removes from Rating Watch Negative the
'CC' rating and 'RR4' recovery rating on Dana's unsecured
notes.  These ratings will be withdrawn in 30 days.  The 'B-'
rating on the pre-petition senior secured facility and the
recovery rating of 'RR1' are being withdrawn, as the facility is
expected to achieve full recovery through the establishment of
US$1.45 billion in debtor-in-possession facilities.

Moody's Investors Service assigned B3 ratings to the US$1.45
billion debtor-in-possession financing of Dana Corporation as a
Debtor-in-Possession.  The DIP financing consists of a US$750
million super priority senior secured asset based revolving
credit and a US$700 million super priority senior secured term
loan B.


PARMALAT SPA: U.S. Court Moves Injunction Hearing to June 21
------------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has adjourned a hearing to consider entry of the Permanent
Injunction until June 21, 2007, at 10:00 a.m.

In the interim, the Preliminary Injunction is extended until
June 25, 2007.

Under the Preliminary Injunction Order, Judge Drain recognizes
Dr. Enrico Bondi, as Extraordinary Administrator of Parmalat
Finanziaria S.p.A., et al., as the exclusive "foreign
representative" of the Foreign Debtors within the meaning of
Section 101(24) of the Bankruptcy Code.  The Foreign Debtors are
subjects of a "foreign proceeding" within the meaning of
Sections 101(23) and 304.

Judge Drain rules that all creditors of the Reorganized Parmalat
are, among others, enjoined from commencing or continuing any
action or legal proceeding, including by way of counterclaim,
against the Foreign Debtors or any of their subsidiaries or
affiliates or Reorganized Parmalat, or the proceeds thereof, and
from seeking discovery of any nature against the Foreign Debtors
or any of their subsidiaries or affiliates or Reorganized
Parmalat.

The Civil and Criminal Court of Parma will have exclusive
jurisdiction to hear and determine any suit, action, claim or
proceeding, other than the SEC Action, and to settle all
disputes, which may arise out of the construction or
interpretations of the Italian Plan, as defined in the Section
304 Petition, or out of any action taken or omitted to be taken
by any person or entity in connection with the administration of
the Italian Plan.

Nothing in the Order is intended to limit the jurisdiction of
any court of competent jurisdiction in Italy dealing with the
Foreign Debtors or Reorganized Parmalat and any claims brought
by Italian Proceeding Creditors against the Foreign Debtors or
Reorganized Parmalat or any other person or entity.

Pursuant to Rule 7065 of the Federal Rules of Bankruptcy
Procedure, the security provisions of Rule 65(c) of the Federal
Rules of Civil Procedure will be waived.

        Objections to Proposed Permanent Injunction Order

Before Judge Drain's ruling, ABN AMRO Bank N.V., holder of a
promissory note guaranteed by Parmalat S.p.A., asked the Court
to deny or condition Parmalat's request for Permanent
Injunction, on the grounds that the claims process in the
Italian proceeding is prejudicial to it and other similarly
situated creditors, and does not provide for just treatment of
creditors.

On ABN AMRO's behalf, Christopher J. Caruso, Esq., at Moses &
Singer LLP, in New York, asserted that Parmalat is relying on
"data certa" -- a provision of Italian law that is antithetical
to the principles of U.S. bankruptcy law -- to object to the
creditor's guarantee claim in the Italian proceedings despite
the fact that the guarantee is conspicuously dated and is
governed by New York law.  Moreover, the Italian courts have
refused to permit ABN AMRO to introduce additional evidence to
prove that the Guarantee date is correct.

ABN AMRO insisted that the Bankruptcy Court should either
condition its grant of permanent injunctive relief on Parmalat's
agreement to withdraw its data certa objection to ABN's
guarantee claim, or deny Parmalat's request for a permanent
injunction so creditors' claims can be resolved fairly in
appropriate forum and pursuant to the proper law.

In addition, BankBoston N.A., FleetBoston Financial, Bank of
America Corporation, Bank of America National Trust & Savings
Association, Banc of America Securities LLC, and Bank of
America, N.A., stated that, if the Bankruptcy Court is inclined
to grant any permanent injunctive relief to Parmalat, the scope
of the proposed Permanent Injunction is impermissibly broad and
should be narrowed or clarified.

The Bank opposed entry of the proposed Permanent Injunction to
ensure that:

   (i) the "unfair and prejudicial" data certa objections to the
       allowance of claims are withdrawn and resolved;

  (ii) any permanent injunctive relief is limited to recognizing
       the terms of the Composition in the U.S. and does not
       create substantive rights that the Foreign Debtors did
       not receive under Italian law; and

(iii) the proposed Permanent Injunction does not contravene the
       Withdrawal Order by affecting any of the Bank's rights in
       the District Court Litigation.

                 Dr. Bondi Addresses Objections

Representing Dr. Bondi, Marcia L. Goldstein, Esq., at Weil,
Gotshal & Manges LLP, in New York, stated that the Foreign
Debtors' Italian proceedings are clearly worthy of comity and
the relief requested since Italy's bankruptcy system comports
with U.S. standards of fundamental fairness.

Ms. Goldstein said BANA lacks standing to object because the
District Court has withdrawn the reference with respect to its
claims.

Ms. Goldstein added that the data certa principle does not
render the Italian proceedings unfair or unworthy of Section 304
relief.  

As an initial matter, she said, no critique of data certa will
change the fact that BANA and BankBoston's claims are being
challenged on multiple grounds that no resolution of the data
certa objections could ensure admission of those claims.

Because BofA acknowledges that those non-data certa defenses
should be adjudicated in Italy, its assault on data certa is a
diversion designed to obfuscate the issues, Ms. Goldstein noted.

Ms. Goldstein also pointed out that BofA failed to demonstrate
that Italian law or the principle of data certa is repugnant to
U.S. policy.

"Unlike any other creditor appearing in these 304 proceedings,
Bank of America is the subject of a US$10,000,000,000 lawsuit by
the Foreign Debtors in the District Court; and, unlike any
creditor with whom the Foreign Debtors have settled,
BankBoston's claims are subject to clawback claims by Dr.
Bondi," Ms. Goldstein asserted.

Furthermore, in a separate filing, the Foreign Debtors addressed
the objections filed by the Bingham Noteholders; the Pension
Benefit Guaranty Corporation; Grant Thornton International; the
lead plaintiffs for the putative class in the securities fraud
litigation pending before the United States District Court for
the Southern District of New York; and Israel Discount Bank of
New York.

In February 2007, the Bingham Noteholders opposed the entry of
the Permanent Injunction based on the belief that their
agreement with the Foreign Debtors relating to the admission of
certain conditionally admitted claims had fallen apart due to a
dispute relating to the admission of other claims asserted under
Article 2362 of the Italian Civil Code.

In the Foreign Debtors' Feb. 22, 2007, reply and at the
Feb. 27, 2007, status conference, the parties had pursued a
potential settlement of the 2362 Claims but, ultimately, the
Foreign Debtors determined that a settlement could not be
justified in light of recent Italian court decisions that
question the propriety of Article 2362 claims.

Therefore, Ms. Goldstein said, as to the Bingham Noteholders'
Objection, there is no basis for the Bankruptcy Court to permit
the noteholders to litigate the 2362 Claims in the U.S., as
those Claims are already pending before the Parma Court.

Ms. Goldstein also stated that PBGC's reliance on the provisions
of Sections 524(e), 1123 and 1141 of the Bankruptcy Code as
grounds for objecting to the issuance of the Permanent
Injunction is inapposite because the provisions have no
application in a Section 304 case.

Moreover, Grant Thornton and the Plaintiffs filed their limited
objections out of the abundance of caution to confirm that the
Permanent Injunction does not impact matters withdrawn from the
Bankruptcy Court by the District Court.

According to Ms. Goldstein, the Foreign Debtors and IDB are in
the process of finalizing the terms of a settlement agreement
with respect to IDB's claims filed with the Parma Court.
Consequently, IDB has agreed to support entry of the Permanent
Injunction.

                         About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that   
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.

(Parmalat Bankruptcy News, Issue No. 88; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)


PARMALAT SPA: Earns EUR111.1 Million for First Quarter 2007
-----------------------------------------------------------
Parmalat S.p.A. posted EUR111.1 million in net profit on
EUR933.2 million in net revenues for the first quarter ended
March 31, 2007, compared with EUR13.4 million in net profit on
EUR953.2 million in net revenues for the first quarter ended
March 31, 2006, various reports say.

Parmalat attributed the first quarter profit hike to higher
sales of higher-priced products.  

"Higher unit sales and a better sales mix with a greater
percentage of products with higher value-added account for this
improvement," Bloomberg cited a Parmalat statement.

The company also attributed its higher sales the euro's rise
against foreign currencies.  Parmalat, however, warned that a
further euro rise against other currencies could harm its
results for 2007.

                      Zero Financial Debt

Parmalat also improved its net financial position from a
EUR170 million net indebtedness as of Dec. 31, 2006, to
EUR87.4 million in net financial assets, Reuters relates.

The company attributed the change to collection of EUR112
million in settlements with Banca Nazionale del Lavoro and of
EUR132.2 million in settlements with Deloitte & Touche S.p.A.,
Dianthus S.p.A. and the Banca Popolare di Milano Group.

Bloomberg News notes that Parmalat has been using funds gained
from lawsuits stemming from the bankruptcy to pay off debt and
possibly acquire new assets.  According to Bloomberg News, the
company has reached U.S. and Italian settlements totaling more
than US$800 million.

The company plans to invest up to EUR170 million this year,
EUR70 million of which will be for "strategic initiatives" to
improve plants in Australia and Canada, Reuters relates citing
Chief Operating Officer Carlo Prevedini.

                       About Parmalat

Headquartered in Milan, Italy, Parmalat S.p.A. --
http://www.parmalat.net/-- sells nameplate milk products that   
can be stored at room temperature for months.  It also has about
40 brand product lines, which include yogurt, cheese, butter,
cakes and cookies, breads, pizza, snack foods and vegetable
sauces, soups and juices.

The Company's U.S. operations filed for chapter 11 protection on
Feb. 24, 2004 (Bankr. S.D.N.Y. Case No. 04-11139).  Gary
Holtzer, Esq., and Marcia L. Goldstein, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors.  When the U.S. Debtors filed
or bankruptcy protection, they reported more than US$200 million
in assets and debts.  The U.S. Debtors emerged from bankruptcy
on April 13, 2005.

Parmalat S.p.A. and its Italian affiliates filed separate
petitions for Extraordinary Administration before the Italian
Ministry of Productive Activities and the Civil and Criminal
District Court of the City of Parma, Italy on Dec. 24, 2003.
Dr. Enrico Bondi was appointed Extraordinary Commissioner in
each of the cases.  The Parma Court has declared the units
insolvent.

On June 22, 2004, Dr. Bondi filed a Sec. 304 Petition, Case No.
04-14268, in the United States Bankruptcy Court for the Southern
District of New York.

Parmalat has three financing arms: Dairy Holdings Ltd., Parmalat
Capital Finance Ltd., and Food Holdings Ltd.  Dairy Holdings and
Food Holdings are Cayman Island special-purpose vehicles
established by Parmalat S.p.A.  The Finance Companies are under
separate winding up petitions before the Grand Court of the
Cayman Islands.  Gordon I. MacRae and James Cleaver of Kroll
(Cayman) Ltd. serve as Joint Provisional Liquidators in the
cases.  On Jan. 20, 2004, the Liquidators filed Sec. 304
petition, Case No. 04-10362, in the United States Bankruptcy
Court for the Southern District of New York.  In May 2006, the
Cayman Island Court appointed Messrs. MacRae and Cleaver as
Joint Official Liquidators.  Gregory M. Petrick, Esq., at
Cadwalader, Wickersham & Taft LLP, and Richard I. Janvey, Esq.,
at Janvey, Gordon, Herlands Randolph, represent the Finance
Companies in the Sec. 304 case.

The Honorable Robert D. Drain presides over the Parmalat
Debtors' U.S. cases.


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


ADILET KURYLYS: Creditors Must File Claims by June 1
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Adilet Kurylys insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 57
         050057 Almaty
         Kazakhstan

            -- or --

         JSC Kazpochta
         Post Office Box 1
         050057 Almaty
         Kazakhstan
         Tel: 8 (3272) 37-03-31


AGENCY DEMI: Creditors' Claims Due June 22
------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Agency Demi insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Kataev Str. 24-8
         Pavlodar
         Kazakhstan
         Tel: 8 (3182) 54-37-22
              8 701 228 47-28


ARKA-AGRO LLP: Claims Filing Period Ends June 15
------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared LLP Arka-Agro insolvent on March 27.

Creditors have until June 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Abai Str. 89-308
         Kokshetau
         Akmola
         Kazakhstan


CANARGO ENERGY: Posts US$5.9 Mln Net Loss in Qtr Ended March 31
---------------------------------------------------------------
CanArgo Energy Corporation reported a net loss of US$5,931,803
on oil and gas sales of US$446,847 for the first quarter ended
March 31, 2007, compared with a net loss of US$5,459,142 on oil
and gas sales of US$698,945 for the same period ended March 31,
2006.

The company has incurred net losses from continuing operations
for the past 3 years.  

At March 31, 2007, the company had cash and cash equivalents
available for general corporate use or for use in the Georgian
operations of approximately US$10,608,000.  In the three months
ended March 31, 2007, the company experienced net cash outflows
from operations, including capital expenditures, of
approximately US$5,000,000.
  
The company anticipates it will require additional funding
within the next two months to continue with its Georgian
operations as planned.

At March 31, 2007, the company's balance sheet showed
US$147,899,613 in total assets, US$54,581,340 in total
liabilities, US$10,918,311 in minority interest in subsidiaries,
US$2,119,530 in temporary equity, and US$80,280,432 in total
stockholders' equity.

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?1f18

                      About CanArgo Energy

CanArgo Energy Corp. (AMEX: CNR) -- http://www.canargo.com/ --   
is an oil and gas exploration and production company operating
in the oil and gas provinces of the former Soviet Union.  
CanArgo is currently focused primarily on Georgia in the
Caucasus, and more recently has become involved in the major
hydrocarbon producing country of Kazakhstan.  In Georgia, the
company has been actively exploring for new deposits of oil and
gas, and is currently appraising what could be a substantial new
discovery of oil.

                         *     *     *

                      Going Concern Doubt

As reported in the Troubled Company Reporter on March 26, 2007,
LJ Soldinger Associates LLC raised substantial doubt about the
ability of CanArgo Energy Corp. to continue as a going concern
after auditing the company's financial statements for the years
ended Dec. 31, 2006, and 2005.   The auditing firm stated that
the company may not have sufficient funds to execute its
business plan.


KAZ BIDAI: Proof of Claim Deadline Slated for June 1
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kaz Bidai insolvent on Nov. 8, 2006.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office One
         Furmanov Str. 103
         Almaty
         Kazakshtan
         Tel: 8 (3272) 61-27-71


KEMER OJSC: Claims Registration Ends June 22
--------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared OJSC Kemer insolvent on March 26.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office 523
         Maulenov Str. 92
         Almaty
         Germany
         Tel: 8 701 579 42-35


MAESTRO PLUS: Proof of Claim Deadline Slated for June 1
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Maestro Plus insolvent on Dec. 1, 2006.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office One
         Furmanov Str. 103
         Almaty
         Kazakshtan
         Tel: 8 (3272) 61-27-71


NAN-ATBASAR LLP: Claims Filing Period Ends June 15
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Akmola has
declared has declared LLP Nan-Atbasar insolvent.

Creditors have until June 15 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Akmola
         Abai Str. 89-308
         Kokshetau
         Akmola
         Kazakhstan


NOVAYA JIZN: Creditors' Claims Due June 1
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Novaya Jizn insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Post Office Box 57
         050057 Almaty
         Kazakhstan

            -- or --

         JSC Kazpochta
         Post Office Box 1
         050057 Almaty
         Kazakhstan
         Tel: 8 (3272) 37-03-31


STRELA-EXPRESS TRANSSERVICE: Claims Registration Ends June 22
-------------------------------------------------------------
Branch of CJSC Strela-Express Transservice has declared
insolvency.  Creditors have until June 22 to submit written
proofs of claim to:

         Branch of CJSC Strela-Express Transservice
         Jybek joly Str. 1
         Akkent
         Ulkenshygansky
         Panfilovsky District
         Almaty
         Kazakhstan


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


MULTIPLEKS INC: Creditors Must File Claims by July 4
----------------------------------------------------
LLC Multipleks Inc. has declared insolvency.  Creditors have
until July 4 to submit written proofs of claim to:

         Micro District 8, 3-4
         Bishkek
         Kyrgyzstan


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


ARES EURO CLO I: Moody's Rates EUR19.5 Million Notes at Low B
-------------------------------------------------------------
Moody's has assigned definitive credit ratings to the notes
issued by Ares Euro CLO I B.V., a Dutch special purpose company.

The ratings are:

   -- Aaa to the EUR151,200,000 Class A-1 Senior Secured
      Floating Rate Notes due 15 May 2024

   -- Aaa to the EUR37,800,000 Class A-2 Senior Secured
      Floating Rate Notes due 15 May 2024

   -- Aaa to the EUR52,000,000 Class A-3 Senior Secured
      Floating Rate Notes due 15 May 2024

   -- Aa2 to the EUR8,000,000 Class B-1 Senior Secured
      Deferrable Floating Rate Notes due 15 May 2024

   -- Aa2 to the EUR13,000,000 Class B-2 Senior Secured
      Deferrable Fixed Rate Notes due 15 May 2024

   -- A2 to the EUR19,000,000 Class C Senior Secured Deferrable
      Floating Rate Notes due 15 May 2024

   -- Baa2 to the EUR26,000,000 Class D Senior Secured
      Deferrable Floating Rate Notes due 15 May 2024

   -- Ba3 to the EUR13,500,000 Class E Senior Secured
      Deferrable Floating Rate Notes due 15 May 2024

   -- B2 to the EUR6,000,000 Class F Senior Secured Deferrable       
      Floating Rate Notes due 15 May 2024

   -- Baa1 to the EUR8,000,000 Class Q Combination Notes due
      2024

The company's EUR24,500,000 Class G-1 Subordinated Notes and
EUR5,000,000 Class G-2 Subordinated Notes were also issued but
not rated by Moody's.

The ratings of the Class A-1, A-2, A-3, B-1, B-2, C, D, E and F
Notes address the expected loss posed to investors by the legal
final maturity in May 2024.

The rating assigned to the Class Q Combination Notes by Moody's
addresses the expected loss posed to the investors by the legal
final maturity in 2024 as a proportion of the Rated Balance,
where the Rated Balance is equal, at any time, to the principal
amount of the Class Q Combination Notes on the closing date
minus the aggregate of all payments made from the closing date
to such date, either through interest or principal payments. It
is not an opinion about the ability of the issuer to pay
interest.

These ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The currency swap transactions, which insulate Ares Euro
      CLO I B.V. from the volatility of the foreign currency
      exchange rates, for Non-Euro denominated obligations; and

   4. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a EUR350,000,000 portfolio of mostly European Senior
and Mezzanine loans (with a predominance of senior secured
loans). This portfolio is dynamically managed by Ares Management
Limited. This portfolio will be partially acquired at closing
date and partially during the 12 months ramp-up period in
compliance with portfolio guidelines (which include, among other
tests, a diversity score test, a weighted average rating factor
test and a weighted average spread test). Thereafter, the
portfolio of loans will be actively managed and the portfolio
manager will have the option to direct the issuer to buy or sell
loans. Any addition or removal of loans will be subject to a
number of portfolio criteria.


AUDATEX HOLDINGS: Moody's Lifts Rating to B1 After Parent IPO
-------------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family and
Probability of Default Ratings of Audatex Holdings, LLC to B1
from B2 upon the completion of the recent initial public
offering of its parent holding company, Solera Holdings, LLC.

This rating action concludes the review for possible upgrade
initiated on April 12, 2007.  The rating outlook is stable.

Audatex used $288 million of net proceeds contributed to the
company in connection with Solera's IPO and over $600 million of
proceeds from a new first lien term loan to repay existing first
lien, second lien and subordinated indebtedness of certain of
its subsidiaries.  Moody's converted the provisional (P)B1
rating on the new secured credit facility of certain of
subsidiaries of Audatex into a definitive B1 rating and withdrew
the ratings on the company's recently refinanced first and
second lien credit facilities.

Pro forma for the IPO and refinancing, Audatex is well
positioned in the B1 rating category based on leverage, coverage
and cash flow metrics. The ratings continue to be supported by
the company's leading worldwide market position in its niche
market, solid geographic and customer diversification and strong
operating margins. The ratings remain constrained by market
share losses in the U.S. market, intense price competition and
the potential for new competitors or new software products to
erode market share.

Moody's upgraded these ratings of Audatex Holdings, LLC:

   -- Corporate Family Rating, to B1 from B2
   -- Probability of Default Rating, to B1 from B2

Moody's took these rating actions with respect to Audatex
Holdings IV B.V. (an indirect wholly owned subsidiary of Audatex
and a holding company for certain European operating
subsidiaries):

   -- $25 million equivalent Euro First Lien Revolving Credit
      Facility due 2012, to B1(LGD 3- 49%) from (P)B1 (LGD 3-
      49%)

   -- $357.5 million equivalent Euro First Lien Term Loan due
      2013, to B1(LGD 3- 49%) from (P)B1 (LGD 3- 49%)

   -- Withdrew $25 million equivalent Euro First Lien Revolving
      Credit Facility due 2012, Ba3 (LGD 2-29%)

   -- Withdrew $287 million equivalent Euro First Lien Term Loan
      due 2013, Ba3 (LGD 2-29%)

   -- Withdrew $216 million equivalent Euro Second Lien Term
      Loan due 2013, Caa1 (LGD 5- 78%)

Business Services Group Holdings B.V., a holding company for the
Netherlands operations, will be a co-borrower under these
facilities.

Moody's took these rating actions with respect to Audatex North
America, Inc. (an indirect wholly owned subsidiary of Audatex
and a holding company for the North American operating
subsidiaries):

   -- $25 million First Lien Revolving Credit Facility due 2012,
      to B1(LGD 3- 49%) from (P)B1 (LGD 3- 49%)

   -- $250 million First Lien Term Loan due 2013, to B1(LGD 3-
      49%) from (P)B1 (LGD 3- 49%)

   -- Withdrew $25 million First Lien Revolving Credit Facility
      due 2012, Ba3 (LGD 2-29%)

   -- Withdrew $239 million equivalent Euro First Lien Term Loan
      due 2013, Ba3 (LGD 2-29%)

Headquartered in San Ramon, California, Audatex is a leading
provider of information and software solutions to the automobile
claims industry. Reported revenue for the twelve month period
ended December 31, 2006 was $447 million.


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


INTERBROK INVESTMENTS: Polish Court Rules Bankruptcy
----------------------------------------------------
A Polish Court declared Interbrok Investments (II) bankrupt
after Interbrok's clients and Andrzej K., one of its owners,
filed a motion for insolvency, Polish News Bulletin reports.

Polish News relates that several of the company's 900 clients,
including Self-Defence MP Janusz Wojcik, former President's
Minister Marek Ungier, journalist Malgorzata Niezabitowska and
one of the former PKN Orlen CEOs, have formed a committee to
represent their interests.

According to a report by Puls Biznesu, Interbrok Investments
allegedly embezzled around EUR133.5 million from its clients.

The prosecutor's office is also looking into BRE Bank's role in
Interbrok's case, Puls Biznesu relates.  Investment accounts of
Interbrok's clients were run by BRE Bank.

"We will check how Interbrok cooperated with BRE Bank," Jaroslaw
Onyszczuk from Warsaw prosecutor's office told Puls Biznesu.

Puls Bizneus said that the listed bank informed the prosecutor's
office that Interbrok had falsified bank guarantees stating that
BRE Bank was guaranteeing 90% of Interbrok clients' funds.

Headquartered in Poland, Interbrok Investment is an investment
management company. Founded in 1998, it claimed to have EUR400
million under management, invested in forex market and operated
for exclusive group of clients.


SPCM SA: Moody's Affirms B3 Rating on Sr. Unsecured Notes
---------------------------------------------------------
Moody's Investors Service affirmed the corporate family rating
of SPCM SA at B1 and rating of its senior unsecured notes at B3
following the announcement of the proposed EUR50 million top up
of the notes.

The proceeds are expected to be used to provide additional
liquidity as the Company continues to expand. Taking into
account the proposed change in the liabilities structure,
Moody's adjusted the LGD assessment on the notes from LGD 5
(85%) to LGD 5 (83%). Outlook on the ratings is stable.

In 2006, the group's net revenue grew 17% supported by
continuous strength in the pricing environment and growth in
volumes of petroleum and mining applications chemicals, while
gross margin remained stable (2006 EBITDA margin was affected by
provisions).  Going forward, Moody's notes that further growth
in absolute performance indicators may be affected by USD/EUR
exchange valuations (with only 30% of revenues derived in
Europe).

The group continues to pursue growth in new markets and through
new applications and reinvests its operating cash flow. In 2006,
its FCF was further affected by several extraordinary items
(anticipated at the time of the assigning of the initial rating
in June 2006). At the end of 2006, on the adjusted basis the
leverage stood close to 4 times and at 3% on FCF/Adjusted Debt
basis (net of extraordinary items).

SPCM SA is a holding company for the SNF Group, one of the
world's leading producers of acrylamide-based water soluble
polymers used in water treatment, as well as in mining, pulp and
paper and enhanced oil extraction. SNF is located in Saint-
Etienne, France and in 2006 reported EUR852 million in revenues
and EUR93 million in EBITDA.  SNF has operations in Brazil,
Canada, Bulgaria, Korea, Italy, Poland, Russia, Sweden, Turkey,
and the United States, among others.


===============
P O R T U G A L
===============


NOBLE GROUP: Moody's Affirms Upcoming Bond Issue at Ba1
-------------------------------------------------------
Moody's Investors Service affirmed the Ba1 corporate family
rating and senior unsecured bond rating of Noble Group Ltd. The
outlook on both ratings is stable.

This affirmation follows Noble's announcement of its plan to
issue about US$200 million of zero coupon convertible bonds.  
Proceeds from the bonds will mainly be used to refinance
existing short-term debt.

"Since the company's overall debt level is not expected to
increase, there is no immediate rating pressure," says Elizabeth
Allen, Moody's lead analyst for Noble.

"Noble's improved operating performance in the last six months
has not yet resulted in a strengthening of its credit profile
due to an increase in the company's debt to fund a combination
of increasing working capital requirements and fixed-asset
investments," says Ms. Allen.  "As a result, Noble's financial
position is at the lower end of its current Ba1 rating."

"While Noble continues to deliver high growth rate with 1Q07
revenues rising 47% compared to 1Q 2006, yet the company needs
to demonstrate it can continue to grow its earnings and cash
flow while limiting additional debt to fund its working capital
requirement," adds Ms. Allen.  "Failure to do so would pressure
the ratings."

Moody's will consider a rating downgrade if:

   1) Noble fails to sustain its profitability and improve its
      credit profile, such that retained cash flow/adjusted net
      debt is consistently below 12-15%;

   2) it adopts an aggressively debt-funded
      acquisition/investment plan for new businesses, thereby
      increasing its overall financial and business risk
      profile;

   3) there is material weakening in the company's balance sheet
      liquidity, with its cash balance plus available committed
      cash facilities falling below 15% of total assets, and/or
      its free cash falling below USD300m; and/or

   4) it incurs large trading or credit losses.

Headquartered in Hong Kong and listed on the Singapore Stock
Exchange, Noble Group Ltd is mainly engaged in the sourcing and
distribution of a wide range of commodity products in
agriculture, energy and metals as well as the logistics
management business.  It has over 70 offices in 42 countries
including Argentina, Brazil, Canada, Italy, Portugal, Spain,
Switzerland, Turkey, and the United States.


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


AGRO-KHIM: Creditors Must File Claims by May 28
-----------------------------------------------
Creditors of Municipal Unitary Enterprise Agro-Khim (TIN
0271005370) have until May 28 to submit proofs of claim to:

         B. Bakhtiyarov
         Temporary Insolvency Manager
         Yakutova Str. 39a
         Yanaul
         452800 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan will convene at noon on
Aug. 13 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A47-1884/ 07-14GK.

The Court is located at:

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

The Debtor can be reached at:

         Municipal Unitary Enterprise Agro-Khim
         Yakutova Str. 39a
         Yanaul
         452800 Bashkortostan
         Russia


BAZHENOVSKIY OJSC: Creditors Must File Claims by June 28
--------------------------------------------------------
Creditors of OJSC Bazhenovskiy (TIN 0255010703) have until
June 28 to submit proofs of claim to:

         R. Yusupov
         Insolvency Manager
         Post User Box 163
         Ufa
         450096 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A07-15026/06-G-PAV/SVI.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Bazhenovskiy
         Administrativnaya 1
         Bazhenovo
         Belebeevskiy
         452031 Bashkortostan
         Russia


BUCYRUS INTL: Underwriters Buy Additional 692,000 Class A Stock
---------------------------------------------------------------
Bucyrus International Inc. disclosed that the underwriters of
its public offering of 4,614,000 shares of its Class A common
stock have exercised in full their option to purchase an
additional 692,100 shares of Class A Common Stock at a price to
the public of US$66.35 per share.

After deducting underwriting discounts and commissions and
estimated offering expenses, Bucyrus expects net proceeds from
the sale of the additional shares of approximately US$44
million, which will be used by Bucyrus to further reduce its
borrowings under its new term loan facility used to finance the
acquisition of DBT GmbH. The sale of these shares is expected to
close on May 15, 2007.

On May 10, 2007, Bucyrus has priced its public offering of
4,614,000 shares of Class A common stock at US$66.35 per share.  
The net proceeds from the sale of those shares will be
approximately US$292.3 million, after deducting underwriting
discounts and commissions and estimated offering expenses, all
of which will be used by Bucyrus to repay a portion of its new
term loan facility. The sale of those shares is also expected to
close on May 15, 2007.

The offering was marketed through a group of underwriters,
including Lehman Brothers Inc. as sole-book running manager.

The offering is made by means of a prospectus and the related
prospectus supplement.  The prospectus and the related
prospectus supplement may be obtained from:

      Lehman Brothers Inc.
      c/o Broadridge
      Integrated Distribution Services
      NO. 1155 Long Island Avenue
      Edgewood, NY 11717

                    About Bucyrus International

Bucyrus International -- http://www.bucyrus.com/-- is a leading  
manufacturer of electric mining shovels, walking draglines and
rotary blasthole drills and provides aftermarket replacement
parts and services for these machines.  For the 12 months ended
Sept. 30, 2006, Bucyrus had sales of US$705 million.  Bucyrus is
headquartered in South Milwaukee, Wisconsin.  DBT has eight
facilities around the world and approximately 3,200 employees.  
The company has Latin American operations in Brazil and Chile,
and Asia Pacific operations in China, and European operations in
Russia.

                        *     *     *

As reported in the Troubled Company Reporter on April 25, 2007,
Moody's Investors Service confirmed the corporate family rating
of Bucyrus International, Inc. at Ba3.  Moody's also assigned
Ba3 ratings to Bucyrus': (i) US$400 million revolving credit
facility; (ii) EUR50 million revolving credit facility; and
(iii) US$825 million secured term loan.  Bucyrus' rating outlook
is stable.  The action concludes the ratings review initiated on
Dec. 18, 2006.


DIARY PRODUCT: Creditors Must File Claims by May 28
---------------------------------------------------
Creditors of LLC Diary Product have until May 28 to submit
proofs of claim to:

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

The Arbitration Court of Tomsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A67-1136/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Diary Product
         Lenina Str. 124
         Zyryanskoye
         Zyryanskiy
         636850 Tomsk
         Russia


GOLDEN TELECOM: Net Income Dips 33% to US$12.6 Mln in Q1 2007
-------------------------------------------------------------
Golden Telecom disclosed its financial and operating results for
the first quarter ended March 31, 2007.

The company reported net income of US$12.6 million on revenues
of US$255.7 million in the first quarter of 2007 compared with
net income of US$18.8 million on revenues of US$178.1 million in
2006.  EBITDA during the first quarter of 2007 was US$52.6
million compared with US$50.8 million in 2006.

"In the first quarter of 2007, our results were in line with the
guidance we gave earlier," said Golden Telecom CEO Jean-Pierre
Vandromme.  "Revenues increased 44% compared to the first
quarter of 2006.  For the second year in the row, despite
contrary seasonal trends, we increased our revenues by 2% in the
first quarter of the year compared to the fourth quarter of the
previous year.

"Major corporate developments include:

    -- Plans to roll out Fiber to the Building networks in the
       Top-65 Russian cities with a combined population of
       65 million.  We plan to enable broadband access and the
       provision of Triple-play services for 65% of the
       households in these cities.  The networks will cover
       approximately 15.6 million households with 42.3 million
       people;

    -- Signing of the Share Purchase Agreement for the
       acquisition of Corbina Telecom, which will considerably
       accelerate the deployment of FTTB networks combining the
       resources and experience of two companies;

    -- Acquisition of licenses and frequencies for Digital Video
       Broadcasting Terrestrial broadcasting with capacity of
       112 channels over 7 frequencies in Moscow and 96 channels
       over 6 frequencies in St. Petersburg using the MPEG-4
       format;

    -- Commercial launch of our WiFi network in Moscow, which is
       the largest commercial metropolitan WiFi network in
       Europe. As of today, we have approximately 10,000 paying
       customers; and

    -- Continuous expansion, aimed at increasing presence in
       largest cities in Russia.  Through organic growth and
       acquisitions we have an established presence in 18 out of
       the Top-20 cities, with an estimated market share of 15%
       from 13% reported a year ago.

"We continue to execute our strategy with the goal to make
Golden Telecom the leading fixed-line communication operator in
Russia and the CIS," Mr. Vandromme added.

Remarking on the first quarter 2007 results, Chief Financial
Officer Boris Svetlichny noted, "Excluding the cost of SARs, our
operating income grew 23% year-on-year, while net income grew
15%."

"The margins in the first quarter of 2007 were affected by
following factors:

    -- A switch from the old regulatory framework to the new one
       in accordance with our new DLD/ILD license.  We began
       utilizing our new Federal Transit Network bearing
       operational costs for two network structures while
       phasing out redundant costs.  We expect the cost
       optimization to take full effect in the second half of
       2007;

    -- Operating costs related to the deployment of 17 zonal
       networks. We expect to start generating revenues and cost
       savings in the second half of 2007; and

    -- Implementation of new Irrevocable Right of Use agreements
       in order to replace existing rented intercity circuits.
       The transition process requires operation of both lines
       with additional costs which should disappear once the
       transition is completed.

"We expect margins to improve once these projects have been
completed.  Our EBITDA for the full year is expected to be in
line with the outlook we provided and includes the consolidation
of Corbina Telecom which we plan to close in the second quarter
of 2007.

"The Board has approved the conversion of SARs into stock
options to address the volatility in earnings resulting from
costs related to equity based compensation.  A proposed
amendment to Golden Telecom's Equity Participation Plan to
facilitate conversion is included in the proxy statement for the
next annual meeting of shareholders scheduled for May 17, 2007.

"In January 2007, we signed a US$275 million syndicated loan
facility to help finance our continued broadband rollout,
regional expansion and the acquisitions of Corbina Telecom and
Fortland.  We drew down US$75 million during the first quarter
of 2007, bringing our debt-to-equity ratio to 0.1," Mr.
Svetlichny added.

                        Outlook for 2007

Golden Telecom reiterates its outlook for 2007 with 35-40%
revenue growth including revenues of Corbina Telecom, which is
expected to be consolidated from the second half of 2007
onwards.  CAPEX will be approximately 20% of the company's
revenues.  Excluding SARs costs EBITDA is expected to grow by
30-35% in 2007.

                      Golden Telecom, Inc.
             Condensed, Consolidated Balance Sheets
                   (Amounts in millions of US$)
                           (Unaudited)

                                           12/31/06    3/31/07
ASSETS
Current assets
Cash and cash equivalents                  US$18.4      91.6
Accounts receivable, net                     147.7     172.1
VAT receivable                                21.5      24.6
Prepaid expenses and other assets             43.8      57.2
Total current assets                         231.4     345.5
Property and equipment, net                  552.3     582.2
Goodwill                                     180.5     182.6
Intangible assets, net                       116.6     182.9
Restricted cash and other assets              26.4      32.6
                                          --------  --------
TOTAL ASSETS                               1,107.2   1,325.8

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses        146.1     194.3
VAT payable                                    2.7       7.7
Debt maturing within one year and
current capital lease obligations             13.1       6.9
Other current liabilities                     26.7      68.2
Total current liabilities                    188.6     277.1
Long-term debt and capital
lease obligations                              1.6      78.5
Other liabilities                             68.6      93.7
                                          --------  --------
TOTAL LIABILITIES                            258.8     449.3

Minority interest                             31.2      46.6

SHAREHOLDERS' EQUITY
Common stock                                   0.4       0.4
Additional paid-in capital                   675.0     675.5
Retained earnings                             66.7      71.1
Accumulated other comprehensive income        75.1      82.9
                                          --------  --------
TOTAL SHAREHOLDERS' EQUITY                   817.2     829.9

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1,107.2   1,325.8

                      About Golden Telecom

Headquartered in Moscow, Russia, Golden Telecom Inc. --
http://www.goldentelecom.com/-- provides integrated  
telecommunications and Internet services in major population
centers throughout Russia and other countries of the
Commonwealth of Independent States.  The Company offers voice,
data and Internet services to corporations, operators and
consumers using its overlay network in major cities including
Moscow, Kiev, St. Petersburg, Nizhniy Novgorod, Samara,
Kaliningrad, Krasnoyarsk, Alma-Ata, and Tashkent, and via
intercity fiber optic and satellite-based networks, including
around 287 combined access points in Russia and other countries
of the CIS.  The Company offers cellular communication services
in Kiev and Odessa, Ukraine.

                          *     *     *

As of Feb. 6, 2007, Golden Telecom carries a long-term corporate
credit rating of 'BB' Standard & Poor's.  S&P said the outlook
is stable.


KUEDINSKIY BREWERY: Court Starts Bankruptcy Supervision Process
---------------------------------------------------------------
The Arbitration Court of Perm commenced bankruptcy supervision
procedure on LLC Kuedinskiy Brewery.  The case is docketed under
Case No. A50-2791/2007-B4.

The Insolvency Manager is:

         A. Vyal'
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Court is located at:

         The Arbitration Court of Perm  
         Lunacharskogo Str. 3
         Perm  
         Russia

The Debtor can be reached at:

         LLC Kuedinskiy Brewery
         Prigorodnaya Str. 22
         Kueda
         Kuedinskiy
         617700 Perm
         Russia


MUROMSKIY ENGINEERING: Court Names A. Selishev to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Vladimir appointed A. Selishev as
Insolvency Manager for OJSC Muromskiy Engineering Factory (TIN
3307001049).  He can be reached at:

         A. Selishev
         Karacharovskoye Shosse 5
         Murom
         602251 Vladimir
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A11-2346/2003-K1-6B.

The Court is located at:

         The Arbitration Court of Vladimir
         Oktyabrskiy Pr. 14
         600025 Vladimir  
         Russia

The Debtor can be reached at:

         OJSC Muromskiy Engineering Factory
         Karacharovskoye Shosse 5
         Murom
         602251 Vladimir
         Russia


NIZHNEE LLC: Court Starts Bankruptcy Supervision Procedure
----------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy
supervision procedure on LLC Nizhnee.  The case is docketed
under Case No. A60-3869/2007-S11.

The Insolvency Manager is:

         A. Vyal'
         Post User Box 137
         Taganskaya Str. 51
         620051 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Nizhnee
         Saltanovo
         Novolyalinskiy
         624400 Sverdlovsk
         Russia


PONOMAREVSKIY BUTTER: Bankruptcy Hearing Slated for June 6
----------------------------------------------------------
The Arbitration Court of Orenburg will convene at 11:00 a.m. on
June 6 to hear the bankruptcy supervision procedure on OJSC
Ponomarevskiy Butter and Cheese Making Mill.  The case is
docketed under Case No. A47-1884/07-14GK.

The Temporary Insolvency Manager is:

         R. Galimov
         Chishminskaya 6
         Davlekanovo
         453400 Bashkortostan
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Ponomarevskiy Butter and Cheese Making Mill
         Nauruzovo
         Ponomarevskiy
         Orenburg
         Russia


PUSHKARSKAYA OJSC: Creditors Must File Claims by June 28
--------------------------------------------------------
Creditors of OJSC Poultry Farm Pushkarskaya have until June 28
to submit proofs of claim to:

         V. Chernyshov
         Insolvency Manager
         Room 227
         Sovetskaya Str. 118
         Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-1856/06-10.

The Debtor can be reached at:

         OJSC Poultry Farm Pushkarskaya
         Komsomolets
         Tambov
         Russia


RAZDOLYE CJSC: Creditors Must File Claims by June 28
----------------------------------------------------
Creditors of CJSC Razdolye have until June 28 to submit proofs
of claim to:

         V. Smirnykh
         Insolvency Manager
         Popovo
         Vargashinskiy
         641237 Kurgan
         Russia

The Arbitration Court of Kurgan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-34-7534/2006.

The Debtor can be reached at:

         CJSC Razdolye
         Popovo
         Vargashinskiy
         641237 Kurgan
         Russia


RITZIO ENTERTAINMENT: S&P Holds B Corporate Credit Rating
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B' long-term
corporate credit rating on Russia-based Ritzio Entertainment
Group Ltd.  The outlook, which was stable prior to the
CreditWatch listing, is now negative.  At the same time, the
Russia national scale rating was lowered to 'ruBBB+' from
'ruA-'.  Both ratings were removed from CreditWatch, where they
were placed with negative implications on Dec. 28, 2006,
following the Russian parliament's adoption of a new gaming bill
and its enactment into law.
     
"The affirmation of the corporate credit rating reflects the
group's adequate liquidity and conservative financial policy,"
said Standard & Poor's credit analyst Anton Geyze.  "The
lowering of the Russia national scale rating reflects the
extremely high risk arising from changes in gaming legislation
in Russia and limited clarity on how Ritzio plans to expand its
activities outside its domestic operations."
     
The ratings are constrained by the group's vulnerability to the
new Russian gaming legislation and major dependence on the
Russian market.  Additional risks stem from the group's
concentrated private ownership, aggressive dividend policy, and
limited access to equity financing.  These risks are offset
somewhat by Ritzio's leading position in the slot machine
segment of Russia's gaming industry and more-than-adequate
credit protection for the current rating level.
     
"We expect the going-concern risk for the group arising from the
effects of the gaming law in its current form, as well as the
challenges of expanding to foreign markets, to continue," said
Mr. Geyze.
     
S&P will closely monitor the group's development outside Russia.  
The outlook could be revised to stable if Ritzio succeeds in
increasing its geographic diversification and reduces reliance
on the Russian market while maintaining adequate credit
protection measures.  Stabilization of Russia's regulatory
environment for gaming would also signal upside potential.  S&P
do not anticipate that the first restrictions, set to take
effect from July 1, 2007, will affect Ritzio: S&P expect only a
few regions within the Russian Federation will ban gaming, as
they are entitled to do by the new law.  Should restrictions be
more widespread than expected, and not limited mostly to Islamic
regions, the ratings could be revised downward.


ROSNEFT OIL: Anti-Monopoly Service to Okay Yukos Asset Purchases
----------------------------------------------------------------
The Russian Federal Anti-Monopoly Service would approve OAO
Rosneft Oil Co. acquisition of OAO Yukos Oil Co. assets won
through a series of auction from March to May, RIA Novosti
reports.

Rosneft has won these assets through its subsidiaries:

   Acquiring Unit     Assets          Price
   --------------     ------          -----
   RN-Razvitiye       9.44% stake in
                      Yukos Oil       RUR197.8 billion

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

Rosneft currently holds a RUR264.6 billion (US$10 billion) claim
against Yukos, which entitled Rosneft a seat in the firm's
creditors' committee.

Igor Artemyev, FAS chief, said the service would require Unitex,
which won the right to purchase Yukos' petrol station assets on
May 10, to disclose its ownership structure to receive approval.

In a TCR-Europe report on May 11, 2007, Unitex offered RUR12.4
billion or US$484.3 million to acquire Yukos' 537 filling
stations, 62 percent more than the RUR7.7 billion price tag set
by the auctioneer.

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum   
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                          *     *     *

In a TCR-Europe report on Mar. 23, Fitch Ratings notes that
Rosneft's plans to borrow US$22 billion from a group of eight
banks in two credit arrangements of US$13 billion maturing in 12
months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.

In a TCR-Europe report on Jan. 16, Standard & Poor's Ratings
Services raised its long-term corporate credit rating on Russian
OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed it from
CreditWatch, where it had been placed with positive implications
on Nov. 15, 2006.  S&P said the outlook is developing.


SPETS-SERVICE OJSC: Creditors Must File Claims by May 28
--------------------------------------------------------
Creditors of OJSC Spets-Service have until May 28 to submit
proofs of claim to:

         E. Lukinykh
         Temporary Insolvency Manager
         Severnaya Str. 48a-18
         Nizhnevartovsk
         628616 Khanty-Mansiyskiy
         Russia

The Arbitration Court of Khanty-Mansiyskiy commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A-75-845/2007.

The Court is located at:

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

The Debtor can be reached at:

         E. Lukinykh
         Temporary Insolvency Manager
         Severnaya Str. 48a-18
         Nizhnevartovsk
         628616 Khanty-Mansiyskiy
         Russia


STROY-DETAIL LLC: Creditors Must File Claims by June 28
-------------------------------------------------------
Creditors of LLC Factory Stroy-Detail have until June 28 to
submit proofs of claim to:

         A. Kalmykov
         Insolvency Manager
         Apartment 89
         Butlerova Str. 38
         117342 Moscow
         Russia

The Arbitration Court of Kaluga commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A23-3546/06B-17-199.

The Court is located at:  

         The Arbitration Court of Kaluga
         Staryj Torg Square 4
         Kaluga  
         Russia

The Debtor can be reached at:

         LLC Factory Stroy-Detail
         Pervomayskaya Str. 1
         Sosenskiy
         Kaluga
         Russia


SV-GAS CJSC: Creditors Must File Claims by June 28
--------------------------------------------------
Creditors of CJSC SV-Gas have until June 28 to submit proofs of
claim to:

         S. Shkarovskaya
         Insolvency Manager
         Room 10
         Melnikajte Str. 90a
         625026 Tyumen
         Russia
         Tel/Fax: (3452) 20-98-07

The Arbitration Court of Tyumen commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-70-6136/3-2006.

The Court is located at:

         The Arbitration Court of Tyumen  
         Khokhryakova Str. 77
         627000 Tyumen  
         Russia

The Debtor can be reached at:

         CJSC SV-Gas
         8th Location 41-40
         Tobolsk
         Tyumen
         Russia


VICTORIA OJSC: Creditors Must File Claims by June 28
----------------------------------------------------
Creditors of OJSC Victoria have until June 28 to submit proofs
of claim to:

         A. Rogatnev
         Insolvency Manager
         Office 27
         Kirova Str. 9
         394018 Voronezh
         Russia

The Arbitration Court of Voronezh commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A 14-5451/02/278/20b.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Victoria
         Sovetskaya Str. 35a
         Anna
         Voronezh
         Russia


VOROBYEVO OJSC: Creditors Must File Claims by May 28
----------------------------------------------------
Creditors of OJSC Vorobyevo have until May 28 to submit proofs
of claim to:

         I. Klemeshov
         Insolvency Manager
         Post User Box 173
         630077 Novosibirsk-77
         Russia

The Arbitration Court of Novosibirsk will convene at noon on
Sept. 12 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A45-1732/07-29/5.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Vorobyevo
         Vorobyevo
         Kolyvanovskiy
         633167 Novosibirsk
         Russia


YUKOS OIL: Anti-Monopoly Service to Okay Assets Sold to Rosneft
---------------------------------------------------------------
The Russian Federal Anti-Monopoly Service would approve OAO
Rosneft Oil Co. acquisition of OAO Yukos Oil Co. assets won
through a series of auction from March to May, RIA Novosti
reports.

Rosneft has won these assets through its subsidiaries:

   Acquiring Unit     Assets          Price
   --------------     ------          -----
   RN-Razvitiye       9.44% stake in
                      Yukos Oil       RUR197.8 billion

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

Rosneft currently holds a RUR264.6 billion (US$10 billion) claim
against Yukos, which entitled Rosneft a seat in the firm's
creditors' committee.

Igor Artemyev, FAS chief, said the service would require Unitex,
which won the right to purchase Yukos' petrol station assets on
May 10, to disclose its ownership structure to receive approval.

In a TCR-Europe report on May 11, 2007, Unitex offered RUR12.4
billion or US$484.3 million to acquire Yukos' 537 filling
stations, 62 percent more than the RUR7.7 billion price tag set
by the auctioneer.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://ns.roilcom.ru/english/-- produces and markets petroleum  
products.  The Company explores for, extracts, refines and
markets oil and natural gas.  Rosneft produces oil in Western
Siberia, Sakhalin, the North Caucasus, and the Arctic regions of
Russia.

                         About Yukos Oil

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

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

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

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

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

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


YUKOS OIL: Anti-Monopoly Service Denies Asset Sale to Promregion
----------------------------------------------------------------
The Russian Federal Anti-Monopoly Service refused to effect
Promregion Holding's purchase of OAO Yukos Oil Co.'s Krasnodar
assets, RIA Novosti reports.

Nikolai Lashkevich, press secretary of Eduard Rebgun, told RIA
Novosti that FAS has sent the Yukos bankruptcy receiver a
purchase denial notice relating to the sale of the Krasnodar
assets to Promregion.

Mr. Lashkevich suggested that a repeat auction may be held or
the second best offer may be declared the winner, RIA Novosti
adds.

In a TCR-Europe report on May 8, 2007, Promregion won a bid to
acquire Yukos' Krasnodar assets for RUR4.9 billion.

Versar, Promregion, and Neft Aktiv (an OAO Rosneft Oil
subsidiary) participated in the ninth auction for the bankrupt
oil concern's assets.  The lot carried a RUR3.7 billion starting
price, a bid increment of RUR37.1 million, and a required
deposit sum of RUR742.4 million.  

The lot, RIA Novosti relates, is comprised of:

   -- 100% in Stavropolnefteprodukt public company;

   -- 26.26% in Kubanenergo, Kubanenergosbyt, Kuban Generating
      Company and Kubanskiye Magistralnyye Seti public
      companies;

   -- 100% stake in OOO Val Shatskogo;

   -- 51% stake in the OOO Yu-Kuban; and

   -- a promissory note of Stavropolnefteprodukt with a face
      value of R1.16 million.]

OAO Lukoil representative Dmitry Dolgov denied speculations that
Promregion is linked to the company.  In a TCR-Europe report on
May 2, Lukoil vice president Leonid Fedun earlier said it will
not participate in the remaining auctions for Yukos' bankrupt
assets noting that the latter's main assets have already been
"practically distributed".

                         About Yukos Oil

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

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

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

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

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

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


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


ANIXTER INTERNATIONAL: Earns US$53.6 Million in First Quarter
-------------------------------------------------------------
Anixter International Inc. reported results for the quarter
ended March 30, 2007.

First Quarter Highlights

   * Sales of US$1.33 billion, including US$33.6 million from
     the acquisitions of IMS, Inc. in May 2006 and MFU Holdings
     S.p.A. in October 2006, rose 24% compared to sales of
     US$1.07 billion in the year ago quarter.

   * Quarterly operating income of US$90.4 million reflected a
     52% increase from the US$59.6 million reported in the
     first quarter of 2006.

   * Net income in the quarter, inclusive of income of
     US$3.4 million primarily related to the settlement of
     certain income tax audits, increased 71%, to US$53.6
     million, from US$31.3 million, in last year's first
     quarter.

   * Cash flow from operations was US$65.8 million as compared
     to US$12.9 million in the year ago quarter.

As of March 31, 2007, the company had total assets of US$2.7
billion and total liabilities of US$1.8 billion, resulting in a
total stockholders' equity of US$859.8 million.

Robert Grubbs, president and chief executive officer, stated,
"We are pleased to note that the same trends that drove record
performance in 2006 have remained largely intact through the
first few months of the new year.  At this time, all indications
are that these trends will continue for the next few quarters.  
Assuming strong market conditions and continued success in our
ongoing initiatives to expand our business, we should be in a
position to have another very good year."

                      Cash Flow and Leverage

"In the first quarter we generated cash from operations of
US$65.8 million as compared to US$12.9 million in the year ago
quarter," said Dennis Letham, senior vice president of finance.

"In anticipation of continued positive cash flow and in order to
improve the effectiveness of our capital structure, we completed
two important capital structure transactions during the quarter.  
We repurchased a total of 3 million shares, or approximately
7.6% of our outstanding shares, at an average price of US$54.23
per share. To finance this repurchase the Company sold US$300
million, principal amount, of 1% Convertible Senior Notes, that
mature in 2013."

"As a result of these capital structure transactions our debt-
to-total capital ratio at the end of the first quarter has
increased to 52.5% as compared to 45.7% at the end of 2006.  For
the first quarter our weighted-average cost of borrowed capital
was 4.8%, however, compared to 5.2% in the year ago quarter.  At
the end of the first quarter, 80% of our total borrowings of
US$950.9 million were fixed, either by the terms of the
borrowing agreements or through hedging arrangements.  We also
had US$233.3 million of available, unused credit facilities at
March 30, 2007, which provides us with the resources to support
continued strong organic growth and to pursue other strategic
alternatives, such as acquisitions, in the coming quarters."

Full-text copies of the company's first quarter 2007 report are
available for free at http://ResearchArchives.com/t/s?1f2f

                        Business Outlook

Mr. Grubbs concluded, "2007 is off to a good start as most of
the same underlying trends that generated record performance in
2006 continue to drive the business.  If the underlying market
fundamentals remain healthy and we continue to make solid
progress on our strategic initiatives to build our security and
OEM business, add to our supply chain services offering, expand
the geographic presence of our electrical wire & cable business,
and expand our product offering, 2007 has the potential to be
another very strong year."  

"As we move into the next three quarters of 2007, we will be
measuring our progress against three comparatively stronger
quarters of performance that will have the effect of slowing the
year-over-year reported rates of sales and earnings growth.
Nonetheless, we believe that the current market conditions will
allow us to continue growing organic sales in line with our
stated goal of 8% to 12%.  It is our expectation that sales
growth at these rates will enable us to continue achieving
better operating leverage over time."

                          About Anixter

Anixter International Inc. (NYSE: AXE) --
http://www.anixter.com/-- through its subsidiaries, distributes  
communications and specialty wire and cable products, fasteners,
and small parts in the United States and internationally.  Its
communications products include voice, data, video, and security
products used to connect personal computers, peripheral
equipment, mainframe equipment, security equipment, and various
networks to each other.

The company has nearly US$725 million in inventory of more than
325,000 products, logistics network of 197 warehouses with more
than 5 million square feet of space. It has operations in Latin
American countries including Mexico, Costa Rica, Brazil and
Chile.  Its Asia-Pacific operations are located in Indonesia,
Australia, China, Hong Kong, India, Malaysia, New Zealand, the
Philippines, Singapore, Taiwan, and Thailand. It also operates
in Europe, particularly in Spain, France and the United Kingdom.

                          *     *     *

Anixter International Inc. carries Moody's Investors Service's
Ba2 corporate family rating.  Anixter Inc.'s US$200 million
guaranteed senior unsecured notes and its 3.25% LYON's notes
carry Moody's Ba1 and B1 ratings, respectively.  The rating
outlook is stable.

Anixter International Inc. carries Fitch's 'BB+' Issuer Default,
senior unsecured notes and senior unsecured bank credit facility
Ratings.  Similarly, Anixter Inc. carries Fitch's 'BB+' issuer
default rating and 'BB-' senior unsecured debt rating.  Fitch's
action affects about US$700 million of public debt securities.  
The rating outlook is stable.


CONSUMO BANCAJA: Fitch Affirms CCC Rating on EUR12.9 Mil. Notes
---------------------------------------------------------------
Fitch Ratings has affirmed Consumo Bancaja 1 - Fondo de
Titulizacion de Activos' floating-rate notes as:

   -- EUR566.1 million Series A at 'AAA';
   -- EUR14.7 million Class B at 'AA';
   -- EUR19.2 million Class C at 'A-' and
   -- EUR12.9 million Class D at 'CCC'.

Consumo Bancaja 1 is a true-sale securitization of a pool of
consumer and auto loans originated in Spain by Caja de Ahorros
de Valencia, Castellon y Alicante.

Consumo Bancaja 1 issued EUR600 million of collateralized notes
and EUR12.9 million of uncollateralized notes.  The proceeds of
the notes have been used to acquire a portfolio with an
outstanding balance of EUR600 million at closing and to fund the
reserve fund.

The overall performance of Consumo Bancaja 1 to date is
satisfactory compared with Fitch's base case expectations.  The
delinquency ratio has been low since inception.  There have been
no defaulted receivables reported and there is enough excess
spread in the structure.

Fitch expects the stable trend in performance to continue based
on the history of its performance parameters.  Fitch will
continue to monitor this transaction.


INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B-' corporate
credit rating and its stable outlook on Alpharetta, Georgia-
based Infor Global Solutions Holdings Ltd.

At the same time, Standard & Poor's affirmed its 'B-' bank loan
and '2' recovery ratings on Infor's approximately US$2.85
billion first-lien senior secured bank facility (including the
proposed US$55 million term loan add-on).

Standard & Poor's also affirmed its 'CCC' bank loan and '5'
recovery ratings on Infor's nearly US$1.6 billion second-lien
senior secured term loan (including the proposed US$170 million
add-on).
     
The ratings affirmations follow recent announcements that Infor
will acquire Workbrain Corporation, a leading global provider of
workforce management software, and Hansen Information
Technologies, a leading supplier of software applications to
manage government operations.  The proposed add-on term loans
will partially fund the acquisitions.
      
"While these acquisitions introduce additional integration risk
following recent very aggressive acquisition activity (and a
US$500 million, debt-financed dividend to shareholders), Infor's
financial profile, including operating lease-adjusted total debt
to EBITDA estimated to be in the mid-8x area, on a GAAP basis,
is only modestly affected by this transaction," said Standard &
Poor's credit analyst Ben Bubeck.  "Furthermore, our expectation
for positive free operating cash flow generation in future
periods, along with potential strategic benefits from a
strengthened human capital management product extension and an
expanded vertical end market, support our 'B-' corporate credit
rating," he continued.
     
The ratings reflect Infor's limited track record following a
very aggressive acquisition strategy, its high debt leverage,
and an aggressive financial policy.  These factors are only
partially offset by the company's leading presence in its
selected mid-market niche, a largely recurring revenue base, and
a broad and diverse customer base.

                        About Infor Global

Infor Global Solutions Holdings Ltd., -- http://www.infor.com/
-- headquartered in Alpharetta, Georgia and a Cayman Islands
exempted company, is a global provider of financial and
enterprise applications software.  The Company operates in Asia-
Pacific countries including Japan, China, India and Singapore.
Its European operation encompasses Austria, France and Spain. It
has also has facilities in Mexico in the Latin-American region.


U.S. STEEL: S&P Rates US$900 Million Notes Offering at BB+
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured rating to the proposed offering of US$900 million in
senior unsecured notes of United States Steel Corp.

These notes, which will be issued in 6-, 10- and 30-year
tranches, are being issued under the company's unlimited shelf
registration filed on March 6, 2007.
     
Proceeds from the issuance are expected to be used to refinance
existing debt and to partially fund the acquisition of Lone Star
Technologies Inc.  Pro forma for this financing and other
related financings associated with the Lone Star transaction,
U.S. Steel will have about US$3.6 billion in debt adjusted for
operating leases and postretirement obligations.
     
Ratings on U.S. Steel reflect the integrated steel producer's
capital-intensive operations, exposure to highly cyclical and
competitive markets, increased input costs, a high degree of
operating leverage and aggressive financial leverage, including
underfunded postretirement benefit obligations.  Ratings also
reflect the company's good liquidity, value-added product mix,
good scope and breadth of product and operations, and benefits
from its backward integration into iron ore and coke production.
     

                         Ratings List

United States Steel Corp.
Corporate Credit Rating         BB+/Stable/--
  US$900 mil Sr Unscrd Nts         BB+

                       About U.S. Steel

Headquartered in Pittsburgh, Pennsylvania, United States Steel
Corporation (NYSE: X) -- http://www.ussteel.com/-- manufactures  
a wide variety of steel sheet, tubular and tin products; coke,
and taconite pellets; and has a worldwide annual raw steel
capability of 26.8 million net tons. U. S. Steel's domestic
primary steel operations are: Gary Works in Gary, Ind.; Great
Lakes Works in Ecorse and River Rouge, Mich.; Mon Valley Works,
which includes the Edgar Thomson and Irvin plants, near
Pittsburgh and Fairless Works near Philadelphia, Pa.; Granite
City Works in Granite City, Ill.; Fairfield Works near
Birmingham, Ala.; Midwest Plant in Portage, Ind.; and East
Chicago Tin in East Chicago, Ind.  The company also operates two
seamless tubular mills, Lorain Tubular Operations in Lorain,
Ohio; and Fairfield Tubular Operations near Birmingham, Ala.

U. S. Steel produces coke at Clairton Works near Pittsburgh, at
Gary Works and Granite City Works. On Northern Minnesota's
Mesabi Iron Range, U. S. Steel's iron ore mining and taconite
pellet operations, Minnesota Taconite (Minntac) and Keewatin
Taconite (Keetac), support the steelmaking effort, and its
subsidiary ProCoil Company provides steel distribution and
processing services.

U.S. Steel's steelmaking subsidiaries U.S. Steel Kosice, s.r.o.,
in Kosice, Slovakia and U.S. Steel Serbia, d.o.o, in Sabac and
Smederevo, Serbia.  Acero Prime, the company's joint venture
with Feralloy Mexico, S.R.L. de C.V. and Intacero de Mexico,
S.A. de C.V., provides Mexico's automotive and appliance
manufacturers with total supply chain management services
through its slitting and warehousing facility in San Luis Potosi
and its warehouse in Ramos Arizpe.


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


BIZIM MARKET: Creditors' Liquidation Claims Due May 29
------------------------------------------------------
Creditors of LLC Bizim Market have until May 29 to submit their
claims to:

         Aysegul Dursun
         Liquidator
         Schweighofstr. 1
         8045 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Bizim Market
         Winterthur ZH
         Switzerland


BLUE JEANS: Creditors' Liquidation Claims Due May 30
----------------------------------------------------
Creditors of LLC Blue Jeans World have until May 30 to submit
their claims to:

         Ahmet Agac
         Liquidator
         Eisenweg 4
         5210 Windisch
         Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC Blue Jeans World
         Lenzburg AG
         Switzerland


BRUMA HANDELS: Bern Court Starts Bankruptcy Proceedings
-------------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings
against LLC Bruma Handels on March 19.

The Bankruptcy Service of Bern can be reached at:

         Bankruptcy Service of Bern
         Office Wangen an der Aare
         3380 Wangen an der Aare BE
         Switzerland

The Debtor can be reached at:

         LLC Bruma Handels
         Vorstadt 30a
         3380 Wangen an der Aare BE
         Switzerland


BUCHHANDLUNG TAT: Creditors' Liquidation Claims Due May 30
----------------------------------------------------------
Creditors of LLC Buchhandlung Tat Und Rat have until May 30 to
submit their claims to:

         Patrick Borter
         Liquidator
         Bibersteinerstrasse 21
         5022 Rombach
         Switzerland

The Debtor can be reached at:

         LLC Buchhandlung Tat Und Rat
         Zurich
         Switzerland


CHRISTENSEN CONSULTING: Creditors' Liquidation Claims Due May 31
----------------------------------------------------------------
Creditors of LLC Christensen Consulting have until May 31 to
submit their claims to:

         Helmut Roth
         Liquidator
         Bruggerstrasse 9F
         5103 Wildegg
         Lenzburg AG
         Switzerland

The Debtor can be reached at:

         LLC Christensen Consulting
         Moriken-Wildegg
         Lenzburg AG
         Switzerland


CIDARIS CONSULTING: Creditors' Liquidation Claims Due May 31
------------------------------------------------------------
Creditors of LLC Cidaris consulting have until May 31 to submit
their claims to:

         JSC Audita Treuhand & Wirtschaftsprufung
         Liquidator
         Zwinglistrasse 41
         9000 St.Gallen
         Switzerland

The Debtor can be reached at:

         LLC Cidaris consulting
         Zug
         Switzerland


DEULEN JSC: Creditors' Liquidation Claims Due May 30
----------------------------------------------------
Creditors of JSC Deulen have until May 30 to submit their claims
to:

         Roland Deutsch
         Liquidator
         Gartenstrasse 20
         4332 Stein AG
         Switzerland

The Debtor can be reached at:

         JSC Deulen
         Stein AG
         Switzerland


NILORN SWITZERLAND: Creditors' Liquidation Claims Due May 30
------------------------------------------------------------
Creditors of JSC Nilorn Switzerland have until May 30 to submit
their claims to:

         Luciana Iovanna
         Liquidator
         Reiherweg 2
         5034 Suhr
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Nilorn Switzerland
         Suhr
         Aarau AG
         Switzerland


SIS SEGAINTERSETTLE: Moody's Holds Low B Rating on Merger News
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of SIS
SegaInterSetlle A.G. and SIS x-clear A.G., both at Aa1/P-1/B+.  
The stable outlook on the ratings was also affirmed.

The affirmation follows the announcement that SIS Swiss
Financial Services Group A.G., the non-rated parent company of
the two rated entities has signed a letter of intent to take
part in a three-way merger with SWX Group (unrated) and Telekurs
Group (unrated).

Moody's notes the two rated entities will remain part of a group
which provides essential services for the functioning of the
Swiss financial center and will remain stand-alone companies
with their own dedicated functions and financial accounts.  
Furthermore, while the exact composition of the ultimate
shareholders of the combined group may differ from the current
composition of the shareholders of SIS Swiss Financial Services
Group A.G., share ownership will remain restricted to the same
groupings -- specifically to the internationally active large
banks, private banks, cantonal banks and regional banks
domiciled in Switzerland. These ultimate owners, as users
dependent on the services provided, can be deemed to be
committed shareholders.

Moody's added that given the ownership structure of the proposed
combined company and the critical role SIS SegaInterSettle A.G.
and SIS x-clear A.G. will continue to have for the Swiss
financial center, the ratings would continue to incorporate a
very high probability of systemic support.

At the same time, Moody's indicated that the Bank Financial
Strength Ratings of SIS SegaInterSettle A.G. and SIS x-clear
A.G. remained unchanged as, in its view, the potential risks
related to the execution of a three-way merger would be offset
by the importance of the merger as s competitive response.

Execution risk is a consideration in this merger as in most
cases -- specifically for these entities the risk relates to the
two rated entities having outsourced important parts of their
information technology to a part of their current parent group
that would be more directly affected by the proposed merger.
However, it is also recognized that improvements in scale and
scope can help provide a better response to increasing demands
placed on technical infrastructure.  Thus the proposed merger
may, in Moody's view, better address the more intense
competitive challenges faced by SIS SegaInterSettle in the
provision of central securities depository and custodian
services and by SIS x-clear in delivering the roles of central
counterparty and clearing house.

Headquartered in Olten, Switzerland, SIS SegaInterSettle A.G.,
had total assets of CHF1450 million and shareholder's funds of
CHF78 million as at Dec. 31, 2006.  The BFSR of B+ assigned by
Moody's reflects its strong franchise as the National Central
Securities Depository of Switzerland, and its position of one of
three International Central Securities Depositories in Europe.

SIS x-clear A.G., based in Zurich, Switzerland, had total assets
of CHF50 million and shareholder's funds of CHF33 million as at
Dec. 31, 2006. The BFSR of B+ assigned by Moody's reflects its
strong franchise as Swiss Central Counterparty and as a support
of the U.K. exchange activities of virt-x.


SMC CONSULTING: Creditors' Liquidation Claims Due May 31
--------------------------------------------------------
Creditors of LLC SMC Consulting have until May 31 to submit
their claims to:

         Sebastian Chamakalayil
         Liquidator
         Oberwilerstr. 3
         4103 Bottmingen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC SMC Consulting
         Bottmingen
         Arlesheim BL
         Switzerland


STAUDT ISOLIERTECHNIK: Creditors' Liquidation Claims Due May 31
---------------------------------------------------------------
Creditors of JSC Staudt Isoliertechnik have until May 31 to
submit their claims to:

         Belchenstrasse 7
         4054 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC Staudt Isoliertechnik
         Basel BS
         Switzerland


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


ENERGY INDUSTRIAL: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Energy Industrial Delivery (code EDRPOU
31991471) have until May 24 to submit written proofs of claim
to:

         Vasily Redko
         Liquidator
         Mayakovsky Avenue 69-a
         02232 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/247-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 Energy Industrial Delivery
         Schors Str. 29
         01133 Kiev
         Ukraine


FLETCHER STUFF: Creditors Must File Claims by May 24
----------------------------------------------------
Creditors of LLC Fletcher Stuff (code EDRPOU 33238747) have
until May 24 to submit written proofs of claim to:

         LLC Tomatna Kraina
         Liquidator
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/117-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 Fletcher Stuff
         Pobeda Avenue 136
         03115 Kiev
         Ukraine


FORTEX-2004: Creditors Must File Claims by May 24
-------------------------------------------------
Creditors of LLC Fortex-2004 (code EDRPOU 32984821) have until
May 24 to submit written proofs of claim to:

         Sergey Benediuk
         Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/137-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 Fortex-2004
         Pilipovsky Lane 4
         04050 Kiev
         Ukraine


GRINTSEVO AGRICULTURAL: Claims Filing Bar Date Set May 23
---------------------------------------------------------
Creditors of Grintsevo Agricultural LLC (code EDRPOU 03777077)
have until May 23 to submit written proofs of claim to:

         Gennady Sidorenko
         Temporary Insolvency Manager
         1st Uritsky Lane
         Romny
         42000 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/106-07.

The Court is located at:

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

The Debtor can be reached at:

         Grintsevo Agricultural LLC
         Grintsevo
         Lebedinsky District
         42223 Sumy
         Ukraine


INDUSTRIAL KITTING-C: Creditors Must File Claims by May 24
----------------------------------------------------------
Creditors of LLC Industrial Kitting-C (code EDRPOU 33754731)
have until May 24 to submit written proofs of claim to:

         O. Zabrodin
         Liquidator
         P.O. Box 6335
         69121 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. 25/104/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Industrial Kitting-C
         Pushkin Str. 4/133
         69095 Zaporozhje
         Ukraine


INDUSTRIAL TERMINAL: Creditors Must File Claims by May 24
---------------------------------------------------------
Creditors of LLC Industrial Terminal - Poltava (code EDRPOU
34502764) have until May 24 to submit written proofs of claim
to:

         Eugene Shtepenko
         Liquidator
         Independency Square 1B, ap.12
         Poltava
         Ukraine

The Economic Court of Poltava commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 18/19.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         LLC Industrial Terminal - Poltava
         Krasnoflotskaya Str. 35
         Poltava
         Ukraine


INTEX SERVICE: Creditors Must File Claims by May 24
---------------------------------------------------
Creditors of LLC Intex Service (code EDRPOU 33152576) have until
May 24 to submit written proofs of claim to:

         LLC Tradetechnology
         Liquidator
         Patrice Lumumba Str. 15-A
         01042 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/126-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 Tradetechnology
         Kikvidze Str. 13
         01103 Kiev
         Ukraine


PRODUCTS DELIVERY: Creditors Must File Claims by May 24
-------------------------------------------------------
Creditors of LLC Products Delivery and Sale (code EDRPOU
24641028) have until May 24 to submit written proofs of claim
to:

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

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 42/222b.

The Debtor can be reached at:

         LLC Products Delivery and Sale
         Shosseynaya Str. 101
         Torez
         86600 Donetsk
         Ukraine


RUBANKA LLC: Creditors Must File Claims by May 23
-------------------------------------------------
Creditors of Rubanka LLC (code EDRPOU 30864471) have until
May 23 to submit written proofs of claim to:

         Gennady Sidorenko
         Liquidator
         1st Uritsky Lane
         Romny
         42000 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/550-06.

The Court is located at:

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

The Debtor can be reached at:

         Rubanka LLC
         Rubanka
         Nedrygaylovsky District
         42144 Sumy
         Ukraine


TECHNICAL TRADE: Creditors Must File Claims by May 24
-----------------------------------------------------
Creditors of LLC Technical Trade Building Committee (code EDRPOU
33777523) have until May 24 to submit written proofs of claim
to:

         Sergey Benediuk
         Liquidator
         P.O. Box 157
         03110 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/136-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 Technical Trade Building Committee
         Zabolotny Str. 24
         03187 Kiev
         Ukraine


UKRAINIAN INTERNATIONAL: Fitch Rates US$125 Mln. Bonds at B-
------------------------------------------------------------
Fitch Ratings has assigned Standard Bank Plc's US$125 million
issue of 9.75% loan participation notes due February 2010 final
ratings of Long-term 'B-' and Recovery 'RR4'.

The notes are issued for the sole purpose of financing a loan to
First Ukrainian International Bank, rated Issuer Default 'B-',
Short-term 'B', Individual 'D', Support '5' and National Long-
term 'BBB(ukr).'  The Outlooks on both the Issuer Default and
the National Long-term ratings are Stable.

The new notes are to consolidate and form a single series with
Standard Bank Plc's US$150 million issue of 9.75% LPNs due
February 2010.  

FUIB was the 13th largest bank in Ukraine by assets, according
to first quarter 2007 data.  Historically a corporate bank,
FUIB's strategy is to expand its retail and SME lending.  The
bank is 99% owned by SCM Finance, the financial sub-holding of
SCM, which is among the largest business groups in Ukraine.  
Rinat Akhmetov, a leading Ukrainian businessman, ultimately
controls SCM.  SCM also owns Donetsk-based Donghorbank, a
medium-sized bank, which services SCM's cash flows and two
insurance companies.


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


ADVANSTAR COMMS: Veronis Acquisition Cues Moody's Junk Rating
-------------------------------------------------------------
Moody's Investors Service has assigned a B3 Corporate Family
rating to VSS-AHC Acquisition Corp., in connection with the
proposed acquisition of Advanstar Communications by Veronis
Suhler Stevenson, Citigroup Private Equity and New York Life
Capital Partners.  

VSS-AHC is an acquisition vehicle owned by the equity sponsor
group and will be merged into Advanstar Holdings Corp. at
closing.  Advanstar Holdings Corp. will survive the merger and
become the borrower upon the closing of the acquisition.

The rating outlook is positive.

This concludes the review for possible downgrade which was
initiated on March 30, 2007, following the company's
announcement that it had entered into a definitive agreement to
be acquired by an investor group led by Veronis Suhler Stevenson
in a transaction valued at approximately $1.1 billion.

The B3 CFR reflects Advanstar's high leverage (closing total
debt at around 8.8 times LTM March 31, 2007 EBITDA, reducing to
high 7 times EBITDA by the end of 2007, calculated in accordance
with Moody's standard adjustments); its vulnerability to B-2-B
advertising spending; and the competition faced by many of its
product offerings.

Ratings are supported by the barriers to entry enjoyed by:

   -- Advanstar's niche trade shows and publications;

   -- the defensible market position and reputation of its
      leading trade show (MAGIC);

   -- the company's sustained top line growth;

   -- the attractive margins of its portfolio of assets
      (especially those of its trade shows); and

   -- the significant amount of cash common equity being
      contributed by the equity sponsors.

The positive outlook reflects Moody's expectation that the
company's free cash flow growth (assisted by the
recapitalization) and debt reduction will lead to a reduction of
leverage.

Ratings assigned:

* VSS-AHC Acquisition Corp.

   -- $75 million senior secured first lien revolving credit
      facility due 2013 -- B1, LGD2, 29%

   -- $515 million senior secured first lien term loan due 2014:
      B1, LGD2, 29%

   -- $245 million senior secured second lien term loan due
      2014: Caa2, LGD5, 80%

   -- Corporate Family Rating: B3

   -- Probability of default rating: B3

Ratings confirmed, subject to withdrawal at closing:

* Advanstar Communications, Inc.

   -- senior secured first lien revolving credit facility: Ba3
   -- second priority senior secured notes: B1
   -- senior subordinated notes: Caa1
   -- Corporate Family Rating: B3
   -- Probability of default rating: B3

The assigned ratings are subject to Moody's review of
documentation.

Headquartered in Woodland Hills, California, Advanstar Holdings
Corp. is a leading provider of integrated marketing solutions
for the fashion and licensing, power sports and automotive and
life sciences segments. For the last twelve months ended
March 31 2007, the company recorded sales of $328 million.

Advanstar has roughly 1,000 employees and currently operates
from multiple offices in North America and in the United
Kingdom.


ALBANY BUILDING: Brings In Administrators from Ernst & Young
------------------------------------------------------------
R. H. Kelly and C. G. J. King of Ernst & Young LLP were
appointed joint administrators of The Albany Building Ltd.
(Company Number 04309897) on May 2.

Ernst & Young -- http://www.ey.com/-- provides broad array of  
services relating to audit and risk-related services, tax, and
transactions across all industries-from emerging growth
companies to global powerhouses-deal with a broad range of
business issues.   

Headquartered in Liverpool, England, The Albany Building Ltd. is
engaged in property development.


AMF BOWLING: Moody's Junks Proposed Sr. Sec. Credit Facilities
--------------------------------------------------------------
Moody's Investors Service assigned Ba3 and Caa1 ratings
respectively to the proposed first and second lien senior
secured credit facilities of AMF Bowling Worldwide, Inc.

Concurrently, Moody's affirmed the B2 Corporate Family and
Probability of Default Ratings of the company. The outlook for
the ratings is stable.

The proceeds will be used to refinance existing indebtedness
including approximately $124 million 10% senior subordinated
notes due 2010, pay a dividend to shareholders and, also, pay
fees and expenses associated with the transaction. The 10%
senior subordinated notes became callable on March 1, 2007, at
105% of par. The proposed facilities provide for an uncommitted
incremental first lien loan of $50 million (not rated).

The ratings reflect the high leverage with debt to EBITDA of 5.6
times as adjusted for operating leases, declining league bowling
activity, high fixed costs and increased reliance for growth on
sales of food and beverages. The ratings also reflect Moody's
expectations of continuing negative free cash flow generation,
net of both maintenance and growth capital expenditures. The
ratings are also constrained by the cyclicality inherent in
consumer spending on leisure and entertainment, the company's
dependence on the popularity of bowling, and the seasonality of
league bowling revenues.

Moody's expectation of adjusted pro forma EBITDA to interest
coverage of 2.8 times and adjusted EBIT to interest of 1.3 for
fiscal 2007 is within Moody's expectations for the B2 Corporate
Family Rating. The ratings also recognize the benefits of
exiting the products business in late 2005, the resulting focus
on bowling operations and the company's renewed emphasis on
providing a differentiated consumer experience. The ratings also
benefit from positive volume and revenue per game trends in both
open play bowling and food and beverage sales and recognize
substantial progress in segmenting AMF's service offerings.

Over the last two years, the company has implemented a
differentiated strategy for higher potential (and higher margin)
centers and an operational excellence strategy for lower
potential centers and has demonstrated a positive trend in
improving return on assets. Pro forma for the transaction,
Moody's expects the company to be profitable in fiscal 2007.

The stable outlook incorporates the expectation of continuing
improvements in asset utilization and increased revenue growth.
Several consecutive quarters of strong financial results,
notably much improved sustainable free cash flow relative to
total debt exceeding 5%, combined with reduced debt-to-EBITDA
leverage, would be needed before the ratings outlook could be
considered for a change to positive. Sustainable EBITDA to
interest coverage above three times, and EBIT to interest
coverage above 1.5 times, would also support positive ratings
momentum.

Moody's took these rating actions:

   -- Assigned a Ba3 (LGD 2, 29%) to the proposed $60 million
      first lien revolver due 2012;

   -- Assigned a Ba3 (LGD 2, 29%) to the proposed $210 million
      first lien term loan due 2013;

   -- Assigned a Caa1 (LGD 5, 79%) rating to the proposed
      $105 million second lien term loan due 2013;

   -- Affirmed the Ba2 (LGD 2, 16%) rating on the existing
      $40 million senior secured revolver, subject to withdrawal
      upon completion of the proposed refinancing;

   -- Affirmed the Ba2 (LGD 2, 16%) rating on the existing
      $47 million senior secured term loan due 2009, subject to
      withdrawal upon completion of the proposed refinancing;

   -- Affirmed the B3 (LGD 5, 72%) rating on the existing
      $124 million 10% subordinated notes due 2010, subject to
      withdrawal upon completion of the proposed refinancing;

   -- Affirmed the B2 Probability of Default Rating; and

   -- Affirmed the B2 Corporate Family Rating.

The outlook for the ratings is stable.

Headquartered in Richmond, Virginia, AMF Bowling Worldwide, Inc.
is the largest operator of bowling centers in the world with 358
centers in operation as of December 31, 2006, including 13
centers outside the US. Since October 8, 2005, the company has
two reportable business segments, namely: i) the operation of
bowling centers; and ii) "Holdings", which has an interest in a
joint venture that manufactures and sells bowling equipment, and
a service company that provides services exclusively to that
business. AMF is owned by a subsidiary of Kingpin Holdings LLC,
which is owned by a fund managed by Code Hennessy & Simmons LLC
and other equity investors. AMF had revenues of about $458
million for the twelve months ended April 1, 2007.

AMF Bowling Products UK Limited is the company's subsidiary in
the United Kingdom.


AMF BOWLING: S&P Rates US$270 Million Facilities at B+
------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B' corporate
credit rating on AMF Bowling Worldwide Inc.

At the same time, S&P assigned a bank loan rating of 'B+', one
notch above the corporate credit rating on the company, to AMF's
proposed US$270 million first-lien credit facilities.  The
recovery rating is '1', indicating the expectation for full
recovery of principal in the event of a payment default.  

The first-lien credit facilities consist of a US$60 million
revolving credit facility due 2012 and a US$210 million term
loan B due 2013.  S&P also assigned a 'CCC' bank loan rating,
two notches below the corporate credit rating on AMF, to the
company's proposed US$105 million second-lien term loan due
2013.  The recovery rating is '5', indicating the expectation
for negligible (0%-25%) recovery of principal in the event of a
payment default.  Proceeds from the transaction will be used to
repay existing debt and fund a special dividend to the company's
equity sponsor, Code Hennessy & Simmons LLC.  The outlook is
negative.
     
The ratings on Mechanicsville, Virginia-based AMF reflect weak
bowling industry fundamentals, an aggressive financial policy,
and high capital spending over the intermediate term.  These are
only minimally offset by AMF's scale.  AMF is the largest
operator of bowling centers in the U.S. with 345 domestic
centers.  Pro forma for the transaction, the company will have
total debt outstanding of US$315 million.
      
"It remains to be seen whether gains in recreational bowling
revenue will continue to offset league bowling's secular
decline," said Standard & Poor credit analyst Andy Liu.

AMF Bowling Centers, Inc. -- http://www.amf.com/-- owns and  
operates bowling centers.  The company has 345 centers in the
U.S. and 13 bowling centers operating outside the U.S.  The
company also has an investment in a business that manufactures
and sells bowling equipment.  AMF Bowling Products UK Limited,
the company's subsidiary, is located in the United Kingdom.


AUTOPUMPS INTERNATIONAL: Taps Begbies Traynor as Administrators
---------------------------------------------------------------
Gary Norton Lee and Donald Bailey of Begbies Traynor were
appointed joint administrators of Autopumps International Ltd.
(Company Number 03462338) on May 4.

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

The company can be reached at:

         Autopumps International Ltd.
         31 Kingsland Grange  
         Woolston  
         Warrington  
         WA1 4RW  
         England
         Tel: 01925 817 770


BIG DISPLAY: Claims Filing Period Ends August 31
------------------------------------------------
Creditors of Big Display Ltd. (formerly Barton House (No 45)
Ltd.) have until Aug. 31 to send in their full names, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their solicitors (if any)
to:

         A. R. Marlor  
         Liquidator
         Marlor Walls
         C12 Marquis Court
         Marquis Way
         Team Valley
         Gateshead  
         NE11 0RU
         England

A. R. Marlor of Marlor Walls was appointed liquidator of the
company May 8 by resolutions of members and creditors.


BRETT ESSEX: Creditors' Meeting Slated for May 30
-------------------------------------------------
Creditors of The Brett Essex Golf Club Ltd. (t/a Warley Park
Golf Club) (Company Number 01121846) will meet at 11:30 a.m. on
May 30 at:

         67 Butts Green Road
         Hornchurch
         Essex  
         RM11 2JX
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 29 at:

         J. S. French and G. Mummery
         Joint Administrators
         Vantis Business Recovery Services
         43-45 Butts Green Road
         Hornchurch
         Essex  
         RM11 2JX
         England

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


COLLINS & AIKMAN: Canadian Unit Files for CCAA Protection
---------------------------------------------------------
Collins & Aikman Corporation disclosed that its Canadian Soft
Trim operations applied for creditor protection under the
Companies' Creditors Arrangement Act (Canada) in the Ontario
Superior Court of Justice.

The company's Canadian Soft Trim operations are comprised of
Collins & Aikman Holdings Canada Inc. and Collins & Aikman
Canada Inc.  The CCAA filing for Collins & Aikman's Canadian
Soft Trim operations is a necessary step in finalizing the
previously announced sale of its Soft Trim business unit to
International Automotive Components Group North America Inc.

"This CCAA filing is intended to facilitate efforts to finalize
our proposed Soft Trim sale to IAC NA," said John Boken, Collins
& Aikman's Chief Restructuring Officer.  "We expect to work
closely with IAC NA, our customers, suppliers and employees, as
well as the US and Canadian courts over the coming weeks to
close the Soft Trim transaction.  We look forward to completing
this transition and giving our Soft Trim employees the
opportunity to prosper under new ownership."

The Soft Trim sale transaction approval hearing is scheduled for
June 5, 2007.

In connection with the filing, Collins & Aikman sought and
obtained orders staying creditors and other third parties from
terminating agreements with the companies or otherwise taking
enforcement steps.  Additionally, as part of the initial court
order, Collins & Aikman Products Co. obtained an order under
section 18.6 of the CCAA recognizing Products Co.'s Chapter 11
bankruptcy proceedings in the United States, which will provide
Products Co. with a stay of proceedings in Canada.

Collins & Aikman's Canadian Soft Trim entities will continue
operations in the ordinary course during the CCAA proceedings
under the leadership of their existing management team.

Ernst & Young Inc. was appointed by the Court as the Monitor in
the CCAA proceedings.

                   About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world. The Company operates
in Latin America through its facilities in Mexico.   

The company and its debtor-affiliates filed for chapter 11
protection on May 17, 2005 (Bankr. E.D. Mich. Case No. 05-
55927).  Richard M. Cieri, Esq., at Kirkland & Ellis LLP,
represents C&A in its restructuring.  Lazard Freres & Co., LLC,
provides the Debtor with investment banking services.  Michael
S. Stammer, Esq., at Akin Gump Strauss Hauer & Feld LLP,
represents the Official Committee of Unsecured Creditors
Committee.  When the Debtors filed for protection from their
creditors, they listed $3,196,700,000 in total assets and
$2,856,600,000 in total debts.  

                         Plan Update

On Aug. 30, 2006, the Debtors filed their chapter 11 plan and
disclosure statement explaining that plan.  On Dec. 22, 2006,
they filed an amended chapter 11 plan and on Jan. 24, 2007,
filed a modified chapter 11 plan.  On Jan. 25, 2007, the Court
approved the adequacy of the Debtors' amended disclosure
statement.  The confirmation hearing, originally set for
April 19, 2007, has been adjourned to May 24, 2007.


CONCARGO LTD: Appoints Joint Administrators from BDO Stoy
---------------------------------------------------------
Simon Edward, Jex Gerling and Christopher Kim Rayment of BDP
Stoy Hayward LLP were appointed joint administrators of Concargo
Ltd. (Company Number 2521570) on May 3.

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

The company can be reached at:

         Concargo Ltd.
         Unit 4  
         Oldmixon Crescent  
         Weston Super Mare  
         BS24 9AH  
         England
         Tel: 01934 628 221  
         Fax: 01934 417 623


EUROTUNNEL GROUP: Eyes EUR4 Billion Debt Reduction Under Plan
-------------------------------------------------------------
Eurotunnel Group's (aka Groupe Eurotunnel S.A.) safeguard plan
envisages that following the implementation of the
reorganization, the financial indebtedness of Eurotunnel will be
reduced to EUR4.164 billion (excluding the nominal amount of the
NRS, which will be treated as quasi-equity), representing a debt
reduction of 54% from current indebtedness, which amounted to
EUR9.073 billion on Sept. 30, 2006.

Eurotunnel SA and Groupe Eurotunnel SA wished to bring to the
attention of the public an update and some additional
information on the Senior Facilities described in paragraph
5.3.4, or the financing of Eurotunnel Group, of the registration
document.

The six loan tranches, which constitute the Senior Facilities,
are denominated either in euros or GBP with different maturity
dates and amortization start dates depending on the basis on
which interest is calculated for each tranche, described as:

           Financial Conditions of the Senior Facilities

For the Tranches Denominated in GBP:

   -- a tranche A1 loan amounting to GBP750 million, bearing
      interest at a fixed rate linked to the U.K. All Items
      Retail Price Index inflation index as published by the
      United Kingdom Office for National Statistics;

   -- a tranche B1 loan amounting to GBP400 million, bearing
      interest at a fixed rate; and

   -- a tranche C1 loan, amounting to GBP350 million, bearing
      interest at a floating rate, which will be entirely hedged
      by a fixed/floating interest rate swap.

Eurotunnel Finance Ltd. has already purchased interest rate
swaptions providing protection against an increase in interest
rates.  The maximum rate payable by Eurotunnel Finance Ltd. at
the time of drawdown of the loan guaranteed by these swaptions
is around 6.6% to 6.7% per annum after taking into account the
credit margin.

The equivalent fixed rate at the time of drawdown of the loan
will depend upon the prevailing rates and the expected inflation
at the time the hedge is finalized.

For the Tranches Denominated in Euros:

   -- a tranche A2 loan amounting to EUR367 million, bearing
      interest at a fixed rate linked to the indice des prix a
      la consommation hors tabac inflation index as published by
      l'Institut National de la Statistique et des Etudes
      Economiques;

   -- a tranche B2 loan amounting to EUR645 million, bearing
      interest at a fixed rate; and

   -- a tranche C2 loan, amounting to EUR953 million, bearing
      interest at a floating rate, which will be entirely hedged
      by a fixed/floating interest rate swap.

France Manche SA has already purchased interest rate swaptions
providing protection against an increase in interest rates: the
maximum rate payable by France Manche S.A. at the time of
drawdown of the loan guaranteed by these swaptions is around
6.4% to 6.5% per annum after taking into account the credit
margin.

The equivalent fixed rate at the time of drawdown of the loan
will depend upon the prevailing rates and the expected inflation
at the time the hedge is finalized.

                Repayment of the Senior Facilities

The funds borrowed under the Senior Facilities will be repayable
in accordance with their respective amortization schedules, of
which the main characteristics reflect the discussions with the
rating agencies, and are currently as follows:

For the Tranches Denominated in GBP:

   -- repayment of the A1 tranche will begin on June 20, 2018,
      to end on June 20, 2042.  Repayments will fall six monthly
      on June 20 and December 20.  The A1 tranche has a loan
      weighted average life of between 25 and 26 years;

   -- repayment of the B1 tranche will begin on June 20, 2046,
      to end on June 20, 2046.  Repayments will fall six monthly
      on June 20 and December 20.  The B1 tranche has a loan
      weighted average life of between 29 and 30 years; and

   -- repayment of the C1 tranche will begin on June 20, 2046,
      to end on June 20, 2050.  Repayments will fall six monthly
      on June 20 and December 20.  The C1 tranche has a loan
      weighted average life of between 41 and 42 years.

The repayment profile of the aggregate principal payments due in
respect of the three tranches denominated in GBP (before taking
into account inflation on Tranche A1) is close to a constant
annuity.

For the Tranches Denominated in Euros:

   -- repayment of the A2 tranche will begin on June 20, 2018,
      to end on June 20, 2041.  Repayments will fall six monthly
      on June 20 and December 20.  The A2 tranche has a loan
      weighted average life of between 24 and 25 years;

   -- repayment of the B2 tranche will begin on June 20, 2013,
      to end on June 20, 2041.  Repayments will fall six monthly
      on June 20 and December 20.  The B2 tranche has a loan
      weighted average life of between 22 and 23 years; and

   -- repayment of the C2 tranche will begin on June 20, 2041,
      to end on June 20, 2050.  Repayments will fall six monthly
      on June 20 and December 20.  The C2 tranche has a loan
      weighted average life and of between 39 and 40 years.

The repayment profile of the aggregate principal payments due in
respect of the three tranches denominated in euros, before
taking into account inflation on Tranche A2, is close to a
constant annuity.

                       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 on 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.


FERRYSCOTT LTD: Brings In Administrators from Deloitte & Touche
---------------------------------------------------------------
John Charles Reid and Brian William Milne of Deloitte & Touche
LLP were appointed joint administrators of Ferryscott Ltd.
(Company Number 06038022) on May 9.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides  
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.   

Headquartered in Glaslow, England, Ferryscott Ltd. is engaged in
haulage.


FORD MOTOR: Founding Family Members Deny Equity Sale Talks
----------------------------------------------------------
Ford Motor Co.'s founding family members denied the report that
they were discussing the sale of the family's controlling stake
in the automaker, Poornima Gupta of Reuters says.

"The Ford family is not discussing the sale of its holdings in
Ford Motor Company.  Statements attributable to unnamed sources
are untrue," Reuters cited David Hempstead, the family's
attorney, as saying.

An unnamed source told Reuters Monday that the Ford family met
with representatives of an investment bank last month, but had
not retained any firm to advise it on its controlling stake in
the automaker.

The family owns 71 million Class B shares and controls almost 40
percent of the voting power in the company.

                 Moving on With "Way Forward" Plan

Early this month, Ford disclosed that it intends to idle its
Cleveland Casting Plant in 2009, as part of the company's Way
Forward plan to transform its North American automotive
business.  In addition, the company said it will defer
production at Cleveland Engine No. 1, beginning in two weeks,
for approximately 12 months.

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

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

Production activities at Cleveland Engine No. 1 are being
deferred for approximately one year to capitalize on production
efficiencies at Ford's Lima Engine Plant, in Ohio, where the
company now can produce all its Duratec 3.5-liter engines for
the Ford Taurus passenger car and Taurus X crossover, as well as
other models.  

Previously, Cleveland Engine No. 1 produced the Duratec 3.0-
liter engine for prior models of the Ford Five Hundred passenger
car and Freestyle crossover.  If demand warrants, Ford said,
production activities at Cleveland Engine No. 1 could resume
earlier than the planned 12 months.

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

                    April 2007 U.S. Sales

Ford's April U.S. sales totaled 228,623, down 13% compared with
a year ago, the company said in a regulatory filing with the
Securities and Exchange Commission.

"With April behind us, we remain focused on getting the word out
about the strength of our new products, and our marketing
offensive is moving into high gear," said Mark Fields, Ford's
President of The Americas.  "Customers are responding very
positively to our new 'Ford Challenge' ads that pit Ford
vehicles against the best of the competition, so we're
accelerating our plans."

Currently, Ford said it began airing two new F-Series truck ads
starring Mike Rowe, creator and star of the Discovery Channel's
hit show "Dirty Jobs."  The ads demonstrate the clear advantages
of Ford Tough trucks in safety, strength and capability.

Ford's internal data show that the Ford Challenge campaign has
generated a strong response in product favorability, purchase
consideration and sales.  Following the start of the successful
"Fusion Challenge" ads in January, the Ford Fusion posted
double-digit sales increases throughout the first quarter.

                      About Ford Motor Co.

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

                        *     *     *

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

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

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


FORD MOTOR: Finance Arm Sells US$1.5-Billion Debt, Reuters Says
---------------------------------------------------------------
Ford Motor Co.'s finance arm, Ford Motor Credit, sold Tuesday
US$1.5 billion in a two-part debt sale, Reuters reports, citing
market sources.

According to Reuters, the offering was expected to include
US$1 billion five-year notes yielding about 7.8 percent to
7.875 percent and US$500 million in a reopening of an existing
five-year floating rate note with a coupon rate of about 275 to
280 basis points over the London interbank offered rate.

Citigroup Global Markets Inc., J.P. Morgan and Lehman Brothers
Inc. are the joint lead managers for the sale, the sources said.

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

                        *     *     *

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

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

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


FORD MOTOR: High Ct. Wants Lower Courts to Review US$82.6M Award
----------------------------------------------------------------
The U.S. Supreme Court directed lower courts to review an
US$82.6 million California court judgment against Ford Motor Co.
relating to a sport utility vehicle rollover accident, Mark H.
Anderson of The Wall Street Journal reports.

The justices, WSJ says, want the judgment reconsidered in light
of Supreme Court precedent from its recent Philip Morris
punitive damages ruling, which said punitive damages cannot be
used to punish companies for harm to parties not involved in the
lawsuit.

The judgment dates back to January 2002 when Benetta Buell-
Wilson, while driving a Ford Explorer, got seriously injured
after the vehicle flipped over 4-1/2 times, Greg Stohr of
Bloomberg News relates.

Subsequently, Ms. Buell-Wilson sued the company contending that
the vehicle's design was prone to rollover accidents.

Ms. Buell-Wilson got an initial US$357 million judgment but was
eventually reduced to US$27.6 million in actual damages and
US$55 million in punitive damages.

Ford appealed the judgment to the Supreme Court arguing that the
arbitrary imposition of punitive damages based on "vague and
subjective standards is the root cause of the flood of huge
verdicts."

                      About Ford Motor Co.

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

                        *     *     *

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

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

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


G.P. TURNER: Appoints PwC as Joint Administrators
-------------------------------------------------
Ian David Green and Graham Hunter Martin of
PricewaterhouseCoopers LLP were appointed joint administrators
of G.P. Turner Builders Ltd. (Company Number 04039717) on May 8.

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

The company can be reached at:

         G P Turner Builders Ltd.
         4 Central Place
         Haltwhistle
         NE49 0DF
         England
         Tel: 01434 321 000


GENERAL MOTORS: Mulls Sale of Midsize Truck Unit to Navistar
------------------------------------------------------------
General Motors Corp. is contemplating on the sale of its medium-
duty truck business -- which primarily makes the Chevrolet
Kodiak and GMC TopKick work trucks built in Flint, Michigan --
to Navistar International Corp., various reports say.

GM and Navistar are still in discussion and declined to comment.  
However, analysts observe that the sale could potentially
benefit GM as Navistar may acquire engineering resources and
other assets needed to support the business.

The action, various sources relate, is in harmony with the GM's
restructuring, which includes cost cutting and job slashing and
the sale of the Allison Transmission unit in Indianapolis.

GM wants to focus on raising profit on the cars and light trucks
operations, after Toyota Motor Corp. outperformed GM in sales
worldwide last quarter.

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

                          *     *     *

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

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

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


HOMEWORKS MIDLANDS: Names Roderick Graham Butcher Liquidator
------------------------------------------------------------
Roderick Graham Butcher of Butcher Woods was appointed
liquidator of Homeworks (Midlands) Ltd. on May 9 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Homeworks (Midlands) Ltd.
         2 Kendlewood Road
         Kidderminster
         DY10 2XQ  
         England
         Tel: 01562 746 364


INT'L RECTIFIER: Reporting Delay Cues Fitch to Watch Ratings
------------------------------------------------------------
Fitch Ratings has placed International Rectifier Corp.
(NYSE: IRF) on Rating Watch Negative following the company's
announcement that it will not meet U.S. Securities and Exchange
Commission financial reporting requirements due to an ongoing
investigation into accounting irregularities relating to
premature revenue recognition at one of IR's foreign
subsidiaries.

These ratings are placed on Rating Watch Negative:

     -- Issuer Default Rating of 'BB';
     -- Senior secured bank credit facility rating of 'BB+';
     -- Subordinated debt rating of 'BB-'.

International Rectifier has disclosed that, as a result of
accounting irregularities, the company's reported financial
results for the preceding eight quarters and the fiscal years
ended June 30, 2006, and June 30, 2005, are not reliable and may
require restating.  The accounting irregularities specifically
related to unsubstantiated orders, resulted in recording sales
with no associated customer obligations and shipping products to
warehouses not in the company's logistical system.  While these
activities have been discontinued, the investigation into the
extent of potential restatements of past operating results is
ongoing.  Pending the conclusion of the investigation,
International Rectifier has obtained amendments to its credit
facilities, pursuant to which the company will not be considered
in default for failing to meet its reporting requirements or
certain representations and warranties.  Fitch anticipates
resolving the Rating Watch upon International Rectifier
concluding the investigation, quantifying the impact to its
financial reports of the aforementioned relevant periods, and
filing its 10Q for the fiscal third quarter ended March 31,
2007. Material restatements could result in negative rating
actions.

Fitch believes the company's ability to draw down on its US$150
million senior secured revolving credit facility expiring 2011
may be limited until financial reporting requirements have been
met.  Nonetheless, Fitch believes International Rectifier's
liquidity position remains sufficient and supported by:

      i) approximately US$1.1 billion of cash and cash
         equivalents, including investments in securities with
         long-term maturities, and

     ii) approximately US$290 million of gross proceeds from the
         recent divestiture of its Power Systems Group.

Fitch expects annual free cash flow will be limited over the
next two years due to heightened capital spending.  As of
Dec. 31, 2006, total debt consisted of the US$550 million 4.25%
convertible subordinated notes due July 2007, which Fitch
believes will be repaid with available cash balances at
maturity, and approximately US$88 million of foreign bank loans.

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


KLASS ACT: Creditors' Meeting Slated for May 22
-----------------------------------------------
Creditors of Klass Act Ltd. (t/a Kurt Muller) (Company Number
03824545) will meet at 11:00 p.m. on May 22 at:

         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland  
         SR5 3JN
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 21 at:

         Ian William Kings
         Administrator
         Tenon Recovery
         Tenon House
         Ferryboat Lane
         Sunderland
         Tyne and Wear  
         SR5 3JN
         England

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


KRONOS INC: Moody's Junks US$390 Million Second Lien Term Loan
--------------------------------------------------------------
Moody's Investors Service assigned Kronos, Inc. a first time B2
corporate family rating and a stable rating outlook.  Moody's
also assigned a first time Ba3 rating to the company's:

   -- first lien credit facilities (US$665 million term loan,
      due 2014, and US$60 million revolving credit facility,
      expires 2013); and

   -- a Caa1 rating to its US$390 million second lien term loan,
      due 2015.

On March 23, 2007, Kronos signed a definitive agreement to be
acquired by the private equity firm Hellman & Friedman Capital
Partners VI, L.P. and its related funds in a transaction valued
at approximately US$1.8 billion, of which approximately US$720
million of common equity will be funded by the equity sponsor.  
Under the terms of the agreement, Kronos shareholders will
receive US$55.00 in cash for each share of Kronos common stock,
representing a 34.4% premium over Kronos' pre-announcement share
price.  Kronos' Board of Directors voted and has approved the
merger agreement.  The transaction remains subject to the
receipt of shareholder approval as well as the satisfaction of
other closing conditions.  The transaction is expected to close
in Kronos' fiscal 2007 fourth quarter (corresponding to the
third calendar quarter of 2007).

Kronos' B2 rating reflects the company's leadership position in
the workforce management software market, client diversity,
modest pretax income, low asset returns, and high financial
leverage.  The company's high geographic concentration, high
business line concentration, and good client diversity are
similar to business services peers rated Ba3.  At the same time,
Kronos' overall size (as measured by pre tax income),
profitability (as measured by return on assets) and financial
leverage (as measured by ratios of debt to EBITDA and free cash
flow to debt) are similar to B3 rated business services peers,
contributing to the company's overall B2 corporate family
rating.

The stable outlook reflects Moody's expectation that the company
will maintain market share and pricing power, contributing to a
gradual reduction in its financial leverage over the next
eighteen months.

What Could Move the Rating Up

Kronos' B2 rating could experience upward rating pressure if the
company were to demonstrate consistent organic revenue and
profit growth in the mid to high single digits and reduce its
financial leverage such that its ratio of debt to EBITDA
adjusted for leases was 5.0 times or less on a consistent basis.

What Could Move the Rating Down

Kronos' B2 rating could experience downward rating pressure if
its revenues or operating profits were to decline on a twelve
month basis, were there a substantial reduction in free cash
flow such that acquisition spending exceeded free cash flow on
an annual basis, or were there a large dividend distribution to
its equity sponsors.

Ratings assigned:

   -- Corporate Family Rating - B2

   -- US$60 million revolving credit facility (due 2013):
      Ba3, LGD 3, 30%

   -- US$665 million first lien term loan (due 2014): Ba3,
      LGD 3, 30%

   -- US$390 million second lien term loan (due 2015: Caa1,
      LGD 5, 84%

With about US$617 million of revenues for the twelve months
ended March 31, 2007, Kronos, Inc., headquartered in Chelmsford,
Massachusetts, is a provider of workforce management software,
including time and attendance software and talent management
(recruiting) software.

Headquartered in Chelmsford, Mass., Kronos Inc. --
http://www.kronos.com/-- provides a suite of solutions that  
automate employee-centric processes, as well as tools to
optimize the workforce. It provides workforce management
software, including time and attendance software and talent
management (recruiting) software.  The company offers its
products primarily in the United States, Canada, Mexico, the
United Kingdom, Australia, and New Zealand.

The company posted about US$617 million of revenues for the
twelve months ended March 31, 2007.


LAURENCE SCOTT: Brings In Administrators from Kroll
---------------------------------------------------
Andrew John Pepper and Alastair Paul Beveridge of Kroll Ltd.
were appointed joint administrators of Laurence, Scott &
Electromotors Ltd. (Company Number 5272666) on May 8.

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

The company can be reached at:

         Scott Laurence & Electromotors Ltd.
         Hardy Rd  
         Norwich  
         NR1 1JD  
         England
         Tel: 01603 628 333  
         Fax: 01603 660 767


LEEDS UNITED: Creditors' Meeting Slated for June 1
--------------------------------------------------
The joint administrators of Leeds United Association Football
Club Ltd., Richard Fleming, Mark Firmin and Howard Smith of KPMG
LLP, advised creditors of the club that the creditors' meetings
will be held at noon on June 1 at Leeds United.

The initial meeting enables the administrators to fulfill their
statutory duty to put their proposals for the administration to
the creditors.  The key activity at this meeting will be a vote
to approve progressing the Company Voluntary Arrangement
process.

In anticipation of approval of this proposal, the administrators
have scheduled a second creditors' meeting for 2:00 p.m. on the
same day at which the CVA proposal to complete the sale of the
Club to Leeds United Football Club Limited will be considered
and is expected to be voted upon.

"At this meeting I will outline the proposal to sell the Club to
Leeds United Football Club Ltd. and will also inform the
creditors of any other matters which could influence their
decision; such as details of the level of interest from other
potential buyers of the Club and indeed any alternative bids.  
Creditors will then be invited to vote on the proposal and any
modifications that emerge," Richard Fleming disclosed.

"The proposed sale enables the Club to survive and offers a
minimal return to creditors.  We know from preliminary
discussions that the deal is supported by some of the larger
creditors by value, however it still requires a majority of 75%
to be approved," Mr. Fleming added.

"If the proposal is carried, the CVA process will move forward,
which will involve agreeing the Club's new ownership with the
Football League and paying a dividend to creditors.  If not, we
will seek an alternative solution, and again request creditor
approval," Mr. Fleming concluded.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

Headquartered in Leeds, England, Leeds United Association
Football Club Ltd.  -- http://www.leedsunited.com/-- is an  
English professional football club.


LEVEL 3: European Group Inks Network Deal with Easynet
------------------------------------------------------
The European Markets Group of Level 3 Communications Inc. has
expanded its relationship with Easynet, an international managed
hosting and networks company.  Level 3 will serve as the
underlying bandwidth provider for Easynet's enterprise business
infrastructure solutions throughout Europe.

The expanded relationship positions Level 3 as a key strategic
network partner for Easynet, a part of the British Sky
Broadcasting group.

Under the terms of this new multi-year agreement, Level 3 will
deliver both 10GigE and 1GigE LAN PHY intercity and metropolitan
wavelength services as part of Easynet's commitment to
delivering superbly managed solutions to its international
enterprise customers.  The upgraded Level 3 network solution
replaces the STM-4 network that has been in place since 2003.

"How we work with partners is a real differentiator for
Easynet," Easynet CEO David Rowe said.  "Level 3 understands our
key business drivers and can provide us with the reliable,
scalable backbone solutions that support our commitment to
providing an outstanding customer experience.  We have enjoyed
collaborating with Level 3 for a number of years and believe
Level 3 has the network, service portfolio and expertise to help
us meet our customers' strategic business objectives."

"We are delighted to be expanding our relationship with Easynet,
enabling them to continue to grow their business in key
markets," Level 3 European Markets President and CEO Brady
Rafuse said.  "Level 3's network was designed specifically to
support companies like Easynet, catering to the growing capacity
requirements and increasing global reach they require to support
their customer base. This agreement underscores the strength and
quality of our network and services across Europe."

With its 10GigE LAN PHY offering a dedicated Ethernet point-to-
point service, Level 3 enables customers to leverage cost-
effective and familiar Ethernet technology to build and grow
large IP backbones.  This service is available across the
majority of Level 3's fiber-based network in Europe and the
United States, including extensions to key metropolitan points
of presence.

Level 3 continues to invest in its network, and with one of the
world's largest Internet backbones, the company provides
reliable, high capacity bandwidth to meet growing demand from
customers with rich media traffic.  Level 3 offers connectivity
in more than 175 key markets in Europe and North America, with
metropolitan networks in 125 cities.  The comprehensive suite of
Level 3 network services deliver the building blocks for its
customers' diverse service offerings.  Level 3 has the
scalability, performance, and service portfolio to support
content delivery solutions as its customers' network needs
evolve.

                          About Level 3

Headquartered in Broomfield, Colorado, Level 3 Communications
Inc. (Nasdaq: LVLT) -- http://www.level3.com/-- is an   
international communications company.   The company provides a
comprehensive suite of services over its broadband fiber optic
network including Internet Protocol (IP) services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.  As of December 31,
2006, the Company had approximately 73,000 intercity route miles
in the United States and Europe, connecting 16 countries.  In
Europe, Level 3 maintains operations in the United Kingdom,
France, Germany, Ireland, France and Switzerland.

                          *     *     *

As reported in the TCR-Europe on March 8, 2007, Standard &
Poor's Ratings Services assigned a 'B' bank loan rating, one
notch above the corporate credit rating, to Level 3 Financing
Inc.'s proposed US$1.4 billion senior secured term loan due
2014.

In February 2007, Moody's Investors Service has assigned a B1
rating to Level 3 Financing Inc.'s new US$1 billion term loan
and a B3 rating to the US$1 billion fixed and floating rate
notes at Financing.  

Moody's has affirmed Level 3 Communications, Inc.'s corporate  
family rating at Caa1 with a stable outlook, as the pro-forma  
leverage is expected to remain in the 8.5x range, as Moody's  
expects the company to use the additional liquidity to refinance  
higher coupon debt.  

Moody's has also affirmed the ratings of existing debt at
Level 3.   The existing debt at Financing was downgraded one
notch to B3, given the increased debt level at that entity.  
Moody's will withdraw the ratings upon redemption of the
existing 12 7/8% senior discount notes due 2010, which the
company plans to call following the completion of the new notes
offering.

Moody's said the outlook is stable.

At the same time, Fitch Ratings has assigned a 'B/RR1' rating to
Level 3 Financing, Inc.'s US$1 billion offering of senior
unsecured notes issued in a private offering in accordance with
Securities and Exchange Commission Rule 144A.

The offering consists of the following:

   -- US$300 million floating-rate senior notes due 2015; and
   -- US$700 million 8.75% senior notes due 2017.

Level 3 Financing, Inc. is a wholly owned subsidiary of Level 3
Communications, Inc.  Fitch has an Issuer Default Rating of
'CCC' for both Level 3 and level 3 Financing, Inc.

Fitch said the Rating Outlook is Positive.


MARIX DRUG: Hires Liquidator from Monahans
------------------------------------------
Paul Michael McConnell of Monahans was appointed liquidator of
Marix Drug Development Ltd. on May 4 for the creditors'
voluntary winding-up procedure.
  
The company can be reached at:

         Marix Drug Development Ltd.
         Rhodfa Marics
         Ynysmaerdy
         Pontyclun
         CF72 8UX  
         Wales
         Tel: 01443 234 400


MELROSE FINANCING: Moody's Rates Three Class D Notes at Ba2
-----------------------------------------------------------
Moody's Investors Service places under review for possible
upgrade five classes of notes issued by Melrose Financing No 1
Plc:

   -- Series 2001-2 US$43,500,000 Class B Asset Backed Floating
      Rate Notes Due 2008, currently rated A1,

   -- Series 2001-2 US$32,600,000 Class C Asset Backed Floating
      Rate Notes Due 2008, currently rated Baa1,

   -- Series 2001-2 US$5,000,000 Class D1 Asset Backed Floating
      Rate Notes Due 2008, currently rated Ba2,

   -- Series 2001-2 EUR14,100,000 Class D2 Asset Backed Floating
      Rate Notes Due 2008, currently rated Ba2,

   -- Series 2001-2 GBP14,000,000 Class D3 Asset Backed Floating
      Rate Notes Due 2008, currently rated Ba2.

This review for upgrade is the result of the accumulation of
cash in anticipation of redemption on the scheduled maturity
date.


PISTOL MARKETING: Joint Liquidators Take Over Operations
--------------------------------------------------------
Richard Frank Simms and Martin Richard Buttriss were appointed
joint liquidators of Pistol Marketing Ltd. on May 8 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Pistol Marketing Ltd.
         London Maid House 11-13
         Market Place
         City of Westminster
         London
         W1W 8AH  
         England
         Tel: 020 7307 3555
         Fax: 020 7494 4823


PREGIS CORP: S&P Lifts Rating on EUR100 Million Notes to B+
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Pregis
Corp.'s EUR100 million second-priority floating-rate notes due
in 2013.  The notes rating was raised to 'B+' from 'B-' and the
recovery rating was revised to '1' from '3'.  

The new ratings indicate S&P's expectation that second-priority
noteholders would receive full recovery of principal in a
payment default.  The upgrade was prompted by a reassessment of
how the unpledged value of foreign subsidiaries would benefit
these noteholders.
     
The 'B+' rating and '1' recovery rating on Pregis' revolving
credit facility and first-lien term loans remain unchanged as
does the 'CCC+' rating on its $150 million senior subordinated
notes.
     
The ratings do not contemplate any increase in the committed
amount of the secured debt.  Pregis' term loan may be increased
by $100 million subject to further commitments from lenders for
acquisitions or other purposes.  Such an event would result in a
reevaluation of the ratings and recovery prospects.
     
The corporate credit rating on Pregis is 'B' and the outlook is
negative.
      
"The ratings on Pregis reflect its high debt leverage, modest
cash flow, and volatile raw material costs.  These negative
factors outweigh the benefits of a value-added product mix; good
geographic, end-market, and customer diversity; fairly stable
operating profitability; and a low level of capital spending and
other required outlays," said Standard & Poor's credit analyst
Cindy Werneth.
      

                         Ratings List

Pregis Corp.

Corporate credit rating        B/Negative/--

Revised Ratings                               To     From
                                              --     ----
EUR100 mil. second-priority floating-rate    B+     B-
notes due in 2013  
   Recovery rating                            1      3


Pregis Corp. -- http://www.pregis.com/-- is a global company  
with diverse protective, flexible and foodservice packaging and
hospital supply products.  Via its manufacturing and sales
locations in North America and Europe, the company offers
packaging solutions for many different markets and applications
such as: food, beverage, agricultural/produce, electronics,
health and beauty aids, pharmaceuticals, medical, chemicals,
furniture, flooring, industrial, home office, appliances,
automotive, small business, etc.  Pregis is owned by AEA, a
leading private equity firm with investors that include former
and current CEO's of major multinational corporations, family
groups, endowment funds and institutions from around the world


QUEEN STREET: Moody's Rates EUR18 Mln Class E Notes at (P)Ba3
-------------------------------------------------------------
Moody's Investors Service announced assigned provisional ratings
to six classes of Notes issued by Queen Street CLO II B.V., a
bankruptcy remote SPV incorporated under the laws of The
Netherlands.

The provisional ratings assigned are:

   -- (P)Aaa to the EUR239.4 Million Class A1 Senior Secured
      Floating Rate Notes due 2024

   -- (P)Aa1 to the EUR59.85 Million Class A2 Senior Secured
      Floating Rate Notes due 2024,

   -- (P)Aa2 to the EUR34.875 Million Class B Senior Secured
      Floating Rate Notes due 2024,

   -- (P)A3 to the EUR38.25 Million Class C Senior Secured
      Deferrable Floating Rate Notes due 2024,

   -- (P)Baa3 to the EUR16.875 Million Class D Senior Secured
      Deferrable Floating Rate Notes due 2024,

   -- (P)Ba3 to the EUR18.0 Million Class E Senior Secured
      Deferrable Floating Rate Notes due 2024.

The EUR42.75 Million Class F Subordinated Notes due 2024 will
not be rated by Moody's.

The provisional ratings of the Notes address the expected loss
posed to investors by the legal final maturity.

Moody's issues provisional ratings in advance of the final sale
of securities and these ratings reflect Moody's preliminary
credit opinion regarding the transaction. Upon a conclusive
review of the final versions of all the documents and legal
opinions, Moody's will endeavour to assign a definitive rating
to the transaction. A definitive rating may differ from a
provisional rating.

These provisional ratings are based upon:

   1. An assessment of the eligibility criteria and portfolio
      guidelines applicable to the future additions to the
      portfolio;

   2. The protection against losses through the subordination of
      the more junior classes of notes to the more senior
      classes of notes;

   3. The currency swap transactions, which insulate Queen
      Street CLO II B.V. from the volatility of the foreign
      currency exchange rates, for Non-Euro denominated
      obligations;

   4. The expertise of Indicus Advisors as loan manager; and

   5. The legal and structural integrity of the issue.

The transaction is a cash flow CDO backed primarily by a
EUR437.9 Million portfolio of European senior and mezzanine
loans. The investments may also include high yield debt and
synthetics, and non-Euro issuers (any FX exposure will be hedged
through individual asset swaps). About 85% of the portfolio
should be acquired by the Closing Date and the remainder of the
portfolio will be acquired throughout the ramp-up period, in
compliance with portfolio guidelines (which include, among other
tests, a diversity score test, a weighted average rating factor
test and a weighted average spread test). Thereafter, the
portfolio of loans will be actively managed and the portfolio
manager will have the option to direct the issuer to buy or sell
loans. Any addition or removal of loans will be subject to a
number of portfolio criteria. Indicus Advisors will act as the
Investment Manager to the Issuer, Queen Street CLO II is the
second CLO to be managed by Indicus. This transaction is
arranged by JPMorgan Securities Ltd.

Moody's has applied its binomial expansion method to this
transaction and reflected the expected payments in a cash flow
model. The model takes into account the portfolio selection
guidelines and most importantly the credit quality (measured
through the rating factor, the recovery rate and the diversity
score) as well as the expected average spread of the portfolio.


* BOOK REVIEW: Black Monday: The Stock Market Catastrophe of
               October 19, 1987
------------------------------------------------------------
Author:     Tim Metz
Publisher:  Beard Books
Paperback:  268 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1587982145/internetbankru
pt

The book Black Monday: The Stock Market Catastrophe of Oct. 19,
1987 written by Tim Metz is a penetrating analysis of a day in
1987 that shook the financial world.

This spellbinding book chronicles the devastating market crash
of October 19, 1987.

The events of the day, as well as the factors that combined to
produce the crash, are described in a fast-moving vignette
written in journalistic style.

A behind-the-scenes look at the persons and institutions who
were the key players in the crash gives the reader great insight
into how it happened, how it was stopped and by whom, and what
the consequences were that affect us even to this day.

One key issue was "index arbitrage," a dangerously volatile
trading strategy that has increased substantially in 2003.

Black Monday is also especially timely in light of the 2003
scandal over the New York Stock Exchange Chairman's pay.

  
                           *********

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.

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