TCREUR_Public/070523.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, May 23, 2007, Vol. 8, No. 101

                            Headlines


A U S T R I A

BAUSTOFF RECYCLING: Wiener Neustadt Orders Business Shutdown
CLUB-SCHIFF: Claims Registration Period Ends June 13
E & V VERWALTUNG: Claims Registration Period Ends June 1
GUENES KEG: Claims Registration Period Ends June 1
PERNKOPF KEG: Claims Registration Period Ends June 26


B E L G I U M

GENERAL MOTORS: Investing US$332 Mln in Ohio Transmission Plant
GENERAL MOTORS: Investing US$61 Mln in New Casting Technology
HEXION SPECIALTY: March 31 Equity Deficit Tops US$1.4 Billion
LERNOUT & HAUSPIE: Belgian Court Opens Fraud Case
MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings


F R A N C E

COMPLETEL SAS: Moody's Lifts Rating to B2 on Good Performance
DELPHI CORP: Seeks Court Approval on IRS Pension Plan Waivers
DELPHI CORP: Wants Court Nod on EDS Settlement Agreement
GAP INC: Sales Down 11% to US$1.09 Bln in 4-Week Period to May 5


G E R M A N Y

AQUARELAX GMBH: Claims Registration Period Ends June 4
BAU-IDEE DUEHR: Claims Registration Period Ends June 8
BRISTEIN VERLAG: Claims Registration Period Ends June 20
CREPES SUZETTE: Creditors' Meeting Slated for June 21
D.B. BAU: Claims Registration Period Ends June 5

DAIMLERCHRYSLER: Cerberus Adds Chrysler to Form Giant Auto Biz
DAIMLERCHRYSLER AG: Shoulders US$1 Billion Chrysler Pension Risk
DAIMLERCHRYSLER: Chrysler Breaks Ground on Marysville Axle Plant
DOMUS MEDICUS: Claims Registration Period Ends August 21
DUERR AG: CEO Ralf Dieter Confirms Dividend Payment for 2007

EGON PRACHT: Creditors' Meeting Slated for June 11
ELSBECK BAU: Creditors' Meeting Slated for June 21
ESTRICHBAU EICKHOLT: Claims Registration Ends June 22
FIELD VERTRIEBS: Claims Registration Ends July 15
FOERTSCH HOLZBAU: Claims Registration Ends July 6

FRIEDRICH WILHELM: Claims Registration Ends June 5
GERSTHOFER WOHNUNGSBAU: Claims Registration Ends June 12
GLOBAL MARKETING: Creditors' Meeting Slated for June 21
LEGL BAU: Claims Registration Period Ends June 22
LINN & JUNG: Claims Registration Period Ends June 27

RWR COMPUTERGESTUETZTE: Claims Registration Period Ends June 17
HI PRO MEAT: Claims Registration Period Ends June 20
HOLZ- UND BAUTENSCHUTZ: Claims Registration Ends June 29
HYN BAUDEKORATION: Claims Registration Ends July 25
ISIS BETEILIGUNGS: Claims Registration Ends June 6

JM CONSULTING: Claims Registration Ends June 21
KARL-HEINZ BIDLINGMAIER: Creditors Must File Claims by June 20
KLAUS GARTNER: Creditors Must Register Claims by June 11
KLAUS HILGERS: Creditors Must Register Claims by June 25
KOENIGSHOF DORTMUND: Creditors Must Register Claims by June 26

MALERPROFIS MEISTERBETRIEB: Creditors Meeting Slated for July 30
MICHAEL SCHUHMANN: Claims Registration Period Ends July 17
MUELLER & PARTNER: Claims Registration Period Ends June 22
PULLOVER PST: Claims Registration Period Ends July 5
RUKLAH BAU: Claims Registration Period Ends July 3

STRATEGIES FOR EXCELLENCE: Claims Registration Ends July 9
USCHOLD VERWALTUNGS: Claims Registration Period Ends June 13
VISTEON CORP: Names Michael Widgren as Chief Accounting Officer
VISTEON CORP: Inks Letter Agreement with LB Group and Ford Motor
WEHA & MELISS: Claims Registration Period Ends June 19


G R E E C E

JAFRA COSMETICS: S&P Withdraws Low-B Ratings After Repayment


I R E L A N D

BOMBARDIER INC: S&P Revises Outlook to Stable from Negative
EURCREDIT CDO: Moody's Rates EUR19.8 Mln Class E Notes at Ba3


I T A L Y

IMAX CORP: Faces NASDAQ Delisting Due to Delayed Filing
TK ALUMINUM: Eyes Sale & Restructuring of Italian Subsidiaries


K A Z A K H S T A N

BIELA LLP: Creditors Must File Claims by June 22
ILOT LLP: Creditors' Claims Due June 5
KROKUS LTD: Proof of Claim Deadline Slated for June 20
PAVLODAR-SHAR LLP: Claims Registration Ends June 22
REMSERVICE LLP: Claims Filing Period Ends June 20

SAMGAU-999 LLP: Creditors Must File Claims by June 8
TAIS LLP: Creditors' Claims Due June 8
VOSTOCHNY EXPRESS: Claims Registration Ends June 22
VYBOR LLP: Claims Filing Period Ends June 8
ZAUR-S LLP: Proof of Claim Deadline Slated for June 5


P O L A N D

GRAHAM PACKAGING: March 31 Equity Deficit Tops US$624 Million


R U S S I A

BULZINSKOYE OJSC: Creditors Must File Claims by June 28
BURGUN-MADZHARSKOYE: Court Starts Bankruptcy Supervision Process
DIAMOND LLC: Creditors Must File Claims by June 28
ENGINEERING COMPANY: Creditors Must File Claims by June 28
INTEKS-CITY LLC: Moscow Bankruptcy Hearing Slated for Aug. 9

KARBAINOVSKOYE OF TYUKALINSKIY: Claims Deadline Set June 28
MONOLITH GROUP: Creditors Must File Claims by June 28
ORLOV-FURNITURE OJSC: Creditors Must File Claims by June 28
PAVLOVSKIY INSTRUMENTAL: Creditors Must File Claims by June 28
ROSNEFT OIL: Russia Restores Firm's Strategic Enterprise Status

SAKHA-FLOR CJSC: Creditors Must File Claims by May 28
SORTAVALSKIY FISH: Bankruptcy Hearing Slated for Sept. 27
SUAL GROUP: To Build Bauxite & Alumina Site in Komi Republic
TMK OAO: Earns US$460.6 Million in Full Year 2006
TMK OAO: Inks Strategic Partnership Deal with OAO Surgutneftegas

TSAREVSKIY MEAT: Chuvashiya Court Hearing Slated for Aug. 14
VLADIVOSTOKSKIY FACTORY: Creditors Must File Claims by May 28
ZAINSK-AGRO-KHIM-SERVICE: Creditors Must File Claims by May 28


S P A I N

ACXIOM CORPORATION: Earns US$70.7 Million in Year Ended March 31
ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch


S W I T Z E R L A N D

GUNTEN JAKOB: Claims Registration Period Ends June 2
HOBLA CATERING: Claims Registration Period Ends June 1
SPACENET SERVICES: Zug Court Starts Bankruptcy Proceedings
SWISSAIR: Creditors May Get Back 10% of Claims, Liquidators Say


U K R A I N E

AGROBRAND LLC: Creditors Must File Claims by May 27
AGROLAN-SOUTH LLC: Creditors Must File Claims by May 27
AIR INDUSTRY: Claims Filing Bar Date Set May 26
EUROSERVICE-FINANCE: Creditors Must File Claims by May 27
IKS-TRADE LLC: Creditors Must File Claims by May 27

KRECHET LLC: Creditors Must File Claims by May 26
MALIKS LLC: Creditors Must File Claims by May 27
MOSCOW-PODOLYE: Creditors Must File Claims by May 26
RIVNE FLAX: Claims Filing Bar Date Set May 27
TH QUANT: Creditors Must File Claims by May 27


U N I T E D   K I N G D O M

ADVANSTAR COMMUNICATIONS: Extends Tender Offer Expiry to May 30
ALL AMERICAN: Committee Turns to Mesirow for Financial Advice
BAA PLC: Consortium Buys Budapest Airport Shares for EUR1.9 Bln
BRITISH AIRWAYS: Joins TPG Consortium in Potential Iberia Bid
BRITISH SKY: Virgin Media Rejects Carriage Compromise Proposal

COLT TELECOM: telent Wins Three-Year Communications Contract
FORD MOTOR: Wixom Assembly Plant in Michigan to Close on May 31
GLOBAL CROSSING: March 31 Equity Deficit Tops US$290 Million
INEOS GROUP: Ineos Capital Buys Norsk Hydro's Polymer Business
INEOS GROUP: ChlorVinyls Unit Sells E-PVC Business to Vinnolit

IOSTAR PLC: Funding Shortage Triggers Liquidation
LEEDS UNITED: SR Morris Group Confirms GBP10 Mln Takeover Bid
RESLOC UK: Fitch Puts Low-B Ratings on 3 Mortgage Note Classes
SOLUTIA INC: Files Amended Plan and Disclosure Statement
SOLUTIA: Unsecured Creditors to Get 84.9% Under Amended Plan

SOLUTIA INC: Amended Plan Estimates Enterprise Value at $3.2 Bln
SOLUTIA INC: Sees $633 Mil. Earnings for 2007 Under Amended Plan
VIRGIN MEDIA: Turns Down BSkyB's Carriage Compromise Proposal
YELL GROUP: Earns GBP216.3 Million in Year Ended March 31, 2007

                            *********


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


BAUSTOFF RECYCLING: Wiener Neustadt Orders Business Shutdown
------------------------------------------------------------
The Land Court of Wiener Neustadt entered April 26 an order
shutting down the business of LLC Baustoff Recycling Deponie (FN
253834k).

Court-appointed estate administrator Petra Klingenschmid
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. Petra Klingenschmid
         Wassergasse 20
         2500 Baden
         Austria
         Tel: 02252/252 991
         Fax: 02252/252991-25
         E-mail: office@aurednik.at

Headquartered in Tribuswinkel/Oeynhausen, Austria, the Debtor
declared bankruptcy on April 10 (Bankr. Case No 11 S 44/07t).


CLUB-SCHIFF: Claims Registration Period Ends June 13
----------------------------------------------------
Creditors owed money by LLC Club-Schiff Johann Strauss (FN
225119h) have until June 13 to file written proofs of claim to
court-appointed estate administrator Karl Schirl at:

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

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

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 25 (Bankr. Case No. 2 S 61/07v).  


E & V VERWALTUNG: Claims Registration Period Ends June 1
--------------------------------------------------------
Creditors owed money by LLC E & V Verwaltung (FN 247559h) have
until June 1 to file written proofs of claim to court-appointed
estate administrator Erik Kroker at:

         Dr. Erik Kroker
         Schmerlingstrasse 2
         6020 Innsbruck
         Austria
         Tel: 0512/58 30 74
         Fax: 0512/58 30 74 18
         E-mail: kroker@kanzlei-tirol.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:15 a.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Kitzbuehel, Austria, the Debtor declared
bankruptcy on April 30 (Bankr. Case No. 19 S 49/07i).  


GUENES KEG: Claims Registration Period Ends June 1
--------------------------------------------------
Creditors owed money by KEG Guenes (FN 213933h) have until
June 1 to file written proofs of claim to court-appointed estate
administrator Herbert Matzunski at:

         Dr. Herbert Matzunski
         Salurner Strasse 16/1
         6020 Innsbruck
         Austria
         Tel: 0512/582716-0
         Fax: 0512/571467
         E-mail: law@hauska-matzunski.at  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:30 p.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on April 30 (Bankr. Case No. 19 S 50/07m).  


PERNKOPF KEG: Claims Registration Period Ends June 26
-----------------------------------------------------
Creditors owed money by KEG Pernkopf (FN 224909z) have until
June 26 to file written proofs of claim to court-appointed
estate administrator Ernst Lehenbauer at:

         Mag. Ernst Lehenbauer  
         Hauptplatz 21
         4470 Enns
         Austria
         Tel: 07223/810 10
         E-mail: ra.lehenbauer@attglobal.net  

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 1:30 p.m. on July 10 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 Garsten, Austria, the Debtor declared
bankruptcy on April 25 (Bankr. Case No. 14 S 16/07m).  


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


GENERAL MOTORS: Investing 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.

                        About the Company

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. It has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                        *     *     *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


GENERAL MOTORS: Investing US$61 Mln in New Casting Technology
-------------------------------------------------------------
General Motors Corp. will invest US$61 million in new technology
at its plant in Defiance, Ohio, to produce aluminum engine
blocks in 3.6-liter high-feature V-6 engines.  This will be the
first application of precision sand casting technology at the
plant.

The precision sand technology results in higher material
strength properties needed to support the newer, more efficient
engines in GM's product portfolio.  The 3.6-liter high-feature
V-6 engine has applications in the Cadillac CTS, SRX and STS;
and the GMC Acadia, Saturn Outlook and Buick Enclave crossover
SUVs.

The investment includes plant renovation and installation of new
tooling and machinery for the new technology.  Refurbishment of
120,000 square feet portion of the plant is slated to begin in
June, with production of the precision sand engine block
castings to begin in December 2009.  The project will retain
about 120 hourly jobs.

"We are transforming GM's casting business and moving in a new
technological direction to be competitive in the changing
marketplace," Arvin Jones, GM Powertrain manufacturing manager
for castings and components, said.  "The Defiance plant is part
of that transformation.  This investment is possible because of
the involvement of employees in improving the quality of our
products and the efficiency of the operations here.  Their
efforts are contributing to GM's turnaround in North America."

The GM Powertrain Defiance plant management and UAW Local 211
leadership successfully negotiated a competitive operating
agreement that improves operational effectiveness.  The
agreement also addresses processes and methods to improve
production quality and safety of the operations.

"On behalf of GM, I commend the United Auto Workers, UAW Local
211 and Ohio 's leaders on the state and local levels.  Working
together we were able to build a competitive business case to
support this investment in Ohio.  This investment, combined with
GM Powertrain's investments at its transmission plant in Toledo,
total nearly US$1 billion that GM has committed to its Ohio
facilities in the last year," Mr. Jones said.

Precision sand casting involves a resin-bonded sand that forms a
mold, which shapes the contours of the engine block to be
produced.  The sand is cured into a solid exterior mold.  Molten
metal is then poured into the mold.  This process allows the use
of cast-in-place iron liners, pressurized aluminum filling and
produces a high degree of dimensional accuracy.

"T[his] marks an exciting new chapter in this plant's 59-year
history of producing high quality castings for GM engine blocks
and heads," John Thomas, Defiance plant manager, said.  "This
investment plays a significant role in GM's continuing
commitment to build exciting, fuel-efficient powertrains for the
global market."

GM Powertrain's Defiance casting plant poured their first iron
on Aug. 23, 1948.  The plant employs 1,554 hourly and 246 salary
workers and has an annual payroll of US$135 million.  In 2006,
the plant produced 1,423,368 grey iron engine blocks, 1,078,497
grey iron cylinder heads, 206,577 aluminum engine blocks,
154,055 aluminum cylinder heads, as well as malleable iron
transmission parts and nodular iron crank shafts.  Grey iron
cylinder blocks and cylinder heads manufactured at Defiance are
used in the Vortec 4.8-liter, 5.3-liter and 6.0-liter V-8
engines that power GM's full-size SUVs and light-duty pickups
and the Duramax 6.6-liter V-8 diesel engine that powers the
Chevy Silverado HD and GMC Sierra HD pickups.  Aluminum engine
blocks and cylinder heads produced at Defiance are used in the
3.0-liter In-line four-cylinder and 3.7-liter five-cylinder
engines that power the Chevrolet Colorado, GMC Canyon and Hummer
H3.

                        About the Company

General Motors Corp. (NYSE: GM) -- http://www.gm.com/-- the
world's largest automaker, has been the global industry sales
leader since 1931.  Founded in 1908, GM employs about 317,000
people around the world.  It has manufacturing operations in 32
countries.

General Motors has Asia-Pacific operations in India, China,
Indonesia, Japan, the Philippines, among others. I t has
locations in European countries including Belgium, Austria, and
France.  In Latin-America, the company maintains locations in
Argentina, Brazil, Chile, Colombia, Ecuador, Venezuela, Paraguay
and Uruguay.

                            *   *   *

Standard & Poor's Ratings Services assigned its 'B+' bank loan
rating to General Motors Corp.'s proposed US$1.5 billion senior
term loan facility, expiring 2013, with a recovery rating of
'1'.  The 'B+' rating was placed on Creditwatch with negative
implications, consistent with the other issue ratings of GM,
excluding recovery ratings.

Moody's Investors Service assigned a Ba3, LGD1, 9% rating to the
proposed US$1.5 Billion secured term loan of General Motors
Corporation.  The term loan is expected to be secured by a first
priority perfected security interest in all of the U.S.
machinery and equipment, and special tools of GM and Saturn
Corporation.


HEXION SPECIALTY: March 31 Equity Deficit Tops US$1.4 Billion
-------------------------------------------------------------
Hexion Specialty Chemicals Inc. at March 31, 2007, recorded
total assets of US$3.7 billion, total liabilities of US$5.1
billion, minority interest of US$10 million and a total
stockholders' deficit of US$1.4 billion.

For the first quarter of 2007, the company recorded revenues of
US$1.44 billion in 2007 compared to US$1.23 billion during the
prior year period, an increase of 17%.

Operating income of US$104 million for the first quarter 2007
compared with first quarter 2006 operating income of US$110
million. Last year's operating income, however, included a gain
of US$37 million from the sale of non-core assets, net of which
earnings were up 42%.

Net income of US$4 million for the 2007 quarter versus net
income of US$35 million in the prior year period.  The prior
year period included the gain from the sale of non-core assets,
which increased net income in the first quarter 2006 by US$31
million.

                     Sources and Uses of Cash

The company stated in its current quarterly report that it is a
highly leveraged company.  The company said that its liquidity
requirements are significant, primarily due to its debt service
requirements.  At March 31, 2007, the company had US$3.5 billion
of debt, including US$58 million of short-term maturities.  In
addition, the company had US$55 million of cash and equivalents.

At March 31, 2007, the company had additional borrowing capacity
under its senior secured revolving credit facilities of
US$134 million.  It has additional credit facilities at certain
domestic and international subsidiaries with various expiration
dates through 2008.  As of March 31, 2007, the company had
US$68 million available under these facilities to fund working
capital needs and capital expenditures.

A full-text copy of the company's first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?1fa4

"Hexion's diverse product portfolio and increasing international
sales enabled us to post improved quarterly revenues and Segment
EBITDA compared to the same prior year period," said Craig O.
Morrison, chairman, president and chief executive officer.  "We
saw strong customer demand for a number of our products, such as
epoxy resins and intermediates, phenolic specialty resins,
versatic acid and derivatives, oilfield services and
international forest product resins and formaldehyde, which more
than offset some softening in our volumes in the North American
residential construction and automotive markets."

"We maintained our emphasis on pricing pass through to recover
the rapid rise in raw materials that occurred throughout 2006,"
Mr. Morrison said.  "With the leveling off of raw materials in
the first quarter 2007, the impact of our synergies, Six Sigma
projects and other initiatives were reflected in our bottom
line."

Hexion continued to realize its targeted synergies as planned,
with US$11 million in achieved synergies this quarter.  "We are
on track to achieve US$125 million by year-end 2007 from the
full synergy program targeting US$175 million in savings," Mr.
Morrison said.

"We continue to be encouraged by the prospects for a more
favorable raw material environment going forward and positive
demand from our global customers leading to revenue and Segment
EBITDA growth in 2007," Mr. Morrison said.

              Orica's Adhesives and Resins Business

As previously announced during the quarter, Hexion also
completed the purchase of the adhesives and resins business of
Orica Ltd. in February 2007.  The Orica adhesives and resins
business manufactures formaldehyde and formaldehyde-based
binding resins that are used primarily in the forest products
industry.  The integration of the Orica business into the global
Hexion network is proceeding as planned, according to Morrison.

                About Hexion Specialty Chemicals

Based in Columbus, Ohio, Hexion Specialty Chemicals Inc.
-- http://hexionchem.com/-- makes thermosetting resins (or  
thermosets).  Thermosets add a desired quality (heat resistance,
gloss, adhesion) to a number of different paints and adhesives.
Hexion also makes formaldehyde and other forest product resins,
epoxy resins, and raw materials for coatings and inks.  The
company has 86 manufacturing and distribution facilities in 18
countries.

The company has its Asian headquarters in Singapore, with
offices in Australia, China, Korea, Malaysia, New Zealand,
Taiwan, and Thailand.

The company has its European headquarters in Belgium, with
offices in Czech Republic, Finland, France, Germany, Italy,
Netherlands, Portugal, Spain, Sweden and UK.


LERNOUT & HAUSPIE: Belgian Court Opens Fraud Case
-------------------------------------------------
The fraud trial against the former bosses of Lernout & Hauspie
Speech Products N.V. opened in Belgium on May 21, 2007, The
Associated Press says.

According to the report, Jo Lernout, Pol Hauspie and 19 others
face charges of accounting and stock fraud to boost the value of
the firm's shares.

"We will show that there was no fraud," Mr. Lernout was quoted
by AP as saying.

Former shareholders disagreed, and 13,368 joined with Deminor, a
company assisting minority shareholders and investors, to seek
redress and demand millions in compensation, AP relates.

According to EuroNews, the Lernout & Hauspie was founded in
1987, and grew into a group worth around GBP7.5 billion with a
listing on the Nasdaq.

The technology, where a computer program recognized somebody
talking and was able to write out the words spoken, made Lernout
and Hauspie business heroes in Belgium, EuroNews relates.

Headquartered in Ypres, Belgium, and Burlington, Massachusetts,
Lernout & Hauspie Speech Products N.V. was a speech and language
technology company founded in 1987 by Jo Lernout and Pol
Hauspie.  In 1995 the company went public on Nasdaq (LHSP) and
was also quoted on the Easdaq.  At its peak, L&H had a market
capitalization of around US$10 billion.

Jesse Eisinger of the Wall Street Journal revealed a major
financial scandal involving fictitious transactions in Korea and
improper accounting methodologies of the company on
Aug. 8, 2000, leading to the arrest of Mr. Lernout and Mr.
Hauspie together with the former L&H CEO Gaston Bastianens.

Lernout & Hauspie Speech Products and its debtor-affiliates
filed for Chapter 11 protection on November 29, 2000, (Bankr.
Del. Case No. 00-04398).  When the Debtors filed for protection
from their creditors in the United States, they listed
US$2,372,776,000 in total assets, and US$489,608,000 in total
debts, representing US$255,311,000 in short term and
US$234,297,000 long term liabilities.

L&H commenced a concordat reorganization proceeding in Belgium
on Nov. 30, 2000, which was rejected by the Belgian Court in
December 2000.  On Dec. 27, 2000, L&H NV commenced a subsequent
concordaat proceeding in Belgium, which was granted in January
2001.  A concordaat procedure is Belgium's version of a
Chapter 11 proceeding.  Under the Jan. 5, 2001, order of the
Ieper Commercial Court granting the concordat proceeding, L&H NV
had six months, or until June 5, 2001, to have a plan of
reorganization approved by its creditors in the concordat
proceeding.  On June 5, 2001, the creditors in the concordat
approved L&H NV's plan.  However, the Belgian court declined to
approve the plan as filed, but extended the concordat proceeding
through Sept. 30, 2001, to allow L&H NV to file a revised
Belgium plan, which was done by L&H NV on Sept. 10, 2001. On
Sept. 21, 2001, the Ieper Commercial Court conditionally
approved the revised Belgium reorganization plan.

On Oct. 22, 2001, L&H re-filed its petition for temporary
protection from creditors, after the court of appeals in Ghent
rejected L&H's petition on Oct. 18, 2001.

On Oct. 24, 2001, the Ypres Commercial Court in Belgium
proclaimed Lernout & Hauspie Speech Products NV insolvent
undertaking a similar ruling from the Ghent court.

Eventually, the Hon. Judith Wizmur of the Delaware Court
confirmed the Creditors' Committee's Plan of Liquidation for
Lernout & Hauspie Speech Products, N.V., on May 29, 2003.  
Robert J. Dehney, Esq., Gregory W. Werkheiser, Esq., of Morris,
Nichols, Arsht & Tunnell represent the Debtors.  

Ira S. Dizengoff, Esq., and James R. Savin, Esq., of Akin Gump
Strauss Hauer & Feld LLP; and Francis A. Monaco, Esq., and
Joseph J. Bodnar, Esq., of Monzack and Monaco, represent the
software company's Creditors' Committee.


MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
Montreal, Quebec-based MEGA Brands Inc., including the long-term
corporate credit rating on the company, to 'B+' from 'BB-'.  The
ratings remain on CreditWatch with negative implications, where
they were placed April 20, 2007.
     
"The downgrade and CreditWatch listing reflect ongoing concerns
that earnings and credit measures at MEGA Brands are much weaker
than expected because of significant problems the company is
facing with its Magnetix product," said Standard & Poor's credit
analyst Lori Harris.  These challenges include product recalls,
product replacement, and product liability settlement expenses.  
"Although MEGA Brands could be reimbursed for certain Magnetix-
related expenses, the magnitude of the charges related to the
litigation in first-quarter 2007 and the resulting negative
impact on the company's debt levels and credit ratios were not
expected," Ms. Harris added.
     
MEGA Brands has chosen to be self-insured for Magnetix products
manufactured before May 1, 2006, and for incidents occurring
after Dec. 1, 2006, because the cost of insurance is viewed as
prohibitive.  Management's decision to be self-insured raises
uncertainty surrounding the company's potential exposure to
liability claims and MEGA Brands' ability to financially support
these claims without excessively jeopardizing the financial
strength of the business.
     
In addition, the company is involved in litigation with the
former shareholders of Rose Art Industries Inc., concerning
contingent payments related to MEGA Brands' acquisition of the
business in 2005.  An additional $51 million in accrued
consideration has yet to be paid because MEGA Brands is
disputing the claim.
     
To resolve the CreditWatch listing, Standard & Poor's will meet
with management and review MEGA Brands' operating and financial
strategies, including the company's plans to deal with the
litigation risk that it faces.

MEGA Brands Inc. -- http://www.megabrands.com/-- (TSE:MB) is a   
distributor of construction toys, games & puzzles, arts & crafts
and stationery.  The company is headquartered in Montreal,
Canada and has offices in Belgium, United Kingdom, Germany,
France, Spain, Mexico, and Australia.


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


COMPLETEL SAS: Moody's Lifts Rating to B2 on Good Performance
-------------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 the corporate
family rating of Completel S.A.S and the rating on Completel's
EUR80 million senior notes due 2012.

Concurrently, Moody's upgraded Completel's probability of
default rating to B1 from B2.  The outlook on the ratings is
stable.

Moody's said that the rating upgrades reflect Completel's
successful execution of the expansion plan announced in July
2005 and its improved operational performance, which Moody's
expects to result in an enhancement in the company's credit
metrics for year-end 2007.  Specifically, Total Debt to EBITDA
is expected to be below 3.0x by year-end 2007, compared to 4.8x
at year-end 2006.  The rating upgrades also reflect Moody's
expectation that Completel will continue to deleverage whilst
its profitability improves and that it will achieve a free cash-
flow positive position by fourth quarter 2007.

Moody's notes that in 2006 Completel delivered both its new
national fibre backbone covering 110 cities and its extensive
DSL network with approximately 600 collocation sites connected.
The company is now starting to benefit from its increased scale
and geographical reach, which have translated into higher
revenues and EBITDA. In first quarter 2007, Completel's revenues
grew by 24% compared to the same quarter the previous year and
its Adjusted EBITDA grew by 79% over the same period.

The B2 rating factors Completel's modern and efficient extended
network, its diversified customer base, and management's proven
ability to grow revenues and improve profitability.  However, it
also reflects the company's limited size and scale, and the
fierce competitive environment in France, where Completel faces
competition from France Telecom and Neuf/Cegetel, which are
larger and better-capitalized entities.

Although Moody's views Completel's liquidity as adequate, it
expects that the current cash position (EUR46.3 million as of
first quarter 2007) will continue to be reduced until fourth
quarter 2007, when the company is expected to generate positive
free cash flows.  Moody's also notes that Completel has no
access to alternative liquidity facilities.

Upward pressure on the ratings would be likely in the event that
the company continues to show revenue growth and is able to grow
gross margins above the 40% level, while maintaining leverage
levels of Total Debt/EBITDA at or below 3.0x on a sustainable
basis and a positive free cash-flow profile.  Although the
covenants in the bond indenture allow for significant financial
flexibility for debt incurrence (Debt/EBITDA covenant of 4.25x),
it is Moody's expectation that the company will continue to
operate under a very conservative financial strategy and will
not deviate from current leverage levels.

Whilst considered unlikely at this juncture, downward rating
pressure could materialize in the event that there is a
significant delay in achieving a positive free cash flow and if
the company suffers profitability pressures such that EBITDA
margin is sustained below 10%.  Negative pressure could also
arise if the company were to change its current conservative
financial strategy or investment policy.  In addition, the B2
rating on the notes would come under negative pressure if the
company were to incur senior secured debt ahead of the senior
notes.

Moody's previous rating action on Completel was on April 4,
2007, when a Loss Given Default Assessment of LGD4 was assigned
to the EUR80 million senior notes due 2012.

Headquartered in Paris, France, Completel is an alternative
provider of telecom services to medium and large business and
carrier customers in France.  Completel is the only alternative
operator in France with a very large metropolitan fibre access
network and a comprehensive national DSL network, the third
largest in terms of coverage of the French population.  

Completel now covers most French medium and large companies, the
majority of French SMEs and almost the entire French wholesale
market.  The company generated revenues of EUR233 million and
EBITDA of EUR20.5 million in 2006.  Business customers
contributed around 77% of revenues, with the remainder generated
from wholesale customers.  66% of corporate revenues are voice-
related and 34% are data-related.


DELPHI CORP: Seeks Court Approval on IRS Pension Plan Waivers
-------------------------------------------------------------
Delphi Corp. and its debtor-affiliates ask the U.S. Bankruptcy
Court for the Southern District of New York for permission to:

   (a) perform under pension funding waivers issued by the
       United States Internal Revenue Service; and

   (b) provide letters of credit to the Pension Benefit Guaranty
       Corporation in connection with the waivers.

Delphi Corp. maintains two separate pension plans for its
employees, one for salaried workers and one for hourly workers.  
The Debtors' funding obligations under the Pension Plans are
governed by the Internal Revenue Code of 1986 and the Employee
Retirement Income Security Act of 1974, as amended.  Under the
IRC and ERISA, the Debtors are required to meet certain minimum
funding standards for their Pension Plans.

Section 4971(a) of the IRC imposes a 10% excise tax penalty on
the amount of any funding deficiency on the Pension Plans.  In
addition, Section 4971(b) of the IRC imposes an excise tax
penalty of 100% if the Debtors do not timely correct the funding
deficiency.  The total potential excise tax that the IRS might
assert in respect of the Pension Plans after June 15, 2007,
could be more than US$1,400,000,000, John Wm. Butler, Jr., Esq.,
at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois, tells the Court.

The Debtors' Plan Framework Support Agreement with a group of
investors led by Appaloosa Management L.P. requires the Debtors
to effect a transfer of certain of their hourly pension plan
obligations to General Motors Corp. under Section 414(l) of the
IRC.

To make that transfer economically feasible for the Debtors,
Mr. Butler relates that the Debtors must secure a short
extension of the statutory June 15, 2007, funding deadline for
the Pension Plan Year ended Sept. 30, 2006.

The IRS has agreed to waive the Debtors' minimum funding
requirements for the Pension Plan Year ended Sept. 30, 2006,
until the Debtors emerge from Chapter 11 and bring their funding
obligations up to date, Mr. Butler informs the Court.

Under an hourly pension plan waiver and a salaried pension plan
waiver, the IRS specifically agrees to:

   (a) extend the June 15, 2007, funding deadline for the
       Pension Plan Year ended Sept. 30, 2006; and

   (b) settle its excise tax claims against the Debtors for the
       Pension Plan Year ended Sept. 30, 2005.

In exchange, the Debtors pledge to make an accelerated
$10,000,000 contribution to the Hourly Pension Plan upon their
emergence from bankruptcy.

The Waivers further provide that Delphi must file a Chapter 11
plan by July 31, 2007, and must satisfy any minimum funding
requirements by the effective date of a Chapter 11 plan, which
must be not later than Nov. 15, 2007.

As security for the Debtors' obligations under the Waivers,
Delphi will provide the PBGC with letters of credit aggregating
$100,000,000 on account of its Hourly Pension Plan and
$50,000,000 on account of its Salaried Pension Plan by June 15,
2007.

If Delphi does not meet its obligations under the Waivers, the
PBGC will apply the proceeds of the Letters of Credit for the
benefit of the Pension Plans.  Once Delphi emerges from
Chapter 11 and satisfies its obligations under the Waivers, the
L/Cs will expire.

Delphi intends to honor its pension obligations and, thus, does
not anticipate that the Letters of Credit will ever be drawn
down by the PBGC.

The Debtors' total cost for entering into the Waivers is
approximately US$5,754,125.  "The costs of performing under the
Waivers are substantially less than the benefit to be gained
from effecting the Section 414(l) transaction and the resolution
of the IRS penalty issues," Mr. Butler avers.

The terms of the Waivers, Mr. Butler adds, were negotiated among
the Debtors, the IRS, and the PBGC at arm's length and in good
faith.

The Waivers are the largest funding waivers ever granted by the
IRS, Mr. Butler notes.

                    About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- 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.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi  
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

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.  (Delphi Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


DELPHI CORP: Wants Court Nod on EDS Settlement Agreement
--------------------------------------------------------
Electronic Data Systems Corporation, EDS Information Services
L.L.C., and EDS de Mexico, S.A. de C.V., provide information
technology outsourcing services to Delphi Corp. and its debtor-
affiliates pursuant to certain services agreements.

EDS is a member of the Official Committee of Unsecured
Creditors.

On July 28, 2006, EDS filed six proofs of claim against the
Debtors asserting payment for goods and services:

                   Unsecured       Priority
     Claim No.    Claim Amount   Claim Amount
     ---------    ------------   ------------
       12678    US$16,691,418   US$2,061,011
       12679       16,691,418      2,061,011
       12680          518,330      2,061,011
       12681       16,691,418      2,061,011
       12682          518,330      2,061,011
       12683       16,691,418      2,061,011

The Debtors have determined that some amounts asserted by the
EDS Claims are not due and owing pursuant to their books and
records.

In an effort to consensually resolve their dispute, the Parties
negotiated the terms of a settlement agreement.

The Settlement Agreement provides for the partial allowance of
Claim No. 12678 and the disallowance of Claim Nos. 12679, 12680,
12681, 12682, and 12683, subject to EDS' right to reassert Claim
No. 12679.

The Debtors agree to allow Claim No. 12678 as a prepetition
general unsecured non-priority claim for:

   (a) US$11,678,813 against Delphi Automotive Systems, LLC; and

   (b) US$4,999,999 against Delphi Corp.

If reasserted, Claim No. 12679 will be (i) allowed for
$11,678,813 against Delphi Corp.; and (ii) assertable for
$4,999,999 against DAS.  DAS reserves its right to contest
whether it is an obligor liable for a US$4,999,999 portion of
Claim No. 12679.

EDS will not be able to reassert Claim No. 12679 against Delphi
Corp. if a plan of reorganization confirmed in the Debtors'
bankruptcy cases provides for either the substantive
consolidation of the Debtors' assets and liabilities, or the
full recovery to EDS of Claim No. 12678.

Claim Nos. 12678 and 12679, if allowed, will be jointly held by
EDS Corp. and EDS Information Services, John Wm. Butler, Jr.,
Esq., at Skadden, Arps, Slate, Meagher & Flom LLP, in Chicago,
Illinois, relates.  EDS Corp. will act as the voting claimant on
behalf of itself and EDS Information Services on account Claim
Nos. 12678 and 12679 in connection with any plan of
reorganization filed by the Debtors.  In addition, EDS Corp.
will accept on behalf of itself and EDS Information Services any
and all distributions made under a confirmed plan of
reorganization with respect to Claim Nos. 12678 and 12679.

Pursuant to Section 363 of the Bankruptcy Code and Rule 9019 of
the Federal Rules of Bankruptcy Procedures, the Debtors ask the
Court to approve their settlement agreement with EDS.

The Debtors believe that the Settlement Agreement is fair and
reasonable and in their best interests, as well as that of their
creditors.  The Debtors, Mr. Butler points out, would waste
significant time and incur high costs if they were to continue
litigating the EDS Claims.

                     About Delphi Corporation

Troy, Mich.-based Delphi Corporation -- 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.

Fitch Ratings has assigned a rating of 'BB-' to Delphi
Corporation's US$2 billion of debtor-in-possession credit
facilities.  The DIP facilities will consist of a revolving
credit portion and a term loan portion and are to be pari passu
with each other in terms of priority of repayment, collateral,
and guarantees.  The term loan and revolving credit will,
therefore, share the same ratings.

Standard & Poor's Ratings Services lowered its ratings on Delphi  
Corp. to 'D' after the company's U.S. operations filed for
Chapter 11 bankruptcy protection.  The recovery rating on
Delphi's senior secured bank facility was withdrawn.  Delphi,
the largest U.S. manufacturer of automotive components, has
total debt of about US$6 billion and total unfunded pension
obligations and other postretirement employee benefit
liabilities of about US$14.5 billion.

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.  (Delphi Bankruptcy News, Issue No. 69; Bankruptcy
Creditors' Service, Inc., http://bankrupt.com/newsstand/or   
215/945-7000).

The Debtors' exclusive plan-filing period expires on
July 31, 2007.


GAP INC: Sales Down 11% to US$1.09 Bln in 4-Week Period to May 5
----------------------------------------------------------------
Gap Inc. reported net sales of US$1.09 billion for the four-week
period ended May 5, 2007, which represents an 11% decrease
compared with net sales of US$1.23 billion for the four-week
period ended April 29, 2006.  

Due to the 53rd week in fiscal year 2006, April 2007 comparable
store sales are compared to the four-week period ended
May 6, 2006.  The company's comparable store sales for
April 2007 decreased 16% compared with a 3% decrease as reported
for April 2006.

Comparable store sales by division for April 2007 were:

   * Gap North America: negative 14% versus negative 2% last
     year

   * Banana Republic North America: negative 13% versus positive
     1% last year

   * Old Navy North America: negative 20% versus negative 6%
     last year

   * International: negative 5% versus negative 3% last year

"Driven by the shift of Easter, our April results deteriorated
as compared to March," Sabrina Simmons, senior vice president,
corporate finance at Gap Inc, said.  "In addition, our
merchandise margins were significantly below last year largely
because of clearance selling at Gap brand.  That said, our
overall comparable stores sales for the quarter taken as a whole
were negative four compared to negative nine last year.  Our
management team remains committed to making the changes
necessary to improve our performance going forward."

First Quarter Sales Results and Earnings Guidance

For the thirteen weeks ended May 5, 2007, total company net
sales were US$3.56 billion, which is an increase of 3% as
compared to net sales of US$3.44 billion for the thirteen weeks
ended April 29, 2006.  Due to the 53rd week in fiscal year 2006,
first quarter comparable store sales are compared to the
thirteen weeks ended May 6, 2006.  The company's first quarter
comparable store sales decreased 4% compared with a decrease of
9% in the first quarter of the prior year.

The company reiterated that it expects year-over-year change in
inventory per square foot to be flat at the end of the first
quarter.

Comparable store sales by division for the first quarter were:

   * Gap North America: negative 4% versus negative 8% last year

   * Banana Republic North America: negative 2% versus negative
     5% last year

   * Old Navy North America: negative 5% versus negative 11%
     last year

   * International: negative 3% versus negative 11% last year

As of May 5, 2007, Gap Inc. operated 3,154 store locations
compared with 3,070 store locations last year.

                         About Gap Inc.

Gap Inc. (NYSE: GPS) -- http://www.gapinc.com/-- is an    
international specialty retailer offering clothing, accessories
and personal care products for men, women, children and babies
under the Gap, Banana Republic, Old Navy, Forth & Towne and
Piperlime brand names.  Gap Inc. operates more than 3,100 stores
in the United States, the United Kingdom, Canada, France,
Ireland and Japan.  In addition, Gap Inc. is expanding its
international presence with franchise agreements for Gap and
Banana Republic in Southeast Asia and the Middle East.

                            *   *   *

As reported in the Troubled Company Reporter on Jan. 10, 2007,
Fitch has downgraded its ratings on The Gap Inc.'s Issuer
Default Rating to 'BB+' from 'BBB-' and Senior unsecured notes
to 'BB+' from 'BBB-'.  The Rating Outlook is Negative.

As reported in the Troubled Company Reporter on Nov. 21, 2006,
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured ratings on San Francisco-based The Gap Inc.
to 'BB+' from 'BBB-'.  S&P said the outlook is stable.


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


AQUARELAX GMBH: Claims Registration Period Ends June 4
------------------------------------------------------
Creditors of Aquarelax GmbH Service rund um Wasser und Warme
have until June 4 to register their claims with court-appointed
insolvency manager Arne Meyer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Arne Meyer
         Bismarckstr. 27-29
         50672 Cologne
         Germany
         Tel: 0221-95275122
         Fax: 0221-95275121

The District Court of Cologne opened bankruptcy proceedings
against Aquarelax GmbH Service rund um Wasser und Warme on
May 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Aquarelax GmbH Service rund um Wasser und Warme
         Breite Str. 26 - 30
         50226 Frechen
         Germany

         Attn: Marc Heckmann, Manager
         Lindlarer Str. 53
         51491 Overath
         Germany


BAU-IDEE DUEHR: Claims Registration Period Ends June 8
------------------------------------------------------
Creditors of Bau-Idee Duehr GmbH have until June 8 to register
their claims with court-appointed insolvency manager
Jens Lieser.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on June 22, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bad Neuenahr-Ahrweiler
         Hall 4
         Wilhelmstrasse 55-57
         53474 Bad Neuenahr-Ahrweiler
         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 Lieser
         Josef-Goerres-Platz 5
         56068 Koblenz
         Germany
         Tel: 0261-304790
         Fax: 0261-9114729

The District Court of Bad Neuenahr-Ahrweiler opened bankruptcy
proceedings against Bau-Idee Duehr GmbH on May 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bau-Idee Duehr GmbH
         Attn: Helmut Duehr, Manager
         Im Seifental
         53498 Bad Breisig
         Germany


BRISTEIN VERLAG: Claims Registration Period Ends June 20
--------------------------------------------------------
Creditors of BriStein Verlag GmbH have until June 20 to register
their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bochum
         Meeting Hall A 29
         Ground Floor
         Main Building
         Viktoriastrasse 14
         44787 Bochum
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

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

The Debtor can be reached at:

         BriStein Verlag GmbH
         Attn: Michel Kieselstein, Manager
         Kantstr. 5-13
         44867 Bochum
         Germany


CREPES SUZETTE: Creditors' Meeting Slated for June 21
-----------------------------------------------------
The court-appointed insolvency manager for Crepes Suzette
Lizenz-System GmbH, Urte Wellbrock, will present her first
report on the Company's insolvency proceedings at a creditors'
meeting at 10:20 a.m. on June 21.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 10:15 a.m. on Aug. 16 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Urte Wellbrock
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 79 25 70
         Fax: 79 25 757
         E-mail: bremen@oelb.de
         Web site: http://www.oelb.de/

The District Court of Bremen opened bankruptcy proceedings
against Crepes Suzette Lizenz-System GmbH on May 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Crepes Suzette Lizenz-System GmbH
         Attn: Udo Rohde, Manager
         Friedrich-Karl-Str. 107-109
         28211 Bremen
         Germany


D.B. BAU: Claims Registration Period Ends June 5
------------------------------------------------
Creditors of D.B. Bau Geschaftsfuehrungs GmbH have until June 5
to register their claims with court-appointed insolvency manager
Andreas Sontopski.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

The insolvency manager can be reached at:

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

The District Court of Muenster opened bankruptcy proceedings
against D.B. Bau Geschaftsfuehrungs GmbH on May 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         D.B. Bau Geschaftsfuehrungs GmbH
         Attn: Brigitte Dieckmann, Manager
         Dieselstrasse 39
         48565 Steinfurt
         Germany


DAIMLERCHRYSLER: Cerberus Adds Chrysler to Form Giant Auto Biz
--------------------------------------------------------------
Cerberus Capital Management LP, the private equity firm buying
DaimlerChrysler AG's Chrysler Group, is assembling one of the
world's biggest automotive companies as it adds the carmaker to
holdings that include GMAC LLC, the former financing unit of
General Motors Corp., and the parent of the Alamo Rent-a-Car and
National Car Rental chains, Bloomberg News reports.

Cerberus has amassed a group of auto-related assets similar to
the ones GM and Ford Motor Co. owned before US$25 billion of
combined losses in 2005 and 2006 forced them to shed assets,
Bloomberg observes.  The absence of scrutiny from public
shareholders would permit the firm to reduce employee costs and
increase productivity before selling Chrysler at a profit.

           Acquisitions Mark Shift in Private-Equity

According to the report, Cerberus led an investor group last
year that bought 51 percent of Detroit-based GMAC, which makes
home and auto loans.  The private-equity firm acquired bankrupt
Vanguard Car Rental Holdings LLC, the Tulsa, Oklahoma-based
parent of Alamo and National, in 2003 for US$290 million.  It
paid US$147 million for GenCorp's GDX Automotive unit in 2004,
after it lost US$14 million in the first quarter.

Cerberus' focus on building another automotive giant from its
recent acquisitions is an important shift in the private-equity
industry, The Associated Press states, citing analysts as
saying.  It was common for private equity firms to manage a
portfolio of completely diverse companies before but these days,
many are forming their portfolio of companies around specific
sectors with a goal to become true industry players.

Cerberus is also part of a group that offered to invest US$3.4
billion in bankrupt auto-parts maker Delphi Corp, Bloomberg
relates.  Without giving a reason, Delphi said last month it
expects Cerberus to back out.

Bloomberg notes that Cerberus began showing interest in the
automobile industry in the 1990s, when it acquired stakes
including 5 percent in United Auto Inc., a New York-based auto
dealership chain.

                Cerberus -- in for the Long Haul

Cerberus Chairman John Snow said in an interview that the firm
"can put Chrysler on a sustainable path towards true
profitability.  We are able to take a longer view, we are able
to be patient."

"We don't buy with the intention to pursue an exit," Mr. Snow
told the AP in an interview.  "We buy with the intention, with
the clear intention, to help turn the company around, help it
achieve its potential."

                      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: Shoulders US$1 Billion Chrysler Pension Risk
----------------------------------------------------------------
DaimlerChrysler AG has assumed extensive guarantees in the wake
of Chrysler Group's sale to Cerberus Capital Management LP, the
most significant of which is the US$1 billion risk it now
shoulders should the unit's pension plans be terminated before
an agreement with U.S. agency Pension Benefit Guaranty
Corporation expires in five years, a scenario that would come
into fruition in case of an insolvency, published reports claim.

The agency has said that Daimler and Cerberus made significant
financial commitments to boost Chrysler's pensions: Chrysler
will pay US$200 million more than legally required into pension
funds until 2012, The Financial Times reveals.  This will also
affect Daimler's figures, given that Daimler holds a 19.9
percent stake in Chrysler.  In mid-July discussions over payment
agreements, which expire in September, are due to begin, in
which pension funds and health insurance are key issues.

"We have said that with the closing of the transaction, the
topic of pension obligations is settled.  If there is something
coming, then we know what is coming," a Daimler spokesman said.  
The agreement was based on the agency's model, which calculates
risks in the event that the pension plans were terminated
immediately, Reuters relates, quoting the spokesman.

A federal corporation created under the Employee Retirement
Income Security Act of 1974, the PBGC monitors corporate
transactions that might jeopardize the financial security of
U.S. defined-benefit pension plans and arranges protection for
the plans and the pension insurance program, Reuters notes.  
PBGC receives no funds from general tax revenue but is financed
largely by insurance premiums paid by companies that sponsor
pension plans and by investment returns.

"I commend both Daimler and Cerberus on their willingness to
work with the PBGC to protect the retirement security of
Chrysler workers and retirees," PBGC Interim Director Vince
Snowbarger said in a recent statement.

                      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: Chrysler Breaks Ground on Marysville Axle Plant
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group has broken ground on a
US$700 million axle plant in Marysville, Michigan, the unit's
first major investment since it was sold to Cerberus Capital
Management LP, Reuters states.

The TCR-Europe reported on April 19, 2007, that Chrysler would
boost the Michigan economy with an investment of US$1.78
billion, much of it to start a multi-product "Powertrain
Offensive."  The initiative will consist of:

   * US$730 million for a new plant in Trenton, Mich., to
     produce the "Phoenix" family of V-6 engines;

   * US$700 million in Marysville, Mich., to build a new axle
     plant;

   * US$300 million in the Sterling Heights (Mich.) Assembly
     Plant (SHAP) to expand its paint shop; and

   * US$50 million for retooling of Warren Truck Assembly Plant
     and Warren Stamping Plant for future product.

The US$1.78 billion Michigan program investment includes product
development costs and is part of the "Recovery and
Transformation Plan" that Mr. LaSorda announced on February 14,
2007.

The Chrysler restructuring plan is aimed at restoring the
company to profitability by 2008 and includes 13,000 job cuts
and the closure of an assembly plant dedicated to the slow-
selling Dodge Durango sport utility vehicle, Reuters says.

Chrysler said construction of the Marysville plant would begin
this summer and projects that the plant will employ 900 workers
when it reaches full volume in 2010 and produce 1.2 million
axles per year, Reuters relates.

"The investment in Marysville is a great start for the new
Chrysler Corporation," United Auto Workers Vice President
General Holiefield said in a statement.  "It shows that when we
work together, we can preserve good-paying manufacturing jobs in
the United States."

                      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.


DOMUS MEDICUS: Claims Registration Period Ends August 21
--------------------------------------------------------
Creditors of Domus Medicus GmbH have until Aug. 21 to register
their claims with court-appointed insolvency manager Heiner
Buss.

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

The meeting of creditors will be held at:

         The District Court of Aurich
         Hall 23
         Schlossplatz 2
         26603 Aurich
         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. Heiner Buss
         Hauptstrasse 169
         D 26639 Wiesmoor
         Germany
         Tel: 049 44/10 33
         Fax: 049 44/91 20 35

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

The Debtor can be reached at:

         Domus Medicus GmbH
         Attn: Gerold Ommen, Manager
         Wallster Loog 2
         26607 Aurich
         Germany


DUERR AG: CEO Ralf Dieter Confirms Dividend Payment for 2007
------------------------------------------------------------
At the Annual Shareholders' Meeting of Duerr AG, CEO Ralf Dieter
confirmed the company's intention to resume a dividend payment
in the coming year.

During the meeting, Mr. Dieter presented the annual financial
statements for 2006 and the company's targets.  Core messages
were the achievement of all the company's targets in the past
fiscal year and the optimistic outlook for 2007.  Despite a
strong improvement in earnings, the Annual Shareholders' Meeting
resolved to strengthen the capital base and not to pay a
dividend for 2006. The main reasons were the still slightly
negative operating cash flow in 2006 and Duerr AG's only small
unappropriated profit.

Mr. Dieter confirmed the target of a further strong earnings
improvement in 2007. In addition, Duerr aims to achieve a
clearly positive cash flow.

"We want to generate free cash so that we can invest, continue
on our innovation path and pay a dividend to our shareholders
again," Mr. Dieter said.  Ralph Heuwing, who took over as CFO on
May 14, 2007, introduced himself to the shareholders.

The Annual Shareholders' Meeting, which was held for the first
time at the company's headquarters in Stuttgart-Zuffenhausen,
ratified the acts of the members of the Board of Management by a
majority of 99.99% and the acts of the members of the
Supervisory Board by a majority of 99.97% of the votes.  Ernst &
Young AG Wirtschaftspruefungsgesellschaft were re-appointed as
auditors for the 2007 fiscal year.  The Annual Shareholders'
Meeting also adopted all the other items on the agenda by a
large majority.

Duerr has got off to a good start in 2007.  In the first quarter
incoming orders were up 20% year on year to EUR508.3 million.
The operating result (EBIT before one-time expenses) improved to
EUR3.1 million after a loss of -EUR0.9 million still in the
first quarter of 2006.

                           About Duerr

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

                            *   *   *

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

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

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


EGON PRACHT: Creditors' Meeting Slated for June 11
--------------------------------------------------
The court-appointed insolvency manager for Egon Pracht GmbH,
Werner F. Muehlenbrock, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:10 a.m. on June 11.

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

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany   
         
The insolvency manager can be reached at:

         Werner F. Muehlenbrock
         Overwegstr. 47
         45879 Gelsenkirchen
         Germany

The District Court of Essen opened bankruptcy proceedings
against Egon Pracht GmbH on April 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Egon Pracht GmbH
         Attn: Bernd Pracht, Manager
         Emscherstr. 68
         45891 Gelsenkirchen
         Germany


ELSBECK BAU: Creditors' Meeting Slated for June 21
--------------------------------------------------
The court-appointed insolvency manager for Elsbeck Bau GmbH,
Karina Schwarz, will present her first report on the Company's
insolvency proceedings at a creditors' meeting at 10:40 a.m. on
June 21.

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

         The District Court of Magdeburg
         Justice Center
         Breiter Weg 203 - 206
         39104 Magdeburg
         Germany

The insolvency manager can be reached at:

         Karina Schwarz
         Klausenerstr. 24
         39112 Magdeburg
         Germany
         Tel: 0391/ 6286260
         Fax: 0391/ 6286266
         E-Mail: magdeburg@Rechtsanwaelte-Schwarz.de

The District Court of Magdeburg opened bankruptcy proceedings
against Elsbeck Bau GmbH on April 5.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Elsbeck Bau GmbH
         Babelsberger Str. 3
         39114 Magdeburg
         Germany

         Attn: Hans Thomas Sumerauer, Manager
         Uhlandstr. 60
         10719 Berlin
         Germany


ESTRICHBAU EICKHOLT: Claims Registration Ends June 22
-----------------------------------------------------
Creditors of Estrichbau Eickholt GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Dr. Stephan Thiemann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 a.m. on July 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Stephan Thiemann
         Lublinring 12
         48147 Muenster
         Germany
         Tel: 0251/16283-0
         Fax: +492511628311

The District Court of Muenster opened bankruptcy proceedings
against Estrichbau Eickholt GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Estrichbau Eickholt GmbH
         Gremmendorfer Strasse 30 b
         48167 Muenster
         Germany


FIELD VERTRIEBS: Claims Registration Ends July 15
-------------------------------------------------
Creditors of Field Vertriebs GmbH have until July 15 to register
their claims with court-appointed insolvency manager
Hartmut Wiesinger.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 21, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Detmold
         Meeting Room 12
         Ground Floor
         Gerichtsstr. 6
         32756 Detmold
         Germany

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

The insolvency manager can be reached at:

         Hartmut Wiesinger
         Gerichtsstr. 12
         32791 Lage
         Germany

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

The Debtor can be reached at:

         Field Vertriebs GmbH
         Grevenmarschstr. 32
         32657 Lemgo
         Germany


FOERTSCH HOLZBAU: Claims Registration Ends July 6
-------------------------------------------------
Creditors of Foertsch Holzbau GmbH have until July 6 to register
their claims with court-appointed insolvency manager
Juergen Wittmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:05 p.m. on Aug. 7, 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:

         Juergen Wittmann
         Adolf-Kolping-Strasse 1
         96317 Kronach
         Germany
         Tel: 09261/62200
         Fax: 09261/622020

The District Court of Hof opened bankruptcy proceedings against
Foertsch Holzbau GmbH on May 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Foertsch Holzbau GmbH
         Haidengruener Weg 9
         95233 Helmbrechts
         Germany


FRIEDRICH WILHELM: Claims Registration Ends June 5
--------------------------------------------------
Creditors of Friedrich Wilhelm Betz GmbH i.L. have until June 5
to register their claims with court-appointed insolvency manager
Johannes Koepsell.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Johannes Koepsell
         Morianstr. 3
         42103 Wuppertal
         Germany
         Tel: 0202-245670
         Fax: +492022456722

The District Court of Cologne opened bankruptcy proceedings
against Friedrich Wilhelm Betz GmbH i.L. on May 4.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Friedrich Wilhelm Betz GmbH i.L.
         Neuenhoehe 31
         42929 Wermelskirchen
         Germany


GERSTHOFER WOHNUNGSBAU: Claims Registration Ends June 12
--------------------------------------------------------
Creditors of Gersthofer Wohnungsbau GmbH und Co. Grundstuecks-
Kommanditgesellschaft have until June 12 to register their
claims with court-appointed insolvency manager Mattias Raupke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:40 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Augsburg
         Room 149
         Einlass 1
         86150 Augsburg
         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:

         Mattias Raupke
         c/o SKB Partnerschaftsgesellschaft
         Eserwallstr. 1-3
         86150 Augsburg
         Germany

The District Court of Augsburg opened bankruptcy proceedings
against Gersthofer Wohnungsbau GmbH und Co. Grundstuecks-
Kommanditgesellschaft on May 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Gersthofer Wohnungsbau GmbH und Co.
         Grundstuecks-Kommanditgesellschaft
         Donauwoerther Str. 3 b
         86368 Gersthofen
         Germany


GLOBAL MARKETING: Creditors' Meeting Slated for June 21
-------------------------------------------------------
The court-appointed insolvency manager for Global Marketing
Communications GmbH, Dr. Andreas Ringstmeier, will present his
first report on the Company's insolvency proceedings at a
creditors' meeting at 10:40 a.m. on June 21.

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

         The District Court of Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

The insolvency manager can be reached at:

         Dr. Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Global Marketing Communications GmbH on March 27.  
Consequently, all pending proceedings against the company have
been automatically stayed.


The Debtor can be reached at:

         Global Marketing Communications GmbH
         Attn: Peter John Harrison, Manager
         St. Apernstr. 17 - 21
         50667 Cologne
         Germany


LEGL BAU: Claims Registration Period Ends June 22
-------------------------------------------------
Creditors of Legl Bau GmbH have until June 22 to register their
claims with court-appointed insolvency manager Joachim Exner.

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

The meeting of creditors will be held at:

         The District Court of Ingolstadt
         Meeting Hall 28
         First Floor
         Schrannenstr. 3
         85049 Ingolstadt
         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
         Stahlstrasse 17
         90411 Nuremberg
         Germany
         Tel: 0911/95 12 850
         Fax: 0911/95 12 8510

The District Court of Ingolstadt opened bankruptcy proceedings
against Legl Bau GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Legl Bau GmbH
         Attn: Roland Le, Manager
         Untere Weinbergstrasse 13
         92339 Beilngries
         Germany


LINN & JUNG: Claims Registration Period Ends June 27
----------------------------------------------------
Creditors of Linn & Jung Baustoffhandel GmbH have until June 27
to register their claims with court-appointed insolvency manager
Joachim Glaeser.

The District Court of Montabaur will verify claims set out in
the insolvency manager's report on Aug. 27.

The insolvency manager can be reached at:

         Joachim Glaeser
         Konrad-Adenauer-Str. 2a
         56414 Wallmerod
         Germany
         Tel: 06435-96400
         Fax: 06435-964024

The District Court of Montabaur opened bankruptcy proceedings
against Linn & Jung Baustoffhandel GmbH on April 2.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The court can be reached at:

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The Debtor can be reached at:

         Linn & Jung Baustoffhandel GmbH
         Attn: Rainer Linn, Manager
         Bahnhofstrasse 21
         56414 Herschbach
         Germany


RWR COMPUTERGESTUETZTE: Claims Registration Period Ends June 17
---------------------------------------------------------------
Creditors of RWR Computergestuetzte Fertigungssysteme GmbH & Co.
KG have until June 17 to register their claims with court-
appointed insolvency manager Eckhard Finke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:10 a.m. on June 25, 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 Bad Kreuznach
         Hall 309
         Ringstrasse 79
         55543 Bad Kreuznach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report at 11:00 a.m. on July 25, at Hall 34 of the
same venue.

The insolvency manager can be reached at:

         Eckhard Finke
         Mannheimer Strasse 173
         55543 Bad Kreuznach
         Germany
         Tel: 0671/84 007 - 68
         Fax: 0671/84 007 - 43

The District Court of Bad Kreuznach opened bankruptcy
proceedings against RWR Computergestuetzte Fertigungssysteme
GmbH & Co. KG on May 1.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         RWR Computergestuetzte Fertigungssysteme GmbH & Co. KG
         Flughafen Hahn
         55483 Lautzenhausen
         Germany


HI PRO MEAT: Claims Registration Period Ends June 20
----------------------------------------------------
Creditors of Hi Pro Meat Germany GmbH have until June 20 to
register their claims with court-appointed insolvency manager
Daniel Bauch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on July 5, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Landshut
         Meeting Hall 8/I
         Maximilianstrasse 22-24
         Landshut
         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:

         Daniel Bauch
         Steinmetzstrasse 10
         85435 Erding
         Gemany
         Tel: 08122/22960-83
         Fax: 08122/22960-84

The District Court of Landshut opened bankruptcy proceedings
against Hi Pro Meat Germany GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hi Pro Meat Germany GmbH
         Industriesiedlung 3
         84140 Gangkofen
         Germany


HOLZ- UND BAUTENSCHUTZ: Claims Registration Ends June 29
--------------------------------------------------------
Creditors of Holz- und Bautenschutz GmbH have until June 29 to
register their claims with court-appointed insolvency manager
Michael W. Kuleisa.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 31, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B405
         Fourth Floor       
         Sievkingplatz 1
         20355 Hamburg
         Germany

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

The insolvency manager can be reached at:

         Michael W. Kuleisa
         Speersort 4-6
         20095 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings
against Holz- und Bautenschutz GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Holz- und Bautenschutz GmbH
         Attn: Johann Seidl, Manager
         Stillhorner Weg 64
         21109 Hamburg
         Germany


HYN BAUDEKORATION: Claims Registration Ends July 25
---------------------------------------------------
Creditors of HYN Baudekoration GmbH have until July 25 to
register their claims with court-appointed insolvency manager
Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on Aug. 6, at which time the insolvency
manager will present her first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt/Main
         Hall 1
         Building F
         Klingerstrasse 20
         60313 Frankfurt/Main
         Germany    

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

The insolvency manager can be reached at:

         Ulrike Hoge-Peters
         Cronstettenstrasse 30, D
         60322 Frankfurt am Main
         Germany
         Tel: 069/9591100
         Fax: 069/959110-12

The District Court of Frankfurt/Main opened bankruptcy
proceedings against HYN Baudekoration GmbH on May 3.  
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HYN Baudekoration GmbH
         Adolph-Kolping-Strasse 24
         61118 Bad Vilbel
         Germany

         Attn: Serap Yildirim, Manager
         Alte Frankfurter Strasse 27
         61118 Bad Vilbel
         Germany


ISIS BETEILIGUNGS: Claims Registration Ends June 6
--------------------------------------------------
Creditors of ISIS Beteiligungs GmbH have until June 6 to
register their claims with court-appointed insolvency manager
Jan H. Wilhelm.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on June 27, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Flensburg
         Hall A 220
         Suedergraben 22
         Flensburg
         Germany

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

The insolvency manager can be reached at:

         Jan H. Wilhelm
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany

The District Court of Flensburg opened bankruptcy proceedings
against ISIS Beteiligungs GmbH on May 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ISIS Beteiligungs GmbH
         Brauereiweg 23
         24939 Flensburg
         Germany

         Attn: Hans Walter Rehbach, Manager
         Solitueder Weg 23
         24960 Gluecksburg
         Germany


JM CONSULTING: Claims Registration Ends June 21
-----------------------------------------------
Creditors of JM Consulting GmbH have until June 21 to register
their claims with court-appointed insolvency manager
Manuel Sack.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 12, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         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:

         Manuel Sack
         c/o Brinkmann & Partner
         Theaterstr. 3
         30159 Hannover
         Germany
         Tel: 0511/366020
         Fax: 0511/3660255

The District Court of Gifhorn opened bankruptcy proceedings
against JM Consulting GmbH on May 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         JM Consulting GmbH
         Moerikestr. 17
         31224 Peine
         Germany

         Attn: Joachim Miszori, Manager
         Hoholzstr. 76
         53229 Bonn
         Germany


KARL-HEINZ BIDLINGMAIER: Creditors Must File Claims by June 20
--------------------------------------------------------------
Creditors of Karl-Heinz Bidlingmaier Bauunternehmung GmbH & Co.
KG have until June 20 to register their claims with court-
appointed insolvency manager Fritz Tremmel.

Creditors and other interested parties are encouraged to attend
the meeting at 3:00 p.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 Pforzheim
         Mannheimer Str. 17
         75179 Pforzheim
         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:

         Fritz Tremmel
         Blumenstr. 17
         69115 Heidelberg
         Germany

The District Court of Pforzheim opened bankruptcy proceedings
against Karl-Heinz Bidlingmaier Bauunternehmung GmbH & Co. KG on
May 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Karl-Heinz Bidlingmaier Bauunternehmung GmbH & Co. KG
         Lerchenstr. 11
         75447 Sternenfels
         Germany


KLAUS GARTNER: Creditors Must Register Claims by June 11
--------------------------------------------------------
Creditors of Klaus Gartner GmbH, Hoch-, Tief- und Stahlbetonbau
have until June 11 to register their claims with court-appointed
insolvency manager Reinhard Bohlig.

Creditors and other interested parties are encouraged to attend
the meeting at 11:35 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Fritzlar
         Meeting Hall 17
         Building A
         Schladenweg 1
         34560 Fritzlar
         Germany
         
The Court will verify the claims set out in the insolvency
manager's report at 10:45 a.m. on July 3, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Reinhard Bohlig
         Briloner Landstrasse 14
         34497 Korbach
         Germany
         Tel: 05631/950970
         Fax: 05631/950919

The District Court of Fritzlar opened bankruptcy proceedings
against Klaus Gartner GmbH, Hoch-, Tief- und Stahlbetonbau on
May 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Klaus Gartner GmbH, Hoch-, Tief- und Stahlbetonbau
         Kasseler Strasse 24
         34596 Bad Zwesten
         Germany


KLAUS HILGERS: Creditors Must Register Claims by June 25
--------------------------------------------------------
Creditors of Klaus Hilgers GmbH have until June 25 to register
their claims with court-appointed insolvency manager Christian
Potrafke.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on Aug. 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Christian Potrafke
         An der Eickesmuehle 8
         41238 Moenchengladbach
         Germany
         Tel: 02166 / 91 26 08
         Fax: 02166912607

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

The Debtor can be reached at:

         Klaus Hilgers GmbH
         Mailandweg 67
         41844 Wegberg
         Germany



KOENIGSHOF DORTMUND: Creditors Must Register Claims by June 26
--------------------------------------------------------------
Creditors of Koenigshof Dortmund Projektentwicklungs- und
Beteiligungsgesellschaft mbH & Co. KG have until June 26 to
register their claims with court-appointed insolvency manager
Achim Thomas Thiele.

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

The meeting of creditors will be held at:

         The District Court of Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report 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:

         Achim Thomas Thiele
         Bronnerstrasse 7
         44141 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings
against Koenigshof Dortmund Projektentwicklungs- und
Beteiligungsgesellschaft mbH & Co. KG on May 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Koenigshof Dortmund Projektentwicklungs- und
         Beteiligungsgesellschaft mbH & Co. KG
         Berliner Str. 56
         44143 Dortmund
         Germany


MALERPROFIS MEISTERBETRIEB: Creditors Meeting Slated for July 30
----------------------------------------------------------------
The court-appointed insolvency manager for Malerprofis
Meisterbetrieb GmbH, Jur. A. Koehler, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 8:55 a.m. on July 30.

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

         The District Court of Montabaur
         Hall 106
         First Stock
         Bahnhofstrasse 47
         56410 Montabaur
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:15 a.m. on Sept. 10 at the same venue.

Creditors have until Aug. 8 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Jur. A. Koehler
         Wilhelmstrasse 42
         65582 Diez
         Germany
         Tel: 06432-64580
         Fax: 06432-645820
         E-mail: verwaltung@koehler-insolvenz.de

The District Court of Montabaur opened bankruptcy proceedings
against Malerprofis Meisterbetrieb GmbH on May 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Malerprofis Meisterbetrieb GmbH
         Aarstrasse 72
         65629 Niederneisen
         Germany


MICHAEL SCHUHMANN: Claims Registration Period Ends July 17
----------------------------------------------------------
Creditors of Michael Schuhmann have until July 17 to register
their claims with court-appointed insolvency manager Sascha
Mertes.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 7, 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 Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         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:

         Sascha Mertes
         Rheinstrasse 19
         65185 Wiesbaden
         Germany
         Tel: 0611 - 205 540
         Fax: 0611 - 205 5444
         E-mail: info@mertes-lauff.de

The District Court of Wiesbaden opened bankruptcy proceedings
against Michael Schuhmann on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Michael Schuhmann
         Attn: S+H Bau GmbH, Manager
         Wintergasse 8
         65239 Hochheim am Main
         Germany


MUELLER & PARTNER: Claims Registration Period Ends June 22
----------------------------------------------------------
Creditors of Mueller & Partner GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:20 a.m. on July 17, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Sabine Feuerborn
         Else-Lang-Str. 1
         50858 Cologne
         Germany

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

The Debtor can be reached at:

         Mueller & Partner GmbH
         Attn: Dirk Mueller, Manager
         Rathausplatz 3
         51766 Engelskirchen
         Germany


PULLOVER PST: Claims Registration Period Ends July 5
----------------------------------------------------
Creditors of Pullover PST Vertriebs GmbH have until July 5 to
register their claims with court-appointed insolvency manager
Henning Samisch.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kiel
         Hall 17
         Kiel
         Germany

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

The insolvency manager can be reached at:

         Henning Samisch
         Muehlenkamp 59
         22303 Hamburg
         Germany

The District Court of Kiel opened bankruptcy proceedings against
Pullover PST Vertriebs GmbH on May 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Pullover PST Vertriebs GmbH
         Attn: Bet-tina Tank, Manager
         Waldstr. 27
         24594 Hohenwestedt
         Germany


RUKLAH BAU: Claims Registration Period Ends July 3
--------------------------------------------------
Creditors of RUKLAH Bau GmbH have until July 3 to register their
claims with court-appointed insolvency manager Mark Zeuner.

Creditors and other interested parties are encouraged to attend
the meeting at 2:00 p.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Stendal
         Hall 411
         Albrecht der Bar
         Scharnhorststrasse 40
         39576 Stendal
         Germany

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

The insolvency manager can be reached at:

         Dr. Mark Zeuner
         Lehmweg 17
         D 20251 Hamburg
         Germany
         Tel: 040/480 63 90
         Fax: 040/480 63 999

The District Court of Stendal opened bankruptcy proceedings
against RUKLAH Bau GmbH on May 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         RUKLAH Bau GmbH
         Chaussee 10
         39291 Theessen
         Germany

         Attn: Monika Ahaus, Manager
         Dorfstrasse 17
         39291 Theessen
         Germany


STRATEGIES FOR EXCELLENCE: Claims Registration Ends July 9
----------------------------------------------------------
Creditors of Strategies for Excellence in Communication GmbH
have until July 9 to register their claims with court-appointed
insolvency manager Henning Schorisch.

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

The meeting of creditors will be held at:

         The District Court of Fuerth
         Room 3
         Ground Floor
         Office Building
         Baumenstrasse 32
         Fuerth
         Germany
   
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may
constitute a creditors' committee or opt to appoint a new
insolvency manager.

The insolvency manager can be reached at:

         Henning Schorisch
         Nordostpark 12
         90411 Nueberg
         Germany
         Tel: 0911 756610
         Fax: 0911 7566113

The District Court of Fuerth opened bankruptcy proceedings
against Strategies for Excellence in Communication GmbH on
May 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Strategies for Excellence in Communication GmbH
         Schuetzengraben 52
         91074 Herzogenaurach
         Germany


USCHOLD VERWALTUNGS: Claims Registration Period Ends June 13
------------------------------------------------------------
Creditors of Uschold Verwaltungs-GmbH have until June 13 to
register their claims with court-appointed insolvency manager
Dr. Harald Schwartz.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 p.m. on July 31, 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 Amberg
         Room 115
         Meeting Hall V
         First Stock
         Baustadelgasse 1
         Amberg
         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. Harald Schwartz
         Waisenhausgasse 3-4
         92224 Amberg
         Germany
         Tel: 09621/911 00
         Fax: 09621/911 022

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

The Debtor can be reached at:

         Uschold Verwaltungs-GmbH
         Johannes-Gutenberg-Str. 4
         92245 Kuemmersbruck/Theuern
         Germany


VISTEON CORP: Names Michael Widgren as Chief Accounting Officer
---------------------------------------------------------------
Global automotive supplier Visteon Corporation has named Michael
J. Widgren as vice president, corporate controller and chief
accounting officer effective May 16, 2007.

"Michael Widgren's deep technical skills and knowledge of the
auto industry make him ideal for this role," William Quigley,
senior vice president and chief financial officer, said.  "He
has the experience and capability to support Visteon during this
important period of transformation."

Mr. Widgren joined Visteon in 2005 as assistant controller.  
Prior to joining Visteon, he served as chief accounting officer
for Federal-Mogul Corp., where he held several financial
management positions during his seven-year tenure.  Before that,
Mr. Widgren worked at Coopers & Lybrand, LLP.

Mr. Widgren earned a bachelor's degree in accounting and a
master's degree in business administration from Michigan State
University.  He is a certified public accountant in the state of
Michigan and a member the Michigan Association of CPAs.

                      About the Company

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed
US$6.84 billion in total assets, US$6.68 billion in total
liabilities and US$263 million in minority interest, resulting
in a US$106 million total stockholders' deficit.

                          *     *     *

In April 2007, Fitch Ratings took these actions regarding the
ratings of Visteon Corp.:

     -- Issuer Default Rating affirmed 'CCC';
     -- Senior Secured Bank Facility affirmed 'B/RR1';
     -- Senior unsecured downgraded to 'CC/RR6' from 'CCC-/RR5'.

Approximately $2.8 billion of debt is covered by these ratings.
Fitch said the Rating Outlook is Negative.

At the same time, Standard & Poor's Ratings Services assigned
its 'B+' rating and '1' recovery rating to auto supplier Visteon
Corp.'s proposed US$500-million new senior secured term loan
tranche, which would increase the size of the company's total
term loan facilities to US$1.5 billion from US$1 billion.


VISTEON CORP: Inks Letter Agreement with LB Group and Ford Motor
----------------------------------------------------------------
Visteon Corporation entered into a letter agreement with LB I
Group Inc. and Ford Motor Company.

Under the letter agreement, Visteon have consented to the
transfer by Ford of the warrant to purchase 25 million shares of
Visteon common stock and waived a provision of the Stockholder
Agreement, dated as of October 1, 2005, between Visteon and
Ford, that would have prohibited the transfer.

Visteon said that the Letter Agreement also restricts Lehman's
ability to enter into certain hedging transactions in respect
of the shares underlying the Warrant for the first two years
following such transfer.

In addition, Visteon states that the warrant was modified so
that it will not be exercisable or transferable until May 17,
2009.

                      About the Company

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a global  
automotive supplier that designs, engineers and manufactures
innovative climate, interior, electronic and lighting products
for vehicle manufacturers, and also provides a range of products
and services to aftermarket customers.  With corporate offices
in the Michigan (U.S.); Shanghai, China; and Kerpen, Germany;
the company has more than 170 facilities in 24 countries and
employs approximately 50,000 people.

At March 31, 2007, the company's balance sheet showed
US$6.84 billion in total assets, US$6.68 billion in total
liabilities and US$263 million in minority interest, resulting
in a US$106 million total stockholders' deficit.

                          *     *     *

In April 2007, Fitch Ratings took these actions regarding the
ratings of Visteon Corp.:

     -- Issuer Default Rating affirmed 'CCC';
     -- Senior Secured Bank Facility affirmed 'B/RR1';
     -- Senior unsecured downgraded to 'CC/RR6' from 'CCC-/RR5'.

Approximately $2.8 billion of debt is covered by these ratings.
Fitch said the Rating Outlook is Negative.

At the same time, Standard & Poor's Ratings Services assigned
its 'B+' rating and '1' recovery rating to auto supplier Visteon
Corp.'s proposed US$500-million new senior secured term loan
tranche, which would increase the size of the company's total
term loan facilities to US$1.5 billion from US$1 billion.


WEHA & MELISS: Claims Registration Period Ends June 19
------------------------------------------------------
Creditors of WEHA & Meliss Elektro-Technischer Grosshandel GmbH
have until June 19 to register their claims with court-appointed
insolvency manager Thomas Beck.

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

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         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:

         Thomas Beck
         Hochheimer Str. 47
         99094 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against WEHA & Meliss Elektro-Technischer Grosshandel GmbH on
May 4.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         WEHA & Meliss Elektro-Technischer Grosshandel GmbH
         Kromsdorfer Strasse 17
         99427 Weimar
         Germany


===========
G R E E C E
===========


JAFRA COSMETICS: S&P Withdraws Low-B Ratings After Repayment
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on
Westlake Village, California-based Jafra Cosmetics International
Inc., including the 'B+' corporate credit rating, following the
repayment of its 10.75% senior subordinated public notes.
  
                         Ratings List
                               
* Jafra Cosmetics International Inc.

                           To      From
                           --      ----
Corporate Credit Rating   NR      B+/Positive/--
Senior Subordinated
  Local Currency           NR      B-

Jafra Cosmetics International -- http://www.jafra.com-- is a  
multilevel marketing and direct-selling company, in the skin
care and beauty industry, since 1956, and with an international
network of nearly 400,000 independent consultants worldwide.  
The company is a subsidiary of Vorwerk & Co. KG.  The company is
headquartered in Westlake Village, California, and has offices
in Mexico, Brazil, Columbia, Curacao, Austria, Russia, Greece,
and Germany, among others.


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


BOMBARDIER INC: S&P Revises Outlook to Stable from Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on
Montreal, Quebec-based Bombardier Inc. to stable from negative.  
At the same time, the ratings, including the 'BB' long-term
corporate credit rating on Bombardier, were affirmed.
     
"The revised outlook reflects the increasing diversity of
Bombardier's cash flow generation through favorable market
conditions in its business jet and transportation businesses,"
said Standard & Poor's credit analyst Greg Pau.  "The company
enjoys a strong market position in these two businesses,"
Mr. Pau added.
     
The revision also reflects the results of management's effort in
the past three years to restore financial stability by
significantly reducing excess-over-average production costs,
shrinking the company's aircraft financing portfolio, focusing
on execution and cost management, and refinancing maturing debt
to improve liquidity.
     
The ratings on Bombardier reflect continued high financial
leverage following the recent EUR1.9 billion bond issue in
fiscal 2007, and the relatively weaker profitability and cash
flow from the transportation and commercial aircraft businesses.  
The bond issue reversed the deleveraging trend in the two
preceding years, but the high financial leverage and interest
costs, together with the lumpiness of cash flow reflecting the
nature of Bombardier's business, have contributed to a weak
financial risk profile.  

The ratings are supported by strong and sustainable competitive
positions in business jets and transportation businesses,
strengthened liquidity, improving business and geographic
diversity, and management's effort to address key legacy
problems.
     
Bombardier's business risk profile is supported by the high
barriers to entry and strong competitive positions in both
transportation and business jets.  In transportation, Bombardier
is a market leader in rolling stock and locomotives among three
leading global players, although its market position is
relatively weaker in signaling.  The company has recently
strengthened its position by gaining substantial new orders in
the past year.  If successfully executed, these contracts should
allow Bombardier to showcase its capability and enhance its
market leadership.
     
Despite success in cost management in the past two years,
Bombardier's overall operating and EBIT margins remain thin
compared with those of its peers.  Future margin improvement
hinges on Bombardier's ability to properly execute the recently
acquired contracts in transportation and manage the business jet
production process.  Given the complexity of transportation
projects and the high-quality finishing required for business
jets, cost overruns could happen and potentially reverse the
improving trend.
     
The stable outlook reflects the progress Bombardier has made in
addressing its legacy problems and in improving its cost
position in the past three years.  This has resulted in a more
consistent and diversified free cash flow generation.  The
ratings or outlook could be revised upward if the company
materially improves its financial measures through debt
reduction and continues to reduce the future volatility of
business cash flow.  Conversely, Bombardier could be downgraded
if the company's cash flow becomes substantially impaired,
possibly because of cost overruns in the new transportation
contracts or a material weakening in business jet demand.  Any
further product development programs involving significant debt
financing and exposing the company to significant development
risk could also exert downward pressure on the ratings or
outlook.

Bombardier Inc. -- http://www.bombardier.com/-- (TSE:BBD.B)
manufactures innovative transportation solutions, from regional
aircraft and business jets to rail transportation equipment,
systems and services.  Headquartered in Canada, the company also
has offices in the U.S., Northern Ireland, United Kingdom,
Germany, Switzerland, Sweden, Austria, and Australia.


EURCREDIT CDO: Moody's Rates EUR19.8 Mln Class E Notes at Ba3
-------------------------------------------------------------
Moody's has assigned these provisional ratings to 12 classes of
notes issued by EURcredit CDO VII PLC, a bankruptcy remote
special purpose vehicle incorporated in Ireland:

   -- Aaa to the EUR125 million Class Revolving Loan Facility,

   -- Aaa to the EUR221.5 million Class A Senior Secured     
      Floating Rate Notes;

   -- Aa2 to the EUR38.3 million Class B Secured Deferrable
      Floating Rate Notes;

   -- A2 to the EUR31.2 million Class C Secured Deferrable    
      Floating Rate Notes;

   -- Baa3 to the EUR29.1 million Class D Secured Deferrable
      Floating Rate Notes;

   -- Ba3 to the EUR19.8 million Class E Secured Deferrable
      Floating Rate Notes;

   -- A3 to the EUR4 million Class P Combination Notes;

   -- Baa3 to the EUR8 million Class Q Combination Notes;

   -- Baa1 to the EUR15 million Class R Combination Notes;

   -- A3 to the EUR6 million Class S Combination Notes;

   -- Baa3 to the EUR3 million Class V Combination Notes; and

   -- Baa2 to the EUR8 million Class W Combination Notes.

These ratings are based upon:

   1. an assessment of the credit quality and of the
      diversification of the assets in the initial portfolio;

   2. an assessment of the eligibility criteria applicable to
      the future additions to the portfolio;

   3. the overcollateralization of the notes;

   4. the protection against losses through the subordination of
      the Class B, C, D, E notes, the EUR55,100,000
      subordinated notes and the excess spread available in the  
      transaction;

   5. the analysis of the foreign currency risk involved in the
      transaction; and

   6. the legal and structural integrity of the issue.

The ratings of the Notes address the expected loss posed to
investors by the legal maturity of each class.  The ratings on
the Combination Notes address the repayment of the defined Rated
Balance by the legal final maturity date of the transaction.

This transaction is a high yield collateralized loan obligation
related to a portfolio of mainly senior and mezzanine loans.
This portfolio is dynamically managed by Intermediate Capital
Managers Ltd.  Any addition or removal of loans will be subject
to a number of portfolio criteria.

This transaction features a multi-currency revolving loan
facility that can be drawn either in Euros or in Sterlings.
Sterling advances will be initially used to purchase loans
denominated in Sterling.  Should such Sterling assets default,
Sterling advances would not be fully collateralized by Sterling
assets and therefore Euro proceeds may need to be converted into
Sterling in order to redeem Sterling advances, thus creating a
foreign exchange risk exposure.  This currency risk has been
considered in Moody's analysis.


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


IMAX CORP: Faces NASDAQ Delisting Due to Delayed Filing
-------------------------------------------------------
IMAX Corporation has received a NASDAQ Staff Determination
letter on May 14, 2007, that it is not in compliance with
Marketplace Rule 4310(c)(14), which requires timely filing of
periodic reports with the Securities and Exchange Commission for
continued listing of its common shares, and that its common
shares are subject to delisting from The NASDAQ Global Market.

The company said that the letter was issued in accordance with
NASDAQ's standard procedures as a result of the delay in filing
of the its quarterly report on Form 10-Q for the fiscal quarter
ended March 31, 2007.

The company said that it has delayed the filing of its annual
report on Form 10-K for fiscal 2006 and its quarterly report on
Form 10-Q for the quarter ended March 31, 2007, due to the
discovery of certain accounting errors and has since broadened
its accounting review to include certain other accounting
matters based on comments received by the Company from the SEC
and Ontario Securities Commission.

The company said that it is currently working diligently and
devoting necessary resources to complete the reports and filings
as soon as practicable.

The company reports that it has requested a hearing before a
NASDAQ Listing Qualifications Panel to appeal the NASDAQ Staff
Determination issued April 3, 2007, as a result of the delay in
filing of the company's annual report on Form 10-K for the
fiscal year ended Dec. 31, 2006.

The hearing is scheduled for May 24, 2007, and will also address
the NASDAQ Staff Determination Letter dated May 14, 2007.  The
hearing request has stayed the delisting of the its common
shares.

                         About IMAX Corp.

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

                            *   *   *

Moody's Investors Service assigned a Caa1 rating on IMAC
Corporation's Senior Unsecured Debt on March 30, 2007.


TK ALUMINUM: Eyes Sale & Restructuring of Italian Subsidiaries
--------------------------------------------------------------
TK Aluminum Ltd., the indirect parent of Teksid Aluminum
Luxembourg S.a.r.l., S.C.A., disclosed that at a meeting on
May 10, 2007, Alvarez & Marsal Europe Ltd. presented to an ad
hoc committee of noteholders, who had signed confidentiality
agreements, an analysis of certain strategic options the Company
has considered, including the sale and restructuring of the
Company's Italian Subsidiaries.

Houlihan Lokey Howard & Zukin (Europe) Ltd. and Cadwalader,
Wickersham & Taft LLP, advisors to the ad hoc noteholders
committee (including the restricted noteholders), have advised
the Company that holders of Senior Notes indicating ownership of
a majority of the outstanding Senior Notes have expressed
agreement in principle to:

   (i) the proposed sale of the Turkish Interest, and
   
  (ii) a waiver in respect of the deferral of the Company's
       obligations to tender for Senior Notes with the net
       proceeds of the Teksid Poland Sale.
   
The Company notes that the final terms of any ultimately
completed sale may differ materially from the proposed terms
upon which A&M Europe based its support.  The Company further
notes that A&M Europe have relied upon unaudited financial
information, records, forecasts and assumptions prepared by the
Company and discussions with management of the Company in
performing its analysis.  A&M Europe did not perform an audit or
any other verification of such information and accordingly
provides no assurance nor opinion thereon.  In addition, since
the forecast information provided by the Company is based on
assumptions about future events, actual results achieved may
vary from the forecast and the variations may be material.  A&M
Europe does not provide legal services and did not base its
recommendation on a review of the proposed legal terms.

The Company continues to pursue alternatives with regard to its
Italian Subsidiaries, as well as its subsidiaries located in
France and Germany, and is in discussions with potential
purchasers of these operations.  

The consummation of a transaction remains subject to a number of
conditions, including:

   -- execution of a definitive agreement,

   -- consent of at least a majority in principal amount of the
      Senior Notes,

   -- regulatory approvals,

   -- completion of satisfactory due diligence, and

   -- approval by the board of directors of the Company.

There can be no assurance that a definitive agreement with any
party will be executed on acceptable terms or at all.
Additionally, even assuming acceptable terms are reached, there
can be no assurance that the required conditions of such
transaction would be met, including any requirement to receive
consent of the noteholders.

                         Casti Agreement

TK Aluminum had entered into an agreement to sell its equity
interests in its Italian Subsidiaries to Casti S.p.A., which
agreement was subject to, among other things, Casti's right to
terminate such agreement in the event that Casti was not able to
reach an agreement with a major customer of the Italian
Subsidiaries by 12:00 pm, CET, on May 18, 2007.   The Company,
however, prior to such time, received notice from Casti that it
had not reached agreement with such customer and, accordingly,
Casti was terminating the agreement as provided therein.

                     Sale of Turkish Interest

TK Aluminum has received an offer -- valid until June 11, 2007,
-- from Cevher Jant Sanayi A.S., the majority owner of the
Turkish JV, to purchase the Turkish Interest for EUR3 million.  

The Company is in discussions with Cevher to finalize definitive
documentation regarding the sale of the Turkish Interest.  The
consummation of any transaction is subject to a number of
conditions, including execution of a definitive agreement,
approval by the board of directors of the Company and consent of
at least a majority in principal amount of the Senior Notes.
There can be no assurance that a transaction with Cevher on
acceptable terms will be completed.

                     Nemak Capital Increase

Nemak has indicated that it intends to proceed with an equity
issuance in exchange for a capital contribution by its parent.
If Nemak does proceed, pursuant to the SEI Agreement, Nemak is
required to offer to sell to TK Aluminum an additional amount of
synthetic equity interest on the same terms as made available to
Nemak's parent.  There can be no assurance that any such
transaction will be completed by Nemak.  TK Aluminum expects to
provide further updates as information is made available by
Nemak.

                      Waiver of Default and
                    Deferment of Tender Offer

TK Aluminum expects to solicit consents from the holders of the
Senior Notes to waive any and all existing defaults under the
Indenture and claims relating thereto related to obligation to
make an offer to purchase Senior Notes within 30 days after the
Teksid Poland Sale.  Additionally, the Company is proposing to
amend the Indenture to, among other items, extend the time by
which offers to purchase Senior Notes after the consummation of
the Teksid Poland Sale are to be made.

                         Nemak China Sale

TK Aluminum has submitted documentation in respect of the
regulatory approval in connection with the sale to Nemak of the
Company's remaining interests in its operations in China to the
Chinese governmental authorities on May 16, 2007.  The Company
understands that the Chinese regulatory approval process may
take up to approximately three to five weeks.  There can be no
assurance as to when required regulatory approvals will be
obtained, or if they will be obtained at all.

As previously reported in the TCR-Europe on April 20, 2007,
TK Aluminum Ltd. has completed the sale of its subsidiary Teksid
Aluminum Poland Sp.z o.o to Tenedora Nemak, S.A. de C.V., a
subsidiary of ALFA, S.A.B. de C.V.  

The aggregate purchase price allocated to the sale of Teksid
Poland was approximately US$56.1 million in cash consideration
plus the issuance of an additional 0.83% synthetic equity
interest in the Nemak business.

The aggregate cash proceeds received by the company at closing
in connection with the sale of Teksid Poland were approximately
US$29.9 million plus US$3 million as the result of the issuance
of a loan by ALFA, prior to the deduction of a contingency
reserve and other amounts permitted in accordance with the
supplemental indenture, effective as of March 15, 2007,
governing the company's outstanding 11 3/8% Senior Notes due
2011.

                     About Teksid Aluminum

Teksid Aluminum -- http://www.teksidaluminum.com/--   
manufactures aluminum engine castings for the automotive
industry.  Principal products include cylinder heads, engine
blocks, transmission housings, and suspension components.  The
company operates 15 manufacturing facilities in Europe, North
America, South America, and Asia.  The company maintains
operations in Italy, Brazil, and China.

Until Sept. 2002, Teksid Aluminum was a division of Teksid
S.p.A., which was owned by Fiat.  Through a series of
transactions completed between Sept. 30, 2002 and Nov. 22, 2002,
Teksid S.p.A. sold its aluminum foundry business to a consortium
of investment funds led by equity investors that include
affiliates of each of Questor Management Company, LLC, JPMorgan
Partners, Private Equity Partners SGR S.p.A. and AIG Global
Investment Corp.  As a result of the sale, Teksid Aluminum is
now owned by its equity investors through TK Aluminum Ltd., a
Bermuda holding company.

                            *   *   *

On Jan. 16, Moody's Investors Service placed TK Aluminum
Ltd.'s long-term corporate family rating at Caa3.


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


BIELA LLP: Creditors Must File Claims by June 22
------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP BIELA 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
         Tel: 8 (3182) 54-37-22
              8 701 228 47-28


ILOT LLP: Creditors' Claims Due June 5
--------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Ilot insolvent.

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

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


KROKUS LTD: Proof of Claim Deadline Slated for June 20
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Krokus Ltd insolvent.

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

  The Specialized Inter-Regional
  Economic Court of Pavlodar
  Elgin Str. 100
  Pavlodar
  Kazakhstan


PAVLODAR-SHAR LLP: Claims Registration Ends June 22
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Firm Pavlodar-Shar 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
         Tel: 8 (3182) 54-37-22
              8 701 228 47-28


REMSERVICE LLP: Claims Filing Period Ends June 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Repair Service Remservice insolvent.

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

  The Specialized Inter-Regional
  Economic Court of Pavlodar
  Elgin Str. 100
  Pavlodar
  Kazakhstan


SAMGAU-999 LLP: Creditors Must File Claims by June 8
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Samgau-999 insolvent on March 19.

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 050052
         Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


TAIS LLP: Creditors' Claims Due June 8
--------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Tais insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Office 13
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


VOSTOCHNY EXPRESS: Claims Registration Ends June 22
---------------------------------------------------
LLP Asian Transport Company Vostochny Express has declared
insolvency.  Creditors have until June 22 to submit written
proofs of claim to:

         LLP Asian Transport Company Vostochny Express
         Jeltoksan Str. 115
         050000, Almaty
         Kazakhstan


VYBOR LLP: Claims Filing Period Ends June 8
-------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan
Region has declared LLP Vybor insolvent.

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

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Office 13
         Sholohov Str. 2/4
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 53-84-66


ZAUR-S LLP: Proof of Claim Deadline Slated for June 5
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Zaur-S insolvent.

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

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


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


GRAHAM PACKAGING: March 31 Equity Deficit Tops US$624 Million
-------------------------------------------------------------
Graham Packaging Holdings Company's balance sheet as of
March 31, 2007, showed total assets of US$2.5 billion, total
liabilities of US$3.1 billion, and total stockholders' deficit
of US$624.1 million.

In the three months ended March 31, 2007, the company funded,
through its operating activities and available cash and cash
equivalents, US$32.3 million of investing activities and
US$7.3 million of financing activities.

Graham Packaging reported first-quarter operating income of
US$43.4 million, an increase of US$6 million, or 16.1%, over the
same quarter last year.  2007 operating income benefited from
the non-recurrence of approximately US$5.5 million in costs
incurred in 2006 in connection with the procurement of raw
materials following hurricanes Rita and Katrina the previous
year.

The number of container units the company sold in the first
quarter of 2007 increased by 2%, but net sales decreased by
3.6%, primarily due to lower resin pricing, changes in product
mix, and price erosion.

Net sales for the three months ended March 31, 2007, totaled
US$621.8 million, a decrease of US$23.2 million, compared with
US$645 million in net sales for the three months ended March 31,
2006.

Net sales in North America showed a decrease of 5.8%. Net sales
increased in the food and beverage category but were down in the
household, automotive lubricants, and personal care/specialty
categories.  Net sales were up 14.3% in Europe and 9.3% in South
America. The latter showings were influenced by higher volume
and favorable exchange rates.

The company's net interest expense increased by US$5.3 million,
or 10.5%, to US$55.7 million, compared to the first quarter of
last year.  The increase was primarily related to the write-off
of
US$4.6 million of deferred financing fees in connection with the
March 30, 2007, amendment to the company's Credit Agreement.

Income tax provision in the first quarter totaled US$3.2
million, a net change of US$6.2 million from the company's
income tax benefit of US$3 million in the first quarter of 2006.

The net loss for the first quarter amounted to US$15.6 million,
compared to a net loss of US$10 million for the first quarter of
last year.  Excluding the increase in interest expense due to
the write-off of deferred financing fees previously noted and
the increase in income tax expense attributable to the
establishment of valuation allowances, US$5 million, the net
loss for the first quarter amounted to US$6 million.

A full-text copy of the company's first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?1fa3

                  About Graham Packaging Holdings

Graham Packaging Holdings Company is a Pennsylvania limited
partnership.  Graham Packaging Company, L.P., --
http://www.grahampackaging.com/-- the company's wholly owned  
subsidiary is a worldwide designer, manufacturer and seller of
customized blow molded plastic containers for the branded food
and beverage, household, personal care/specialty and automotive
lubricants product categories and, as of the end of September
2006, operated 85 manufacturing facilities throughout North
America, Fields Sales offices in Canada, France, Argentina,
Brazil, Poland.

The Blackstone Group, an investment firm, holds 78.6% equity in
Graham Packaging Holdings Company.  MidOcean Capital Investors,
L.P., holds 4.1%.  A group of management executives holds 2.3%.
The family of Graham Packaging founder Donald Graham holds 15%.

                            *   *   *

As reported in the Troubled Company Reporter on March 20, 2007,
Moody's Investors Service affirmed the existing Corporate Family
Rating of B2 for Graham Packaging, L.P., but changed the outlook
to negative.


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


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

         S. Gusev
         Insolvency Manager
         Office 212
         Kaslinskaya Str. 3
         454084 Chelyabinsk
         Russia

The Arbitration Court of Chelyabinsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A76-30273/2006-48-275.

The Court is located at:

         The Arbitration Court of Chelyabinsk  
         Vorovskogo Str. 2
         454091 Chelyabinsk  
         Russia

The Debtor can be reached at:

         OJSC Bulzinskoye
         Lenina Str. 18
         Bulzi
         Kaslinskiy
         456846 Chelyabinsk
         Russia


BURGUN-MADZHARSKOYE: Court Starts Bankruptcy Supervision Process
----------------------------------------------------------------
The Arbitration Court of Stavropol commenced bankruptcy
supervision procedure on CJSC Burgun-Madzharskoye.  The case is
docketed under Case No. A63-3319/02-S5.

The Temporary Insolvency Manager is:

         M. Fisenko
         Temporary Insolvency Manager
         Sovetskaya Str. 5b
         355000 Stavropol
         Russia

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 458 b
         Stavropol  
         Russia

The Debtor can be reached at:

         CJSC Burgun-Madzharskoye
         Kochubeja Str. 10
         Kumskaya Dolina
         Stavropol
         Russia


DIAMOND LLC: Creditors Must File Claims by June 28
--------------------------------------------------
Creditors of LLC Jewelry Store Diamond (TIN 5003031736) have
until June 28 to submit proofs of claim to:

         S. Neimushev
         Insolvency Manager
         Premise 2
         Nevzorov. 89
         603024 N. Novgorod
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-21811/06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Jewelry Store Diamond
         Vidnoye
         Moscow
         Russia


ENGINEERING COMPANY: Creditors Must File Claims by June 28
----------------------------------------------------------
Creditors of LLC Engineering Company (TIN 0276039291) have until
June 28 to submit proofs of claim to:

         R. Farvazov
         Insolvency Manager
         Post User Box 16
         Ufa
         450047 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A07-54524/05-G/ADM/ShAB.

The Court is located at:

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

The Debtor can be reached at:

         LLC Engineering Company
         Office 5
         Mendeleeva Str. 114/2
         Ufa
         Bashkortostan
         Russia  


INTEKS-CITY LLC: Moscow Bankruptcy Hearing Slated for Aug. 9
------------------------------------------------------------
The Arbitration Court of Moscow will convene at 10:00 a.m. on
Aug. 9 to hear the bankruptcy supervision procedure on LLC
Inteks-City.  The case is docketed under Case No. A40-10163/
07-123-42B.

The Insolvency Manager is:

         V. Desyatskov
         Post User Box 21
         125368 Moscow
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Inteks-City
         Building 3
         Pyatnitskaya Str. 2/38
         113035 Moscow
         Russia


KARBAINOVSKOYE OF TYUKALINSKIY: Claims Deadline Set June 28
-----------------------------------------------------------
Creditors of CJSC Karbainovskoye (TIN 5537008010) have until
June 28 to submit proofs of claim to:

         K. Kiselevskiy
         Insolvency Manager
         13th floor
         K. Libknekhta Str. 35
         644043 Omsk
         Russia

The Arbitration Court of Omsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A46-1498/2007.

The Debtor can be reached at:

         CJSC Karbainovskoye
         Sovetskiy Per
         Starosoldatskoye
         Tyukalinskiy
         646322 Omsk
         Russia


MONOLITH GROUP: Creditors Must File Claims by June 28
-----------------------------------------------------
Creditors of OJSC Monolith Group have until June 28 to submit
proofs of claim to:

         O. Andreenko
         Insolvency Manager
         Office 215
         Building 3
         Petrovka Str. 26
         127051 Moscow
         Russia
         Tel: 686-00-15

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-72034/06-123-1140B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Monolith Group
         Sadovnicheskaya Str. 32-34/25
         113035 Moscow
         Russia


ORLOV-FURNITURE OJSC: Creditors Must File Claims by June 28
-----------------------------------------------------------
Creditors of OJSC Orlov-Furniture have until June 28 to submit
proofs of claim to:

         L. Shikhov
         Insolvency Manager
         Volodarskogo Str.  75
         610020 Kirov
         Russia
         Tel/Fax: 35-53-22

The Arbitration Court of Kirov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A28-580/06-318/3.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Orlov-Furniture
         Gorkogo Str. 27
         Orel
         Kirov
         Russia


PAVLOVSKIY INSTRUMENTAL: Creditors Must File Claims by June 28
--------------------------------------------------------------
Creditors of LLC Pavlovskiy Instrumental Factory have until
June 28 to submit proofs of claim to:

         N. Chertanovskiy
         Insolvency Manager
         Internatsionalnaya Str. 96
         603002 N.Novgorod
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A11-12184/2006-K1-447B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pavlovskiy Instrumental Factory
         Gorokhovets
         Vladimir
         Russia


ROSNEFT OIL: Russia Restores Firm's Strategic Enterprise Status
---------------------------------------------------------------
The Russian government has placed OAO Rosneft Oil Co. on its
list of strategic enterprises, tightening the state's control
over the oil enterprise, various reports say.

According to Kommersant, Rosneft's status as strategic
enterprise means Russia will hold on to its 85% stake in the
company.  This, RIA Novosti relates, makes it impossible to sell
state shares in Rosneft.

With the status, Kommersant relates, Rosneft may apply for a
special bankruptcy procedure and seek state aid when it becomes
financially troubled.

Rosneft lost the status in summer 2006 when it launched a
US$10.4 billion initial public offering, RIA Novosti reports.

Russia's Economic Development and Trade Ministry told Kommersant
that Rosneft regained its status after meeting the criteria set
for strategic firms, one of which is supplying Russia's military
enterprises.

                          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, 2007, 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, 2007, 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.


SAKHA-FLOR CJSC: Creditors Must File Claims by May 28
-----------------------------------------------------
Creditors of CJSC Sakha-Flor have until May 28 to submit proofs
of claim to:

         T. Potekhina
         Insolvency Manager
         Krupskoy Str. 35
         Yakutsk
         677007 Sakha-Yakutiya
         Russia

The Arbitration Court of Sakha-Yakutiya commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A58-231/07.

The Court is located at:

         The Arbitration Court of Sakha-Yakutiya
         Kurashova Str. 28
         677000 Sakha-Yakutiya
         Russia

The Debtor can be reached at:

         CJSC Sakha-Flor
         Pobedy Str. 5-7
         Zyryanka
         Sakha-Yakutiya
         Russia


SORTAVALSKIY FISH: Bankruptcy Hearing Slated for Sept. 27
---------------------------------------------------------
The Arbitration Court of Kareliya will convene on Sept. 27 to
hear the bankruptcy supervision procedure on CJSC Sortavalskiy
Fish Factory.  The case is docketed under Case No. A26-1681/
2007.

The Temporary Insolvency Manager is:

         B. Remnev
         Shpalernaya Str. 60
         191015 St. Petersburg
         Russia

The Court is located at:

         The Arbitration Court of Kareliya
         Krasnoarmeyskaya Str. 24a
         Petrozavodsk
         185610 Kareliya  
         Russia

The Debtor can be reached at:

         CJSC Sortavalskiy Fish Factory
         Promyshlennaya Str. 8
         Sortavala
         186790 Kareliya
         Russia


SUAL GROUP: To Build Bauxite & Alumina Site in Komi Republic
------------------------------------------------------------
United Company RUSAL, the company formed from the merger of
RUSAL, SUAL Group and Glencore International, has completed a
state Feasibility Study appraisal for the construction of Komi
Aluminium Bauxite and Alumina Complex in the Komi Republic.

Investments into the project will exceed US$1.5 billion.

The project includes the construction of a 1.4 million tpa
alumina refinery in the Komi Republic's Sosnogorsk region and
capacity expansion at the operating Middle-Timan bauxite mine
from 2.6 up to 6.4 million tpa.  The feasibility study was
developed by the Russian National Aluminium and Magnesium
Institute, which is part of United Company RUSAL.

Construction will commence in June 2007.  The refinery will
operate using state-of-the-art Bayer technology.  The future
refinery's infrastructure is currently being built at the
production facility site in the Sosnogorsk region.  Railway
tracks have been laid from the Vorkuta-Moscow line to the site
and a small concrete production plant has been built in addition
to administrative and general-use buildings.  All construction
is being carried out by the Engineering and Construction
Division of United Company RUSAL.

"The Komi Aluminium project is one of the company's top
strategic priorities due to its potential to strengthen United
Company RUSAL's raw materials base and play a crucial role in
the implementation of greenfield smelter construction projects
in Russia," Valery Matvienko, director of the Engineering and
Construction Division commented.  "The fact that an in-house
engineering and construction division can manage this project at
all stages -- from feasibility study development to
commissioning and maintenance -- gives United Company RUSAL the
opportunity to quickly and efficiently implement business ideas
and maintain production dynamics".

The proven reserves of the Eurasia Middle-Timan bauxite deposit,
the largest in Russia and Eurasia, amount to 260 million tons.  
The complex is expected to be commissioned at the end of 2009
and will create more than 10,000 new jobs.  The start-up of the
complex will secure more than a 40% increase in Russia's alumina
output.  By completion of the project the total amount of
investment in infrastructure development in the Komi Republic is
expected to reach US$25 million.

                            About SUAL

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

                          *      *      *

As of May 22, 2007, SUAL Group carries a Ba3 Corporate Family
Rating from Moody's Investors Service.

The company also carries a BB- long-term corporate credit rating
from Standard & Poor's Ratings Services.


TMK OAO: Earns US$460.6 Million in Full Year 2006
-------------------------------------------------
OAO TMK released its audited consolidated financial results for
the full year 2006.

TMK reported US$460.6 million in net profit against US$3.4
billion in revenues for the year ended Dec. 31, 2006, compared
with US$254.2 million in net profit against US$2.9 billion in
revenues for the same period in 2005.

At Dec. 31, 2006, US$3.5 billion in total assets, US$1.8 billion
in total liabilities and US$1.8 billion in total shareholders'
equity.

                          2006 Highlights

Financials:

    * revenue grew by 15.2% to US$3.4 billion on robust
      demand for tubular products both in Russia and  
      internationally

    * gross profit came in at U.S.$1,034 million, an increase of
      38.5% compared to 2005

    * EBITDA up 49.2% to US$794 million as a result of a strong
      pricing environment and increasing operating efficiency

Sales Volumes:

    * total pipe sales volumes were nearly 3 million tons,
      including 1.93 million tons of seamless pipes

    * seamless pipe sales volumes climbed by 1.8%, OCTG pipes,
      the highest margin products, grew by 15.7% to a total of
      946 thousand tons

    * welded pipe sales volume increased by 2.2%, boosted by
      growing demand for industrial welded pipes in Russia
      driven by the booming construction industry and    
      infrastructure building

Corporate developments:

    * in 2006, TMK established its presence in the European
      Union, through the 100% acquisition of Sinara Handel GmbH,
      which owns controlling stakes in the Romanian plants -
      Artrom and Resita

    * TMK was assigned credit ratings by Standard & Poor's and
      Moody's and successfully placed a US$300 million Eurobond

    * following the initial public offering, around 23% of TMK
      shares were listed on the London Stock Exchange (in the
      form of GDRs) and the Russian Trading System

                             About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product  
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

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 Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors, the rating agency confirmed its
B1 Corporate Family Rating for TMK.

Moody's also assigned a B1 Probability-of-Default rating to the
company.

As of Feb. 5, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's B+ ratings with a stable
outlook.


TMK OAO: Inks Strategic Partnership Deal with OAO Surgutneftegas
----------------------------------------------------------------
OAO Surgutneftegas and OAO TMK entered into a long-term
strategic partnership agreement.  

The agreement was signed in Moscow by Surgutneftegas CEO,
Vladimir Bogdanov and TMK CEO Konstantin Semerikov.

This long-term strategic partnership agreement is valid for
three years, with possible prolongation.  Looking to strengthen
their market positions in Russia and abroad, the parties agreed
to cooperate in the production and supply of steel pipes.  Steel
pipes produced by TMK plants will be supplied to Surgutneftegas
to meet its oil production needs.  The volume of tubular goods
shipped within the frames of this agreement is valued at US$1
billion.

This agreement between Surgutneftegas and TMK involves the
coordination of medium-term and long-term joint activity for the
development of new types of tubular goods according to the
Scientific-Technical Cooperation Joint Program for 2007-2010,
approved by both companies in 2006.

                          About TMK

Headquartered in Moscow, Russia, OAO TMK --
http://www.tmkgroup.ru/eng/-- manufactures the entire product  
range of existing pipe products, which are used in the oil-and-
gas industry, the chemical and petrochemical industries, the
energy and machine-building industries, construction and the
municipal housing economy, shipbuilding, aviation, space and
rocket equipment, and agriculture.  TMK has production
facilities located in Russia and Romania, which unite the four
leading enterprises in the Russian pipe industry.

                            *   *   *

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 Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors, the rating agency confirmed its
B1 Corporate Family Rating for TMK.

Moody's also assigned a B1 Probability-of-Default rating to the
company.

As of Feb. 5, 2007, TMK's long-term foreign and local issuer
credits carry Standard & Poor's B+ ratings with a stable
outlook.


TSAREVSKIY MEAT: Chuvashiya Court Hearing Slated for Aug. 14
------------------------------------------------------------
The Arbitration Court of Chuvashiya will convene on Aug. 14 to
hear the bankruptcy supervision procedure on OJSC Agricultural
Company Tsarevskiy Meat Combine.  The case is docketed under
Case No. A79-1718/2007.

The Temporary Insolvency Manager is:

         S. Neimushev
         Premise 2
         Nevzorovykh 89
         603024 N. Novgorod
         Russia

The Debtor can be reached at:

         OJSC Agricultural Company Tsarevskiy Meat Combine
         Beregovaya Str.  2
         Alatyr
         Chuvashiya
         Russia


VLADIVOSTOKSKIY FACTORY: Creditors Must File Claims by May 28
-------------------------------------------------------------
Creditors of LLC Vladivostokskiy Factory of Building Ceramics
have until May 28 to submit proofs of claim to:

         D. Burtylev
         Insolvency Manager
         Post User Box 45
         690105 Vladivostok-105
         Russia

The Arbitration Court of Primorye will convene at 11:00 a.m. on
Sept. 19 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A51-1730/2007 15-8B.

The Debtor can be reached at:

         LLC Vladivostokskiy Factory of Building Ceramics
         Lermontova Str., 56
         Trudovoe
         Vladivostok
         Russia


ZAINSK-AGRO-KHIM-SERVICE: Creditors Must File Claims by May 28
--------------------------------------------------------------
Creditors of OJSC Zainsk-Agro-Khim-Service have until May 28 to
submit proofs of claim to:

         I. Gilyazov
         Insolvency Manager
         Post User Box 5
         GOS-3
         Chistopol
         422983 Tatarstan
         Russia

The Arbitration Court of Tatarstan will convene at 9:00 a.m. on
Sept. 11 to hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A65-5012/2007-SG4-49.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Zainsk-Agro-Khim-Service
         Makarova Str. 17
         Zainsk
         423520 Tatarstan
         Russia


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


ACXIOM CORPORATION: Earns US$70.7 Million in Year Ended March 31
----------------------------------------------------------------
Acxiom(R) Corporation reported full-year and fourth quarter
financial results for fiscal 2007 ended March 31, 2007.  

Full 2007 fiscal-year results include revenue of US$1.4 billion
and income from operations of US$158.8 million.  Net earnings
for the full 2007 fiscal year were US$70.7 million, as compared
with US$64.1 million for the full 2006 fiscal year.

Fourth-quarter results include revenue of US$357.3 million,
income from operations of US$29.3 million, operating cash flow
of US$76.5 million and free cash flow available to equity of
US$15.4 million.  Net earnings for the fourth quarter of 2007
were US$6.3 million, as compared with US$23.1 million for the
fourth quarter of 2006.

The reported results, excluding unusual charges, met the
company's expectations and consensus analysts' estimates of
US$0.20 earnings per share for the quarter.

The quarter results include the impact of pretax charges of
US$9.7 million and income tax expense of US$3.8 million related
to closing Acxiom's business in Spain, cost of severance and
retirement of debt in the U.S. and additional research tax
credit reserves that reduced diluted EPS for the fourth quarter
by US$0.12.

At March 31, 2007, the company listed US$1.6 billion in total
assets, US$1.1 billion in total liabilities, and US$521.3
million in total stockholders' equity.

                   New Organizational Structure

Acxiom also disclosed a new organizational alignment designed to
increase focus on its three core areas of business.  The new
organizational structure reflects the unique characteristics
within each area of the business and will facilitate the
execution of operational strategies designed to maximize
financial performance in each division.  The re-segmentation
took effect April 1, 2007, the first day of the company's fiscal
year 2008.

"This change is all about bringing focus and dedicated
management to each key area of our business," Acxiom chairman
and chief executive Charles D. Morgan said.  "We believe this
structure more closely aligns with our overall mission and
therefore will lead to greater returns for our shareholders."

In fiscal 2007, Acxiom:

     -- was named as one of the top 30 providers of financial
        services in the "FinTech 100" listing of the top
        technology providers as complied by American Banker and
        the research firm Financial Insights.

     -- saw its Acxiom Digital business ranked No. 17 by
        Advertising Age magazine on its list of top 50
        interactive agencies based on annual U.S. revenues.

     -- was included on Forbes magazine's "Platinum 400" list of
        the best large publicly traded companies in America.

                            Outlook

Acxiom's Board of Directors has approved a business plan for
fiscal 2008 of US$1.02 in earnings per share.  The company
continues to focus on its initiatives to improve performance and
is in the process of restructuring into the three new divisions
previously explained.

                          About Acxiom

Headquartered in Little Rock, Arkansas, Acxiom Corporation --
http://www.acxiom.com/-- (Nasdaq: ACXM) integrates data,  
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
technology, data products, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  The company
also has locations in Europe (UK, France, Germany, Spain, among
others), Australia, China and Canada.  The company also has a
presence in Latin America and has strategic alliances with
certain companies in Argentina, Brazil and Mexico.

                            *   *   *

Moody's Investors Service assigned a Ba2 rating to Acxiom
Corporation's US$800 million senior secured credit facilities,
while affirming its corporate family rating of Ba2.  Moody's
said the outlook is stable.


ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch
-------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating on Little Rock Arkansas-based Acxiom Corp. on
CreditWatch with negative implications.
      
"The CreditWatch placement follows the announcement that Acxiom
has entered into a definitive agreement to be acquired by Silver
Lake and ValueAct Capital, in an all-cash transaction valued at
US$3.0 billion, including approximately US$756 million of
outstanding debt," said Standard & Poor's credit analyst Philip
Schrank.  The merger agreement provides that Acxiom may solicit
and entertain proposals from other companies during the next 60
days.
     
The ratings on Acxiom's existing senior secured bank facility
were not placed on CreditWatch, as the term loans and any
amounts outstanding under the revolving credit facility are
expected to be refinanced as part of the transaction.  S&P will
review the financial terms of the acquisition and their
assessment of management's business strategy in order to resolve
the CreditWatch listing.

Headquartered in Little Rock, Arkansas, Acxiom Corporation --
http://www.acxiom.com/-- (Nasdaq: ACXM) integrates data,  
services and technology to create and deliver customer and
information management solutions for many of the largest, most
respected companies in the world.  The core components of
Acxiom's innovative solutions are Customer Data Integration
technology, data products, database services, IT outsourcing,
consulting and analytics, and privacy leadership.  The company
also has locations in Europe (UK, France, Germany, Spain, among
others), Australia, China and Canada.  The company also has a
presence in Latin America and has strategic alliances with
certain companies in Argentina, Brazil and Mexico.


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


GUNTEN JAKOB: Claims Registration Period Ends June 2
----------------------------------------------------
The Bankruptcy Court of Bern commenced bankruptcy proceedings
against LLC Gunten Jakob on March 5.

Creditors have until June 2 to file their written proofs of
claim.

The Bankruptcy Service of Bern-Mittelland can be reached at:

         Bankruptcy Service of Bern-Mittelland
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC Gunten Jakob
         Holz 211
         3674 Bleiken
         Konolfingen BE
         Switzerland


HOBLA CATERING: Claims Registration Period Ends June 1
------------------------------------------------------
The Bankruptcy Court of Sissach in Basel commenced bankruptcy
proceedings against LLC HoBla Catering on March 29.

Creditors have until June 1 to file their written proofs of
claim.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC HoBla Catering
         Gewerbestrasse 100
         4450 Sissach BL
         Switzerland


SPACENET SERVICES: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings
against LLC Spacenet Services on April 12.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Spacenet Services
         6312 Steinhausen ZG
         Switzerland


SWISSAIR: Creditors May Get Back 10% of Claims, Liquidators Say
---------------------------------------------------------------
Most of Swissair Group's creditors will recoup no more than a
tenth of their claims and many may get no money at all, the
liquidator of the bankrupt national airline discloses.

Swissair's creditors have filed claims totaling CHF28.1 billion
(US$22.9 billion), of which CHF2.9 billion have been accepted
for payment, according to the latest circular posted on the Web
site of the company's liquidator.

According to the circular, the liquidators disclosed that they
have so far rejected CHF13.9 billion worth of claims, while
appeals or decisions are pending on the rest.  Non-preferential
creditors will get only 9.8 percent of their money, assuming
none of the appeals are successful and only 60 percent of the
undecided claims have to be paid.

The TCR-Europe reported on March 13, 2007, that a Swiss court
would render judgment on charges of criminal mismanagement and
false accounting filed against the company's top executives,
board members, and advisers by the end of this month, following
what is infamously dubbed as "Switzerland's largest corporate
mismanagement trial."

                         About Swissair

Swissair collapsed in October 2001 after accumulating CHF17
billion in debt in relation to significant investments in a
number of European airlines including Sabena, Air Liberte of
France, and Turkish Airlines.  It defaulted on the debt during
the slump that followed the Sept. 11, 2001 terrorist attacks in
the U.S.

The entire Swissair fleet was grounded on Oct. 2, 2001, and
Swissair ceased to exist after Crossair took over most of its
assets on March 31, 2002.  Kurt Hoss Liquidators in Zurich
liquidated the assets that Crossair did not take over.  Crossair
was later renamed Swiss International Air Lines Ltd.

The District Courts of Zurich and Bulach in the Canton of Zurich
provisionally approved the debt-restructuring moratorium
petitions on Oct. 5, 2001, for:

   -- SAirGroup, Zurich (holding company)
   -- SAirLines, Zurich
   -- Flightlease AG, Zurich
   -- Swissair Schweizerische Luftverkehr AG, Kloten

On Oct. 7, 2001, the Courts granted a provisional debt-
restructuring moratorium to:

   -- Cargologic AG, Zurich
   -- Swisscargo AG, Zurich

The Court appointed Karl Wuethrich at Wenger Plattner as the
Debtors' provisional administrator.

Swissair's liquidation status as of Dec. 31, 2006 --
http://www.liquidator-swissair.ch/-- listed total assets at  
CHF513,813,182 over total liabilities of CHF84,684,932.


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


AGROBRAND LLC: Creditors Must File Claims by May 27
---------------------------------------------------
Creditors of LLC Agrobrand (code EDRPOU 33797712) have until
May 27 to submit written proofs of claim to:

         Vladimir Barantsov
         Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/182/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agrobrand
         Ochakovsky Lane 42-A
         Nikolaev
         Ukraine


AGROLAN-SOUTH LLC: Creditors Must File Claims by May 27
-------------------------------------------------------
Creditors of LLC Agrolan-South (code EDRPOU 33730820) have until
May 27 to submit written proofs of claim to:

         Vladimir Barantsov
         Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/183/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agrolan-South
         Ochakovsky Lane 42-A
         Nikolaev
         Ukraine


AIR INDUSTRY: Claims Filing Bar Date Set May 26
-----------------------------------------------
Creditors of LLC Air Industry (code EDRPOU 31842291) have until
May 26 to submit written proofs of claim to:

         Michael Grishyn
         Temporary Insolvency Manager
         Kuybishev Str. 1-a
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. B 15/34-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Air Industry
         Monitornaya Str. 2/1
         49018 Dnipropetrovsk
         Ukraine


EUROSERVICE-FINANCE: Creditors Must File Claims by May 27
---------------------------------------------------------
Creditors of CJSC Euroservice-Finance (code EDRPOU 23409690)
have until May 27 to submit written proofs of claim to:

         Vladimir Barantsov
         Liquidator
         1st Slobodskaya Str. 8-a
         54055 Nikolaev
         Ukraine

The Economic Court of Nikolaev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/632/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Euroservice-Finance
         Lenin Avenue 67
         Nikolaev
         Ukraine


IKS-TRADE LLC: Creditors Must File Claims by May 27
---------------------------------------------------
Creditors of LLC Iks-Trade (code EDRPOU 32221402) have until
May 27 to submit written proofs of claim to:

         State Tax Inspection of Fastov of Kiev
         Liquidator
         Kirov Str. 28
         Fastov
         08500 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. B 14/098-07.

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 Iks-Trade
         Teatralnaya Str. 18
         Borovaya
         Fastov District
         08500 Kiev
         Ukraine


KRECHET LLC: Creditors Must File Claims by May 26
-------------------------------------------------
Creditors of LLC Krechet (code EDRPOU 31515428) have until
May 26 to submit written proofs of claim to:

         LLC Real-Group
         Liquidator
         Obolonsky Avenue 23-A
         04205 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 24/242-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 Krechet
         Oranzhereynaya Str. 3
         04112 Kiev
         Ukraine


MALIKS LLC: Creditors Must File Claims by May 27
------------------------------------------------
Creditors of LLC Maliks (code EDRPOU 25399948) have until May 27
to submit written proofs of claim to:

         Viacheslav Letskan
         Liquidator
         Dovzhenko Str. 16-V
         03057 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/149-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 Maliks
         Byelorussia Str. 30
         04050 Kiev
         Ukraine


MOSCOW-PODOLYE: Creditors Must File Claims by May 26
----------------------------------------------------
Creditors of LLC Moscow-Podolye (code EDRPOU 30247298) have
until May 26 to submit written proofs of claim to:

         Taisiya Melnik
         Liquidator
         Pervomayskaya Str. 6
         Derazhnia
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 4/332-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         LLC Moscow-Podolye
         Kamianka
         Kamianets-Podolsky District
         Hmelnitskiy
         Ukraine


RIVNE FLAX: Claims Filing Bar Date Set May 27
---------------------------------------------
Creditors of LLC Rivne Flax Enterprise (code EDRPOU 30272125)
have until May 27 to submit written proofs of claim to:

         Pavel Duplika
         Temporary Insolvency Manager
         P.O. Box 27
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/21.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         LLC Rivne Flax Enterprise
         Fabrichnaya Str. 12
         33000 Rivne
         Ukraine


TH QUANT: Creditors Must File Claims by May 27
----------------------------------------------
Creditors of OJSC Rivne Electronic Plant TH Quant (code EDRPOU
22583545) have until May 27 to submit written proofs of claim
to:

         Pavel Duplika
         Liquidator
         P.O. Box 27,
         Rivne-23
         33023 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/25.

The Court is located at:

         The Economic Court of Rivne
         Yavornitski Str. 59
         33001 Rivne
         Ukraine

The Debtor can be reached at:

         OJSC Rivne Electronic Plant TH Quant
         D. Galitsky Str. 25
         Rivne
         Ukraine


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


ADVANSTAR COMMUNICATIONS: Extends Tender Offer Expiry to May 30
---------------------------------------------------------------
Advanstar Communications Inc. and Advanstar Inc. extended the
expiration date of the tender offer and consent solicitation
with respect to:

   * Advanstar Communications'

   -- 10-3/4% Second Priority Senior Secured Notes due 2010
      (CUSIP Nos. 00758RAM6 and 00758RAH7); and

   -- 12% Senior Subordinated Notes due 2011 (CUSIP No.
      00758RAF1); and

   * Advanstar Inc.'s

   -- 15% Senior Discount Debentures due 2011 (CUSIP No.
      00759JAE1),

from 5:00 p.m., New York City time, on May 18, 2007, to
11:59 p.m. New York City time, on May 30, 2007, unless extended
by the Issuers.

Subject to the terms and conditions of the tender offers and
consent solicitations, any Notes validly tendered will be
accepted for purchase promptly after the Expiration Date.  
Except for the extension of the Expiration Date, all of the
other terms and conditions of the tender offer and consent
solicitation remain unchanged.

Holders of approximately 100% of the outstanding aggregate
principal amount of the Senior Secured Notes, holders of
approximately 93.41% of the outstanding aggregate principal
amount of the Senior Subordinated Notes and holders of
approximately 97.96% of the outstanding aggregate principal
amount of the Debentures, have tendered their outstanding Notes
and delivered related consents pursuant to the tender offers and
consent solicitations.  The Issuers received the requisite
consents from the registered holders of the Notes to amend the
indentures governing the Notes.  The last day that holders of
Notes could have withdrawn tendered Notes and revoked the
related consents was as of 5:00 p.m., New York City time, on
May 2, 2007.  As a result, tendered Notes and related consents
may no longer be withdrawn or revoked.

If all conditions to the tender offer and consent solicitation
are satisfied, holders of the Notes who validly tendered their
Notes pursuant to the tender offer and validly delivered their
consents pursuant to the consent solicitation by the Consent
Date and did not validly withdraw their Notes or revoke their
consents by such date, will be paid a consideration of
US$1,057.53, for each US$1,000 principal amount outstanding of
Senior Secured Notes, US$1,013.50 for each US$1,000 principal
amount outstanding of Senior Subordinated Notes and US$1,012.50
for each US$1,000 principal amount outstanding of Debentures, in
each case, in addition to a consent payment of US$30 per
US$1,000 outstanding principal amount of Notes tendered and
accepted in the tender offers.

Holders who validly tender their Notes after the Consent Date
will not receive the consent payment.  In addition, holders who
validly tender and do not validly withdraw their Notes in the
tender offer will receive accrued and unpaid interest from the
last interest payment date up to, but not including, the
applicable date of payment.

Questions regarding the tender offers and consent solicitations
may be directed to the exclusive Dealer Manager and Solicitation
Agent for the tender offers and consent solicitations:

   Credit Suisse Securities (USA) LLC
   Liability Management Group
   Tel: (800) 820-1653 (toll free) or
        (212) 538-0652 (collect)

Requests for the Statement, Consent and Letter of Transmittal or
other documents related to the tender offers and solicitations
may be directed to the Information Agent:

   D.F. King & Co. Inc.
   Tel: (888) 628-8208 (toll free)

         About Advanstar Communications and Advanstar Inc.

Based in New York City, Advanstar --http://www.advanstar.com/--  
is a worldwide media company providing integrated marketing
solutions for the Fashion and Licensing, Life Sciences and
Powerports industries.  Communications serves business
professionals and consumers in these industries with its
portfolio of 91 shows and stand-alone conferences, 66
publications and directories, 150 electronic publications and
Web sites, well as educational and direct marketing products and
services.  Communications has roughly 1,000 employees and
currently operates from multiple offices in North America and in
Chester and London for European office.  All of the common stock
of Communications is owned by its parent company, Advanstar.

                            *   *   *

Advanstar Communications Inc.'s 12% Senior Subordinated Notes
due 2011 carry Moody's Investors Service's 'Caa1' rating and
Standard & Poor's 'CCC' rating.


ALL AMERICAN: Committee Turns to Mesirow for Financial Advice
-------------------------------------------------------------
The Official Committee of Unsecured Creditors in All American
Semiconductor Inc. and its debtor-affiliates' bankruptcy cases
ask the United States Bankruptcy Court for the Southern District
of Florida for permission to employ Mesirow Financial Consulting
LLC as its financial advisor, nunc pro tunc to May 4, 2007.

The firm will:

     a. assist in the review of reports or filings as required
        by the Bankruptcy Court or the Office of the United
        States Trustee, including, but not limited to, schedules
        of assets and liabilities, statements of financial
        affairs and monthly operating reports;

     b. review of the Debtors' financial information, including,
        but not limited to, analyses of cash receipts and
        disbursements, financial statement items and proposed
        transactions for which Bankruptcy Court approval is
        sought;

     c. review and analysis of the reporting regarding cash
        collateral and any debtor-in-possession financing
        arrangements and budgets;

     d. evaluate of potential employee retention and severance
        plans;

     e. assist with identifying and implementing potential cost
        containment opportunities;

     f. assist with identifying and implementing asset
        redeployment opportunities;

     g. analysis of assumption and rejection issues regarding
        executory contracts and leases;

     h. review and analysis of the Debtors' proposed business
        plans and the business and financial condition of the
        Debtors generally;

     i. assist in evaluating reorganization strategy and
        alternatives available to the creditors;

     j. review and critique of the Debtors' financial
        projections and assumptions;

     k. preparation of enterprises, assets and liquidation
        valuations;

     l. assist in preparing documents necessary for
        confirmation;

     m. advice and assist to the Committee in negotiations and
        meetings with the Debtors and the bank lenders;

     n. advice and assist on the tax consequences of proposed
        plans of reorganization;

     o. assist with the claims resolution procedure, including,
        but not limited to, analyses of creditors claims by type
        and entity;

     p. litigate consulting services and expert witness
        testimony regarding confirmation issues, avoidance
        actions or other matters; and

     q. assist the Committee in these Chapter 11 cases as
        request by the Committee or its counsel.

The Debtors tell the Court that the firm has agreed to apply a
10% discount for the engagement.  The firm's professional
billing rates are:

     Designation                        Hourly Rate
     -----------                        -----------
     Senior Managing Director             US$650-$690
     Managing Director                    US$650-$690
     Director                             US$650-$690
     Senior Vice President                US$550-$620
     Vice President                       US$450-$520
     Senior Associate                     US$350-$420
     Associate                            US$190-$290
     Paraprofessional                       US$150

James S. Feltman, a senior managing director of the firm,
assures the Court that he firm does not hold any interest
adverse to the Debtors' estate and is a "disinterested person"
as defined in Section 101(14) of the Bankruptcy Code.

Mr. Feltman can be reached at:

     James S. Feltman
     Senior Managing Director
     Mesirow Financial Consulting LLC
     350 North Clark Street
     Chicago, IL 60610
     Tel: (312) 595-6000
     Fax: (312) 595-4246
     http://www.mesirowfinancial.com/

                 About All American Semiconductor

Headquartered in Miami, Florida, All American Semiconductor
Inc. (Pink Sheets: SEMI.PK) -- http://www.allamerican.com/--
is a distributor of electronic components manufactured by
others.  The company distributes a full range of semiconductors
including transistors, diodes, memory devices, microprocessors,
microcontrollers, other integrated circuits, active matrix
displays and various board-level products.  All American also
distributes passive components such as capacitors, resistors and
inductors; and electromechanical products such as power
supplies, cable, switches, connectors, filters and sockets.  The
company also offers complete solutions for flat panel display
products.  In total, the company offers approximately 40,000
products produced by approximately 60 manufacturers.  The
company has 36 strategic locations throughout North America and
Mexico, as well as operations in both Asia and Europe,
particularly South Korea and England and Wales.

The company and its debtor-affiliates filed for Chapter 11
protection on April 25, 2007 (Bankr. S.D. Fla. Lead Case No.
07-12963).  Tina M. Talarchyk, Esq., at Squire Sanders & Dempsey
LLP, in West Palm Beach, Florida, represents the Debtors.  Jerry
M. Markowitz, Esq., at Markowitz, Davis, Ringel & Trusty, P.A.,
and William M. Hawkins, Esq., at Loeb & Loeb LLP, represents the
Committee.  As of Feb. 28, 2007, total assets was US$117,634,000
and total debts was US$106,024,000.


BAA PLC: Consortium Buys Budapest Airport Shares for EUR1.9 Bln
---------------------------------------------------------------
A consortium led by HOCHTIEF AirPort GmbH signed on May 9, 2007,
a contract with BAA plc to acquire all its shares in Budapest
Airport Zrt.  The relevant Hungarian state entities have already
given their approval to the acquisition.  

In June 2006, the Spanish consortium ADI Ltd., led by Ferrovial,
acquired the British airport operator BAA and decided to dispose
of several of the company's international holdings, among others
Budapest Airport.

The purchasing consortium consists of:

   -- HOCHTIEF AirPort (49.666 percent),

   -- Caisse de depot et placement du Quebec, Montreal (23.167
      percent),

   -- GIC Special Investments, Singapore (23.167 percent), and

   -- KfW IPEX-Bank, Frankfurt (4.0 percent).  

The consortium partners are acquiring 75 percent minus one vote
of Budapest Airport and will assume all the obligations agreed
by BAA with the Hungarian Government when the airport was
partially privatized in December 2005.  Budapest Airport Zrt.
has the right to operate the airport for a remaining period of
73.5 years.

The total purchase price (on debt-free basis) is EUR1.9 billion.
It will be paid in two installments, directly after transaction
close and in 2011.  The value of this purchase price
approximately equals the price offered by HOCHTIEF during the
privatization process in 2005 due to, among others, the
airport's continued growth, the restructuring measures already
completed, the optimized capital expenditure plan and the
enhanced capital efficiency due to the optimized payments
schedule.

As reported in the Troubled Company Reporter-Europe on May 11,
2007, the gross assets of Budapest Airport, which are the
subject of the disposal, were EUR2.2 million at the end of
December 2006 and the operating profit was EUR49.3 million.

The consideration of EUR1.9 billion, TCR-Europe relates,
comprises EUR1.4 billion in cash, which will be used to pay down
debt subject to the conditions of ADI's funding agreements.  The
remaining EUR424.1 million is provided in the form of loan notes
with a maturity date in June 2011.

Budapest Airport will positively contribute to HOCHTIEF's
consolidated net profit from the beginning and lastingly add to
the increase of the portfolio value.

With this important acquisition in Central Europe, HOCHTIEF
AirPort has entered one of the most interesting and promising
aviation markets.  "With its entry into Budapest Airport,
HOCHTIEF is strengthening its strong global position in the
private airport market and forcefully pursuing its corporate
strategy of continued growth in this segment", says
Herbert Luetkestratkoetter, Executive Board Chairman (CEO) of
HOCHTIEF Aktiengesellschaft, commenting on the transaction.  
This success, he said, also highlights how HOCHTIEF has been
able in recent years to move forward from its core competence of
construction to tap into new and profitable business fields.

In terms of size, location and potential, Budapest Airport
ideally fits the company's strict acquisition requirements.  In
just the last three years, traffic volume has increased by 18
percent on an annual average.  Budapest is Hungary's largest
airport and in 2006 handled approximately 8.3 million
passengers, making it the second-most important aviation hub in
the new EU countries.

The HOCHTIEF consortium will follow the path initiated after
privatization.  It will develop the airport in line with its
position as one of the leading airports in Central and Eastern
Europe, with attractive facilities, maximum safety and security
and excellent service.

                     About the Hochtief AG

Headquartered in Essen, Germany, Hochtief Aktiengesellschaft is
the country's largest construction company.  Hochtief AirPort is
an airport management business that has consolidated Hochtief's
interests in the privatization and operation of airports since
1997.  It holds stakes in Athens International Airport,
Duesseldorf International Airport, Hamburg Airport, Kingsford
Smith International Airport (Sydney) and a new concession
agreement covering Rinas Mother Teresa Airport (Tirana).

                         About BAA Plc

Headquartered in London, United Kingdom, BAA plc --
http://www.baa.com/-- owns and operates seven airports in the  
United Kingdom, including Healthrow, the world's busiest
international airport, and Budapest Airport, serving 700
destinations by around 300 airlines.  Its airports in the U.K.
handled over 117 million international passenger during the 12
months up to October 2005.  International passengers make up 81%
of its total U.K. airport traffic.  BAA had total assets of
GBP15.2 billion and pre-tax profits of GBP757 million for the
year ended March 31, 2006.

                          *     *     *

As of Feb. 6, 2007, BAA Plc carries these ratings from Moody's:

   -- Issuer Rating: Ba1
   -- GBP425-million convertible bonds due August 2009: Ba1
   -- GBP424-million convertible bonds due April 2008: Ba1
   -- GBP200-million 7.875% bonds due February 2007: Ba1


BRITISH AIRWAYS: Joins TPG Consortium in Potential Iberia Bid
-------------------------------------------------------------
British Airways plc, which holds a 10% stake in Iberia Lineas
Aereas de Espana SA, has joined with TPG Capital, Vista Capital,
Inversiones Ibersuizas and Quercus Equity to investigate a
possible consortium offer for the Spanish carrier.  There is no
guarantee that a formal bid will be made.

The airline has previously ruled out further capital investment
as part of any consortium offer and will not make an independent
bid for the airline.

                      About British Airways

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

                            *   *   *

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

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

* Issuer: British Airways, Plc

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

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

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


BRITISH SKY: Virgin Media Rejects Carriage Compromise Proposal
--------------------------------------------------------------
Virgin Media Inc. has turned down a proposal of British Sky
Broadcasting Group plc that would have restored BSkyB's basic
channels to customers, published reports say.

"Our new offer is that we simply split the difference between
each party's last offer in respect of the carriage of our basic
channels," BSkyB CEO James Murdoch wrote in a letter to Virgin
Media CEO Steve Burch on May 10, 2007, quoted in reports.

According to Mr. Murdoch in his second letter to Mr. Burch on
May 18, 2007, Virgin Media has not come up with any alternative
proposal or offer.

"Disappointingly, we can only conclude that you are not
genuinely interested in offering Sky's channels to your
customers, preferring to continue to deny Sky access to your
network as a means of pursuing wider corporate goals,
simultaneously harming Sky commercially by denying us wholesale
subscription and advertising revenues," Mr. Murdoch stated.

However, Mr. Burch denied that Virgin Media has rejected
negotiations.  He emphasized that the company has always been
open to a realistic offer from Sky, AFX News relates.

                          Carriage Row

Following the expiry of an agreement at the end of February
2007, Sky's basic channels ceased to be carried on Virgin
Media's platform.

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 British 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, Virgin Media alleged that it was forced by Sky
to accept a reduction of approximately 85% in the fees that it
pays for Virgin Media TV channels such as Living, Bravo and
Trouble, despite a 15% 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.

                        Financial Impact

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

As a result of the Sky basics issue and also continuing pressure
on telephony, Virgin Media expects negative customer, TV and
telephony net additions in the second quarter.

On the other hand, wholesale subscription revenue of BSkyB in
the first quarter ended March 31, 2007, fell by 5% to GBP162
million and included the impact from the expiry (and non-
renewal) of the contract to supply Sky's basic channels to
Virgin Media part way through the quarter.

Were Sky's basic channels to remain off Virgin Media's platform,
the BSkyB estimates the impact of lower wholesale carriage fees
and advertising revenues would adversely affect operating profit
by GBP15 to GBP20 million in the year to June 30, 2007.

                       About Virgin Media

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

                          About BSkyB

Headquartered in Isleworth, England, British Sky Broadcasting
Group PLC -- http://www.sky.com/-- is the holding company of   
the British Sky Broadcasting group of companies.  British Sky
Broadcasting Group plc and its subsidiaries operate the pay
television broadcast service in the United Kingdom and Ireland.
The Company acquires programming to broadcast on its channels
and supplies certain of those channels to cable operators for
them to retransmit to their subscribers in the United Kingdom
and Ireland.  It retails channels (both its own and third
parties) to direct-to-home subscribers and to a limited number
of digital subscriber line subscribers.  The Company also makes
three of its channels available via the United Kingdom free-to-
air digital terrestrial television platform, which markets
itself under the brand Freeview.

At Dec. 31, 2006, the Groups' balance sheet showed
GBP4.1 billion in total assets, GBP4.3 billion in total
liabilities, and GBP145 million in stockholders' deficit.

The Group's Dec. 31 balance sheet also showed strained liquidity
with GBP1.8 billion in total currents assets available to pay
GBP2.2 billion in total liabilities coming due within the next
12 months.


COLT TELECOM: telent Wins Three-Year Communications Contract
------------------------------------------------------------
COLT Telecom Group S.A. has awarded telent plc a three-year
contract to provide field engineers to support its customers'
communication infrastructures.

The contract with COLT will see telent employ engineers from
COLT's existing staff alongside its own field engineers.  The
combined workforce will plan, install, support and maintain
customer communication systems across a multitude of networking
platforms including IP, Ethernet and SDH.

The support from telent will enable COLT to provide enhanced
speed of installation, the application of industry best practice
and out-of-hours service delivery.  With one of the UK's largest
field forces available to the COLT field engineering team, the
company can now offer total reach across the UK on a 24/7 basis.  
telent's Network Support Centre will play an integral role by
handling calls and dispatching engineers to any fault, anywhere
in the country.

"COLT has a reputation for providing its customers with a secure
and reliable network and required a service provider that could
offer the same quality of service; telent's quality processes
and ability to scale its services convinced us that they were
the partner of choice," COLT Director of Operations Adrian
Thirkill explained.   "The skills base formed by combining
COLT's employees with telent's field force has created a unique
platform for delivering a high level of service with the added
advantage of extra scalability, which will support
COLT's ongoing business plans."

"This contract win is a significant achievement for telent and
is testament to our ability to provide complete network
lifecycle support," telent CEO Mark Plato commented.  "telent
has established itself as an expert in providing
telecommunications support right from the initial planning
stages through to maintenance and support.  We are looking
forward to working closely with COLT and playing an essential
part in COLT's future growth."

Headquartered in London, United Kingdom, Colt Telecom --
http://www.colt.net/-- offers business communication services  
across Europe.  Through its fiber optic network, the Company
offers voice, bandwidth, e-business and managed network services
to finance, industry and service sector customers and
governments.

                        *     *     *

As of Feb. 23, Colt Telecom Group S.A. carries Moody's B2 long-
term corporate family rating.  Moody's said the outlook is
stable.

Standard & Poor's rates Colt Telecom's long-term foreign issuer
credit and long-term local issuer credit at B.  The outlook is
stable.


FORD MOTOR: Wixom Assembly Plant in Michigan to Close on May 31
---------------------------------------------------------------
The largest assembly plant of Ford Motor Corp. in Wixom,
Michigan, which opened in 1957, will cease operating on
May 31, 2007, various reports say.

According to the Associated Press, plant manager Phil Calhoun
related that morale is high because workers were presented with
one of several severance packages that included educational
buyouts or retirement or transfers to other facilities.

Employees expressed pride on the legacy they have formed and
optimism in taking on other opportunities when the plant closes.  
Unlike 16 months ago when Ford disclosed the inclusion of Wixom
plant, which makes Lincoln Town Cars, in its restructuring plan,
employees conveyed hurt and disappointment, various sources
relates.

As reported in the Troubled Company Reporter on May 9, 2007, the
company's Way Forward restructuring plan, which will displace
26,000 jobs and close 16 plants by 2012, aims to transform its
North American automotive business.

Wixom city mayor Michael McDonald knew the plant was closing and
have been ready, Louis Aguilar of The Detroit News writes.  The
city exerted effort to entice small industrial companies,
including National Liquid Blasting Corp. and General Motors
Corp.'s powertrain and design services units.

                       About Ford Motor Co.

Headquartered in Dearborn, Michigan, Ford Motor Company --
http://www.ford.com/-- manufactures and distributes automobiles  
in 200 markets across six continents.  With more than 324,000
employees worldwide, the company's core and affiliated
automotive brands include Aston Martin, Ford, Jaguar, Land
Rover, Lincoln, Mazda, Mercury and Volvo.  Its automotive-
related services include Ford Motor Credit Company and The Hertz
Corporation.

The company has operations in Japan in the Asia Pacific region.
In Europe, the Company maintains a presence in Sweden, and the
United Kingdom.  The Company also distributes its brands in
various Latin-American regions, including Argentina and Brazil.

                            *   *   *

As of May 22, 2007, Ford Motor Co. carries these ratings:

* Moody's Investors Service

   -- outlook: negative
   -- issuer rating: Caa1
   -- long-term corporate family rating: B3
   -- bank loan debt: Ba3
   -- senior unsecured debt: Caa1
   -- probability of default: B3

* Standard & Poor's

   -- outlook: negative
   -- long-term foreign and local issuer credit: B

* Fitch Ratings

   -- outlook: negative
   -- long-term issuer default rating: B
   -- bank loan debt: BB
   -- senior unsecured: B-

* Dominion Bond Rating Service

   -- outlook: negative
   -- bank loan: BH
   -- senior unsecured debt: CCCH
   -- short-term: R-5
   -- long-term issuer rating: BL


GLOBAL CROSSING: March 31 Equity Deficit Tops US$290 Million
------------------------------------------------------------
Global Crossing Ltd.'s balance sheet at March 31, 2007, showed
total assets of US$2.2 billion and total liabilities of
US$2.5 billion, resulting in a total stockholders' deficit of
US$290 million.  Accumulated deficit at March 31, 2007, stood at
US$1.1 billion, as compared with US$1 billion at Dec. 31, 2006.

During the first quarter ended March 31, 2007, the company
reported US$504 million of consolidated revenue, an increase of
US$16 million or 3% from the fourth quarter, when consolidated
revenue was US$488 million.  On a year-over-year basis,
consolidated revenue expanded by 11% compared with the first
quarter of 2006.  Net loss for the first quarter of 2007 was
US$120 million, as compared with a net loss of US$108 million
for the first quarter of 2006.

Cost of access expense for the first quarter was US$284 million,
compared with US$274 million in the fourth quarter and US$285
million in the first quarter of 2006.  Consolidated net loss
applicable to common shareholders was US$121 million for the
first quarter, as compared with a loss of US$90 million in the
fourth quarter of 2006 and US$109 million in the first quarter
of 2006.

                        Cash and Liquidity

As of March 31, 2007, Global Crossing had US$378 million of cash
and cash equivalents.  The company's US$81 million of cash use
for the quarter included US$18 million of financing and
acquisition fees.  The remainder of cash used was attributable
to adjusted cash EBITDA losses, increased expenditures made to
strategic access vendors and capital expense.  Cash used for
capital expenditures and principal on capital leases and long-
term debt was US$45 million in the first quarter.  These cash
expenditures were offset by US$21 million in proceeds from the
sale of indefeasible rights of use.

On May 9, 2007, the company borrowed US$250 million under a
five-year senior secured term loan agreement with Goldman Sachs
and Credit Suisse as joint book runners, which yielded net cash
proceeds of US$241 million after payment of fees and expenses.
The proceeds will be used to refinance the company's existing
US$55 million working capital facility with Bank of America, to
provide additional liquidity necessitated principally by cash
used to close the Impsat acquisition and to reduce days payable
with key access vendors during the first and second quarters.

In addition, on May 9, 2007, Impsat completed its previously
announced tender offer for its Series A 6-percent senior
guaranteed convertible notes due 2011 and its Series B 6-percent
senior guaranteed convertible notes due 2011, pursuant to its
Offer to Purchase and Consent Solicitation Statement, dated
Jan. 29, 2007.  The tender offer expired on May 9, 2007.

On May 10, 2007, Impsat announced that it is accepting for
payment all validly tendered Notes, consisting of US$92 million
in aggregate principal amount at maturity of Notes, representing
about 99% of the outstanding Notes.  The supplemental indenture
executed in connection with the merger became operative May 10,
2007.

Global Crossing also announced that it had completed a five-
year, US$250 million secured term loan facility with Goldman
Sachs and Credit Suisse as joint book runners, yielding net cash
proceeds of US$241 million.  To facilitate the loan, a
subsidiary of the company's majority shareowner, Singapore
Technologies Telemedia, agreed to subordinate its mandatorily
convertible notes due December 2008 to the term loan and then to
convert the notes into common stock and warrants.

A full-text copy of the company's first quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?1fa1

                        Impsat Acquisition

On May 9, 2007, the company completed its acquisition of IMPSAT
Fiber Networks Inc., a leading provider of integrated broadband
data, Internet, voice telecommunications and advanced hosting.  
The total estimated transaction value was US$347 million,
comprised of about US$95 million in equity, US$26 million of
assumed indebtedness and repayment of US$226 million of
indebtedness. A portion of the funds used to consummate the
merger was financed from the proceeds of an offering, arranged
by Credit Suisse, of 9.875-percent senior notes due 2017 by GC
Impsat Holdings I Plc, a subsidiary of Global Crossing.  Global
Crossing used about
US$160 million in cash to fund the remainder of the transaction
and associated costs.  No capital stock was issued in
conjunction with the acquisition.

"[On May 9, 2007] we're proud to be closing our acquisition of
Impsat - a business that fits solidly into Global Crossing's
strategy of selling IP and data services to enterprises and
carriers around the world," said John Legere, Global Crossing's
chief executive officer.  "Like Fibernet in the UK, Impsat will
further enhance the momentum we've already achieved in our
'invest and grow' segment by adding product capabilities and
growth potential, as well as solid financial results."

While Impsat's first quarter results are not reflected in Global
Crossing's financial results, they are expected to contribute
positively to the second quarter performance commencing on the
May 9, 2007, closing date.

                      About Global Crossing

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

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

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


INEOS GROUP: Ineos Capital Buys Norsk Hydro's Polymer Business
--------------------------------------------------------------
INEOS Capital has reached agreement to acquire Norsk Hydro ASA's
polymers business for NOK5.5 billion (EUR670 million), subject
to closing adjustments.

The acquisition of Hydro's polymers activities, recently renamed
Kerling ASA, will allow INEOS to progress its growth strategy in
Europe and will enable the company to integrate high quality
assets, people and capabilities into its wider business.  The
acquisition of Kerling represents a very good product and
geographic fit, providing complementary assets, expertise and
market positions across Europe.  INEOS will benefit from an
enhanced position across its chloralkali, polymer and compounds
businesses, as well as acquiring a 50% share in the Noretyl
ethylene cracker at Rafnes, Norway, which is a joint venture
with Borealis.

Kerling is a wholly owned subsidiary of Norsk Hydro ASA,
consisting of 1,200 staff and production facilities in Norway,
Sweden and the United Kingdom.  The business also has interests
in joint ventures in Norway, Qatar and China and a shareholding
in the Portuguese PVC Producer CIRES, which is listed on
Euronext in Lisbon.

"This is an important acquisition for INEOS", said INEOS Chief
Executive Jim Ratcliffe said.  "Hydro's polymers business has a
very good strategic fit with the INEOS portfolio.  Its people,
assets and technology will provide a significant opportunity for
continued growth in this area,"

"Our polymers business has shown a remarkable development and
now ranks among the best in the European petrochemicals
industry," Hydro President and CEO Eivind Reiten said.   
"Together with European industry leader INEOS, we will
contribute to creating a new industry champion, well positioned
to pursue opportunities for long-term growth.  We believe this
solution will contribute to a continued strong development of
the polymers business."

Hydro, the Norwegian-based energy and aluminium company,
disclosed Dec. 6, 2006 that as part of its strategy to divest
non-core assets it was considering a public listing or
divestment of the Polymers business.  Following this agreement
Hydro will discontinue the process of listing Kerling ASA on the
Oslo Stock Exchange.

The acquisition is being made by INEOS Capital and stand alone
financing for the acquisition has been fully committed by
Barclays Capital and Merrill Lynch.  The transaction, which is
conditional on approval from the EU competition authorities, is
expected to close in the third quarter 2007.

Headquartered in Lyndhurst, England, Ineos Group Holdings plc
-- http://www.ineos.com/-- is a diversified and integrated   
chemicals group.  Following the completion of the Innovene
acquisition in December 2005, Ineos reported 2005 revenues of
EUR22.3 billion and nine-month 2006 revenues of EUR20.2 billion
and EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for
nine months of 2006.

                          *     *     *

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 Ineos Group
Holdings Plc.  

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

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Ineos Group Holdings Plc

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.5% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%

   7.875% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%    


* Issuer: Ineos Holdings Ltd.

                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Ba3      Ba2      LGD3     34%

   Senior Secured Bank
   Credit Facility
   (Second Lien)            B1       B1       LGD5     78%


* Issuer: INEOS Vinyls Finance Plc.

                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9.125% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                 B3       B2       LGD6     96%

In December 2006, Fitch Ratings assigned U.K.-based chemical
producer Ineos Group Holdings Plc an Issuer Default rating of
BB- with Positive Outlook.  At the same time, Fitch assigned
Ineos' EUR1.63 billion 8.875% and US$700 million 8.5% senior
unsecured notes due 2016 ratings of B+.  The agency also
assigned Ineos Holdings Ltd.'s senior secured facilities a BB+
rating and its second lien facilities a BB- rating.


INEOS GROUP: ChlorVinyls Unit Sells E-PVC Business to Vinnolit
--------------------------------------------------------------
INEOS ChlorVinyls, a unit of Ineos Group Holdings plc, is
selling its Emulsion PVC (E-PVC) business to Vinnolit GmbH & Co.
KG.  The value of the deal is not disclosed.

The sale consists of the commercial goodwill of the INEOS
ChlorVinyls E-PVC business along with its E-PVC production
facilities at Hillhouse (UK) and Schkopau (Germany).  The deal
will also include Vinnolit entering into an offtake agreement
for the entire E-PVC output at Porto Torres (Italy).

The E-PVC business has an annual turnover of approximately ?150
million.

INEOS ChlorVinyls retains its European VCM and Suspension PVC
(S-PVC) businesses at Runcorn and Barry in the UK; Wilhelmshaven
and Schkopau in Germany; and Porto Marghera, Porto Torres and
Ravenna in Italy.

VCM/S-PVC is the largest business of INEOS ChlorVinyls, with the
Group's production capacity standing at around 1.1 million
tonnes of VCM and 1.4 million tons of S-PVC.  S-PVC finds its
principal uses in the construction and packaging sectors; while
VCM is used primarily within the INEOS supply chain.

"The sale will further strengthen the INEOS ChlorVinyls business
by allowing us to consolidate our production and focus on our
core strengths in VCM and S-PVC," CEO INEOS ChlorVinyls Chris
Tane commented.

It is expected that the sale will be completed once necessary
approvals from the European Commission have been obtained.

Headquartered in Lyndhurst, England, Ineos Group Holdings plc
-- http://www.ineos.com/-- is a diversified and integrated   
chemicals group.  Following the completion of the Innovene
acquisition in December 2005, Ineos reported 2005 revenues of
EUR22.3 billion and nine-month 2006 revenues of EUR20.2 billion
and EBITDA of EUR1.9 billion for 2005 and EUR1.5 billion for
nine months of 2006.

                          *     *     *

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 Ineos Group
Holdings Plc.  

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

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: Ineos Group Holdings Plc

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   8.5% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%

   7.875% Senior Secured
   Regular Bond/Debenture
   Due 2016                 B2       B2       LGD5     89%    


* Issuer: Ineos Holdings Ltd.

                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Senior Secured Bank
   Credit Facility          Ba3      Ba2      LGD3     34%

   Senior Secured Bank
   Credit Facility
   (Second Lien)            B1       B1       LGD5     78%


* Issuer: INEOS Vinyls Finance Plc.

                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   9.125% Senior
   Unsecured Regular
   Bond/Debenture
   Due 2011                 B3       B2       LGD6     96%

In December 2006, Fitch Ratings assigned U.K.-based chemical
producer Ineos Group Holdings Plc an Issuer Default rating of
BB- with Positive Outlook.  At the same time, Fitch assigned
Ineos' EUR1.63 billion 8.875% and US$700 million 8.5% senior
unsecured notes due 2016 ratings of B+.  The agency also
assigned Ineos Holdings Ltd.'s senior secured facilities a BB+
rating and its second lien facilities a BB- rating.


IOSTAR PLC: Funding Shortage Triggers Liquidation
-------------------------------------------------
Television production and distribution company iostar plc is
going into liquidation after failing to raise GBP30 million to
fund its planned acquisition of companies such as Stephen Fry's
production house Sprout and modeling agency Models 1, British
paper The Stage reports.

Iostar released a statement saying: "The board of Iostar has
considered a number of options to continue the business
according to a revised business plan following its funding
difficulties and the resignation of its chief executive.  
However, it has not proved possible to implement such plans in
the time available to the board having regard to the current
financial position of the company.  Accordingly, the directors
have seen no alternative but to take immediate action to place
the company into liquidation."

Creditors are understood to include U.K. TV exec Dawn Airey and
Stephen Fry, the British thespian who helped set up the short-
lived upstart chaired by seasoned U.K. TV topper Dick Emery,
Variety reveals.

Ms. Airey quit a mere eight days after assuming the chief
executive post when she discovered that Iostar's funds fell
short of the entire amount needed to finance the company's
expansion plans, The Stage relates.

The company's board suspended chief fundraiser Carron Brown last
month when it came to light that he had failed to find the US$60
million needed to pay for Iostar's planned acquisitions, Variety
states.

                        About iostar plc

London-based iostar plc -- http://www.iostar.tv/-- is a  
television production and distribution company.


LEEDS UNITED: SR Morris Group Confirms GBP10 Mln Takeover Bid
-------------------------------------------------------------
Simon Morris of SR Morris Group confirmed his GBP10 million
takeover bid for Leeds United Association Football Club Ltd.
with proved funds accepted by KPMG administrators, Yorkshire
Evening Post reports.

"SR Morris Group will back the bid with GBP25 million to
stabilize the club's finances, and has plans for a GBP400
million all-seater leisure complex capable of holding 50,000 on
the Elland Road site, and the regeneration of the immediate
surrounding area," Yorkshire Evening Post quoted Mr. Morris as
saying.

According to the report, Mr. Morris' offer is the only confirmed
challenge to the attempt by Ken Bates, Shaun Harvey and Mark
Taylor to buy back Leeds United through a newly formed company
Leeds United Football Club Ltd. from administrators KPMG.

Former Leeds manager Don Revie's son Duncan, two separate Irish
consortia, and former West Ham chairman Terry Brown are among
those considering bids, Yorkshire Evening Post relates.

Meanwhile, former Leeds United chairman and an expert in
corporate insolvency Gerald Krasner has vowed to fight on for
change at Elland Road, Yorkshire Post said.

In a letter sent to creditors, Mr. Krasner stated "Effectively,
he will have bought the club back debt free for approximately
GBP500,000, including professional costs.  Quite frankly, I
consider this offer utterly derisory and unless you agree with
this proposal, it is up to you as a creditor to make your voice
heard."

"As an ex-chairman of the club I am upset at the rapid decline
of the club over the last 12 months.  I've had a lot of
approaches recently from fellow professionals, acting either for
creditors or for third parties, who wish to invest in the club,
but do not want to deal with Mr. Bates.  They have all asked me
the same question, 'what can be done?'  "My answer has always
been that if the CVA proposal by the joint administrators is
voted down, then I believe substantial investment would come
quickly into the club and the return to creditors would be much
higher," Mr. Krasner was quoted by the Yorkshire Post.

As reported in the TCR-Europe on May 18, 2007, the club will
have its creditors' meeting at noon on June 1, 2007, at Leeds
United.

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,  
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.

                       About Leeds United

Headquartered in Leeds, England, Leeds United Association
Football Club Ltd.  -- http://www.leedsunited.com/-- is an  
English professional football club.  The club called in
administrators on April 30, 2007, after its balance sheet dated
March 31, 2007, showed debts totaling GBP35 million, and a cash
injection of around GBP10 million required to continue trading.


RESLOC UK: Fitch Puts Low-B Ratings on 3 Mortgage Note Classes
--------------------------------------------------------------
Fitch Ratings has assigned final ratings to ResLoC U.K. 2007-1
plc (GBP-equivalent 909 million) mortgage-backed floating-rate
notes due 2043 as:

     -- GBP-equivalent 144.67 million Class A1: 'AAA'
     -- GBP-equivalent 143.98 million Class A2: 'AAA'
     -- GBP-equivalent 413.94 million Class A3: 'AAA'
     -- GBP-equivalent 81.01 million Class M1: 'AAA'
     -- GBP-equivalent 41.2 million Class B1: 'AA'
     -- GBP-equivalent 29 million Class C1: 'A'
     -- GBP-equivalent 38.5 million Class D1b: 'BBB'
     -- GBP-equivalent 8.28 million Class E1b: 'BB'
     -- GBP-equivalent 7.84 million Class E2b: 'BB-'
     -- GBP-equivalent 1.53 million Class F1b: 'B'

This is the first transaction under the ResLoC U.K. name and
contains collateral from four different originators: Advantage
(a trading style of Morgan Stanley International Bank Ltd.),
GMAC-RFC, Amber Homeloans Ltd. and Victoria Mortgage Funding.

The final ratings are based on the collateral quality, available
credit enhancement, the underwriting of the abovementioned
originators, the servicing capabilities of Homeloan Management
Ltd. and the sound legal structure of the transaction. Credit
enhancement for the Class A1, A2, and A3 notes totaling 23.25%
is provided by the subordination of the Class M1 (9%) Class B1
(4.58%), Class C1 (3.22%), Class D1b (4.28%) and Class E1
(0.92%) notes as well as an initial reserve fund of 1.25%
building to 1.35%.

The Class E2b notes will receive principal after any necessary
payments into the reserve fund and interest before any necessary
payments into the reserve fund.  The Class F1b notes will
receive interest and principal after any necessary payments into
the reserve fund.

To determine appropriate credit enhancement levels, Fitch
analyzed the collateral using its U.K. Residential Mortgage
Default Model.  The agency also modeled cash flows using the
results of the default model with structural stresses, including
various prepayment and interest rate scenarios.  The cash flow
tests showed that each Class of notes could withstand loan
losses at a level corresponding to the related stress scenario
without incurring any principal loss or interest shortfall, and
that it can retire the principal by legal final maturity.


SOLUTIA INC: Files Amended Plan and Disclosure Statement
--------------------------------------------------------
Solutia Inc. has filed an Amended Plan of Reorganization and
Disclosure Statement with the U.S. Bankruptcy Court for the
Southern District of New York.  The filing of the plan was
supported by the Official Committee of Unsecured Creditors,
Monsanto Company (NYSE:MON), Pharmacia Corporation, the Official
Committee of Retirees, and the Ad Hoc Committee of Trade
Creditors.

"We are pleased to have filed a plan that positions Solutia
to emerge from chapter 11 with an improved cost structure,
strengthened balance sheet, and greatly reduced risk profile,"
said Jeffry N. Quinn, chairman, president and chief executive
officer of Solutia Inc."  Importantly, we will do so while
providing significant recoveries for our creditors, ensuring all
environmental remediation commitments will be met, securing and
providing significant funding for retiree welfare benefits, and
preserving our pension plan."

              Amended Plan Maintains Key Benefits of
                 Original Plan of Reorganization

The plan maintains the key benefits provided for Solutia under
the original Plan of Reorganization filed by the company in
February 2006, but provides greater recoveries for creditors due
to an increase in the estimated equity value of the reorganized
company.  In addition, there has been some reallocation of the
equity ownership of the reorganized company.

                  Relief from Legacy Liabilities

The plan provides significant relief from the legacy liabilities
Solutia was required to assume when spun off from Pharmacia
(formerly known as Monsanto Company) in 1997.  These legacy
liabilities include:

    (1) retiree medical, retiree life insurance, and disability
        benefits for those individuals whom retired or became
        disabled prior to the Solutia spin-off;

    (2) environmental remediation costs related to activities of
        the chemicals business of Pharmacia that occurred prior
        to the Solutia spin-off; and

    (3) toxic tort litigation costs relating to chemical
        exposure associated with the activities of Pharmacia
        that occurred prior to the Solutia spin-off.

                  Relief from Tort Litigation and
               Environmental Remediation Liabilities

Under the plan, as between it and Solutia, Monsanto will assume
financial responsibilities in the areas of tort litigation and
environmental remediation.

Monsanto will be financially responsible for all current and
future tort litigation costs arising from Pharmacia's chemical
business prior to the Solutia spin-off.  This includes
litigation arising from exposure to PCBs and other chemicals.

Monsanto will accept financial responsibility for environmental
remediation and clean-up obligations at all sites for which
Solutia was required to assume responsibility at the spin-off
but which were never owned or operated by Solutia.   Solutia
will remain responsible for the environmental liabilities at
sites that it presently owns or operates.

Solutia and Monsanto will share financial responsibility
with respect to two sites.  Under this cost-sharing mechanism,
the first $50 million of post-emergence remediation and cleanup
costs will be funded by the proceeds of the rights offering
described below.  As required, Monsanto has already expended
more than $50 million during the course of Solutia's Chapter 11
case with respect to these sites.  As a result, Monsanto will be
entitled to an administrative claim of at least $14.2 million.
Upon emergence, Solutia would be responsible for the funding of
these sites up to an agreed upon amount.  Thereafter, if needed,
Monsanto and Solutia would share responsibility equally.  
Solutia would be able to defer paying off-site remediation costs
relating to these sites that exceed $30 million in any calendar
year and any deferred amounts would be paid by Monsanto, subject
to repayment by Solutia at a later date.

                  $250 Million of New Investment

The plan provides for $250 million of new investment in
reorganized Solutia.  This investment will be in the form of a
rights offering to certain unsecured creditors, whom will be
given the opportunity to purchase 27.9% of the common stock in
the reorganized company.  Of this $250 million, $175 million
will be set aside in a Voluntary Employees' Beneficiary
Association (VEBA) Retiree Trust to fund the retiree welfare
benefits for those pre-spin retirees whom receive these benefits
from Solutia.  Additionally, $75 million will be used by
reorganized Solutia to pay for other legacy liabilities being
retained by the company.

                 Comprehensive Retiree Settlement

The plan provides for the same comprehensive retiree settlement
that was negotiated with the Retirees Committee and included in
the original plan.  Although the settlement includes benefit
modifications, the plan provides significant current funding of
these benefit obligations, which greatly improves Solutia's
ability to meet these benefit obligations going forward.

In consideration for the contemplated modification in benefits,
the retirees will receive an unsecured claim of $35 million in
Solutia's Chapter 11 case.  The common stock received in
reorganized Solutia on account of this claim will be deposited
into the VEBA Retiree Trust, along with the $175 million from
the rights offering described above.  The VEBA Retiree Trust
will be a bankruptcy-remote entity and will be managed by an
independent trustee.

                        Additional Matters

The plan includes an assumption and extension of commercial and
operating agreements between Solutia and Monsanto.  The plan
also seeks a discharge for Solutia from most prepetition claims.

           Valuation and Anticipated Creditor Recoveries

"As a result of the successful execution of our reorganization
strategy, we have substantially increased the value of the
company since the filing of the original plan," said Mr. Quinn.  
Under the plan, Solutia estimates that the enterprise value of
reorganized Solutia will be $2.85 billion, with corresponding
implied reorganization equity value of approximately $1.2
billion.  Mr. Quinn added, "The men and women of Solutia believe
in the future of this company, and it is because of their hard
work and perseverance that we have been able to revitalize the
company and position it for long term success."

                  Anticipated Creditor Recoveries

"The plan provides for substantially enhanced creditor
recoveries compared to the original plan filed in February 2006.  
Under the original plan, unsecured creditors would have received
recoveries of approximately 52%, compared with estimated
recoveries of nearly 85% under the current plan," added Mr.
Quinn.  "And, with the bankruptcy court's recent ruling
regarding the unsecured status of certain of our noteholders, we
are able to move forward without the significant creditor
classification issues that bogged down moving the original plan
toward confirmation."

Under the plan, Solutia's senior secured notes will be paid in
full in cash from proceeds from an exit-financing package to be
arranged by the company.  The plan also provides that the
following creditors and equity interest holders will receive the
following distributions.  (These distributions assume full
subscription to the rights offering by those creditors who are
entitled to participate):

     -- Holders of Allowed General Unsecured Claims will receive
        their pro rata share of 34.1% of the new common stock.
        Based on the mid-point of Solutia's estimates with
        regard to the aggregate amount of the allowed general
        unsecured claims, this will result in a recovery of 84.8
        cents on the dollar.

     -- Holders of Allowed Noteholder Claims will receive their
        pro rata share of 44.1% of the new common stock.  This
        will result in a recovery of 84.8 cents on the dollar,
        the same as all other General Unsecured Creditors.

     -- Monsanto will receive 20% of the new common stock. In
        addition, Monsanto will have an allowed administrative
        claim for all amounts spent by Monsanto in excess of
        $50 million in connection with environmental cleanup and
        remediation at the sites for which it shared
        responsibility with Solutia during the chapter 11 cases.

     -- In accordance with the terms of the retiree settlement
        agreement, the Retirees as a class will receive 1.8% of
        the new common stock.  This stock will be deposited into
        a VEBA Retiree Trust that will be used to pay retiree
        welfare benefits.  This is in addition to the
        $175 million from the rights offering that will be
        deposited into the VEBA Retiree Trust as stated above.

     -- Holders of Equity Interests in Solutia will receive no
        distributions on account of such equity interests.

As stated in the plan, Solutia currently estimates that the
size of the unsecured noteholder claims pool will be
$455.4 million; and that the general unsecured claims pool will
range from $327-$377 million with a mid-point of $352 million.

          Corporate Governance and Board of Directors of
                      Reorganized Solutia

Under the plan, reorganized Solutia will be an independent,
publicly traded company listed on a national exchange.
Reorganized Solutia will have nine members on its Board of
Directors.  The nine members will consist of Jeffry N. Quinn,
Solutia's current chairman, president and chief executive
officer; one continuing director of Solutia; one director
designated by Monsanto; and six directors designated by the
Creditors Committee.  The six directors will be designated by
the Creditors' Committee in consultation with the company and
Monsanto.  Solutia will retain a nationally recognized executive
search firm to assist in the selection of members of the initial
Board of Directors.

               Next Steps in Reorganization Process

The next major step in the reorganization process will be to
conduct a hearing to consider the legal adequacy of the Amended
Disclosure Statement.  Solutia will request a bankruptcy court
hearing regarding this matter in early July.  If the court
determines that the Amended Disclosure Statement provides
sufficient information for claim holders and other interested
parties to vote on the plan, then the Amended Disclosure
Statement and plan would be sent to claim holders for voting
purposes.  Following the voting process, Solutia will ask the
bankruptcy court to hold a hearing to consider approval or
"confirmation" of the plan. If the court confirms the plan,
Solutia would emerge from chapter 11 shortly thereafter.

"With our current momentum, I believe Solutia will be able
to emerge from chapter 11 as a strong and viable company in the
third quarter," said Quinn.

Solutia's Amended Plan of Reorganization and Disclosure
Statement are available at http://www.solutia.com/reorganization

                        About Solutia Inc.
Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, and Colombia.


The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SOLUTIA: Unsecured Creditors to Get 84.9% Under Amended Plan
------------------------------------------------------------
Over 14,800 proofs of claim were filed against Solutia Inc. and
its debtor-affiliates in their Chapter 11 Cases.  In addition,
the Debtors listed approximately 2,500 claims in their schedules
of assets and liabilities.  The claims asserted amounts of over
$28,000,000,000 in the aggregate.

The Debtors' First Amended Joint Plan of Reorganization groups
claims against and equity interests in the Debtors into 20
classes:

  Class  Description                 Claim Treatment
  -----  -----------                 ---------------
    1    Priority Non-Tax Claims     Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $2,200,000  

    2    Secured Claims              Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $40,000,000 to $50,000,000

    3    Senior Secured              Unimpaired.
                                     100% Recovery.
  
                                     Estimated Aggregate
                                     Allowed Amount:
                                     $205,900,000 to
                                     $223,000,000

    4    Convenience Claims          Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $1,000,000 to $2,500,000

     5   CPFilms Claims              Unimpaired.
                                     100% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $8,400,000

     6   NRD Claims                  Unimpaired.

                                     NRD Claims are being
                                     Reinstated and will be paid
                                     in accordance with the
                                     terms of the Amended Plan
                                     and the Relationship
                                     Agreement.

     7   Insured Claims              Unimpaired.

                                     Holders of Insured Claims
                                     can recover against the
                                     applicable insurance
                                     policies.

     8   Tort Claims                 Unimpaired.

                                     Monsanto is taking
                                     financial responsibility
                                     for Tort Claims.

     9   Legacy Site Claims          Unimpaired.

                                     Monsanto is taking
                                     financial responsibility
                                     for Legacy Site Claims.

     10  Equity Interests in all     Unimpaired.
         Debtors other than
         Solutia

     11  Monsanto Claim              Impaired.

                                     Among others, allowance of
                                     unsecured and
                                     administrative claims in
                                     favor of Monstanto.
  
     12  Noteholder Claims           Impaired.
                                     84.9% Recovery

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $455,400,000 based on
                                     principal amount of
                                     $450,000,000 plus accrued
                                     and unpaid interest of
                                     $5,400,000 as of the
                                     Petition Date.

     13  General Unsecured           Impaired.
         Claims                      84.9% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $327-$377 million

     14  Retiree Claim               Impaired.
                                     59.5% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $35,000,000

     15  Pharmacia Claims            Impaired.
                                     0% Recovery.

                                     Pursuant to the terms of
                                     the Plan and the
                                     Relationship Agreement,
                                     Pharmacia will receive a
                                     limited indemnity from
                                     Reorganized Solutia and a
                                     limited release from
                                     certain claims.

     16  Non-Debtor                  Impaired.
         Intercompany Claims         40% Recovery.

                                     On the Effective Date, each
                                     Non-Debtor Intercompany
                                     Claim will be reduced by
                                     60% and the remainder
                                     thereof will be                                      
                                     reinstated by virtue of
                                     book entries without a
                                     Distribution of Cash or
                                     other consideration being
                                     made on account of the
                                     Claim.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $108,000,000

     17  Debtor Intercompany         Impaired
         Claims                      0% Recovery.

                                     Estimated Aggregate
                                     Allowed Amount:
                                     $2,440,000,000

     18  Axio Claims                 Impaired.
                                     0% Recovery.

                                     Holders of Claims in
                                     Class 18 will receive no
                                     distribution under the
                                     Amended Plan.

     19  Security Claims             Impaired
                                     0% Recovery.

                                     Holders of Claims in

                                     Class 19 will receive no
                                     distribution under the
                                     Amended Plan.

     20  Equity Interests            Impaired   
         in Solutia                  0% Recovery.

                                     Holders of Claims in
                                     Class 20 will receive no
                                     distribution under the
                                     Amended Plan.

Jeffry N. Quinn, Solutia's current chairman, president and chief
executive officer, relates that, with respect to the Monsanto
Claim, Monsanto has agreed, as part of the Monsanto Settlement
only, to accept an Allowed Unsecured Claim equal to the value
of:

   (a) amounts related to the management and settlement of
       Legacy Claims and other expenses on the Debtors' behalf
       that (i) Monsanto has spent from the Petition Date
       through March 31, 2007, which Solutia believes to be
       $180,900,000, and (ii) Monsanto likely will spend,
       pursuant to the Monsanto Settlement, following that date,
       which amount Solutia believes to be $143,600,000,

   (b) the extension of the term of the Master Operating
       Agreement,

   (c) the replacement of the Distribution Agreement with the
       Relationship Agreement,

   (d) the settlement of litigation related to Solutia's
       Anniston, Alabama plant,

   (e) the elimination of all Tort Claims from Solutia's General
       Unsecured Claims pool,

   (f) the waiver of the right to file surrogate claims on
       behalf of legacy claimants,

   (g) the waiver of various indemnity claims related to legacy
       liabilities for which Monsanto has agreed to assume
       responsibility,

   (h) the Chocolate Bayou Settlement and continuation of the
       Commercial and Operating Agreements subject to the terms
       thereof, and

   (i) the resolution of all litigation and potential litigation
       related to the Distribution Agreement, the classification
       of Monsanto's Claim and other matters, between Solutia
       and Monsanto.

Monsanto will also receive an Administrative Expense Claim for
any amounts it pays (a) for Retained Sites and (b) in excess of
$50,000,000 with respect to documented out of pocket
Environmental Liabilities at the Shared Sites during the Chapter
11 cases.

Mr. Quinn also notes that:

    1. The Allowed Amount of the Senior Secured Note Claims is
       subject to a determination of the Senior Secured
       Noteholders' rights under applicable law.  Solutia
       believes that the Allowed amount of the Senior Secured
       Notes Claim will not exceed $223,000,000, however, the
       Senior Secured Notes Trustee has asserted that its claims
       on behalf of the Senior Secured Noteholders could exceed
       this amount.  The $205,900,000 is determined using the
       effective interest method as of June 30, 2007.

    2. Holders of Allowed CPFilms Claims are entitled to receive
       interest on such Claims at a rate to be negotiated among
       Solutia, the Official Committee of Unsecured Creditors,
       and the Ad Hoc Trade Committee.  This interest rate will
       be disclosed prior to the hearing to consider the
       adequacy of disclosure statement explaining the Amended
       Plan.

    3. The recovery calculations for Noteholder Claims and
       General Unsecured Claims and Retiree Claim are based on
       these assumptions:

         (a) a General Unsecured Claims pool of $352,000,000 --
             the midpoint of the estimated range for the
             ultimate aggregate amount of Allowed General
             Unsecured Claims;

         (b) an exercise price in the Rights Offering at a
             discount of 25% to Solutia's implied midpoint
             equity valuation;

         (c) full subscription to the Rights Offering by
             participating parties; and

         (d) that all recoveries are calculated net of the cost
             to acquire Rights.

       The discount applied to the Rights may change as a result
       of negotiations among Solutia and its stakeholders;
       provided that the Rights Offering generates $250,000,000
       in Cash proceeds and that Monsanto receives 20% of the
       New Common Stock after taking into account any dilution
       as a result of the Rights Offering.

                     Claimants Voting on Plan

Under the provisions of the Bankruptcy Code, not all parties in
interest are entitled to vote on a Chapter 11 plan.

Solutia is not soliciting votes from the Holders of Claims in
Classes 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10, because they are not
Impaired under the Amended Plan.  Pursuant to Section 1126(f) of
the Bankruptcy Code, those Classes are conclusively presumed to
have accepted the Amended Plan.

Solutia also says that it is not soliciting votes from Holders
of Claims in Classes 16 and 17, because they Classes are deemed
to have accepted the Amended Plan.

Solutia is not soliciting votes from the Holders of Claims in
Classes 18, 19 and 20 because they are Impaired under the
Amended Plan, and they will not receive any Distributions under
the Amended Plan.  Pursuant to Section 1126(g), those Classes
are deemed to have rejected the Amended Plan.

Claimants in Classes 11 to 15 are entitled to vote on the
Amended Plan.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, Colombia and the United Kingdom.

The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SOLUTIA INC: Amended Plan Estimates Enterprise Value at $3.2 Bln
----------------------------------------------------------------
Rothschild Inc. estimates that the total enterprise value of
Solutia Inc. and its debtor-affiliates is approximately
$2,500,000,000 to $3,200,000,000.

In Feb. 2006, in connection with the Debtors' filing of Plan of
Reorganization, Rothschild had estimated the Debtors' total
enterprise to be between $2,000,000,000 to $2,300,000,000.

In connection with the Debtors' First Amended Joint Plan of
Reorganization filed on May 16, 2007, Rothschild estimates that
the Debtors' implied reorganized equity value would range from
$900,000,000 to $1,500,000,000, given an estimated net debt
levels of the Debtors of approximately $1,700,000,000.

The firm notes that the Amended Plan provides for the
distribution of 119.5 million shares of New Common Stock.  
However, the value of those shares is subject to dilution as a
result of the exercise of certain rights and conversions in
connection with certain equity incentive plans.

Rothschild relied upon these assumptions with respect to the
valuation of the Debtors:

    -- The Effective Date occurs on or about June 30, 2007;

    -- The Debtors are able to recapitalize with adequate
       liquidity as of the Effective Date;

    -- The Debtors are able to implement the Global Settlement
       reached with Monsanto Corp., Pharmacia Corp., the
       Official Committee of Unsecured Creditors, and, as
       applicable, the Retirees Committee, or an alternate plan
       providing for similar structure and terms;

    -- The pro forma net debt levels of the Debtors will be
       approximately $1,700,000,000;

    -- The financial projections assume that a material portion
       of the Debtors' NOLs will be available to the Reorganized
       Debtors, although subject to limitations under currently
       existing U.S. federal income tax laws;

    -- General financial and market conditions as of the
       Effective Date will not differ materially from those
       conditions prevailing as of the date of this Disclosure
       Statement; and

    -- The Debtor sell the Dequest business for net proceeds of
       approximately $60,000,000.

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, Colombia and the United Kingdom.

The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


SOLUTIA INC: Sees $633 Mil. Earnings for 2007 Under Amended Plan
----------------------------------------------------------------
In connection with the First Amended Joint Plan of
Reorganization filed by Solutia Inc. and its subsidiaries, the
company's management prepared projected financial statements
with the assistance of Rothschild, the Debtors' financial
advisors.  The Projections are based on, among other things:

   (a) current and projected market conditions in each of
       Reorganized Solutia's markets;

   (b) the ability to maintain sufficient working capital to
       fund operations;

   (c) final approval of the up to $2,000,000,000 exit
       financing; and

   (d) confirmation of the Amended Plan.

The Debtors project they will continue to earn income in 2006
through 2011:

       Actual 2006          $2,000,000
       Projected 2007     $633,000,000
       Projected 2008     $122,000,000
       Projected 2009     $162,000,000
       Projected 2010     $220,000,000
       Projected 2011     $249,000,000

The Debtors also project that they will maintain cash and cash
equivalents for:

   (a) $78,000,000 for the year ended 2007, and
   (b) $30,000,000 for the years ended 2008 through 2011.

                       Reorganized Solutia Inc.
                 Projected Fresh Start Balance Sheet
                           (In Millions)

                                                        Exit
                                  Projected  Debt       
Financing
                                  1-Jul-07   Discharge  Facility
                                  Balance    & Reclass- Transac-
                                  Sheet      ifications tions
                                  --------   --------   --------
ASSETS

CURRENT ASSETS:
Cash & Cash Equivalents              $156      ($347)      $221
Trade Receivables                     457          -          -
Inventories                           392          -          -
Prepaid Expenses and Other Assets     201          -          -
                                 --------   --------   --------
TOTAL CURRENT ASSETS                1,206       (347)       221

PROPERTY, PLANT & EQUIPMENT, net    1,044          -          -
INVESTMENTS in AFFILIATES               7          -          -
OTHER ASSETS                          280          7        302
                                  --------   --------   --------
TOTAL ASSETS                        $2,537      ($340)      $523
                                  ========   ========   ========
LIABILITIES AND SHAREHOLDERS' EQUITY {DEFICIT}

CURRENT LIABILITIES:
Accounts Payable                     $260         $0         $0
Accrued Liabilities                   274         45          -
Short-term Debt                     1,074          -     (1,015)
                                 --------   --------   --------
TOTAL CURRENT LIABILITIES           1,608         45     (1,015)
LONG-TERM DEBT                        213         20      1,387
OTHER LIABILITIES                     302        825       (103)
LIABILITIES SUBJECT TO COMPROMISE   1,780     (1,780)         -
                                 --------   --------   --------
TOTAL LIABILITIES                   3,903       (890)       269

SHAREHOLDERS' DEFICIT:
Common Stock                            1          -          -
Additional Contributed Capital         56          -        254
Treasury Stock, at Costs             (251)         -          -
Net Deficiency of
  Assets at Spin-off                 (113)         -          -
Accumulated Other
  Comprehensive Loss                  (65)         -          -
Retained Earnings (Deficit)          (994)       550          -
                                 --------   --------   --------
TOTAL SHAREHOLDERS' EQUITY         (1,366)       550        254
                                 --------   --------   --------
TOTAL LIABILITIES AND
   SHAREHOLDERS' EQUITY (DEFICIT)   2,537       (340)       523
                                 ========   ========   ========


                       Reorganized Solutia Inc.
                 Projected Fresh Start Balance Sheet
                           (In Millions)

                                                   Reorganized
                                   Fresh Start     01-Jul-2007
                                   Adjustments     Balance Sheet
                                   -----------     -------------
ASSETS

CURRENT ASSETS:
Cash & Cash Equivalents                     $0               $30
Trade Receivables                            -               457
Inventories                                  -               392
Prepaid Expenses and Other Assets            -               201
                                      --------          --------
TOTAL CURRENT ASSETS                         -             1,080

PROPERTY, PLANT & EQUIPMENT, net             -             1,044
INVESTMENTS in AFFILIATES                    -                 7
OTHER ASSETS                             1,891             2,480
                                      --------          --------
TOTAL ASSETS                            $1,891            $4,611
                                      ========          ========

LIABILITIES AND SHAREHOLDERS' EQUITY {DEFICIT}

CURRENT LIABILITIES:
Accounts Payable                            $0              $260
Accrued Liabilities                          -               319
Short-term Debt                              -                59
                                      --------          --------
TOTAL CURRENT LIABILITIES                    -               638

LONG-TERM DEBT                               -             1,620
OTHER LIABILITIES                          129             1,153
LIABILITIES SUBJECT TO COMPROMISE            -                 -
                                      --------          --------
TOTAL LIABILITIES                          129             3,411

SHAREHOLDERS' DEFICIT

Common Stock                                 -                 1
Additional Contributed Capital             889             1,199
Treasury Stock, at Costs                   251                 -
Net Deficiency of Assets at Spin-off       113                 -
Accumulated Other Comprehensive Loss        65                 -
Retained Earnings (Deficit)                444                 -
                                      --------          --------
TOTAL SHAREHOLDERS' EQUITY (DEFICIT)     1,762             1,200
                                      --------          --------
TOTAL LIABILITIES AND
   SHAREHOLDERS' EQUITY (DEFICIT)       $1,891            $4,611
                                      ========          ========

A full-text copy of Solutia's Financial Projections is available
for free at http://researcharchives.com/t/s?1faa

                        About Solutia Inc.

Headquartered in St. Louis, Missouri, Solutia, Inc.
(OTCBB:SOLUQ) -- http://www.solutia.com/-- with its  
subsidiaries, make and sell a variety of high-performance
chemical-based materials used in a broad range of consumer and
industrial applications.  Solutia has operations in Malaysia,
China, Singapore, Belgium, Colombia and the United Kingdom.

The Company filed for chapter 11 protection on Dec. 17, 2003
(Bankr. S.D.N.Y. Case No. 03-17949).  When the Debtors filed for
protection from their creditors, they listed US$2,854,000,000 in
assets and US$3,223,000,000 in debts.  Solutia is represented by
Richard M. Cieri, Esq., at Kirkland & Ellis.  Daniel H. Golden,
Esq., Ira S. Dizengoff, Esq., and Russel J. Reid, Esq., at Akin
Gump Strauss Hauer & Feld LLP represent the Official Committee
of Unsecured Creditors, and Derron S. Slonecker at Houlihan
Lokey Howard & Zukin Capital provides the Creditors' Committee
with financial advice.


VIRGIN MEDIA: Turns Down BSkyB's Carriage Compromise Proposal
-------------------------------------------------------------
Virgin Media Inc. has turned down a proposal of British Sky
Broadcasting Group plc that would have restored BSkyB's basic
channels to customers, published reports say.

"Our new offer is that we simply split the difference between
each party's last offer in respect of the carriage of our basic
channels," BSkyB CEO James Murdoch wrote in a letter to Virgin
Media CEO Steve Burch on May 10, 2007, quoted in reports.

According to Mr. Murdoch in his second letter to Mr. Burch on
May 18, 2007, Virgin Media has not come up with any alternative
proposal or offer.

"Disappointingly, we can only conclude that you are not
genuinely interested in offering Sky's channels to your
customers, preferring to continue to deny Sky access to your
network as a means of pursuing wider corporate goals,
simultaneously harming Sky commercially by denying us wholesale
subscription and advertising revenues," Mr. Murdoch stated.

However, Mr. Burch denied that Virgin Media has rejected
negotiations.  He emphasized that the company has always been
open to a realistic offer from Sky, AFX News relates.

                          Carriage Row

Following the expiry of an agreement at the end of February
2007, Sky's basic channels ceased to be carried on Virgin
Media's platform.

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 British 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, Virgin Media alleged that it was forced by Sky
to accept a reduction of approximately 85% in the fees that it
pays for Virgin Media TV channels such as Living, Bravo and
Trouble, despite a 15% 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.

                        Financial Impact

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

As a result of the Sky basics issue and also continuing pressure
on telephony, Virgin Media expects negative customer, TV and
telephony net additions in the second quarter.

On the other hand, wholesale subscription revenue of BSkyB in
the first quarter ended March 31, 2007, fell by 5% to GBP162
million and included the impact from the expiry (and non-
renewal) of the contract to supply Sky's basic channels to
Virgin Media part way through the quarter.

Were Sky's basic channels to remain off Virgin Media's platform,
the BSkyB estimates the impact of lower wholesale carriage fees
and advertising revenues would adversely affect operating profit
by GBP15 to GBP20 million in the year to June 30, 2007.

                        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, also showed
strained liquidity with GBP988.9 million in total current assets
available to pay GBP1.4 billion in total liabilities coming due
within the next 12 months.

                            *   *   *

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.  


YELL GROUP: Earns GBP216.3 Million in Year Ended March 31, 2007
---------------------------------------------------------------
Yell Group plc released unaudited financial results for the year
ended March 31, 2007.  

Yell reported GBP216.3 million in net profit against GBP2.1
billion in revenues for the year ended March 31, 2007, compared
with GBP212.3 million in net profit against GBP1.6 billion in
revenues for the same period in 2006.

At March 31, 2007, the Group's balance sheet showed GBP6.4
billion in total assets, GBP5 billion in total liabilities,
GBP1.4 billion in total shareholders' equity.

"These are good results, with rapid growth in our U.K. and U.S.
online businesses, demonstrating the continuing effectiveness of
our channel-neutral approach," Yell Group Chief Executive
Officer John Condron said.  "We are in a strong position to deal
with the challenges of the 2008 financial year, particularly in
the U.S. where we are refocusing our sales effort on the
heightened competition which we reported in April.  In the U.K.,
we are taking full advantage of the opportunity to drive future
volume growth as we begin marketing and selling under more even-
handed regulation.  Integration in Spain is progressing very
well with a vigorous adoption of 'Back to Basics' in products
and sales.  We are confident that our Win, Keep and Grow
strategy and the investment in our brands will drive continued
profitable growth."

"These results are in line with expectations and continue to
demonstrate Yell's strong financial characteristics including
good growth, high margins and strong cash generation.   The
11.8% increase in the dividend is in line with underlying
earnings growth and reflects our confidence in Yell's overall
future financial performance in spite of increased competition
in the US," Yell Group Chief Financial Officer John Davis said.

Headquartered in Reading, England, Yell Group plc --
http://www.yellgroup.com/-- is an international directories   
business operating in the classified advertising market through
printed, online, and phone media in the U.K. and the US.

                            *   *   *

As reported in the TCR-Europe on April 20, 2007, Moody's
confirmed its Ba3 corporate family rating for Yell Group plc. It
also assigned a B1 Probability-of-Default rating to the company.

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


                            *********

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
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with insolvent balance sheets whose shares trade higher than
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                           *********


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-
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Copyright 2007.  All rights reserved.  ISSN 1529-2754.

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