TCREUR_Public/070522.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

              Tuesday, May 22, 2007, Vol. 8, No. 100

                            Headlines


A U S T R I A

MERI LLC: Graz Court Orders Business Shutdown
NCC IT-TECHNOLOGIES: Steyr Court Orders Business Shutdown
SCHLAGER PARKETT: Claims Registration Period Ends July 3
STANO LLC: Claims Registration Period Ends June 21
WUB LLC: Arquana International Saves Company from Insolvency


B E L G I U M

CHIQUITA BRANDS: Will Launch Banana Plantation in Honduras
GOODYEAR TIRE: Underwriters Exercise Over-Allotment Option


D E N M A R K

BIO-RAD LABORATORIES: Inks Agreement to Acquire Diamed Holding
BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings
CLEAR CHANNEL: Inks Second Amendment to Merger Agreement


F R A N C E

BOSTON SCIENTIFIC: First Quarter Net Income Lowers to US$120 Mln
DELPHI CORPORATION: UAW Delivers Final Counterproposal
DIGITAL LIGHTWAVE: Posts US$603,000 Net Loss in First Quarter
KAUFMAN & BROAD: Moody's May Lower Ba1 Rating After Review
KB HOME: Fitch Puts Kaufman & Broad's Ratings on Watch Evolving


G E R M A N Y

BENQ CORP: Sells Camera Business Unit to Ability Enterprise
DAIMLERCHRYSLER: Hopes to Reduce Debt After Chrysler Sale Closes
DAIMLERCHRYSLER AG: Sells 50% stake in China's Yaxing Benz Ltd.
DURA AUTO: Wants Exclusive Plan-Filing Period Until Sept. 30
L + W BAUUNTERNEHMUNG: Claims Registration Period Ends June 11

LIPOSCAK ENGINEERING: Claims Registration Period Ends June 4
LOHRMANN ELEKTRONIK: Claims Registration Period Ends May 29
MASCHINENBAU HERZOG: Claims Registration Period Ends June 29
NORIS BASKET: Claims Registration Period Ends June 4
OEKO-STERN-HAUSBAU GMBH: Claims Registration Period Ends July 1

RHEINLAND GASTRONOMIE: Creditors' Meeting Slated for June 1
RUSS AUTOMOBILE: Claims Registration Period Ends June 11


I R E L A N D

SANYO ELECTRIC: Less Likely to Default on Bonds, Bloomberg Says
SANYO ELECTRIC: Narrows Bidders for Microchip Operations
SANYO ELECTRIC: To Strengthen Product Quality Control


I T A L Y

ALITALIA SPA: Italy Hopes to Close Stake Sale by End-July
AMERICAN ITALIAN: Further Delays Financials Due to Restatements
EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Million Sr. Loan
MICRON TECHNOLOGY: Prices US$1.135 Billion Sr. Notes' Offering


K A Z A K H S T A N

ALAMAN LLP: Creditors Must File Claims by June 8
ALTYN-JALGAS LLP: Creditors' Claims Due June 22
BANK TURANALEM: Fitch Affirms Low B Foreign Currency IDRs
BENAT LLP: Proof of Claim Deadline Slated for June 22
DAUREN-CASIO LLP: Claims Registration Ends June 20

GAIKOV EXPORT LLP: Claims Filing Period Ends June 22
KUMBEZ-KURYLYS LLP: Creditors Must File Claims by June 20
SARYKOL-BIDAI LLP: Creditors' Claims Due June 5
SULTANGAZY LLP: Claims Registration Ends June 5


K Y R G Y Z S T A N

STROYMEGAPOLIS LLC: Creditors Must File Claims by July 4


N E T H E R L A N D S

LEAR CORP: Fitch Cuts & Withdraws Low B & Junk Ratings


P O L A N D

CENTRAL EUROPEAN: Moody's Lifts Corporate Family Rating to B1


P O R T U G A L

BEARINGPOINT INC: Jill Kanin-Lovers Joins Board of Directors


R O M A N I A

BENCHMARK ELECTRONICS: Pemstar Purchase Cues S&P to Remove Watch


R U S S I A

ABAKAN-VAGON-STROY: Creditors Must File Claims by May 28
AGRO-PROM-TEKH-SNAB: Court Starts Bankruptcy Supervision Process
BUSINESS-PARTNER LLC: Creditors Must File Claims by May 28
CELSIA TECH: March 31 Balance Sheet Upside-Down by US$1.2 Mln
KAZANSKIY FACTORY: Creditors Must File Claims by May 28

KHARABALINSKOYE GRAIN: Creditors Must File Claims by June 28
LENINSKIY FACTORY: Creditors Must File Claims by May 28
OPOCHETSKIY BUTTER: Asset Sale Slated for June 8
PENZA-SPIRIT-PROM: Penza Bankruptcy Hearing Slated for Sept. 6
ROSNEFT OIL: Second Shot on Yukos Krasnodar Assets at Sight

RUS'-PROM-INVEST: Court Names S. Kobzev as Insolvency Manager
RUSSIA COMPANY CJSC: Creditors Must File Claims by May 28
SABINSKOYE-1 OJSC: Creditors Must File Claims by May 28
SEVERO-ANGARSKIY MINING: Creditors Must File Claims by June 28
TNK-BP HOLDING: May Lose License to Operate Kovytka Gas Field

TRANSNEFT OAO: Receives 24% Russian Government Stake in CPC
TUYMAZINSKIY ELEVATOR: Creditors Must File Claims by June 28
VIMPEL-COMMUNICATIONS: Telenor ASA Hikes Stake to 29.9%
VISHERSKAYA PAPER: Creditors Must File Claims by June 28
WOODWORKING FACTORY: Creditors Must File Claims by May 28

YUKOS OIL: Receiver to Offer Krasnodar Assets to OAO Rosneft Oil


S P A I N

INTERPUBLIC GROUP: Fitch Lifts Issuer Default Rating to BB-


S W E D E N

ARVINMERITOR INC: Completes Sale of Emissions Tech to One Equity


S W I T Z E R L A N D

AENISHAENSLIN CONSULTING: Liquidation Claims Due June 4
CREPERIE DOWN-TOWN: Creditors' Liquidation Claims Due June 4
CTC EQUIPMENT: Creditors' Liquidation Claims Due June 4
EMMEPI SOLUTIONS: Creditors' Liquidation Claims Due June 1
GARDA JSC: Creditors' Liquidation Claims Due June 18

GEKO LLC: Creditors' Liquidation Claims Due May 31
INNOPLAN & PARTNER: Creditors' Liquidation Claims Due June 1
PR CONSULTING: Creditors' Liquidation Claims Due June 1
RS LLC: Creditors' Liquidation Claims Due June 4
VELLEN INVESTMENTS: Creditors' Liquidation Claims Due June 4


U K R A I N E

AKVILA LLC: Claims Filing Bar Date Set May 25
ARIADNA-FINANCE: Creditors Must File Claims by May 26
BUILDING INVESTMENT: Creditors Must File Claims by May 26
PMP UKRAINIAN: Creditors Must File Claims by May 26
SLAVUTA LLC: Creditors Must File Claims by May 26

SOLTARI LLC: Creditors Must File Claims by May 26
UKRAINE LLC: Creditors Must File Claims by May 25
UKRAINIAN TECHNICAL: Creditors Must File Claims by May 26
VRADIEVKA TANK: Creditors Must File Claims by May 25
VYRY OJSC: Creditors Must File Claims by May 26


U N I T E D   K I N G D O M

ACADEMY DECORATING: Joint Liquidators Take Over Operations
BRITISH AIRWAYS: Admits to Breaking Competition Rules
BUSINESS MORTGAGE: Moody's Rates EUR39.1 Million Notes at Ba1
CEVA GROUP: Moody's May Downgrade Low-B Ratings After Review
DECOJARDI UK: Names Richard Andrew Segal Liquidator

EMI GROUP: Board Recommends Terra Firma's GBP2.4 Billion Offer
EMI GROUP: Posts GBP263.6MM Pre-Tax Loss for Year Ended Mar. 31
ENERGYTECH LTD: Appoints Gary Stones as Liquidator
ENERSYS: S&P Holds All Ratings & Revises Outlook to Stable
FORD MOTOR: Europe Division's Sales Rise 7.4% in April

FREEFIT CONSERVATORIES: Peter Rees Leads Liquidation Procedure
GENERAL MOTORS: To Invest US$332 Mln in Ohio Transmission Plant
GENERAL MOTORS: Marketing VP Michael Jackson to Resign June 15
IMPRESS PRINT: Claims Filing Period Ends June 10
KB HOME: Fitch Puts Kaufman & Broad's Ratings on Watch Evolving

KFPS LTD: Hires Liquidators from Wilson Field
LADBROKES PLC: Eyes Bank Debt to Refinance Expensive Bond Debt
LADBROKES PLC: Denies Rumors Over Apax Takeover Bid
LINK SCAFFOLDING: Brings In Liquidators from Recovery hjs
ROBMAR LTD: Taps I. P. Sykes to Liquidate Assets

SCOTTISH RE: Commences Search for New Chief Executive Officer
VIRGIN MEDIA: Providence Equity Group Eyes US$15 Billion Bid
WARNER MUSIC: EMI Group Accepts Terra Firma's GBP2.4 Billion Bid
WESTBERG UK: Taps Liquidators from Dains

* Court Statistics Show Increase in Winding Up Petitions in UK

* Large Companies with Insolvent Balance Sheets

                            *********

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


MERI LLC: Graz Court Orders Business Shutdown
---------------------------------------------
The Land Court of Graz entered April 25 an order shutting down
the business of LLC Meri (FN 134882g).

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

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


NCC IT-TECHNOLOGIES: Steyr Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Steyr entered April 25 an order shutting down
the business of LLC NCC it-technologies (FN 277479h).

Court-appointed estate administrator Dr. Erhard Hackl
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

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.


SCHLAGER PARKETT: Claims Registration Period Ends July 3
--------------------------------------------------------
Creditors owed money by LLC Schlager Parkett (FN 165580a) have
until July 3 to file written proofs of claim to court-appointed
estate administrator Norbert Mooseder at:

         Dr. Norbert Mooseder
         c/o Dr. Guenther Grassner
         Stelzhamerstrasse 1
         4400 Steyr
         Austria
         Tel: 0732/77 08 15
         Fax: 770816
         E-mail: lawfirm@gltp.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 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 Klaus an der Pyhrnbahn, Austria, the Debtor
declared bankruptcy on April 25 (Bankr. Case No. 14 S 15/07i).  
Guenther Grassner represents Dr. Mooseder in the bankruptcy
proceedings.


STANO LLC: Claims Registration Period Ends June 21
--------------------------------------------------
Creditors owed money by LLC Stano (FN 269715s) have until
June 21 to file written proofs of claim to court-appointed
estate administrator Katharina Widhalm-Budak at:

         Dr. Katharina Widhalm-Budak
         c/o Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 10 37
         Fax: 513 10 37 22
         E-mail: widhalm-budak@anwaltsteim.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on July 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 25 (Bankr. Case No. 5 S 54/07m).  Guenther Hoedl
represents Dr. Widhalm-Budak in the bankruptcy proceedings.


WUB LLC: Arquana International Saves Company from Insolvency
------------------------------------------------------------
Arquana International Print & Media AG took over LLC WUB (aka
Wagnersche Universitatsdruckerei) (FN 187682d) effective
May 31, 2007, within the framework of an asset deal.

The contract is subject to the approval of the Austrian
competition authorities as well as various conditions, which
among others, the city of Innsbruck, as the owner of the
heritable building rights, must fulfill.  The parties agreed not
to disclose the purchase price.

LLC WUB employees will keep their jobs.  Arquana COO, Bodo F.
Schmischke, and the managing director of the Sochor Group,
Andreas Walka, will take over the management at WUB.  The
previous managing director at WUB, Guenter Kristen, will be
taken up into the new management.

As reported in the TCR-Europe on May 1, 2007, WUB's creditors
and other interested parties were encouraged to attend the
creditors' meeting at 9:20 a.m. on June 1 for the examination of
claims.

The meeting of creditors will be held at:

         The Land Court of Innsbruck
         Conference Hall 214
         Second Floor
         Maximilianstrasse 4
         6020 Innsbruck
         Austria

Headquartered in Neumuenster, Germany, Arquana International
Print & Media AG -- http://www.arquana.com/de-- produces  
brochures, magazines, catalogues, paper labels and cartons,
using state-of-the art printing technology.  The company has
eight production facilities in Cologne, Ellerbek, Neumuenster,
Pforzheim, Wanfried, Zell am See (Austria), Paris (France) and
Bienne (Switzerland).  The company also has offices in the U.K.

Headquartered in Innsbruck Austria, LLC WUB (aka Wagnersche
Universitatsdruckerei) is a web offset printer.  It is a
traditional Tyrolese company with a 400-year history.  In 2006
the company generated EUR22 million in revenue under poor
capacity utilization.  Its technical capacities suffice for a
revenue volume of around EUR30 million.

As an Austrian location, the company belonged to the Schmelzle
group (Waiblingen), which recently went into insolvency.  The
company thereupon had to declare insolvency on April 4, 2007,
under Bankr. Case No. 7 S 16/07y.

The company's court-appointed estate administrator Stefan Geiler
can be reached at:

         Dr. Stefan Geiler
         Maria-Theresien-Strasse 17-19
         6020 Innsbruck
         Austria
         Tel: 0512/58 27 60
         Fax: 0512/5827606
         E-mail: office@ullmann-geiler.at


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


CHIQUITA BRANDS: Will Launch Banana Plantation in Honduras
----------------------------------------------------------
Chiquita Brands International will launch a new plantation of
organic bananas in Honduras, Andre van der Wiel at Fresh Plaza
reports, citing Associazione Italiana Agricoltura Biologica, an
Italian association for organic agriculture.

Honduran Minister of Agriculture Mario Ramon Lopez told Fresh
Plaza's Mr. van der Wiel that the first 100 hectares of the
project could be planted by year-end, with an estimated
investment of EUR950,000.

Chiquita Brands is also considering starting plantations in
Angola, according to a report in a Honduran newspaper.

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

                          *     *     *

As reported in the Troubled Company Reporter-Latin America on
May 16, 2007, Moody's Investors Service changed the rating
outlook for Chiquita Brands International Inc. to negative from
stable.  

Ratings affirmed:

* Chiquita Brands International Inc. (parent holding company)

   -- Corporate family rating at B3

   -- Probability of default rating at B3

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

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

* Chiquita Brands LLC (operating subsidiary):

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

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

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


GOODYEAR TIRE: Underwriters Exercise Over-Allotment Option
----------------------------------------------------------
The underwriters of Goodyear Tire & Rubber Company's public
offering of 22,727,272 shares of its common stock have exercised
in full the over-allotment option granted to them by the
company.

As a result, the company will sell an additional 3,409,091
shares of its common stock at the offering price of US$33.00 per
share.  The offering, including the exercise of the over-
allotment option, is expected to close on May 22, 2007.

Including the exercise of the over-allotment option, the net
proceeds from the offering, after deducting underwriting
discounts and commissions, are expected to be approximately
US$834 million.

Goodyear intends to use the net proceeds from the offering to
redeem approximately US$175 million in principal amount of its
outstanding 8.625% senior notes due in 2011 and approximately
US$140 million in principal amount of its outstanding 9.00%
senior notes due in 2015.  The company expects to use the
remaining net proceeds of the offering for general corporate
purposes, which may include, among other things, investments in
growth initiatives within the company's core tire businesses and
the repayment of additional debt.

Deutsche Bank Securities, Citi and Goldman, Sachs & Co. served
as joint book-running managers of the offering.

A shelf registration statement was filed with the U.S.
Securities and Exchange Commission and became automatically
effective upon filing on May 9, 2007.  The offering of the
common stock may be made only by means of a prospectus
supplement and the accompanying prospectus, copies of which may
be obtained from:

     1) Deutsche Bank Securities Prospectus Department
        100 Plaza One
        Jersey City, NJ 07311
        Telephone (800) 503-4611

     2) Citigroup Global Markets Inc.
        Brooklyn Army Terminal
        140 58th Street, 8th Floor
        Brooklyn, NY 11220
        Telephone (718) 765-6732

     3) Goldman, Sachs & Co.
        Prospectus Department
        85 Broad St.
        New York, NY 10004
        Telephone (212) 902-1171
        Fax (212) 902-9316

     4) Goodyear's Investor Relations Department
        1144 E. Market St.
        Akron, OH 44316
        Telephone (330) 796-3751

Headquartered in Akron, Ohio, The Goodyear Tire & Rubber Company
(NYSE: GT) -- http://www.goodyear.com/-- is the world's largest  
tire company.  The company manufactures tires, engineered rubber
products and chemicals in more than 90 facilities in 28
countries.  

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.

                           *     *     *

In March 2007, Standard & Poor's Ratings Services placed its
'B+' corporate credit rating on Goodyear Tire & Rubber Co. on
CreditWatch with negative implications because of the potential
for business disruptions and earnings pressures that could
result from the ongoing labor dispute at some of its North
American operations.

At the same time, Fitch Ratings has affirmed ratings for The
Goodyear Tire & Rubber Company, including 'B' Issuer Default
Rating; 'BB/RR1' rating of its US$1.5 billion first-lien credit
facility; 'BB/RR1' rating of its US$1.2 billion second-lien term
loan; 'B/RR4' rating of its US$300 million third-lien term loan;
'B/RR4' rating of its US$650 million third-lien senior secured
notes; and 'CCC+/RR6' Senior unsecured debt rating.

In May 2007, Moody's Investors Service upgraded Goodyear Tire &
Rubber Company's Corporate Family Rating to Ba3 from B1 and
maintained a positive rating outlook.  Moody's also affirmed
Goodyear's liquidity rating of SGL-2.  The actions follow an
announcement by Goodyear of plans to raise approximately US$750
million of new equity capital, which marks important further
progress in the company's plans to strengthen its balance sheet.


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


BIO-RAD LABORATORIES: Inks Agreement to Acquire Diamed Holding
--------------------------------------------------------------
Bio-Rad Laboratories Inc. has signed a definitive agreement to
acquire approximately 77.7% of the outstanding shares of DiaMed
Holding AG.  Under the terms of the agreement, Bio-Rad will pay
approximately CHF477 million in cash to acquire these shares.

DiaMed holds approximately 9.6% of its outstanding shares as
treasury shares.  After the closing of this transaction, Bio-Rad
will conduct a tender offer to acquire the remaining 12.7%
outstanding shares.  The transaction is subject to certain
closing conditions, including regulatory approvals, and is
expected to close later this year.

"DiaMed has an outstanding reputation for quality products and
customer care and we believe this portfolio of products will fit
in well with Bio-Rad's existing diagnostics business," said John
Goetz, Bio-Rad Vice President and Group Manager Clinical
Diagnostics.

                          About DiaMed

Diamed -- http://www.diamed.ch/-- develops and manufactures  
test systems aimed at providing laboratories with ease of use,
safety, and reliability.  The company is situated in Cressier
sur Morat, Switzerland, near Fribourg, between Bern and
Lausanne.  DiaMed has local manufacturing facilities in Brazil,
Tunisia and France.

About Bio-Rad

Headquartered in Hercules, California, Bio-Rad Laboratories Inc.
(AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a  
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly US$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.

                           *     *     *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology, the rating agency confirmed its Ba2 Corporate
Family Rating for Bio-Rad Laboratories Inc.  Additionally,
Moody's revised its probability-of-default ratings and assigned
loss-given-default ratings on these loans and bond debt
obligations:

                           Projected

                        Old POD  New POD  LGD      Loss-Given
   Debt Issue           Rating   Rating   Rating   Default
   ----------           -------  -------  ------   ----------
   
   6.125% Senior
   Unsecured
   Subordinated Notes      Ba3      Ba3     LGD4       67%

   7.5% Senior
   Unsecured Subor.
   Notes                   Ba3      Ba3     LGD4       67%


BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on Bio-
Rad Laboratories (BB+/Stable/--) following the company's
agreement to purchase a majority of DiaMed Holding AG for US$392
million.

A subsequent tender for the remaining shares could bring the
total price to more than US$450 million.  DiaMed develops,
manufactures, and markets reagents and instruments used in blood
typing and screening.  The transaction is expected to close
later this year and is subject to certain closing conditions,
including regulatory approvals.
      
"Although financial terms of the agreement were not disclosed,
S&P believe there will be minimal impact on Bio-Rad's credit
protection measures given the relatively small size of the
acquisition," explained Standard & Poor's credit analyst David
Lugg.  "With almost US$470 million in cash and investments and
its strong cash flow protection measures, the company has
adequate capacity to complete this transaction without an impact
to the ratings."
     
The high-speculative-grade rating on Hercules, California-based
Bio-Rad reflects the company's defensible, but niche, positions
in the life science and clinical laboratory markets, and its
history of using significant debt-financed acquisitions to
supplement growth.  Notwithstanding Bio-Rad's defensible
positions in the in vitro diagnostics and life sciences markets,
it remains a relatively small player in each, competing with
significantly larger companies that are more diversified and
have greater financial resources.  Moreover, Bio-Rad's
substantial international operations, which account for about
65% of sales, subject its revenues to swings in exchange rates
and ongoing changes in global economic conditions.  The
company's life science business is also vulnerable to reductions
in government funding for life science research and changes in
biopharmaceutical companies' R&D spending.
     
Bio-Rad maintains an intermediate financial risk posture, having
steadily reduced its borrowings to fund a series of acquisitions
in the diagnostic market.  Currently, lease-adjusted total debt
to capital is 37% and total debt to EBITDA is about 2.5x, while
the ratio of funds from operations to debt is about 25%.  The
company has no defined benefit pension plan.

                         About Bio-Rad

Headquartered in Hercules, California, Bio-Rad Laboratories Inc.
(AMEX: BIO) (AMEX: BIOb) -- http://www.bio-rad.com/-- is a  
multinational manufacturer and distributor of life science
research products and clinical diagnostics.  It serves more than
85,000 research and industry customers worldwide through its
global network of operations.  The company employs over 5,000
people globally and had revenues of nearly US$1.3 billion in
2006.  Aside from the United State, the company maintains
operations in Bulgaria, Canada, Denmark, Greece, India,
Philippines, Taiwan, and The Netherlands, Brazil, El Salvador,
Mexico and Puerto Rico.


CLEAR CHANNEL: Inks Second Amendment to Merger Agreement
--------------------------------------------------------
Clear Channel Communications Inc. has entered into a second
amendment to its merger agreement with a private equity group
co-led by Thomas H. Lee Partners L.P. and Bain Capital Partners
LLC.

Under the terms of the merger agreement, as amended, Clear
Channel shareholders will receive US$39.20 in cash for each
share they own plus additional per share consideration, if the
closing of the merger occurs after Dec. 31, 2007.  This is an
increase from the cash consideration of US$39 per share.

As an alternative to receiving the US$39.20 per share cash
consideration, Clear Channel's unaffiliated shareholders will be
offered the opportunity on a purely voluntary basis to exchange
some or all of their shares of Clear Channel common stock on a
one-for-one basis for shares of Class A common stock in the new
corporation formed by the private equity group to acquire Clear
Channel, plus the additional per share consideration.

The board of directors of Clear Channel, with the interested
directors recused from the vote, has unanimously approved the
second amendment to the merger agreement and recommends that the
shareholders approve the amended merger agreement and the
merger.  The board of Clear Channel makes no recommendation with
respect to the voluntary stock election or the Class A common
stock of the new corporation.

The total number of Clear Channel shares that may elect to
receive shares in the new corporation is approximately 30.6
million.  These shares would have a total value of US$1.2
billion and represent approximately 30% of the outstanding
capital stock of the new corporation immediately after the
closing of the merger.  

The terms of the merger agreement, as amended, provide that no
shareholder will be allocated a number of shares representing
more than 9.9% of the outstanding capital stock of the new
corporation immediately after the closing of the merger.

If Clear Channel shareholders elect to receive more than the
allocated number of shares of the Class A common stock of the
new corporation, then the shares will be allocated to
shareholders who elect to receive them on a pro-rata basis.  
Those Clear Channel shareholders electing to receive shares of
the new corporation will receive US$39.20 per share for any such
Clear Channel shares that are not so exchanged.  The election
process will occur at the time of the shareholder vote on the
merger, and will be described fully in an updated proxy
statement and prospectus that will be mailed to Clear Channel
shareholders.

The merger agreement, as amended, includes provisions limiting
the fees payable to the private equity group in the transaction,
and requiring that the board of directors of the new corporation
at all times include at least two independent directors.

The shares of the new corporation to be issued to Clear Channel
shareholders who elect to receive them in exchange for their
existing shares will be registered with the Securities and
Exchange Commission, but will not be listed on any exchange.

The special meeting of Clear Channel shareholders scheduled for
May 22, 2007, will not be held.  Clear Channel will set the new
meeting and record date for a special meeting of shareholders
after filing the updated proxy statement and prospectus with the
Securities and Exchange Commission.  The annual meeting of Clear
Channel shareholders on May 22, 2007, will be held as scheduled.

Shareholders with questions about the merger or how to vote
their shares should contact Clear Channel's proxy solicitor:

         Innisfree M&A Incorporated
         20th floor
         No. 501 Madison Avenue
         New York, NY 10022
         Tel: (877) 456-3427 (toll-free)

                  About Bain Capital Partners

Bain Capital Partners LLC -- http://www.baincapital.com/-- is a  
global private investment firm that manages several pools of
capital including private equity, high-yield assets, mezzanine
capital and public equity with more than US$40 billion in assets
under management. Since its inception in 1984, Bain Capital has
made private equity investments and add-on acquisitions in over
230 companies around the world, including investments in a broad
range of companies such as Burger King, HCA, Warner Chilcott,
Toys "R" Us, AMC Entertainment, Sensata Technologies, Burlington
Coat Factory and ProSiebenSat1 Media. Headquartered in Boston,
Bain Capital has offices in New York, London, Munich, Tokyo,
Hong Kong and Shanghai.

                  About Thomas H. Lee Partners

Thomas H. Lee Partners L.P. is a private equity investment firm.
Since its founding in 1974, THL Partners has become the
preeminent growth buyout firm, investing approximately US$12
billion of equity capital in more than 100 businesses with an
aggregate purchase price of more than US$100 billion, completing
over 200 add-on acquisitions for portfolio companies, and
generating superior returns for its investors and partners.  The
firm currently manages approximately US$20 billion of committed
capital.  Notable transactions sponsored by the firm include
Dunkin Brands, Univision, Nielsen, Michael Foods, Houghton
Mifflin Company, Fisher Scientific, Experian, TransWestern,
Snapple Beverage and ProSiebenSat1 Media.

                       About Clear Channel

Based in San Antonio, Texas, Clear Channel Communications Inc.
(NYSE:CCU) -- http://www.clearchannel.com/-- is a global media  
and entertainment company specializing in "gone from home"
entertainment and information services for local communities and
premiere opportunities for advertisers.  The company's
businesses include radio, television and outdoor displays.  
Outside U.S., the company operates in 11 countries -- Norway,
Denmark, the United Kingdom, Singapore, China, the Czech
Republic, Switzerland, the Netherlands, Australia, Mexico and
New Zealand.

                          *     *     *

As reported in the Troubled Company Reporter on April 23, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on Clear Channel
Communications Inc. to 'B+' from 'BB+'.  The ratings remain on
CreditWatch with negative implications, where they were placed
on Oct. 26, 2006, following the company's announcement that it
was exploring strategic alternatives to enhance shareholder
value.


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


BOSTON SCIENTIFIC: First Quarter Net Income Lowers to US$120 Mln
----------------------------------------------------------------
Boston Scientific Corporation reported a US$120 million net
income for the first quarter of 2007, as compared to net income
of US$332 million for the first quarter of 2006.

The company recorded that its net sales for the first quarter of
2007 increased to US$2.1 billion from US$1.6 billion for the
first quarter of 2006.  The increase in net sales is
attributable primarily to the inclusion of US$589 million of net
sales from our CRM and Cardiac Surgery divisions.

Reported results for the first quarter of 2007 included charges
of US$26 million, which consisted primarily of charges related
to the Guidant acquisition.  Reported results for the first
quarter of 2006 included charges of US$29 million, which
consisted primarily of investment write-downs due to the
termination of a gene therapy trial being conducted by one of
our portfolio companies.

As of March 31, 2007, the company had US$31 billion in total
assets, US$15.5 billion in total liabilities, and US$15.5
billion in total stockholders' equity.  The company's retained
deficit at March 31, 2007, was US$80 million, as compared with
US$174 million at Dec. 31, 2006.

                     Debt Covenant Compliance

At March 31, 2007, the company's net debt was about US$7.6
billion.  During 2007, the company may decide to repay a portion
of its debt prior to the first maturity in April 2008 and intend
to use a significant portion of its operating cash flow to
reduce its outstanding debt obligations over the next several
years.  The company's revolving credit facility and term loan
agreement requires that the company maintain certain financial
covenants.  As of March 31, 2007, the company was in compliance
with these covenants.

A full-text copy of the company's first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?1f6a

                    Proposed Endosurgery IPO

In March 2007, the company disclosed that its Board of Directors
has authorized management to explore an IPO of a minority
interest in the company's Endosurgery group.  The IPO would
involve selling a minority interest of the Endosurgery group and
establishing a separately traded public company.  The company's
goal is to complete exploration of the proposed Endosurgery IPO
over the next six to 12 months.  There is no guarantee that the
proposed Endosurgery IPO will be finalized.

                     About Boston Scientific

Headquartered in Natick, Massachusetts, Boston Scientific
Corporation (NYSE: BSX) -- http://www.bostonscientific.com/--  
develops, manufactures and markets medical devices used in a
broad range of interventional medical specialties.  The company
has offices in Argentina, France, Germany, and Japan, among
others.

                           *     *     *     

Moody's Investor Services, effective April 21, 2006, lowered the
credit ratings of Boston Scientific following the close of the
acquisition of Guidant Corporation.  Affected ratings include:
senior notes to Baa3 from Baa1; short-term rating to Prime-3
from Prime-2; senior shelf to (P)Baa3 from (P)Baa1; subordinated
shelf to (P)Ba1 from (P)Baa2; and preferred stock shelf to
(P)Ba2 from (P)Baa3.


DELPHI CORPORATION: UAW Delivers Final Counterproposal
------------------------------------------------------
The International Union, United Automobile, Aerospace and
Agricultural Implement Workers of America has offered its final
counterproposal on wages and benefits to Delphi Corp.

On May 14, 2007, the UAW formally presented to Delphi and the
Plan Investors led by Appaloosa Management L.P., a roughly 10-
page proposal offering concessions on the parties' wage and
labor dispute, David Shepardson writes for The Detroit News.

The UAW has not publicly divulged the terms of the Proposal.  
Any agreement reached by the parties, however, will be publicly
available when the Debtors present the agreement to the Court
for approval.  "The only thing I can say is that a proposal was
delivered as our Vice President Cal Rapson said it would.  But I
don't know any more than that.  No one does.  They've been very
tight-lipped," said Paul Siejak, president of UAW Local 686 Unit
No. 1, according to the Dayton Business Journal.

Delphi, the Plan Investors, and other stakeholders met with UAW
officials in Detroit at the UAW-DaimlerChrysler National
Training Center on May 15 to discuss the UAW Proposal, Mr.
Shepardson says.  Another meeting on the Proposal could be held
on Friday.

The UAW Proposal is extremely complex, in part because it refers
to appendixes and various aspects of the more than 100-page
master labor agreement between the UAW and Delphi, Mr.
Shapardson relates, citing a person involved in the talks.  The
UAW Proposal suggests that some of the Delphi plants targeted
for closure in connection with the company's restructuring could
remain open in a discussion on "wind down" procedures.

"It's a good-faith proposal that we are all taking a close look
at," the unnamed source told Mr. Shepardson.  "We're still
trying to understand it."

The UAW/Delphi Master Labor Agreement will expire in September
but a supplemental pact between the parties will stay in effect
until 2011.  According to Mr. Shepardson, the UAW will begin
negotiating a new master labor agreement with Delphi this
summer.

An agreement between the UAW and Delphi is crucial to the
success of Delphi's Plan Framework Agreements with the Plan
Investors, whereby the Investors intend to acquire, at most, a
70% equity stake in Delphi, and bring the company out of
bankruptcy as a newly capitalized business.

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation (OTC: DPHIQ) --
http://www.delphi.com/-- is the single largest global supplier  
of vehicle electronics, transportation components, integrated
systems and modules, and other electronic technology.  The
company's technology and products are present in more than 75
million vehicles on the road worldwide.  Delphi has regional
headquarters in Japan, Brazil, and France.

The company filed for chapter 11 protection on Oct. 8, 2005
(Bankr. S.D.N.Y. Lead Case No. 05-44481).  John Wm. Butler Jr.,
Esq., John K. Lyons, Esq., and Ron E. Meisler, Esq., at Skadden,
Arps, Slate, Meagher & Flom LLP, represent the Debtors in their
restructuring efforts.  Robert J. Rosenberg, Esq., Mitchell A.
Seider, Esq., and Mark A. Broude, Esq., at Latham & Watkins LLP,
represents the Official Committee of Unsecured Creditors.  As of
Aug. 31, 2005, the Debtors' balance sheet showed
US$17,098,734,530
in total assets and US$22,166,280,476 in total debts.  

The Debtors' exclusive plan-filing period expires on July 31,
2007. (Delphi Corporation Bankruptcy News, Issue No. 69;
Bankruptcy Creditors' Service Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).


DIGITAL LIGHTWAVE: Posts US$603,000 Net Loss in First Quarter
-------------------------------------------------------------
Digital Lightwave Inc. reported a net loss of US$603,000 on net
sales of US$2,491,000 for the first quarter ended
March 31, 2007, compared with a net loss of US$4,761,000 on net
sales of US$2,232,000 for the same period last year.

The increase in net sales was primarily a result of the improved
acceptance of the Network Information Computers product due to
new feature enhancements.

Gross profit for the quarter ended March 31, 2007, increased by
approximately US$1 million to approximately US$1.4 million, or
55% of net sales, from US$316,000, or 14% of net sales, for the
quarter ended March 31, 2006.

Total operating expenses for the quarter ended March 31, 2007,
decreased by approximately US$2.5 million to US$1.2 million from
US$3.7 million for the quarter ended March 31, 2006.

Other expense, net for the quarter ended March 31, 2007, was
approximately US$800,000, a decrease of US$580,000 as compared
to other expense, net of approximately US$1.4 million for the
quarter ended March 31, 2006.  The decrease was due to the
interest expense reduction as a result of the conversion of the
Secured Convertible Promissory Note by Optel in January 2007.

At March 31, 2007, the company's balance sheet showed
US$5,424,000 in total assets and US$33,939,000 in total
liabilities, resulting in a US$28,515,000 total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$5,206,000 in total current assets
available to pay US$33,675,000 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?1f4d

                       Going Concern Doubt

Grant Thornton LLP, in Tampa, Florida, expressed substantial
doubt about Digital Lightwave Inc.'s ability to continue as a
going concern after auditing the company's consolidated
financial statements for the years ended Dec. 31, 2006, and
2005.  The auditing firm reported that the company has incurred
net losses of US$14.5 million in 2006 and US$21.1 million in
2005, and as of Dec. 31, 2006, has a working capital deficit of
US$62.9 million and a stockholders' deficit of US$62.9 million.

                     About Digital Lightwave

Based in Clearwater, Florida, Digital Lightwave Inc. designs,
develops and markets products for installing, maintaining and
monitoring fiber optic circuits and networks.  The company's
product lines include: Network Information Computers, Network
Access Agents, Optical Test Systems, and Optical Wavelength
Managers.  The company's wholly owned subsidiaries are Digital
Lightwave (U.K.) Ltd., Digital Lightwave Asia Pacific Pty Ltd.,
and Digital Lightwave Latino Americana Ltda.  

The company has presence in Australia, Hong Kong, India,
Indonesia, Korea, Malaysia, Singapore, and Thailand in the Asia-
Pacific. It also has facilities in Europe, particularly in
Denmark, France, and Greece, as well as in Mexico in the Latin-
American region.


KAUFMAN & BROAD: Moody's May Lower Ba1 Rating After Review
----------------------------------------------------------
Moody's Investors Service placed the Ba1 Corporate Family Rating
of Kaufman & Broad S.A. on review for downgrade when K&B's main
shareholder, KB Home (rated Ba1 with negative outlook) has
granted exclusivity to PAI Partners for the sale of its entire
49% ownership interest in K&B for a consideration of EUR600
million.  At the same time, Moody's has also placed on review
for downgrade the Ba2 rating on the EUR150 million Senior Notes
due 2009.

The rating review was prompted by Moody's concerns that the
potential transaction may result in a change in the group's
capital structure if the new owners decide to further leverage
up the business to fund part of the EUR600 million purchase
price.  Moody's adds that ratings could be downgraded by more
than one notch depending upon the future business and financial
profile of the group.  The transaction is expected to close in
the third quarter of 2007.

However, Moody's notes that bondholders remain protected by a
change in the control clause that would allow them to tender
their notes if:

   (i) a person or a group becomes the owner of more than 35% of
       K&B's share capital; and

  (ii) the rating on the bond is downgraded below Ba2.

Moody's previous rating action on K&B was the upgrade of the
company's ratings to Ba1/Ba2 and a change in the rating outlook
to stable from positive on Feb. 26, 2007.

Moody's May 18, 2007, rating action affects these ratings of
K&B:

   -- Corporate Family Rating
   -- Rating on the EUR150 million Senior Notes due 2009

Headquartered in Neuilly-sur-Seine, France, Kaufman & Broad S.A.
is one of the country's largest homebuilders, with revenues of
EUR1.3 billion and total deliveries of approximately 7,100
apartments and single-family homes during the fiscal year 2006.  
The US-based homebuilding company KB Home owns 49% of the
group's share capital and 67% of its voting rights.


KB HOME: Fitch Puts Kaufman & Broad's Ratings on Watch Evolving
---------------------------------------------------------------
Fitch Ratings has changed the Rating Watch on French
housebuilder Kaufman & Broad S.A.'s Issuer Default and senior
unsecured 'BBB-' and Short-term 'F3' ratings to Negative from
Evolving.  

This follows the announcement that majority owner KB Home
('BB+'/Stable) has entered into an exclusivity period relating
to the EUR601 million sale of its entire 49% stake in K&B to
private equity group PAI Partners.  

Fitch originally placed K&B's ratings on Rating Watch Evolving
on May 11, 2007, following an announcement by KB Home that it
was considering selling its 49% stake in K&B to an undisclosed
bidder.

The acquisition, should it be completed, will give PAI more than
50% of the voting rights and therefore grant it effective
control.  Following completion of the transaction, PAI intends
to file a standing market offer for the remaining free-float
stake in K&B (51% of total capital).

The Rating Watch Negative reflects Fitch's expectation that PAI,
should it be successful in acquiring 100% of K&B, will apply a
more aggressive capital structure to the company.  Fitch
believes that there is a strong likelihood that leverage levels
will be materially increased, in keeping with the common
practice of private equity groups when conducting public-to-
private transactions such as this.

Fitch will seek to resolve the Rating Watch following completion
of the acquisition.  Completion of the acquisition of KB Home's
49% stake is expected in third quarter 2007, subject to
customary terms and conditions including regulatory approval.  
Fitch will review in particular any changes in capital structure
as well as the position of the EUR150 million 2009 note holders.  

In this respect, Fitch notes that the bond documentation
includes a change-of-control clause (including ratings
downgrade).  However, in Fitch's opinion the wording of this
clause is ambiguous with regards to the circumstances under
which note holders can put their notes back to the issuer.  Any
subsequent downgrade of K&B's ratings could be by more than one
notch.

The bid made by PAI of EUR55 per share is an increase on a bid
of EUR53.13 made by an undisclosed bidder on May 11, 2007.  

K&B is a leading French housebuilder, focusing on the
construction and sale of single-family homes and apartments.  It
operates primarily in greater Paris (43% of FY06 revenues) and
southern France (52%).  As of Q107 K&B's leverage, defined as
adjusted net debt-to-last 12 months operating EBITDAR, equalled
0.9x, while funds from operations gross interest cover equalled
8.4x.

PAI is a European private equity firm, managing and advising
dedicated buyout funds with an aggregate equity value of over
EUR7 billion.


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


BENQ CORP: Sells Camera Business Unit to Ability Enterprise
-----------------------------------------------------------
BenQ Corporation and Ability Enterprise Co. Ltd., a Taiwan-based
manufacturer of digital cameras, have entered into an agreement
for the acquisition of BenQ's digital camera-related R&D and
manufacturing facilities.  

The acquisition aims to strengthen ties between the two
companies on future collaborations, while complementing both
parties' product offerings.

Ability has agreed to acquire BenQ's digital camera-related
assets, including manufacturing equipment and materials at the
book value determined on June 30, 2007.  Approximately 70
employees, mostly comprised of R&D personnel within the digital
camera business unit, will be joining Ability starting on
June 1, 2007.  The transactions are expected to close on
June 30, 2007.

"Digital camera is one of our most important and profitable
product lines," said Sheaffer Lee, President of BenQ
Corporation. "Ability will remain as one of our most important
strategic suppliers for future BenQ branded digital cameras."

"We are pleased to strengthen our partnership with BenQ," said
Roger Tseng, President of Ability Enterprise Co., Ltd.  "It
marks an important milestone for Ability, for which it completes
our portfolio and further elevate the overall competitiveness of
our R&D and manufacturing capabilities."

Ability Enterprise makes cameras for Casio Computer Co., Samsung
Electronics Co. and Nikon Corp.

Separately, BenQ is also in talks to sell two office buildings
in Taipei, Daisy Lee, BenQ's spokeswoman, told China Post.  
"BenQ is currently in talks with foreign and local bidders over
the sale of two office buildings, including the Taipei
headquarters," Ms. Lee said.

DigiTimes also reports BenQ will downsize the R&D staff of its
mobile communication business group laying off about 100 staff,
mostly in Taiwan, with the total number of R&D staff around the
world to decrease to about 700, the company indicated.

Headquartered in Taiwan, Republic of China, BenQ Corp. Inc. --
http://www.benq.com/-- is principally engaged in manufacturing,  
developing, and selling of computer peripherals and
telecommunication products.  It is also a major provider of 3G
handsets, camera phones, and other products.

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

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

                           *     *     *

The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2006, that Taiwan Ratings Corp., assigned its long-term twBB+
and short-term twB corporate credit ratings to BenQ Corp.  The
outlook on the long-term rating is negative.  At the same time,
Taiwan Ratings assigned its twBB+ issue rating to BenQ's
existing NT$7.05 billion unsecured corporate bonds due in 2008,
2009, and 2010.  The ratings reflect BenQ's continuing operating
losses from its handset operations and high leverage, and the
competitive nature and low profitability of the LCD monitor
industry.


DAIMLERCHRYSLER: Hopes to Reduce Debt After Chrysler Sale Closes
----------------------------------------------------------------
DaimlerChrysler AG will use the repayment of inter-company loans
to significantly shrink its debt once the sale of U.S. arm
Chrysler Group closes, Chief Financial Officer Bodo Uebber told
German newspaper Boersen-Zeitung in an interview, Reuters
reports.

"Based on the favorable maturity structure for bonds, bank loans
and commercial paper, Daimler will reduce the debt that is no
longer needed to around EUR10 billion by September 2007," he was
quoted as saying.  "In addition, bonds that mature in the fourth
quarter of 2007 and the first quarter of 2008 will not be
replaced.  Then Daimler will have no more excess debt on its
books by the second quarter of 2008."  Mr. Uebber further said
that the company would not issue bonds or commercial paper in
future quarters, Reuters notes.

                No Acquisitions for Mercedes-Benz

Meanwhile, Daimler has decided to forgo all acquisitions for its
luxury brand Mercedes-Benz, emulating the go-it-alone strategy
of rival BMW after it sold off Rover, Reuters relates.  Chief
Executive Dieter Zetsche told German Sunday newspaper Welt am
Sonntag that he has not recognized any acquisition target that
could strengthen Mercedes.  He sees little to gain from trying
to diversify risks by balancing its brand portfolio with another
leading marque, Reuters suggests.

                         Chrysler A Drag

Commenting on the Chrysler sale, Mr. Zetsche was quoted by Times
Online as saying: "We have realized the synergies between
Mercedes and Chrysler, and the additional opportunities for
cooperation between two businesses that operate in distinctly
different market segments, are limited.  In addition, the
extreme volatility and price pressure in Chrysler's core
American market limit Daimler Chrysler's overall profitability
and the value of our shares."

On the other hand, Mr. Zetsche said that DaimlerChrysler's
maintaining a stake in Chrysler helped get Ron Gettelfinger, the
president of the United Automobile Workers, to support the sale
to Cerberus Capital Management LP, Bloomberg News states, citing
a New York Times report.  He added that a Chrysler sale was
necessary because, even if the U.S. division reaches a possible
profit margin of 5 percent, the unit would still "drag down" the
rest of the company.

                 Stock Price Increase Projected

Concurrently, Barron's magazine claims that Daimler's stock may
continue the rise that began last year, freed from the burden of
Chrysler, and could hit US$100 or more in a year, Reuters says.

                      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 AG: Sells 50% stake in China's Yaxing Benz Ltd.
---------------------------------------------------------------
DaimlerChrysler AG has sold its entire 50% stake in Chinese bus
maker Yaxing Benz Ltd. for an undisclosed sum, paving the way
for the German automaker's plan to set up a truck-manufacturing
joint venture in China, the Wall Street Journal reports.

The transfer of the company's stake in the 50-50-owned bus joint
venture was concluded in March 2007, WSJ relates, quoting
DaimlerChrysler (China) Ltd. spokesman Trevor C. Hale.  

Jiangsu Yaxing Motor & Coach Group has become the sole
shareholder of Yaxing Benz under the agreement.  Mr. Hale noted
that the share transfer "will allow shareholders [of Yaxing
Benz] to pursue additional business opportunities" but he did
not elaborate on the matter.

DaimlerChrysler's exit from one of its two commercial-vehicle
ventures in China, Yaxing Benz, effectively clears regulatory
hurdles to its planned 50-50-truck joint venture with Beijing-
based Beiqi Foton Motor Co.  The proposed venture with Beiqi
Foton could help the German carmaker gain a license to make
Mercedes-Benz trucks in China, WSJ suggests.

Chinese laws currently limit foreign automakers to a maximum of
two passenger-car joint ventures and two commercial-vehicle
joint ventures, WSJ observes.  Daimler already has a
multipurpose-vehicle joint venture based in the southern
province of Fujian, called DaimlerChrysler Vans (China) Ltd.

DaimlerChrysler signed in late 2006 an agreement to invest
CNY817 million (US$106.5 million) for a 24% stake in Beiqi
Foton, China's largest light-duty truck maker by production, WSJ
states.  Beiqi Foton's board of directors approved the deal in
December 2006, but it is still awaiting the Chinese government's
approval.

According to the report, DaimlerChrysler and Beiqi Foton have
signed a memorandum of understanding to "explore the possibility
and feasibility of cooperating with Foton in making heavy- and
medium-duty trucks in China," Mr. Hale added.

                      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.


DURA AUTO: Wants Exclusive Plan-Filing Period Until Sept. 30
------------------------------------------------------------
Dura Automotive Systems Inc. and its debtor-affiliates ask the
U.S. Bankruptcy Court for the District of Delaware to further
extend through and including (i) Sept. 30, 2007, their exclusive
period during which they may file a plan of reorganization, and
(ii) Nov. 30, 2007, during which they may solicit votes to
approve the plan.

Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger,
P.A., in Wilmington, Delaware, says the Debtors have made
significant progress through their Chapter 11 cases, and are now
poised to move forward in a clearly articulated process that
will culminate with their expeditious exit from bankruptcy
protection.

In particular, he avers, the Debtors:

    -- are completing their five-year business plan.  The
       Debtors intend to preview their business plan with their
       creditor constituencies' financial advisors on
       May 22, 2007, and to formally present the business plan
       to their two primary creditor constituencies -- the
       Official Committee of Unsecured Creditors and the Second
       Lien Committee -- on May 31, 2007;

    -- have commenced developing a Chapter 11 plan incorporating
       an equity rights offering, the goal of which is to
       provide the Debtors with acceptable debt leverage upon
       emergence, while satisfying all secured and priority
       creditors in full;

    -- are refining their equity rights offering strategies in
       anticipation of distributing in the near term a proposed
       equity rights offering tern sheet to the Creditors
       Committee;

    -- have commenced implementing their plans to rationalize
       their assets and business lines through divestiture or
       otherwise; and

    -- continue to make great strides on all other operational
       restructuring fronts.  The Debtors are now more than 50%
       complete with their 50-Cubed Plan of consolidating their
       North American manufacturing footprint to low cost
       locations and best-in-cost facilities.

The Debtors' carefully calibrated requests to extend the
Exclusive Periods will free them through the end of September of
the potentially costly and time-consuming distraction of
competing chapter 11 plan proposals, Mr. DeFranceschi tells
Judge Carey.

The Debtors anticipate that, by Sept. 30, they will have
completed the process of developing, negotiating, filing and
soliciting acceptances of what is expected to be a highly
consensual Chapter 11 plan of reorganization.  Accomplishing
that goal will provide the reorganized Company with a stable and
operationally and financially sound platform when it emerges
from Chapter 11, Mr. DeFranceschi avers.

                      About DURA Automotive

Headquartered in Rochester Hills, Michigan, DURA Automotive
Systems Inc. -- http://www.duraauto.com/-- is an independent  
designer and manufacturer of driver control systems, seating
control systems, glass systems, engineered assemblies,
structural door modules and exterior trim systems for the global
automotive and recreation & specialty vehicle industries.  DURA,
which operates in 63 locations, sells its products to every
major North American, Asian and European automotive original
equipment manufacturer and many leading Tier 1 automotive
suppliers.  It currently operates in 63 locations including
joint venture companies and customer service centers in 14
countries.  

The company has three locations in Asia, namely in China, Japan
and Korea. It has locations in Europe and Latin-America,
particularly in Mexico, Germany and the United Kingdom.

The Debtors filed for chapter 11 petition on Oct. 30, 2006
(Bankr. District of Delaware Case No. 06-11202).  Richard M.
Cieri, Esq., Marc Kieselstein, Esq., Roger James Higgins, Esq.,
and Ryan Blaine Bennett, Esq., of Kirkland & Ellis LLP are lead
counsel for the Debtors' bankruptcy proceedings.  Mark D.
Collins, Esq., Daniel J. DeFranseschi, Esq., and Jason M.
Madron, Esq., of Richards Layton & Finger, P.A. Attorneys are
the Debtors' co-counsel.  Baker & McKenzie acts as the Debtors'
special counsel.  Togut, Segal & Segal LLP is the Debtors'
conflicts counsel.  Miller Buckfire & Co., LLC is the Debtors'
investment banker.  Glass & Associates Inc., gives financial
advice to the Debtor.  Kurtzman Carson Consultants LLC handles
the notice, claims and balloting for the Debtors and Brunswick
Group LLC acts as their Corporate Communications Consultants for
the Debtors.  As of July 2, 2006, the Debtor had
USUS$1,993,178,000 in total assets and USUS$1,730,758,000 in
total liabilities.  (Dura Automotive Bankruptcy News, Issue No.
6; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).

                          *     *     *

Fitch Ratings has placed one tranche from one public
collateralized debt obligation and one tranche from private CDO
on Rating Watch Negative following Dura Automotive Corp.'s
filing for protection under Chapter 11.

Standard & Poor's Ratings Services lowered its corporate credit
rating on Dura Automotive Systems Inc. to 'CCC' from 'B-'.  The
rating outlook is negative.


L + W BAUUNTERNEHMUNG: Claims Registration Period Ends June 11
--------------------------------------------------------------
Creditors of L + W Bauunternehmung GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Anja Geske.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Braunschweig
         E 01
         Martinikirche 8
         38100 Braunschweig
         Germany

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

The insolvency manager can be reached at:

         Anja Geske
         Adolfstrasse 21
         38102 Braunschweig
         Germany
         Tel: 0531-70733690
         Fax: 0531-7075570

The District Court of Braunschweig opened bankruptcy proceedings
against L + W Bauunternehmung GmbH on May 2.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         L + W Bauunternehmung GmbH
         Hansestrasse 88
         38112 Braunschweig
         Germany


LIPOSCAK ENGINEERING: Claims Registration Period Ends June 4
------------------------------------------------------------
Creditors of Liposcak Engineering und Technologie GmbH have
until June 4 to register their claims with court-appointed
insolvency manager Lothar Staab.

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 Aschaffenburg
         Meeting Room 5.103
         First Upper Floor
         Schlossplatz 5
         63739 Aschaffenburg
         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. Lothar Staab
         Wermbachstr. 36-48
         63739 Aschaffenburg
         Germany
         Tel: 06021/448870
         Telefax: 06021/4488799

The District Court of Aschaffenburg opened bankruptcy
proceedings against Liposcak Engineering und Technologie GmbH on
May 1.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Liposcak Engineering und Technologie GmbH
         Nordring 55
         63843 Niedernberg
         Germany


LOHRMANN ELEKTRONIK: Claims Registration Period Ends May 29
-----------------------------------------------------------
Creditors of LOHRMANN Elektronik GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Jens Wilhelm V.

Creditors and other interested parties are encouraged to attend
the meeting at 2:05 p.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Jens Wilhelm V
         Hohenzollernstrasse 53
         30161 Hannover
         Germany
         Tel: 0511 696846-0
         Fax: 0511 696846-79

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

The Debtor can be reached at:

         LOHRMANN Elektronik GmbH
         Osteriede 3
         30827 Garbsen
         Germany

         Attn: Hans-Peter Heiland, Manager
         Thymianweg 53
         89079 Ulm
         Germany


MASCHINENBAU HERZOG: Claims Registration Period Ends June 29
------------------------------------------------------------
Creditors of Maschinenbau Herzog GmbH have until June 29 to
register their claims with court-appointed insolvency manager
Joachim Exner.

Creditors and other interested parties are encouraged to attend
the meeting at 1:10 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:

         Joachim Exner
         Ludwigstr. 50
         95028 Hof
         Germany
         Tel: 09281/8331080
         Telefax: 09281/8331089

The District Court of Hof opened bankruptcy proceedings against
Maschinenbau Herzog GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Maschinenbau Herzog GmbH
         Max-Planck-Str. 20
         95233 Helmbrechts
         Germany

         Attn: Wolfgang Herzog, Manager
         Max-Planck-Str. 20
         95233 Helmbrechts
         Germany


NORIS BASKET: Claims Registration Period Ends June 4
----------------------------------------------------
Creditors of Noris Basket Verwaltungs GmbH have until June 4 to
register their claims with court-appointed insolvency manager
Hans Raab.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Hans Raab
         Marktstr. 1
         91448 Emskirchen
         Germany
         Tel: 09104/8294-18
         Fax: 09104/8294-41

The District Court of Nuremberg opened bankruptcy proceedings
against Noris Basket Verwaltungs GmbH on May 1.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Noris Basket Verwaltungs GmbH
         Attn: Roland Bachmeier, Manager
         Kurt-Leucht-Weg 11
         90471 Nuremberg
         Germany


OEKO-STERN-HAUSBAU GMBH: Claims Registration Period Ends July 1
---------------------------------------------------------------
Creditors of Oeko-Stern-Hausbau GmbH have until July 1 to
register their claims with court-appointed insolvency manager
Rolf Rombach.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 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 Erfurt
         Hall 15
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         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 Rombach
         Magdeburger Allee 159
         99086 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Oeko-Stern-Hausbau GmbH on April 30.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Oeko-Stern-Hausbau GmbH
         Attn: Juergen Mueller, Manager
         Bahnhofstrasse 27
         99610 Soemmerda
         Germany


RHEINLAND GASTRONOMIE: Creditors' Meeting Slated for June 1
-----------------------------------------------------------
The court-appointed insolvency manager for Rheinland Gastronomie
GmbH, Karl-Dieter Sommerfeld, will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
10:05 a.m. on June 1.

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

         The District Court of Bonn
         Room W 1.25
         Ground Floor
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:10 a.m. on Sept. 7 at the same venue.

Creditors have until July 9 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Karl-Dieter Sommerfeld
         Hammerweg 3
         51766 Engelskirchen-Ruenderoth
         Germany
         Tel: 02263/9039-0
         Fax: 02263/9039-10

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

The Debtor can be reached at:

         Rheinland Gastronomie GmbH
         Attn: Irmgard Abu-Naaj, Manager
         Hauptstr. 383
         53639 Koenigswinter
         Germany


RUSS AUTOMOBILE: Claims Registration Period Ends June 11
--------------------------------------------------------
Creditors of RUSS Automobile GmbH have until June 11 to register
their claims with court-appointed insolvency manager
Friedemann U. Schade.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 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 Gifhorn
         Hall 114
         Am Schlossgarten 4
         38518 Gifhorn
         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:

         Friedemann U. Schade
         Seelhorststrasse 64
         30175 Hannover
         Germany
         Tel: 0511/515122-0
         Fax: 0511/515122-19
         Web site: www.kuebler-gbr.de

The District Court of Gifhorn opened bankruptcy proceedings
against RUSS Automobile GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         RUSS Automobile GmbH
         Harxbuetteler Str. 16
         38179 Lagesbuettel
         Germany

         Attn: Andre Russ, Manager
         Dammweg 3
         38527 Meine
         Germany


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


SANYO ELECTRIC: Less Likely to Default on Bonds, Bloomberg Says
---------------------------------------------------------------
Oliver Biggadike and Keiko Ujikane of Bloomberg News reported
that credit-default swaps show that Sanyo Electric Co. is less
likely to default on bonds as it sheds unprofitable units.

"Contracts tied to the company's JPY240 billion (US$2 billion)
in bonds fell to the lowest since November, according to data
compiled by Bloomberg," the report noted.

Mana Nakazora, chief credit analyst in Tokyo at JPMorgan
Securities Japan Co. Ltd. told Bloomberg that the market doesn't
care if the company sells its semiconductor or home electronics
division.  "The important thing is that they sell something and
focus on their core business."

According to Messrs. Biggadike and Ujikane, "the chance of the
company failing to meet its debt obligations within the next
five years has declined to 6% from 43% in November 2005, based
on a JPMorgan valuation model that takes into account swap
prices."

Bloomberg pointed out that Sanyo Electric may be able to repay
the JPY80 billion in bonds due this year using sale proceeds of
its semiconductor unit.

Bloomberg reporters called Sanyo Electric spokesman Akihiko Oiwa
in Tokyo but he declined to comment.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

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


SANYO ELECTRIC: Narrows Bidders for Microchip Operations
--------------------------------------------------------
Sanyo Electric Co. Ltd. has narrowed the number of bidders for
its microchip operations to around five firms, according to
Alison Tudor, writing for Reuters, citing a source familiar with
the situation.

Ms. Tudor said her sources identified Cerberus Capital
Management LP and The Blackstone Group as among the U.S. private
equity firms bidding for the chip business.  A consortium
including Japan's MKS Partners Ltd. has also expressed its
interest, she added.

Jiji Press, according to Bloomberg News, reported that potential
bidders for Sanyo's semiconductor unit also include, Vestar
Capital Partners and the U.K.'s CVC Capital Partners Ltd.  Jiji
reported that offers have been as much as JPY200 billion yen,
Bloomberg noted.

"Goldman Sachs and Daiwa Securities SMBC, who are working as
advisers for the loss-making consumer electronics maker, are in
the process of whittling down the some 20 firms who had
expressed an interest in the unit," Ms. Tudor reported.  
According to the Reuters report, Goldman Sachs and Daiwa
Securities "are basing their choice on several criteria, the
most important of which is price.  Other factors include their
proposed business plans and strategic fit with the company's
operations."

The Troubled Company Reporter - Asia Pacific reported on
April 20, 2007, that the Financial Times related that Goldman
Sachs sent letters to large private equity groups such as
Blackstone, Carlyle, Cerberus, KKR, Permira and TPG; and
semiconductor companies such as Elpida, Renesas, Rohm, Hynix,
and Infineon inviting them to bid for Sanyo's semiconductor
business, which could fetch a few billion dollars.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

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


SANYO ELECTRIC: To Strengthen Product Quality Control
-----------------------------------------------------
SANYO Electric Co. said it will strengthen its product quality
control and hinted its solar and battery operations will be a
major focus this fiscal year, SmartMoney.com reported citing Dow
Jones Newswires.

"Under a new management policy for the current fiscal period
through March 2008, Sanyo Electric said it will establish a
division to monitor customer satisfaction and product quality.
Sanyo forecasts it had a group net loss of JPY50 billion in the
fiscal year ended March.  It is struggling to recover its
finances under the watchful eye of a group investors led by
Goldman Sachs Group Inc., who last year invested US$2.6 billion
to bail out the company, according to the report,"
SmartMoney.com related.

As reported by the Troubled Company Reporter - Asia Pacific on
May 11, 2007, SANYO Electric will announce its fiscal year 2006
financial results on May 28.  The company disclosed that Azsa &
Co. is currently in the midst of auditing the results.  Sanyo
Electric said at present, significant impact on the Fiscal Year
2006 financial results is not expected; however, as previous
Fiscal Year audits are as yet unfinished, it is expected that
these results will be issued having received qualified opinion
by the auditors.

SANYO Electric will hold its General Shareholders Meeting on
June 28, 2007, after which the company plans to submit its
securities
report.

                       About SANYO Electric

Headquartered in Osaka, Japan, SANYO Electric Co., Ltd. --
http://www.sanyo.com/-- is one of the world's leading   
manufacturers of consumer electronics products.  The company has
global operations in Brazil, Germany, India, Ireland, Spain, the
United States and the United Kingdom, among others.

                          *     *     *

In March 2007, Fitch Ratings placed SANYO Electric Co. Ltd.'s
BB+ long-term foreign and local currency issuer default and
senior unsecured ratings on rating watch negative.

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


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


ALITALIA SPA: Italy Hopes to Close Stake Sale by End-July
---------------------------------------------------------
The Italian government expects to complete the sale of its 39.9%
stake in national airline Alitalia S.p.A. by the end of July
2007, Bloomberg News reports, citing Finance Minister Tommaso
Padoa-Schioppa.

The government, which is allowing bidders to submit binding
offers until June 30, 2007, had expected to complete the stake
sale in June.

"We have the firm intention for the procedure to come to an end
by the end of July before the summer break," Mr. Padoa-Schioppa
was quoted by Bloomberg News as saying.  "The delay is a minor
one."

The final bidders -- OAO Aeroflot and Unicredito Italiano
S.p.A.; AirOne S.p.A. and Intesa-San Paolo S.p.A.; and TPG
Capital, MatlinPatterson Global Advisers and Mediobanca -- will
be given access to Alitalia's financial books starting May 24,
2007.

Mr. Padoa-Schioppa added that the Finance Ministry is set to
review the final offers and name the buyer in July, Bloomberg
News relates.

                         About Alitalia

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

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


AMERICAN ITALIAN: Further Delays Financials Due to Restatements
---------------------------------------------------------------
American Italian Pasta Company disclosed that its report on
Form 10-Q for the period ended March 30, 2007, could not be
filed with the U.S. Securities and Exchange Commission on a
timely basis due to an internal investigation conducted by its
Audit Committee.  This is the second notice of a filing
extension the company filed with the SEC for its Form 10-Q for
the period ended March 30, 2007.  

The company has also extended the filing of its annual report on
Form 10-K for the fiscal year 2005 due to necessary
restatements.  The company has substantially completed its
review of historical accounting matters and is finalizing its
conclusions and preparing its fiscal year 2005 financial
statements and restatements of its financial statements for
fiscal year 2004 and prior periods.  Currently, the company is
completing the accumulated financial information for its fiscal
year 2006 financial statements.  However, the company notes of
the extensive time associated with the review of the complex
historical accounting issues by the company and its independent
accountants, and the recent temporary absence of a key
accounting executive.

Converse to what was previously disclosed that the company
anticipates filing its annual 2005 and 2006 reports on Form
10-K by the ended of May 2007 and June 2007, respectively, the
company will not file its Form 10-K for fiscal year 2005 by the
end of May 2007, but expects to file both annual reports
concurrently.

The company has provided an update on developments regarding its
credit facility, the progress of the restatement of its
historical financial statements, and its status with the New
York Stock Exchange.  The company and its lenders have agreed to
an amendment to the credit facility.  The amendment provides,
among other things, the extension of certain financial reporting
covenants.  The NYSE suspended trading in the company's shares
prior to the opening of trading on Dec. 20, 2006.  Currently,
the company's shares are quoted on the Pink Sheets, an
electronic quotation service for securities traded over-the-
counter, under the symbol AITP or AITP.PK.

                   Credit Facility Amendment

As reported in the Troubled Company Reporter on March 22, 2006,
the company secured a US$295 million, senior credit facility
with Bank of America serving as administrative agent and a
lender under the facility, with other institutional lenders
participating in the credit.  The credit facility was comprised
of a US$265 million term loan and a US$30 million revolving
credit facility, with a five-year term expiring in March 2011,
and it does not require any scheduled principal payments until
maturity.


                   About American Italian Pasta

Based in Kansas City, Missouri, American Italian Pasta Company
-- http://www.aipc.com/-- is a producer and marketer of dry  
pasta in North America.  Founded in 1988, American Italian Pasta
currently has five plants that are located in Excelsior Springs,
Missouri; Columbia, South Carolina; Tolleson, Arizona; Kenosha,
Wisconsin and Verolanuova, Italy.  The company has about 600
employees located in the U.S. and Italy.


EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Million Sr. Loan
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB-' corporate
credit rating and stable outlook on Irvine, California-based
Epicor Software Corp.
     
At the same time, Standard & Poor's affirmed its 'BB-' bank loan
rating on Epicor's US$100 million senior secured revolving
credit facility and revised the recovery rating to '2' from '3',
reflecting its expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  Standard &
Poor's also assigned its 'B+' rating to Epicor's recently issued
US$230 million senior unsecured convertible notes.
     
Approximately US$94 million of the estimated US$222 million net
proceeds from the convertible notes offering was used to repay
the remaining balance of Epicor's senior secured term loan.  The
company has indicated that remaining proceeds will be used for
general corporate purposes, including acquisitions or share
repurchases.  While operating lease-adjusted leverage has
increased to nearly 4x following the issuance of the convertible
notes, S&P's ratings affirmation reflects its expectation that a
substantial portion of the excess proceeds will be invested in
the business and drive improvement to Epicor's cash flow and
financial profile.  S&P's 'BB-' rating also incorporates the
expectation that the organic growth trajectory demonstrated over
the past several quarters will continue.

                 About Epicor Software Corporation

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



MICRON TECHNOLOGY: Prices US$1.135 Billion Sr. Notes' Offering
--------------------------------------------------------------
Micron Technology Inc. priced its US$1.135 billion aggregate
principal amount of unsecured 1.875% Convertible Senior Notes
due June 1, 2014.

In connection with the offering, Micron also said that it has
granted the underwriters an over-allotment option to purchase up
to US$165 million aggregate principal amount of additional
notes.

Morgan Stanley & Co. Incorporated is acting as sole book-running
manager for the offering and Credit Suisse Securities (USA) LLC
and Lehman Brothers Inc. are co-managers for the offering.

Interest on the notes will be paid semiannually on June 1 and
Dec. 1 of each year at a rate of 1.875% per year.  Upon the
occurrence of certain events, the notes will be convertible by
the holders based on an initial conversion rate of 70.2679
shares of common stock per US$1,000 principal amount of notes,
which is equivalent to an initial conversion price of
approximately US$14.23 per share.

This initial conversion price represents a premium of 23.75%
relative to the last reported sale price on May 17, 2007, of
Micron's common stock of US$11.50.  Upon conversion, Micron will
have the right to elect to deliver, in lieu of shares of
Micron's common stock, cash or a combination of cash and shares
of Micron's common stock to satisfy its conversion obligation.

Holders of the notes may require Micron to repurchase the notes
for cash equal to 100% of the principal amount to be repurchased
plus accrued and unpaid interest upon the occurrence of certain
designated events.

In connection with this offering, Micron entered into capped
call transactions with counterparties affiliated with some of
the underwriters of the offering.  The capped call transactions
are expected to reduce the potential dilution upon conversion of
the notes.  The capped call transactions are in three equal
tranches with cap prices that are 50%, 75% and 100% higher than
the last reported sale price of Micron's common stock of
US$11.50.

The net proceeds to Micron from this offering will be
approximately US$1,112 million, exclusive of any proceeds
attributable to the underwriters' possible exercise of their
over-allotment option.  Micron intends to use a portion of the
net proceeds from this offering to pay the cost of the capped
call transactions.  Micron estimates the cost of the capped call
transactions to be approximately US$131.9 million, exclusive of
the cost of additional capped call transactions with respect to
the underwriters' possible exercise of their over-allotment
option.

The remaining proceeds from the offering will be used for
general corporate purposes, including working capital and
capital expenditures.  The offering is expected to close on May
23, 2007, subject to customary closing conditions.

In connection with establishing their initial hedge of these
capped call transactions, Micron expects that the counterparties
will enter into various over-the-counter cash-settled derivative
transactions with respect to Micron's common stock concurrently
with, or shortly after, the pricing of the notes and may unwind
or enter into various over-the-counter derivatives and/or
purchase Micron's common stock in secondary market transactions
after the pricing of the notes.  These activities could have the
effect of increasing or preventing a decline in the price of
Micron's common stock concurrently with or following the pricing
of the notes.  In addition, the counterparties may modify or
unwind their hedge positions by entering into or unwinding
various derivative transactions and/or purchasing or selling
Micron's common stock in secondary market transactions prior to
maturity of the notes (and are likely to do so during any
conversion period related to conversion of the notes).

The securities will be issued pursuant to an effective
registration statement filed with the U.S. Securities and
Exchange Commission.

A prospectus relating to the offering may be obtained by
contacting:

    Morgan Stanley & Co. Incorporated
    Attn: Prospectus Dep't
    180 Varick Street
    New York, NY 10004
    Tel: (212) 761-4000

Micron Technology Inc. -- http://www.micron.com/-- (NYSE:MU)  
provides advanced semiconductor solutions.  Through its
worldwide operations, Micron manufactures and markets DRAMs,
NAND Flash memory, CMOS image sensors, other semiconductor
components and memory modules for use in leading-edge computing,
consumer, networking and mobile products.  The company is
headquartered in Boise, Idaho, and has manufacturing facilities
in Italy, Scotland, Japan, Puerto Rico and Singapore.


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


ALAMAN LLP: Creditors Must File Claims by June 8
------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Industrial-Financial Corporation Alaman insolvent
on March 15.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office Four
         Kassin Str. 2/1
         Mamyr
         Almaty 050052
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41

ALTYN-JALGAS LLP: Creditors' Claims Due June 22
-----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Altyn-Jalgas insolvent on March 25.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan Region
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


BANK TURANALEM: Fitch Affirms Low B Foreign Currency IDRs
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of Kazakhstan's Bank
TuranAlem -- BTA -- at foreign currency Issuer Default 'BB+',
Short-term foreign currency 'B', local currency Issuer Default
'BBB-', Short-term local currency 'F3', Support '3' and
Individual C/D.  The Outlook on the foreign currency Issuer
Default rating is Positive while that on the local currency IDR
is Stable.

The IDRs, Short-term and Support ratings reflect the moderate
probability of support being forthcoming, in case of need, from
the Kazakhstani authorities.  This view takes into account the
Kazakhstani sovereign's ability to provide support, as reflected
in its foreign currency 'BBB' and local currency 'BBB+' IDRs.  
The ratings also reflect Fitch's view of the authorities' strong
propensity to support BTA, if required, in light of its
importance to the domestic banking market.  The Positive Outlook
on BTA's foreign currency IDR reflects that on the sovereign IDR
and the foreign currency IDR would likely be upgraded should the
sovereign rating rise.

The Individual rating reflects the risks of the bank's very
rapid loan growth, significant loan concentrations, in
particular in the Russian construction/real estate sector,
considerable reliance on external funding and certain weaknesses
in the operating environment.  However, it also considers BTA's
substantial domestic franchise, sound performance and reasonable
liquidity.

BTA's capitalization was adequate at end-2006, but came under
significant pressure in first quarter of 2007 due to the
acquisition of a 34% stake in Turkey's Sekerbank T.A.S.
(IDR 'B-') and further rapid organic loan growth (19% qoq).  Its
investment in Sekerbank was equal to 20% at end of first quarter
of core capital.  Further rapid organic growth and possible
acquisition activity are planned during 2007.

However, an approximate US$1.5 billion equity injection, the
majority of which is to be made during second quarter of 2007
(around US$400 million injected to date, Fitch is informed)
should result in core capital approximately doubling by end-2007
compared to end of first quarter of 2007.  This should ensure
that capitalization is maintained at adequate levels (absent
substantial loan losses), even if strong organic growth and
acquisitions continue.

Individual borrower concentrations moderated during 2006, with
the 20 largest credit exposures reducing to 1.5x core capital
from around 2.1x, while no single loan exposure at end-2006
equaled more than 11% of core capital.  Nevertheless,
concentration remains significant and exposure to the
potentially more risky residential and commercial
construction/real estate sectors rose to 1.3x core capital from
0.6x at end-2005. Borrowers in the CIS and other non-OECD
countries accounted for 23% of the end-2006 loan book, with six
of the largest 10 loan exposures representing real
estate/construction projects in Russia.

Downward pressure on BTA's Individual rating could result should
ongoing rapid loan growth domestically and abroad result in a
marked deterioration of asset quality, which has been acceptable
to date, or if the ongoing equity injection is delayed.  
Downside risk may also increase if the bank's overall risk
profile worsens as a result of further acquisitions.

BTA is one of the two largest commercial banks in Kazakhstan,
with top three positions in all major markets segments.  It has
developed a network of affiliate banks in other CIS countries
and in December 2006 completed the acquisition of a majority
stake in Kazakhstan's Temirbank (IDR 'BB-'). BTA's ownership
structure is not yet transparent, but it is expected to be
publicly disclosed by the end of the first half of 2007; Fitch
understands that several Kazakhstani shareholders control the
bank.


BENAT LLP: Proof of Claim Deadline Slated for June 22
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Benat insolvent.

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

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


DAUREN-CASIO LLP: Claims Registration Ends June 20
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Joint Kazakh-Turkish Enterprise Dauren-Casio
insolvent on March 30 (RNN 600700099308).

Creditors have until June 20 to submit written proofs of claim
to:

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


GAIKOV EXPORT LLP: Claims Filing Period Ends June 22
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Firm Gaikov Export insolvent on
March 25.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Ushanov Str. 78-27
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 26-24-41


KUMBEZ-KURYLYS LLP: Creditors Must File Claims by June 20
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Planning-Construction Company Kumbez-Kurylys
insolvent on March 30.

Creditors have until June 20 to submit written proofs of claim
to:

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


SARYKOL-BIDAI LLP: Creditors' Claims Due June 5
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Sarykol-Bidai insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Micro District 9, 12-124
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 22-02-93


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

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Micro District 9, 12-124
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 22-02-93


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


STROYMEGAPOLIS LLC: Creditors Must File Claims by July 4
--------------------------------------------------------
LLC Construction Company Stroymegapolis has declared insolvency.
Creditors have until July 4 to submit written proofs of claim.

Inquiries can be addressed to (0-517) 22-65-49, (0-517)
23-09-18.


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


LEAR CORP: Fitch Cuts & Withdraws Low B & Junk Ratings
------------------------------------------------------
Fitch Ratings has simultaneously downgraded and withdrawn these
ratings of Lear Corp.:

     -- Issuer Default Rating to 'B-' from 'B';
     -- Senior unsecured to 'CCC/RR6' from 'B/RR4'.

In addition, Fitch has affirmed and withdrawn these Lear Corp.
ratings:

     -- Senior secured revolving facility at 'BB/RR1';
     -- Senior secured term loan at 'BB/RR1'.

The Outlook is Negative.

The downgrade of the IDR reflects the increased level of
indebtedness expected upon completion of the acquisition by
American Real Estate Partners, LLC.  The senior unsecured rating
reflects Fitch's expectation that the debtholders would recover
0% to 10% ('RR6') in a distressed scenario due to a US$1 billion
increase in secured indebtedness.

Fitch will no longer provide ratings or analytical coverage on
the company.

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 and electrical distribution systems and
other interior products.

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.


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


CENTRAL EUROPEAN: Moody's Lifts Corporate Family Rating to B1
-------------------------------------------------------------
Moody's Investors Service upgraded Central European Distribution
Corp corporate family rating to B1 from B2 and confirmed the
senior secured B2 rating on the notes due 2012.  The outlook on
all ratings is stable.

The rating action concludes Moody's review for possible upgrade
initiated on March 14, 2007, and reflects the improvements in
CEDC's operating performance and the reduction in what Moody's
perceives as the integration risk following the acquisition of
Bols and Bialystok in 2005.  The confirmation of B2 rating on
the Notes reflects the application of the Loss Given Default
methodology across Europe.

CEDC's B1 Corporate Family Rating takes into consideration the
company's leading market position as Vodka producer and its
extended distribution network in Poland but also the limited
geographic and product diversification of CEDC, compared to
other alcoholic beverage producers.  CEDC rating also reflects
the improving operating performance of the company, with
operating margin of 9.8% as at financial year ended December
2006 up from 6.8% one year before and the strong cash flow
characteristic of its production business that enabled the
company to reduce leverage to 3.7x as at FYE Dec 2006.  Moreover
the rating recognizes that the integration program is well
underway, despite a residual level of risk is still in place due
to the origin of the company as incubator of many small Polish
distributors.  

In Moody's opinion, however, the rating remains constrained by
the exposure to event risk as it is likely that the company will
continue to seek growth through further acquisitions.  The
current rating does not incorporate any large debt finance
acquisition.

The B2 rating of the EUR260 million senior secured notes
reflects both the overall probability of default of the company,
to which Moody's assigns a probability-of-default rating of B1,
and a loss-given-default assessment of LGD 4, 68% (expressed
through a six-point symbol system that orders expected loss
severity from lowest to highest in percentage terms).

The stable outlook reflects Moody's expectations that the
company's operating performance will continue to moderately
improve helped by further progress in the integration of the
Group's core activities and that the company will pursue
external growth maintaining a conservative financial policy.
Ongoing improvements in profitability and cash flow generation,
resulting in a reduction of financial leverage towards 3x are
likely to place upward pressure on the ratings.  On the contrary
deterioration in operating performance and sizable debt financed
acquisitions, resulting in a sustained increase in financial
leverage above 5x, are likely to result in downward rating
pressure.

Ratings upgraded:

   -- CEDC Corporate Family Rating of B1;

Ratings confirmed:

   -- CEDC EUR260 million 8% senior secured notes due 2012 rated
      B2, LGD 4, 68%.

Headquartered in Warsaw, Poland, CEDC is a leading importer and
distributor of alcoholic beverages in Poland and, after its
acquisition of Bols and Polmos Bialystok, CEDC became the
largest producer of vodka in Poland.  For the financial year
ended Dec. 31, 2006, CEDC generated net revenues of US$944.1
million.  The company is listed on the NASDAQ market and on the
Warsaw Stock Exchange.


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


BEARINGPOINT INC: Jill Kanin-Lovers Joins Board of Directors
------------------------------------------------------------
BearingPoint Inc. has appointed Jill Kanin-Lovers to its Board
of Directors, effective May 10, 2007.

Ms. Kanin-Lovers has more than 30 years of human resources and
management experience.  From 1992 to 2004, she held senior human
resources leadership positions at Avon Products Inc., IBM and
the American Express Company.  She spent the first 17 years of
her career with Towers Perrin, a leading global human resources
consulting firm, where she held a number of management and
leadership positions.

"In the consulting industry, nothing is more important than
attracting and retaining the best talent," said Rod McGeary,
BearingPoint's Chairman of the Board.  "Jill's extensive human
resources expertise will help BearingPoint continue to attract
the best and brightest in our industry ensuring that we can
continue to exceed the expectations of our clients."

Named one of the Top 50 HR Leaders in the world by HR World
magazine, Ms. Kanin-Lovers has worked with senior management to
drive global human resources strategies and organizational
transformation at several of the world's most highly regarded
companies.  That unique experience will be invaluable as
BearingPoint continues its drive to build a world-class human
resources capability to serve its 17,000 employees.

Ms. Kanin-Lovers now serves on the Board of Directors for First
Advantage, a leading risk mitigation and business solutions
provider; for Dot Foods, the nation's largest food
redistributor; and for Heidrick & Struggles, a leading global
search firm.  She received her bachelor's degree from the State
University of New York at Albany and her master's in Business
Administration, specializing in Personnel and Industrial
Relations, from the University of Pennsylvania's Wharton School
of Business.

Headquartered in McLean, Virginia, BearingPoint Inc., (NYSE:
BE) -- http://www.bearingpoint.com/-- provides of management  
and technology consulting services to Global 2000 companies and
government organizations in 60 countries worldwide.  The firm
has approximately 17,500 employees, and major practice areas
focusing on the Public Services, Financial Services and
Commercial Services markets.

BearingPoint has global locations including in Indonesia,
Australia, Austria, China, India, Japan, Mexico, Portugal,
Singapore and Thailand.

                          *     *     *

Moody's Investors Service's rated BearingPoint Inc.'s 2.5%
Series A Convertible Subordinated Debentures due 2024 at B3.


=============
R O M A N I A
=============


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

                   About Benchmark Electronics

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


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


ABAKAN-VAGON-STROY: Creditors Must File Claims by May 28
--------------------------------------------------------
Creditors of OJSC Abakan-Vagon-Stroy have until May 28 to submit
proofs of claim to:

         T. Kostik
         Temporary Insolvency Manager
         Vyatkina Str. 3
         Abakan
         655017 Khakasiya
         Russia
         Tel: 8(390-2) 22-43-20

The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A74-691/2007.

The Court is located at:

         The Arbitration Court of Khakasiya
         Post User Box 147
         Pushkina Str. 165
         Abakan
         655017 Khakasiya
         Russia

The Debtor can be reached at:

         OJSC Abakan-Vagon-Story
         Chertygasheva Str. 128
         Abakan
         Khakasiya
         Russia


AGRO-PROM-TEKH-SNAB: Court Starts Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Chita commenced bankruptcy supervision
procedure on OJSC Agro-Prom-Tekh-Snab (TIN 7517001250).  The
case is docketed under Case No. A78-775/2007-B-40.

The Insolvency Manager is:

         S. Fillipov
         Insolvency Manager
         Post User Box 610
         672007 Chita-7
         Russia

The Debtor can be reached at:

         OJSC Agro-Prom-Tekh-Snab
         Dolina Str.
         Petrovsk-Zabajkalskiy
         673002 Chita
         Russia


BUSINESS-PARTNER LLC: Creditors Must File Claims by May 28
----------------------------------------------------------
Creditors of LLC Business-Partner have until May 28 to submit
proofs of claim to:

         V. Safonov
         Insolvency Manager
         Post User Box 146
         664025 Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene at 10:15 a.m. on
Aug. 1 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A19-3622/07 60.

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 Business-Partner
         Apartment 84
         Universitetskiy 83
         665401 Irkutsk
         Russia


CELSIA TECH: March 31 Balance Sheet Upside-Down by US$1.2 Mln
-------------------------------------------------------------
Celsia Technologies Inc. reported a net loss of US$1,117,000 on
revenue of US$99,000 for the first quarter ended March 31, 2006,
compared with a net loss of US$1,422,000 on revenue of US$3,000
for the same period ended March 31, 2006.

Selling and administrative expenses for the three months ended
March 31, 2007, were approximately US$957,000 compared to
approximately US$1,302,000 for the same period last year.  The
decrease compared to last year is mainly attributable to
increased functional efficiency.

As disclosed in the financial statements, during the quarter
ended March 31, 2007, the company continued to make progress
towards building the company and commercializing its technology.  
The company has received product test orders, which have led to
several related test product deliveries, as well as commercial
orders.  The company believes that its test products have
advanced beyond the test phases and been incorporated on a
limited volume basis into commercial products.  

The company also said that it has an order backlog of
approximately US$500,000 at March 31, 2007, of which the
majority consist of commercial orders.

The company's balance sheet at March 31, 2007, showed
US$2,140,000 in total assets and US$3,366,000 in total
liabilities, resulting in a US$1,226,000 total stockholders'
deficit.

The company's balance sheet at March 31, 2007, also showed
strained liquidity with US$497,000 in total current assets
available to pay US$3,249,000 in total current liabilities.

Full-text copies of the company's consolidated financial
statements for the quarter ended March 31, 2007, are available
for free at http://researcharchives.com/t/s?1f70

                       Going Concern Doubt

As reported in the Troubled Company Reporter on April 25, 2007,
PKF, in New York, expressed substantial doubt about Celsia
Technologies Inc.'s ability to continue as a going concern after
auditing the company's consolidated financial statements for the
years ended Dec. 31, 2006, and 2005.  The auditing firm reported
that at Dec. 31, 2006, the company and its subsidiaries have
commenced limited revenues producing operations and have an
accumulated deficit of US$23.7 million.

                    About Celsia Technologies

Headquartered in Miami, Fla., Celsia Technologies Inc. (OTC BB:
CSAT) -- http://www.celsiatechnologies.com/-- is a full  
solution provider and licensor of thermal management products
and technology for the PC, consumer electronics, lighting and
display industries.  The company is a leader in developing and
commercializing next-generation cooling solutions built on
patented micro thermofluidic technology.  Celsia Technologies'
extensive intellectual property portfolio includes patents
registered in Korea, the U.S., Japan and Taiwan, with patents
pending in the EU, Russia, India and in China.


KAZANSKIY FACTORY: Creditors Must File Claims by May 28
-------------------------------------------------------
Creditors of OJSC Kazanskiy Factory of Electro- Constructions
have until May 28 to submit proofs of claim to:

         V. Samsonov
         Insolvency Manager
         Internatsionalnaya Str. 96
         603002 Nizhniy Novgorod
         Russia

The Arbitration Court of Chuvashiya commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A79-2004/2007.

The Debtor can be reached at:

         OJSC Kazanskiy Factory of Electro- Constructions
         Cheboksary
         Chuvashiya
         Russia


KHARABALINSKOYE GRAIN: Creditors Must File Claims by June 28
------------------------------------------------------------
Creditors of OJSC Kharabalinskoye Grain Receiving Enterprise
have until June 28 to submit proofs of claim to:

         Y. Panfilov
         Insolvency Manager
         Post User Box 370
         Central Post Office
         414000 Astrakhan
         Russia

The Arbitration Court of Astrakhan commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A06-6997/2006-11.

The Court is located at:

         The Arbitration Court of Astrakhan  
         Gubernatora A. Guzhvina Str. 6.
         Astrakhan  
         Russia

The Debtor can be reached at:

         OJSC Kharabalinskoye Grain Receiving Enterprise
         1st Bazovskaya Str. 19
         Kharabali
         416010 Astrakhan
         Russia


LENINSKIY FACTORY: Creditors Must File Claims by May 28
-------------------------------------------------------
Creditors of CJSC Leninskiy Factory Of Metal Constructions (TIN
3415008789) have until May 28 to submit proofs of claim to:

         A. Klimenko
         Insolvency Manager
         Khirosimy Str. 1-194
         400050 Volgograd
         Russia

The Arbitration Court of Volgograd commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A12-4122/07-s49.

The Debtor can be reached at:

         CJSC Leninskiy Factory of Metal Constructions
         Prom.zone
         Leninsk
         Volgograd
         Russia


OPOCHETSKIY BUTTER: Asset Sale Slated for June 8
------------------------------------------------
CJSC Ros-Business-Standard, the insolvency manager for CJSC
Opochetskiy Butter and Cheese Making Mill, will open a public
auction for the company's properties at noon on June 8 at:

         CJSC Ros-Business-Standard
         Office 26
         Vokzalnaya Str. 20
         Tver
         Russia

Interested participants have until June 6 to deposit an amount
equivalent to 5% of the starting price to:

         JSC Ros-Business-Standard
         Settlement Account 40702810400600000125
         Correspondent Account 30101810500000000921
         BIK 042809921
         FCB SDM-Bank (OJSC)
         Tver
         Russia

Bidding documents must be submitted to:

         CJSC Ros-Business-Standard
         Office 26
         Vokzalnaya Str. 20
         Tver
         Russia
         Tel: 8-910-393-48-48
         Web site: http://www.rbs-group.ru/

The Debtor can be reached at:

         CJSC Opochetskiy Butter and Cheese Making Mill
         2nd Leninskaya Str. 19
         Opochka
         Pskov
         Russia


PENZA-SPIRIT-PROM: Penza Bankruptcy Hearing Slated for Sept. 6
--------------------------------------------------------------
The Arbitration Court of Penza will convene at 10:00 a.m. on
Sept. 6 to hear the bankruptcy supervision procedure on OJSC
Penza-Spirit-Prom.  

The case is docketed under Case No. A49-1678/2007-23b/26.

The Temporary Insolvency Manager is:

         A. Mavrov
         Srasova-Sormovskaya Str. 178-180/1
         350075 Krasnodar
         Russia

The Court is located at:

         The Arbitration Court of Penza  
         Belinskogo Str. 2
         440600 Penza  
         Russia

The Debtor can be reached at:

         OJSC Penza-Spirit-Prom
         Volodarskogo Str. 49
         440600 Penza
         Russia


ROSNEFT OIL: Second Shot on Yukos Krasnodar Assets at Sight
-----------------------------------------------------------
Eduard Rebgun, bankruptcy receiver of OAO Yukos Oil Co., will
offer the company's Krasnodar assets to OAO Rosneft Oil Co.,
after the Russian Federal Anti-Monopoly Service refused to
effect the deal with the auction winner, RIA Novosti reports.

ZAO Promregion Holding had won the auction to acquire the assets
for RUR4.9 billion but was declined by the FAS as it refused to
disclosed its ownership structure.

In a TCR-Europe report on May 18, Nikolai Lashkevich, press
secretary of Mr. Rebgun, told RIA Novosti that a repeat auction
may be held or the second best offer may be declared the winner,
RIA Novosti adds.

Promregion, Rosneft unit OOO Neft Aktiv, and OOO Versar
participated in the ninth auction for the bankrupt oil concern's
assets early this month.  The lot carried a RUR3.7 billion
starting price, a bid increment of RUR37.1 million, and a
required deposit sum of RUR742.4 million.  

The lot, RIA Novosti relates, is comprised of:

   -- 100% in Stavropolnefteprodukt public company;

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

   -- 100% stake in OOO Val Shatskogo;

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

   -- a promissory note of Stavropolnefteprodukt with a face
      value of RUR1.16 million.

Mr. Rebgun told RIA Novosti that if Rosneft, which offered the
second best price, refuses to acquire the assets, the properties
will be offered to Versar.

Mr. Rebgun added that if the bidders refuse to pay Promregion's
price, he will hold another auction for the lot.

In a TCR-Europe report on May 18, 2007, FAS said it would
approve Rosneft's assets won through a series of auction from
March to May.

Rosneft has won these assets through its subsidiaries:

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

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

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

                         About Yukos Oil

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

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

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

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

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

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

                          About Rosneft

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

                          *     *     *

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

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


RUS'-PROM-INVEST: Court Names S. Kobzev as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Vologda appointed S. Kobzev as
Insolvency Manager for LLC Rus'-Prom-Invest.  He can be reached
at:

         S. Kobzev
         Komarova Str. 8-88
         162600 Cherepovets
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case
No. A13-1660/2007.

The Court is located at:

         The Arbitration Court of Vologda  
         Hall 4
         Gertsena Str. 1a
         Vologda  
         Russia

The Debtor can be reached at:

         LLC Rus'-Prom-Invest
         Vologda
         Russia


RUSSIA COMPANY CJSC: Creditors Must File Claims by May 28
---------------------------------------------------------
Creditors of CJSC Company Russia (TIN 2712000950) have until
May 28 to submit proofs of claim to:

         A. Samokhin
         Insolvency Manager
         Stroitelej Pr. 4A
         682640 Amursk
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A73-11988/2006-36.

The Debtor can be reached at:

         CJSC Company Russia
         Komsomolsk-na-Amure
         Russia


SABINSKOYE-1 OJSC: Creditors Must File Claims by May 28
-------------------------------------------------------
Creditors of OJSC Sabinskoye-1 have until May 28 to submit
proofs of claim to:

         E. Lysenkov
         Insolvency Manager
         Krylova Str. 106-1-54
         Abakan
         655000 Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A74-538/2007.

The Court is located at:

         The Arbitration Court of Khakasiya
         Post User Box 147
         Pushkina Str. 165
         Abakan
         655017 Khakasiya
         Russia

The Debtor can be reached at:

         OJSC Sabinskoye-1
         Pervomajskaya Str. 20
         Sabinka
         Bejskiy
         655790 Khakasiya
         Russia


SEVERO-ANGARSKIY MINING: Creditors Must File Claims by June 28
--------------------------------------------------------------
Creditors of OJSC Severo-Angarskiy Mining Factory have until
June 28 to submit proofs of claim to:

         S. Rozhdestvenskiy
         Insolvency Manager
         Post User Box 11951
         660028 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A33-12365/2006.

The Court is located at:

         The Arbitration Court of Krasnoyarsk
         Lenina Str. 143
         660021 Krasnoyarsk
         Russia

The Debtor can be reached at:

         OJSC Severo-Angarskiy Mining Factory
         Razdolinsk
         Motyginskiy
         Krasnoyarsk
         Russia


TNK-BP HOLDING: May Lose License to Operate Kovytka Gas Field
-------------------------------------------------------------
TNK-BP Holding Ltd. might lose its license to operate the
Kovytka natural gas field if it fails to meet the production
target set by the Russian government, Bloomberg News reports.

Russia's Natural Resources Inspectorate will review on May 23,
2007, TNK-BP's natural gas production at the Kovytka field,
Bloomberg News relates.  Under the terms of its license, TNK-BP,
through its OAO Rusia Petroleum unit, has to produce 9 million
cubic meters of natural gas annually from the field.  The
company produced 1.5 billion cubic meters of natural gas from
the field in 2006.

"If they have not fulfilled their targets, it will be the end of
the license," Oleg Mitvol, Natural Resources Inspectorate's
deputy head, told Bloomberg News.

According to Bloomberg News, Russian President Vladimir Putin is
tightening state control over the country's energy resources,
with an aim of having OAO Gazprom and OAO Rosneft compete with
international energy firms like BP, Royal Dutch Shell Plc and
Exxon Mobil Corp.

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.  
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                          *     *     *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP
on Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


TRANSNEFT OAO: Receives 24% Russian Government Stake in CPC
-----------------------------------------------------------
The Russian government has transferred its 24% stake in the
Caspian Pipeline Consortium to OAO Transneft for trust
management, RIA Novosti reports.

According to the report, Russia made the stake transfer to
"enhance management efficiency."  The Industry and Energy
Ministry proposed the transfer expecting that Transneft would
protect state interests in the project better than government
officials.

                       Strained Relations

RIA Novosti relates that Russia has been tense since CPC
shareholders signed an agreement to expand the pipeline capacity
to 67 million metric tons a year.  Russia, however, is blocking
the agreement, demanding that interest payments on loans granted
to CPC be reduced from 14% to 10.5% and oil transportation
tariffs increased from US$29 to US$38 per metric ton.

A government official, RIA Novosti adds, complained that high
interest paid on loans borrowed from CPC private shareholders
leads to losses and to the actual non-payment of taxes by the
consortium.

Spokesmen from CPC and member Chervron have confirmed that the
issue remained unresolved.

                       Conflict of Interest

Ian MacDonald, president of Chevron Neftegas Inc., has warned
that the state's stake transfer to Transneft would lead to a
conflict of interest, which Transneft Vice President Sergei
Grigoryev promptly denied.  

"Their opinion of our competition is wrong: we supply Russian
oil, and the CPC Kazakh oil to the south," Mr. Grigoryev said.

"Transneft will hardly help Russia to resolve the conflict with
CPC shareholders," said Valery Nesterov, an analyst with Troika-
Dialog, Russia's largest independent investment company.  He
warned that the CPC expansion should not be delayed, with
Kazakhstan having many opportunities to redistribute export
flows and the CPC needing oil to fill the Burgas-Alexandroupolis
pipeline.

                         About Transneft

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

                          *     *     *

OAO Transneft carries Fitch's 'BB' rating.


TUYMAZINSKIY ELEVATOR: Creditors Must File Claims by June 28
------------------------------------------------------------
Creditors of OJSC Tuymazinskiy Elevator have until June 28 to
submit proofs of claim to:

         A. Khusainov
         Insolvency Manager
         Post User Box 174
         Ufa
         450054 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  
The case is docketed under Case No. A07-14556/05-G-FLE.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Tuymazinskiy Elevator
         Sovetskaya Str. 7
         Tuymazy
         452750 Bashkortostan
         Russia


VIMPEL-COMMUNICATIONS: Telenor ASA Hikes Stake to 29.9%
-------------------------------------------------------
Telenor ASA has increased its stake in OAO Vimpel-Communications
by 3.3% to 29.9% after acquiring 7.7 million VimpleCom American
Depositary Receipts, Bloomberg News reports.

A Telenor unit acquired the ADRs for US$744.8 million under a
swap agreement with ING Bank N.V., Bloomberg News says citing a
statement filed by the firm with the U.S. Securities and
Exchange Commission.

Telenor said the agreement will "increase the likelihood that
three or more of its five nominees to the board of directors of
VimpelCom are elected," referring to the upcoming board election
at the company's annual meeting on June 29, 2007.

According to Bloomberg News, the stake acquisition was part of
Telenor's strategy to gain control over Vimpelcom against the
Alfa Group, which is owned by billionaire Mikhail Fridman.  Both
firms have applied for a controlling stake in VimpelCom while
seeking each other's exit from the company.  Alfa owns 42.4% of
VimpelCom.

Bloomberg News adds that Telenor and Alfa are in a legal battle
over VimpelCom's expansion into Ukraine, where both firms
already own telecommunications assets.

                       About Telenor ASA

Headquartered in Fornebu, Norawy, Telenor ASA --
http://www.telenor.com/-- provides international mobile  
communication services and offers mobile and fixed-line
services, as well as television distribution.  Telenor is
operational in such countries as Norway, Sweden, Denmark,
Hungary, Ukraine, Montenegro, Poland, Austria, Bulgaria, Serbia,
Russia, Malaysia, Thailand, Bangladesh and Pakistan.

                        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.


VISHERSKAYA PAPER: Creditors Must File Claims by June 28
--------------------------------------------------------
Creditors of LLC Visherskaya Paper Company have until June 28 to
submit proofs of claim to:

         A. Kotelnikov
         Insolvency Manager
         Office 305
         Mira Str. 45a
         614095 Perm
         Russia

The Arbitration Court of Perm commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A50-31652/2005-B.

The Court is located at:

         The Arbitration Court of Perm  
         Lunacharskogo Str. 3
         Perm  
         Russia

The Debtor can be reached at:

         LLC Visherskaya Paper Company
         Gagarina Str. 27
         Krasnovishersk
         Perm
         Russia


WOODWORKING FACTORY: Creditors Must File Claims by May 28
---------------------------------------------------------
Creditors of CJSC Woodworking Factory have until May 28 to
submit proofs of claim to:

         A. Tarara
         Temporary Insolvency Manager
         Apartment 1
         Vokzalnaya Str. 12
         Sayanogorsk
         655600 Khakasiya
         Russia

The Arbitration Court of Khakasiya commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A74-283/2007.

The Court is located at:

         The Arbitration Court of Khakasiya
         Post User Box 147
         Pushkina Str. 165
         Abakan
         655017 Khakasiya
         Russia

The Debtor can be reached at:

         CJSC Woodworking Factory
         Post User Box 28
         Majna
         Sayanogorsk
         655614 Khakasiya
         Russia


YUKOS OIL: Receiver to Offer Krasnodar Assets to OAO Rosneft Oil
----------------------------------------------------------------
Eduard Rebgun, bankruptcy receiver of OAO Yukos Oil Co., will
offer the company's Krasnodar assets to OAO Rosneft Oil Co.,
after the Russian Federal Anti-Monopoly Service refused to
effect the deal with the auction winner, RIA Novosti reports.

ZAO Promregion Holding had won the auction to acquire the assets
for RUR4.9 billion but was declined by the FAS as it refused to
disclosed its ownership structure.

In a TCR-Europe report on May 18, Nikolai Lashkevich, press
secretary of Mr. Rebgun, told RIA Novosti that a repeat auction
may be held or the second best offer may be declared the winner,
RIA Novosti adds.

Promregion, Rosneft unit OOO Neft Aktiv, and OOO Versar
participated in the ninth auction for the bankrupt oil concern's
assets early this month.  The lot carried a RUR3.7 billion
starting price, a bid increment of RUR37.1 million, and a
required deposit sum of RUR742.4 million.  

The lot, RIA Novosti relates, is comprised of:

   -- 100% in Stavropolnefteprodukt public company;

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

   -- 100% stake in OOO Val Shatskogo;

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

   -- a promissory note of Stavropolnefteprodukt with a face
      value of RUR1.16 million.

Mr. Rebgun told RIA Novosti that if Rosneft, which offered the
second best price, refuses to acquire the assets, the properties
will be offered to Versar.

Mr. Rebgun added that if the bidders refuse to pay Promregion's
price, he will hold another auction for the lot.

In a TCR-Europe report on May 18, 2007, FAS said it would
approve Rosneft's assets won through a series of auction from
March to May.

Rosneft has won these assets through its subsidiaries:

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

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

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

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


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


INTERPUBLIC GROUP: Fitch Lifts Issuer Default Rating to BB-
-----------------------------------------------------------
Fitch Ratings has upgraded Interpublic Group's Issuer Default
Rating to 'BB-' from 'B'.  Approximately US$2.3 billion in total
debt as of March 31, 2007, is affected.  The Rating Outlook is
Stable.

IPG's ratings are as:

    -- Issuer Default Rating (IDR) upgraded to 'BB-' from 'B';

    -- Enhanced Liquidity Facility (ELF) upgraded to 'BB-'
       from 'B'/'RR4';

    -- Senior unsecured notes (including convertibles) upgraded
       to 'BB-' from 'B'/'RR4';

    -- Cumulative convertible perpetual preferred stock upgraded
       to 'B' from 'CCC'/'RR6'.

The recovery ratings on the above securities are withdrawn.

The rating action and Outlook reflect IPG's position in the
industry as one of the largest global advertising holding
companies, its diverse client base, the company's ample
liquidity, and the progress it has made recently toward winning
new accounts and driving organic growth within its existing
client base.  Credit metrics have improved significantly from
2005 levels, and are expected to continue to improve in 2007 and
2008.  

Concerns continue to reflect the risks associated with the
company's turnaround as it is still addressing issues at Lowe
and within its media operations.  Also, while Fitch believes the
company is ahead of its remediation plan, several material
control weaknesses have yet to be remedied.  The company has
reiterated its expectation of being Sarbanes Oxley complaint
with the release of its 2007 form 10-K. Also, the rating
incorporates the risk that a pending SEC investigation could
potentially result in a cash outflow.

The presence of an underutilized staff and significant
professional fees associated with the control issues resulted in
very weak operating and financial performance in 2005 and first
half of 2006.  However, recent trends indicate that the
company's efforts at turning around the business are gaining
traction in the market.  Organic revenue was slightly positive
in 2006 (which is significant given the levels of client losses
in 2005) and for the first quarter of 2007 reflecting expanded
spending among the existing clients and new client wins.  
Notable recent wins include Wal-Mart, K-Mart, Hewlett Packard,
Bank of America Wealth Management, and Kraft's Lunchables.

Also, material reductions in professional fees and other cost
containment actions (particularly in occupancy expenses) have
had a positive impact on profitability.  Operating EBITDA
expanded significantly year-over-year up more than 100% to
approximately US$400 million in the latest 12-month period ended
Dec. 31, 2006.  Accordingly, operating EBITDA margins have
expanded to approximately 6.4% from 3.2%.  

Fitch believes that IPG should be able to make meaningful
progress in 2007 (as demonstrated by first quarter 2007 results
released recently) toward more normalized industry levels.  Its
2008 goals of organic growth in the mid-single digits and
operating margin above 10% should be attainable. Fitch notes
that even without meeting these goals, there are still
opportunities for material increases in EBITDA in the next
several years.

From 2005 to 2006, adjusted debt (using 8 times [x] rent) to
operating EBITDAR improved from over 10x to slightly above 7x.
Alternatively, adjusted debt (using the PV of future leases) to
operating EBITDAR improved from 6.5x to approximately 5x.  
Credit ratios are expected to continue to improve in 2007 and
2008 on relatively flat debt levels as potential revenue gains,
further reductions in professional fees and the impact of modest
operating leverage (resulting from improved staff utilization
and occupancy levels) should positively impact EBITDA and free
cash flow.

IPG's liquidity position is supported by the US$1.5 billion-
US$2.0 billion in cash and equivalents the company has
maintained on its balance sheet during its turn around.  (Fitch
acknowledges the meaningful differential between receivables and
payables (in excess of US$1 billion in recent periods) would be
a drain on cash in a distress scenario.)  Net of US$223 million
in letters of credit, the company had approximately
US$527 million available under its US$750 million enhanced
liquidity facility (ELF) as of March 31, 2007.  Near-term
maturities include US$400 million convertible notes that become
putable by the note holders for cash in March 2008. Other
meaningful maturities are in 2009 when US$250 million notes come
due and the ELF facility matures.  

Also, in 2010 its US$250 million floating rate notes mature.  
Management has reiterated that it intends to maintain
significant liquidity through its operational turnaround.  As
the business gains further traction, Fitch expects the company
will periodically tap its liquidity to make smaller strategic
acquisitions but Fitch believes this activity will be executed
prudently without negatively impacting the rating.

The capital structure includes approximately US$800 million
convertible senior notes.  Fitch assigns these securities to
class A (100% debt, no equity) as defined under Fitch's hybrid
securities guidelines (published October 2006).  Per Fitch's
guidelines, these units are not considered mandatorily
convertible units, and the underlying notes rank as senior notes
(meaning there is no loss-absorption benefit).  The capital
structure also includes US$525 million series B cumulative
convertible perpetual preferred stock which Fitch assigns class
D (25% debt/75% equity) given its perpetual nature, deferability
features and the loss absorption benefits that result due to
this security's ranking in the capital structure.

The Interpublic Group of Companies Inc., with headquarters in
New York, is one of the world's largest advertising, marketing
and corporate communications holding companies.  The company has
operations worldwide, including in Argentina, Australia, Chile,
China, India, Indonesia, Ireland, Japan, Malaysia, Panama,
Spain, Thailand, the United States and Venezuela, among others.


===========
S W E D E N
===========


ARVINMERITOR INC: Completes Sale of Emissions Tech to One Equity
----------------------------------------------------------------
ArvinMeritor Inc. has completed the sale of its Emissions
Technologies business group to One Equity Partners, an equity
investment firm based in New York, for around US$310 million,
consisting of cash and other consideration including specified
assumed liabilities.

"We are pleased to have completed this transaction and look
forward to using the proceeds from the sale to support our
continued efforts to strengthen our balance sheet and increase
our ability to invest in technology, research and development
that aligns with our strategic focus on selected vehicle
systems," said Chip McClure, Chairman, CEO and President.  
"Completing the sale of this business is an important milestone
for us and underscores our commitment to building value for
ArvinMeritor's shareholders."

                      About ArvinMeritor Inc.

Based in Troy, Michigan, ArvinMeritor Inc. (NYSE: ARM) --
http://www.arvinmeritor.com/-- supplies integrated systems,    
modules and components serving light vehicle, commercial truck,
trailer and specialty original equipment manufacturers and
certain aftermarket.  ArvinMeritor employs approximately 29,000
people at more than 120 manufacturing facilities in 25
countries.  These countries are: China, India, Japan, Singapore,
Thailand, Australia, Venezuela, Brazil, Argentina, Belgium,
Czech Republic, France, Germany, Hungary, Italy, Netherlands,
Spain, Sweden, Switzerland, United Kingdom, among others.  
ArvinMeritor common stock is traded on the New York Stock
Exchange under the ticker symbol ARM.

                          *     *     *

As reported in the Troubled Company Reporter on Feb. 28, 2007,
Moody's Investors Service has upgraded ArvinMeritor's senior
secured bank debt rating to Baa3, LGD2, 13% from Ba1, LGD2, 20%
and affirmed the company's Corporate Family Rating of Ba3,
Speculative Grade Liquidity rating of SGL-2, and stable outlook.


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


AENISHAENSLIN CONSULTING: Liquidation Claims Due June 4
-------------------------------------------------------
Creditors of LLC Aenishaenslin Consulting have until June 4 to
submit their claims to:

         Roland Flury
         Liquidator
         Mullerstrasse 5
         8021 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Aenishaenslin Consulting
         Zurich
         Switzerland


CREPERIE DOWN-TOWN: Creditors' Liquidation Claims Due June 4
------------------------------------------------------------
Creditors of LLC Creperie down-town have until June 4 to submit
their claims to:

         Anton Tschudi
         Liquidator
         Hugostrasse 10
         P.O. box 6724
         8050 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Creperie down-town
         Zurich
         Switzerland


CTC EQUIPMENT: Creditors' Liquidation Claims Due June 4
-------------------------------------------------------
Creditors of JSC CTC Equipment have until June 4 to submit their
claims to:

         JSC Internationale Treuhand
         Liquidator
         Hirzbodenweg 103
         4020 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC CTC Equipment
         Basel BS
         Switzerland


EMMEPI SOLUTIONS: Creditors' Liquidation Claims Due June 1
----------------------------------------------------------
Creditors of LLC Emmepi Solutions have until June 1 to submit
their claims to:

         Dr. Benno Baldo
         Liquidator
         Bahnhofstrasse 4A
         3900 Brig-Glis VS
         Switzerland

The Debtor can be reached at:

         JSC Emmepi Solutions
         Brig-Glis VS
         Switzerland


GARDA JSC: Creditors' Liquidation Claims Due June 18
----------------------------------------------------
Creditors of JSC Garda have until June 18 to submit their claims
to:

         JSC Fiduciaire du Commerce et de l'Industrie
         Liquidator
         P.O. box 6145
         1003 Lausanne VD
         Switzerland

The Debtor can be reached at:

         JSC Garda
         Chur
         Plessur GR
         Switzerland


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

         Oezcan Oezeren
         Liquidator
         Schoneggstrasse 40
         5200 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC GEKO
         Brugg AG
         Switzerland


INNOPLAN & PARTNER: Creditors' Liquidation Claims Due June 1
------------------------------------------------------------
Creditors of LLC Innoplan & Partner have until June 1 to submit
their claims to:

         Thomas Scheuzger
         Liquidator
         Schutzenmatte 1
         5040 Schoftland
         Kulm AG
         Switzerland

The Debtor can be reached at:

         LLC Innoplan & Partner
         Schoftland
         Kulm AG
         Switzerland


PR CONSULTING: Creditors' Liquidation Claims Due June 1
-------------------------------------------------------
Creditors of LLC PR Consulting have until June 1 to submit their
claims to:

         Peter Ruegg
         Liquidator
         Sagemattstrasse 72/33
         3098 Koniz BE
         Switzerland

The Debtor can be reached at:

         LLC PR Consulting
         Koniz BE
         Switzerland


RS LLC: Creditors' Liquidation Claims Due June 4
------------------------------------------------
Creditors of LLC RS have until June 4 to submit their claims to:

         Arthur Muller
         Liquidator
         Albisstrasse 27a
         6340 Baar ZG
         Switzerland

The Debtor can be reached at:

         LLC RS
         Baar ZG
         Switzerland


VELLEN INVESTMENTS: Creditors' Liquidation Claims Due June 4
------------------------------------------------------------
Creditors of JSC Vellen Investments have until June 4 to submit
their claims to:

         Robert Heberlein
         Liquidator
         Spielhof 3
         8750 Glarus
         Switzerland

The Debtor can be reached at:

         JSC Vellen Investments
         Glarus
         Switzerland


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


AKVILA LLC: Claims Filing Bar Date Set May 25
---------------------------------------------
Creditors of LLC Akvila (code EDRPOU 31962037) have until May 25
to submit written proofs of claim to:

         V. Rabushko
         Temporary Insolvency Manager
         Fuchik Str. 14
         Melitopol
         72319 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 25/48/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Akvila
         Shmidt Str. 13
         Melitopol
         72311 Zaporozhje
         Ukraine


ARIADNA-FINANCE: Creditors Must File Claims by May 26
-----------------------------------------------------
Creditors of LLC Ariadna-Finance (code EDRPOU 33493047) have
until May 26 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/170.

The Debtor can be reached at:

         LLC Ariadna-Finance
         Iziumskaya Str. 7
         03039 Kiev
         Ukraine


BUILDING INVESTMENT: Creditors Must File Claims by May 26
---------------------------------------------------------
Creditors of LLC Building Investment Service (code EDRPOU
32597189) have until May 26 to submit written proofs of claim
to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/177.

The Debtor can be reached at:

         LLC Building Investment Service
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


PMP UKRAINIAN: Creditors Must File Claims by May 26
---------------------------------------------------
Creditors of OJSC PMP Ukrainian Agricultural Special Building
(code EDRPOU 05768473) have until May 26 to submit written
proofs of claims to:

         Sergey Gurianov
         Liquidator
         P.O. Box 1175
         61123 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-48/03-07.

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:

         OJSC PMP Ukrainian Agricultural Special Building
         P.O. Box 1175
         61123 Kharkov
         Ukraine


SLAVUTA LLC: Creditors Must File Claims by May 26
-------------------------------------------------
Creditors of LLC Slavuta (code EDRPOU 30920169) have until
May 26 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced the bankruptcy supervision
procedure on the company on March 12.  The case is docketed
under Case No. B 14/108-07.

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 Slavuta
         B. Khmelnitsky Str. 3
         Vyshgorod
         07300 Kiev
         Ukraine


SOLTARI LLC: Creditors Must File Claims by May 26
-------------------------------------------------
Creditors of LLC Soltari (code EDRPOU 33601604) have until
May 26 to submit written proofs of claim to:

         Private Enterprise Alliance-2004
         Liquidator
         Pobeda Avenue 136
         03115 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/118-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 Soltari
         Pobeda Avenue 136
         03115 Kiev
         Ukraine


UKRAINE LLC: Creditors Must File Claims by May 25
-------------------------------------------------
Creditors of Agricultural LLC Ukraine (code EDRPOU 03792823)
have until May 25 to submit written proofs of claim to:

         Oleg Bilera
         Liquidator
         Volkov Str. 59
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/1672.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Ukraine
         Zvenigorod District Ryzhanovka
         20230 Cherkassy
         Ukraine


UKRAINIAN TECHNICAL: Creditors Must File Claims by May 26
---------------------------------------------------------
Creditors of LLC Ukrainian Technical Product (code EDRPOU
32848975) have until May 26 to submit written proofs of claim
to:

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

The Debtor can be reached at:

         LLC Ukrainian Technical Product
         Usenko Str. 8-A
         02094 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/162-b.


VRADIEVKA TANK: Creditors Must File Claims by May 25
----------------------------------------------------
Creditors of OJSC Vradievka Tank Farm (code EDRPOU 03482650)
have until May 25 to submit written proofs of claim to:

         Maxim Vlasenko
         Liquidator
         P.O. Box 16
         54030 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/449/06.

The Court is located at:

         The Economic Court of Nikolaev
         Admiralskaya Str. 22
         54009 Nikolaev
         Ukraine

The Debtor can be reached at:

         OJSC Vradievka Tank Farm
         Lomonosov Str. 38
         Nikolaev
         Vradievka
         Ukraine


VYRY OJSC: Creditors Must File Claims by May 26
-----------------------------------------------
Creditors of OJSC Agricultural Enterprise Vyry have until May 26
to submit written proofs of claim to:

         Tatiana Nagorneva
         Liquidator
         Gagarin Str. 2
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/150-06.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agricultural Enterprise Vyry
         Vyry
         Belopolye District
         41800 Sumy
         Ukraine


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


ACADEMY DECORATING: Joint Liquidators Take Over Operations
----------------------------------------------------------
P. R. Boyle and J. C. Sallabank of Harrisons were appointed
joint liquidators of Academy Decorating Ltd. on May 10 for the
creditors' voluntary winding-up procedure.

Harrisons -- http://www.harrisons.uk.com/-- provides advice and  
solutions to professional advisors who found their clients
experiencing financial difficulties.  Originally trading from
offices in Reading and has added London, Manchester, Bristol and
Derby and has associate offices in Grantham and Stockton on
Tees.   

The company can be reached at:

         Academy Decorating Ltd.
         Hogwood Farm
         Sheerlands Road
         Finchampstead
         Wokingham
         RG40 4QY
         England  
         Tel: 0118 973 9422
         Fax: 0118 973 9423


BRITISH AIRWAYS: Admits to Breaking Competition Rules
-----------------------------------------------------
British Airways has admitted in its full-year results that it
had breached competition law, Yorkshire Post reports.

According to Yorkshire Post, the U.K. Office of Fair Trading and
the U.S. Department of Justice have been probing on alleged
price fixing on long-haul fuel surcharges since June 2006.  If
an airline is found guilty of running a price-fixing or market-
sharing cartel, it can be fined by as much as 10% of its
worldwide sales.

Bridgid Nzekwu at Channel 4 News relates that British Airways
was charging an extra GBP70 on transatlantic return flights in
April 2006 to cover an increase in fuel costs.

The Jamaica Gleaner notes that British Airways allegedly
contacted Virgin Atlantic about plans to raise surcharges.  The
two airlines launched fuel surcharges in May 2004 against the
rising price of oil on the international market.  

According to Channel 4's Ms. Nzekwu, Virgin Atlantic had raised
its surcharge to GBP70.  Meanwhile, the United Airlines was
charging GBP74 and American Airlines increased its surcharge to
GBP74.

British Airways told Yorkshire Post that it had allocated GBP350
million to cover potential claims resulting from the discovery
in 2006 that senior staff had discussed long-haul fuel
surcharges with rivals.

Yorkshire Post says that the GBP350-million charge was taken in
yearly results, which disclosed that British Airways had GBP611-
million profits in 2007, compared with GBP616 million in the
previous year.  

The Gleaner notes that British Airway could face overall fines
of up to nearly GBP900 million.

British Airways Chief Executive Officer Willie Walsh commented
to The Gleaner, "The policies which we have in place at BA
[British Airways], which are designed to ensure we don't breach
competition law, have been broken.  That is deeply regrettable.  
We have a stringent regime.  It is well documented that we train
all our people and it is completely unacceptable that the policy
was breached."

Mr. Walsh admitted that it had been a challenging year for both
the airline and its passengers.  He stated, "We know at times it
has been a frustrating year for our customers, caused by
disruption and overly-restrictive UK Government security
measures on hand baggage."

British Airways' commercial director Martin George and
communications head Iain Burns resigned from their posts in
October 2006.  Mr. George admitted that within his department
there might have been improper talks in violation of company
policy in relation to long-haul fuel surcharges.

British Airways said in a statement: "BA 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 of GBP350 million in its full-year accounts,
which represents the company's best estimate of the amounts that
could be required to settle all known claims in relation to
these matters."

The security disruption in August 2006 cut GBP130 million from
the 2006 profits, while the threatened cabin crew dispute cost
GBP80 million, Yorkshire Post says, citing Collins Stewart
analysts.

The Office of Fair Trading won't confirm how far their probe has
gotten or which other airlines are involved, though several
firms have admitted assisting with the inquiries into an alleged
cartel, Ms. Nzekwu at Channel 4 stated.

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.  

* Issuer: British Airways, Plc

                                                      Projected
                           Old POD  New POD  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 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.


BUSINESS MORTGAGE: Moody's Rates EUR39.1 Million Notes at Ba1
-------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the CMBS issuance of Business Mortgage Finance 6 Plc:

   -- Aaa to the GBP106 million Class A1 Mortgage Backed
      Floating Rate Notes due 2040;

   -- Aaa to the EUR400.7 million Class A2 Mortgage Backed
      Floating Rate Notes due 2040;

   -- Aaa to the Detachable Class A1 Coupons due 2040;

   -- Aaa to the Detachable Class A2 Coupons due 2040;

   -- A2 to the GBP38 million Class M1 Mortgage Backed Floating
      Rate Notes due 2040;

   -- A2 to the EUR55.6 million Class M2 Mortgage Backed
      Floating Rate Notes due 2040;

   -- Ba1 to the EUR39.1 million Class B2 Mortgage Backed
      Floating Rate Notes due 2040; and

   -- Aaa to the Mortgage Early Redemption Certificates due
      2040.

The total debt raised by Business Mortgage Finance 6 Plc,
approximately GBP500 million, will be used to purchase a
portfolio of non-conforming U.K. commercial mortgage loans from
Commercial First Mortgages Ltd, and will be split as:

   -- 76.0 per cent Class A1 Notes and Class A2 Notes
      ("Class A Notes");

   -- 15.2 per cent Class M1 and Class M2 Notes
      ("Class M Notes"); and

   -- 5.35 per cent B2 Notes ("Class B Notes").

Moody's has withdrawn its provisional Ba1 rating for the Class
B1 Notes.

Moody's has not assigned a rating to the Class C Notes (3.45 per
cent of the issuance).

The ratings on the Notes are based upon:

   (i) Moody's assessment of the real estate quality and
       characteristics of the underlying property portfolio, its
       loan-to-value and current debt service coverage;

  (ii) a loan-by-loan analysis of the mortgage pool backing the
       Notes;

(iii) additional loans of approximately GBP105.3 million to be
       acquired by the Issuer by the Prefunding Purchase Date
       (August 2007), subject to satisfaction of certain
       eligibility criteria;

  (iv) the availability of a committed liquidity facility
       provided by Deutsche Bank AG, London Branch (Aa1, P-1),
       initially sized at 10 per cent of the outstanding notes
       to cover shortfalls in payments of interest on the Notes
       and certain senior expenses;

   (v) the sequential pay structure, switching to pro-rata
       subject to strict trigger conditions ;

  (vi) Issuer-level currency, basis and interest rate hedging
       contracts to be provided by Barclays Bank PLC (Aa1, P-1);
   
(vii) an opening reserve amount of GBP11.25 million and,
       subject to sufficient excess spread, rising to a target
       balance of approximately GBP21.25 million after closing;
       and

(viii) the legal and structural characteristics of the issue.

The pool as at the Cut-Off Date of April 30, 2007, contains 1749
commercial mortgages secured by first ranking legal mortgages on
1749 mixed-use properties.  The properties are all located in
England, Scotland, Wales and Northern Ireland with the largest
proportion of 19.8 per cent being in the South East.  Although
Moody's has reflected in its analysis the portfolio's small size
and lack of granularity compared to residential mortgage pools,
the portfolio is somewhat diversified geographically and by
property type.

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

The Detachable Class A1 and A2 Coupons do not receive any
payments of principal, and earn interest at a certain rate
(2.75 per cent) calculated on the outstanding balance of the
Class A Notes.  The ratings of the DACs address the Issuer's
ability to make the promised payment of interest.  However, they
do not address the size of balance used to calculate the amount
due.

The Mortgage Early Redemption Certificates are backed solely by
mortgage early redemption charges that may become payable by
borrowers in the pool on early redemption of their loans within
a certain period.  The Aaa rating on the MERC's is qualified as
it addresses the likelihood of receipt by MERC holders of such
amounts only if they are received by the Issuer.  It assumes,
without any independent investigation:

   (i) that payment of the mortgage early redemption charges
       under the mortgage loans is legally valid, binding and
       enforceable; and

  (ii) that such amounts are actually collected from borrowers
       and received by the Issuer.  The amount receivable by
       MERC holders also depends on prepayment rates within the
       pool.  The rating does not address such prepayment rates.


CEVA GROUP: Moody's May Downgrade Low-B Ratings After Review
------------------------------------------------------------
Moody's Investors Service placed all the ratings of CEVA Group
Plc on review for possible downgrade.

The rating review was prompted by CEVA's offer to acquire EGL
Inc. for a total transaction consideration of approximately
US$2.0 billion, or US$46.0 per share, in cash plus assumed net
debt.  The offer is subject to EGL's Board of Directors
approval, a shareholder vote and customary regulatory approvals.
The transaction is expected to close in the third quarter of
2007.

The review for CEVA will take into consideration:

   (i) the extent to which such a transaction might result in
       substantially higher leverage;

  (ii) the risk related to the transaction and future
       integration should it be successful; and

(iii) the risks related to a potential change in CEVA's
       underlying business mix and the overall future strategy
       of the enlarged group.

The review will focus on:

   (i) the long term refinancing and potential de-leveraging
       alternatives being contemplated;

  (ii) the expected long term cash flow profile of the enlarged
       group to service post transaction indebtedness;

(iii) the expected future structure of the company, including
       an assessment of the potentially increased structural
       subordination and potential future asset sales; and

  (iv) the impact of the acquisition on the existing bondholders
       of CEVA.

Ratings placed under review for possible downgrade:

   -- The B1 Corporate Family Rating
   -- The Ba2 Senior Secured Bank Credit Facility Rating
   -- The B2 Senior Unsecured Rating
   -- The B3 Senior Subordinated Rating

The most recent rating action on CEVA took place on March 29,
2007, when, as result of the implementation of the Loss-Given-
Default Methodology, Moody's affirmed CEVA's Corporate Family
Rating at B1.  At the same time, the Rating Agency upgraded to
Ba2 from B1 the Senior Secured Bank facility rating of the
EUR805 million, Senior Secured Credit Facility.  Senior Notes
and Senior Subordinated Note ratings remained unchanged,
respectively one notch, and two notches, lower than the
Corporate Family Rating.

CEVA Group Plc is the second largest provider of contract
logistics in the world in term of revenues, with an operational
presence in 26 countries worldwide.  Prior to the sale to Apollo
Management VI, LP, CEVA was the logistics division of TNT Group
NV, a Netherlands based mail, parcel and logistics provider.  In
Fiscal-Year 2005 CEVA reported total revenues of EUR3,352
million. Houston-based EGL is a leading global transportation,
supply chain management and information services company with
2006 revenues of US$3.2 billion.


DECOJARDI UK: Names Richard Andrew Segal Liquidator
---------------------------------------------------
Richard Andrew Segal of Begbies Traynor was appointed liquidator
of Decojardi U.K. Ltd. on May 10 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:

         Decojardi U.K. Ltd.
         Cross Cottage
         Cosheston
         Pembroke Dock
         SA724UW  
         Wales
         Tel: 01646 680 220


EMI GROUP: Board Recommends Terra Firma's GBP2.4 Billion Offer
--------------------------------------------------------------
The Board of Directors of EMI Group Plc has agreed to a takeover
bid by British private equity group Terra Firma Capital for
GBP2.4 billion, or GBP3.2 billion including debt, flushing out
rivals that include on-off suitor Warner Music Group Plc, US
investment firms Cerberus, One Equity Partners and Fortress.

"The EMI board received a number of proposals from several
different parties.  Terra Firma's offer is the most attractive
proposal received and delivers cash now, without regulatory
uncertainty and with the minimum of operational risk to the
company," EMI Chairman John Gildersleeve said in a statement.

Terra Firma, founded by Guy Hands, submitted the sealed offer of
around 265 pence in cash for each EMI share yesterday morning,
in time for the final deadline, which was brought forward by two
days to accompany its annual earnings release, the Associated
Press says in a report carried by the International Herald
Tribune.

EMI's board intends to recommend the deal unanimously to EMI
shareholders for acceptance, which also includes a GBP24 million
break-up fee.

Greenhill & Co. International LLP, Citigroup Global Markets
Limited and Deutsche Bank act as joint financial advisers to
EMI.

Sources familiar with the deal told Kate Holton and Jeffrey
Goldfarb of Reuters that Terra Firma intended to keep EMI intact
and proceed with plans to securitize the company's music
publishing assets.  The firm, however, does not have a
management team lined up to take over as is often common in such
deals, Reuters relates.

Analysts said the deal raises speculations of an all-out bidding
war for the record company, home to the Beatles and Norah Jones,
published reports say.

Siobhan Kennedy and Rebecca O'Connor of Times Online note the
agreed deal with Terra Firm will not prevent other interested
bidders to submit higher bids although it is believed that Terra
Firma's offer is fully funded and ready to be launched to
shareholders.

                       Warner Music Bid

Prior to the announcement, Warner Music Group has sweetened its
bid to acquire EMI by offering to pay a break-up fee of between
GBP50 million and GBP100 million in case the European Commission
blocks its planned takeover of the UK music group, Dominic White
writes for The Telegraph.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.  

Warner Music could naturally be the home for EMI as the combined
companies battle against a shrinking CD market and rampant
online piracy, The Telegraph adds.

Unlike a Warner Music tie-up, a private equity deal could be
completed much more quickly because of the absence of regulatory
risks.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--    
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over
EUR7 billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                        *     *     *

In February 2007, Standard & Poor's Ratings Services lowered its
long-term corporate credit and senior unsecured debt ratings on
U.K.-based music group EMI Group PLC to 'BB-' from 'BB'.  The
'B' short-term rating was affirmed.

At the same time, the long-term corporate credit rating and debt
ratings were put on CreditWatch with negative implications.

In January 2007, Moody's Investors Service downgraded EMI Group
plc's Corporate Family and senior debt ratings to Ba3 from Ba2.  
All ratings remain under review for possible further downgrade.  
Downgrade and review follow the announcement that EMI:

   (i) will incur up to GBP150 million in incremental
       restructuring costs,

  (ii) has performed below its expectations during its financial
       year-to-date,

(iii) has installed Eric Nicoli, hitherto chairman of the group
       as CEO of EMI Group and of EMI Recorded Music and

  (iv) is reviewing its balance sheet.


EMI GROUP: Posts GBP263.6MM Pre-Tax Loss for Year Ended Mar. 31
---------------------------------------------------------------
EMI Group Plc released its preliminary results for the financial
year ended March 31, 2007.

EMI Group posted GBP263.6 million in pre-tax losses on GBP1.75
billion in net revenues for the year ended March 31, 2007,
compared with GBP118.1 million in pre-tax profit on GBP2.08
billion in net revenues for the year ended March 31, 2006.

"This has been a challenging year for EMI Group primarily as a
result of the worsening market conditions, which affected the
entire recorded music industry with revenue declines in every
major music market across the world," EMI Group CEO Eric Nicoli
disclosed.  "This led us to implement a restructuring plan
which, as well as removing cost from the business, will
fundamentally change the way we do business. Moving forward, we
will realign our investment focus and direct our resources to
areas where we will make higher and more sustainable returns.

                             Outlook

"We believe that digital sales will continue to grow strongly
and are excited about the possibilities offered by partnerships
and new business models across both our divisions," Mr. Nicoli
said.

"We remain confident about our long-term future: while current
trading conditions are difficult, consumers' appetite for music
has never been greater.  Although fewer CDs are being purchased,
people are consuming more music in more ways than ever before.
We are positioning ourselves to capture these new and expanding
revenue opportunities as we build a progressive music business
which is truly consumer focused and well-equipped for the
digital age," Mr. Nicoli concluded.

                        About EMI Group

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                          *     *     *

According to a TCR-Europe report on Jan. 17, 2007, Moody's
Investors Service downgraded EMI Group Plc's Corporate Family
and senior debt ratings to Ba3 from Ba2.  All ratings remain
under review for possible further downgrade.


ENERGYTECH LTD: Appoints Gary Stones as Liquidator
--------------------------------------------------
Gary Stones of Stones & Co. was appointed liquidator of
Energytech Ltd. on May 11 for the creditors' voluntary winding-
up proceeding.

The company can be reached at:

         Energytech Ltd.
         Heol Y Bwlch
         Bynea
         Llanelli
         SA14 9SU  
         Wales
         Tel: 01792 846 000
         Fax: 01792 849 000


ENERSYS: S&P Holds All Ratings & Revises Outlook to Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
industrial battery manufacturer EnerSys to stable from negative.  
At the same time, Standard & Poor's affirmed all its ratings on
the company, including its 'BB' corporate credit rating.
      
"The outlook revision reflects the company's demonstrated
progress in gradually returning to credit metrics that are in
line with expectations for the rating, despite the continued
challenging commodity price environment, as well as our
expectation that EnerSys' financial policies, while considered
aggressive, will remain consistent for the rating," said
Standard & Poor's credit analyst Gregoire Buet.
     
EnerSys is challenged by the prices for lead, which represent
about 25% of its costs of goods sold; more so than any other
material.  High lead prices have pressured gross margins.  
Throughout 2005 and 2006, the company succeeded in implementing
price increases to help offset these costs, but lead prices
continue to be on an upward trend, which will require further
pricing action.  Rising volumes, reduction in manufacturing
plant costs, and progress with the integration of acquisitions
should, however, continue to help Enersys achieve growth in
operating earnings, despite gradually eroding margins and weak,
though positive, free cash flow.

EnerSys -- http://www.enersys.com/-- (NYSE: ENS) manufactures  
industrial battery through 21 manufacturing and assembly
facilities worldwide.  Headquartered in Reading, Pennsylvania,
the company is uniquely positioned to provide expertise in
designing, building, installing and maintaining a comprehensive
stored energy solution for industrial applications throughout
the world.  The company's products and services are focused on
two primary markets: Motive Power (North & South America) or
(Europe) and Reserve Power (Worldwide), (Aerospace & Defense) or
(Speciality Batteries).  The company's facilities are located at
China, France, Mexico, Germany, and the United Kingdom, among
others.


FORD MOTOR: Europe Division's Sales Rise 7.4% in April
------------------------------------------------------
Ford of Europe's dynamic product range continued to draw
customers in April, when the company sold 143,700 cars and
commercial vehicles across its main 21 markets, an increase of
7.4 percent from the same month last year.  Market share also
improved by 0.3 percent to 8.24 percent.

Ford of Europe is the European division of Ford Motor Co.

The Focus and Fiesta remained Ford of Europe's best-selling
models in April, supported by the growing popularity of S-MAX,
Car of the Year 2007, and Transit, International Van of the Year
2007.

There were strong monthly performances in markets across Europe.
Britain increased sales by 13.3 percent to almost 32,000 units,
and sales rose in Italy by 23.2 percent to 19,000 units.  Russia
continued its fast pace, where sales nearly doubled from last
year to 15,570 units in April 2007.

The company's solid showing in April contributed to a 6.3
percent sales improvement, to 622,828 units in the first four
months of 2007. Market share was 0.2 percent higher, at 8.97
percent.  "Our sales performance in April shows that we are
building on the momentum of the first quarter," said Stephen
Odell, vice president, Marketing, Sales & Service, Ford of
Europe.  "Our products are in demand and we are focused on
continuing growth with further new models, such as the Focus
Coupe-Cabriolet, refreshed C-MAX and, of course, the all-new
Mondeo.  The Mondeo goes on sale in the summer, and the
impressive press reaction so far confirms our view that we have
another winner."

Ford's sales data includes both passenger cars and commercial
vehicles from its 21 major European Sales Companies, including
Russia and Turkey. Market share excludes Russia.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Co. (NYSE: F) --
http://www.ford.com/-- manufactures or distributes automobiles  
in 200 markets across six continents.  With about 260,000
employees and about 100 plants worldwide, the company's core
and affiliated automotive brands include Ford, Jaguar, Land
Rover, Lincoln, Mercury, Volvo, Aston Martin, and Mazda.  The
company provides financial services through Ford Motor Credit
Company.  The company maintains facilities in Argentina,
Germany, India, Malaysia, Philippines, Spain, Sweden, and the
United Kingdom, among others.

                          *     *     *

In December 2006, Standard & Poor's Ratings Services affirmed
its 'B' bank loan and '2' recovery ratings on Ford Motor Co.

As reported in the Troubled Company Reporter on Dec. 7, 2006,
Fitch Ratings downgraded Ford Motor Company's senior unsecured
ratings to 'B-/RR5' from 'B/RR4'.

As reported in the Troubled Company Reporter on Dec. 6, 2006,
Moody's Investors Service assigned a Caa1, LGD4, 62% rating to
Ford Motor Company's US$3 billion of senior convertible notes
due 2036.


FREEFIT CONSERVATORIES: Peter Rees Leads Liquidation Procedure
--------------------------------------------------------------
Peter Rees of Beachcroft LLP was appointed liquidator of Freefit
Conservatories & Windows Ltd. (formerly Storm Seal U.K. Ltd.) on
May 4 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Freefit Conservatories & Windows Ltd.
         Unit 12
         Broxton Drive
         Pomphlett Farm Industrial Estate
         Plymouth
         PL9 7BG  
         England
         Tel: 01752 403 404
         Fax: 01752 482 192


GENERAL MOTORS: To Invest US$332 Mln in Ohio Transmission Plant
---------------------------------------------------------------
General Motors Corp. will invest US$332 million in its
transmission plant in Toledo, Ohio to produce a new six-speed,
front-wheel-drive automatic transmission that will deliver an
excellent balance of performance and fuel economy in GM's mid-
size vehicle segment.

The investment includes facility renovation, new machinery,
equipment and special tooling to support the production of the
new Hydra-Matic 6T40/45 six-speed transmission.  In addition to
the US$332 million facility investment, GM will invest an
additional US$57 million for vendor tooling, containers and
investments at other locations necessary to support the Toledo
operations.  Construction is slated to begin in July, and
production of the transmission is scheduled to begin in February
2010.  The project will retain about 600 hourly jobs.

"Six-speed transmissions play a key role in GM's commitment to
change the way the world drives," John Buttermore, GM Powertrain
vice president of global manufacturing, said.  "With more fuel-
efficient transmissions and engines, as well as advanced
propulsion technologies like flex fuels, hybrids and fuel cells,
GM is transforming its product portfolio to reduce fuel
consumption and emissions, while maintaining outstanding driving
performance.  The GM Powertrain Toledo plant and the new fuel-
efficient products we are bringing here are integral in that
transformation."

The investment is in addition to a US$540 million investment GM
disclosed last year for rear-wheel-drive six-speed transmission
production at the Toledo Transmission plant.  Construction of
the 400,000 sq. ft. project is about two months ahead of
schedule.

"GM's investments in Ohio, totaling close to US$1 billion in the
last year, is a significant vote of confidence in our employees
and UAW Local 14 who have demonstrated their commitment and
dedication to benchmark performance that is contributing to the
company's turnaround," Mr. Buttermore said.

Mr. Buttermore thanked Ohio's leaders on the federal, state,
county and local levels -- including Ohio Gov. Ted Strickland
and Toledo Mayor Carty Finkbeiner -- for providing the business
case to support GM's investments in Ohio.

"GM is making an enormous commitment to the State of Ohio and I
commend them for their investment in our state," Ohio Gov. Ted
Strickland said.  "This is good news for Ohio workers and a
testament to the great value of our highly skilled workforce and
competitive business climate."

The new 6T40/45 transmission provides improved fuel economy and
performance and features a compact, contemporary design.  It
allows the vehicle to stay in first gear longer, improving
launch and acceleration.  It also retains an overdrive in top
gear for low-rpm highway cruising.  The transmission's gear set
is on the same axis as the engine crankshaft centerline, which
makes the entire powertrain more compact.  This provides chassis
designers more flexibility in designing the vehicle's interior
space compared to a conventional off-axis transaxle.

GM Powertrain's Toledo Transmission facility opened in 1916, and
moved to its present location in 1955.  For five consecutive
years from 2000 to 2004 the Toledo Transmission Plant was ranked
No. 1 in productivity by Harbour & Associates Inc.'s annual
report on North American transmission and powertrain plants.  
The plant ranked No. 2 in 2005 and 2006.  The 2.1 million sq.
ft. plant employs 2,033 hourly and 265 salaried employees with
an annual payroll of US$276 million.

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

                          *     *     *

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

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

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


GENERAL MOTORS: Marketing VP Michael Jackson to Resign June 15
--------------------------------------------------------------
Michael Jackson, North American Vice President for Marketing and
Advertising, is resigning effective June 15, 2007, to pursue
other opportunities, according to various reports.

Executives and general managers under the VP will be reporting
to Mark LaNeve, GM's vice president for North American vehicle
sales, service and marketing, who will handle Mr. Jackson's
tasks, various sources relate.

According to various papers, Mr. LaNeve said that Mr. Jackson is
credited for GM's improved product image and creative approach
to GM's market presence.

Before being promoted to the position in March 2006 and
replacing Brent Dewar, Mr. Jackson was GM's western regional
sales manager director since 2002, the Auto Channel details.  
Mr. Jackson started out as an executive director of sales and
marketing in GM's Detroit headquarters in February 2000.

Prior to joining GM, Mr. Jackson held management positions in
Coors Brewing Company, Pepsi-Co and Coca Cola.

The Auto Channel recounts that Mr. Jackson graduated from a
Bachelor of Arts degree in Journalism at Kent State University
and finished a master's degree in communications at Annenberg
School at the University of Southern California.  He also
accomplished the Wharton Executive Development Program and GM
Senior Executive Program in the University of Pennsylvania.

Mr. Jackson was born on July 18, 1956 in Youngstown, Ohio and
graduated in Ursuline High School.

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

As of March 31, 2007, GM's balance sheet showed a stockholders'
deficit of US$4,347,000,000, compared to a positive equity of
US$15,779,000,000 at March 31, 2006.

                          *     *     *

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

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

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


IMPRESS PRINT: Claims Filing Period Ends June 10
------------------------------------------------
Creditors of Impress Print & Design Ltd. have until June 10 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to:

         Paul W. Ellison
         Liquidator
         Hurst Morrison Thomson
         5 Fairmile
         Henley-on-Thames
         Oxfordshire  
         RG9 2JR

Paul W. Ellison of Hurst Morrison Thomson was appointed
liquidator of the company on May 10.


KB HOME: Fitch Puts Kaufman & Broad's Ratings on Watch Evolving
---------------------------------------------------------------
Fitch Ratings has changed the Rating Watch on French
housebuilder Kaufman & Broad S.A.'s Issuer Default and senior
unsecured 'BBB-' and Short-term 'F3' ratings to Negative from
Evolving.  

This follows the announcement that majority owner KB Home has
entered into an exclusivity period relating to the EUR601
million sale of its entire 49% stake in K&B to private equity
group PAI Partners.  Fitch originally placed K&B's ratings on
Rating Watch Evolving on May 11, 2007, following an announcement
by KB Home that it was considering selling its 49% stake in K&B
to an undisclosed bidder.

The acquisition, should it be completed, will give PAI more than
50% of the voting rights and therefore grant it effective
control.  Following completion of the transaction, PAI intends
to file a standing market offer for the remaining free-float
stake in K&B (51% of total capital).

The Rating Watch Negative reflects Fitch's expectation that PAI,
should it be successful in acquiring 100% of K&B, will apply a
more aggressive capital structure to the company.  Fitch
believes that there is a strong likelihood that leverage levels
will be materially increased, in keeping with the common
practice of private equity groups when conducting public-to-
private transactions such as this.

Fitch will seek to resolve the Rating Watch following completion
of the acquisition.  Completion of the acquisition of KB Home's
49% stake is expected in third quarter of 2007, subject to
customary terms and conditions including regulatory approval.  
Fitch will review in particular any changes in capital structure
as well as the position of the EUR150 million 2009 note holders.  
In this respect, Fitch notes that the bond documentation
includes a change-of-control clause (including ratings
downgrade).  However, in Fitch's opinion the wording of this
clause is ambiguous with regards to the circumstances under
which note holders can put their notes back to the issuer.  Any
subsequent downgrade of K&B's ratings could be by more than one
notch.

The bid made by PAI of EUR55 per share is an increase on a bid
of EUR53.13 made by an undisclosed bidder on May 11, 2007.

K&B is a leading French housebuilder, focusing on the
construction and sale of single-family homes and apartments.  It
operates primarily in greater Paris (43% of FY06 revenues) and
southern France (52%).  As of first quarter of 2007 K&B's
leverage, defined as adjusted net debt-to-last 12 months
operating EBITDAR, equaled 0.9x, while funds from operations
gross interest cover equaled 8.4x.

PAI is a European private equity firm, managing and advising
dedicated buyout funds with an aggregate equity value of over
EUR7 billion.


KFPS LTD: Hires Liquidators from Wilson Field
---------------------------------------------
Lisa Hogg and Claire Foster of Wilson Field were appointed joint
liquidators of KFPS Ltd. (formerly KFPS Ltd.) on May 8 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         KFPS Ltd.
         22 Robert Cort Industrial Estate
         Britten Road
         Reading
         RG2 0AU
         England
         Tel: 0118 986 6088
         Fax: 0118 931 3223


LADBROKES PLC: Eyes Bank Debt to Refinance Expensive Bond Debt
--------------------------------------------------------------
Ladbrokes plc is likely to use bank debt in the coming years to
replace expensive bond debt in an attempt to cut financing
costs, Richard Barley writes for Reuters, citing Group Finance
Director Brian Wallace.

Mr. Wallace disclosed that current blended interest cost
remained around 7.25 percent attributed to the large proportion
of bonds in Ladbrokes's capital structure.

According to Reuters, Ladbrokes' bond debt includes a 7.25%
percent sterling bond due 2008, a 6.5% euro bond due 2009, and a
7.125% sterling bond due 2012.

Bloomberg News relates the company has GBP802 million (US$1.58
billion) in bonds outstanding.

"We'll probably see more bank debt coming into play as some of
these bonds unwind, which will have the effect, all other things
being equal, of bringing the rate down," Mr. Wallace was quoted
by Reuters as saying.

The group finance director expects the company to pay around
Libor plus 60 to 70 points if it borrows new money.

                          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 on April 13,
2007, 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.


LADBROKES PLC: Denies Rumors Over Apax Takeover Bid
---------------------------------------------------
Ladbrokes plc has dismissed speculations of a possible takeover
bid from private equity group Apax at 440 pence a share,
published reports say.

"It's absolute rhubarb," Ladbrokes CEO Chris Bell was quoted by
Reuters as saying.  "We are not in discussions with anyone.  The
business is growing well and steadily and that is how we intend
to progress."

In a TCR-Europe report on May 21, 2007, Ladbrokes relates that
it continues to focus energetically on international development
opportunities in both Europe and Asia, with its activities in
Italy the most advanced.

                          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 on April 13,
2007, 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.


LINK SCAFFOLDING: Brings In Liquidators from Recovery hjs
---------------------------------------------------------
Gordon Johnston and Shane Biddlecombe of Recovery hjs were
appointed joint liquidators of Link Scaffolding Ltd. on May 2
for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Link Scaffolding Ltd.
         Unit 3 Old Station Yd
         West Sussex
         GU28 0RZ  
         England
         Tel: 01798 343 977


ROBMAR LTD: Taps I. P. Sykes to Liquidate Assets
------------------------------------------------
I. P. Sykes of Begbies Traynor was appointed liquidator of
Robmar Ltd. (formerly Keen & Betts (Shoreham) Ltd.) on May 14
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:

         Robmar Ltd.
         339 Brighton Road
         Lancing
         BN15 8JR
         England
         Tel: 01903 753 535
         Fax: 01903 753 300


SCOTTISH RE: Commences Search for New Chief Executive Officer
-------------------------------------------------------------
Scottish Re Group Ltd. has initiated a search for a chief
executive officer to replace Paul Goldean.  

After transition of responsibilities to the incoming chief
executive officer, Paul Goldean will assume the role of chief
administration officer.  In this role, Mr. Goldean will be
responsible for corporate development, investor relations and
legal/regulatory matters.

"Since his appointment as chief executive officer on
July 31, 2006, Paul Goldean has admirably served the company and
its shareholders," said Chris Brody and Larry Port, two members
of the board of directors for Scottish Re Group Ltd.

"With calm and thoughtful leadership, Paul guided the company
through a difficult period resulting in the successful
completion of the US$600 million equity investment transaction
by MassMutual Capital Partners LLC and affiliates of Cerberus
Capital Management, L.P.  We are pleased that Paul will continue
to shape the future direction of Scottish Re in his new role
once the appointment of the new chief executive officer is
announced.  His knowledge and experience will be enormously
valuable as we work to deliver on our business and financial
goals."

Mr. Goldean joined the company in February 2002 as its senior
vice president and general counsel. Prior to joining Scottish
Re, Mr. Goldean worked at Jones, Day, Reavis & Pogue where,
among other things, he acted as outside counsel to the company.

                        About Scottish Re

Scottish Re Group Ltd. -- http://www.scottishre.com/--   
provides reinsurance of life insurance, annuities and annuity-
type products through its operating companies in Bermuda,
Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and
Windsor, England.

                          *     *     *

In a TCR-Europe report on May 11, 2007, Fitch Ratings revised
the Rating Watch on these ratings of Scottish Re Group Ltd.
(NYSE:SCT) to Positive from Evolving:

    -- Issuer Default Rating (IDR) 'B+';
    -- 7.25% Non-cumulative perpetual preferred stock 'B-/RR6'.

Fitch also placed these ratings on Rating Watch Positive from
Rating Watch Evolving:

Scottish Annuity & Life Insurance Company (Cayman) Ltd.

    -- Insurer financial strength rating 'BB+'.

Scottish Re (U.S.) Inc.

    -- IFS 'BB+'.

Scottish Re Ltd.

    -- IFS 'BB+'.

Stingray Pass Through Trust

    -- US$325 million 5.902% collateral facility securities due
       Jan. 12, 2015 'BB+'.

Standard & Poor's Ratings Services earlier raised its
counterparty credit rating on Scottish Re Group Ltd. to 'B+'
from 'B' and removed it from CreditWatch with developing
implications, where it was placed on Dec. 6, 2006.  (The
CreditWatch implications had been revised twice since the
ratings were originally placed on CreditWatch on July 31, 2006.)

As of Feb. 15, 2007, Scottish Re's Senior Unsecured Debt carry
Moody's Ba3 rating and its Preferred Stock carry Moody's B2
rating.  The company's Long-Term Local Issuer Credit rating
carry Standard & Poor's B rating.


VIRGIN MEDIA: Providence Equity Group Eyes US$15 Billion Bid
------------------------------------------------------------
A private equity consortium spearheaded by US group Providence
Equity Partners is contemplating a US$15 billion (GBP7.5
billion) takeover bid for Virgin Media Inc. (fka NTL Inc.),
Richard Wachman writes for The Observer.

According to the report, a takeover could net GBP400 million for
Richard Branson, the company's largest shareholder.  However,
analysts believe Mr. Branson would retain a sizable holding.

The Observer says Virgin Media has become a potential takeover
target as the company is expected to lose more customers after a
carriage fee dispute with British Sky Broadcasting Group plc led
to the withdrawal of Sky's basic channels.

Providence Equity Partners, which is looking into Virgin Media's
weak share price of US$24, is in discussions with partners
Blackstone, KKR, and Cinven about the possibility of making an
offer in the coming weeks, The Observer relates.

As previously reported in the TCR-Europe on April 16, 2007,
Virgin Media filed legal proceedings in the High Court aimed at
resolving a dispute with Sky over the withdrawal of the latter's
"basic" channels from Virgin Media's TV service.  

The proceedings also seek a remedy for the onerous rates imposed
by Sky for carriage of Virgin Media TV channels on Sky's own TV
service.

The proceedings are based on Section 18 of the U.K. Competition
Act 1998 and Article 82 of the EC Treaty, both of which prohibit
a company from abusing its dominant position.  Sky, which
accounts for almost 70% of the country's Pay TV subscribers, is
dominant in the U.K.  Pay TV market and has engaged in a
strategy to stifle competition by using its dominance against
Virgin Media.

In January 2007, Sky forced Virgin Media TV to accept a
reduction of approximately 85% in the fees that it pays for
Virgin Media channels such as Living, Bravo and Trouble, despite
a significant increase in the channels' popularity.

In February 2007, Sky attempted to double the fees Virgin Media
pays for retailing Sky's basic channels on the Virgin Media
network, despite a reduction in the channels' popularity of
about 20% over the last three years.  When Virgin Media declined
to pay such excessive charges because it would not be viable for
it to do so, Sky refused to continue to supply its channels to
Virgin Media.  

Gross customer additions of Virgin Media in the first quarter
ended March 31, 2007 were 184,300, down from 213,500 in the
fourth quarter, due to the loss of Sky's basic channels from its
platform and to increased competitor activity.

                          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.

Virgin Media posted GBP120.3 million in net losses against GBP1
million in revenues for the first quarter ended March 31, 2007,
compared with GBP119.9 million in net losses against GBP611.4
million in revenues for the same period in 2006.

At March 31, 2007, Virgin Media's balance sheet showed GBP11
billion in total assets, GBP7.9 billion in total liabilities and
GBP3.1 billion in total shareholders' equity.

The Company's balance sheet at March 31, 2007, however, showed
strained liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                        *     *     *

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.


WARNER MUSIC: EMI Group Accepts Terra Firma's GBP2.4 Billion Bid
----------------------------------------------------------------
The Board of Directors of EMI Group Plc has agreed to a takeover
bid by British private equity group Terra Firma Capital for
GBP2.4 billion, or GBP3.2 billion including debt, flushing out
rivals that include on-off suitor Warner Music Group Plc, US
investment firms Cerberus, One Equity Partners and Fortress.

"The EMI board received a number of proposals from several
different parties.  Terra Firma's offer is the most attractive
proposal received and delivers cash now, without regulatory
uncertainty and with the minimum of operational risk to the
company," EMI Chairman John Gildersleeve said in a statement.

Terra Firma, founded by Guy Hands, submitted the sealed offer of
around 265 pence in cash for each EMI share yesterday morning,
in time for the final deadline, which was brought forward by two
days to accompany its annual earnings release, the Associated
Press says in a report carried by the International Herald
Tribune.

EMI's board intends to recommend the deal unanimously to EMI
shareholders for acceptance, which also includes a GBP24 million
break-up fee.

Greenhill & Co. International LLP, Citigroup Global Markets
Limited and Deutsche Bank act as joint financial advisers to
EMI.

Sources familiar with the deal told Kate Holton and Jeffrey
Goldfarb of Reuters that Terra Firma intended to keep EMI intact
and proceed with plans to securitize the company's music
publishing assets.  The firm, however, does not have a
management team lined up to take over as is often common in such
deals, Reuters relates.

Analysts said the deal raises speculations of an all-out bidding
war for the record company, home to the Beatles and Norah Jones,
published reports say.

Siobhan Kennedy and Rebecca O'Connor of Times Online note the
agreed deal with Terra Firm will not prevent other interested
bidders to submit higher bids although it is believed that Terra
Firma's offer is fully funded and ready to be launched to
shareholders.

                        Warner Music Bid

Prior to the announcement, Warner Music Group has sweetened its
bid to acquire EMI by offering to pay a break-up fee of between
GBP50 million and GBP100 million in case the European Commission
blocks its planned takeover of the UK music group, Dominic White
writes for The Telegraph.

On March 2, 2007, EMI rejected Warner Music's GBP2.1 billion
non-binding takeover bid, saying that the price of 260 pence per
share in cash for EMI is inadequate.  According to Mr. White of
The Telegraph, EMI also cited concerns that Warner had not
offered to take any of the regulatory risk in relation to the
takeover.

Warner Music, The Telegraph says, indicated to EMI that the
break-up fee would not add to its latest bid but would only be
applied if the deal were blocked.  Warner adds that it is not
ready to make an unconditional offer for EMI as it could
potentially struggle to find a buyer for the latter's recorded
music assets, The Telegraph relates.

Warner Music has begun due diligence after gaining access to
EMI's books last week, Emiko Terazono and Andrew Edgecliffe-
Johnson of The Financial Times report.  

Warner Music could naturally be the home for EMI as the combined
companies battle against a shrinking CD market and rampant
online piracy, The Telegraph adds.

Unlike a Warner Music tie-up, a private equity deal could be
completed much more quickly because of the absence of regulatory
risks.

                      About Terra Firma

Terra Firma is a leading European private equity firm, created
in 2002 as the independent successor to the Principal Finance
Group, a division of Nomura that was created in 1994.  Terra
Firma focuses on buyouts of large, asset-rich and complex
businesses in need of operational and/or strategic change.

Since its inception in 1994, Terra Firma has invested over
EUR7 billion of equity and has completed transactions with an
aggregate transaction value of over EUR30 billion.  Terra Firma
has offices in London and Frankfurt.

                          About EMI

Headquartered in London, United Kingdom, EMI Group PLC --
http://www.emigroup.com/-- is the world's largest independent  
music company, operating directly in 50 countries and with
licensees in a further 20.  The group has operations in Brazil,
China, and Hungary.  The group employs over 6,600 people.
Revenues in 2005 were near EUR2 billion and operating profit
generated was over EUR225 million.

At March 31, 2006, EMI Group's consolidated balance sheet
revealed GBP1.817 billion in total assets, GBP2.544 billion in
total liabilities and GBP726.6 million in shareholders' deficit.

The company issued two profit warnings since January 2007.

                    About Warner Music Group

Warner Music Group Corp. (NYSE: WMG) -- http://www.wmg.com/--    
is a music company that operates through numerous international
affiliates and licensees in more than 50 countries.  Warner
Music maintains international operations in Argentina,
Australia, Brazil, Canada, Croatia, Denmark, France, Germany,
Greece, Hong Kong, Hungary, India, Ireland, Malaysia, Mexico,
Philippines, Thailand, and the United Kingdom, among others.

                        *     *     *

In February 2007, Standard & Poor's Ratings Services placed its
ratings on Warner Music Group Corp., including the 'BB-'
corporate credit rating, on CreditWatch with negative
implications, following the company's statement that it is
exploring a possible merger agreement with EMI Group PLC
(BB-/Watch Neg/B), which EMI management has confirmed.

Warner Music Group Corp. carries Fitch Ratings' BB- issuer
default rating assigned in May 2006.


WESTBERG UK: Taps Liquidators from Dains
----------------------------------------
M. F. P. Smith and N. J. Hawksley of Dains were appointed joint
liquidators of Westberg (U.K.) Ltd. on May 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Westberg (U.K.) Ltd.
         Unit 3
         Grove Road Industrial Estate
         Grove Road
         Stoke on Trent
         ST4 4LG
         Tel: 01782 501 800
         Fax: 01782 501 900


* Court Statistics Show Increase in Winding Up Petitions in UK
--------------------------------------------------------------
The Ministry of Justice published statistics for company winding
up, and creditors' and debtors' bankruptcy petitions issued in
the High Court and county courts of England and Wales during the
first quarter of 2007.

In the first quarter of 2007 these number of petitions were
issued:

   -- 3,330 company winding up petitions - an increase of 5% on
      the petitions in the same quarter of 2006;

   -- 5,732 creditors' petitions - an increase of 2% on the
      petitions in the same quarter of 2006;

   -- 15,094 debtors' petitions - an increase of 9% on the
      petitions in the same quarter of 2006.

               Insolvency and Bankruptcy Petitions Filed

                            Companies    Creditors    Debtors
                            winding-up  bankruptcy    bankruptcy
   Year        Quarter      petitions    petitions    petitions
   ----        -------      ----------  ----------    ----------  
   1995                      12,757      23,765        10,139
   1996                      11,980      21,268        10,689
   1997                      11,158      19,543        9,636
   1998                      11,771      17,755        10,380
   1999                      11,315      17,496        12,393
   2000                      11,028      17,220        12,757
   2001                      10,265      15,571        14,984
   2002                      12,634      16,330        16,507
   2003                      10,146      17,258        19,323
   2004                      10,006      17,459        26,776
   2005                      12,099      20,777        36,897
   2006                      12,103R     20,872        52,717
   2002        1              3,448       3,857         4,022
               2              2,837       3,803         4,206
               3              3,092       4,069         4,105
               4              3,257       4,601         4,174
   2003        1              2,650       4,366         4,357
               2              2,577       4,271         4,776
               3              2,385       4,320         4,922
               4              2,534       4,301         5,268
   2004        1              2,617       4,555         5,124
               2              2,233       4,422         7,337
               3              2,542       3,980         6,901
               4              2,614       4,502         7,414
   2005        1              2,892       4,861         7,528
               2              3,229       5,419         9,285
               3              2,977       5,087         9,418
               4              3,001       5,410        10,666
   2006        1              3,150       5,615        13,897
               2              2,772       4,961        12,801
               3              2,877       5,099        12,945
               4              3,304R      5,197        13,074
   2007        1              3,300       5,732        15,094
   

   * R Revised since last release

The figures are taken from court administrative systems and is
different to the quarterly statistics published by the
Insolvency Service.  The Insolvency Service figures, showing the
number of company winding-up orders and bankruptcy orders, are
derived from administrative records of the DTI Insolvency
Service and Companies House Executive Agencies.


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

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

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


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


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


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


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


GERMANY
-------
Cognis Deutschland
   GmbH & Co. KG                    (174)       3,003      606
Dortmunder
   Actien-Brauerei        DABG       (13)         118      (29)
EM.TV AG                  EV4G.BE    (22)         849       15
F.A. Guenther & Son AG    GUSG       (10)         111      N.A.
Kaufring AG               KAUG       (19)         151      (51)
Maternus Kliniken AG      MAK.F       (4)         201      (20)
Nordsee AG                            (8)         195      (31)
Plambeck Neue
   Energien AG            PNE3        (4)         141        6
Primacom AG               PRIG      (268)       1,257   (1,048)
Rinol AG                  RLIG       (64)         104      (15)
Schaltbau Hold            SLTG       (20)         162       (4)
SinnLeffers AG            WHGG        (4)         454     (145)
Spar Handels- AG          SPAG      (442)       1,433     (234)
Vivanco Gruppe                       (33)         132      (45)


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

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


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

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


IRELAND
-------

Waterford Wed Ut          WTFU      (203)         828       190


LUXEMBOURG
----------

Millicum International    MICC       (59)       1,523         4


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


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


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

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


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


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


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


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


UKRAINE
-------
Dnepropetrovsk Metallurgical
   Plant Imeni Petrovsko  DMZP       (11)         359     (596)
Dniprooblenergo           DNON       (38)         478     (797)
Donetskoblenergo          DOON      (286)         587    (1991)
Mariupolsky Meta          MMKI      (394)         172    (1640)


UNITED KINGDOM
--------------
Abbott Mead Vickers                   (2)         168      (16)
AEA Technology Plc        AAT.L      (24)         340      (50)
Alldays Plc                         (120)         252     (202)
Amey Plc                             (49)         932      (47)
Anker Plc                 ANK.L      (22)         115       13
Atkins (WS) Plc           ATK        (63)       1,279       69
BCH Group Plc             BCH         (6)         188      (44)
Bonded Coach
   Holiday Group Plc                  (6)         188      (44)
Blenheim Group                      (153)         198      (34)
Booker Plc                BKRUY      (60)       1,298       (8)
Bradstock Group           BDK         (2)         269        5
Brent Walker Group        BWL     (1,774)         867   (1,157)
British Energy Ltd        523362Q (5,823)       4,921      290
British Energy Plc        BGY     (5,823)       4,921      434
British Nuclear
   Fuels Plc                      (4,248)      40,326      977
Britvic Plc               BVIC      (108)         874      (20)
Cineworld Groug           CINE      (115)         748         7
Compass Group             CPG       (668)       2,972     (298)
Costain Group             COST       (39)         595        5)
Danka Bus System          DNK.L     (108)         540        34
Dawson Holdings           DWN.L      (12)         158      (19)
Dignity Plc               DTY        (55)         552        36
Easynet Group             ESY.L      (45)         323        38
Electrical and Music              
   Industries Group       EMI     (1,264)       2,818      (253)
Euromoney Institutional
   Investor Plc           ERM.L      (50)         448      (67)
European Home Retail Plc  EHRL       (14)         111      (37)
Galiform Plc              GFRM      (152)         889       35
Gartland Whalley                     (11)         145       (8)
Global Green Tech Group             (156)         408      (18)
Gondola Holdings Plc      GND.L     (239)         987     (396)
Heath Lambert
   Fenchurch Group Plc               (10)       4,109      (10)
HMV Group Plc             HMV         (4)         948     (175)
HOGG Robinson Gr          HRG       (258)         791       (5)
Homestyle Group Plc       HME        (29)         409     (124)
Imperial Chemical
   Industries Plc         ICI       (370)       8,393        2
Invensys PLC                      (1,031)       3,875      523
IPC Media Ltd.                      (685)         254       16
Jarvis Plc                JRVS.L     (49)         307      (53)
Ladbrokes Plc             LAD     (1,227)       1,669     (267)
Lambert Fenchurch Group               (1)       1,827        3

Lattice Group                     (1,290)      12,410   (1,228)
Leeds United              LDSUF.PK   (73)         144      (29)
London Stock Exchange     LSE       (689)         526     (195)
M 2003 Plc                        (2,204)       7,205     (756)
Manchester City                      (17)         154      (21)
Micro Focus
   International Plc      MCRO.L     (72)         129      (4)
Mytravel Group            MT.L      (380)       1,818     (488)
Orange Plc                ORNGF     (594)       2,902        7
Park Group Plc            PKG.L       (5)         111      (13)
Partygaming Plc           PRTY       (46)         398     (110)
Premier Farner Plc        PFL        (33)         964      127
Premier Foods Plc         PFD.L      (31)       1,475       16
Probus Estates Plc        PBE.L      (28)         113      (49)
Regus Plc                 RGU.L      (46)         367      (60)
Rentokil Initial Plc      RTO     (1,044)        3507     (457)
RHM Plc                   RHM       (586)       2,411       59
Saatchi & Saatchi         SSI       (119)         705      (41)
Seton Healthcare                     (11)         157        0
SFI Group                           (108)         178     (162)
Skyepharma PLC            SKP        (95)         211      (15)
Smiths News PLC           NWS       (119)         225      (57)
Telewest
   Communications Plc     TLWT    (3,702)       7,581   (5,631)
UK Coal Plc               UKC        (25)         865      (62)
Virgin Mobile
   Holdings Plc           VMOB.L    (490)         155      (80)
Wincanton Plc             WIN        (66)       1,236      (71)

  
                           *********

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.


                 * * * End of Transmission * * *