TCREUR_Public/070521.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Monday, May 21, 2007, Vol. 8, No. 99

                            Headlines


A U S T R I A

ANTIPODES CONCEPTS: Wels Court Orders Business Shutdown
BEST-INVEST: Claims Registration Period Ends June 5
DR. PRIKLOPIL: Claims Registration Period Ends June 25
JOSEF PROKOPETZ: Claims Registration Period Ends June 18
MAHRERE KEG: Claims Registration Period Ends June 11

MOEBEL- & RAUM: Wels Court Orders Business Shutdown
NCC IT-TECHNOLOGIES: Claims Registration Period Ends July 3
P. NIKOLIC: Claims Registration Period Ends June 11


B E L G I U M

GOODYEAR TIRE: S&P Puts B- Certificate Ratings Under Pos. Watch
POPE & TALBOT: Posts US$18.6 Million Net Loss in First Quarter


B U L G A R I A

VAMO AD: Adding Real Property to Core Business


C R O A T I A

GMAC LLC: Cerberus Deal Could Spark Collaboration, GM CEO Says


C Z E C H   R E P U B L I C

LEAR CORPORATION: Picks Wendy Foss as Corporate Secretary


F I N L A N D

ARROW ELECTRONICS: North American Unit Partners with Orion


F R A N C E

ACXIOM CORP: Agrees to Silver Lake & ValueAct's US$3 Bil. Buyout
ACXIOM CORP: Silver Lake Deal Cues Moody's to Put Ba2 Rating


G E R M A N Y

BPD BRANDENBURGER: Claims Registration Period Ends June 1
BUNDESWEITE GEWERBE-AUKTIONEN: Claims Registration Ends May 31
C-LAB HARD: Claims Registration Period Ends June 11
CARL KRAUSE: Claims Registration Period Ends June 1
CLAVEY CKF: Claims Registration Period Ends June 5

CREACC CORPORATE: Claims Registration Period Ends June 1
DAIMLERCHRYSLER AG: GMAC May Work With Chrysler, Wagoner Says
DAIMLERCHRYSLER: Workers Get US$1.2B for Chrysler Pension Fund
DAIMLERCHRYSLER: Names Rainer Genes Production Planning Head
GARTENTRAUME GMBH: Claims Registration Period Ends May 31

GEBRUEDER SCHAFER: Claims Registration Period Ends June 8
GESUNDHEITSPARK WERNER: Claims Registration Ends June 12
GTH GMBH: Claims Registration Ends June 15
GUENTER SCHUETTE: Claims Registration Ends June 15
HAEMOSYS GMBH: Claims Registration Ends June 8

HAUWA GASTSTATTENBETRIEBS: Claims Registration Ends May 29
HWS-GMBH GESELLSCHAFT: Claims Registration Ends June 4
IC MAINTAL: Claims Registration Ends June 15
IFTA - INSTITUT: Claims Registration Ends July 15
INOPHALT STRASSEN: Creditors Must Register Claims by June 11

INTEGRA GMBH: Creditors Must Register Claims by June 4
JALOUSIEN & FENSTER: Creditors Must Register Claims by June 10
JOBBOERSE BERLIN: Creditors Must Register Claims by June 14
KHSS GMBH: Creditors Must Register Claims by June 15
ORGATECH GMBH: Claims Registration Period Ends June 29

OSTER MOEBELWERKSTAETTEN: Creditors' Meeting Slated for May 21
PLANUNG EINRICHTUNG: Claims Registration Period Ends June 21
PETER & MATH: Creditors' Meeting Slated for June 20
RHEINBODEN AG: Buys Back EUR2.3 Bln of Public Sector Pfandbriefe


I R E L A N D

FAIRFAX FINANCIAL: Unit Completes US$330 Mil. Sr. Notes Offering
SCOTTISH RE: Moody's Affirms (P)Ba3 Rating After MassMutual Deal


I T A L Y

STRATOS GLOBAL: Obtains Waiver Effective Until CIP Canada Buyout


K A Z A K H S T A N

BAUR & K LLP: Creditors Must File Claims by June 1
INJENER LLP: Creditors' Claims Due June 13
KAMKOR DOS: Proof of Claim Deadline Slated for June 5
KAZROSEXPEDITION LLP: Claims Registration Ends June 5
MARS CART: Claims Filing Period Ends June 1

NPF KAZELECTROCOMPLECT: Creditors Must File Claims by June 1
SERVICE V STROITELSTVE: Creditors' Claims Due June 13
TEMIR-GAN LLP: Claims Registration Ends June 1
TURMYS OJSC: Jambyl Court Started Bankruptcy Hearings on April 9


K Y R G Y Z S T A N

GEOSPECTRSERVICE LLC: Claims Filing Period Ends July 4


N E T H E R L A N D S

FOOT LOCKER: Forecasts Lower Earnings for First Quarter 2007


R U S S I A

AGRYZSKOYE GRAIN: Bankruptcy Hearing Slated for Sept. 17
AKHTUBINSKOYE GRAIN: Creditors Must File Claims by June 28
AV-OIL LLC: Creditors Must File Claims by May 28
BOGATOVSKIY ELEVATOR: Asset Sale Slated for June 18
BUILDER LLC: Creditors Must File Claims by May 28

CHISTOPOL-STORY CJSC: Creditors Must File Claims by May 28
FALCON CJSC: Voronezh Bankruptcy Hearing Slated for July 4
FURMANOVSKIY ENGINEERING: Creditors Must File Claims by May 28
LIPKOVSKIY BAKERY: Creditors Must File Claims by June 28
MDM BANK: Gets US$100 Million Loan from World Bank's IFC

PALNIKOVSKOYE CJSC: Creditors Must File Claims by June 28
PARCHUMSKIY LLC: Irkutsk Bankruptcy Hearing Slated for July 2
PASSENGER TRANSPORT: Creditors Must File Claims by May 28
SOROS CJSC: Creditors Must File Claims by May 28
SOUTHERN TELECOMMUNICATIONS: Earns RUR587.3 Million for Q1 2007

SUAL GROUP: United Company Rusal May Build Site at Sakhalin
TATNEFT OAO: Earns RUR6.7 Billion for First Quarter 2007
TEREMOK CJSC: Creditors Must File Claims by May 28
USMAN'-AGRO-PRODUCT: Creditors Must File Claims by May 28
VIMPEL-COMMUNICATIONS: Eyes US$800 Million Loan to Repay Debts

YUKOS OIL: Anti-Monopoly Service May Cancel Asset Sale to Prana
YUKOS OIL: OAO Gazprom Denies Links with Prana


S P A I N

ALLIANCE ATLANTIS: Earns US$41.2 Million for First Quarter 2007


S W I T Z E R L A N D

APPLIED INTERNATIONAL: Creditors' Liquidation Claims Due June 4
AXISPORT JSC: Creditors' Liquidation Claims Due June 4
BAREN ORTSCHWABEN: Creditors' Liquidation Claims Due June 4
CAFE NO: Creditors' Liquidation Claims Due June 1
COPA HOLDING: Creditors' Liquidation Claims Due June 27

ECT SOFTWARE: Creditors' Liquidation Claims Due June 1
HM AUTOMATEN: Creditors' Liquidation Claims Due June 1
MOVALIS JSC: Creditors' Liquidation Claims Due June 8
NOVELIS INC: Gets Ontario Court Approval to Acquire Hindalco
OCEANO LLC: Claims Registration Period Ends May 28

PROCOMP SOFTWARE: Creditors' Liquidation Claims Due June 1
RB ENGENEERING: Creditors' Liquidation Claims Due May 31
REBBERG HANDELS: Creditors' Liquidation Claims Due June 30
USKANA MARKET: Creditors' Liquidation Claims Due June 1
VISTA OPTIC: Claims Registration Period Ends May 28

WEIMET JSC: Creditors' Liquidation Claims Due May 31


U K R A I N E

BOOMERANG LLC: Claims Filing Bar Date Set May 25
DONBASS COAL: Claims Filing Bar Date Set May 25
FLESHFORMAT LTD: Creditors Must File Claims by May 24
GOLD WASSER: Creditors Must File Claims by May 25
INRAN LLC: Creditors Must File Claims by May 25

KIROVOGRAD SEED-CULTURAL: Claims Filing Bar Date Set May 25
POLARIS TRADE: Creditors Must File Claims by May 24
TARGA LLC: Creditors Must File Claims by May 25
UKRAINIAN PLASTIC: Creditors Must File Claims by May 25
ZAPOROZHJE ENERGY: Creditors Must File Claims by May 25


U N I T E D   K I N G D O M

A.S.T. MANUFACTURING: Taps Joint Administrators from Vantis
BEVAN SIMPSON: Bank of Scotland Taps Ernst & Young as Receivers
BIAS CLOTHING: Names Martin Dominic Pickard Liquidator
BLUE INTERIOR: Appoints Wayne Macpherson as Liquidator
BOTTOMLEY SOUTHALL: Appoints Joint Administrators from Begbies

BRITISH AIRWAYS: Rumors on APA's Possible Takeover Bid Linger
BRITISH AIRWAYS: Orders Eight New A320 Planes From Airbus
BRITISH AIRWAYS: Discounting Fares on Bermudan Flights
BRITISH AIRWAYS: Earns GBP304 Mln in 12 Months Ended March 31
CABLE & WIRELESS: Bags 4-Year Network Deal with Virgin Media

CARDTRONICS INC: March 31 Balance Sheet Upside-Down by US$42.2MM
CROWN HOLDINGS: March 31 Equity Deficit Tops US$513 Million
CUMMINS INC: Earns US$143 Million in Quarter Ended March 31
EASTGATE INDUSTRIES: Names Liquidator to Wind Up Business
ENESCO GROUP: Wants Until June 25 to File Chapter 11 Plan

EVOLUTION POLYMERS: Taps D. R. Acland to Liquidate Assets
GENERAL MOTORS: GMAC May Work With Chrysler Financial, CEO Says
GLOBAL CROSSING: Has Good Chance for Upselling on Global Scale
IDENTIKIDS LTD: Hires Michael David Alexander as Liquidator
ISOFT GROUP: Board Okays IBA's All-Share Offer Under Scheme

KESTREL ROOFING: Calls In Liquidator from Bishop Fleming
LADBROKES PLC: Achieves Growth in Irish Shops and eGaming
LEVEL 3: To Serve as Key Strategic Network Supplier for Easynet
ONE20 CONSULTING: Appoints P&A to Administer Asets
PARAMOUNT PROJECTS: A. Clifton Leads Liquidation Procedure

RILEY DUNN: Dunn's Grandson to Acquire Business & Rescue 60 Jobs
ROOKSMOOR TIMBER: Claims Filing Period Ends June 27
ROYAL & SUN: Unveils New Appointments to Executive Committee
SUSSEX PERFORMANCE: Claims Filing Period Ends July 31
TOTAL LANDLORD: Joint Liquidators Take Over Operations

VIRGIN MEDIA: Board OKs 50% Increase in Quarterly Cash Dividend
VIRGIN MEDIA: Inks 4-Year Network Deal with Cable & Wireless
VONAGE HOLDINGS: Posts US$72 Million in Quarter Ended March 31

* BOND PRICING: For the Week May 14 to May 18, 2007

                            *********

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A U S T R I A
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ANTIPODES CONCEPTS: Wels Court Orders Business Shutdown
-------------------------------------------------------
The Land Court of Wels entered April 26 an order shutting down
the business of LLC Antipodes concepts (FN 233332k).

Court-appointed estate administrator Ursula Schilchegger-Silber
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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


BEST-INVEST: Claims Registration Period Ends June 5
---------------------------------------------------
Creditors owed money by LLC Best-Invest (FN 143802z) have until
June 5 to file written proofs of claim to court-appointed estate
administrator Gernot Prattes at:

         Dr. Gernot Prattes
         Schinitzgasse 7
         8605 Kapfenberg
         Austria
         Tel: 03862-22161
         Fax: 03862-22161-10
         E-mail: info@zsizsik.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 Leoben
         Hall IV
         First Floor
         Leoben
         Austria

Headquartered in Kapfenberg, Austria, the Debtor declared
bankruptcy on April 25 (Bankr. Case No. 17 S 37/07w).  


DR. PRIKLOPIL: Claims Registration Period Ends June 25
------------------------------------------------------
Creditors owed money by LLC Dr. Priklopil Gastronomiebetriebe
(FN 109922a) have until June 25 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 10:15 a.m. on July 9 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Frauenkirchen, Austria, the Debtor declared
bankruptcy on April 24 (Bankr. Case No. 26 S 50/07s).  


JOSEF PROKOPETZ: Claims Registration Period Ends June 18
--------------------------------------------------------
Creditors owed money by LLC Josef Prokopetz (FN 110173w) have
until June 18 to file written proofs of claim to court-appointed
estate administrator Christian Supper at:

         Dr. Christian Supper
         Hauptplatz 1
         7350 Oberpullendorf
         Austria
         Tel: 02612/43543
         Fax: 02612/43543-10
         E-mail: op@rss.at   

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:45 a.m. on July 1 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Lackenbach, Austria, the Debtor declared
bankruptcy on April 24 (Bankr. Case No. S 43/07m).  


MAHRERE KEG: Claims Registration Period Ends June 11
----------------------------------------------------
Creditors owed money by KEG Mahrer (FN 278839h) have until
June 11 to file written proofs of claim to court-appointed
estate administrator Stefan Jahns at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 25 (Bankr. Case No. 3 S 61/07a).  Michael Neuhauser
represents Mag. Jahns in the bankruptcy proceedings.


MOEBEL- & RAUM: Wels Court Orders Business Shutdown
---------------------------------------------------
The Land Court of Wels entered April 26 an order shutting down
the business of LLC Moebel- & Raum (FN 233147p).

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

The estate administrator can be reached at:

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

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


NCC IT-TECHNOLOGIES: Claims Registration Period Ends July 3
-----------------------------------------------------------
Creditors owed money by LLC NCC it-technologies (FN 277479h)
have until July 3 to file written proofs of claim to court-
appointed estate administrator Erhard Hackl at:

         Dr. Erhard Hackl
         c/o Mag. Markus Weixlbaumer
         Hofgasse 7
         4020 Linz
         Austria
         Tel: 0732/776234
         E-mail: hackl.hatak@aon.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:45 p.m. on July 17 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Steyr
         Hall 7
         Second Floor
         Steyr
         Austria

Headquartered in Steyr, Austria, the Debtor declared bankruptcy
on April 24 (Bankr. Case No. 14 S 13/07w).  Markus Weixlbaumer
represents Dr. Hackl in the bankruptcy proceedings.


P. NIKOLIC: Claims Registration Period Ends June 11
---------------------------------------------------
Creditors owed money by OEG P. Nikolic & T. Nikolic (FN 164267w)
have until June 11 to file written proofs of claim to court-
appointed estate administrator Karl Schirl at:

         Dr. Karl Schirl
         Krugerstrasse 17/3
         1010 Vienna
         Austria
         Tel: 513 22 31
         Fax: 513 22 311
         E-mail: dr.karl.schirl@der-rechtsanwalt.at    

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on June 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1609
         16th Floor
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 24 (Bankr. Case No. 38 S 24/07t).  


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GOODYEAR TIRE: S&P Puts B- Certificate Ratings Under Pos. Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B-' ratings on
the class A-1 and A-2 certificates from the US$46 million
Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust on CreditWatch with positive
implications.

The rating action follows the May 10, 2007, placement of the
rating on the underlying securities, the 7% notes due March 15,
2028, issued by Goodyear Tire & Rubber Co., on CreditWatch with
positive implications.

Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-
Backed Series 2001-34 Trust is a pass-through transaction, and
its ratings are based solely on the rating assigned to the
underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due
March 15, 2028.

The Goodyear Tire & Rubber Company -- http://www.goodyear.com/
-- (NYSE:GT) is one of the world's largest tire companies.  The
company manufactures tires, engineered rubber products and
chemicals in more than 90 facilities in 28 countries around the
world.  Goodyear employs more than 75,000 people worldwide.

Goodyear maintains Asia-Pacific facilities in Australia, China
and Korea.  Its European bases are located in Austria, Belgium,
France, Germany, Italy, Russia, Spain, and the United Kingdom.
Goodyear's Latin-American operations are located in Argentina,
Brazil, Chile, Colombia, Jamaica, Mexico, and Peru.


POPE & TALBOT: Posts US$18.6 Million Net Loss in First Quarter
--------------------------------------------------------------
Pope & Talbot Inc. reported a net loss of US$18.6 million for
the first quarter ended March 31, 2007, compared with a net loss
of US$8 million for the first quarter of 2006.  Revenues were
US$200.5 million for the first quarter of 2007, compared with
revenues of US$223 million for the first quarter of 2006.  

In the first quarter of 2007, the company's operating loss was
US$14.7 million and earnings before interest, taxes,
depreciation and amortization were negative US$4.4 million, as
compared with an operating loss of US$2.8 million and EBITDA of
US$8.1 million for the first quarter of 2006.  The decrease in
operating performance reflects lower contributions from both the
pulp and wood products divisions, partially offset by a decrease
in selling general and administrative expenses.

The company disclosed that until lumber market conditions
improve, the company will continue to be challenged by low
lumber prices in the Wood Products business and raw material
cost and availability issues in the Pulp business.  

Expenses in the second quarter of 2007 will include the cost of
the planned annual maintenance shutdown of the company's Nanaimo
pulp mill, estimated to be approximately US$10 million.  The
company also said that second quarter EBITDA will be further
adversely affected by a mechanical failure in the Kamyr digester
at the Mackenzie pulp mill in April 2007 that resulted in 14
days of lost production.  

Based on current estimates, the company does not expect
sufficient second quarter EBITDA to remain in compliance with
the EBITDA covenant for the four-quarter period ended June 30,
2007, and furthermore the company believes it is unlikely to be
in compliance with the EBITDA covenant for the periods ending
Sept. 30, and Dec. 31, 2007.  The company is currently engaged
in discussions with its senior lenders regarding the issuance of
an amendment or waiver of this covenant for the applicable
periods.

"While the operational results for this quarter represent a
significant setback, they underscore the necessity of focusing
our near-term efforts on repositioning the company to weather
the downturn," said Harold Stanton, president and chief
executive officer.  "With the support of our senior lenders, we
should be able to endure the challenges of the current market
environment."

At March 31, 2007, total debt was US$344 million, an increase of
US$23 million from Dec. 31, 2006.  

As of March 31, 2007, the company had net working capital of
US$172.5 million, including cash and cash equivalents of
US$900,000, as compared with net working capital of US$155.8
million and cash and cash equivalents of US$19.1 million at
Dec. 31, 2006.

At March 31, 2007, the company's balance sheet showed US$697
million in total assets, US$594.4 million in total liabilities,
and US$102.6 million 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?1f1f

                       About Pope & Talbot

Pope & Talbot Inc. (NYSE: POP) -- http://www.poptal.com/ -- is   
headquartered in Portland, Oregon, and produces pulp and wood
based building products from manufacturing facilities located
primarily in British Columbia, Canada.  The company also has
operations in the northwestern U.S., and in Belgium.

                          *     *     *

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 12, 2007,
KPMG LLP expressed substantial doubt on Pope & Talbot Inc.'s
ability to continue as a going concern after auditing the
company's financial statements for the year ended Dec. 31, 2006.
The auditing firm pointed to the company significant borrowings
and the uncertainty over the company's ability to comply with
the financial covenants in future periods.


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B U L G A R I A
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VAMO AD: Adding Real Property to Core Business
----------------------------------------------
The new shareholders of Vamo AD have included the acquisition,
construction and management of real properties to the company's
core business, Dnevnik a.m. reports.

Meanwhile, Dival 59, the main shareholder, is asking to convene
an extraordinary meeting to vote on a proposal to delist the
company from the local stock exchange.

In a filing with the Bulgarian Stock Exchange in April 2007,
Vamo disclosed that it is winding-up operations due to a sharp
decline in orders for its products and the underutilization of
its production capacity, Dnevnik relates.

Rumors spread that Vamo's production site, which comprises
several land plots with a combined area of 150,000 square
meters, will be converted into a business center or a shopping
mall.  

However, Evgeni Galabov, executive director of one of the new
shareholders Business Park Zapad, dismissed reports on the said
mall project, Dnevnik says.

According to Dival 59 owner Evgeni Galabov, the fate of the
company is still uncertain.

Headquartered in Varna, Bulgaria, Vamo AD manufactures diesel
and gas engines.  By late 2006, Vamo had 425 workers.


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GMAC LLC: Cerberus Deal Could Spark Collaboration, GM CEO Says
--------------------------------------------------------------
General Motors Corp.'s former financial arm, GMAC LLC (fka
General Motors Acceptance Corp), and Chrysler Financial Services
LLC could collaborate in some areas as both begin to operate
under the same owner, Cerberus Capital Management LP, which
recently paid US$7 billion to acquire an 80% stake in the
DaimlerChrysler AG unit, Reuters reports, quoting GM CEO Rick
Wagoner.

Cerberus will take control of Chrysler Financial, a business
unit of DaimlerChrysler Financial Services, when that deal
closes in the third quarter, Reuters relates.  It also bought a
51% stake in GMAC in a deal that closed late last year.  On a
combined basis, Cerberus would have the largest share of the
auto loan market, ahead of Ford Motor Credit.

When asked about the possibility of a merger between GMAC and
Chrysler Financial, Mr. Wagoner said there was scope for future
cooperation between the two auto finance companies, Reuters
notes.  But he added that no such conversations had taken place
yet and that GM would have a say in how such collaboration would
play out through its remaining stake in GMAC.

"It's too early to speculate on what's the right way to
cooperate... There are a lot of issues," Mr. Wagoner said,
adding that there were "potential synergies" between GMAC and
Chrysler Financial and "a lot of different ways to think about
it."

"To be honest, GMAC... has been pretty busy getting the
residential mortgage business back on track and trying to keep
the rest of the business going," Mr. Wagoner concluded.

The TCR-Europe reported on March 7, 2007, that analysts have
predicted Chrysler is set to follow General Motors' example.  
General Motors Corp. last year sold a 51% stake in its General
Motors Acceptance Corp. finance unit to a consortium of
investors led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The
PNC Financial Services Group Inc.  The sale carried a US$7.4
billion purchase price, a US$2.7 billion cash dividend from
GMAC, and other transaction related cash flows including the
monetization of certain retained assets.  GM and the Cerberus-
led consortium invested US$1.9 billion of cash in preferred
equity in GMAC -- US$1.4 billion by GM and US$500 million by the
consortium.

                      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.

                      About General Motors

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.

                         About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- is a global financial  
services company that operates auto finance, real estate
finance, commercial finance and insurance businesses.  The
company was established in 1919 and currently employs about
31,000 people worldwide.  GMAC has branches in 19 European
countries, including the United Kingdom, Germany, France, Italy,
Greece, Croatia and the Slovak Republic.  Its Latin American
operations are located in Argentina, Brazil, Chile, Colombia,
Ecuador, Mexico and Venezuela.  It also has divisions in
Australia, China, India, New Zealand and Thailand.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.

                        *     *     *

The Troubled Company Reporter disclosed on May 4, 2007, that
Standard & Poor's Ratings Services affirmed its 'BB+/B-1'
counterparty credit rating on GMAC.  The outlook was revised to
negative from developing.

On March 15, 2007, Fitch Ratings affirmed the company's long-
term Issuer Default Rating at 'BB+' and maintains the Positive
Rating Outlook.

On Dec. 4, 2006, Moody's Investors Service confirmed GMAC LLC's
Ba1 senior unsecured ratings and assigned a new rating of Ba3 to
GMAC's US$1.9 billion preferred equity securities.


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LEAR CORPORATION: Picks Wendy Foss as Corporate Secretary
---------------------------------------------------------
Lear Corporation has elected Wendy L. Foss to the position of
corporate secretary in addition to her responsibilities as vice
president - Finance and Administration, and Liam E. Hart has
been promoted to deputy general counsel, effective immediately.  
Both Ms. Foss and Mr. Hart will report to Daniel A. Ninivaggi,
executive vice president and general counsel.

"Wendy and Liam are experienced professionals who have excellent
track records in areas of increasing responsibility," commented
Dan Ninivaggi.  "Wendy's experience as deputy corporate
secretary, chairperson of our Corporate Compliance Committee,
assistant controller and a variety of other Finance and
Administration positions make her the perfect candidate for this
expanded role."

"As deputy general counsel, Liam will assume greater management
responsibility of legal matters in addition to overseeing our
outside counsel relationships in North America," added Mr.
Ninivaggi.  "In addition, he will continue to be directly
involved in significant commercial, product liability and
warranty matters.  We are fortunate to have individuals of their
caliber on our Lear team."

Ms. Foss earned a Bachelor of Science in Business Administration
from Central Michigan University and a Master of Science degree
in Finance from Walsh College.  A Certified Public Accountant,
Ms. Foss sits on the Finance Committees for the Visiting Nurse
Association, Inc., and Inforum (formerly known as the Women's
Economic Club).

Mr. Hart earned his Bachelor of Arts in Economics and Business
Administration from Kalamazoo College and his Juris Doctorate
summa cum laude from the University of Detroit School of Law,
where he was a senior editor for the Law Review.

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

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.

Its Asian facilities are in China, India, Japan, Philippines,
Singapore, South Korea, and Thailand.

                        *     *     *

In May 2007, Moody's Investors Service has assigned a B2
corporate family rating to AREP Car Acquisition Corp., the
corporate entity that will be established to affect the
consummation of the proposed acquisition and subsequent merger
of Lear Corporation into a subsidiary of American Real Estate
Partners, L.P.

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

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

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


=============
F I N L A N D
=============


ARROW ELECTRONICS: North American Unit Partners with Orion
----------------------------------------------------------
Arrow Electronics, Inc.'s North American Components business has
established a manufacturing, logistics and supply chain
partnership with Orion Electronics Ltd. in Hungary, a
manufacturing company owned by Singapore-based Thakral Group.

Orion will become Arrow's third global Value-Add Center,
providing product assembly and other support services for the
company's North American-based original equipment manufacturing
(OEM) customers.  Electronic components from Arrow suppliers can
be transported directly to Orion for product assembly for sale
in nearby European markets.  Also, North American OEMs looking
to enter new markets in Europe now have a cost-effective way to
do so, while maintaining the same quality standards they are
accustomed to from Arrow's North American facilities.

"In a growing, global marketplace, the combination of Orion and
Arrow's value-add centers in Phoenix and China can provide our
customers with not just silicon, but complete product supply
chain and assembly solutions, near their headquarters or nearer
to the regions of their end customers, saving time and costs,"
said Jennifer Johnson, director, Global Programs and Technical
Services, Arrow NAC.  "Customers also benefit with a single
point of contact, order management and standardized quality and
post-sales services."

"Given the expertise and the long experience of Orion in
electronics manufacturing in this region and the overall
strategy of the Thakral Group in the developing countries of the
world, this partnership is an ideal fit benefiting both sides,"
said GS Arora, managing director, Orion Electronics.  A new,
50,000 square-foot logistics center already is being constructed
by Orion close to Budapest.

Arrow selected Orion Electronics as a partner based on its
reputation for quality and its ability to meet Arrow
requirements to replicate the services offered at Arrow's
Logistics and Value-Add Center in Phoenix, the company's North
American facility where OEM customers' products are assembled or
manufactured.

All of Arrow's manufacturing facilities - Phoenix; Shenzhen,
China; and now, Orion Electronics in Hungary - are ISO-certified
and offer clean room facilities, as well as wide-ranging
services such as engineering and design, first article and proof
of concept, inventory management, build-on demand, verification
and testing, and advanced order fulfillment.

                   About Orion Electronics

The Singapore-based Thakral Group was founded in 1905, has a
turnover of US$2.5 billion and employs 10,000 worldwide.  The
Group has a strategy to enter early the underdeveloped fast
growing regions and take advantage of the high economic growth
rates, growing with the local economies.  The Group took over
Orion Electronics Ltd in 1997.  Orion Electronics is an old and
respected Hungarian electronics company founded in 1913 and has
many decades of experience in electronics manufacturing.  
Besides manufacturing a variety of industrial products for a
wide range of customers, Orion also markets over 50 products
under its own brand name.

                About North American Components

The North American Components business of Arrow Electronics
provides semiconductors and passive, electromechanical and
connector products, computing solutions, services and supply
chain solutions tailored to serve distinct customer segments
with dedicated sales teams.  Two primary, customer-focused NAC
groups serve these market segments: The Arrow Electronics
Components Group serves North American-based OEM and contract
manufacturing customers and the Arrow/Zeus Electronics Group
targets the aerospace and military markets.

                    About Arrow Electronics

Headquartered in Melville, New York, Arrow Electronics Inc.
-- http://www.arrow.com/-- provides products, services and    
solutions to industrial and commercial users of electronic
components and computer products.   Arrow serves as a supply
channel partner for nearly 600 suppliers and more than 130,000
original equipment manufacturers, contract manufacturers and
commercial customers through a global network of over 270
locations in 53 countries and territories.

The company's European operations are located in France, Spain,
Portugal, Denmark, Estonia, Finland, Ireland, Latvia, Lithuania,
Norway, Sweden, Italy, Germany, Austria, Switzerland, Belgium,
the Netherlands and the United Kingdom. Its facilities in Latin-
America are located in Argentina, Brazil and Mexico. Operations
in Asia-Pacific are found in Australia, China, Hong Kong, Korea,
Philippines and Singapore.

                        *     *     *

Arrow Electronics carries Fitch's 'BB+' issuer default rating.  
The company's senior unsecured notes and senior unsecured bank
credit facility also carry Fitch's 'BB+' rating.  Moody's said
the rating outlook is positive.


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


ACXIOM CORP: Agrees to Silver Lake & ValueAct's US$3 Bil. Buyout
----------------------------------------------------------------
Acxiom Corporation has entered into a definitive agreement to be
acquired by Silver Lake and ValueAct Capital.  Silver Lake and
ValueAct Capital will acquire 100% of the outstanding equity
interests in the company in an all-cash transaction valued at
US$3 billion, including the assumption of approximately US$756
million of debt.

Under the terms of the agreement, Acxiom stockholders will
receive US$27.10 in cash for each outstanding share of stock.  
This represents a premium of approximately 14% over the closing
share price on May 16, 2007, the last trading day before
disclosure of the agreement with Silver Lake and ValueAct
Capital with respect to the acquisition of the company and a
premium of approximately 20% per share over Acxiom's average
closing price per share during the 30 trading.

A special committee of the board made up of four independent
directors was responsible for managing the process and retained
independent legal and financial advisors to assist it in
connection with its deliberations.  Based on the unanimous
recommendation of the special committee, the board of directors
approved the merger agreement and recommended to Acxiom's
stockholders that they vote in favor of the transaction.

The merger agreement provides that Acxiom may solicit and
entertain proposals from other companies during the next 60
days. In accordance with the agreement, the board of directors
of Acxiom, through the special committee and with the assistance
of its independent advisors, intends to actively solicit other
proposals during this period.  

The transaction is expected to close in the next three to four
months and is subject to approval by the company's stockholders,
regulatory approvals and other customary closing conditions.
Silver Lake and ValueAct Capital have received customary debt
financing commitments from third-party financing sources.

"The company is pleased to reach this agreement because it gives
the company an opportunity to deliver excellent value to
Acxiom's shareholders," Charles D. Morgan, Acxiom's chairman and
chief executive officer, said.  "The company believes this deal
will benefit the company's clients, its associates and its
industry."

"ValueAct Capital has consistently contributed valuable
strategic insights to the company's business over the past four
years, and Jeffrey Ubben, ValueAct Capital's managing partner,
has provided further leadership since August 2006 as a member of
the company's board of directors, Morgan said.  "Silver Lake is
the premier investment firm in the technology sector, and their
deep domain expertise makes them an outstanding partner for
Acxiom."

"Clearly, ValueAct Capital have been an investor in Acxiom for
several years because the company is attracted by the foundation
that Charles and his team have put in place, and the company
continues to believe in the company," Mr. Ubben said.

"Silver Lake sees Acxiom as the clear leader in technology-
enabled marketing solutions," Michael Bingle, a managing
director of Silver Lake, said.  "The company believes that
through continued investments in its technology, people and
customer relationships, Acxiom will build on its history of
innovation and industry leadership."

Stephens Inc. and Merrill Lynch & Co. are acting as financial
advisors to the special committee of the Acxiom board and each
have a delivered a fairness opinion.  Other parties interested
in making a proposal are directed to contact the special
committee's financial advisors, Michael Costa of Merrill Lynch
and Noel Strauss of Stephens.  

UBS Securities LLC is acting as financial advisor and providing
financing to Silver Lake and ValueAct Capital in connection with
the transaction.

For information concerning all of Acxiom's participants in the
solicitation contact:

   Investor Relations
   Acxiom Corporation
   No. 1 Information Way
   Little Rock, 72202
   Tel: (501) 342-3545

                         About Silver Lake

Silver Lake -- http://www.silverlake.com/-- is an investment  
firm focused on large-scale investments in technology,
technology-enabled, and related growth industries.  Silver
Lake's mission is to function as a value-added partner to the
management teams of the world's leading technology franchises.  
Its portfolio includes or has included technology industry as
Ameritrade, Avago, Business Objects, Flextronics, Gartner,
Instinet, IPC Systems, MCI, NASDAQ, Network General, NXP, Sabre
Holdings, Seagate Technology, Serena Software, SunGard Data
Systems, Thomson and UGS.

                      About ValueAct Capital

ValueAct Capital, with offices in San Francisco and Boston and
more than US$5 billion in investments, seeks to make active
strategic-block value investments in a limited number of
companies.  The principals have demonstrated expertise in
sourcing investments in companies they believe to be
undervalued, and then working with management and/or the
company's board to implement strategies that generate superior
returns on invested capital.

                           About Acxiom

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
solutions are Customer Data Integration technology, data,
database services, IT outsourcing, consulting and analytics, and
privacy leadership.

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.

                          *     *     *

The company's long-term foreign and local credit is rated 'BB'
by Standard and Poor's.


ACXIOM CORP: Silver Lake Deal Cues Moody's to Put Ba2 Rating
------------------------------------------------------------
Moody's Investors Service placed Acxiom Corporation's Ba2
corporate family and secured credit facility ratings on review
for possible downgrade, prompted by the company's May 16, 2007,
announcement that it has entered into a definitive agreement to
be acquired by Silver Lake and ValueAct Capital in an all-cash
transaction valued at US$3.0 billion, including the assumption
of approximately US$756 million of debt.

"Moody's expects that conclusion of the review has a high
probability to result in a multi-notch ratings downgrade, given
the proposed transaction's size and likely use of debt to
finance the acquisition" commented John Moore, Vice
President/Senior Analyst at Moody's Investors Service.  The
offer, at US$27.10 in cash per share, represents an approximate
20% premium over Acxiom's average closing price during the 30
trading days ended May 16, 2007.

The merger agreement provides that Acxiom may solicit and
entertain proposals from other companies during the next 60
days. The transaction is expected to close by September 30,
2007.

Ratings placed on review for possible downgrade:

   -- Senior secured Term Loan due September 2012 rated Ba2

   -- Senior secured revolving credit facility expiring
      September 2011 rated Ba2

   -- Ba2 Corporate Family Rating

Headquartered in Little Rock, Arkansas, Acxiom Corporation
(Nasdaq: ACXM) -- http://www.acxiom.com/-- integrates data,  
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.

Founded in 1969, Acxiom has locations throughout the United
States, in Europe particularly in France and Germany, and in
Australia and China in the Asia-Pacific region.  Acxiom has a
team of specialists with sales and business development
associates based in the largest Latin American markets: Brazil,
Argentina and Mexico.


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


BPD BRANDENBURGER: Claims Registration Period Ends June 1
---------------------------------------------------------
Creditors of BPD Brandenburger Personal-Dienstleistungen GmbH
have until June 1 to register their claims with court-appointed
insolvency manager Rolf Rattunde.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Potsdam
         Hall 301
         Third Floor
         Nebenstelle Lindenstrasse 6
         14467 Potsdam
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Prof. Rolf Rattunde
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Potsdam opened bankruptcy proceedings
against BPD Brandenburger Personal-Dienstleistungen GmbH on
May 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         BPD Brandenburger Personal-Dienstleistungen GmbH
         Attn: Lothar Dummersdorf, Manager
         Geschwister-Scholl-Strasse 39
         14776 Brandenburg an der Havel
         Germany


BUNDESWEITE GEWERBE-AUKTIONEN: Claims Registration Ends May 31
--------------------------------------------------------------
Creditors of BGA Bundesweite Gewerbe-Auktionen GmbH have until
May 31 to register their claims with court-appointed insolvency
manager Andreas Kienast.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 8, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Eutin
         Hall E
         Jungfernstieg 3
         23701 Eutin
         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 Kienast
         Peterstrasse 14
         23701 Eutin
         Germany

The District Court of Eutin opened bankruptcy proceedings
against BGA Bundesweite Gewerbe-Auktionen GmbH on April 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         BGA Bundesweite Gewerbe-Auktionen GmbH
         Attn: Sven Grothe, Manager
         Baderstrasse 23
         23738 Lensahn
         Germany


C-LAB HARD: Claims Registration Period Ends June 11
---------------------------------------------------
Creditors of C-LAB Hard- und Software GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Jens-Soeren Schroeder.

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

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

         Jens-Soeren Schroeder
         Raboisen 38
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against C-LAB Hard- und Software GmbH on April 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         C-LAB Hard- und Software GmbH
         Attn: Burkhard Buergerhoff, Manager
         Borstelmannsweg 109-115
         20537 Hamburg
         Germany


CARL KRAUSE: Claims Registration Period Ends June 1
---------------------------------------------------
Creditors of Carl Krause GmbH & Co. KG have until June 1 to
register their claims with court-appointed insolvency manager
Hans-Juergen Beil.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 Neumuenster
         Meeting Hall B.126
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         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:

         Hans-Juergen Beil
         Hallerstrasse 76
         20146 Hamburg
         Germany

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

The Debtor can be reached at:

         Carl Krause GmbH & Co. KG
         Attn: Herrn Dirk Jonetat, Manager
         Stoverweg 32
         24536 Neumuenster
         Germany


CLAVEY CKF: Claims Registration Period Ends June 5
--------------------------------------------------
Creditors of Clavey CKF Gebaudetechnik GmbH have until June 5 to
register their claims with court-appointed insolvency manager
Volker Rodemeier.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The Distric Court of Wolfsburg
         Hall D
         Rothenfelder Strasse 43
         38440 Wolfsburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Volker Rodemeier
         Bahnhofstrasse 17
         38442 Wolfsburg-Fallersleben
         Germany
         Tel: 05362/50 55 5-0
         Fax: 05362/50 55 5-11
         E-mail: CGVR@wolfsburg.de

The District Court of Wolfsburg opened bankruptcy proceedings
against Clavey CKF Gebaudetechnik GmbH on April 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Clavey CKF Gebaudetechnik GmbH
         Benzstrasse 6
         38446 Wolfsburg
         Germany

         Attn: Reinhard Klauenberg, Manager
         Wiedebusch 16
         38446 Wolfsburg
         Germany


CREACC CORPORATE: Claims Registration Period Ends June 1
--------------------------------------------------------
Creditors of creacc Corporate Communication GmbH have until
June 1 to register their claims with court-appointed insolvency
manager Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany
         Tel: 0221/650 660
         Fax: +49221650661

The District Court of Cologne opened bankruptcy proceedings
against creacc Corporate Communication GmbH on April 26.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         creacc Corporate Communication GmbH
         Attn: Michael Langenberg, Manager
         Leyboldstr. 12
         50354 Huerth
         Germany


DAIMLERCHRYSLER AG: GMAC May Work With Chrysler, Wagoner Says
-------------------------------------------------------------
General Motors Corp.'s former financial arm, GMAC LLC (fka
General Motors Acceptance Corp), and Chrysler Financial Services
LLC could collaborate in some areas as both begin to operate
under the same owner, Cerberus Capital Management LP, which
recently paid US$7 billion to acquire an 80% stake in the
DaimlerChrysler AG unit, Reuters reports, quoting GM CEO Rick
Wagoner.

Cerberus will take control of Financial Services, a business
unit of DaimlerChrysler Financial Services, when that deal
closes in the third quarter, Reuters relates.  It also bought a
51% stake in GMAC in a deal that closed late last year.  On a
combined basis, Cerberus would have the largest share of the
auto loan market, ahead of Ford Motor Credit.

When asked about the possibility of a merger between GMAC and
Chrysler Financial, Mr. Wagoner said there was scope for future
cooperation between the two auto finance companies, Reuters
notes.  But he added that no such conversations had taken place
yet and that GM would have a say in how such collaboration would
play out through its remaining stake in GMAC.

"It's too early to speculate on what's the right way to
cooperate... There are a lot of issues," Mr. Wagoner said,
adding that there were "potential synergies" between GMAC and
Chrysler Financial and "a lot of different ways to think about
it."

"To be honest, GMAC... has been pretty busy getting the
residential mortgage business back on track and trying to keep
the rest of the business going," Mr. Wagoner concluded.

The TCR-Europe reported on March 7, 2007, that analysts have
predicted Chrysler is set to follow General Motors' example.  
General Motors Corp. last year sold a 51% stake in its General
Motors Acceptance Corp. finance unit to a consortium of
investors led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The
PNC Financial Services Group Inc.  The sale carried a US$7.4
billion purchase price, a US$2.7 billion cash dividend from
GMAC, and other transaction related cash flows including the
monetization of certain retained assets.  GM and the Cerberus-
led consortium invested US$1.9 billion of cash in preferred
equity in GMAC -- US$1.4 billion by GM and US$500 million by the
consortium.

                         About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- is a global financial  
services company that operates auto finance, real estate
finance, commercial finance and insurance businesses.  The
company was established in 1919 and currently employs about
31,000 people worldwide.  GMAC has branches in 19 European
countries, including the United Kingdom, Germany, France, Italy,
Greece, Croatia and the Slovak Republic.  Its Latin American
operations are located in Argentina, Brazil, Chile, Colombia,
Ecuador, Mexico and Venezuela.  It also has divisions in
Australia, China, India, New Zealand and Thailand.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.

                      About General Motors

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.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Workers Get US$1.2B for Chrysler Pension Fund
--------------------------------------------------------------
Chrysler Group's workers stand to receive an additional US$1.2
billion as a result of the unit's pending sale after former
parent DaimlerChrysler AG and new owner Cerberus Capital
Management LP have pledged to contribute to the pension plan,
United Auto Workers President Ron Gettelfinger told union
members during an online discussion, according to published
reports.

"Cerberus has committed to contributing an additional US$200
million to the pension fund and Daimler is providing a
conditional guarantee of US$1 billion for up to five years," Mr.
Gettelfinger said.

The US$200 million is part of the US$5 billion that Cerberus
will invest in Chrysler, the International Herald Tribune
claims, quoting executives from the private-equity firm.  
Chrysler spokesman Mike Aberlich said he was not familiar with
the US$1 billion guarantee mentioned by Mr. Gettelfinger.

Mr. Gettelfinger and UAW Vice President General Holiefield will
take charge in negotiating a new contract with Chrysler to
replace a four-year deal on wages and benefits expiring in
September 2007, Reuters relates.  Both of them also revealed
during the online chat that Chrysler's pension plan is US$2
billion over-funded and that its benefits are secure.

Both union leaders explained that Chrysler's long-term
healthcare liability for retirees is in the billions of dollars,
but is part of a bigger health care crisis in America, MSNBC
states.  They also reassured union members that Cerberus has
promised there will be no additional jobs cuts other than those
disclosed early this year.

The TCR-Europe reported on May 16, 2007, that Cerberus Capital
founder Stephen Feinberg met with leaders of Chrysler's two main
unions and offered assurances it plans no immediate job cuts,
beyond the 13,000 previously proposed by the company, in an
effort to ease labor worries about Cerberus' planned acquisition
of an 80.1% stake in Chrysler.  In addition, Mr. Feinberg has
committed to not cutting additional hourly jobs in Canada until
at least September 2008, when the current CAW contract with
Chrysler expires.  He also promised not to eliminate United Auto
Worker positions beyond those already announced in February
2007.

Meanwhile, DaimlerChrysler's supervisory board has formally
approved Chrysler's sale to Cerberus, saying it has "approved
the concept for the Chrysler Group and the realignment of
DaimlerChrysler AG in the form submitted by the board of
management," in a statement issued by the German automaker, The
Associated Press reports.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER: Names Rainer Genes Production Planning Head
------------------------------------------------------------
The DaimlerChrysler Board of Management has appointed Rainer
Genes, manager of the Bremen production plant, as the new head
of Production Planning Mercedes-Benz Passenger Cars, effective
June 1, 2007.  Rainer Genes will succeed Simon Boag, who will be
returning to Detroit, effective June 1, 2007.

"I would like to take this opportunity to thank Simon Boag for
his hard work and commitment over the past 15 months,
particularly in the ar-eas of standard inspections and
efficiency boosting," Rainer Schmuckle, COO of the Mercedes Car
Group, said.

Also on June 1, Peter Schabert, currently the director of the
Berlin production plant, will take over the responsibility for
the Bremen plant.

Thomas Uhr, at present head of the Production and Technology
Center "Casting and Metal Forming," will become the head of the
Berlin plant on June 1.

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

The Company has locations in Europe including some in Germany,
Belgium, Spain and Switzerland. Its operations in the Asia-
Pacific are in Thailand, China, Japan, Vietnam, India, Australia
and Indonesia. Its Latin American facilities are in Argentina,
Brazil, Mexico, and Venezuela.

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

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


GARTENTRAUME GMBH: Claims Registration Period Ends May 31
---------------------------------------------------------
Creditors of Gartentraume GmbH have until May 31 to register
their claims with court-appointed insolvency manager Andre
Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Magdeburg
         Verhandlungssaal siehe Info-Tafel im Justizzentrum
         Justizzentrum Magdeburg
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

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

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

The Debtor can be reached at:

         Gartentraume GmbH
         Tessenowstr. 5 A
         39114 Magdeburg
         Germany

         Attn: Anita Heike Altenburg, Manager
         Klopstockstr. 8
         39108 Magdeburg
         Germany


GEBRUEDER SCHAFER: Claims Registration Period Ends June 8
---------------------------------------------------------
Creditors of Gebrueder Schafer GmbH have until June 8 to
register their claims with court-appointed insolvency manager
Alexander Kastle.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Konstanz
         Hall 207
         Second Floor
         Untere Laube 12
         78462 Konstanz
         Germany
        
The Court will also verify the claims set out in the insolvency
manager's report at 10:30 a.m. on July 11, at the same venue.

The insolvency manager can be reached at:

         Alexander Kastle
         Berner Feld 74
         78628 Rottweil
         Germany

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

The Debtor can be reached at:

         Gebrueder Schafer GmbH
         Attn: Klaus Schafer, Manager
         Riesenberg 1-3
         78476 Allensbach
         Germany


GESUNDHEITSPARK WERNER: Claims Registration Ends June 12
--------------------------------------------------------
Creditors of Gesundheitspark Werner Pfeiffer GmbH & Co KG have
until June 12 to register their claims with court-appointed
insolvency manager Stefano Buck.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Rottweil
         Room 0.05
         Branch Office
         Koernerstr. 29
         Rottweil
         Germany

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

The insolvency manager can be reached at:

         Stefano Buck
         Eisenbahnstr. 40
         78628 Rottweil
         Germany
         Tel: 0741/174 643-0
         Fax: 0741/174 644-0

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

The Debtor can be reached at:

         Gesundheitspark Werner Pfeiffer GmbH & Co KG
         Attn: Werner Pfeiffer, Manager
         Willi - Koenigstr. 25
         72178 Waldachtal
         Germany


GTH GMBH: Claims Registration Ends June 15
------------------------------------------
Creditors of GTH GmbH have until June 15 to register their
claims with court-appointed insolvency manager Uwe Hueggenberg.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Uwe Hueggenberg
         Huestrasse 34
         44787 Bochum
         Germany

The District Court of Bochum opened bankruptcy proceedings
against GTH GmbH on April 27.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GTH GmbH
         Baukauer Straaae 86
         44653 Herne
         Germany


GUENTER SCHUETTE: Claims Registration Ends June 15
--------------------------------------------------
Creditors of Guenter Schuette GmbH & Co. KG have until June 15
to register their claims with court-appointed insolvency manager
Franz Kortland.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bersenbrueck
         Meeting Hall 11
         Main Building
         Stiftshof 8
         49593 Bersenbrueck
         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:

         Franz Kortland
         Bramscher Strasse 2
         D-49593 Bersenbrueck
         Germany
         Tel: 05439/94120
         Fax: 05439/941220

The District Court of Bersenbrueck opened bankruptcy proceedings
against Guenter Schuette GmbH & Co. KG on April 30.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Guenter Schuette GmbH & Co. KG
         Bramscher Allee 10
         49565 Bramsche-Engter
         Germany


HAEMOSYS GMBH: Claims Registration Ends June 8
----------------------------------------------
Creditors of HaemoSys GmbH GF have until June 8 to register
their claims with court-appointed insolvency manager Dr. H.
Hess.

Creditors and other interested parties are encouraged to attend
the meeting at 10:40 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gera
         Rudolf-Diener-Str. 1
         Zimmer 317
         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. H. Hess
         Barbarrossahof 4-5
         99092 Erfurt
         Germany

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

The Debtor can be reached at:

         HaemoSys GmbH GF
         Dr. Elke Bucha
         Winzerlaer Str. 2
         07745 Jena
         Germany


HAUWA GASTSTATTENBETRIEBS: Claims Registration Ends May 29
----------------------------------------------------------
Creditors of HauWa Gaststattenbetriebs GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 8:50 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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 insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

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

The Debtor can be reached at:

         HauWa Gaststattenbetriebs GmbH
         Duesseldorfer Str. 2
         40764 Langenfeld
         Germany

         Attn: Heinz Leopold Gruenastel, Manager
         Uedesheimer Str. 51 A
         40221 Duesseldorf
         Germany


HWS-GMBH GESELLSCHAFT: Claims Registration Ends June 4
------------------------------------------------------
Creditors of HWS-GmbH Gesellschaft fuer Haus- und
Wohnungsservice have until June 4 to register their claims with
court-appointed insolvency manager Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on July 2, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Schorlemmerstrasse 2
         04155 Leipzig
         Germany
         Tel: 0341/4903650
         Fax: 0341/4903699

The District Court of Dessau opened bankruptcy proceedings
against HWS-GmbH Gesellschaft fuer Haus- und Wohnungsservice on
April 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HWS-GmbH Gesellschaft fuer Haus- und Wohnungsservice
         Attn: Willibald Findeis, Manager
         Dorfstrasse 22
         06766 Bobbau
         Germany


IC MAINTAL: Claims Registration Ends June 15
--------------------------------------------
Creditors of IC Maintal Kalte- und Klimatechnik GmbH have until
June 15 to register their claims with court-appointed insolvency
manager Dr. Jan Markus Plathner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hanau
         Area E03
         Engelhardstrasse 21
         63450 Hanau
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:40 a.m. on the same date at the same
venue, while creditors may constitute a creditors' committee or
opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Dr. Jan Markus Plathner
         Lyoner Str. 14
         60528 Frankfurt
         Germany
         Tel: 069-962334-0
         Fax: 069-962334-22
         E-Mail: m.plathner@brinkmann-partner.de

The District Court of Hanau opened bankruptcy proceedings
against IC Maintal Kalte- und Klimatechnik GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         IC Maintal Kalte- und Klimatechnik GmbH
         Attn: Stephen Orthey, Manager
         Marie-Curie-Ring 17a
         63477 Maintal
         Germany


IFTA - INSTITUT: Claims Registration Ends July 15
-------------------------------------------------
Creditors of IfTA - Institut fuer Tierarzneimittel Berlin GmbH
have until July 15 to register their claims with court-appointed
insolvency manager Vera Mai.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on June 15, 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Vera Mai
         Kurfuerstendamm 66
         10707 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against IfTA - Institut fuer Tierarzneimittel Berlin
GmbH on April 20.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:
   
         IfTA - Institut fuer Tierarzneimittel Berlin GmbH
         Robert-Roessle-Str. 10
         13125 Berlin
         Germany


INOPHALT STRASSEN: Creditors Must Register Claims by June 11
------------------------------------------------------------
Creditors of INOPHALT Strassen-, Tief- und Spezialbau GmbH have
until June 11 to register their claims with court-appointed
insolvency manager Ruediger Bauch.

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

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ruediger Bauch
         Schleinufer 11
         39104 Magdeburg
         Germany
         Tel: 0391/5354-0
         Fax: 0391/5354-100

The District Court of Magdeburg opened bankruptcy proceedings
against INOPHALT Strassen-, Tief- und Spezialbau GmbH on
April 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         INOPHALT Strassen-, Tief- und Spezialbau GmbH
         Froser Str. 1
         06463 Falkenstein/Harz OT Reinstedt
         Germany


INTEGRA GMBH: Creditors Must Register Claims by June 4
------------------------------------------------------
Creditors of Integra GmbH Private Arbeits- und
Auftragsvermittlung have until June 4 to register their claims
with court-appointed insolvency manager Florian Stapper.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Leipzig
         Hall 056
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         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:

         Florian Stapper
         Karl-Heine-Strasse 16
         04229 Leipzig
         Germany
         Tel: 0341/984110
         Fax: 0341/9841111

The District Court of Leipzig opened bankruptcy proceedings
against Integra GmbH Private Arbeits- und Auftragsvermittlung on
April 24.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Integra GmbH Private Arbeits- und Auftragsvermittlung
         Rudolph-Herrmann-Strasse 2
         04299 Leipzig
         Germany


JALOUSIEN & FENSTER: Creditors Must Register Claims by June 10
--------------------------------------------------------------
Creditors of Jalousien & Fenster H. Grosser GmbH have until
June 10 to register their claims with court-appointed insolvency
manager Markus Schadler.

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

The meeting of creditors will be held at:

         The District Court of Wuerzburg
         Meeting Hall 2
         Second Stock
         Virchowstr. 14
         Wuerzburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Markus Schadler
         Hofstr. 3
         97070 Wuerzburg
         Germany

The District Court of Wuerzburg opened bankruptcy proceedings
against Jalousien & Fenster H. Grosser GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Jalousien & Fenster H. Grosser GmbH
         Margetshoechheimer Str. 91
         97299 Zell
         Germany



JOBBOERSE BERLIN: Creditors Must Register Claims by June 14
-----------------------------------------------------------
Creditors of Jobboerse Berlin-Brandenburg GmbH have until
June 14 to register their claims with court-appointed insolvency
manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 9, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         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 Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankruft (Oder) opened bankruptcy
proceedings against Jobboerse Berlin-Brandenburg GmbH on
April 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Jobboerse Berlin-Brandenburg GmbH
         Mahlsdorfer Str. 61 b
         15366 Hoenow
         Germany


KHSS GMBH: Creditors Must Register Claims by June 15
----------------------------------------------------
Creditors of KHSS GmbH have until June 15 to register their
claims with court-appointed insolvency manager Sven Guertler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stuttgart
         Hall 13
         Ground Floor
         Hauffstr. 5 (Am Neckartor)
         70190 Stuttgart
         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:

         Sven Guertler
         Joh-.-Ph.-Palm-Str. 46
         73614 Schorndorf
         Germany

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

The Debtor can be reached at:

         KHSS GmbH
         Nelkenweg 4
         71336 Waiblingen
         Germany


ORGATECH GMBH: Claims Registration Period Ends June 29
------------------------------------------------------
Creditors of OrgaTech GmbH & Co. KG have until June 29 to
register their claims with court-appointed insolvency manager
Dr. Ulrich Graf.

Creditors and other interested parties are encouraged to attend
the meeting at 1:15 p.m. on Aug. 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hof
         Meeting Room 012
         Ground Floor
         Berliner Place 1
         95030 Hof
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Dr. Ulrich Graf
         Rathenaustrasse 7
         95444 Bayreuth
         Germany
         Tel: 0921/759330
         Fax: 0921/7593350

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

The Debtor can be reached at:

         OrgaTech GmbH & Co. KG
         Attn: Taifun Turgut, Manager
         Wirthstr. 9
         95028 Hof
         Germany


OSTER MOEBELWERKSTAETTEN: Creditors' Meeting Slated for May 21
--------------------------------------------------------------
The court-appointed insolvency manager for Oster
Moebelwerkstaetten Verwaltungs-GmbH, Christine Frosch, will
present her first report on the Company's insolvency proceedings
at a creditors' meeting at 2:00 p.m. on May 21.

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

         The District Court of Cochem
         Hall 200
         Second Floor
         Ravenestrasse 39
         56812 Cochem
         Germany

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

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

The insolvency manager can be reached at:

         Christine Frosch
         Simeonstrasse 5
         54290 Trier
         Germany
         Tel: 0651 - 99 410 60
         Fax: 0651 - 99 410 61

The District Court of Cochem, opened bankruptcy proceedings
against Oster Moebelwerkstaetten Verwaltungs-GmbH on Cochem,
April 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Oster Moebelwerkstaetten Verwaltungs-GmbH
         Attn: Karl-Josef Oster, Manager
         Zur Hoehe 1
         56812 Dohr


PLANUNG EINRICHTUNG: Claims Registration Period Ends June 21
------------------------------------------------------------
Creditors of Planung-Einrichtung-Beratung GmbH have until
June 21 to register their claims with court-appointed insolvency
manager Hermann Berding.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Meeting Hall 2
         Second Floor
         Elizabeth Route 6
         26135 Oldenburg
         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:

         Hermann Berding
         Jammertal 1
         49661 Cloppenburg
         Germany
         Tel: 04471 91260
         Fax: 04471 82997
         E-mail: info@kanzlei-berding.de

The District Court of Nebenstelle opened bankruptcy proceedings
against Planung-Einrichtung-Beratung GmbH on April 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Planung-Einrichtung-Beratung GmbH
         Posthalterweg 1
         26129 Oldenburg
         Germany

         Attn: Vijtharaj Bardi Weerasinghe, Managing Director
         Katschbergh"he
         9863 Katschberg/K"rnten
         Austria


PETER & MATH: Creditors' Meeting Slated for June 20
---------------------------------------------------
The court-appointed insolvency manager for Peter & Math
Bauunternehmung GmbH, Martin Abegg, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:00 a.m. on June 20.

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

         The District Court of Saarbruecken
         Area Hall 24
         Second Floor
         Branch Office Sulzbach
         Vopeliusstrasse 2
         66280 Sulzbach
         Germany

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

Creditors have until July 4 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Martin Abegg
         Bahnhofstr. 101
         66111 Saarbruecken
         Germany
         Tel: 0681-31026
         Fax: 0681-390008

The District Court of Saarbruecken opened bankruptcy proceedings
against Peter & Math Bauunternehmung GmbH on May 1.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Peter & Math Bauunternehmung GmbH
         Attn: Karl-Heinz Math and
               Karl-Heinz Peter, Managers
         Bonifatiusstrasse 15-19
         66802 Ueberherrn
         Germany


RHEINBODEN AG: Buys Back EUR2.3 Bln of Public Sector Pfandbriefe
----------------------------------------------------------------
Allgemeine HypothekenBank Rheinboden AG has completed its
buyback program for Public Sector Pfandbriefe initiated on
April 26, 2007.

The buyback involved five Jumbo Public Sector Pfandbriefe and 15
standard Public Sector Pfandbriefe.  By the end of the offer
period on May 6, 2007, for the Jumbo Pfandbriefe and
May 15, 2007 for the standard Pfandbriefe, a total volume of
EUR2.3 billion had been tendered to the bank.  The bank accepted
all the offers tendered to it.

With the completion of this buyback program, the original issue
volume of EUR13.8 billion for these 20 issues has now been
reduced through a number of measures to EUR5.7 billion.  The
public sector lending portfolio will now be reduced in line with
the volume of Pfandbriefe repurchased.

The residual portfolio of Public Sector Pfandbriefe and loans
will be structured with a focus on optimizing the management
efforts, so that no further significant measures are required
before these residual positions mature.

                      About Rheinboden AG

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

                          *     *     *

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

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

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

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


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


FAIRFAX FINANCIAL: Unit Completes US$330 Mil. Sr. Notes Offering
----------------------------------------------------------------
Crum & Forster Holdings Corp., a subsidiary of Fairfax Financial
Holdings Limited, has completed its offering of US$330 million
of 7-3/4% Senior Notes due May 1, 2017 at an issue price of
100%.

The 2017 Notes were sold on a private basis in the United States
pursuant to Rule 144A and outside the United States pursuant to
Regulation S under the Securities Act of 1933, with registration
rights.

Net proceeds of the offering, together with available cash on
hand, were used to purchase approximately US$295.7 million of
the company's 10-3/8% Senior Notes due 2013, for total
consideration of approximately US$325.7 million, plus accrued
and unpaid interest of approximately US$12.1 million, pursuant
to the company's previously announced tender offer to purchase
for cash any and all of the outstanding 2013 Notes.

The company received consents from holders of approximately
US$295.7 million, or 98.6%, of the outstanding 2013 Notes on or
prior to midnight, New York City time, on May 4, 2007 to adopt
amendments to the indenture governing the 2013 Notes in
connection with the tender offer and related consent
solicitation, and such amendments have become effective.

Holders who validly tender 2013 Notes after the Consent
Expiration Date but on or prior to the Offer Expiration Date
will be eligible to receive as consideration the purchase price,
which equals the total consideration less the US$30 consent
payment per US$1,000 principal amount of 2013 Notes.

In addition, holders of all 2013 Notes accepted for payment are
entitled to receipt of accrued and unpaid interest in respect of
such 2013 Notes from the last interest payment date prior to the
applicable settlement date to, but not including, the applicable
settlement date.

The tender offer will expire at midnight, New York City time, on
May 18, 2007, unless extended or earlier terminated.  Settlement
for all 2013 Notes tendered on or prior to the Consent
Expiration Date and accepted for payment occurred today, the
initial settlement date.  Settlement for all 2013 Notes tendered
after the Consent Expiration Date, but on or prior to the Offer
Expiration Date, is expected to occur promptly following the
Offer Expiration Date.  Consummation of the tender offer, and
payment for tendered notes, is subject to the satisfaction or
waiver of certain conditions described in the Statement.

Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as
dealer manager and solicitation agent for the tender offer and
the consent solicitation.  The tender agent and information
agent is D. F. King & Co., Inc.

                 About Fairfax Financial Holdings

Based in Toronto, Ontario, Fairfax Financial Holdings
(TSX: FFH)(NYSE: FFH) -- http://www.fairfax.ca/-- is a  
financial services holding company with subsidiaries engaged in
property and liability insurance and reinsurance in Canada, the
United States, and internationally.

Fairfax Asia comprises the company's Asian holdings and
operations: Singapore-based First Capital Insurance Limited,
Hong Kong-based Falcon Insurance Limited and a 26.0% equity-
accounted interest in Mumbai-based ICICI Lombard General
Insurance Company Limited, India's largest (by market share)
private general insurer (the remaining 74.0% interest is held by
ICICI Bank, India's second largest commercial bank).

The Company also operates in Europe through subsidiaries in the
United Kingdom, Ireland and continental Europe.

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 16,
2007, Standard & Poor's Ratings Services assigned its 'BB'
senior debt rating to Fairfax Financial Holdings Ltd.'s
(BB/Negative/--) proposed US$464.2 million, 7.75% senior notes
due in 2022.

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


SCOTTISH RE: Moody's Affirms (P)Ba3 Rating After MassMutual Deal
----------------------------------------------------------------
Moody's Investors Service confirmed Scottish Re Group Limited's
(senior unsecured shelf of (P)Ba3) ratings with a positive
outlook.

The rating action follows the completion of a US$600 equity
investment transaction in which Scottish Re sold a majority
stake to MassMutual Capital Partners LLC, a member of the
MassMutual Financial Group and Cerberus Capital Management,
L.P., a private investment firm.  The ratings had been under
review with direction uncertain since September 5, 2006, when
the prospects for a sale of the company or a significant capital
injection appeared promising.  

The rating agency also confirmed with a positive outlook the
Baa3 insurance financial strength rating of the company's core
insurance subsidiaries, Scottish Annuity & Life Insurance
Company (Cayman) Ltd. and Scottish Re (U.S.).

The rating agency also continues its review (for downgrade) on
the unwrapped (i.e., lacking financial guaranty insurance) notes
issued by Orkney Re II, plc (Orkney Re II).  The unwrapped notes
issued by Orkney Re II include US$42.5 million of 30-year Series
A-2 Floating Rate Notes (Aa2); and US$30 million of 30-year
Series B Floating Rate Notes (Baa2).

As discussed in a September 7, 2006 Moody's press release, the
ratings of Orkney Re II's unwrapped notes are susceptible to
downgrade because elevated financial guarantor fees ultimately
divert cash away from the noteholders. The amount and duration
of this fee increase are driven by the financial strength rating
of Scottish Re (U.S.), which was confirmed at Baa3. According to
Scott Robinson, Vice President and Senior Credit Officer at
Moody's, "the series B Floating Rate Notes of Orkney Re II
remain especially vulnerable to downgrade, primarily due to
their subordination to the step-up in guarantor fees in the cash
flow waterfall."

Following the transaction, MassMutual Capital and Cerberus now
own 68.7% of the voting power of the Scottish Re shareholders.
According to Mr. Robinson, "the capital injection provides
Scottish Re much needed liquidity and time to implement its
comparatively more focused strategy, emphasizing the retention
of existing business and growing organically in life mortality
reinsurance."

Moody's says that the company has made and continues to make
material progress on improving internal controls and risk
management. Additionally, Moody's believes that Scottish Re will
be able to secure a collateral solution to support the growth in
the company's XXX statutory reserving needs associated with its
existing level premium term reinsurance business.

According to Mr. Robinson "the major challenge for Scottish is
regaining the confidence of cedants so that it can write
meaningful amounts of new business. If the company cannot do so,
it is effectively in runoff."

The rating agency notes that the positive outlook reflects the
strengthened discipline and controls that are expected to
influence the operations of the company going forward. The
following would place upward pressure on the company's ratings:

   1) Retention of existing business and demonstrated
      improvement in originating new business

   2) Less earnings volatility and associated "one time" charges

   3) Mortality and lapses roughly in line with expectations

The following ratings were confirmed and placed on positive
outlook:

* Scottish Re Group Limited:

   -- senior unsecured shelf of (P)Ba3;
   -- subordinate shelf of (P)B1;
   -- junior subordinate shelf of (P)B1;
   -- preferred stock of B2; and
   -- preferred stock shelf of (P)B2

* Scottish Holdings Statutory Trust II:

   -- preferred stock shelf of (P)B1

* Scottish Holdings Statutory Trust III:

   -- preferred stock shelf of (P)B1

* Scottish Annuity & Life Insurance Co (Cayman) Ltd.

   -- insurance financial strength of Baa3

  * Premium Asset Trust Series 2004-4:

   -- senior secured debt of Baa3

* Scottish Re (U.S.), Inc.:

   -- insurance financial strength of Baa3

* Stingray Pass-Through Certificates:

   -- Baa3 (based on IFS rating of Scottish Annuity & Life
      Insurance Co.)

On September 5, 2006, Moody's changed the direction of review
for Scottish Re's ratings to uncertain from possible downgrade.

Scottish Re Group Limited is a Cayman Islands company with
principal executive offices located in Bermuda; it also has
significant operations in Charlotte NC, Denver CO and Windsor
England. On March 31, 2007, Scottish Re reported assets of
US$13.5 billion and shareholders' equity of US$1.1 billion.

Moody's insurance financial strength ratings are opinions of the
ability of insurance companies to repay punctually senior
policyholder claims and obligations.


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


STRATOS GLOBAL: Obtains Waiver Effective Until CIP Canada Buyout
----------------------------------------------------------------
Stratos Global Corporation has received lender approval for a
waiver of the change of control and a related ancillary
amendment under the corporation's senior secured credit
facility, in connection with its pending transaction with CIP
Canada Investment Inc.  

The waiver and amendment would be effective upon the completion
of the acquisition by CIP Canada pursuant to the plan of
arrangement contemplated by the arrangement agreement on
March 19, 2007.

As reported in the Troubled Company Reporter on March 26, 2007,
CIP Canada, under the terms of the agreement, would acquire
beneficial ownership of 100% of Stratos Global through a Plan of
Arrangement under the Canada Business Corporations Act for a
cash purchase price of CDNUS$6.40 per share.  The purchase price
represents a premium of 7% compared with the closing price of
Stratos shares on March 8, 2007, the day before an article
appeared in The Globe & Mail highlighting the possibility of a
sale of Stratos.  The premium is 15% compared with the most
recent 30-day average through March 8 and 25% compared with the
90-day average through that date.  The total transaction value,
including the assumption of net debt, is US$576 million at
current exchange rates.

The transaction will be indirectly financed by a wholly owned
subsidiary of Inmarsat PLC, Inmarsat Finance III Limited.  There
is no financing condition to the obligations of CIP Canada to
consummate the transaction.  Arrangements and plans are in place
from third parties and Inmarsat Finance to address any debt
refinancing requirements at Stratos.  Inmarsat Finance will have
a call option exercisable beginning in April 2009, and expiring
in December 2010, to acquire 100% of Stratos from CIP, but will
not have any legal ownership in, or managerial control of
Stratos.

                       About Stratos Global

Stratos Global Corporation -- http://www.stratosglobal.com/--  
is a provider of a range of advanced mobile and fixed-site
remote telecommunications solutions for users operating beyond
the reach of traditional networks. The Company serves the voice
and high-speed data connectivity requirements of a diverse array
of markets, including government, military, energy, industrial,
maritime, aeronautical, enterprise, media and recreational users
throughout the world. Stratos operates in two segments: Mobile
Satellite Services, which provides mobile telecommunications
services, primarily over the Inmarsat plc satellite system, and
Broadband Services (Broadband), which provides very small
aperture terminal (VSAT) services, sourced on a wholesale basis
from a number of the fixed satellite system operators.

The company has offices in these regions: Europe - Italy,
Germany, Norway, Spain, United Kingdom; Asia-Pacific - India,
Hong Kong, Singapore, Australia and Japan; Latin America -
Brazil

                        *     *     *

As reported in the Troubled Company Reporter-Europe on May 15,
Moody's Investors Service confirmed Stratos Global Corporation's
B1 corporate family, Ba2 senior secured and B3 senior unsecured
ratings and lowered the company's speculative grade liquidity
rating to SGL-4 from SGL-3.  Moody's said the outlook is
negative.  

The Troubled Company Reporter - Asia Pacific reported that
Standard & Poor's Ratings Services lowered its ratings on
Canada-based remote telecommunications service provider Stratos
Global Corp., including the long-term corporate credit and the
senior secured bank loan ratings to 'B' from 'B+', and placed
the ratings on CreditWatch with negative implications.


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


BAUR & K LLP: Creditors Must File Claims by June 1
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Baur & K insolvent.

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

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


INJENER LLP: Creditors' Claims Due June 13
------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Injener insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Volodarsky Str. 129-79
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


KAMKOR DOS: Proof of Claim Deadline Slated for June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kamkor Dos Ssiko insolvent.

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

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


KAZROSEXPEDITION LLP: Claims Registration Ends June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kazrosexpedition insolvent.

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

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


MARS CART: Claims Filing Period Ends June 1
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Firm Mars Cart Holding Proms insolvent.

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

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


NPF KAZELECTROCOMPLECT: Creditors Must File Claims by June 1
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Npf Kazelectrocomplect insolvent on February 7.

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

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


SERVICE V STROITELSTVE: Creditors' Claims Due June 13
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of North
Kazakhstan Region has declared LLP Construction Company Service
V Stroitelstve insolvent.

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

         The Specialized Inter-Regional
         Economic Court of North Kazakhstan Region
         Volodarsky Str. 129-79
         Petropavlovsk
         North Kazakhstan
         Kazakhstan


TEMIR-GAN LLP: Claims Registration Ends June 1
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Temir-Gan insolvent on February 15.

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

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


TURMYS OJSC: Jambyl Court Started Bankruptcy Hearings on April 9
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
begun bankruptcy proceeding against OJSC Turmys on April 9.


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


GEOSPECTRSERVICE LLC: Claims Filing Period Ends July 4
------------------------------------------------------
LLC Geospectrservice has declared insolvency.  Creditors have
until July 4 to submit written proofs of claim to:

         LLC Geospectrservice
         Togolok Moldo Str. 21
         Bishkek
         Kyrgyzstan


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


FOOT LOCKER: Forecasts Lower Earnings for First Quarter 2007
------------------------------------------------------------
Foot Locker Inc. expects its first quarter earnings to be in a
range of US$0.10-to-US$0.11 per share.  This range reflects a
decrease from the Company's original estimate of US$0.34-to-
US$0.37 per share.

"The shortfall in our expected earnings primarily reflects a
first quarter comparable-store sales decline of 5.1 percent and
additional markdowns taken in our U.S. stores," stated Mathew D.
Serra, Foot Locker Inc.'s Chairman and Chief Executive Officer.  
"While first quarter sales and earnings at our U.S. store
businesses fell short of our expectations, our financial results
from our international units were generally in line with our
plan with earnings increasing from last year's comparable
period."

The Company's financial position continued to strengthen during
the first quarter as its cash position, net of debt, increased
by approximately US$85 million from the same time last year.  

During the first quarter of 2007, the Company repurchased 1.2
million shares of its common stock for US$26 million under a
three-year US$300 million share repurchase program.

                         About Foot Locker

Headquartered in New York, Foot Locker, Inc. (NYSE: FL) ---
http://www.footlocker-inc.com/-- retails athletic footwear and  
apparel, and operates 3,942 primarily mall-based stores in the
United States, Canada, The Netherlands, Australia, and New
Zealand as of Feb. 3, 2007.  

                          *      *      *

As reported in the TCR-Europe on April 25, 2007, Standard &
Poor's Ratings Services' ratings, including the 'BB+' corporate
credit rating, on Foot Locker Inc. remain on CreditWatch with
negative implications following the company's announcement that
it has launched a bid to acquire Genesco Inc.

As reported in the TCR-Europe on April 24, 2007, Moody's
Investors Service placed the ratings of Foot Locker, Inc. on
review for possible downgrade following the company's
announcement that it had made an unsolicited proposal to
purchase all of the outstanding shares of Genesco Inc. for US$46
per share cash representing a total consideration of around
US$1.2 billion.

These ratings are placed on review for possible downgrade:

   -- Corporate family rating of Ba1;
   -- Probability of default rating of Ba1; and
   -- Senior unsecured notes rating of Ba1.


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


AGRYZSKOYE GRAIN: Bankruptcy Hearing Slated for Sept. 17
--------------------------------------------------------
The Arbitration Court of Tatarstan will convene at 8:15 a.m. on
Sept. 17 to hear the bankruptcy supervision procedure on OJSC
Agryzskoye Grain Receiving Enterprise.  The case is docketed
under Case No. A65-5340/2007-SG4-26.

The Temporary Insolvency Manager is:

         V. Sabirov
         Post User Box 85
         Kazan
         420029 Tatarstan
         Russia

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         OJSC Agryzskoye Grain Receiving Enterprise
         Kazanskaya Str. 36a
         Agryz
         422231 Tatarstan
         Russia


AKHTUBINSKOYE GRAIN: Creditors Must File Claims by June 28
----------------------------------------------------------
Creditors of OJSC Akhtubinskoye Grain Receiving Enterprise (TIN
3001010261) have until June 28 to submit proofs of claim to:

         S. Fetisov
         Insolvency Manager
         Post User Box 244
         400005 Volgograd
         Russia

The Arbitration Court of Astrakhan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A06-6996/2006-11.

The Debtor can be reached at:

         OJSC Akhtubinskoye Grain Receiving Enterprise
         Kaspijskaya Str. 4
         Akhtubinsk
         416502 Astrakhan
         Russia


AV-OIL LLC: Creditors Must File Claims by May 28
------------------------------------------------
Creditors of LLC Av-Oil have until May 28 to submit proofs of
claim to:

         A. Dyachenko
         Insolvency Manager
         Marksa 13/1
         453000 Kumertau
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A-55-2179/2007.

The Court is located at:

         The Arbitration Court of Samara  
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         LLC Av-Oil
         Samara
         Russia


BOGATOVSKIY ELEVATOR: Asset Sale Slated for June 18
---------------------------------------------------
A. Tarantov, the insolvency manager for OJSC Bogatovskiy
Elevator, will open a public auction for the company's
properties at 5:00 p.m. on June 18 at:

         A. Tarantov
         Office T-410
         17th Liniya V.O. 4-5
         199034 St. Petersburg
         Russia

Interested participants have until June 14 to deposit an amount
of RUR50,000 to:

         OJSC Bogatovskiy Elevator
         Settlement Account 40702810700000005244
         Correspondent Account 30101810700000000877
         BIK 044030877
         Tavricheskiy Bank OJSC
         St. Petersburg
         Russia

Bidding documents must be submitted to:

         A. Tarantov
         Office T-410
         17th Liniya V.O. 4-5
         199034 St. Petersburg
         Russia

The Debtor can be reached at:

         A. Tarantov
         Office T-410
         17th Liniya V.O. 4-5
         199034 St. Petersburg
         Russia


BUILDER LLC: Creditors Must File Claims by May 28
-------------------------------------------------
Creditors of LLC Builder have until May 28 to submit proofs of
claim to:

         A. Yakovlev
         Insolvency Manager
         Post User Box 1327
         398046 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-36-254/2007.

The Court is located at:

         The Arbitration Court of Lipetsk  
         Skorokhodova Str. 2
         398019 Lipetsk  
         Russia

The Debtor can be reached at:

         LLC Builder
         Usman'
         Lipetsk
         Russia


CHISTOPOL-STORY CJSC: Creditors Must File Claims by May 28
----------------------------------------------------------
Creditors of OJSC Chistopol-Stroy have until May 28 to submit
proofs of claim to:

         Y. Stakheev
         Temporary Insolvency Manager
         Post User Box 75
         Chistopol
         422985 Tatarstan
         Russia

The Arbitration Court of Tatarstan commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A65-4027/2007-SG4-35.

The Court is located at:

         The Arbitration Court of Tatarstan
         Room 12, Floor 2
         Entrance 2, Building 1
         Kremlin
         Kazan
         Tatarstan
         Russia

The Debtor can be reached at:

         Y. Stakheev
         Post User Box 75
         Chistopol
         422985 Tatarstan
         Russia


FALCON CJSC: Voronezh Bankruptcy Hearing Slated for July 4
----------------------------------------------------------
The Arbitration Court of Voronezh will convene at 10:00 a.m on
July 4 to hear the bankruptcy supervision procedure on CJSC
Falcon.  The case is docketed under Case No. A14-1814/
2007 11/16b.

The Temporary Insolvency Manager is:

         V. Ryabtsev
         Insolvency Manager
         Zhelyabova Str. 10
         394030 Voronezh
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Falcon
         Feoktistova Str. 1
         Voronezh
         Russia


FURMANOVSKIY ENGINEERING: Creditors Must File Claims by May 28
--------------------------------------------------------------
Creditors of OJSC Furmanovskiy Engineering Factory have until
May 28 to submit proofs of claim to:

         A. Gataulin
         Insolvency Manager
         Kudryashova Str. 106-45
         153038 Ivanovo
         Russia

The Arbitration Court of Ivanovo will convene at 1:00 p.m. on  
Oct. 8 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A17-1922/07-1-B.

The Arbitration Court of Ivanovo  is located at:

         B. Khmelnitskogo Str. 59B
         Ivanovo  
         Russia

The Debtor can be reached at:

         OJSC Furmanovskiy Engineering Factory
         Zhukovskogo Str. 4
         Furmanov
         Ivanovo
         Russia


LIPKOVSKIY BAKERY: Creditors Must File Claims by June 28
--------------------------------------------------------
Creditors of CJSC Lipkovskiy Bakery have until June 28 to submit
proofs of claim to:

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

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-461/B-06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Lipkovskiy Bakery
         Zheleznodorozhnaya Str. 1a
         Lipki
         Tula
         Russia


MDM BANK: Gets US$100 Million Loan from World Bank's IFC
--------------------------------------------------------
OJSC MDM Bank signed an agreement to obtain an eight-year
US$100 million senior loan from the International Finance
Corporation, the private sector arm of the World Bank Group.

The financing will be used by the Bank to support the growth of
its mortgage and small and medium enterprise lending portfolio
to reach regions outside Moscow that are still underserved and
underdeveloped.  In addition, IFC will provide advisory services
to the Bank to help it improve its mortgage operations and
establish an environmental management system that will help make
its operations more sustainable.

"IFC's cooperation with the bank is an important milestone for
us. It will help us improve our lending program to small and
medium enterprises and expand our mortgage portfolio," Michel
Perhirin, Chairman of the Board of MDM Bank, said.  "This is a
recognition of our achievements in developing our core
businesses and in strengthening our corporate governance
practices."

In 2006, MDM Bank's portfolio grew by over 350 percent in SME
lending and 340 percent in mortgages. With a current portfolio
of about US$215 million for SMEs and about US$170 million for
mortgages, the bank offers SME loans and mortgages through its
entire network in 34 regions in Russia.

"Thanks to this new IFC loan, we intend to build on our
achievements in 2006, continuing to extend credit to small
enterprises, as well as providing mortgages through our wide
branch network," Mr. Perhirin added.

"We are very pleased to start our partnership with MDM Bank.
Partnerships of this kind enable IFC to make a number of
strategic developmental contributions to the Russian banking
sector," Jerome Sooklal, IFC Director for Central and Eastern
Europe, said.  "We also believe that our long-term financing and
advisory support will help MDM Bank to improve its mortgage and
SME lending, which is crucial for sustainable growth of the
middle class in Russia's regions."

"We believe that our advisory support will strengthen the bank's
market position in mortgage and SME lending, making it a role
model for the Russian banking industry," Jyrki Koskelo, IFC
Director for Global Financial Markets, said.

                           About MDM

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/-- provides financial services organized  
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                         *     *     *

In December 2006, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on MDM Bank to 'BB-' from
'B+'.  S&P said the outlook is stable.  At the same time, the
'B' short-term counterparty credit rating on the bank was
affirmed.

In addition, Fitch Ratings affirmed Russia-based MDM Bank's and
parent MDM Holding GmbH's ratings:

   * MDM Bank:

      -- Issuer Default rating and foreign currency senior
         unsecured debt: affirmed at 'BB-' (BB minus); IDR
         Outlook Positive.

      -- Subordinated debt: affirmed at 'B+'

      -- National Long-term rating and RUB senior unsecured
         debt: affirmed at 'A+(rus)'; Long-term rating Outlook
         Positive.

      -- Short-term rating affirmed at 'B'

      -- Individual rating: affirmed at 'C/D'

      -- Support rating: affirmed at '4'

   * MDM Holding GmbH:

      -- IDR: affirmed at 'BB-' (BB minus); Outlook Positive
      -- Short-term rating: affirmed at 'B'
      -- Individual rating: affirmed at 'C/D'
      -- Support rating: affirmed at '5'

MDM Bank's US$2 billion Program for the Issuance of Loan
Participation Notes also carries Ba2/Not Prime ratings from
Moody's.  Moody's said The outlook is stable.


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

         A. Farrakhov
         Insolvency Manager
         Post User Box 1184
         Izhevsk
         426072 Udmurtiya
         Russia

The Arbitration Court of Udmurtiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A71-001898/2006 G15.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Palnikovskoye
         Palniki
         Zavyalovskiy
         Udmurtiya
         Russia


PARCHUMSKIY LLC: Irkutsk Bankruptcy Hearing Slated for July 2
-------------------------------------------------------------
The Arbitration Court of Irkutsk will convene at 10:00 a.m. on
July 2 to hear the bankruptcy supervision procedure on LLC
Parchumskiy.  The case is docketed under Case No. A19-3525/
07-34.

The Temporary Insolvency Manager is:

         D. Murashov
         Temporary Insolvency Manager
         Dekabrskih Sovytiy Str. 109-48
         664007 Irkutsk
         Russia

The Court is located at:  

         The Arbitration Court of Irkutsk
         Room 303
         Gagarina Avenue 70
         664025 Irkutsk  
         Russia

The Debtor can be reached at:

         LLC Parchumskiy
         Tsentralnaya Str. 1
         Parchum
         Chunskiy
         665510 Irkutsk
         Russia


PASSENGER TRANSPORT: Creditors Must File Claims by May 28
---------------------------------------------------------
Creditors of LLC Passenger Transport Enterprise have until
May 28 to submit proofs of claim to:

         M. Olejnik
         Insolvency Manager
         Post User Box 2797
         Barnaul
         656065 Altay
         Russia

The Arbitration Court of Altay will convene on Sept. 24 to hear
the company's bankruptcy supervision procedure on LLC Passenger
Transport Enterprise.  The case is docketed under Case No.
AO3-2267/07-B.

The Court is located at:

         The Arbitration Court of Altay
         Lenina Pr. 76
         Barnaul
         656015 Altay  
         Russia

The Debtor can be reached at:

         LLC Passenger Transport Enterprise
         Molodyezhnaya Str. 123
         Zarinsk
         659100 Altay
         Russia


SOROS CJSC: Creditors Must File Claims by May 28
------------------------------------------------
Creditors of CJSC Soros have until May 28 to submit proofs of
claim to:

         V. Pankov
         Insolvency Manager
         Post User Box 368
         183038 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A42-1041/2007.

The Court is located at:

         The Arbitration Court of Murmansk  
         Knipovicha Str. 20
         Murmansk
         Russia

The Debtor can be reached at:

         CJSC Soros
         Podgornaya Str. 82
         Murmansk
         Russia


SOUTHERN TELECOMMUNICATIONS: Earns RUR587.3 Million for Q1 2007
---------------------------------------------------------------
Southern Telecommunications Co. PJSC posted RUR587.3 million in
net profit on RUR4.73 billion in revenues for the first quarter
ended March 31, 2007, compared with RUR324.8 million in net
profit on RUR4.12 billion in revenues for the first quarter
ended March 31, 2007.

The figures were prepared according to Russian Accounting
Standards.

First quarter 2007 revenues from value-added services hiked
54.8% to RUR613.4 million.  Revenues from Internet services grew
by 67.0%, from Virtual Private Networks services by 4.2%.

Broadband access subscriber base expanded to 92,702 subscribers,
89,329 of them being xDSL subscribers.

Certain financial measures to extend duration of UTK's debt and
reduce its value within the framework of the Company's credit
portfolio made it possible to cut down interest expenses by
15.2% over First Quarter 2006 to RUR460.6 million.

                            About UTK

Headquartered in Krasnodar, Russia, Southern Telecommunications
Co. PJSC -- http://www.stcompany.ru/-- provides local, long-   
distance, and cellular telephone, paging and telegraph services.

                          *      *      *

As of March 7, 2007, UTK carries these ratings:

Moody's:

   -- Issuer: Caa1
   -- Long-Term Corporate Family: B3
   -- Outlook: Stable

Standard & Poor's

   -- Long-Term Foreign Issuer Credit: B-
   -- Long-Term Local Issuer Credit: B-
   -- Outlook: Stable


SUAL GROUP: United Company Rusal May Build Site at Sakhalin
-----------------------------------------------------------
United Company RuSal, the company formed from the merger of
RuSal, SUAL Group and Glencore International, received an offer
from the Sakhalin Region's government to construct an aluminum
site at the island, Kommersant reports.

Sakhalin authorities also invited RuSal to join a project to
build an electric power station with 330-megawatt capacity in
the Uglegorsky region, Kommersant adds.

According to the report, the company is reviewing the offer, but
may reject it as it recently signed an agreement with the
Russian Atomic Energy Agency to build a new atomic power plant
with 2,000 megawatt of capacity and an aluminum factory with
capacity of 600,000 metric tons.

Kommersant cited experts as saying that RuSal will not start two
Far East projects at a time.  The experts added that RuSal may
not build another site in the Far East if the US$6 billion deal
with the Russian Atomic Agency is ratified.

                            About SUAL

Headquartered in Moscow, Russia, Siberian-Urals Aluminium
Company -- http://www.sual.com/-- produces and smelts aluminium  
and ranks amongst the world's top ten producers.  It comprises
18 businesses that are located in nine Russian regions and in
Ukraine, Zaporozhya City, are involved in the production of
bauxite, alumina, primary aluminium, silicon, semi-finished and
finished aluminium products.  The Group's revenue for the year
ended Dec. 31, 2005, was US$2.7 billion.  It has 60,000
employees.

                          *      *      *

Standard & Poor's Ratings Services assigned its 'BB-'long-term
corporate credit rating to SUAL International Ltd. The outlook
is stable.  Standard & Poor's also assigned its 'ruAA-' Russian
national scale rating to SUAL.

At the same time, Moody's Investors Service, assigned 'Ba3'
corporate family rating to SUAL International Ltd. Outlook is
stable.


TATNEFT OAO: Earns RUR6.7 Billion for First Quarter 2007
--------------------------------------------------------
OAO Tatneft released its financial results for the first quarter
of 2007, prepared according to Russian Accounting Standards.

Tatneft posted a 44.4% year-on-year decline in net profit for
the first three months of 2007 to RUR6.67 billion, RIA Novosti
reports.

The company also posted a 22% year-on-year slide in net revenues
to RUR38 billion and 35% year-on-year decrease in operating
profit to RUR12 billion, RIA Novosti adds.

As of March 31, 2007, Tatneft had RUR44 billion in short-term
receivables and RUR16.7 billion in short-term payables.

                         About Tatneft

Headquartered in Tatartan, Russia, OAO Tatneft --
http://www.tatneft.ru/eng/-- explores for, produces, refines  
and markets crude oil.  The company operates a chain of retain
gasoline filling stations and exports some of its petrochemical
products to former Soviet Union countries and Europe.

                          *     *     *

As of Feb. 28, 2007, Tatneft carries Fitch's B+ Issuer Default
rating.  Its Short-Term rating stands at B.  Fitch said the
outlook is positive.


TEREMOK CJSC: Creditors Must File Claims by May 28
--------------------------------------------------
Creditors of CJSC Teremok have until May 28 to submit proofs of
claim to:

         S. Maslova
         Insolvency Manager
         Office 120
         Studenovskaya Str. 4
         398020 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-490/2007.

The Court is located at:

         The Arbitration Court of Lipetsk  
         Skorokhodova Str. 2
         398019 Lipetsk  
         Russia

The Debtor can be reached at:

         CJSC Teremok
         Prokatnaya Str. 10
         398005 Lipetsk
         Russia


USMAN'-AGRO-PRODUCT: Creditors Must File Claims by May 28
---------------------------------------------------------
Creditors of CJSC Usman'-Agro-Product have until May 28 to
submit proofs of claim to:

         A. Yakovlev
         Insolvency Manager
         Post User Box 1327
         398046 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A-36-249/2007.

The Court is located at:

         The Arbitration Court of Lipetsk  
         Skorokhodova Str. 2
         398019 Lipetsk  
         Russia

The Debtor can be reached at:

         CJSC Usman'-Agro-Product
         Prigorodka
         Usmanskiy
         Lipetsk
         Russia


VIMPEL-COMMUNICATIONS: Eyes US$800 Million Loan to Repay Debts
--------------------------------------------------------------
OJSC Vimpel-Communications will avail of a US$800 million loan
this year to refinance debts, implement a capital expenses
program and possibly acquire cellular assets, Kommersant
reports.

The company may acquire stakes in Dalsvyaz and in Belarusian
operators Velcom or BeST, Kommersant relates.  The Belarusian
government is selling its stake in Velcom for US$1 billion and
in BeST for US$500 million.

The company plans to spend US$300 million to US$350 million to
launch its third-generation network in Russia.  The company
recently won a license from the authorities to provide 3G
services in Russia.

Vimpelcom will acquire the loan from local and foreign financial
markets and banks, with the amount determined by factors like
company proceeds, the ARPU indicator and the network's growth
rate.

                         About VimpelCom

Headquartered in Moscow, Russia, OJSC Vimpel-Communications
(NYSE: VIP) -- http://www.vimpelcom.com/-- provides mobile  
telecommunications services in Russia and Kazakhstan with newly
acquired operations in Ukraine, Tajikistan and Uzbekistan.  The
Company operates under the 'Beeline' brand in Russia and
Kazakhstan.  In addition, VimpelCom is continuing to use 'K-
mobile' and 'EXCESS' brands in Kazakhstan.  The group wholly
owns Mobitel in Georgia.

                          *      *      *

In a TCR-Europe report on April 16, 2007, Moody's Investors
Service confirmed its Ba2 Corporate Family Rating for OJSC
Vimpel-Communication and assigned a Ba2 Probability-of-Default
rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   10% Senior Unsecured
   Regular Bond/Debenture
   Due 2009                Ba2      Ba2      LGD4     52%

   8.375% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                Ba2      Ba2      LGD4     52%

   8% Senior Unsecured
   Regular Bond/Debenture
   Due 2010                Ba2      Ba2      LGD4     52%

   8.25% Senior Unsecured
   Regular Bond/Debenture
   Due 2016                Ba2      Ba2      LGD4     52%

As reported in the TCR-Europe on Oct. 12, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
rating on Russia-based mobile telecommunications operator
Vimpel-Communications (JSC) to 'BB+' from 'BB', reflecting the
company's continuing strong performance.  S&P said the outlook
is stable.


YUKOS OIL: Anti-Monopoly Service May Cancel Asset Sale to Prana
---------------------------------------------------------------
The Russian Anti-Monopoly Service will cancel Prana's purchase
of OAO Yukos Oil Co. assets if the firm refuses to disclose its
ownership structure, petrolplaza.com reports.

"We can refuse [authorization] on grounds of a non-transparent
shareholding structure," Igor Artemiev, chief of FAS, told
petrolplaza.com.

Mr. Artemiev, however, said there were no discrepancies when
Prana outbid Rosneft to acquire the assets, petrolplaza.com
adds.

In a TCR-Europe report on May 15, Prana offered US$3.9 billion
(RUR100.5 billion) for the assets, outbidding OAO Rosneft Oil in
a three-hour battle, which could have awarded Rosneft with a
string of major victories.  The auction went up to 707 bids and
counterbids before Rosneft threw in the towel, Tanya Mosolova of
Reuters reports.  Prana's offer is 4.5x more than the lot's
US$856.8 million (RUR22.1 billion) starting price.

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

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

In a TCR-Europe report on May 18, 2007, FAS refused to effect
Promregion Holding's purchase of Yukos' Krasnodar assets, RIA
Novosti.

Nikolai Lashkevich, a spokesman for Yukos' bankruptcy receiver
Eduard Rebgun, suggested that a repeat auction may be held or
the second best offer may be declared the winner, RIA Novosti
adds.

FAS is currently waiting for responses to questionnaires sent
out to OOO Unitex, which won an auction to acquire Yukos' 537
petrol stations, petrolplaza.com said.

"We know half of their structure, and we have a fairly clear
idea of who is behind the company," Mr. Artemiev said.

FAS has cleared OAO Rosneft Oil Co. to acquire the assets won by
its units.

                         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: OAO Gazprom Denies Links with Prana
----------------------------------------------
OAO Gazprom denied any link to Prana, which won the auction to
acquire the last few remaining assets of bankrupt OAO Yukos Oil
Co., including the company's 22-story headquarters in Moscow,
RIA Novosti reports citing Sergei Kupriyanov, the gas firm's
spokesman.

In a TCR-Europe report on May 15, Prana offered US$3.9 billion
(RUR100.5 billion) for the assets, outbidding OAO Rosneft Oil in
a three-hour battle, which could have awarded Rosneft with a
string of major victories.  The auction went up to 707 bids and
counterbids before Rosneft threw in the towel, Tanya Mosolova of
Reuters reports.  Prana's offer is 4.5x more than the lot's
US$856.8 million (RUR22.1 billion) starting price.

"Prana, which bought Yukos's central office at an auction, is
not affiliated with Gazprom group, and did not act in our
interests," Mr. Kupriyanov told RIA Novosti.  "Gazprom is a
public company and its acquisitions are made in a transparent
way and in compliance with law."

Nikolai Lashkevich, a spokesman for Yukos' bankruptcy receiver
Eduard Rebgun, revealed to RIA Novosti that Prana signed on
May 16 a formal agreement to acquire the assets won in the
auction.

Mr. Lashkevich said that Prana has 14 days from May 16 to fully
pay the assets' final price, adding that a final agreement will
be signed within three days after full payment.

                         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
=========


ALLIANCE ATLANTIS: Earns US$41.2 Million for First Quarter 2007
---------------------------------------------------------------
Alliance Atlantis Communications Inc. released its financial
results for the first quarter ended March 31, 2007.

Alliance Atlantis posted US$41.2 million in net profit for the
first quarter 2007, compared with US$21.5 million in net profit
for the same period in 2006.

The company also posted a 32% year-on-year hike in consolidated
net revenues to US$358 million in first quarter 2007.

Alliance Atlantis attributed the strong revenue and earnings
growth for the first quarter 2007 to growth in broadcast
advertising sales and worldwide sales of the CSI franchise.

During the quarter, Broadcasting recorded revenue growth of
11.9% to US$78.0 million from US$69.7 million in the prior year.  
Subscriber revenue grew by 8.5% to US$35.7 million in the
quarter as a result of steady growth in the number of
subscribers across all of the Company's channels.  Advertising
revenue grew by 16.1% to US$41.9 million in the quarter from
US$36.1 million in the prior year due primarily to growth in
audiences.   

CSI revenue of US$162.3 million increased by 74.3% compared to
the prior year's period.  The Company continued to recognize
significant second window international licensing arrangements
and also delivered an increased number of episodes
internationally.  The positive impact of foreign exchange in the
current quarter was US$2.3 million, as the rate for the quarter
was US$1.17 compared to US$1.15 in the prior year.   

CSI direct profit of US$62.3 million increased US$27.5 million
or 79.0% due primarily to higher international sales as well as
the positive impact of foreign exchange of US$1.5 million.   

"We are pleased to announce that our advertising revenue
increased by 16.1% due to strong audience growth and our
subscriber revenue increased 8.5% due to steady gains in
subscriber volumes made by all our channels," Phyllis Yaffe,
Chief Executive Officer of Alliance Atlantis, said.  "The CSI
franchise continued its exceptional performance, recording
revenue growth of 74.3% during the quarter, fuelled by strong
international second window sales."

                     About Alliance Atlantis

Headquartered in Toronto, Canada, Alliance Atlantis
Communications Inc. -- http://www.allianceatlantis.com/-- is a  
specialty channel broadcaster with a 50% ownership interest in
the CSI TV franchise.  The company has worldwide offices in the
United Kingdom, Spain and Australia.

                         *     *     *

In January 2007, Standard & Poor's Ratings Services reported
that the ratings on Alliance Atlantis Communications Inc.,
including the 'BB' long-term corporate credit rating, remain on
CreditWatch.  The implications, however, have been revised to
negative from developing.  The ratings were first placed on
CreditWatch with developing implications Dec. 20, 2006, after
Alliance Atlantis' disclosure that it is exploring strategic
alternatives, namely the possible sale of the entire company.

At the same time, Moody's Investors Service placed the Ba2
Corporate Family, Ba1 Senior Secured and Ba3 Probability of
Default ratings of Alliance Atlantis Communications Inc. under
review for possible downgrade.


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


APPLIED INTERNATIONAL: Creditors' Liquidation Claims Due June 4
---------------------------------------------------------------
Creditors of JSC Applied international informatics have until
June 4 to submit their claims to:

         Sibylle Schnyder
         Liquidator
         Dreikonigstrasse 7
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Applied international informatics
         Zurich
         Switzerland


AXISPORT JSC: Creditors' Liquidation Claims Due June 4
------------------------------------------------------
Creditors of JSC AxisPort in Liquidation have until June 4 to
submit their claims to:

         Fritz Eisenhart
         Liquidator
         Chemin de la Coudrette 4
         1012 Lausanne VD
         Switzerland

The Debtor can be reached at:

         JSC AxisPort
         Zurich
         Switzerland


BAREN ORTSCHWABEN: Creditors' Liquidation Claims Due June 4
-----------------------------------------------------------
Creditors of JSC Baren Ortschwaben in Liquidation have until
June 4 to submit their claims to:

         Gruber Max
         Liquidator
         Mettleten 241
         3089 Hinterfultigen
         Switzerland

The Debtor can be reached at:

         JSC Baren Ortschwaben
         Rueggisberg
         Seftigen BE
         Switzerland


CAFE NO: Creditors' Liquidation Claims Due June 1
-------------------------------------------------
Creditors of LLC Cafe No have until June 1 to submit their
claims to:

         Hans Peter Gachter
         Liquidator
         Tobeleggweg 24
         8049 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Cafe No
         Zurich
         Switzerland


COPA HOLDING: Creditors' Liquidation Claims Due June 27
-------------------------------------------------------
Creditors of JSC Copa Holding in Liquidation have until June 27
to submit their claims to:

         Jorg Kaufmann
         Liquidator
         JSC Mikro + Repro
         Brown Boveri Str. 12
         5401 Baden AG
         Switzerland

The Debtor can be reached at:

         JSC Copa Holding
         Zug
         Switzerland


ECT SOFTWARE: Creditors' Liquidation Claims Due June 1
------------------------------------------------------
Creditors of JSC ECT Software Beteiligungs have until June 1 to
submit their claims to:

         JSC Treuhand von Flue
         Liquidator
         Baarerstrasse 95
         6301 Zug
         Switzerland

The Debtor can be reached at:

         JSC ECT Software Beteiligungs
         Zug
         Switzerland


HM AUTOMATEN: Creditors' Liquidation Claims Due June 1
------------------------------------------------------
Creditors of JSC HM Automaten Service have until June 1 to
submit their claims to:

         Herbert Meyer
         Liquidator
         Bodenstrasse 61
         5426 Lengnau
         Zurzach AG
         Switzerland

The Debtor can be reached at:

         JSC HM Automaten Service
         Bad Zurzach AG
         Switzerland


MOVALIS JSC: Creditors' Liquidation Claims Due June 8
-----------------------------------------------------
Creditors of JSC Movalis in Liquidation have until June 8 to
submit their claims to:

         JSC Alleedo Treuhand
         Liquidator
         8034 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Movalis in Liquidation
         Zug
         Switzerland


NOVELIS INC: Gets Ontario Court Approval to Acquire Hindalco
------------------------------------------------------------
Novelis Inc. has received approval from the Ontario Superior
Court of Justice for sale of the company to Hindalco Industries
Limited.

Under the terms of the transaction, Hindalco, through its
subsidiary, will acquire Novelis for US$44.93 per common share
in cash.  Total enterprise value is estimated at US$6.0 billion,
including debt.  Upon completion of the arrangement, Novelis
will become a subsidiary of Hindalco.

Hindalco and Novelis have received shareholder and court
approval and all required regulatory consents, which are
conditions to the completion of the transaction.  Novelis
expects the transaction to be completed on May 15, 2007.

                        About Hindalco

Based in Mumbai, India, Hindalco Industries Limited --
http://www.hindalco.com/-- is Asia's largest integrated primary  
producer of aluminum and a leading integrated producer of
copper.  Hindalco recorded revenues of approximately US$4.3
billion for the fiscal year ended March 31, 2007.  The company's
integrated operations and operating efficiency have positioned
the company among the most cost-efficient aluminum producers
globally.  Hindalco's stock is publicly traded on the Bombay
Stock Exchange, the National Stock Exchange of India Limited and
the Luxembourg Stock Exchange.

                        About Novelis

Based in Atlanta, Georgia, Novelis, Inc., (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional     
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis South America operates two rolling plants and primary
production facilities in Brazil in the Latin-American region.  

Novelis also has European operations in Germany and Switzerland
as well as in Korea in the Asia-Pacific region.

                        *     *     *

In February 2007, Fitch Ratings placed the Issuer Default
Ratings of 'B' for Novelis Inc. and its subsidiary Novelis Corp.
on Rating Watch Negative.  The company's senior secured bank
debt ratings and senior unsecured debt ratings were affirmed as:

Novelis Inc.

   -- Senior secured revolver and term loan at 'BB/Recovery
      Rating 1'; and

   -- Senior unsecured notes at 'B/RR4'.

Novelis, Corp.

   -- Senior secured revolver and term loan B at 'BB/RR1'.

In December 2006, Standard & Poor's Ratings Services affirmed
all of its ratings on Novelis Inc., including the 'BB-' long-
term corporate credit rating, and removed the ratings from
CreditWatch with negative implications, where they were placed
April 7, 2006.  S&P said the outlook is negative.


OCEANO LLC: Claims Registration Period Ends May 28
--------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Oceano on April 23.

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

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Oceano
         Hauptstrasse 14
         5032 Rohr
         Aarau AG
         Switzerland


PROCOMP SOFTWARE: Creditors' Liquidation Claims Due June 1
----------------------------------------------------------
Creditors of LLC ProComp Software have until June 1 to submit
their claims to:

         Francis W. Thode
         Liquidator
         LLC Thode Treuhand
         Bosch 43
         6331 Hunenberg ZG
         Switzerland

The Debtor can be reached at:

         LLC ProComp Software
         Hunenberg ZG
         Switzerland


RB ENGENEERING: Creditors' Liquidation Claims Due May 31
--------------------------------------------------------
Creditors of LLC RB Engeneering have until May 31 to submit
their claims to:

         Richard Bosinger
         Liquidator
         Murstrasse 2
         8193 Eglisau
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         LLC RB Engeneering
         Dubendorf
         Uster ZH
         Switzerland


REBBERG HANDELS: Creditors' Liquidation Claims Due June 30
----------------------------------------------------------
Creditors of JSC Rebberg Handels in Liquidation have until June
30 to submit their claims to:

         Dorfstrasse 38
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Rebberg Handels
         Baar ZG
         Switzerland


USKANA MARKET: Creditors' Liquidation Claims Due June 1
-------------------------------------------------------
Creditors of LLC USKANA Market have until June 1 to submit their
claims to:

         Baftiri Bashkim
         Liquidator
         Bahnhofstrasse 27
         8157 Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC USKANA Market
         Regensdorf
         Dielsdorf ZH
         Switzerland


VISTA OPTIC: Claims Registration Period Ends May 28
---------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Vista Optic on April 17.

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

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Vista Optic
         Pfistergasse 3
         4800 Zofingen AG
         Switzerland


WEIMET JSC: Creditors' Liquidation Claims Due May 31
----------------------------------------------------
Creditors of JSC WeiMet have until May 31 to submit their claims
to:

         Rundbuckstrasse 6
         8212 Neuhausen am Rheinfall SH
         Switzerland

The Debtor can be reached at:

         JSC WeiMet
         Neuhausen am Rheinfall SH
         Switzerland


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


BOOMERANG LLC: Claims Filing Bar Date Set May 25
------------------------------------------------
Creditors of LLC Boomerang (code EDRPOU 22590611) have until
May 25 to submit written proofs of claim to:

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

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/31-07.

The Debtor can be reached at:

         LLC Boomerang
         Semenovka
         Lipovo-Dolinsky District
         Sumy
         Ukraine


DONBASS COAL: Claims Filing Bar Date Set May 25
-----------------------------------------------
Creditors of OJSC State Holding Company Donbass Coal Enrichment
(code EDRPOU 00176644) have until May 25 to submit written
proofs of claim to:

         Irina Khomiakova
         Temporary Insolvency Manager
         University Str. 28
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
42/50B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC State Holding Company Donbass Coal Enrichment
         Postyshev Str. 60
         83000 Donetsk
         Ukraine


FLESHFORMAT LTD: Creditors Must File Claims by May 24
-----------------------------------------------------
Creditors of LLC Fleshformat Ltd. (code EDRPOU 33886016) 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. 23/139-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 Fleshformat Ltd.
         Raskovaya Str. 11
         02002 Kiev
         Ukraine


GOLD WASSER: Creditors Must File Claims by May 25
-------------------------------------------------
Creditors of LLC Gold Wasser (code EDRPOU 23393373) have until
May 25 to submit written proofs of claim to:

         Denis Maliuska
         Liquidator
         Lukiyanovskaya, 63, ap. 48
         04071 Kiev
         Ukraine

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company.  The case is docketed under Case No. B
14/068-07.

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 Gold Wasser
         Frunze Str. 150
         Makarov
         Kiev
         Ukraine


INRAN LLC: Creditors Must File Claims by May 25
-----------------------------------------------
Creditors of LLC Inran (code EDRPOU 23321072) have until May 25
to submit written proofs of claims to:

         Alexander Gerasimov
         Pobeda Str. 48
         Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B-19/94-07.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Inran
         Pobeda Str. 48
         Kharkov
         Ukraine


KIROVOGRAD SEED-CULTURAL: Claims Filing Bar Date Set May 25
-----------------------------------------------------------
Creditors of OJSC Kirovograd Seed-Cultural Plant have until
May 25 to submit written proofs of claim to:

         Svetlana Mogilan
         Temporary Insolvency Manager
         Kropivnitsky Str. 7
         Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
11/78.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         OJSC Kirovograd Seed-Cultural Plant
         Adzhamskaya Str. 10
         Berezhynka
         27605 Kirovograd
         Ukraine


POLARIS TRADE: Creditors Must File Claims by May 24
---------------------------------------------------
Creditors of LLC Polaris Trade (code EDRPOU 33886016) 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. 23/138-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 Polaris Trade
         Molodogvardeyskaya Str. 11
         03151 Kiev
         Ukraine


TARGA LLC: Creditors Must File Claims by May 25
-----------------------------------------------
Creditors of LLC Targa (code EDRPOU 32591192) have until May 25
to submit written proofs of claim to:

         State Tax Inspection in Desniansky of Kiev
         Liquidator
         Zakrevsky Lane 41
         02217 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/158-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 Targa
         Magnitogorskaya Str. 1-b
         02094 Kiev
         Ukraine


UKRAINIAN PLASTIC: Creditors Must File Claims by May 25
-------------------------------------------------------
Creditors of LLC Ukrainian Plastic (code EDRPOU 31711220) have
until May 25 to submit written proofs of claim to:

         Sergey Kosenko
         Liquidator
         Voenny Lane 6
         73000 Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/57-B-07.

The Court is located at:

         The Economic Court of Herson
         Gorkiy Str. 18
         73000 Herson
         Ukraine

The Debtor can be reached at:

         LLC Ukrainian Plastic
         Kakhovka
         Herson
         Ukraine


ZAPOROZHJE ENERGY: Creditors Must File Claims by May 25
-------------------------------------------------------
Creditors of OJSC Zaporozhje Energy Protection (code EDRPOU
00130177) have until May 25 to submit written proofs of claim
to:

         R. Vasilenko
         Liquidator
         P.O. Box 7982
         Pobeda Str. 40
         69001 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 21/28-19/182(05).

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zaporozhje Energy Protection
         Industrial Ground p/s 47
         Energodar
         71500 Zaporozhje
         Ukraine


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


A.S.T. MANUFACTURING: Taps Joint Administrators from Vantis
-----------------------------------------------------------
Geoffrey Paul Rowley and Nicholas Hugh O'Reilly of Vantis were
appointed joint administrators of A.S.T. Manufacturing Ltd.
(Company Number 02934739) on May 2.

Headquartered in United Kingdom, Vantis Plc (fka Vantis
Numerica) -- http://www.vantisplc.com/-- provides accounting,  
business and tax advisory services in the United Kingdom.

The company can be reached at:

         A.S.T. Manufacturing Ltd.
         Berkshire House  
         County Park  
         Shrivenham Road
         Swindon  
         SN1 2NR
         England
         Tel: 01793 541 890  
         Fax: 01793 541 891


BEVAN SIMPSON: Bank of Scotland Taps Ernst & Young as Receivers
---------------------------------------------------------------
The Royal Bank of Scotland appointed T. Lukic and I. Best of
Ernst & Young LLP joint administrative receivers of Bevan
Simpson Foundry Ltd. (Company Number 2623167) and Simpson
Industries (No 2) Ltd. (Company Number 2353406) on May 9.

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.   

The company can be reached at:

         Bevan Simpson Foundry Ltd.
         Hainge Road  
         Tividale  
         Oldbury  
         B69 2PB
         England
         Tel: 0121 557 3621  
         Fax: 0121 520 6622


BIAS CLOTHING: Names Martin Dominic Pickard Liquidator
------------------------------------------------------
Martin Dominic Pickard of Mazars LLP was appointed liquidator of
Bias Clothing Ltd. on May 9 for the creditors' voluntary
winding-up procedure.

Mazars -- http://www.mazars.com/-- provides audit, accounting,  
tax and advisory services.  
The company can be reached at:

         Bias Clothing Ltd.
         Unit 4 The Old School
         Church Street
         Biggleswade
         SG18 0JS  
         England
         Tel: 01767 313 531


BLUE INTERIOR: Appoints Wayne Macpherson as Liquidator
------------------------------------------------------
Wayne Macpherson of Begbies Traynor was appointed liquidator of
Blue Interior Contracts Ltd. on May 4 for the creditors'
voluntary winding-up procedure.

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

The company can be reached at:

         Blue Interior Contracts Ltd.
         Church Hill
         Loughton
         IG10 1LH  
         England
         Tel: 020 8501 6760


BOTTOMLEY SOUTHALL: Appoints Joint Administrators from Begbies
--------------------------------------------------------------
P. Stanley and G. N. Lee of Begbies Traynor were appointed joint
administrators of Bottomley Southall Ltd. (t/a Invincible Double
Glazing)(Company Number 01200302) on May 9.

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:

         Bottomley Southall Ltd.
         Bentley Ave, Slattocks  
         Middleton  
         Manchester  
         M24 2RW  
         England
         Tel: 0161 653 8900  
         Fax: 0161 655 3338


BRITISH AIRWAYS: Rumors on APA's Possible Takeover Bid Linger
-------------------------------------------------------------
Rumors about Airline Partners Australia making a possible
takeover offer for British Airways plc spread after its bid to
acquire Australia's Qantas Airways failed, e-Travel Blackboard
reports.

According to Bloomberg News, citing Goldman Sachs analyst Hugo
Scott-Gall, British Airways is an attractive takeover target for
private equity groups as premium travel remains strong.

Mr. Scott-Gall also pointed out that air passenger duty imposed
by U.K. Chancellor Gordon Brown is unlikely to affect BA, Emmet
Oliver writes for Bloomberg.

                     About British Airways

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

                         *     *     *

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

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

* Issuer: British Airways, Plc

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

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

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Orders Eight New A320 Planes From Airbus
---------------------------------------------------------
British Airways plc has ordered eight new Airbus A320 family
aircraft for delivery in 2008-2010.

This is the first step towards a single shorthaul fleet across
British Airways' network.

The airline will also upgrade the Gatwick shorthaul fleet by
replacing the oldest 14 Boeing 737s with Airbus A319 aircraft.

"We've made considerable progress at Gatwick, particularly on
costs," British Airways Chief Executive Willie Walsh said.  
"Gatwick is an important part of our shorthaul strategy and
replacing the older Boeing 737 fleet with Airbus aircraft
will give us flexibility across both airports.  This is the
first step towards a single shorthaul fleet."

British Airways will place a major order for replacement and
growth wide-bodied aircraft later this year for delivery in the
next decade.

                      About British Airways

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.


BRITISH AIRWAYS: Discounting Fares on Bermudan Flights
------------------------------------------------------
Cheapflights.co.uk reports that British Airways is implementing
a fare reduction on flights to Bermuda, with returns in World
Traveler in economy class available from GBP449.

According to Cheapflights.co.uk, these economy class tickets are
being offered, from London Gatwick:

          -- GBP449, travel between May 12 and June 30, or
             between Sept. 1 and Sept. 30; and

          -- GBP549, travel between July 1 and Aug. 31.

Cheapflights.co.uk notes that passengers can choose these for
World Traveler Plus premium economy:


          -- GBP789, travel between June 1 and June 30, or
             between Sept. 1 and Sept. 30;

          -- GBP889, travel between July 1 and Aug. 31.

The report says that World Traveler Plus includes wider seats
with more legroom and other extras.  Tickets in this class must
be purchased at least 21 days ahead of the flight.

British Airways also conducted a fare sale on holidays to the
Caribbean, which included seven nights in Barbados from GBP399
per person, and GBP539 for seven nights in Grenada.  Prices
included accommodation.  The sale ended on May 15.

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

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


BRITISH AIRWAYS: Earns GBP304 Mln in 12 Months Ended March 31
-------------------------------------------------------------
British Airways plc released its financial results for the
twelve months ended March 31, 2007.

British Airways reported GBP304 million in net profit for the
twelve months ended March 31, 2007, compared with GBP467 million
in net profit for the same period in 2006.

At March 31, 2007, the Company's balance sheet showed GBP11.4
billion in total assets, GBP9 billion in total liabilities and
GBP2.4 billion in total equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP3.4 billion in total current assets
available to pay GBP3.6 billion in total liabilities coming due
within the next 12 months.

                            Turnover

Group turnover for the year was GBP8.5 billion (2006: GBP8.2
billion), up 3.4 percent on a flying program up 0.7 percent,
measured in Available-Ton-Kilometers.  For the quarter, Group
turnover was significantly impacted by the threat of a strike
and was down 5.9 percent to GBP2 billion, on a flying program
1.5 percent lower in ATKs.

Operating cash flow for the year was GBP756 million (2006:
GBP1.3 billion).  Including current interest bearing deposits,
the cash position at March 31, 2007, was GBP2.4 billion, down
GBP85 million compared with March 31, 2006.

Net debt was GBP991 million, a reduction of GBP650 million since
the start of the financial year.  The second installment of
GBP560 million from the company's GBP800 million cash injection
was paid into the New Airways Pensions Scheme on April 2, 2007.  
This reduced the cash balances immediately after the balance
sheet date to around GBP1.8 billion.

Traffic volumes, measured in Revenue-Passenger-Kilometer, were
up 2.9 percent for the year and down 1.3 percent for the
quarter.  Seat factor was flat for the year at 76.1 percent on
capacity 2.9 percent higher in Available-Seat-Kilometers and
down 2 percentage points in the quarter to 71.4 percent.  Yield
measured in pence per RPK was up 2.1 percent for the year and
down 3.4 percent for the quarter.  Total costs, excluding one
off items, were up 5.5 percent, driven mainly by a 22 percent
increase in fuel costs to GBP1.93 billion.  Non-fuel costs were
up 1.1 percent.

Cargo volumes for the year, measured in Cargo-Ton-Kilometers
were down 4.7 percent compared with the prior year, with yields
up 1.7 percent.  For the quarter, cargo volumes were down 12.4
percent compared to last year.  Cargo performance during the
second half was impacted by operational and security related
issues.

The results include a GBP396 million credit as a result of a
change to the New Airways Pension Scheme.

                   Competition Investigations

The investigations by the US Department of Justice, the European
Commission and the U.K. Office of Fair Trading and others into
anti-competitive activity on long haul passenger and cargo fuel
surcharges are continuing.  However, British Airways has now
responded to the subpoenas and other statutory requests for
information from these authorities.

British Airways has a long-standing, clear and comprehensive
competition compliance policy.  This policy requires all staff
to comply with the law at all times.  It has become apparent
that there have been breaches of this policy in relation to
discussions about these surcharges with competitors.  As a
result, it is now appropriate for the company to make a
provision, under IAS 37, of GBP350 million in its full year
accounts.  The provision represents the best estimate of the
amount to settle all competition authority and civil claims at
the Balance Sheet date, but recognizes that the final amount is
subject to uncertainty.

"These are strong results despite a challenging year, British
Airways Chief Executive Willie Walsh said.  "We know at times it
has been a frustrating year for our customers, caused by
disruption and overly restrictive U.K. government security
measures on hand baggage.  We have taken steps to ensure the
fundamentals of our business are strong, laying the foundations
to deliver our 10 percent operating margin target by March 2008.  
We have addressed the GBP2.1 billion pension deficit and
disposed of the loss-making regional business, BA Connect.  Our
total cost control has been good, with non-fuel costs up just
1.1 percent"

"We are on the threshold of a new era for our customers.
Terminal 5 is only 313 days away and tickets for flights from T5
are now available for sale.  Our new Club World cabin is now on
96 services to New York's JFK airport and we will be
investing in a fantastic new First cabin.  We have made progress
on Gatwick, particularly on costs, which has given us the
confidence to renew our commitment to Gatwick and upgrade its
fleet.  This is a step towards a single shorthaul fleet,"
Mr. Walsh continued.

"Earlier this year we ordered four new widebodied aircraft for
delivery in 2009, and we anticipate making a further major order
for 34 replacement and additional growth aircraft in the coming
months.  {Fri}day we have announced an order for eight Airbus
A320 family aircraft for the shorthaul fleet," Mr. Walsh added.

"The 'open skies' air treaty agreed recently between the EU and
the US has given us some new and exciting opportunities.  We
have filed an application with the US DoT for permission to
operate services between any point in the US and any point in
the EU to enable us to grow the most profitable part of our
business," Mr. Walsh concluded.

                             Outlook

"We are pleased with the progress that Willie and his team have
made on many fronts this year despite all the challenges,"
British Airways Chairman Martin Broughton said.  "In terms of
current performance, we have seen some weakness in non-premium
segments notably on the North Atlantic.  To some degree,
complete visibility is hampered by the ongoing baggage
restrictions which impact all cabins but particularly premium.
Our revenue guidance of 5-6 percent increase is unchanged but we
now expect to be at the lower of end of this range.

"Cost control remains a key focus and full year costs, excluding
fuel, are still expected to be some GBP50 million higher than
the year just reported," Mr. Broughton continued.

"Our goal to achieve a 10 percent operating margin by March 2008
remains on track, although year over year improvements are
likely to be delivered predominantly in the second half as we
cycle against record results in the period to August 10 last
year," Mr. Broughton added.

The Board has recommended that no final dividend be paid.

                     About British Airways

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

As reported in the TCR-Europe on March 27, 2007, Standard &
Poor's Ratings Services said that its 'BB+' long-term corporate
credit rating on British Airways PLC remains on CreditWatch,
with positive implications, following a vote on March 22 by EU
ministers approving a proposed "open skies" aviation treaty with
the U.S.

  
CABLE & WIRELESS: Bags 4-Year Network Deal with Virgin Media
------------------------------------------------------------
Cable & Wireless plc disclosed a four-year agreement with Virgin
Media Inc. (fka NTL Inc.) to become its exclusive unbundled
local loop network provider on a wholesale basis until 2011.

With its extensive LLU footprint giving access to around 4
million additional homes, Cable & Wireless will supply wholesale
broadband services to support Virgin Media's existing off net
customers as well as new customers.

Virgin Media will be able to offer broadband, phone and
television service to parts of the country not currently served
by its cable network.

Thanks to its long-standing relationships with a number of
Virgin brands, including Virgin Atlantic and Virgin Group, Cable
& Wireless has the experience and understanding of Virgin's
culture.

"This deal is great news for consumers and an important step
towards making Virgin Media a truly national brand," Virgin
Media Chief Operating Officer Neil Berkett said.   "Cable &
Wireless' excellent service and technology will allow us to
offer enhanced broadband and home phone services to an
additional four million customers.  It also lays a foundation
for us to provide our unique quadplay services to the 50% of
households outside our cable network."

"This is another landmark win for us; we're delighted.  We're
obsessive about delivering great service and putting customers
at the heart of our business - clearly, this approach resonates
with Virgin Media," Cable & Wireless U.K. CEO Jim Marsh
commented.

                      About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides  
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.


                    About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                        *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sectors last week, the
rating agency confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

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

* Issuer: Cable & Wireless Plc
                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   4% Senior Unsecured
   Conv./Exch.
   Bond/Debenture
   Due 2010                B1       LGD4     60%

   GBP200 million
   8.75% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2012                B1       LGD4     60%

* Issuer: Cable & Wireless International Finance B.V.

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   GBP200 million
   8.625% Senior Unsecured
   Regular Bond/Debenture
   Due 2019                B1       LGD4     60%

Cable & Wireless Plc's long-term and short-term foreign issuer
credit carry Standard & Poor's BB- ratings.  Its short-term
foreign and local issuer credit were rated at B.  The outlook is
negative.


CARDTRONICS INC: March 31 Balance Sheet Upside-Down by US$42.2MM
----------------------------------------------------------------
Cardtronics Inc. recorded US$363.6 million in total assets,
US$329.1 million in total liabilities, US$76.7 million in
redeemable preferred stock, and US$42.2 million in total
stockholders' deficit at March 31, 2007.

The company had a negative working capital of US$15.9 million at
March 31, 2007, with total current assets of US$30.7 million and
total current liabilities of US$46.6 million at March 31, 2007.

The company had a net loss for the first quarter of 2007 of
US$3.4 million, which compares to a net loss of US$3.1 million
for the same period in 2006.  The 2007 net loss amount reflects
the aforementioned incremental selling, general, and
administrative costs, as well as higher depreciation expense
amounts associated with the company's ongoing Triple-DES ATM
upgrade and replacement program.  The 2006 net loss amount
includes a US$2.8 million impairment charge related to a
previously acquired domestic ATM portfolio.

For the quarter ended March 31, 2007, its revenues totaled
US$74.5 million, representing a 7.8% increase over the US$69.1
million in revenues recorded during the first quarter of 2006.

The year-over-year increase in revenues was primarily
attributable to an increase in ATM operating revenues from the
company's United Kingdom operations as a result of additional
ATM deployments and higher withdrawal transactions per ATM when
compared to the same period in 2006.  Also contributing to the
increase was an increase in ATM operating revenues associated
with the company's Mexico operations, which also resulted from
additional ATM deployments.

                       Key Statistics

Average transacting ATMs for the first quarter of 2007 totaled
25,228, representing a decrease of 3.7% when compared to the
26,188 average transacting ATMs during the same period in 2006.

Average cash withdrawal transactions per ATM per month during
the first quarter of 2007 increased 7.9% to 412 from 382 during
the same period in 2006.  Capital expenditures during the
quarter totaled US$13.9 million.

"Our first quarter results were generally where we expected them
to be," commented Jack Antonini, chief executive officer of
Cardtronics.  "As previously communicated, we expect 2007 to be
a year of significant investment for Cardtronics as we look to
take advantage of what we believe are favorable trends in our
key markets.  On the domestic front, we have already converted
over 3,100 existing company-owned ATMs to our in-house
transaction-processing switch during 2007.  This conversion
effort, which is currently ahead of schedule, will ultimately
allow us to offer advanced functionality and services on all of
our domestic company-owned ATMs, and is critical to our
strategic initiative to offer additional ATM solutions to
financial institutions throughout the United States.  
Internationally, we deployed over 300 ATMs in high-volume retail
locations in the United Kingdom and Mexico during the quarter,
further building on the strong foundations that we have created
in those markets."

Recent highlights include:

   -- The conversion of over 3,100 company-owned ATMs to the
      company's in-house transaction processing switch during
      2007.

   -- Net growth during the quarter of over 130 machines, or
      9.5%, in the company's high-volume U.K. ATM fleet.  This
      represents a substantial increase in our growth rate in
      this important market.

   -- The successful rollout of approximately 190 additional
      ATMs in Mexico, the majority of which were deployed under
      the company's long-term agreements with OXXO and FRAGUA.

   -- The signing of a multi-year bank branding agreement with
      Guaranty Bank to brand 24 ATMs in CVS/pharmacy locations
      across the Minneapolis, Minnesota area.

   -- The announcement of the planned expansion of the company's
      Allpoint surcharge-free network to include the company's
      ATMs located in the U.K.

   -- The recent amendment of our credit facility, which, among
      other things, reduced the interest rate charged on amounts
      outstanding under the facility and increased the amount of
      capital expenditures that the company can incur on an
      annual basis.

                      Guidance for 2007

The company continues to expect revenues of US$310 million to
US$325 million, gross profits of US$79 million to US$83 million,
and adjusted EBITDA of US$53 million to US$57 million for the
year ending Dec. 31, 2007.  Furthermore, the company continues
to expect capital expenditures to total about US$55 million in
2007, net of minority interest.

                       About Cardtronics

Headquartered in Houston, Texas, Cardtronics Inc.--
http://www.cardtronics.com/-- is a non-bank owner/operator of  
ATMs with more than 25,000 locations.  The company operates in
every major U.S. market, at about 1,500 locations throughout the
U.K. for its European operations. In Latin America, the Company
maintains over 500 locations in Mexico.


CROWN HOLDINGS: March 31 Equity Deficit Tops US$513 Million
-----------------------------------------------------------
Crown Holdings Inc.'s balance sheet as of March 31, 2007,
reflected total assets of US$6.6 billion, total liabilities of
US$6.8 billion, and minority interest of US$288 million,
resulting in a total stockholders' deficit of US$513 million.

Net sales in the first quarter grew to US$1.7 billion, up 12.4%
over the US$1.5 billion in the first quarter of 2006.  The
increase in sales was primarily attributable to stronger sales
unit volumes, the pass-through of higher raw material costs and
foreign currency translation.

The company had a net income of US$16 million for the first
quarter 2007, as compared with a net income of US$10 million for
the first quarter 2006.  In 2005, the company recorded a loss
from discontinued operations of US$2 million.

Net income from continuing operations in the first quarter was
US$16 million, as compared with net income from continuing
operations of US$12 million in the first quarter of 2006.  In
last year's first quarter, the company reported a net charge of
US$6 million related primarily to the restructuring of food can
operations in Spain.

                       Debts and Borrowings

As of March 31, 2007, the company had US$411 million of
borrowing capacity available under its revolving credit
facility, equal to the total facility of US$800 million less
US$324 million of borrowings and US$65 million of outstanding
standby letters of credit.

The reduction of debt remains a principal strategic goal of the
company and is primarily dependent upon its ability to generate
cash flow from operations.  In addition, the company may
consider divestitures from time to time, the proceeds of which
may be used to reduce debt.  The company's total debt of US$3.7
billion at March 31, 2007, increased US$66 from US$3.6 billion
at March 31, 2006, including US$121 million of increase due to
foreign currency translation.

The company seeks to reduce its asbestos-related costs through
prudent case management.  Asbestos-related payments were
US$26 million for the full year of 2006 and US$4 million for the
first three months of 2007, and the company expects to pay about
US$25 million for the full year of 2007.

Full-text copies of the company's first quarter 2007 report are
available for free at http://ResearchArchives.com/t/s?1f1b

Commenting on the quarter, John W. Conway, chairman and chief
executive officer, stated, "I'm pleased to report that we have
started the year well.  Volumes were on plan and reflected
increases across most products and regions.  We recovered
previously lost volumes in our North American beverage can
business and our North American food can business continued its
improvements in product mix, operating efficiencies and volume.  
Equally important, implementation of a cost recovery pricing
initiative in our European beverage can business is also on
plan. During the quarter, we completed and commercialized a
second beverage can line in Ho Chi Minh City, Vietnam.  In
addition, we began construction in Cambodia of a new beverage
can plant outside of the capital city Phnom Penh.  We believe
that these are fast growing markets with long-term potential and
we are pleased to be growing with our customers there."

                       About Crown Holdings

Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK)
-- http://www.crowncork.com/-- through its affiliated  
companies, supplies packaging products to consumer marketing
companies around the world. In Latin America, the Company has
operations in Mexico, and in South and Central America. The
Company also maintains operations in Europe, particularly in the
United Kingdom and France. In the Asia-Pacific region, the
Company has an office in Singapore.

                           *     *     *

Standard & Poor's Ratings Services affirmed its 'BB-' rating and
its '2' recovery rating on Crown Holdings Inc.'s existing US$1.5
billion credit facilities including its US$200 million add-on
senior secured term loan B due 2012.


CUMMINS INC: Earns US$143 Million in Quarter Ended March 31
-----------------------------------------------------------
Cummins Inc. reported that it experienced strong operating
performance in the first quarter of 2007 with net earnings of
US$143 million on net sales of US$2.8 billion, as compared with
first quarter 2006 net earnings of US$135 million on net sales
of US$2.7 billion.  

First quarter net earnings and sales were up for Cummins led by
record sales and earnings in our Power Generation segment.  As
expected, sales in the company's Engine segment were down due to
decreased demand in its on-highway markets, led by the North
American heavy-duty truck market as a result of the 2007 change
in emissions standards.  In addition, the company continued to
see strong demand in its Components and Distribution segments.  
Overall, its Power Generation segment net sales were up
US$139 million, and its Components segment net sales were up
US$102 million, compared to the first quarter of 2006.  Engine
segment net sales were down US$56 million, while Distribution
segment net sales were down US$8 million.  The company's
Distribution segment had organic growth in the first quarter,
however due to the deconsolidation of one of its North American
joint ventures beginning in 2007, net sales decreased as
compared to 2006.  Net sales for this joint venture were about
US$41 million during the first quarter of 2006.  

As of March 31, 2007, the company's balance sheet showed total
assets of US$7.4 billion, total liabilities of US$4.2 billion,
minority interests of US$253 million, and total stockholders'
equity of US$2.9 billion.

                   Overview of Capital Structure

Cash and cash equivalents decreased US$319 million during the
period to US$521 million at the end of the first quarter, as
compared with US$840 million at the beginning of the period.  
Cash and cash equivalents were higher at the end of 2006 as a
result of an increase in cash provided by operations generated
primarily by higher net earnings for the full year in 2006 and
due to lower accounts receivable at the end of 2006.  The
company focused much of our efforts on improving our balance
sheet through debt reduction.  The company said it believes that
its net debt position is a strong indicator of how much progress
it has made in this area.

                   First Quarter 2007 Highlights

Some of the transactions and events that highlight for the
quarter include:

     -- The Board of Directors authorized a two-for-one split of
        Cummins stock on March 8, 2007, which was distributed on
        April 9, 2007, to shareholders of record as of March 26,
        2007.  All share and per share amounts in this filing
        have been adjusted to reflect the two-for-one stock
        split.

     -- About US$62 million of our US$120 million 6.75%
        debentures were repaid on Feb. 15, 2007, at the election
        of the holders.  Such election and notification was
        required to be made between Dec. 15, 2006 and Jan. 15,
        2007.

     -- In July 2006, the Board of Directors authorized the
        acquisition of up to two million shares of Cummins
        common stock in addition to what has been acquired under
        previous authorizations.  For the quarter ended April 1,
        2007, the company repurchased about US$13 million of
        common stock, representing about 180,000 shares.  As a
        result, at April 1, 2007, there were about 2.8 million
        shares available to be acquired.

     -- During the first three months of 2007, the company made
        contributions of about US$61 million to our pension
        plans.

Full-text copies of the company's first quarter report are
available for free at http://ResearchArchives.com/t/s?1f32

                        About Cummins, Inc.

Headquartered in Columbus, Indiana, Cummins Inc. (NYSE: CMI)
-- http://www.cummins.com/-- designs, manufactures, distributes  
and services engines and related technologies, including fuel
systems, controls, air handling, filtration, emission solutions
and electrical power generation systems.  

Cummins has Latin-American operations, particularly in
Venezuela, Brazil, Peru, Colombia, and Argentina. Its operations
in the Asia-Pacific are found in China, Japan and Korea. Its
also has facilities in Europe, particularly in the United
Kingdom.  

                         *     *     *

Cummins' Junior Convertible Subordinated Debentures carry
Fitch's 'BB' rating with a stable outlook.

Moody's Investors Service raised Cummins' convertible preferred
stock rating to Ba1 from Ba2 and withdrew the company's SGL-1
Speculative Grade Liquidity rating and its Ba1 Corporate Family
Rating.


EASTGATE INDUSTRIES: Names Liquidator to Wind Up Business
---------------------------------------------------------
Michael David Alexander of Lewis Alexander & Connaughton was
appointed liquidator of Eastgate Industries Ltd. (formerly Anglo
Polish Business Services Ltd. and O.M.T. Ltd.) on May 8 o r the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Eastgate Industries Ltd.
         Unit 4 Enterprise Court
         Prince Street
         Bradford
         BD4 6HQ
         England
         Tel: 01274 681 400
         Fax: 01274 681 553


ENESCO GROUP: Wants Until June 25 to File Chapter 11 Plan
---------------------------------------------------------
Enesco Group Inc. and its debtor-affiliates ask the United
States Bankruptcy Court for the Northern District of Illinois to
extend their exclusive period to file a chapter 11 plan through
June 25, 2007.  The Debtors also ask the Court to extend their
exclusive period to solicit acceptance of that plan to Aug. 27,
2007.

The Debtors tell the Court that they are in the process of
formulating a plan of liquidation.  The Debtors say that the
plan negotiation is complex since it involves various
constituencies including the Internal Revenue Service, equity
interests, prepetition lenders and the Official Committee of
Unsecured Creditors.

The Debtors need to resolve several significant issues before a
plan can be filed.  The Debtors contend that if all parties
agree to treatment under a plan, then they will be able to
maximize the value of their estates for all parties.

The Debtors disclose that they have also proceeded with
liquidation efforts that have resulted in substantial returns to
the estate.

The Debtors say that the Creditors Committee supports the
extension and that in return, they agree to file a plan
supported by the Committee.

The hearing to consider the Debtors' request is set for 10:00
a.m. tomorrow, May 22, 2007.

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home  
and garden d,cor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The Company also has Latin-American operations in Mexico.  

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).  
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


EVOLUTION POLYMERS: Taps D. R. Acland to Liquidate Assets
---------------------------------------------------------
D. R. Acland of Begbies Traynor was appointed liquidator of
Evolution Polymers U.K. Ltd. on May 9 for the creditors'
voluntary winding-up proceeding.

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:

         Evolution Polymers U.K. Ltd.
         New Line Industrial Estate
         The Sidings
         Bacup
         OL13 9RW
         England  
         Tel: 01706 877 711


GENERAL MOTORS: GMAC May Work With Chrysler Financial, CEO Says
---------------------------------------------------------------
General Motors Corp.'s former financial arm, GMAC LLC (fka
General Motors Acceptance Corp), and Chrysler Financial Services
LLC could collaborate in some areas as both begin to operate
under the same owner, Cerberus Capital Management LP, which
recently paid US$7 billion to acquire an 80% stake in the
DaimlerChrysler AG unit, Reuters reports, quoting GM CEO Rick
Wagoner.

Cerberus will take control of Financial Services, a business
unit of DaimlerChrysler Financial Services, when that deal
closes in the third quarter, Reuters relates.  It also bought a
51% stake in GMAC in a deal that closed late last year.  On a
combined basis, Cerberus would have the largest share of the
auto loan market, ahead of Ford Motor Credit.

When asked about the possibility of a merger between GMAC and
Chrysler Financial, Mr. Wagoner said there was scope for future
cooperation between the two auto finance companies, Reuters
notes.  But he added that no such conversations had taken place
yet and that GM would have a say in how such collaboration would
play out through its remaining stake in GMAC.

"It's too early to speculate on what's the right way to
cooperate... There are a lot of issues," Mr. Wagoner said,
adding that there were "potential synergies" between GMAC and
Chrysler Financial and "a lot of different ways to think about
it."

"To be honest, GMAC... has been pretty busy getting the
residential mortgage business back on track and trying to keep
the rest of the business going," Mr. Wagoner concluded.

The TCR-Europe reported on March 7, 2007, that analysts have
predicted Chrysler is set to follow General Motors' example.  
General Motors Corp. last year sold a 51% stake in its General
Motors Acceptance Corp. finance unit to a consortium of
investors led by Cerberus FIM Investors LLC and including wholly
owned subsidiaries of Citigroup Inc., Aozora Bank Ltd., and The
PNC Financial Services Group Inc.  The sale carried a US$7.4
billion purchase price, a US$2.7 billion cash dividend from
GMAC, and other transaction related cash flows including the
monetization of certain retained assets.  GM and the Cerberus-
led consortium invested US$1.9 billion of cash in preferred
equity in GMAC -- US$1.4 billion by GM and US$500 million by the
consortium.

                      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.

                         About GMAC LLC

GMAC LLC -- http://www.gmacfs.com/-- is a global financial  
services company that operates auto finance, real estate
finance, commercial finance and insurance businesses.  The
company was established in 1919 and currently employs about
31,000 people worldwide.  GMAC has branches in 19 European
countries, including the United Kingdom, Germany, France, Italy,
Greece, Croatia and the Slovak Republic.  Its Latin American
operations are located in Argentina, Brazil, Chile, Colombia,
Ecuador, Mexico and Venezuela.  It also has divisions in
Australia, China, India, New Zealand and Thailand.  At Dec. 31,
2006, GMAC held more than US$287 billion in assets and earned
net income for 2006 of US$2.1 billion on net revenue of US$18.2
billion.

                      About General Motors

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

                        *     *     *

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

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


GLOBAL CROSSING: Has Good Chance for Upselling on Global Scale
--------------------------------------------------------------
Global Crossing Ltd.'s Chairperson for Latin American operations
told Business News Americas that the firm and its recently
acquired Impsat Fiber Networks "have tremendous opportunities
for upselling on a global scale."

Mr. Rios commented to BNamericas, "In Latin America we have been
able to offer our regional customers a limited amount of
enterprise services and now with the footprint of Impsat and the
full global IP solution and hosting center that they have we're
going to be able to offer a lot more services."

The integration of Global Crossing and Impsat will be simple, as
they have been working together since 2000, BNamericas notes,
citing Mr. Rios.

According to BNamericas, Impsat Fiber will affect Global
Crossing's "bottom and top lines if one considers the" US$270-
million revenues and US$70 million in positive Ebitda that
Impsat Fiber reporter in 2006.

Mr. Rios told BNamericas, "This is accretive for Global Crossing
in every single way... When you add up what Global Crossing
Latin America had as a whole and what Impsat now adds it puts it
[Global Crossing Latin America] on the map for both revenues and
profitability and now it gives us the opportunity to offer value
added services to our customers worldwide."

The report says that Global Crossing previously did not provide
a breakdown of its Latin American revenues.  However, the
company will start disclosing breakdowns from now on.  

BNamericas relates that as a specialist in enterprise services,
Impsat Fiber is perfect for Global Crossing.

Mr. Rios commented to BNamericas, "Our enterprise global
services offering has grown monumentally in the last four or
five years.  Initially we only had the carrier side, then we
decided to really develop the enterprise side and now it
accounts for more than 40% of our total revenues."

Mr. Rios admitted to BNamericas that Global Crossing clients for
enterprise services in Latin America "paled," compared to Impsat
Fiber's 4,000 subscribers -- 90% of them are for enterprise
services.

Impsat Fiber brings 1,200 more workers to Global Crossing's 150
throughout the entire region, including Miami.  Impsat Fiber
also adds a strong customer base in Colombia and Ecuador, where
Global Crossing didn't have operations, while Global Crossing
opens up Mexico, Central America and the Caribbean for Impsat
Fiber, BNamericas states.

                      About Impsat Fiber

IMPSAT Fiber Networks Inc. (OTC: IMFN.OB) --
http://www.impsat.com/-- provides private telecommunications         
networks and Internet services in Latin America.  The company
owns and operates 15 metropolitan area networks in some of the
largest cities in Latin America and has 15 facilities to provide
hosting services, providing services to more than 4,500 national
and multinational client.  IMPSAT has operations in Argentina,
Colombia, Brazil, Venezuela, Ecuador, Chile, Peru and the United
States.

                     About Global Crossing

Headquartered in Florham Park, New Jersey, Global Crossing Ltd.
(NASDAQ: GLBC) -- http://www.globalcrossing.com/-- provides   
telecommunication  services over the world's first integrated
global IP-based network, which reaches 27 countries and more
than 200 major cities around the globe including Bermuda,
Argentina, Brazil in Latin-America, the United Kingdom in Europe
and Hong Kong in the Asia-Pacific regions.  Global Crossing
serves many of the world's largest corporations, providing a
full range of managed data and voice products and services.  

The company filed for chapter 11 protection on Jan. 28, 2002
(Bankr.S.D.N.Y. Case No. 02-40188).  When the Debtors filed for
protection from their creditors, they listed US$25,511,000,000
in total assets and US$15,467,000,000 in total debts.  Global
Crossing emerged from chapter 11 on Dec. 9, 2003.

At Sept. 30, 2006, Global Crossing Ltd.'s balance sheet
reflected a US$131 million stockholders' deficit.  At June 30,
2006, Global th company reported US$1.87 billion in total assets
and US$1.95 billion in total liabilities, resulting to a
stockholders' deficit of US$86 million.  It also reported a
US$173 million stockholders' deficit on Dec. 31, 2005.


IDENTIKIDS LTD: Hires Michael David Alexander as Liquidator
-----------------------------------------------------------
Michael David Alexander of Lewis Alexander & Connaughton was
appointed liquidator of Identikids Ltd. on May 8 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Identikids Ltd.
         Unit 14 Brenton Business Complex
         Bond Street
         Bury
         BL9 7BE  
         England
         Tel: 0845 125 9539
         Fax: 070 9239 1437


ISOFT GROUP: Board Okays IBA's All-Share Offer Under Scheme
-----------------------------------------------------------
The Directors of iSOFT Group plc and the Directors of IBA Health
Limited have reached agreement on the terms of a recommended
all-share Offer, to be effected by means of a scheme of
arrangement, under which a wholly owned subsidiary of IBA will
acquire the entire issued and to be issued ordinary share
capital of iSOFT, creating one of the largest international
providers of healthcare information systems.

                       Terms of the Offer

Under the terms of the Offer, iSOFT Shareholders will be
entitled to receive 1.1 IBA Consideration Shares for each iSOFT
Share held.  IBA is listed on the Australian Securities Exchange
with a market capitalization of AUS$$434 million (GBP183
million).

The Offer values each iSOFT Share at 58.1 pence and the entire
issued and to be issued share capital of iSOFT at approximately
GBP140 million, based on the price of an IBA Share of AUS$1.255,
being the closing mid-market price on the ASX on May 4, 2007
(being the last day prior to the date on which IBA was granted a
trading halt for its shares by the ASX).  IBA is raising new
equity (as described below) and adjusted for the impact of this
equity issue, the Offer values each iSOFT share at 54.7 pence
and the entire issued and to be issued share capital of iSOFT at
approximately GBP132 million.

                           Financing

IBA will finance the repayment of iSOFT's existing bank
facilities, which are repayable upon a change of control, and
the ongoing working capital requirements of the Enlarged Group,
through a combination of the proceeds of a Conditional Placement
and a Rights Issue, to raise a total of AUS$$200 million (GBP84
million) before expenses, and committed New Debt Facilities of
GBP130 million (AUS$$309 million).  The Placing Price and the
Rights Issue Price have been set at AUS$$1.05.  The Conditional
Placement and the Rights Issue have been underwritten by ABN
AMRO Rothschild.  The Rights Issue is not conditional upon
completion of the Offer.  The Conditional Placement is subject
to a number of conditions, including completion of the Offer and
CSC consenting to the change of control in iSOFT upon completion
of the Offer.  

The New Debt Facilities have been arranged and underwritten by
ABN AMRO and are subject to a number of conditions including
completion of the Offer, CSC consent to the change of control of
iSOFT upon completion of the Offer and:

   (i) in the case of the new term loan facility, receipt by IBA
       of at least GBP80 million subscriptions under the
       Conditional Placement and Rights Issue and

  (ii) in the case of the new bank guarantee facility and new
       revolving credit facility, the underwriting of the
       Conditional Placement remaining in full force and effect
       at the time of first utilization.  

The New Debt Facilities comprise:

   -- a GBP60 million senior term facility: this facility can be
      utilized for:

        (i) general corporate and working capital purposes;

       (ii) refinancing certain existing financial indebtedness
            of the iSOFT Group; and
      (iii) in respect of the first drawing only, paying fees,
            costs and expenses incurred in connection with the
            new committed debt facilities.

This facility can be utilized until November 2009 and will
mature in May 2011;

   -- a GBP45 million bank guarantee facility: this facility   
      would replace existing letters of credit provided under
      iSOFT's existing facilities against advance payments
      received from the U.K.'s Department of Health.  Upon
      completion of the Offer, it is expected that this facility
      will be almost fully utilized.  Utilization will reduce in
      time as these advance payments unwind and is currently
     expected to reduce to zero by June 30, 2008; and

   -- a GBP25 million revolving credit facility: this facility
      can be utilized for general corporate and working capital
      purposes and can also be utilized for requesting letters
      of credit.  This facility will mature in May 2011.

All conditions precedent to the draw down of the New Debt
Facilities must be satisfied on or before Aug. 13, 2007 (or such
longer period as ABN AMRO may in its absolute discretion agree).

The New Debt Facilities carry drawn margins of 225 and 275 basis
points over LIBOR (or, in the case of the revolving facility,
LIBOR or EURIBOR, as applicable) once the full security package
has been put in place.  The margins on the New Debt Facilities
are lower than those on iSOFT's existing bank facilities.

The reason for the delay in availability of the new term loan
facility is that the cash proceeds of the Conditional Placement
will only be received (pursuant to the underwriting or
subscriptions received from eligible IBA Shareholders) after
first utilization of the facilities following completion of the
Offer.  If those cash proceeds are not received within five
business days, an event of default will occur under the New Debt
Facilities.

The IBA Consideration Shares issued to iSOFT Shareholders will
(assuming full exercise of the iSOFT Warrants prior to
completion of the Offer) account for approximately 33.1 percent
of IBA's enlarged share capital following completion of the
Offer, the Conditional Placement and the Rights Issue.  IBA
intends to obtain a secondary listing in London of the IBA
Shares as soon as reasonably practicable after completion of the
Offer.

IBA announces a non-preemptive Conditional Placement to raise
AUS$$55 million (approximately GBP23 million) (before expenses)
by the issue of the IBA Placing Shares for cash at a price of
AUS$$1.05 per share to institutional investors.  The total
number of IBA Placing Shares to be issued under the Conditional
Placement is expected to be 51,923,700.  The IBA Placing Shares
are expected to be issued two business days following completion
of the Offer.

IBA also announces a Rights Issue to raise AUS$$145 million
(GBP61 million) (before expenses).  The Rights Issue entitles
eligible IBA Shareholders as at the Rights Issue record date to
subscribe for 2 IBA Rights Issue Shares for every 5 existing IBA
Shares held at a price of AUS$$1.05 per new share.  The total
number of IBA Rights Issue Shares to be issued under the Rights
Issue is expected to be 138,463,329.  The Rights Issue Shares
are expected to be issued on June 15, 2007.  If the Offer does
not complete, IBA will seek to return capital in an amount
approximately equal to the funds raised through the Rights Issue
(net of fees and expenses associated with the Rights Issue)
within three months of the day on which the Offer lapses or is
withdrawn.  The form of capital return will be determined by
IBA, subject to the Australian Corporations Act and the ASX
Listing Rules.

The IBA Directors believe that the combination of iSOFT and IBA
would:

   -- create one of the largest providers of information systems              
      in the healthcare IT market with a combined installed base
      of approximately 13,000 healthcare systems;

   -- bring together the two companies' international presence
      and customer base creating a business with critical mass
      and reach;

   -- unite two experienced management teams with complementary
      skills and a proven track record in the healthcare IT
      market;

   -- enhance the Enlarged Group's capability to deliver and
      complete the development of LORENZO, iSOFT's flagship
      strategic product.  LORENZO would form the basis of the
      Enlarged Group's next generation product suite.  LORENZO,
      once completed, is expected to provide significant revenue
      opportunities for the Enlarged Group when the product is
      marketed internationally;

   -- create significant opportunities for top-line growth from
      cross-selling the complementary product portfolio of IBA
      and iSOFT to a larger customer base;

   -- be expected to result in full run-rate annual cost
      synergies of approximately AUS$$27 million (GBP11 million)
      in the financial year ending June 30, 2009, arising
      primarily from a reduction of overheads through the
      removal of duplicated infrastructure and premises;

   -- bring new funds to the Enlarged Group thereby enhancing
      its ability to deliver and maintain large scale contracts;
      and

   -- be significantly earnings per share enhancing for IBA for
      the year to  June 30, 2008 before amortization of
      acquisition related intangibles and one-off integration
      costs associated with the Offer, but including expected
      synergy benefits.

Gary Cohen, Executive Chairman of IBA, will retain the same
position in the Enlarged Group.  John Weston, currently Chairman
and acting CEO of iSOFT, will join the Board of the Enlarged
Group as Deputy Chairman.  Steve Garrington, currently CEO of
IBA, will become joint Group Managing Director for the Enlarged
Group.  Bill Henry, currently COO of iSOFT, will join the IBA
Board and become joint Group Managing Director for the Enlarged
Group.  His role will include overall responsibility for the
development of LORENZO and for the Enlarged Group's position in
the National Programme for IT in England.

It will be a condition of the Offer that CSC gives its consent
to the change of control in iSOFT plc, which would result from
the completion of the Offer.  Discussions have therefore been
held with CSC by iSOFT and IBA.  CSC has indicated that, for its
consent to be forthcoming at completion of the Offer, CSC will
need to be satisfied that the acquisition by IBA will enhance
the ability of iSOFT to deliver under NPfIT.  These discussions
are continuing.  CSC will also require CfH to provide an
equivalent consent and IBA to provide a parent company guarantee
in the form of the existing guarantee from iSOFT (which IBA has
agreed to provide).  If the CSC consent is not obtained, IBA
will seek the permission of the Panel to invoke the condition
and lapse the Offer.

The iSOFT Directors, who have been so advised by Gleacher
Shacklock and Morgan Stanley, consider the terms of the Offer to
be fair and reasonable.  In providing their advice to the iSOFT
Directors, Gleacher Shacklock and Morgan Stanley have taken into
account the commercial assessments of the Directors.  The iSOFT
Directors intend unanimously to recommend iSOFT Shareholders to
vote in favour of the Offer, and the iSOFT Directors have
irrevocably undertaken to do so in respect of their own
beneficial holdings of 323,734 iSOFT Shares representing as at
the date of this announcement, in aggregate, approximately 0.139
percent of the existing issued share capital of iSOFT.

It is expected that the Scheme Document will be posted on  
June 12, 2007 and that the Scheme will become effective by
July 30, 2007, subject, inter alia, to the satisfaction or
waiver of the conditions to be set out in the Scheme Document.

"This merger of two leading healthcare IT companies will create
one of the largest providers of health IT solutions in the
regions from Europe through to Australasia," IBA Executive
Chairman Gary Cohen, Executive Chairman of IBA, said.  "This is
a continuation of our international strategy, started three
years ago.  The combined management talent and technical
expertise of the two businesses, together with the financial
strength of the Enlarged Group, will deliver exciting growth and
value to shareholders, customers and employees.  With iSOFT's
key position in the UK National Programme for IT, IBA will have
a reference site for future worldwide deployment."

"Since our AGM last October we have conducted a thorough review
of all the options open to iSOFT to secure its long term funding
and to determine the most appropriate route forward," iSOFT
Chairman and Acting CEO John Weston said.  "We believe that this
offer from IBA and the associated refinancing of the combined
business's balance sheet will enable continuity on NPfIT on a
sound footing and will establish a platform for growing the
business in the future.  It is also a recognition of the
considerable progress we have made as a company since the middle
of 2006."

ABN AMRO Corporate Finance is acting as sole financial adviser
to IBA. Hoare Govett is acting as corporate broker to IBA.
Gleacher Shacklock is acting as joint financial adviser to
iSOFT.  Morgan Stanley is acting as joint financial adviser and
corporate broker to iSOFT.

iSOFT disclosed at its annual general meeting on Oct. 17, 2006,
that it needed to secure long-term capital for its business and
that it was reviewing a range of options that would enable it to
finance its activities on a long-term basis.  Since then, iSOFT
has held discussions with a number of parties, during which it
has received and explored proposals on a range of alternative
transactions.

On Feb. 16, 2007, IBA revealed that it was in discussions with
iSOFT, which may or may not lead to a recommended all-share
Offer for iSOFT being made by IBA.  IBA also confirmed that it
was in discussions with certain financial institutions to obtain
the funding which would be required to refinance iSOFT's
existing debt facilities and provide adequate working capital
for the ongoing requirements of the Enlarged Group if it
proceeded with such an Offer.

On May 7, 2007, IBA announced a halt to the trading of its
Shares on the ASX in order to enable IBA to hold meetings with
certain institutional investors with a view to raising new share
capital in order to facilitate a possible recommended Offer for
iSOFT.

                          About iSOFT

Headquartered in Manchester, United Kingdom, iSOFT Group plc
-- http://www.isoftplc.com/-- supplies advanced medical  
software applications for the healthcare sector.  Its products
are used by more than 8,000 organizations in 27 countries for
managing patient information and driving improvements in
healthcare services.  In international markets, the group has a
strong presence in the Asia-Pacific, including Singapore and
India.

                          *     *     *

In June 2006, the Group disclosed a change in accounting policy,
as a consequence of which it became necessary to review revenue
recognition in prior years, in order to re-state some prior year
revenues.  Arising out of that review, a number of possible
accounting irregularities came to light in which it
appears that some revenues reported in 2003/04 and 2004/05 may
have been recognized earlier than they should have been.

On July 20, 2006, the Group engaged its auditors, Deloitte &
Touche LLP, to conduct a formal initial investigation into these
possible irregularities.  In August 2006, it was confirmed that
there were indeed matters that needed further investigation and
the company handed over relevant documents to the Financial
Services Authority, which is now conducting further
investigations.

The Group is working closely and co-operatively with the FSA in
order to complete these investigations as quickly as possible.
At the current time it would be inappropriate to comment on the
likely outcome.

On Oct. 25, 2006, the Accountancy Investigation and Discipline
Board (AIDB) disclosed that it would conduct its own
investigation.  The AIDB investigation is a review of the
conduct of those members of accountancy bodies that are
regulated by the AIDB who were executive or non-executive
directors of iSOFT during the relevant periods, and RSM Robson
Rhodes LLP, iSOFT's auditor for the financial years ended
April 30 2003, 2004 and 2005.

All current executive directors of iSOFT who are members of
those accountancy bodies were appointed after the dates under
investigation, as was the non-executive director who is
currently chairman of the audit committee.  The initial
investigation into possible accounting irregularities --
conducted by the Group's current auditors, Deloitte & Touche
LLP, in July and August 2006 -- did not uncover evidence that
any of the current non-executive directors had any knowledge of
the irregularities.

On the basis of information that has come to light so far, the
Group does not believe that these matters will have any impact
on the current or future financial position of iSOFT.

                      Going Concern Doubt

At Oct. 31, 2006, the company's board of directors recognized
that there are material uncertainties that may cast significant
doubt on the Group's ability to continue as a going concern.


KESTREL ROOFING: Calls In Liquidator from Bishop Fleming
--------------------------------------------------------
Jeremiah Anthony O'Sullivan of Bishop Fleming was appointed
liquidator of Kestrel Roofing Ltd. on May 9 for the creditors'
voluntary winding-up procedure.

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

The company can be reached at:

         Kestrel Roofing Ltd.
         Unit C2
         High Orchard Street
         Gloucester
         GL2 5QZ  
         England
         Tel: 01452 302 670
         Fax: 01452 302 670


LADBROKES PLC: Achieves Growth in Irish Shops and eGaming
---------------------------------------------------------
Ladbrokes plc provides trading update for the four months ended
April 30, 2007.

The Board of Ladbrokes continues to expect the results for 2007
to be in line with its expectations.  Good progress has been
made with the renewal of the FOBT estate, growth in the Irish
shops is buoyant and eGaming continues to grow steadily.  U.K.
Retail OTC has had a challenging period, partly due to the
success of the new FOBT rollout.  Future OTC trends are
difficult to predict, not least because of the advent of all
year round evening opening.  Labrokes continues to focus
energetically on International development opportunities in both
Europe and Asia, with its activities in Italy the most advanced.

Profit for the four months ended April 30, 2007 was in line with
last year excluding the impact of Telephone High Rollers (down
10% including High Rollers, where Ladrokes faced tough
comparatives in the same period last year).  Total gross win
increased by 5% excluding High Rollers (up 2% including High
Rollers).

U.K. Retail gross win increased by 1%. Over the Counter (OTC)
gross win declined by 3% with a reduction in total amounts
staked, partially offset by an improvement in margin.  Machine
gross win increased by 12% with average weekly gross win per
FOBT of GBP613 compared to GBP534 for the same period in 2006.
Rollout of the new FOBTs was completed at the end of March and
average weekly gross win has improved further.  Costs**
increased by approximately 9%, of which 4% relates to Amusement
Machine Licence Duty on FOBTs.

Ireland and Belgium Retail gross win increased by 23%, due to a
particularly strong performance from the enlarged Irish estate.

eGaming gross win increased by 11% due to good growth in
Sportsbook, Casino and Games, partially offset by a decline in
Poker where the competitive environment remains difficult.
Active customers grew by 12% in the period.

Telephone Betting gross win decreased by 47%, due to reduced
High Roller activity.

* Profit from continuing operations, before interest and tax

** Operating costs excluding gross profits tax, VAT, free bets,
promotions and bonuses

                          About Ladbrokes

Headquartered in Watford, United Kingdom, Ladbrokes plc --
http://www.ladbrokesplc.com/-- engages in fixed odds betting.  
The company is comprised of Ladbrokes, the biggest retail
bookmaker in the U.K. and Ireland, Ladbrokes.com, a world-
leading provider of interactive betting and gaming services,
Vernons, the leading football pools operator and Ladbrokes
Casinos, which opened its first casino at the Hilton London
Paddington in July 2006.

                          *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its Ba2 Corporate Family Rating for Ladbrokes
Plc.

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


LEVEL 3: To Serve as Key Strategic Network Supplier for Easynet
---------------------------------------------------------------
Level 3 Communications' European Markets Group 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," David Rowe Easynet's chief executive officer 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," said Brady Rafuse, president and CEO of Level 3
European Markets. "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 suites
of Level 3's 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 services, broadband
transport and infrastructure services, colocation services,
voice services and voice over IP services.

                          *     *     *

Level 3 Communications Inc. and wholly owned subsidiary, Level 3
Financing Inc. carry Standard & Poor's Rating Services' 'B-'
corporate credit rating.  The outlook is stable.

The company's new US$1 billion term loan carries Moody's
Investors Service's B1 rating and the company's US$1 billion
fixed and floating rate notes at its Financing subsidiary carry
Moody's B3 rating.  It also bears Moody's Caa1 corporate family
rating with a stable outlook.


ONE20 CONSULTING: Appoints P&A to Administer Asets
--------------------------------------------------
Christopher Michael White and Gareth David Reading of The P&A
Partnership were appointed joint administrators of One20
Consulting U.K. Ltd. (Company Number 03861560) on May 8.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing  
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         One20 Consultn g U.K. Ltd.
         Kingsbourne House 229 231  
         High Holborn  
         Camden  
         London  
         WC1V 7DA
         England
         Fax: 020 7242 5589


PARAMOUNT PROJECTS: A. Clifton Leads Liquidation Procedure
----------------------------------------------------------
A. Clifton of DTE Leonard Curtis was appointed liquidator of
Paramount Projects Ltd. on May 9 for the creditors' voluntary
winding-up procedure.

DTE Leonard Curtis -- http://www.dtegroup.com/-- offers tax  
consultancy, company secretarial services, corporate finance,
corporate recovery, turnaround, forensic accounting, financial
services and insurance & risk management.

The company can be reached at:

         Paramount Projects Ltd.
         Bowers Bent
         Cotes Heath
         Stafford
         ST21 6SG  
         England
         Tel: 01782 791 036
         Fax: 01782 791 446


RILEY DUNN: Dunn's Grandson to Acquire Business & Rescue 60 Jobs
----------------------------------------------------------------
Charles Dunn, grandson of Riley Dunn and Wilson Ltd. co-founder
Hugh Dunn, and publisher Jeremy Mills have formed a new company
to acquire the assets and goodwill of the bookbinding company,
secure the jobs of 57 staff, and rescue the firm from
administration, the Scotsman reports.

Mr. Dunn, who left the company 10 years ago after working there
for 21 years, described the slimmed-down business he was taking
on as a "totally viable concern," the Scotsman notes.  He said
they would most likely hire more staff, particularly at
Huddersfield.  The company employs 39 workers in Falkirk and 18
in Huddersfield, Yorkshire.

The newly formed Dunn & Mills is hopeful it can also acquire the
Riley Dunn & Wilson trading name, subject to the approval of the
company's shareholders, the Scotsman observes.

                       High Hopes for RDW

The restoration of the RDW name would ensure the continuity of a
"well-known and respected business in a very small industry,"
the Scotsman quotes Mr. Dunn as saying.  He added, "RDW has a
reputation and tradition for excellence in craftsmanship and
customer service.  We have exciting plans to build on these
strengths whilst also becoming more flexible, more targeted and
more entrepreneurial.  There are substantial and growing markets
for specialist publishing and book production services, such as
in conservation, repair and restoration, that we plan to
develop".

The rescue deal was funded with private cash, the Scotsman
relates.  A number of interested parties had inquired about the
business, according to Kenny Craig.

                Internet Triggers Industry Slump

Advances in printing and the Internet have contributed to the
continuing decline of the bookbinding industry.  Fortunately,
libraries and universities that need to restore and preserve
printed materials for archival purposes rely heavily on
bookbinding.

                About Riley Dunn and Wilson Ltd.

Headquartered in Falkirk, Scotland, Riley Dunn and Wilson Ltd.
-- http://www.rdw.co.uk/-- mainly binds periodicals and other  
reference materials.  It was established in 1966.

Kenny Craig and Tom MacLennan of Tenon Recovery were appointed
joint administrators of the company on March 20, 2007, following
a gradual sales decline over recent years in the wake of the
general move towards electronic data storage.  This resulted in
a significant operating loss last year, which left the company
facing financial difficulty.  After fully assessing the
position, the directors decided to appoint administrators.


ROOKSMOOR TIMBER: Claims Filing Period Ends June 27
---------------------------------------------------
Creditors of Rooksmoor Timber Co. Ltd. have until June 27 to
send in their names and addresses, with particulars of their
debts or claims to:

         Andrew Sheridan
         Joint Liquidator
         Baker Tilly Restructuring and Recovery LLP
         1 Georges Square
         Bah Street
         Bristol  
         BS1 6BP
         England

Andrew Sheridan and Guy Mander were appointed joint liquidators
of the company on May 2.

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


ROYAL & SUN: Unveils New Appointments to Executive Committee
------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc disclosed two
appointments to its Group Executive Committee: Clare Salmon as
Group Strategy, Marketing and Customer Director and David
Weymouth, as Group Operations and IT Director.  Both roles were
created as part of the reorganization announced in 2006 and will
report to Group CEO, Andy Haste.

Clare Salmon joins the Group to lead the development and global
implementation of strategy, sales and marketing.  She is
formerly Director of Marketing & Commercial Strategy at ITV Plc
and was a member of the Executive Management Board.  Ms. Salmon
previously worked at Centrica Plc and was Managing Director of
AA Financial Services, with responsibility for the U.K.'s
largest consumer insurance brokerage.  She has also held senior
commercial roles at Prudential Corporation and started her
career at Boston Consulting Group.  She is a non-executive
director of Alliance Trust plc.  Ms. Salmon's appointment is
effective from June 11, 2007.

David Weymouth will be responsible for the Group's operations
and technology strategy and development.  Mr. Weymounth spent
nearly 30 years at Barclays Bank plc, including five years as
Group CIO and a member of the Group Executive Committee, and two
years as COO and Deputy CEO of Corporate Banking.  Since 2005,
he has been an independent board consultant, advising on design
and implementation of IT, operations and procurement.  
Mr. Weymouth will join the Group on June 25, 2007.

"I am delighted to welcome Clare and David to the Group," Group
CEO Andy Haste said.  "Our focus is on driving profitable growth
and operational excellence.  Both Clare and David have proven
track records of delivery in these areas and I look forward to
working with them as we continue to drive the business forward."

                          About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group PLC -- http://www.royalsunalliance.com/-- is a FTSE 100  
company, listed on the London Stock Exchange and in New York.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in 30 countries, providing
general insurance products to over 20 million customers
worldwide.  In Latin America, it operates in Brazil, Chile,
Colombia, Mexico, Uruguay, and Venezuela.  In Asia, the company
operates in Hong Kong, Singapore, and Saudi Arabia.

                        *     *     *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


SUSSEX PERFORMANCE: Claims Filing Period Ends July 31
-----------------------------------------------------
Creditors of Sussex Performance Centre Ltd. have until July 31
to prove their debts or claims and send in their full names and
addresses of their solicitors (if any) to:

         William Antony Batty  
         Liquidator
         Antony Batty & Company LLP
         3 Field Court
         Gray's Inn
         London
         WC1R 5E
         England

William Antony Batty of Antony Batty & Company LLP was appointed
liquidator of the company May 9.


TOTAL LANDLORD: Joint Liquidators Take Over Operations
------------------------------------------------------
David L. Cockshott and Gary E. Blackburn of BWC Business
Solutions were appointed joint liquidators of Total Landlord
Services Ltd. on May 9 for the creditors' voluntary winding-up
proceeding.

The company can be reached at:

         Total Lanldord Services Ltd.
         22 Westlea Avenue
         Bishop Auckland
         DL14 6HE  
         England
         Tel: 01388 662 083


VIRGIN MEDIA: Board OKs 50% Increase in Quarterly Cash Dividend
---------------------------------------------------------------
The Board of Directors of Virgin Media Inc. has approved a 50%
increase in the payment of the cash dividend for the quarter to
3.0 cents per share of the Company's Common Stock. The payment
will be made on June 20, 2007 to stockholders of record as of
June 12, 2007.

As previously reported in the TCR-Europe on May 11, 2007, Virgin
Media posted GBP120.3 million in net losses against GBP1 million
in revenues for the first quarter ended March 31, 2007, compared
with GBP119.9 million in net losses against GBP611.4 million in
revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, also showed
strained liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                         About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides  
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.
    
                            *     *     *

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

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

As reported in the TCR-Europe on March 23, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' senior secured debt
rating and '1' recovery rating on Virgin Media Investment
Holdings Ltd.'s GBP4.98 billion senior secured facilities.  


VIRGIN MEDIA: Inks 4-Year Network Deal with Cable & Wireless
------------------------------------------------------------
Cable & Wireless plc disclosed a four-year agreement with Virgin
Media Inc. (fka NTL Inc.) to become its exclusive unbundled
local loop (LLU) network provider on a wholesale basis until
2011.

With its extensive LLU footprint giving access to around 4
million additional homes, Cable & Wireless will supply wholesale
broadband services to support Virgin Media's existing off net
customers as well as new customers.

Virgin Media will be able to offer broadband, phone and
television service to parts of the country not currently served
by its cable network.

Thanks to its long-standing relationships with a number of
Virgin brands, including Virgin Atlantic and Virgin Group, Cable
& Wireless has the experience and understanding of Virgin's
culture.

"This deal is great news for consumers and an important step
towards making Virgin Media a truly national brand," Virgin
Media Chief Operating Officer Neil Berkett said.   "Cable &
Wireless' excellent service and technology will allow us to
offer enhanced broadband and home phone services to an
additional four million customers.  It also lays a foundation
for us to provide our unique quadplay services to the 50% of
households outside our cable network."

"This is another landmark win for us; we're delighted.  We're
obsessive about delivering great service and putting customers
at the heart of our business - clearly, this approach resonates
with Virgin Media," Cable & Wireless U.K. CEO Jim Marsh
commented.

                          About Cable & Wireless

Headquartered in London, Cable & Wireless Plc --
http://www.cw.com/new/-- provides voice, data and IP (Internet  
Protocol) services to business and residential customers, as
well as services to other telecoms carriers, mobile operators
and providers of content, applications and Internet services.
The company has operations are in the United Kingdom, India,
China, the Cayman Islands and the Middle East.

                          About Virgin Media

Headquartered in London, England, Virgin Media Inc. (fka NTL
Inc.) (NASDAQ: VMED) -- http://virginmedia.com/-- provides  
broadband, digital television, telephony, content and
communications services, reaching over 50% of the U.K. homes and
85% of the U.K. businesses.


                        *     *     *

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

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

As reported in the TCR-Europe on March 23, 2007, Standard &
Poor's Ratings Services affirmed its 'BB-' senior secured debt
rating and '1' recovery rating on Virgin Media Investment
Holdings Ltd.'s GBP4.98 billion senior secured facilities.  


VONAGE HOLDINGS: Posts US$72 Million in Quarter Ended March 31
--------------------------------------------------------------
Vonage Holdings Corp. reported results for the quarter ended
March 31, 2007.

Revenue for the first quarter 2007 grew to a record US$196
million, a 64% increase from US$120 million in the first quarter
2006, driven by strong customer line growth over the course of
the year and higher average revenue per line.

Adjusted loss from operations1 narrowed to US$58 million in the
quarter, a 20% improvement from US$73 million in the year-ago
quarter.  Adjusted loss from operations excluding royalty1
narrowed to US$48 million in the first quarter 2007, a 34%
improvement from US$73 million in the first quarter 2006 and a
10% improvement from US$53 million last quarter.

For the first quarter of 2007, the company's net loss narrowed
to US$72 million from a net loss of US$85 million reported in
the first quarter 2006.  Net loss excluding royalty and
associated interest improved to US$61 million from US$65 million
in the fourth quarter 2006.

Vonage added approximately 166,000 net subscriber lines during
the quarter and finished with nearly 2.4 million lines in
service.

Jeffrey Citron, Vonage Chairman, said, "We have battled through
an extremely difficult quarter and will continue the fight in
the courtroom.  While the patent litigation has challenged our
business, it has not distracted our focus on providing consumers
with the opportunity to choose a better phone service.

"We believe we have workable designs for the two name
translation patents and intend to begin deploying the solution
to our customers shortly.  In addition, we are continuing our
development of the workaround for the wireless patent."

                        Verizon Litigation

On June 12, 2006, Verizon filed a suit against Vonage and
its subsidiary Vonage America Inc., with the U.S. District Court
for the Eastern District of Virginia.

Verizon alleged that the company infringed seven patents in
connection with providing VoIP services and sought injunctive
relief, compensatory and treble damages and attorneys' fees.
Verizon dismissed its claims with respect to two of its patents
prior to trial, which commenced on Feb. 21, 2007.

After trial on the merits, a jury returned a verdict finding
that the company infringed three of the patents-in-suit.  The
jury rejected Verizon's claim for willful infringement, treble
damages, and attorneys' fees, and awarded compensatory damages
in the amount of US$58 million.  The trial court subsequently
indicated that it would award Verizon US$1.6 million in
prejudgment interest on the US$58 million jury award.  The trial
court issued a permanent injunction with respect to the three
patents the jury found to be infringed effective April 12, 2007.

The trial court then permitted the company to continue to
service existing customers pending appeal, subject to deposit
into escrow of a 5.5% royalty on a quarterly basis.  The trial
court also ordered that the company may not use its technology
that was found to be infringing to provide services to new
customers.  In addition, Vonage posted a US$66 million bond to
stay execution of the monetary judgment pending appeal.

On April 6, 2007, the company brought the trial court's ruling
to the Federal Circuit Court, which Court allowed Vonage to
continue to sign up new customers while Vonage appeals the
jury's decision and set June 25, 2007, as the commencement of
the oral arguments on the matter.

                       Bankruptcy Warning

In its Form 10-K for the year ended Dec. 31, 2006, filed with
the U.S. Securities and Exchange Commission, Vonage says that
its ongoing patent litigation with Verizon, if determined
against the company, could:

    * result in the loss of a substantial number of existing
      customers or prohibit the acquisition of new customers;

    * lead to an event of default under the terms of the
      company's convertible notes, which could accelerate the
      payment of approximately US$253.6 million of principal and
      interest under the notes;

    * cause the company to accelerate expenditures to preserve
      existing revenues;

    * cause existing or new vendors to require prepayments or
      letters of credit;

    * cause the company to lose access to key distribution
      channels;

    * result in substantial employee layoffs or risk the
      permanent loss of highly-valued employees;

    * materially and adversely affect the company's brand in the
      market place and cause a substantial loss of goodwill;

    * cause the company's stock price to decline significantly
      or otherwise cause the company to fail to meet the
      continued listing requirements of the New York Stock
      Exchange, which could result in the delisting of its
      common stock from the Exchange;

    * materially and adversely affect the company's liquidity,
      including its ability to pay debts and other obligations
      as they become due; and

    * lead to the bankruptcy or liquidation of the company.
  
                           About Vonage

Vonage Holdings Corp. (NYSE:VG) -- http://www.vonage.com/-- is  
a provider of broadband telephone services with over 1.4 million
subscriber lines as of February 8, 2006.  Utilizing its voice
over Internet protocol technology platform, the company offers
feature-rich, low-cost communications services with a call
quality comparable to traditional telephone services.  While
customers in the United States represent over 95% of its
subscriber lines, Vonage continues to expand internationally,
having launched its service in Canada in November 2004. In May
2005, the Company expanded into Europe by launching services in
the United Kingdom.


* BOND PRICING: For the Week May 14 to May 18, 2007
---------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price     
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      62.24
                          0.250    10/14/26     CDN      37.85
Republic of Austria       4.000    06/22/22     EUR      74.13
                          5.000    10/10/25     EUR      69.33
                          7.000    08/04/25     EUR      68.09
                          
DENMARK
-------
Kommunekredit             0.500    05/11/29     CDN      40.73

FINLAND
-------
Muni Finance PLC          0.250    06/28/40     CDN      19.63
                          0.500    09/24/20     CDN      57.04
                          1.000    11/21/16     NZD      57.98
                          0.500    04/26/13     AUD      70.81
                          1.000    03/19/13     AUD      73.62


FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      68.45
Alcatel S.A.              4.750    01/01/11     EUR      17.00
Altran Technologies S.A.  3.750    01/01/09     EUR      12.51
BNP Paribas               0.250    12/20/14     US$      67.95
CAP Gemini S.A.           2.500    01/01/10     EUR      60.25
                          1.000    01/01/12     EUR      58.63
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.71
                          4.375    11/01/10     EUR      54.20
Elior S.A.                1.000    06/08/07     EUR      20.05
Guilleot Corp.            4.500    08/31/07     EUR      72.60
Havas S.A.                4.000    01/01/09     EUR      10.78
Infogrames
   Entertainment S.A.     1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      20.74
Maurel & Prom             3.500    01/01/10     EUR      22.49
Publicis Group            0.750    07/17/08     EUR      34.90
                          1.000    01/18/18     EUR      43.96
Rallye                    3.750    01/01/08     EUR      53.81
Scor S.A.                 4.125    01/01/10     EUR       2.38
Soc Air France            2.750    04/01/20     EUR      37.57
Soitec                    4.625    12/20/09     EUR      17.52
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.11
Valeo                     2.375    01/01/11     EUR      51.15
Vivendi Universal S.A.    1.750    10/30/08     EUR      33.11
Wendel Invest S.A.        2.000    06/19/09     EUR      58.10

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.85
                          0.500    12/19/17     EUR      67.32
                          5.000    07/07/20     EUR      72.40
                          5.000    07/29/20     EUR      73.65
                          6.000    07/21/25     EUR      69.24
                          8.000    08/10/30     EUR      65.84
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.92

GREECE
------

Hellenic Republic         5.000    07/13/20     EUR      71.81
Hellenic Republic         6.000    07/07/24     EUR      68.55
Hellenic Republic         6.000    07/06/24     EUR      74.88

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      68.18

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      49.74
                          0.250    07/08/33     CDN      26.69
Irish Perm Plc            6.125    02/15/35     EUR      70.86
Magnolia Finance IV Plc   1.050    12/20/45     US$      24.90

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      62.07

NETHERLANDS
-----------
BK Ned Gemeenten          0.500    02/24/25     CDN      47.54
                          0.500    06/27/18     CDN      62.65
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.19
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.74
Lehman Bros TSY B.V.      8.250    03/16/35     EUR      65.45
                          7.250    10/05/35     EUR      66.56
                          7.000    05/17/35     EUR      72.88
Ned Waterschapbk          6.500    08/15/35     EUR      67.90
                          6.000    06/01/35     EUR      72.83
                          6.000    06/30/45     EUR      67.05
Parmalat Finance B.V.     5.500    03/30/09     EUR      27.98
Rabobank Groep N.V.       5.360    07/15/15     EUR      68.68
                          6.000    02/22/35     EUR      74.46
                          6.000    05/09/35     EUR      74.06
                          2.000    02/23/35     EUR      63.60
                          7.000    02/28/35     EUR      71.96
                          7.000    03/23/35     EUR      68.06
                         
NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.59

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.10

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      55.78
                          1.678    07/03/56     GBP      35.35
National Grid Gas Plc     1.754    10/17/36     GBP      47.83
                          1.771    03/30/37     GBP      47.85
Royal BK Scotland Plc     0.250    03/27/14     US$      71.71
                          7.000    06/09/25     EUR      67.82
                          7.000    06/29/30     EUR      62.96
                          7.000    02/15/45     US$      71.75
Wessex Water Finance Plc  1.369    07/31/57     GBP      33.96


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

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

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


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