TCREUR_Public/070524.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

             Thursday, May 24, 2007, Vol. 8, No. 102

                            Headlines


A U S T R I A

BILIR KEG: Vienna Court Orders Business Closure
FRANZ AIGNER: Estate Administrator Declares Insufficient Assets
JOSEF PROKOPETZ: Eisenstadt Court Orders Business Closure
RS-FINANZMANAGEMENT: Steyr Court Orders Business Shutdown


B E L G I U M

DELHAIZE GROUP: S&P Puts Corporate Credit Rating at BB+


B U L G A R I A

FIRST INVESTMENT: Eyes BGN107 Million Capital Increase From IPO


F R A N C E

BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings
ENERGY XXI: S&P Junks Rating on Proposed US$700 Mil. Note Offer
EUGENE PERMA: Difficulties Confined to Holding Firm, CEO Says
EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap
INFOR GLOBAL: Workbrain Purchase Cues S&P to Hold B- Rating

MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings
REXEL DISTRIBUTION: S&P Withdraw BB+ Credit Rating
RHODIA SA: Completes Sale of 50% Stake in Nylstar


G E R M A N Y

AUCH & SZYMANSKI: Claims Registration Period Ends June 30
ABD DACHTECHNIK: Claims Registration Period Ends June 10
ARG AUTOREPARATUR: Claims Registration Period Ends June 20
ARNOLD LIEDTKE: Claims Registration Period Ends June 11
BAU & REKO: Claims Registration Period Ends June 8

BAVARIA-BROTZEIT: Claims Registration Period Ends June 22
BBG RUEGEN: Claims Registration Period Ends June 15
BLOWMOTION GMBH: Claims Registration Period Ends June 28
DEUTSCHE HYPOTHEKENBANK: Fitch Outlines Reasons for Junk Ratings
DIAVOLO - OBJEKTTEAM: Claims Registration Period Ends May 29

ELBE-AUTOMATEN: Claims Registration Period Ends June 27
ELRO INDUSTRIEELEKTRIK: Claims Registration Ends June 22
ELT LADESYSTEM: Claims Registration Ends June 21
GERRESHEIMER ALPHA: Planned IPO Cues S&P's Positive Watch
HACA SCHREINEREI: Claims Registration Ends June 20

HAFNER SERVICES: Claims Registration Ends June 29
HAMBURGER BAUTRAGER: Claims Registration Ends June 12
JAFRA COSMETICS: S&P Withdraws Low-B Ratings
JENO BAU: Claims Registration Ends June 28
JUERGEN WARNHOLZ: Claims Registration Ends June 28

KUEPPER & MUELLER: Claims Registration Ends May 29
M & M LOGISTICS: Claims Registration Ends June 15
MONREAL SCHMITZ: Claims Registration Ends June 21
NATUR&GUT GMBH: Creditors Must Register Claims by June 27
NOVEMBER AG: Resolves Financial Restructuring Resolutions

PANTERA LEDERMODE: Creditors Must Register Claims by June 22
PETOTRANS SPEDITIONS: Creditors Must Register Claims by June 14
R & H RAUM: Creditors Must Register Claims by June 5
R & R MOTOBOX: Creditors Must Register Claims by June 12
REMA MALER: Claims Registration Period Ends June 25

RHEINLAND GASTRONOMIE: Claims Registration Period Ends July 9
RODA BAU: Claims Registration Period Ends June 18
STABILITY CMBS: Moody's Rates EUR28.2 Mln Class E Notes at Ba3
STEELWAYS GMBH: Claims Registration Period Ends June 25
TIEDT TISCHLEREI: Claims Registration Period Ends June 11

TIES-M GMBH: Claims Registration Period Ends June 21
VERUCON- PRODUCTION: Claims Registration Period Ends June 14
W & V ZAHNTECHNIK: Claims Registration Period Ends June 15
WEIHER & WAESCH: Claims Registration Period Ends June 20
WEST FINANZDIENSTLEISTUNGS: Claims Registration Ends June 11


G R E E C E

YIOULA GLASSWORKS: Liquidity Concerns Prompt S&P's NegativeWatch


I T A L Y

ALITALIA SPA: Cancels 394 Flights Due to Cabin Crew Strike
MAGISTE SPA: Settles EUR202 Million Debt with Popolare Italiana
MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes
PARMALAT SPA: Sells Spanish Units for EUR188 Million
PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets

POPOLARE ITALIANA: New Deal to Help Magiste Pay EUR202 Mln Debt
TISCALI SPA: May Bid For Pipex' Broadband & Voice Service Unit


K A Z A K H S T A N

ASOL LLP: Creditors Must File Claims by June 8
ASTANA-SERVICE LLP: Creditors' Claims Due June 22
CLASS-I LLP: Claims Registration Ends June 22
COMSERVICE LTD: Claims Filing Period Ends June 22
KAISAR JSC: Proof of Claim Deadline Slated for July 3

KOSTANAI ZERNO: Creditors Must File Claims by June 22
STANI LLP: Claims Registration Ends June 19
TEPLOCOMMUNENERGO LLP: Claims Registration Ends June 19


N E T H E R L A N D S

NXP B.V.: High Leverage Prompts S&P's Negative Outlook


P O R T U G A L

PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets


R U S S I A

EAR-S LLC: Chelyabinsk Bankruptcy Hearing Slated for Aug. 28
GRAIN-PRODUCT CJSC: Bankruptcy Hearing Slated for Aug. 14
ISTOK OJSC: Court Starts External Management Bankruptcy
ISTRINSKAYA CJSC: Creditors Must File Claims by June 5
MIASSKIY MEAT-PACKING: Court Names K. Zvonkov to Manage Assets

NOMOS-BANK: Defers IPO to Create Banking Firm with PPF Group
OGK-5 JSC: Enel S.p.A. Wants Blocking Stake in Energy Firm
PETUSHKI-INTER-WOOD: Creditors Must File Claims by June 5
ROOF RUSSIA: Moody's Assigns Low-B Ratings to Class C & D Notes
ROSNEFT OIL: Court Overturns Yukos Capital Claim Ruling

RUSSIAN COMMERCIAL: S&P Puts Long-Term Credit Rating at B-
RUSSIAN HOME: S&P Holds B+ Long-Term Counterparty Credit Rating
SBERBANK ROSSII: Board Recommends PwC as 2007 Auditor
VNESHTORGBANK JSC: Foreign Investors Own 12% Stake After IPO
VOLGOGRAD OBLAST: S&P Rates US$38.9 Million Bond Issue at B+

YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer
ZARYA OF MANTUROVSKIY: Creditors Must File Claims by June 5

* S&P Revises Bashkortostan's Outlook to Positive from Stable


S E R B I A   &   M O N T E N E G R O

* 150 Firms Complete Bankruptcy Process Under New Serbian Law


S L O V A K   R E P U B L I C

YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer


S P A I N

FONCAIXA HIPOTECARIO: S&P Junks Rating on Class D Notes
MEGA BRANDS: Weak Performance Cues S&P to Downgrade Ratings
PARMALAT SPA: Sells Spanish Units for EUR188 Million


S W I T Z E R L A N D

BIO-RAD LABORATORIES: DiaMed Purchase Cues S&P to Hold Ratings


T U R K E Y

FINANSBANK AS: Targets 550 Branches & 8,957 Total Staff by 2009
FORTIS BANK: Moody's Withdraws B1 Currency Deposit Rating


U K R A I N E

AZOV BUSINESS: Claims Filing Bar Date Set May 27
EXTERNAL TRADE: Creditors Must File Claims by May 27
KYIVSTAR GSM: Investor Deal Allows Firm to Escape Bond Default
LOKHVITSA ALCOHOL: Claims Filing Bar Date Set May 27
MRIYA-2003 LLC: Creditors Must File Claims by May 27

PIONEER LLC: Creditors Must File Claims by May 27
PROFESSIONAL DESINFECTION: Claims Filing Bar Date Set May 27
PROLIV OJSC: Claims Filing Bar Date Set May 27
RADIVILOV DRYING: Creditors Must File Claims by May 27
VELIKOBUDKOVSKOE LLC: Creditors Must File Claims by May 27

VOSKHOD LLC: Creditors Must File Claims by May 27


U N I T E D   K I N G D O M

ANCHOR CONTRACT: Joint Liquidators Take Over Operations
ARDAGH GLASS: S&P Lifts Corporate Credit Rating to B from B-
ACXIOM CORP: Silver Lake Deal Cues S&P's Negative Watch
AKIBARE LTD: S&P Rates US$120 Million Notes at BB+
AMF BOWLING: S&P Junks Rating on US$105 Million Second-Lien Loan

BOMBARDIER INC: S&P Revises Outlook to Stable from Negative
BRIAN JOHNSON: M. C. Bowker Leads Liquidation Procedure
CALDA MARKETING: Brings In Liquidators from Vantis
CONTINENTAL ALLOYS: S&P Rates Proposed US$180 Million Loan at B
CORDATUS CLO: S&P Class E EUR16.2 Million Notes at BB-

ENERSYS: S&P Keeps All Ratings & Revises Outlook to Stable
EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Million Sr Loan
EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap
FORD MOTOR: Europe Unit Eyes 5.4 Percent Sales Growth in 2007
FUSION PROPERTY: Calls In Liquidators from Jacksons Jolliffe

GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings
GOODYEAR TIRE: S&P Puts B- Certs. Ratings under Positive Watch
INEOS GROUP: Investors to Vote on Lower Loan Interest Today
INTERPLAN LTD: Administrators Offer Business & Assets for Sale
MYLAN LABORATORIES: S&P Cuts Ratings on Merck KGaA Purchase

POWER PRESS: Claims Filing Period Ends August 10
SCOTTISH RE: Hugh McCormick Resigns as Vice President
SPIRIT AEROSYSTEMS: Prices Secondary Offering of Class A Shares
STADEX INDUSTRIES: Creditors' Meeting Slated for May 29
WILD TECHNIK: Taps Michael Young to Liquidate Assets

* Upcoming Meetings, Conferences and Seminars

                            *********

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


BILIR KEG: Vienna Court Orders Business Closure
-----------------------------------------------
The Trade Court of Vienna entered April 26 an order closing the
business of KEG Bilir (FN 218577m).

Court-appointed estate administrator Martin Honemann recommended
the business closure after determining that the continuing
operations would reduce the value of the estate.

The estate administrator can be reached at:

         Mag. Martin Honemann
         c/o Dr. Stefan Langer
         Oelzeltgasse 4
         1030 Vienna
         Austria
         Tel: 712 63 02
         Fax: 713 61 92 22
         E-mail: martin.honemann@kosesnik-langer.at
                 kanzlei@kosesnik-langer.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 17 (Bankr. Case No 6 S 48/07m).  Stefan Langer
represents Mag. Honemann in the bankruptcy proceedings.


FRANZ AIGNER: Estate Administrator Declares Insufficient Assets
---------------------------------------------------------------
Dr. Alois Nussbaumer, the court-appointed estate administrator
for LLC Franz Aigner (FN 107355a), declared April 26 that the
Debtor's property is insufficient to cover creditors' claim.

The Land Court of Wels is yet to rule on the estate
administrator's claim.

Headquartered in Schwanenstadt, Austria, the Debtor declared
bankruptcy on April 3 (Bankr. Case No. 20 S 44/07g).

The estate administrator can be reached at:

         Dr. Alois Nussbaumer
         Stadtplatz 19
         4840 Voecklabruck
         Austria
         Tel: 07672/72607
         Fax: 07672/75567
         E-mail: rae.nuss-hoff-herz@aon.at


JOSEF PROKOPETZ: Eisenstadt Court Orders Business Closure
---------------------------------------------------------
The Land Court of Eisenstadt entered April 25 an order closing
the business of LLC Josef Prokopetz (FN 110173w).

Court-appointed estate administrator Christian Supper
recommended the business closure after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

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

Headquartered in Lackenbach, Austria, the Debtor declared
bankruptcy on April 24 (Bankr. Case No 26 S 43/07m).


RS-FINANZMANAGEMENT: Steyr Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Steyr entered April 26 an order shutting down
the business of LLC RS-Finanzmanagement (FN 246504g).

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

The estate administrator can be reached at:

         Dr. Christoph Rogler
         Stelzhamerstrasse 9
         4400 Steyr
         Austria
         Tel: 07252/54768-0
         E-mail: dr.rogler@aon.at

Headquartered in Steyr - Gleink, Austria, the Debtor declared
bankruptcy on April 13 (Bankr. Case No 14 S 10/07d).


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


DELHAIZE GROUP: S&P Puts Corporate Credit Rating at BB+
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' long-term
corporate credit rating to Belgium-based retail group Delhaize
Group S.A.

The outlook is positive.

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

The ratings on Delhaize reflect its participation in the highly
competitive U.S. supermarket industry (72% of sales); the
diversified formats it operates in Belgium (22% of sales);
higher operating margins but smaller scale relative to major
operators; and somewhat aggressive debt protection measures.

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

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

"Given its good market position and efficient operations, we
expect Delhaize to be able to maintain adequate credit ratios
despite the challenging climate for supermarkets in the U.S.,"
said Standard & Poor's credit analyst Nicolas Baudouin.  The
group is expected to use some of its internal cash flow for
growth --primarily through store development -- but free cash
flows are expected to remain positive after dividends and debt
leverage is consequently expected to gradually decrease.

"An upgrade to 'BBB-' would be contemplated if the group
maintains its solid local positions and improves free cash flow
generation," said Mr. Baudouin.  In particular, it would need to
reach and maintain an adjusted FFO-to-debt ratio above 25%, and
debt to EBITDA of about 2.5x, which was almost achieved at year-
end 2006.  An outlook revision to stable would be considered if
market conditions deteriorate.

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

Delhaize Group -- http://www.delhaizegroup.com/-- is a Belgian
food retailer present in eight countries on three continents.
Delhaize Group is listed on Euronext Brussels (DELB) and the New
York Stock Exchange (DEG).

The company's U.S. subsidiary, Delhaize America, is a
supermarket operator with over 1,500 stores in 16 states in the
eastern United States.  Delhaize America operates under the
banners Food Lion, Bloom, Bottom Dollar, Harveys, Hannaford
Bros., Kash n' Karry and Sweetbay, each of which has a distinct
strategy and a well-established brand image.  Delhaize America
employs approximately 109,000 full-time and part-time associates
up and down the East Coast.

Delhaize Group also owns 51% of Super Indo, an operator of 11
stores in Indonesia.


===============
B U L G A R I A
===============


FIRST INVESTMENT: Eyes BGN107 Million Capital Increase From IPO
---------------------------------------------------------------
First Investment Bank AD is expected to raise about BGN107
million in what appears to be Bulgaria's biggest IPO ever,
Dnevnik reports.

New shares will be issued to investors at BGN10.70 each.  At
this issue price, the offering is 5.97 times oversubscribed with
bids exceeding BGN1.3 billion, First Financial Brokerage House,
which managed the placement, said in a statement posted on the
bank's Web site.

The capital of the lender is raised from BGN100 million to
BGN101 million with the issue of BGN10 million new shares.  The
IPO costs were reported at BGN2.44 million, Dnevnik states.

The subscription period lasted from May 7 to May 18, 2007, and
investors are expected to pay in the subscribed shares by
May 28, 2007.  The shares should start trading on the local
bourse in late June or early July.

The TCR-Europe reported on May 10, 2007, that First Financial, a
13.89% shareholder in FIBank, would sell 5 million shares and an
additional 1.5 million shares to boost the free float and comply
with legislative requirements for the size of the equity from a
public corporation that an investment intermediary is allowed to
control.  First Financial is expected to gain between BGN55.25
million and BGN71.5 million from the disposal of First
Investment Bank shares.

                   About First Investment Bank

First Investment Bank AD -- http://www.fibank.bg/-- is the
largest Bulgarian-owned bank.  At end-2006, it reported BGN28.9
million in net profits compared with BGN21 million net profits
in 2005.  Ultimate control lies in the hands of two individuals,
its founding shareholders, who have significant interests in the
tourism and real estate sectors.  Historically a corporate bank,
FIB is also actively expanding retail lending.

                           *    *    *

In a TCR-Europe report on Oct. 3, 2006, Fitch Ratings affirmed
FIB's ratings at Issuer Default BB-, Short-term B, Individual D,
and Support 5.  Fitch changed the Outlook on Bulgaria-based
First Investment Bank's Issuer Default rating to Positive from
Stable.

Moody's Investors Service rates the bank's Local and Foreign
Long-term Bank Deposits at Ba1 and assigned a D rating to FIB's
Bank Financial Strength.


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


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

A subsequent tender for the remaining shares could bring the
total price to more than US$450 million.  DiaMed develops,
manufactures, and markets reagents and instruments used in blood
typing and screening.  The transaction is expected to close
later this year and is subject to certain closing conditions,
including regulatory approvals.

"Although financial terms of the agreement were not disclosed,
S&P believe there will be minimal impact on Bio-Rad's credit
protection measures given the relatively small size of the
acquisition," explained Standard & Poor's credit analyst David
Lugg.  "With almost US$470 million in cash and investments and
its strong cash flow protection measures, the company has
adequate capacity to complete this transaction without an impact
to the ratings."

The high-speculative-grade rating on Hercules, California-based
Bio-Rad reflects the company's defensible, but niche, positions
in the life science and clinical laboratory markets, and its
history of using significant debt-financed acquisitions to
supplement growth.  Notwithstanding Bio-Rad's defensible
positions in the in vitro diagnostics and life sciences markets,
it remains a relatively small player in each, competing with
significantly larger companies that are more diversified and
have greater financial resources.  Moreover, Bio-Rad's
substantial international operations, which account for about
65% of sales, subject its revenues to swings in exchange rates
and ongoing changes in global economic conditions.  The
company's life science business is also vulnerable to reductions
in government funding for life science research and changes in
biopharmaceutical companies' R&D spending.

Bio-Rad maintains an intermediate financial risk posture, having
steadily reduced its borrowings to fund a series of acquisitions
in the diagnostic market.  Currently, lease-adjusted total debt
to capital is 37% and total debt to EBITDA is about 2.5x, while
the ratio of funds from operations to debt is about 25%.  The
company has no defined benefit pension plan.

Bio-Rad Laboratories Inc. -- http://www.bio-rad.com/-- (AMEX:
BIO and BIOb), manufactures and distributes a broad range of
products for the life science research and clinical diagnostics
markets.  Founded in 1952, Bio-Rad is headquartered in Hercules,
California, and serves more than 85,000 research and industry
customers worldwide through its global network of operations.
The company employs over 5,000 people globally and had revenues
of nearly US$1.3 billion in 2006.

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


ENERGY XXI: S&P Junks Rating on Proposed US$700 Mil. Note Offer
---------------------------------------------------------------
Standard & Poor's Rating Services assigned its 'CCC+' corporate
credit rating to oil and gas exploration and production company
Energy XXI Ltd.  At the same time, Standard & Poor's assigned
its 'CCC' senior unsecured rating to subsidiary Energy XXI Gulf
Coast Inc.'s proposed US$700 million note offering.  The outlook
is stable.

Pro forma the proposed US$700 million note offering, Hamilton,
Bermuda-based Energy XXI will have approximately US$1 billion
debt outstanding as of June 30, 2007.

"The ratings on Energy XXI reflect its very limited operating
history, high debt leverage, elevated cost structure, aggressive
growth strategy, and small reserve base concentrated in the
capital-intensive Gulf of Mexico region," said Standard & Poor's
credit analyst Paul Harvey.  "Mitigating factors include an
experienced management team, a substantial hedging program to
protect cash flows, and improving operating results."

The stable outlook assumes liquidity remains adequate while
Energy XXI successfully integrates the Pogo acquisition.  If
debt leverage increases beyond current levels and/or if
liquidity were to weaken significantly, ratings would face
considerable negative pressure.  On the other hand, ratings
could be raised over the medium term if Energy XXI can achieve a
track record of successfully integrating its acquisitions while
organically increasing production and reserves and materially
reducing debt leverage.

Energy XXI Gulf Coast Inc. is an independent exploration and
production company based in Houston, Texas and is an indirect
wholly owned subsidiary of Energy XXI (Bermuda) Ltd.

Energy XXI (Bermuda) (LSE:EGY) is an independent oil and natural
gas exploration and production company whose growth strategy
emphasizes acquisitions, enhanced by its value-added organic
drilling program.  The company's properties are primarily
located in the U.S. Gulf of Mexico waters and the Gulf Coast
onshore.  Energy XXI is listed on the NASDAQ system under the
symbol 'EXXI'


EUGENE PERMA: Difficulties Confined to Holding Firm, CEO Says
-------------------------------------------------------------
Didier Martin, CEO of Eugene Perma, is trying to reassure
employees, customers and suppliers that the company "is well and
safe from any attack" saying the problem is confined to its
holding firm, which was placed under safeguard procedure by the
commercial court in Paris for four months, The Financial Times
reports citing Mathilde Visseyrias of Le Figaro.

According to Mr. Martin, Eugene Perma is seeking to refinance
EUR15 million of loans.

On May 11, 2007, Bear Stearns, Eugene Pemas's principal
creditor, demanded full repayment of its claims.
However, the hair care company only repaid EUR3 million on
May 20, 2007.  The remaining debt is now under temporary
protection, FT relates.

Mr. Martin claimed Bear Stearns is eyeing to take control of the
hair care company.  He revealed the creditor intends to break
and sell it.

Headquartered in Paris, France, Eugene Perma --
http://www.eugeneperma.com/-- offers a full range of hair care
products, including Petrole Hahn, Artiste, Keranove and Cycle
Vital.


EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap
----------------------------------------------------------------
Goldman, Sachs & Co., Macquarie Bank Ltd. and Babcock & Brown
Ltd. are ready to bid for Eurotunnel Group if shareholders
approve a debt-for-equity swap that would cut its GBP6.2 billion
debt in half, Tracy Alloway writes for Bloomberg News citing The
Sunday Telegraph as its source.

"The true value of Eurotunnel to an outside investor is in the
length of its franchise agreement, which runs into 2085," Alex
Moss, a senior credit analyst at Insight Investment Management
in London who helps oversee US$94 billion of fixed-income
assets, told Bloomberg News.  "There aren't that many
infrastructure assets with that kind of time horizon."

The debt-to-equity swap, where shareholders exchange their
existing shares in Eurotunnel for shares in a new entity known
as Groupe Eurotunnel, closed on May 21, 2007.

According to a report carried in the Lloyds List, the result of
the share swap will not be known before the official
announcement of the French financial markets regulator AMF on
June 4, 2007.

According to the report, if the acceptance of the offer falls
short of 50%, the company will declare itself insolvent to the
Paris Court of Commerce.  The French and British governments
could either put the company out to tender or its creditors
could exercise their right to take control of the company.

If the share swap is successful, the exchange will trigger a
debt restructuring which will reduce the company's debt by more
than half but reduce shareholders' interests in the company to
as little as 13%, Lloyds List relates.

As reported in the TCR-Europe on May 16, 2007, the company
reduced the acceptance condition for the tender offer to 50%
from 60%, following the extension of the acceptance period of
the offer to May 21 from May 15, 2007.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


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

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

Standard & Poor's also affirmed its 'CCC' bank loan and '5'
recovery ratings on Infor's nearly US$1.6 billion second-lien
senior secured term loan (including the proposed US$170 million
add-on).

The ratings affirmations follow recent announcements that Infor
will acquire Workbrain Corporation, a leading global provider of
workforce management software, and Hansen Information
Technologies, a leading supplier of software applications to
manage government operations.  The proposed add-on term loans
will partially fund the acquisitions.

"While these acquisitions introduce additional integration risk
following recent very aggressive acquisition activity (and a
US$500 million, debt-financed dividend to shareholders), Infor's
financial profile, including operating lease-adjusted total debt
to EBITDA estimated to be in the mid-8x area, on a GAAP basis,
is only modestly affected by this transaction," said Standard &
Poor's credit analyst Ben Bubeck.  "Furthermore, our expectation
for positive free operating cash flow generation in future
periods, along with potential strategic benefits from a
strengthened human capital management product extension and an
expanded vertical end market, support our 'B-' corporate credit
rating," he continued.

The ratings reflect Infor's limited track record following a
very aggressive acquisition strategy, its high debt leverage,
and an aggressive financial policy.  These factors are only
partially offset by the company's leading presence in its
selected mid-market niche, a largely recurring revenue base, and
a broad and diverse customer base.

                        About Infor Global

Headquartered in Alpharetta, Georgia and a Cayman Islands
exempted company, Infor Global Solutions Holdings Ltd., --
http://www.infor.com/-, is a global provider of financial and
enterprise applications software.  The company has locations in
Japan, Australia, Austria, China, France, India, Mexico,
Singapore, and Spain, among others.


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 US$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.


REXEL DISTRIBUTION: S&P Withdraw BB+ Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' corporate
credit ratings on France-based business-to-business electrical
parts distributor Rexel Distribution S.A., and Ray Acquisition
SCA, at the companies' request following completion of the
refinancing of Ray Acquisition's debt after the successful
partial IPO of about 24% of group equity on April 4, 2007.

On April 16, 2007, 35% of the outstanding bonds issued by Ray
Acquisition were redeemed through IPO proceeds.  Ray
Acquisition's EUR2.1 billion senior secured facilities were
refinanced on April 18, 2007, through Rexel's new EUR2.1 billion
senior credit facility, which redeemed the remaining 65% of the
outstanding bond.  Therefore, Ray Acquisition itself no longer
has any outstanding debt or public reporting requirements.


RHODIA SA: Completes Sale of 50% Stake in Nylstar
-------------------------------------------------
Rhodia S.A. completed the sale of its 50% stake in Nylstar to a
third party agent acting on behalf of a consortium of Nylstar's
credit banks on May 14, 2007.

SNIA, Rhodia's partner in this joint venture, has also completed
the sale of its 50% stake.

As reported in the TCR-Europe on March 12, 2007, the agreement
forms part of the financial restructuring of Nylstar through a
debt/equity swap to give the company a restructured balance
sheet and significantly reduced level of debt.

Rhodia will remain a raw material supplier to Nylstar.

                          About Rhodia

Headquartered in Paris, France, Rhodia S.A. (NYSE: RHA) --
http://www.rhodia.com/-- is a global specialty chemicals
company partnering with major players in the automotive,
electronics, pharmaceuticals, agrochemicals, consumer care,
tires, and paints and coatings markets.  Rhodia offers tailor-
made solutions combining original molecules and technologies to
respond to customers' needs.  Rhodia employs around 19,500
people worldwide.   Rhodia is listed on Euronext Paris and the
New York Stock Exchange.  The company has operations in Brazil.

                            *   *   *

As reported in the TCR-Europe on April 26, 2007, Fitch Ratings
affirmed Rhodia S.A.'s Issuer Default Rating at BB- and revised
the Outlook to Positive from Stable. Fitch has assigned Rhodia
SA's proposed issue of up to EUR595.125 million bonds
convertible and/or exchangeable for new and/or existing shares
an expected 'BB-' rating.

As reported in the TCR-Europe on April 23, 2007, Moody's
InvestorsService upgraded Rhodia S.A. corporate family rating to
Ba3 and assigned Probability-of-Default rating for the group at
Ba3; Moody's also upgraded senior secured notes at Rhodia S.A.
to B1 and assigned LGD assessment at LGD4 (69%).  The proposed
convertible notes are rated (P)B1, LGD4 (69%).

These ratings are affected:

   -- Corporate Family Ratings upgraded to Ba3;

   -- Probability-of-Default assigned at Ba3;

   -- Rhodia S.A. Senior Unsecured ratings upgraded to B1, LGD4
      (69%); and

   -- Rhodia S.A. Senior convertible notes rated (P)B1, LGD4
      (69%).

Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Rhodia to BB- from B+, and its long-
term debt rating on the group to B from B-.

At the same time, Standard & Poor's assigned its B senior
unsecured debt rating to Rhodia's proposed new bond, which will
be used for refinancing purposes.


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


AUCH & SZYMANSKI: Claims Registration Period Ends June 30
---------------------------------------------------------
Creditors of A + S Auch & Szymanski Bau GmbH have until June 30
to register their claims with court-appointed insolvency manager
Justus Schneidewind.

Creditors and other interested parties are encouraged to attend
the meeting at 11:30 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         First Floor
         Gerichtsplatz 2
         03046 Cottbus
         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:

         Justus Schneidewind
         Eisenhartstrasse 1
         14469 Potsdam
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against A + S Auch & Szymanski Bau GmbH on May 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         A + S Auch & Szymanski Bau GmbH
         Wilhelm-Klz-Strasse 32
         03046 Cottbus
         Germany


ABD DACHTECHNIK: Claims Registration Period Ends June 10
--------------------------------------------------------
Creditors of ABD Dachtechnik GmbH have until June 10 to register
their claims with court-appointed insolvency manager
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany
         Tel: 0221/95 14 46 - 20
         Fax: +4922195144690

The District Court of Cologne opened bankruptcy proceedings
against ABD Dachtechnik GmbH on May 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ABD Dachtechnik GmbH
         Attn: Petrus Antonius Jonker, Manager
         Lindenallee 43
         50968 Cologne
         Germany


ARG AUTOREPARATUR: Claims Registration Period Ends June 20
----------------------------------------------------------
Creditors of ARG Autoreparatur Gruppe Verwaltungsgesellschaft
mbH have until June 20 to register their claims with court-
appointed insolvency manager Klaus Wrede.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Hall D
         Insolvency Department
         Liebknechtstrasse 65-91
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Klaus Wrede
         Lennestrasse 10
         39112 Magdeburg
         Germany
         Tel: 0391/5973315
         Fax: 0391/5973333
         E-mail: k.wrede@kwp-magdeburg.com

The District Court of __ opened bankruptcy proceedings against
ARG Autoreparatur Gruppe Verwaltungsgesellschaft mbH on __.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ARG Autoreparatur Gruppe Verwaltungsgesellschaft mbH
         Attn: Thomas Mueller, Manager
         Kreuzberg 3
         39167 Irxleben
         Germany


ARNOLD LIEDTKE: Claims Registration Period Ends June 11
-------------------------------------------------------
Creditors of Arnold Liedtke GmbH have until June 11 to register
their claims with court-appointed insolvency manager
Max-Reinhard Winter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 2, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Pinneberg
         Hall 5
         First Floor
         Bahnhofstrasse 17
         25421 Pinneberg
         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. Max-Reinhard Winter
         Dockenhudener Strasse 20
         22587 Hamburg
         Germany

The District Court of Pinneberg opened bankruptcy proceedings
against Arnold Liedtke GmbH on May 3.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Arnold Liedtke GmbH
         Attn: Arnold Liedtke and Tobias Drave, Managers
         Heidehofweg 22
         25499 Tangstedt
         Germany


BAU & REKO: Claims Registration Period Ends June 8
--------------------------------------------------
Creditors of Bau & Reko GmbH have until June 8 to register their
claims with court-appointed insolvency manager
Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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 Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against Bau & Reko GmbH on May 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Bau & Reko GmbH
         Thomas Bumann, Manager
         Bergener Strasse 17 c
         18574 Garz
         Germany


BAVARIA-BROTZEIT: Claims Registration Period Ends June 22
---------------------------------------------------------
Creditors of Bavaria-Brotzeit-Service GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Christina Siegert.

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 her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 101
         Infanteriestr. 5
         80097 Munich
         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:

         Christina Siegert
         Oskar-von-Miller-Ring 34-36
         80333 Munich
         Germany
         Tel: 089-24440930
         Fax: 089-244409365

The District Court of Munich opened bankruptcy proceedings
against Bavaria-Brotzeit-Service GmbH on May 2.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Bavaria-Brotzeit-Service GmbH
         Ruhpoldinger Strasse 11
         81825 Munich
         Germany


BBG RUEGEN: Claims Registration Period Ends June 15
---------------------------------------------------
Creditors of BBG Ruegen GmbH & Co.KG have until June 15 to
register their claims with court-appointed insolvency manager
Christian Langhoff.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Stralsund
         Hall A 421
         Fourth Floor
         House A
         Frankendamm 17
         Stralsund
         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 Langhoff
         Carl-Heydemann-Ring 55
         18437 Stralsund
         Germany

The District Court of Stralsund opened bankruptcy proceedings
against BBG Ruegen GmbH & Co.KG on May 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         BBG Ruegen GmbH & Co.KG
         Attn: H. J. Albrecht, Manager
         Tilzower Weg 32
         19528 Bergen auf Ruegen
         Germany


BLOWMOTION GMBH: Claims Registration Period Ends June 28
--------------------------------------------------------
Creditors of Blowmotion GmbH & Co. KG have until June 28 to
register their claims with court-appointed insolvency manager
Ulrich Kaiser.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Aschaffenburg
         Meeting Hall 5.103
         First Floor
         Schlossplatz 5
         63739 Aschaffenburg
         Germany

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

The insolvency manager can be reached at:

         Ulrich Kaiser
         Theresienstr. 3
         63741 Aschaffenburg
         Germany
         Tel: 06021/428221
         Fax: 06021/428210

The District Court of Aschaffenburg opened bankruptcy
proceedings against Blowmotion GmbH & Co. KG on June 28.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Blowmotion GmbH & Co. KG
         Industrie Center Obernburg
         63784 Obernburg
         Germany


DEUTSCHE HYPOTHEKENBANK: Fitch Outlines Reasons for Junk Ratings
----------------------------------------------------------------
Fitch Ratings published that deteriorating loan-to-value ratios
and rising delinquencies supported its recent downgrade of
Deutsche Hypothekenbank (Actiengesellschaft), Hannover 1999-1.

In a performance update, Fitch outlines the deterioration of LTV
ratios across the pool and the rising delinquency rates as
percentage of the current balance (despite minor improvements in
absolute delinquencies).  A breakdown of the EUR2 million loss
allocations to date is provided (LTV, region, property type).
It also features the development of other performance indicators
since closing in 1999, e.g. low prepayment rates and increasing
foreclosures.  The report also explains in detail the analysis
for the downgrade of the junior notes (including the Recovery
Rating for Class B-2).  Expected losses are projected for
different rating scenarios, based on current arrears and
historical performance.

DHH is the most seasoned European CMBS rated by Fitch.  Its
unique features, the high arrears levels and the expected loss
on the rated notes (an event that has yet to happen) are
described in the report.

On May 8, 2007, Fitch downgraded Classes B-1 and B-2 to 'BB' and
'CCC' respectively from 'BBB-' and 'B'.  It also assigned a
Recovery Rating 'DR3'- the second in a European commercial
mortgage-backed securities transaction - to Class B-2.


DIAVOLO - OBJEKTTEAM: Claims Registration Period Ends May 29
------------------------------------------------------------
Creditors of DIAVOLO - Objektteam GmbH have until May 29 to
register their claims with court-appointed insolvency manager
Ulrich Pfeifer.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bayreuth
         Meeting Hall 520
         Ground Floor
         Friedrichstr. 18
         Bayreuth
         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 Pfeifer
         Feuerwache 5
         95445 Bayreuth
         Germany
         Tel: 0921/7877806
         Fax: 0921/78778077

The District Court of Bayreuth opened bankruptcy proceedings
against DIAVOLO - Objektteam GmbH on May 9.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DIAVOLO - Objektteam GmbH
         Attn: Marco Doerfler, Manager
         Klosterplatz 18-19
         02826 Goerlitz
         Germany


ELBE-AUTOMATEN: Claims Registration Period Ends June 27
-------------------------------------------------------
Creditors of Elbe-Automaten-Handels-GmbH have until June 27 to
register their claims with court-appointed insolvency manager
Ralf Sinz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 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 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:

         Dr. Ralf Sinz
         Zeughausstrasse 28-38
         50667 Cologne
         Germany
         Tel: 9 21 22 23
         Fax: +492219212221

The District Court of Cologne opened bankruptcy proceedings
against Elbe-Automaten-Handels-GmbH on April 26.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Elbe-Automaten-Handels-GmbH
         Attn: Alfred Josef Neu, Manager
         Emil-Hoffmann-Str. 55
         50996 Cologne
         Germany


ELRO INDUSTRIEELEKTRIK: Claims Registration Ends June 22
--------------------------------------------------------
Creditors of ELRO Industrieelektrik GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Dr. Joerg Nerlich.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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. Joerg Nerlich
         Aachener Str. 563-565
         50933 Cologne
         Germany

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

The Debtor can be reached at:

         ELRO Industrieelektrik GmbH
         Gartenstr. 3
         51379 Leverkusen
         Germany


ELT LADESYSTEM: Claims Registration Ends June 21
------------------------------------------------
Creditors of ELT Ladesystem Technik GmbH have until June 21 to
register their claims with court-appointed insolvency manager
Hans-Peter Valentiner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Gifhorn
         Hall 118
         Palace Garden 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:

         Hans-Peter Valentiner
         Bahnhofstrasse 30 A
         29221 Celle
         Germany
         Tel: 05141/28011
         Fax: 05141/24722

The District Court of Gifhorn opened bankruptcy proceedings
against ELT Ladesystem Technik GmbH on May 7.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         ELT Ladesystem Technik GmbH
         Attn: Hans-Werner Wohlert, Manager
         Sanddornweg 3
         31311 Uetze
         Germany


GERRESHEIMER ALPHA: Planned IPO Cues S&P's Positive Watch
---------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit ratings on Germany-based specialty packaging
supplier Gerresheimer Alpha GmbH and its fully owned subsidiary
Gerresheimer Holdings GmbH on CreditWatch with positive
implications.

This follows the group's announcement that it is considering an
IPO.

"A successful IPO could improve Gerresheimer's financial profile
if the proceeds are used for debt repayments, although it should
be noted that the group's current credit measures are weak for
the existing ratings," said Standard & Poor's credit analyst
Izabela Listowska.

Standard & Poor's will follow the developments of Gerresheimer's
IPO plans.  Any potential upgrade will depend on a successful
completion of an IPO, and its impact on the group's financial
profile.  In addition, Standard & Poor's will review the group's
business and financial strategies before resolving the
CreditWatch placement.

"The current ratings on Gerresheimer primarily reflect
Gerresheimer's highly leveraged financial profile, including
weak cash-flow-coverage ratios and high debt levels.  These
factors are mitigated by the group's leading positions in
largely consolidated and growing pharmaceuticals and life
science end markets, and good geographic diversification," added
Ms. Listowska.

The pharmaceuticals and life science market is characterized by
strong relationships and cooperation between suppliers and
customers that provide high barriers to entry -- a situation
that has positive implications for the ratings on Gerresheimer.


HACA SCHREINEREI: Claims Registration Ends June 20
--------------------------------------------------
Creditors of HaCa Schreinerei GmbH have until June 20 to
register their claims with court-appointed insolvency manager
Reinhard Buchholz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 15, 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 Ludwigshafen/Rhein
         Room XIII
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         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:

         Reinhard Buchholz
         Herzog-Otto-Str. 104 D
         67105 Schifferstadt
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against HaCa Schreinerei GmbH on May 2.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         HaCa Schreinerei GmbH
         Speyerer Str. 54
         67105 Schifferstadt
         Germany


HAFNER SERVICES: Claims Registration Ends June 29
-------------------------------------------------
Creditors of Hafner Services GmbH have until June 29 to register
their claims with court-appointed insolvency manager
Frank Wiedemann.

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

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Frank Wiedemann
         Eupener Str. 181
         52066 Aachen
         Germany
         Tel: 0241/6052800
         Fax: 0241/6052799

The District Court of Aachen opened bankruptcy proceedings
against Hafner Services GmbH on May 4.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Hafner Services GmbH
         Charlottenburger Allee 41
         52068 Aachen
         Germany


HAMBURGER BAUTRAGER: Claims Registration Ends June 12
-----------------------------------------------------
Creditors of Hamburger Bautrager und Immobilien GmbH have until
June 12 to register their claims with court-appointed insolvency
manager Dr. Gideon Boehm.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Reinbek
         Parkallee 6
         21465 Reinbek
         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. Gideon Boehm
         Bachstr. 85 a
         22083 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings
against Hamburger Bautrager und Immobilien GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hamburger Bautrager und Immobilien GmbH
         GF Olaf Dietzsch
         Hauptstrasse 92 a
         23619 Zarpen
         Germany


JAFRA COSMETICS: S&P Withdraws Low-B Ratings
--------------------------------------------
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.


JENO BAU: Claims Registration Ends June 28
------------------------------------------
Creditors of JeNo Bau-Betreuungs-Gesellschaft mbH have until
June 28 to register their claims with court-appointed insolvency
manager Dr. Juergen D. Spliedt.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 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 Cuxhaven
         Hall 112
         Old Building
         Deichstr. 12 A
         27472 Cuxhaven
         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. Juergen D. Spliedt
         Im kleinen Sande 1
         21640 Horneburg
         Germany
         Tel: 04163 811211
         Fax: 04163 811213

The District Court of Cuxhaven opened bankruptcy proceedings
against JeNo Bau-Betreuungs-Gesellschaft mbH on May 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         JeNo Bau-Betreuungs-Gesellschaft mbH
         Attn: Norbert Finke, Manager
         Schmidtkuhlsweg 9
         27607 Langen
         Germany


JUERGEN WARNHOLZ: Claims Registration Ends June 28
--------------------------------------------------
Creditors of Juergen Warnholz Bauunternehmung GmbH & Co. KG have
until June 28 to register their claims with court-appointed
insolvency manager Helmut Gattermann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neumuenster
         Area B 031
         Law Courts
         Boostedter Strasse 26
         Neumuenster
         Germany

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

The insolvency manager can be reached at:

         Helmut Gattermann
         Lehmweg 17
         20251 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Juergen Warnholz Bauunternehmung GmbH & Co. KG on
April 30.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Juergen Warnholz Bauunternehmung GmbH & Co. KG
         Attn: Juergen Warnholz, Manager
         Landweg 29
         25557 Hanerau-Hademarschen
         Germany


KUEPPER & MUELLER: Claims Registration Ends May 29
--------------------------------------------------
Creditors of Kuepper & Mueller Ingenieurgesellschaft mbH have
until May 29 to register their claims with court-appointed
insolvency manager Dr. Sabine Feuerborn.

Creditors and other interested parties are encouraged to attend
the meeting at 10:42 a.m. on June 28, 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 Cologne
         Meeting Hall 14
         Ground 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 Kuepper & Mueller Ingenieurgesellschaft mbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Kuepper & Mueller Ingenieurgesellschaft mbH
         Attn: Wolfram Feldmann and Dirk Mueller, Managers
         Rathausplatz 3
         51766 Engelskirchen
         Germany


M & M LOGISTICS: Claims Registration Ends June 15
-------------------------------------------------
Creditors of M & M Logistics GmbH have until June 15 to register
their claims with court-appointed insolvency manager Udo Feser.

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

The meeting of creditors will be held at:

         The District Court of Cottbus
         Hall 210
         Gerichtsplatz 2
         Cottbus
         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:

         Udo Feser
         Uhlandstrasse 165/166
         10719 Berlin
         Germany

The District Court of Cottbus opened bankruptcy proceedings
against M & M Logistics GmbH on May 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         M & M Logistics GmbH
         Spremberger Str. 141
         03119 Welzow
         Germany


MONREAL SCHMITZ: Claims Registration Ends June 21
-------------------------------------------------
Creditors of Monreal, Schmitz GmbH & Co. KG have until June 21
to register their claims with court-appointed insolvency manager
Michael Bremen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Duesseldorf
         Meeting Hall A 341
         Third Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Michael Bremen
         Sternstr. 58
         40479 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Monreal, Schmitz GmbH & Co. KG on May 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Monreal, Schmitz GmbH & Co. KG
         Schneisbroich 19
         40468 Duesseldorf
         Germany

         Attn: Hartmut Schubert, Manager
         Giessereistrasse 8
         39517 Tangerhuette
         Germany


NATUR&GUT GMBH: Creditors Must Register Claims by June 27
---------------------------------------------------------
Creditors of Natur&Gut GmbH & Co. KG have until June 27 to
register their claims with court-appointed insolvency manager
Andreas Ringstmeier.

Creditors and other interested parties are encouraged to attend
the meeting at 11:15 a.m. on July 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 Cologne
         Meeting Hall 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Andreas Ringstmeier
         Magnusstr. 13
         50672 Cologne
         Germany

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

The Debtor can be reached at:

         Natur&Gut GmbH & Co. KG
         Alfred-Nobel-Str. 9
         50259 Pulheim
         Germany

         Attn: Michael Golz, Manager
         Ostring 60
         50259 Pulheim
         Germany


NOVEMBER AG: Resolves Financial Restructuring Resolutions
---------------------------------------------------------
November AG has resolved at its annual shareholders' meeting on
May 22, 2007, all resolutions relating to its financial
restructuring.

As previously disclosed, in order to continue the financial
restructuring of november AG i.I., the annual shareholder's
meeting shall decide on the capital reduction in a simplified
procedure as compensation for losses and depreciations in assets
from EUR7,508,320 by EUR3,754,160 to EUR3,754,160 (at the rate
of two to one).

Furthermore, the shareholder's meeting shall for the necessary
financial restructuring decide on a capital increase against
contribution in kind with the exclusion of the shareholders'
subscription rights in return for the contribution of the
companies IBL Gesellschaft fuer Immunchemie und Immunbiologie
mbH and PROGEN Biotechnik GmbH into november AG i.I. by the
company Biomed Beteiligungsgesellschaft mbH and Dr. Claus
Mueller.

The contribution of both companies will presumably - among other
conditions - be subject to a final, legally binding resolution
of the shareholder's meeting on the said corporate action, the
exemption from the obligation to publish and make a mandatory
offer by the German Federal Financial Supervisory Authority
(Bundesanstalt fuer Finanzdienstleistungsaufsicht) according to
 37 Takeover Act  (WpUEG) and the successful termination of the
insolvency proceedings on the assets of november AG.  For this
purpose, it is intended to enter into a contribution contract
with Biomed Beteiligungsgesellschaft mbH and Dr. Claus Mueller
prior to the shareholder's meeting.

For purposes of the capital increase against contribution in
kind with the exclusion of the shareholders' subscription rights
and in consideration of the capital reduction, 10,287,356 new
notional non-par-value shares shall be issued at an issue price
of EUR1.74 per notional non-par-value share (arithmetically
EUR0.87 per share prior to the capital reduction).   Moreover,
the shareholder's meeting shall in consideration of the capital
reduction and the capital increase against contribution in kind
decide on a capital increase for cash by up to EUR7,020,758.00
with subscription rights for the shareholders.

Along with the exemption from the obligation to publish and make
a mandatory offer by the German Federal Financial Supervisory
Authority (Bundesanstalt fuer Finanzdienstleistungsaufsicht)
according to  37 Takeover Act (WpUEG), for which the
presentation of a final restructuring concept, approved by an
independent auditor is necessary, the further conditions
precedent of the contribution contract with Biomed
Beteiligungsgesellschaft mbH and Dr. Claus Mueller need to be
fulfilled, to legally binding proceed all measures.

The resolutions become legally binding, when raised objections
will be withdrawn and no legal actions will have been taken or
theses actions will not be successful.

Headquartered in Erlangen, Germany, november AG --
http://www.november.de/-- specializes in bio- and
nanotechnology.  It is engaged in the market and customer-
orientated transfer of product developments, as well as an
expansion of existing product and technology portfolios, through
cooperation agreements and financial stakes in other companies,
which return a high yield.

                            *   *   *

november AG filed for insolvency in September 2006.  The local
court of Fuerth opened insolvency proceedings against the
company in December 2006.

Volker Boehm was appointed insolvency administrator.


PANTERA LEDERMODE: Creditors Must Register Claims by June 22
------------------------------------------------------------
Creditors of Pantera Ledermode GmbH have until June 22 to
register their claims with court-appointed insolvency manager
Wolfgang Hohenadl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Augsburg
         Meeting Hall 162
         Alten 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:

         Wolfgang Hohenadl
         Froelichstr. 14
         86150 Augsburg
         Germany

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

The Debtor can be reached at:

         Pantera Ledermode GmbH
         Aindlinger Str. 3
         86167 Augsburg
         Germany


PETOTRANS SPEDITIONS: Creditors Must Register Claims by June 14
---------------------------------------------------------------
Creditors of Petotrans Speditions GmbH & Co. KG have until
June 14 to register their claims with court-appointed insolvency
manager Karsten Foerster.

Creditors and other interested parties are encouraged to attend
the meeting at 1:00 p.m. on July 16, 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 Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Karsten Foerster
         Otto von Guerike Strasse 5
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Petotrans Speditions GmbH & Co. KG on May 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Petotrans Speditions GmbH & Co. KG
         Rowaer Weg 11
         17094 Bargensdorf
         Germany


R & H RAUM: Creditors Must Register Claims by June 5
----------------------------------------------------
Creditors of R & H Raum- & Hausservice GmbH have until June 5 to
register their claims with court-appointed insolvency manager
Harald Busshardt.

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 Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Harald Busshardt
         Boltenhagener Platz 9
         01109 Dresden
         Germany
         Web site: http://www.schubra.de/

The District Court of Dresden opened bankruptcy proceedings
against R & H Raum- & Hausservice GmbH on May 3.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         R & H Raum- & Hausservice GmbH
         Heimkehr 22
         01169 Dresden
         Germany


R & R MOTOBOX: Creditors Must Register Claims by June 12
--------------------------------------------------------
Creditors of R & R Motobox GmbH Zweiradtechnik have until
June 12 to register their claims with court-appointed insolvency
manager Olaf Boerner.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 6, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kassel
         Hall 234
         Friedrichsstrasse 32-34
         34117 Kassel
         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:

         Olaf Boerner
         Brueder-Grimm-Platz 4
         D 34117 Kassel
         Germany
         Tel: 0561/71200-25
         Fax: 0561/71200-69
         E-mail: boerner@branomo.de

The District Court of Kassel opened bankruptcy proceedings
against R & R Motobox GmbH Zweiradtechnik on April 19.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         R & R Motobox GmbH Zweiradtechnik
         Leipziger Str. 349 - 351
         34123 Kassel
         Germany


REMA MALER: Claims Registration Period Ends June 25
---------------------------------------------------
Creditors of REMA Maler GmbH have until June 25 to register
their claims with court-appointed insolvency manager
Ulrich Zerrath.

Creditors and other interested parties are encouraged to attend
the meeting at 8:30 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ulrich Zerrath
         Lange Wanne 57
         45665 Recklinghausen
         Germany

The District Court of Bochum opened bankruptcy proceedings
against REMA Maler GmbH on May 4.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         REMA Maler GmbH
         Attn: Detlef Nentwich, Manager
         Bochumer Str. 219
         45661 Recklinghausen
         Germany


RHEINLAND GASTRONOMIE: Claims Registration Period Ends July 9
-------------------------------------------------------------
Creditors of Rheinland Gastronomie GmbH have until July 9 to
register their claims with court-appointed insolvency manager
Karl-Dieter Sommerfeld.

Creditors and other interested parties are encouraged to attend
the meeting at 10:05 a.m. on June 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 Bonn
         Room W 1.25
         Ground Floor
         William-Strasse 23
         53111 Bonn
         Germany

The Court will also verify the claims set out in the insolvency
manager's report 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:

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

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

The Debtor can be reached at:

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


RODA BAU: Claims Registration Period Ends June 18
-------------------------------------------------
Creditors of roda bau GmbH have until June 18 to register their
claims with court-appointed insolvency manager Joerg Riedemann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         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:

         Joerg Riedemann
         Muehlweg 47
         D 06114 Halle
         Germany
         Tel: 0345/293900
         Fax: 0345/2939029

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against roda bau GmbH on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         roda bau GmbH
         Attn: Hartmut Sassowsky, Manager
         Memlebener Str. 14
         06642 Wohlmirstedt
         Germany


STABILITY CMBS: Moody's Rates EUR28.2 Mln Class E Notes at Ba3
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to
the Notes issued by Stability CMBS 2007-1 GmbH:

   -- Aaa to the EUR500,000 Class A+ Floating Rate Credit Linked
      Notes due May 2022;

   -- Aaa to the EUR31.8 million Class A Floating Rate Credit
      Linked Notes due May 2022;

   -- Aa2 to the EUR46.4 million Class B Floating Rate Credit
      Linked Notes due May 2022;

   -- A2 to the EUR30.5 million Class C Floating Rate Credit
      Linked Notes due May 2022;

   -- Baa2 to the EUR30.4 million Class D Floating Rate Credit
      Linked Notes due May 2022; and

   -- Ba3 to the EUR28.2 million Class E Floating Rate Credit
      Linked Notes due May 2022.

In addition, Moody's has assigned a definitive rating of Aaa to
the EUR726.8 million senior credit default swap between
Kreditanstalt fuer Wiederaufbau and the senior credit default
swap counterparty in connection with the Notes issued by
Stability 2007-1.

Moody's assigned provisional ratings to the Notes and the senior
credit default swap on March 19, 2007.

Moody's has not assigned a rating to the Class F Floating Rate
Credit Linked Notes of Stability 2007-1.

In this transaction, IKB Deutsche Industriebank
Aktiengesellschaft transfers the credit risk on 218 commercial
mortgage loans, which were granted to 91 borrower groups and are
secured on aggregate by 119 properties located in Europe.  The
reference portfolio has a total volume of EUR909 million.  The
top borrower group exposure accounts for 11 percent and the top
three borrower groups for 23 percent.  Based on borrower groups,
the loan herfindal index is 32.

Based on loan amounts the major property types are office
buildings (53 percent) followed by mixed used properties (20
percent) and retail properties (14 percent).  90 percent of the
properties are located in Germany with the remaining 10 percent
being equally distributed across Austria, UK, Luxembourg, the
Netherlands and Switzerland.  The property regional distribution
within Germany is dominated by the federal states of North
Rhine-Westphalia (28 percent), Hesse (24 percent) and Berlin (10
percent).

The structure is sponsored by KfW, which provides credit
protection for the reference portfolio.  KfW in turn hedges its
exposure through a senior credit default swap and the issuance
of certificates of indebtedness to Stability 2007-1.  Stability
2007-1 in return finances the acquisition of the certificates
through the issuance of credit-linked Notes to investors.

The loans were originated by IKB in the course of its ordinary
commercial mortgage loan activity.  The loans are serviced by
IKB.  Based on originator's data, the portfolio has a weighted
average loan-to-value of about 66 percent and an average
seasoning of about four years.  Further favorable portfolio
characteristics include the good diversification of the
reference pool in respect of location, property type and
borrowers, the relatively small portion of third party prior and
equal ranking claims and the high ratio of third-party
valuations available.

Less favorable aspects include, compared to other CMBS
transactions, the limited information available on the
historical performance of IKB's commercial real estate portfolio
in particular, the limited information available on the granular
portion of the portfolio in general, the borrower concentration
with respect to the largest exposures and the foreign exchange
risk in combination with an unfavorable reset mechanism.
Moody's visited approximately 14 percent of all properties by
underwriter value.  On average Moody's has assigned a property
attractiveness grade of 2.6 to the properties.

In this transaction, the credit definition includes bankruptcy
and failure to pay.  The loss definition includes principal,
accrued interest and external enforcement costs.  Losses will be
allocated in a reverse sequential order: first to the Class F
Notes, second to the Class E Notes and last pro rata and pari
passu to the Class A+ Notes and the senior credit default swap.
The Notes will amortize sequentially, starting with the Class A+
Notes which rank pro-rata with the senior credit default swap.
The portfolio is replenishable up to a maximum amount of EUR300
million and provides IKB as originator some flexibility in terms
of assigning new reference claims to the transaction in
accordance with the replenishment criteria.  The legal final
maturity of the transaction is in 2022.

The ratings address the expected loss posed to investors by the
legal final maturity of the Notes.  In Moody's opinion, the
structure allows for timely payment of interest and ultimate
payment of principal at par on or before the rated final legal
maturity date.


STEELWAYS GMBH: Claims Registration Period Ends June 25
-------------------------------------------------------
Creditors of STEELWAYS GmbH have until June 25 to register their
claims with court-appointed insolvency manager Ruediger Werres.

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

The meeting of creditors will be held at:

         The District Court of 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. Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany
         Tel: 0221/95 14 46 - 20
         Fax: +4922195144690

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

The Debtor can be reached at:

         STEELWAYS GmbH
         Herrenhoehe 8
         51515 Kuerten
         Germany

         Attn: Axel Richelshagen, Manager
         Peter Str. 11
         51688 Wipperfuerth
         Germany


TIEDT TISCHLEREI: Claims Registration Period Ends June 11
---------------------------------------------------------
Creditors of Tiedt Tischlerei GmbH have until June 11 to
register their claims with court-appointed insolvency manager
Torsten Goettlich.

Creditors and other interested parties are encouraged to attend
the meeting at 1:20 p.m. on July 9, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Neubrandenburg
         Hall 1
         Fr.-Engels-Ring 15-18
         Neubrandenburg
         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:

         Torsten Goettlich
         Suedbahnstrasse 1
         17033 Neubrandenburg
         Germany

The District Court of Neubrandenburg opened bankruptcy
proceedings against Tiedt Tischlerei GmbH on May 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Tiedt Tischlerei GmbH
         Weidenweg 6
         17235 Neustrelitz
         Germany


TIES-M GMBH: Claims Registration Period Ends June 21
----------------------------------------------------
Creditors of TIES-M GmbH have until June 21 to register their
claims with court-appointed insolvency manager Rdiger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Leipzig
         Hall 035
         Ground Floor
         Enforcement Court
         Bernhard Goering Strasse 64
         04275 Leipzig
         Germany

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Wasastr. 15
         01219 Dresden
         Germany
         Tel: 0351340850
         Fax: 0351340855

The District Court of Leipzig opened bankruptcy proceedings
against TIES-M GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         TIES-M GmbH
         Attn: Cornelis Benadus Johannes Pauwel, Manager
         Reudnitzer Str. 13
         04103 Leipzig
         Germany


VERUCON- PRODUCTION: Claims Registration Period Ends June 14
------------------------------------------------------------
Creditors of VERUCON- Production-Systems GmbH have until June 14
to register their claims with court-appointed insolvency manager
Bernward Widera.

Creditors and other interested parties are encouraged to attend
the meeting at 8:45 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 Chemnitz
         Hall 28
         Fuerstenstrasse 21
         Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Bernward Widera
         Buettenstrasse 4
         08058 Zwickau
         Germany
         Tel: (03 75) 81 89 20
         Fax: (03 75) 818 92 14
         E-mail: widera@zwickau-net.de

The District Court of Chemnitz opened bankruptcy proceedings
against VERUCON- Production-Systems GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         VERUCON- Production-Systems GmbH
         Attn: Lutz Kuechler, Manager
         Fabrikgelaende 5 a
         08427 Fraureuth
         Germany


W & V ZAHNTECHNIK: Claims Registration Period Ends June 15
----------------------------------------------------------
Creditors of W & V Zahntechnik GmbH have until June 15 to
register their claims with court-appointed insolvency manager
Arne Brumm.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 10, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Breiter Weg 203 - 206
         39110 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Arne Brumm
         Koenigstrasse 17
         39116 Magdeburg
         Germany
         Tel: 0391/ 5971240
         Fax: 0391/ 5971241

The District Court of Magdeburg opened bankruptcy proceedings
against W & V Zahntechnik GmbH on May 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         W & V Zahntechnik GmbH
         Halberstaedter Strasse 39
         06484 Quedlinburg

         Attn: Holger Wultschnig, Manager
         Wehlstr. 17
         29221 Celle
         Germany


WEIHER & WAESCH: Claims Registration Period Ends June 20
--------------------------------------------------------
Creditors of Autohaus Weiher & Waesch GmbH have until June 20 to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstr. 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Autohaus Weiher & Waesch GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Autohaus Weiher & Waesch GmbH
         Krokusstr. 14
         16321 Bernau
         Germany


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

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 a.m. on July 9, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Passau
         Meeting Room 12a
         Schustergasse 4
         Passau
         Germany

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

The insolvency manager can be reached at:

         Dr. Klaus Reischl
         Residenzpl. 10
         94032 Passau
         Germany
         Tel: 0851/9890589
         Fax: 0851/9890599

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

The Debtor can be reached at:

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


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


YIOULA GLASSWORKS: Liquidity Concerns Prompt S&P's NegativeWatch
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings, including
the 'B+' long-term corporate credit rating, on Greece-based
glass container manufacturer Yioula Glassworks S.A. on
CreditWatch with negative implications.

"The CreditWatch placement reflects our concerns about Yioula's
diminishing liquidity and the group's continuously weak credit
measures," said Standard & Poor's credit analyst Izabela
Listowska.  "We expect liquidity to be negatively affected by
weaker-than-anticipated cash flow generation and the forthcoming
modest debt amortization requirements."

Yioula's earnings and cash flows have been adversely affected by
high natural gas prices that could not be recovered,
restructuring costs, and delays in the earnings contribution
from the Ukrainian companies Biomedsklo and Bucha, acquired in
December 2005 and March 2006, respectively.  These factors,
together with high capital expenditure requirements inherent in
the glass container market, have materially reduced the group's
cash flows and absorbed a greater-than-expected level of
available liquidity.  Furthermore, the group's high capital
expenditures over the next quarters, in particular related to
restructuring in the Ukrainian operations, will put pressure on
cash flows, delaying the improvement in free operating cash
flow.

Following the debt-financed acquisitions of Biomedsklo and
Bucha, as well as restructuring capital expenditures, only
partially covered by operating cash flows, Yioula's capital
structure is highly leveraged, with adjusted debt of about
EUR250 million at Dec. 31, 2006.  Funds from operations to
adjusted debt deteriorated to 8.9%, and adjusted debt to EBITDA
to 5.5x in
2006, compared with 13.8% and 5.2x, respectively, in 2005.

"Resolution of the CreditWatch will depend on the company's
ability to build liquidity to meet the forthcoming obligations,
as well as to achieve credit measures in line with the ratings,"
said Ms. Listowska.  "Failure to improve its liquidity position
or credit measures will likely result in a downgrade."


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


ALITALIA SPA: Cancels 394 Flights Due to Cabin Crew Strike
----------------------------------------------------------
Alitalia S.p.A. cancelled 394 local and international flights
from 10:00 a.m. to 6:00 p.m. on May 22, 2007, due to an
industrial action launched by its air-traffic controllers and
flight attendants, The Associated Press reports.

According to AP, the flight attendants launched the strike to
keep the pressure on Alitalia over contract negotiations.  The
flight attendants have been demanding that Alitalia follow the
rules regulating the number of crew members and hours of rest
between flights.

The strike also affected other carriers including Deutsche
Lufthansa AG and OAO Aeroflot, AP relates.  Thousands of
passengers were stranded due to the strike.

Alitalia executives met with Civil Aviation Authority officials
to discuss the strikes.  The authority, however, ruled that the
strikes didn't violate flight-safety rules.

Alitalia, 39.9% of which is being sold by the Italian
government, had been loss-making for the past years and had
attributed its near-demise to strikes, competition from low-cost
carriers and high fuel costs.

                         About Alitalia

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

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


MAGISTE SPA: Settles EUR202 Million Debt with Popolare Italiana
---------------------------------------------------------------
A new deal with Italian cooperative bank Banca Popolare Italiana
S.c.r.l. will allow bankrupt real estate group Magiste S.p.A. to
settle around EUR202 million in debts, The Financial Times
reports, citing La Stampa as its source.

The TCR-Europe previously reported that Magiste S.p.A. filed for
protection from its creditors at the Bankruptcy Court of Rome on
June 15, 2006.  Prosecutors are pursuing over EUR95 million in
unpaid taxes from Magiste and believe that the company has
around EUR200 million in financial deficit.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana S.c.r.l.
-- http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                         About Magiste

Headquartered in Rome, Italy, Magiste S.p.A. --
http://www.magiste.re.it/-- is a real estate group owning a 15%
stake in RCS MediaGroup S.p.A.  The group pledged the stake as
collateral for a EUR700 million loan from Banca Popolare
Italiana S.p.A.  Magiste's inability to repay the loan forced it
to present a debt arrangement proposal to Popolare Italiana.
BPI had decided to enforce the pledges through the sale of the
RCS shares.


MICRON TECHNOLOGY: S&P Holds BB- Rating on US$1.1 Billion Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its BB-/Stable/--
corporate credit rating on Boise, Idaho-based Micron Technology
Inc.  At the same time, Standard & Poor's assigned its 'BB-'
rating to the company's US$1.1 billion convertible senior notes
due 2014.

"Our ratings on Micron reflect the challenges of supplying
capital- and technology-intensive products in an environment of
severe price pressures and aggressive competition, tempered by
the company's moderate financial policies, good industry
position, and improving business diversity," said Standard &
Poor's credit analyst Bruce Hyman.  Micron has diversified its
business away from the commodity dynamic random access memory
industry, used in PCs.  Micron also supplies specialty DRAMs for
servers, networking, and wireless applications; NAND flash
memories for music players through a joint venture with Intel
Corp.; and is the leading supplier of complementary metal-oxide
semiconductor image sensors for phones.

Micron is the No. 5 DRAM supplier, having substantially reduced
its exposure to the commodity market.  About 20%-25% of wafers
entering production are for imaging, a similar amount are
specialty DRAM, 15%-20% NAND, and about 40% commodity PC DRAM;
the percentages vary seasonally.  PC DRAMs had been 75% of wafer
starts in the November 2004 quarter.  Micron's 51%-owned joint
venture with Intel Corp., IM Flash Technologies LLC, will supply
a significant portion of Apple Computer Corp.'s iPod memory
needs, in addition to merchant market sales.  NAND output is
rising sharply as a Utah plant comes on line this year, followed
by a Singapore plant in 2008.  Micron has the leading 38% share
of CMOS-based image sensors for phones, cameras, webcams, and
other consumer, security, and automotive applications.

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


PARMALAT SPA: Sells Spanish Units for EUR188 Million
----------------------------------------------------
Parmalat S.p.A. has agreed to sell its Spanish units to Grupo
Nueva Rumasa's Lacteos Siglo XXI for EUR188 million, various
reports say.

According to Thomson Financial, Parmalat is disposing its
Parmalat Espana and Compania Agricola y Forestal units, which
generated over EUR185 million in revenues for the food concern.

The deal will become final once approved by Spain's antitrust
regulator, The Associated Press reports.  The approval could
take up to three months.

Mediobanca acted as financial advisor while Studio Gilberti
Pappalettera Trisccornia e Associati served as legal advisor for
the sale.

                         About Parmalat

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

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

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

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

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

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


PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets
-------------------------------------------------------
Parmalat S.p.A. disclosed that on May 10, 2007, its Boschi Luigi
& Figli S.p.A. unit, acting pursuant to existing agreements,
completed the sale of its Portuguese units Industria da
TransformaĜao de Productos Alimentares S.A. and Fomento da
Industria do Tomate S.A. to Holding de Industria Transformadora
do Tomate, Sgps SA.

Concurrently with the sale, Boschi Luigi & Figli S.p.A.
collected the first installment of the sales price, amounting to
EUR4,936,850.

Net consolidated revenues in 2006 for Italagro amount
approximately to EUR19,000,000, while the net consolidated
revenues in 2006 for FIT amount approximately to EUR15,000,000.
The two companies operate in the production, transformation and
manufacturing of tomato-based products.

Italagro and Fit are not consolidated in the financial
statements of Parmalat because the investments in these
companies are classified as available-for-sale assets.

                         About Parmalat

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

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

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

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

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

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

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


POPOLARE ITALIANA: New Deal to Help Magiste Pay EUR202 Mln Debt
---------------------------------------------------------------
A new deal with Italian cooperative bank Banca Popolare Italiana
S.c.r.l. will allow bankrupt real estate group Magiste S.p.A. to
settle around EUR202 million in debts, The Financial Times
reports, citing La Stampa as its source.

The TCR-Europe previously reported that Magiste S.p.A. filed for
protection from its creditors at the Bankruptcy Court of Rome on
June 15, 2006.  Prosecutors are pursuing over EUR95 million in
unpaid taxes from Magiste and believe that the company has
around EUR200 million in financial deficit.

                         About Magiste

Headquartered in Rome, Italy, Magiste S.p.A. --
http://www.magiste.re.it/-- is real estate group owning 15%
stake in RCS MediaGroup S.p.A.  The group pledged the stake as
collateral for a EUR700 million loan from Banca Popolare
Italiana S.p.A.  Magiste's inability to repay the loan forced it
to present a debt arrangement proposal to Popolare Italiana.
BPI had decided to enforce the pledges through the sale of the
RCS shares.

                  About Banca Popolare Italiana

Headquartered in Lodi, Italy, Banca Popolare Italiana S.c.r.l.
-- http://www.bancapopolareitaliana.it/-- attracts deposits and
offers commercial banking services.  The Bank offers securities
brokerage, asset management, mortgage loans, insurance, lease
financing and treasury services and manages mutual funds.
Through a subsidiary, Banca Popolare Italiana offers merchant
banking services and medium- and long-term lending.

                           *    *    *

As of Feb. 23, 2007, BPI carries Moody's Investors Service's D
financial strength rating, Ba2 junior subordinated debt rating,
and Ba2 preferred stock and Tier III debt ratings.

At the same time, BPI also carries Fitch's C financial strength
rating, BB+ junior subordinated debt rating, and BB+ preferred
stock rating.


TISCALI SPA: May Bid For Pipex' Broadband & Voice Service Unit
--------------------------------------------------------------
Tiscali S.p.A. clarified on May 18, 2007, that its current
interest in Pipex Communications Plc is only in the broadband
and voice services division.

Tiscali also stated that discussions are at a preliminary stage
and may or may not lead to a transaction for the division.

The company's clarification follows Bloomberg News' report
citing Tiscali's CFO Massimo Cristofori's statement that Tiscali
is considering a bid for Pipex.

According to Chiara Remondini and Elena Distaso of Bloomberg,
London-based Pipex put itself up for sale in March after 2006
losses widened to GBP17.7 million.  The company had 570,000
high-speed Internet customers at the end of 2006.

Tiscali on May 11, 2007, disclosed that it targets 2.5 million
broadband customers by the end of 2007.

                        About Tiscali

Headquartered in Cagliari, Italy, Tiscali S.p.A. --
http://www.tiscali.com/-- offers Internet access in the
country.  The group also operates in other European countries,
serving more than seven million subscribers, of which over 1.5
million are broadband users.  It has sold non-core assets to
raise money to cover a EUR250 million bond that matured in July.
Former chairman and founder Renato Soru owns almost 30% of the
company.

As reported in the TCR-Europe on March 22, 2007, the company
registered EUR136.16 million in net losses on EUR678.48 million
in net revenues for the full year ended Dec. 31, 2006, compared
with EUR12.81 million net losses on EUR530.85 billion in
revenues for full year 2005.

As of Dec. 31, 2006, Tiscali had EUR1.23 billion in total
assets, EUR960 million in total liabilities and EUR270 million
in total shareholders' equity.

As reported in the TCR-Europe on Oct. 13, 2006, Tiscali's Board
of Directors approved a three-year plan for 2007-2010, which
calls for the concentration of its core business in Italy and in
the United Kingdom.

                            *   *   *

In a TCR-Europe report on Dec. 1, 2006, Fitch Ratings placed
Italy-based Tiscali S.p.A.'s Issuer Default rating of CCC on
Rating Watch Positive.

Upon receipt of EUR255 million in proceeds from the sale of its
Tiscali Netherlands subsidiary, the agency anticipates that the
Rating watch will be resolved and the IDR will be upgraded to B-
from CCC.  At the same time, the agency has affirmed the Short-
term rating at C and simultaneously withdrawn it.


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


ASOL LLP: Creditors Must File Claims by June 8
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Asol insolvent.

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


ASTANA-SERVICE LLP: Creditors' Claims Due June 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Astana-Service insolvent.

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

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


CLASS-I LLP: Claims Registration Ends June 22
---------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Class-I insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Borodin Str. 144-88
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 54-60-83


COMSERVICE LTD: Claims Filing Period Ends June 22
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Company Comservice Ltd insolvent March 26.

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

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


KAISAR JSC: Proof of Claim Deadline Slated for July 3
-----------------------------------------------------
JSC Kaisar Asset Management has declared insolvency.  Creditors
have until July 3 to submit written proofs of claim to:

         JSC Kaisar Asset Management
         Karasai batyr Str. 69-59
         Maulenov Str. 85
         Almaty
         Kazakhstan
         Tel: 8 (3272) 72-94-35
              8 701 740 92-40


KOSTANAI ZERNO: Creditors Must File Claims by June 22
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Kostanai Zerno 2004 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Kostanai
         Borodin Str. 144-88
         Kostanai
         Kazakhstan
         Tel: 8 (3142) 54-60-83


STANI LLP: Claims Registration Ends June 19
-------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Trade House Stani insolvent.

Creditors have until June 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (235) 4-01-07
                      6-03-83


TEPLOCOMMUNENERGO LLP: Claims Registration Ends June 19
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region has declared LLP Heat Communal Energo Teplocommunenergo
insolvent.

Creditors have until June 19 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (235) 4-01-07
                      6-03-83


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


NXP B.V.: High Leverage Prompts S&P's Negative Outlook
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Netherland-based semiconductor manufacturer NXP B.V. to negative
from stable.

At the same time, the 'BB' long-term corporate credit rating,
'BB+' senior secured and 'BBB-' secured bank loan ratings, and
the '1' recovery ratings were affirmed.  The '1' recovery rating
indicates S&P's expectation of full recovery of principal for
senior secured lenders in the case of payment default.  The 'B+'
senior unsecured rating was also affirmed.

At March 31, 2007, NXP had debt of EUR4.4 billion.

"The outlook revision reflects NXP's high financial leverage, as
the company's weaker-than-expected operating performance has
affected profitability," said Standard & Poor's credit analyst
Patrice Cochelin.

NXP's EBITDA in first quarter 2007 was EUR85 million, down from
EUR173 million in first quarter 2006; revenues declined by 2.7%
(on a comparable basis, at constant currencies, and year-on-
year) in first quarter 2007, and restructuring costs increased
by EUR19 million.  As a result, debt represented about 5x EBITDA
in the 12 months ended March 31, 2007, after adjusting for
operating leases (EUR65 million) and postretirement benefit
obligations (EUR165 million).

S&P is concerned that the company's leverage may exceed its
maximum 4x three-year average target for a 'BB' rating, although
S&P expects EBITDA to benefit from reduced disentanglement and
restructuring costs in the coming quarters.

"The negative outlook recognizes the possibility of a one-notch
rating downgrade if the company's financial performance does not
show gradual improvements in the balance of 2007, as that would
question our assumption that the company can maintain leverage
at or below 4x over a three-year cycle," said Mr. Cochelin.

While small-sized acquisitions are likely to be accommodated in
the current rating, medium-sized ones, if executed in the near
term, could reduce the company's liquidity or increase its
leverage, which could add to ratings pressure.  On the other
hand, the outlook could return to stable after several quarters
of demonstrated profitability improvements.


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


PARMALAT SPA: Boschi Luigi Unit Sells Portuguese Assets
-------------------------------------------------------
Parmalat S.p.A. disclosed that on May 10, 2007, its Boschi Luigi
& Figli S.p.A. unit, acting pursuant to existing agreements,
completed the sale of its Portuguese units Industria da
TransformaĜao de Productos Alimentares S.A. and Fomento da
Industria do Tomate S.A. to Holding de Industria Transformadora
do Tomate, Sgps SA.

Concurrently with the sale, Boschi Luigi & Figli S.p.A.
collected the first installment of the sales price, amounting to
EUR4,936,850.

Net consolidated revenues in 2006 for Italagro amount
approximately to EUR19,000,000, while the net consolidated
revenues in 2006 for FIT amount approximately to EUR15,000,000.
The two companies operate in the production, transformation and
manufacturing of tomato-based products.

Italagro and Fit are not consolidated in the financial
statements of Parmalat because the investments in these
companies are classified as available-for-sale assets.

                         About Parmalat

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

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

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

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

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

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

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


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


EAR-S LLC: Chelyabinsk Bankruptcy Hearing Slated for Aug. 28
------------------------------------------------------------
The Arbitration Court of Chelyabinsk will convene on Aug. 28 to
hear the bankruptcy supervision procedure on LLC Ear-S.  The
case is docketed under Case No. A76-2066/2007-34-45.

The Temporary Insolvency Manager is:

         A. Alekseev
         Lenina Pr. 19-45
         454007 Chelyabinsk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Ear-S
         Pochtovyj Per. 3
         Snezhnyj
         Kartalinskiy
         457384 Chelyabinsk
         Russia


GRAIN-PRODUCT CJSC: Bankruptcy Hearing Slated for Aug. 14
---------------------------------------------------------
The Arbitration Court of Tula will convene at 10:00 a.m. on
Aug. 14 to hear the bankruptcy supervision procedure on CJSC
Grain-Product.  The case is docketed under Case No. A68-1287/07-
52B.

The Insolvency Manager is:

         N. Kazenova
         Moskovskaya Zastava Str. 1
         Efremov
         301840 Tula
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Grain-Product
         Moskovskaya Zastava Str. 1
         Efremov
         301840 Tula
         Russia


ISTOK OJSC: Court Starts External Management Bankruptcy
-------------------------------------------------------
The Arbitration Court of Novgorod commenced external management
bankruptcy procedure on OJSC Istok.  The case is docketed under
Case No. A 44-2554/2006-15k.

The External Insolvency Manager is:

         A. Kulikov
         3rd Floor
         Novinskiy Avenue 11
         121099 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Novgorod
         Mikhaylova Str. 25
         Velikiy Novgorod
         Russia

The Debtor can be reached at:

         OJSC Istok
         B. Sankt-Peterburgskaya Str. 107
         173008 Velikiy Novgorod
         Russia


ISTRINSKAYA CJSC: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of CJSC Agricultural Company Istrinskaya have until
June 5 to submit proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-18726/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Agricultural Company Istrinskaya
         Krivtsovo
         Dolnechnogorskiy
         Moscow
         Russia


MIASSKIY MEAT-PACKING: Court Names K. Zvonkov to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Chelyabinsk appointed K. Zvonkov as
Insolvency Manager for OJSC Miasskiy Meat-Packing Factory.  He
can be reached at:

         K. Zvonkov
         Post User Box 31
         Chebarkul
         456440 Chelyabinsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A76-16698/2005-60-105.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Miasskiy Meat-Packing Factory
         Gorkogo Str. 27
         Orel
         Chelyabinsk
         Russia


NOMOS-BANK: Defers IPO to Create Banking Firm with PPF Group
------------------------------------------------------------
Nomos-Bank postponed its planned initial public offering,
initially scheduled before 2008, to set up a banking group with
PPF Group N.V., RIA Novosti reports.

Nomos and PPF have signed a memorandum of understanding aimed at
creating one of Russia's largest banking groups, RIA Novosti
relates.  The firms will create a holding group jointly owned by
Nomos-Bank and PPF unit Home Credit & Finance Bank.

The firms are expected to sign a strategic partnership agreement
in the fourth quarter of 2007 after receiving approval from
relevant authorities.

                         About PPF Group

Headquartered in Prague, Czech Republic, PPF Group N.V. provides
retail financial services, primarily insurance, and consumer
loans. PPF manages assets worth more than CZK220 billion. In
addition to the Czech Republic, the group is also active in
Slovakia, the Russian Federation, Kazakhstan and a number of
other countries through its member companies.

                         About Nomos-Bank

Headquartered in Moscow, Russia, Nomos-Bank --
http://ib.nomos.ru/-- provides a range of corporate and retail
banking services and engages in securities and foreign exchange
trading, trade and export credit agency finance, precious metals
operations, investment banking and leasing.

As at July 31, 2006, Nomos-Bank had RUR87.91 billion in total
assets, RUR80.45 billion in total liabilities and RUR7.46
billion in shareholder equity.

                            *   *   *

In a TCR-Europe report on Jan. 24, 2007, Fitch Ratings has
affirmed Russia's Nomos Bank's ratings at Issuer Default 'B+',
Short-term 'B', Individual 'D', Support '5' and National Long-
term 'A-'.  The Outlooks for the Issuer Default and National
Long-term ratings are Stable.

Also Fitch has assigned expected ratings of Recovery 'RR4' and
Long-term 'B+' to Nomos' upcoming eurobond.

Nomos carries a Ba3 Corporate Family Rating and D- Bank
Financial Strength Rating from Moody's.  Nomos-Bank's US$150-
million 10-year subordinated eurobonds also carry a Ba1 rating
from Moody's.


OGK-5 JSC: Enel S.p.A. Wants Blocking Stake in Energy Firm
----------------------------------------------------------
Italy's Enel S.p.A. reiterated its interest in JSC OGK-5 and JSC
OGK-4, Interfax News reports citing Enel Business Development
Unit Director Andrea Brentan.

In a TCR-Europe report on May 2, 2007, Ms. Brentan confirmed
possible investments in the wholesale generating firms.  Enel
CEO Fulvio Conti told Interfax in September 2006 that the
Italian firm is interested in acquiring a blocking stake in
OGK-5.

The TCR-Europe reported on April 27 that Enel would participate
in the June 6 auction of RAO UES' 25.03% stake in OGK-5 JSC.
Gazprom and KES Holding are also interested in the OGK-5
auction.  RAO will keep a controlling stake in OGK-5 with its
50% holding.  Interested parties have until May 28, 2007, to
submit their bids.

Mr. Conti told Interfax that Enel has allotted a EUR4 billion
investment in Russia -- part of which was spent in acquiring a
20% stake in Gazprom Neft and 21 of OAO Yukos Oil Co.'s
bankruptcy assets including OAO Arcticgaz and ZAO Urengoil.

"This lot was of interest to us from the point of view of gas
production assets," Ms. Brentan told Interfax News.  "Their
presence is a major advantage for any company, including
generating companies."

                         About Enel SpA

Enel S.p.A. is Italy's largest power company, and Europe's third
largest listed utility by market capitalization.  Listed on the
Milan and New York stock exchanges since 1999, Enel has the
largest number of shareholders of any European company, at
some 2.3 million.  It has a market capitalization of about
EUR50 billion at current prices.

                           About OGK-5

Headquartered in Ekaterinburg, Russia, OAO OGK-5 --
http://www.ogk-5.com/-- generates electricity and heat energy.
The Company owns and operates four power plants: Konakovskaya
GRES, Nevinnomysskaya GRES, Reftinskaya GRES, and
Sredneuralskaya GRES.

                            *   *   *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, the rating
agency confirmed its Ba3 Corporate Family Rating for JSC OGK-5.

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


PETUSHKI-INTER-WOOD: Creditors Must File Claims by June 5
---------------------------------------------------------
Creditors of OJSC Petushki-Inter-Wood have until June 5 to
submit proofs of claim to:

         L. Nikitina
         Temporary Insolvency Manager
         Office 98
         Baturina Str. 28
         600017 Vladimir
         Russia

The Arbitration Court of Vladimir commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A11-1828/2007-K1-60B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Petushki-Inter-Wood
         Porkovskiy Proezd 17-a
         Petushki
         Vladimir
         Russia


ROOF RUSSIA: Moody's Assigns Low-B Ratings to Class C & D Notes
---------------------------------------------------------------
Moody's Investors Service assigned definitive ratings to these
four classes of asset-backed notes issued by Roof Russia S.A.

   -- A3 to the US$130 million Class A Asset Backed Secured
      Floating Rate Notes due 2017;

   -- Baa2 to the US$13.8 million Class B Asset Backed Secured
      Floating Rate Notes due 2017;

   -- Ba2 to the US$17.9 million Class C Asset Backed Secured
      Floating Rate Notes due 2017; and

   -- B2 to the US$3.5 million Class D Asset Backed Secured
      Floating Rate Notes due 2017.

In addition to the above listed notes, are US$227.2 Senior
Variable Funding Certificate notes that rank pari-passu with the
Class A notes, and subordinated notes that have been initially
sized at US$7.6 million.

Roof Russia is the first public securitization transaction from
ZAO Raiffeisenbank Austria, and the third securitization from
Raiffeisen International Group after closing Roof Poland 2006
and Roof CEE 2006-1 last year.

This transaction is the first Russian Auto ABS transaction that
Moody's has rated in the single A range.  Achieving this rating
level is partly due to the relatively high rating of the
Originator (FCR Baa2), which materially reduces the likelihood
of a challenge to the true sale.  In addition, the asset pool
exhibits much better default and recovery characteristics to
those seen in other Russian transactions.

The Notes are backed by a portfolio of fixed rate, U.S. dollar
denominated auto loans.  These loans are fully amortizing, fixed
installment loans extended to well educated middle-class
professionals for the purpose of purchasing new, non-Russian
brand vehicles.

Although the initial average yield on the assets is 9.3% this
could reduce as higher yielding assets pre-pay or default and
lower yielding assets are substituted. T he subordinated note is
dynamically sized to protect the structure from such spread
compression and eligibility criteria are in place to ensure that
any individual asset has a yield of at least 7.0% and the
weighted average portfolio yield is above 8.5%.

The Russian legal and operating environment presents certain
risks, primarily relating to potential challenges to the true
sale under Russian Law.  Moody's notes that, due to the high
credit rating of the Originator (FCR Baa2), there is
substantially less likelihood of an originator insolvency than
seen in many other Russian securitizations.  Moody's has
reviewed Russian legal opinions in connection with this
transaction and are satisfied that these risks are commensurate
with the rating levels assigned to the notes.

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


ROSNEFT OIL: Court Overturns Yukos Capital Claim Ruling
-------------------------------------------------------
The Moscow Arbitration Court quashed a ruling by an arbitrage
court ordering Yuganskneftegaz, a unit of OAO Rosneft Oil Co.,
to pay RUR13 billion to Yukos Capital S.a.r.l., RIA Novosti
reports.

In 2006, Yukos Capital filed a claim with an international
commercial arbitrage at Russia's industry and commerce chamber
alleging that Yuganskneftegaz had failed to repay a
RUR11.2 billion loan and its interest, RIA Novosti reports.

In September 2006, the arbitrage court ordered Yuganskneftegaz
to pay the principal, plus RUR1.7 billion in interest and
US$850,000 in arbitration fees.

Rosneft, which acquired Yuganskneftegaz shortly after the former
Yukos unit was bought by Baikalfinansgroup in December 2004,
deemed the arbitrage court's ruling as illegitimate and filed a
petition with the Moscow Arbitration Court.

Aside from quashing the arbitrage court's decision, the Moscow
Arbitration Court also accepted claims filed by Rosneft.

                           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.


RUSSIAN COMMERCIAL: S&P Puts Long-Term Credit Rating at B-
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B-' long-term
and 'C' short-term counterparty credit ratings to Russian
Commercial Bank Renaissance Capital.  The outlook is stable.  At
the same time, an 'ruBBB' Russia national scale rating was
assigned.

"The ratings reflect CBRC's high credit risk, heavy reliance on
confidence-sensitive external funding as a wholesale bank that
is operationally yet to break even, and short track record in
the Russian consumer finance market," said Standard & Poor's
credit analyst Elena Romanova.  "Positive rating factors include
strong growth potential, an experienced management team, and
ongoing shareholder support."

"We expect CBRC to continue to develop its business in line with
its strategy for rapid growth, and to consequently improve its
profitability," said Ms. Romanova.

Nevertheless, S&P also expect the negative rating factors to
persist.  The owner is likely to continue to provide capital,
funding, and operating support to the bank.

An upgrade would depend on CBRC's ability to develop its
business and start generating profits, while maintaining
adequate asset quality and capitalization.  A negative rating
action could follow if asset quality indicators deteriorated to
the extent that they could not be absorbed by the high-risk
premiums and led to an excessive drop in capitalization.


RUSSIAN HOME: S&P Holds B+ Long-Term Counterparty Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' long-term
and 'B' short-term counterparty credit ratings on Russian Home
Credit and Finance Bank LLC.  The outlook is stable.

"The affirmation follows the announcement that the owner of
HCFB, the PPF Group N.V., has entered into a preliminary
agreement with the shareholders of midsize Russian Nomos Bank to
establish a mutually owned holding company that will, in turn,
become the new owner of HCFB and Nomos Bank," said Standard &
Poor's credit analyst Eugene Tarzimanov.

Through this holding, PPF and the shareholders of Nomos Bank aim
to create a universal banking group in Russia, combining HCFB's
consumer finance activities and Nomos Bank's corporate banking
activities.  The two entities will continue to hold separate
banking licenses, but will act operationally as sister banks.

The amount of the stakes in the new holding company has yet to
be determined.  S&P view PPF as a committed owner with a history
of providing support to HCFB, and consequently factor a one-
notch uplift into the final ratings on HCFB above its stand-
alone rating to reflect such support.

S&P expect HCFB to improve its profitability while keeping its
high risk-reward strategy.  S&P expect PPF to continue providing
capital, funding, and operating support to HCFB.  An upgrade
would be contingent on the bank's generating higher
profitability while maintaining adequate asset quality and good
capitalization.  A negative rating action could result if asset
quality indicators deteriorated to the extent that they could
not be absorbed by the high-risk premiums and led to an
excessive drop in capitalization that would not be covered by
HCFB's owner.

"While the ratings and outlook on HCFB are currently unaffected
by the announcement of the agreement, we will closely monitor
the deal to see how it might affect HCFB's credit and financial
profile in the medium term," said Mr. Tarzimanov.

A successful completion of this deal may create positive synergy
for HCFB in terms of diversification.  Alternatively, if PPF was
to dilute its ownership to a minority stake and support weakens,
then S&P would likely remove the one-notch uplift in the rating
on HCFB.


SBERBANK ROSSII: Board Recommends PwC as 2007 Auditor
-----------------------------------------------------
The supervisory board of OAO Sberbank Rossii recommended to
shareholders the approval of ZAO PricewaterhouseCoopers Audit as
its auditor for 2007, RIA Novosti reports citing a source close
to the board.

Andrei Kazmin, Sberbank chief executive, said PwC would service
the bank despite facing tax claims from Russian tax authorities,
RIA Novsoti relates.  Mr. Kazmin noted that Sberbank has been
working with PwC since 1996, though some of the bank's annual
report were audited by other firms.

Sberbank's shareholders will vote on the board's recommendation
on Nov. 29 during its annual meeting.

                         About Sberbank

Headquartered in Moscow, OAO Sberbank Rossii --
http://www.sbrf.ru/eng/-- provides a full range of banking
services, including commercial, investment, merchant, mortgage,
and retail banking, and a complete range of travel, lending, and
credit services.  The Bank operates through 17 territorial
banks, 921 divisions, and 19,390 subdivisions across Russia.

                            *   *   *

As of Feb. 1, 2006, Sberbank carries Moody's Investors Service's
D financial strength rating with stable outlook.

At the same time, the bank also carries Fitch's C Individual
Rating.


VNESHTORGBANK JSC: Foreign Investors Own 12% Stake After IPO
------------------------------------------------------------
Foreign shareholders now owns 12% of JSC Vneshtorgbank following
the company's recent initial public offering, RIA Novosti
reports citing Alexei Ulyukayev, First Deputy Chairman of the
Central Bank of Russia.

As reported in the TCR-Europe on May 15, 2007, VTB floated 1.513
trillion new shares through open subscription to local and
foreign markets.  VTB floated 65% of the new shares in London
and 35% in Russia.

The new shares, equivalent to 22.5% of VTB's equity, is expected
to raise over US$6 billion in fresh funds, RIA Novosti relates.
VTB has accepted over 131,000 individual applications worth
US$1.6 billion.

The bank's supervisory board set the offering price at RUR0.136
each, RIA Novosti adds.  Russian stock market regulators
approved a US$10.56 offering price for the bank's Global
Depositary Receipts in London.

VTB plans to use the IPO proceeds to finance the ongoing
expansion of its business, including the expansion of its retail
banking operations in Russia, RIA Novosti relates.

After the IPO, the Russian government's stake in VTB will drop
from 99.9% to 77%.

                       About Vneshtorgbank

Headquartered in Moscow, Russia, JSC Vneshtorgbank and its
subsidiaries are a leading Russian commercial banking group,
offering a wide range of banking services and conducting
operations in both Russian and international markets.

The Group operates a network of 151 branches, including 55
branches of VTB, 42 branches of VTB Retail Services and 54
branches of Industry and Construction Bank, located in
major Russian regions.  The Group operates through three
subsidiaries located in the CIS (Armenia, Georgia, Ukraine),
seven subsidiaries located in Western Europe (Austria, Cyprus,
Switzerland, Germany, Luxembourg, France) and Great Britain and
through five representative offices located in India, Italy,
China, Byelorussia and Ukraine.

                        *     *     *

Following the upgrade of the Russian sovereign foreign and local
currency IDRs to BBB+ from BBB, Fitch Ratings affirmed
Vneshtorgbank's Individual rating at C/D and Support at 2.


VOLGOGRAD OBLAST: S&P Rates US$38.9 Million Bond Issue at B+
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' long-term
debt rating and 'ruA+' Russia national scale rating to the
proposed five-year senior unsecured Russian RUR1 billion
(US$38.9 million) amortizing, fixed-coupon bond issue to be
placed on May 22, 2007, by the Volgograd Oblast (B+/Stable/--;
Russia national scale rating 'ruA+').

Interest will be paid semiannually.  The bond will be used both
to reduce direct debt and for deficit financing.

"The ratings on the bond are the same as those on the oblast,
which reflect the region's lack of budget flexibility and
predictability; low wealth level relative to Russian peers; and
need for longer term and correlated economic, investment, and
financial planning," said Standard & Poor's credit analyst Irina
Pilman.  "The ratings are supported, however, by good budgetary
performance; a continued increase in revenues, underpinned by a
growing economy; and moderate debt, with an improving debt
profile."

In 2007-2009, S&P expects budgetary performance to remain sound,
with an operating surplus representing slightly less than 10% of
operating revenues and a deficit after capital expenditures of
about 5%-10% of total revenues.

S&P also expect the debt burden to remain manageable in the next
few years, with direct debt at less than 25% of operating
revenues.  The debt profile has been improving over the past
four years, and the maturity profile is likely to be extended
further. Liquidity remains low, however.  S&P estimates short-
term debt, which covers cash shortages during the year, to have
represented 30.4% of direct debt as of May 1, 2007.


YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer
--------------------------------------------------------------
The Slovak government will not veto the sale of OAO Yukos Oil
Co.'s 49% stake in Transpetrol a.s. if the buyer is a Russian
firm, The Slovak Spectator reports citing Slovak Prime Minister
Robert Fico.

In a TCR-Europe report on March 20, 2007, the Economy Ministry
of Slovakia sought to extend its veto power against any possible
sale of Yukos' minority stake.  The Slovakian government sold
the Transpetrol shares to Yukos Finance B.V., Yukos' Dutch unit,
in 2002.  Under terms of the deal, Slovakia retains the right to
block the sale of these shares until April 2007.

Slovakia, which holds the remaining 51% in Transpetrol,
indicated last year that it is trying to reinforce its position
over the company by repurchasing the 49% stake it sold to Yukos.

As reported in the TCR-Europe on May 9, 2007, Mr. Fico asked
Russia for "comprehensive support in the elimination of all
barriers in the transfer of Yukos property and shares to
Transpetrol," St. Petersburg Times reports citing Itar-Tass as
its source.

Transpetrol operates the Slovak portion of the Druzhba oil
pipeline that runs from Russia to the Czech Republic.  OAO
Transneft, Russia's state-owned pipeline operator, manages the
Russian part of the Druzhba pipeline.

                    Failed Stake Repurchase

Slovak Economy Minister Ubomir Jahnatek agreed with Yukos
Finance's former management -- which includes Bruce Misamor and
David Godfrey -- on Aug. 9, 2006, to repurchase the Trasnpetrol
stake sold to the oil concern, Slovak Spectator relates.

Eduard Rebgun, Yukos' bankruptcy receiver, however, dismissed
the managers on Aug. 13 for allegedly acting against shareholder
interests while negotiating the sale of Yukos foreign assets,
Slovak Spectator adds.  Mr. Rebgun secured a Dutch court ruling
giving him the right to claim part of its foreign assets
controlled by Yukos Finance.

                          Gazprom Role

Meanwhile, Alexander Temerko, former vice-president of the Yukos
board of directors, told Russian weekly Vedomosti that the
bankrupt oil concern's stake in Transpetrol will be sold to
Russia-owned gas producer OAO Gazprom.

"Transpetrol shares owned by Yukos could be sold to the Slovak
government, which would subsequently sell them to the Gazprom
group," Mr. Temerko said.

Claire Davidson, Yukos Finance spokeswoman, denied Mr.
Termerko's claim, adding that the unit plans to auction the
Transpetrol stake, SITA Newswire reports.

A source privy to Yukos Finance management, however, confirmed
the Gazprom plan to Vedomosti.

                       About Transpetrol

Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the
Slovak part of the Druzhba oil pipeline through which about 10
million tons of Russian oil flow to western Europe annually.

                         About Yukos Oil

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

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

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

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

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

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


ZARYA OF MANTUROVSKIY: Creditors Must File Claims by June 5
-----------------------------------------------------------
Creditors of CJSC Zarya of Manturovskiy Region have until June 5
to submit proofs of claim to:

         S. Bulgakov
         Temporary Insolvency Manager
         Litovskaya Str. 12A
         305023 Kursk
         Russia

The Arbitration Court of Kursk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
A35-1288/07 g.

The Court is located at:

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

The Debtor can be reached at:

         S. Bulgakov
         Temporary Insolvency Manager
         Litovskaya Str. 12A
         305023 Kursk
         Russia


* S&P Revises Bashkortostan's Outlook to Positive from Stable
------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
Russia's Republic of Bashkortostan to positive from stable on
expectations of more visibility on the region's financial
position in the medium term, following the introduction of
three-year financial planning, and expectations of continued
sound finances.  At the same time the 'BB' issuer credit rating
was affirmed.

"The rating is constrained by Bashkortostan's low budget
predictability and flexibility, a concentration of major
taxpayers in the oil processing and extraction industries, long-
term expenditure pressure, and still-low wealth in the
international context," said Standard & Poor's credit analyst
Boris Kopeykin.  "These constraints are mitigated by the
republic's low debt, strong liquidity, and growing economy."

Tax-supported debt is currently less than 5% of total revenues.

We expect Bashkortostan's prudent financial management and
gradual economic growth to help the republic maintain sound
financial indicators, despite expenditure pressures.

"An upgrade could be driven by increased visibility in the
republic's medium-term financial position, including the
adoption of the three-year financial plan and a clearer cash
reserve management strategy, confirming the expectations of
prudent financial policies," said Mr. Kopeykin.

In contrast, a more aggressive financial policy, with rapid
depletion of cash reserves and a deterioration in financial
performance to weaker-than-expected levels, could lead us to
revise the outlook back to stable.  Any significant negative
economic or intergovernmental developments resulting in a major
reduction in revenues and changes in financial policy, although
not likely now, could also result in a revision of the outlook
back to stable.


=====================================
S E R B I A   &   M O N T E N E G R O
=====================================


* 150 Firms Complete Bankruptcy Process Under New Serbian Law
-------------------------------------------------------------
The Serbian Bankruptcy Supervision Agency recorded 400 firms
that underwent bankruptcy process under the new law on
bankruptcy procedures signed in 2005 and implemented in 2006,
Economy reports citing agency director Jovan Jovanovic.

According to the report, Mr. Jovanovic said the new law
considerably cut the time to complete a bankruptcy procedure.
Mr. Jovanovic noted that within two years, around 150 bankruptcy
procedures had been completed.

Serbian Minister of Justice Zoran Stojkovic, Economy relates,
noted that the new law reduced the number and length of
bankruptcy procedures.  Mr. Stojkovic cited the situation at the
Leskovac Commercial Court, where 118 bankruptcy procedures were
commenced over the ten years and 90 of them were completed under
the new law.

Mr. Jovanovic, however, said that bankruptcy procedures
commenced under the old law have to be completed under the
provisions of the old law, Economy says.

Mr. Jovanovic also revealed that there are currently 14 private
firms and seven state-owned enterprises undergoing
reorganization procedures in Serbia.


=============================
S L O V A K   R E P U B L I C
=============================


YUKOS OIL: Slovakia to Shelve Veto for Transpetrol Stake Buyer
--------------------------------------------------------------
The Slovak government will not veto the sale of OAO Yukos Oil
Co.'s 49% stake in Transpetrol a.s. if the buyer is a Russian
firm, The Slovak Spectator reports citing Slovak Prime Minister
Robert Fico.

In a TCR-Europe report on March 20, 2007, the Economy Ministry
of Slovakia sought to extend its veto power against any possible
sale of Yukos' minority stake.  The Slovakian government sold
the Transpetrol shares to Yukos Finance B.V., Yukos' Dutch unit,
in 2002.  Under terms of the deal, Slovakia retains the right to
block the sale of these shares until April 2007.

Slovakia, which holds the remaining 51% in Transpetrol,
indicated last year that it is trying to reinforce its position
over the company by repurchasing the 49% stake it sold to Yukos.

As reported in the TCR-Europe on May 9, 2007, Mr. Fico asked
Russia for "comprehensive support in the elimination of all
barriers in the transfer of Yukos property and shares to
Transpetrol," St. Petersburg Times reports citing Itar-Tass as
its source.

Transpetrol operates the Slovak portion of the Druzhba oil
pipeline that runs from Russia to the Czech Republic.  OAO
Transneft, Russia's state-owned pipeline operator, manages the
Russian part of the Druzhba pipeline.

                    Failed Stake Repurchase

Slovak Economy Minister Ubomir Jahnatek agreed with Yukos
Finance's former management -- which includes Bruce Misamor and
David Godfrey -- on Aug. 9, 2006, to repurchase the Trasnpetrol
stake sold to the oil concern, Slovak Spectator relates.

Eduard Rebgun, Yukos' bankruptcy receiver, however, dismissed
the managers on Aug. 13 for allegedly acting against shareholder
interests while negotiating the sale of Yukos foreign assets,
Slovak Spectator adds.  Mr. Rebgun secured a Dutch court ruling
giving him the right to claim part of its foreign assets
controlled by Yukos Finance.

                          Gazprom Role

Meanwhile, Alexander Temerko, former vice-president of the Yukos
board of directors, told Russian weekly Vedomosti that the
bankrupt oil concern's stake in Transpetrol will be sold to
Russia-owned gas producer OAO Gazprom.

"Transpetrol shares owned by Yukos could be sold to the Slovak
government, which would subsequently sell them to the Gazprom
group," Mr. Temerko said.

Claire Davidson, Yukos Finance spokeswoman, denied Mr.
Termerko's claim, adding that the unit plans to auction the
Transpetrol stake, SITA Newswire reports.

A source privy to Yukos Finance management, however, confirmed
the Gazprom plan to Vedomosti.

                        About Transpetrol

Transpetrol a.s. -- http://www.transpetrol.sk/-- operates the
Slovak part of the Druzhba oil pipeline through which about 10
million tons of Russian oil flow to western Europe annually.

                         About Yukos Oil

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

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

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

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

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

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


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


FONCAIXA HIPOTECARIO: S&P Junks Rating on Class D Notes
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR1.512 billion mortgage-backed floating-
rate notes to be issued by FonCaixa Hipotecario 10, Fondo de
Titulizacion de Activos.

This will be the 10th RMBS transaction originated by Caja de
Ahorros y Pensiones de Barcelona, and its fifth to be rated by
Standard & Poor's. La Caixa is the third-largest Spanish
financial institution.

At closing, La Caixa will issue mortgage participations that
will be purchased by GestiCaixa S.G.F.T., S.A., the "sociedad
gestora" (trustee equivalent), on behalf of the issuer.

Each mortgage participation will represent, in an equal amount,
the initial drawdown of each securitized mortgage loan
originated by La Caixa.  The mortgage participations will
entitle FonCaixa 10 to any rights and proceeds due under the
securitized portion of the mortgage loans.

This transaction is very similar to the recent mortgage
securitizations undertaken by La Caixa in terms of structure and
the type of product being securitized, a type of mortgage called
"Credito Abierto."

The main differences are that in this transaction, instead of
being first drawdowns, they are going to be second ones.  These
are any drawdown that is not the first one.  It is possible to
have more than one-second drawdown in the same Credito Abierto
and these drawdowns do not have to be consecutive.  All the
drawdowns rank pari passu.  The purpose of the credit is not the
purchase of the property.

                            Ratings List

     FonCaixa Hipotecario 10, Fondo de Titulizaci˘n de Activos

       EUR1.512 Billion Mortgage-Backed Floating-Rate Notes

      Class        Preliminary rating      Preliminary amount
      -----        ------------------      ------------------
      A                 AAA                 EUR1.458 billion
      B                 AA-                    EUR30 million
      C                 BBB                    EUR12 million
      D(1)              CCC-                   EUR12 million

  (1) The class D notes will fully fund the cash reserve account
      at closing.


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 US$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.


PARMALAT SPA: Sells Spanish Units for EUR188 Million
----------------------------------------------------
Parmalat S.p.A. has agreed to sell its Spanish units to Grupo
Nueva Rumasa's Lacteos Siglo XXI for EUR188 million, various
reports say.

According to Thomson Financial, Parmalat is disposing its
Parmalat Espana and Compania Agricola y Forestal units, which
generated over EUR185 million in revenues for the food concern.

The deal will become final once approved by Spain's antitrust
regulator, The Associated Press reports.  The approval could
take up to three months.

Mediobanca acted as financial advisor while Studio Gilberti
Pappalettera Trisccornia e Associati served as legal advisor for
the sale.

                         About Parmalat

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

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

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

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

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

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


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


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

A subsequent tender for the remaining shares could bring the
total price to more than US$450 million.  DiaMed develops,
manufactures, and markets reagents and instruments used in blood
typing and screening.  The transaction is expected to close
later this year and is subject to certain closing conditions,
including regulatory approvals.

"Although financial terms of the agreement were not disclosed,
S&P believe there will be minimal impact on Bio-Rad's credit
protection measures given the relatively small size of the
acquisition," explained Standard & Poor's credit analyst David
Lugg.  "With almost US$470 million in cash and investments and
its strong cash flow protection measures, the company has
adequate capacity to complete this transaction without an impact
to the ratings."

The high-speculative-grade rating on Hercules, California-based
Bio-Rad reflects the company's defensible, but niche, positions
in the life science and clinical laboratory markets, and its
history of using significant debt-financed acquisitions to
supplement growth.  Notwithstanding Bio-Rad's defensible
positions in the in vitro diagnostics and life sciences markets,
it remains a relatively small player in each, competing with
significantly larger companies that are more diversified and
have greater financial resources.  Moreover, Bio-Rad's
substantial international operations, which account for about
65% of sales, subject its revenues to swings in exchange rates
and ongoing changes in global economic conditions.  The
company's life science business is also vulnerable to reductions
in government funding for life science research and changes in
biopharmaceutical companies' R&D spending.

Bio-Rad maintains an intermediate financial risk posture, having
steadily reduced its borrowings to fund a series of acquisitions
in the diagnostic market.  Currently, lease-adjusted total debt
to capital is 37% and total debt to EBITDA is about 2.5x, while
the ratio of funds from operations to debt is about 25%.  The
company has no defined benefit pension plan.

Bio-Rad Laboratories Inc. -- http://www.bio-rad.com/-- (AMEX:
BIO and BIOb), manufactures and distributes a broad range of
products for the life science research and clinical diagnostics
markets.  Founded in 1952, Bio-Rad is headquartered in Hercules,
California, and serves more than 85,000 research and industry
customers worldwide through its global network of operations.
The company employs over 5,000 people globally and had revenues
of nearly US$1.3 billion in 2006.

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


===========
T U R K E Y
===========


FINANSBANK AS: Targets 550 Branches & 8,957 Total Staff by 2009
---------------------------------------------------------------
Turkey's Finansbank A.S. aims to have 550 branches all over
Turkey by 2009 and increase the number of employees from about
8,450 to 8,957 in the same period, Reporternet relates, citing
Referans Daily as its source.

The bank, which had a mere five outlets in 1995, is presently
opening a new branch every other day and hiring 15 new employees
everyday to meet its goal, the report says.

                      About Finansbank A.S.

Headquartered in Istanbul, Turkey, Finansbank A.S. --
http://www.finansbank.com.tr/-- operates an extensive network
of 330 branches around Turkey.  It had assets of TRY17.075
billion (EUR8.4 billion and US$10.6 billion, respectively) on an
unconsolidated basis as at June 30, 2006.

National Bank of Greece S.A. acquired 46% of the bank's ordinary
shares (nominal value of ordinary shares is YTL575,000,000) and
100% of its founders' shares within the context of the share
purchase agreement signed on April 3.

As part of the agreement, Finansbank had also completed the sale
of its international participations, Finans International
Holding N.V. (100% directly owned by Finansbank) and Finansbank
Romania S.A. (28.05% directly owned by Finansbank) to Fiba
Holding A.S. for US$600 million and bought back 99.99% of the
shares of Finansbank Malta Ltd. for US$48 million, from Finans
International Holding N.V.  From this sale, Finansbank recorded
YTL546.2 million in participation sale profit.

                           *    *    *

On Aug. 22, 2006, Fitch assigned a BB rating to the company's
long-term foreign currency deposit and a BB+ rating to its long-
term local currency deposit.


FORTIS BANK: Moody's Withdraws B1 Currency Deposit Rating
---------------------------------------------------------
Moody's Investors Service has withdrawn the ratings of Fortis
Bank A.S. of Turkey.  This action has been taken for business
reasons and does not reflect a change in the bank's
creditworthiness.  These ratings were withdrawn:

   -- Financial Strength Rating: D+
   -- Long-term local currency deposit rating: A3
   -- Short-term local currency deposit rating: Prime-2
   -- Long-term foreign currency deposit rating: B1
   -- Short-term foreign currency deposit rating: Not-Prime

Fortis Bank A.S. is based in Istanbul, Turkey, and had total
assets of YTL 8.644 billion (US$ 6.066 billion) as at Dec. 31,
2006.


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


AZOV BUSINESS: Claims Filing Bar Date Set May 27
------------------------------------------------
Creditors of LLC Azov Business Company (code EDRPOU 24808089)
have until May 27 to submit written proofs of claim to:

         Inessa Kiriachok
         Temporary Insolvency Manager
         Pervomayskaya Str. 12
         83086 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/261B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Azov Business Company
         Avtotransportnaya Str. 1
         Makeevka
         86152 Donetsk
         Ukraine


EXTERNAL TRADE: Creditors Must File Claims by May 27
----------------------------------------------------
Creditors of LLC External Trade Reserve (code EDRPOU 33692335)
have until May 27 to submit written proofs of claim to:

         Michael Novikov
         Liquidator
         P.O. Box 200
         Dovzhenko Str.
         01025 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/169.

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 External Trade Reserve
         Izium Str. 7
         03039 Kiev
         Ukraine


KYIVSTAR GSM: Investor Deal Allows Firm to Escape Bond Default
--------------------------------------------------------------
CJSC Kyivstar GSM avoided a default on its US$400 million
Eurobond issue after its foreign bondholders accepted the
company's offer to produce financial reporting requirements with
a delay, Lena Plekhanova writes for the Kyiv Post.

                        Technical Default

Kyivstar, Kyiv Post's Ms. Plekhanova relates, fell into
technical default on the Eurobonds on April 30 after failing to
publish complete and audited financial reports -- one of the
technical obligations under the Eurobond issues.

According to Ms. Plekhanova, the reporting failure was due to
the current dispute between major shareholders Alfa Group
(43.5%) and Telenor ASA (56.5%).  The dispute has foiled
adoption of major decisions, including the selection of
Kyivstar's auditor, during the company's shareholder meeting.
Alfa Group, through its Altimo unit, has also filed lawsuits
that prevented Kyivstar from publishing audited financial
results.

                      Bondholder Agreement

Under the bondholder agreement, Kyivstar will publish its
financial results in delay, Ms. Plekhanova writes.  The company
will also pay an additional US$1.1 million on top of the
US$400 million face value of the bonds.  In return, bondholders
will not demand Eurobond repayments for a year pending
conclusion of the shareholder conflict.

"The relations with [shareholders] are first of all based on
trust, but if the financial information is not provided, it
would be very difficult for Kyivstar to assure them that the
situation in the company is stable," Trend Moe, Telenor's
representative in Ukraine, told Kyiv Post.

"The situation caused by Alfa Group and Altimo rather threatens
their own reputation," Mr. Moe added.  "On the world's financial
market, [investors] understand the situation and whose fault it
is."

                        Ready to Negotiate

Altimo vice president Kirill Babaev, however, downplayed the
damage caused to Kyivstar in connection with the potential
default, Ms. Plekhanova relates.

Mr. Babaev said Altimo is ready to hold talks with Telenor to
settle the conflict at Kyivstar.

                        About Alfa Group

Headquartered in Moscow, Russia, Alfa Group --
http://www.alfagroup.org/-- holds interests in banking, asset
management, private equity, real estate, insurance, and
telecommunications.  Other investments include supermarkets,
vodka, and energy.  Founded in 1989 as Alfa-Eco, the company is
known for its aggressive tactics in buying and selling firms.

                         About Telenor

Headquartered in Fornebu, Norway, Telenor ASA --
http://www.telenor.com/-- provides telecommunications services
in Norway, and has substantial international operations.  In
2004, Telenor registered record-high customer growth in several
markets.

                         About Kyivstar

Headquartered in Kiev, Ukraine, CJSC Kyivstar GSM --
http://www.kyivstar.net/-- provides mobile communication
services in Ukraine.

                            *   *   *

As reported in the TCR-Europe on April 2, 2007, Moody's
Investors Service put Kyivstar's rating ("Ba3" corporate family
rating, Positive Outlook) on review for possible downgrade
following the public disclosure of the injunction issued by the
Kyiv City Commercial Court, prohibiting the company from making
any of its financial or other reports and information relating
to the financial or business activities available to any third
parties.

In March, Standard & Poor's Ratings Services said that its
ratings and outlook on Ukraine-based mobile telecommunications
operator CJSC Kyivstar GSM (BB-/Stable/--) remain unchanged
despite the ongoing possibility that the company might breach an
information covenant of its Eurobonds.


LOKHVITSA ALCOHOL: Claims Filing Bar Date Set May 27
----------------------------------------------------
Creditors of State Enterprise Lokhvitsa Alcohol Enterprise (code
EDRPOU 00374806) have until May 27 to submit written proofs of
claim to:

         S. Klimenko
         Temporary Insolvency Manager
         Gorky Str.140
         Kiev
         Ukraine

The Economic Court of Poltava commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
18/311.

The Court is located at:

         The Economic Court of Poltava
         Zigin Str. 1
         36000 Poltava
         Ukraine

The Debtor can be reached at:

         State Enterprise Lokhvitsa Alcohol Enterprise
         Krasnoarmeyskaya Str. 10
         Chervonozavodskoe
         Lokhvitsa District
         37240 Poltava
         Ukraine


MRIYA-2003 LLC: Creditors Must File Claims by May 27
----------------------------------------------------
Creditors of LLC Mriya-2003 (code EDRPOU 32783693) have until
May 27 to submit written proofs of claim to:

         Svetlana Kovina
         Liquidator
         Quarter Olkhovsky 14
         Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/21b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Mriya-2003
         Nizhniaya Str. 1-a
         Chervony Prapor
         Perevalsky District
         Lugansk
         Ukraine


PIONEER LLC: Creditors Must File Claims by May 27
-------------------------------------------------
Creditors of LLC Pioneer (code EDRPOU 30902511) have until
May 27 to submit written proofs of claim to:

         Liquidator
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 6/165-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Pioneer
         Uzditsa
         Glukhov District
         41000 Sumy
         Ukraine


PROFESSIONAL DESINFECTION: Claims Filing Bar Date Set May 27
------------------------------------------------------------
Creditors of LLC Professional Desinfection (code EDRPOU
24468073) have until May 27 to submit written proofs of claim
to:

         Liudmila Nesvit
         Temporary Insolvency Manager
         Mametovaya Str. 8/2
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
27/70B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Professional Desinfection
         Partizanskaya Str. 99-a
         Enakievo
         86400 Donetsk
         Ukraine


PROLIV OJSC: Claims Filing Bar Date Set May 27
----------------------------------------------
Creditors of CJSC Kerch Fish Cannery Proliv (code EDRPOU
05773155) have until May 27 to submit written proofs of claim
to:

         Igor Klets
         Temporary Insolvency Manager
         Fedko Str. 28
         Feodosiya
         AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
2-6/4214-2007.

The Court is located at:

         The Economic Court of AR Krym
         Karl Marks Str. 18
         Simferopol
         95000 AR Krym
         Ukraine

The Debtor can be reached at:

         CJSC Kerch Fish Cannery Proliv
         Kirov Str. 41
         Kerch
         98300 AR Krym
         Ukraine


RADIVILOV DRYING: Creditors Must File Claims by May 27
------------------------------------------------------
Creditors of OJSC Radivilov Drying Vegetables Cannery (code
EDRPOU 00374433) have until May 27 to submit written proofs of
claim to:

         I. Dragun
         Liquidator
         Sobornaya Str. 34/14
         33028 Rivne
         Ukraine

The Economic Court of Rivne commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/29.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Radivilov Drying Vegetables Cannery
         Volkovenko Str. 1
         Radivilov
         35500 Rivne
         Ukraine


VELIKOBUDKOVSKOE LLC: Creditors Must File Claims by May 27
----------------------------------------------------------
Creditors of LLC Velikobudkovskoe (code EDRPOU 30864492) have
until May 27 to submit written proofs of claim to:

         Aleksey Sysoev
         Liquidator
         Petropavlovskaya Str. 74
         Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/577-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Velikobudkovskoe
         8th March Str.
         Velikie Budki
         Nedrygailovsky District
         42100 Sumy
         Ukraine


VOSKHOD LLC: Creditors Must File Claims by May 27
-------------------------------------------------
Creditors of LLC Voskhod (code EDRPOU 30902553) have until
May 27 to submit written proofs of claim to:

         Sergey Soldatkin
         Liquidator
         P.O. Box 30
         40014 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 8/625-06.

The Court is located at:

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

The Debtor can be reached at:

         LLC Voskhod
         Ulanovoe
         Glukhov District
         41400 Sumy
         Ukraine


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


ANCHOR CONTRACT: Joint Liquidators Take Over Operations
-------------------------------------------------------
Jeffrey Mark Brenner and Filippa Connor of B & C Associates were
appointed joint liquidators of Anchor Contract Hire Ltd. on
May 8 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Anchor Contract Hire Ltd.
         Estate House
         Pool Close
         West Molesey
         KT8 2RN
         England
         Tel: 020 8979 7797
         Fax: 020 8941 9030


ARDAGH GLASS: S&P Lifts Corporate Credit Rating to B from B-
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Ireland-based glass-container
manufacturer Ardagh Glass Group PLC and related entities to 'B'
from 'B-', owing to the near completion of its acquisition of
Rexam PLC's (BBB/Negative/A-3) glass container manufacturing
division for EUR660 million, subject to approval from the
antitrust authorities in Poland.

The outlook is positive.

In addition, the ratings on the group's payment-in-kind notes
and related entity Ardagh Glass B.V.'s subordinated bond were
raised to 'CCC+' from 'CCC'.  At the same time, the ratings were
removed from CreditWatch, where they were originally placed on
March 13, 2007.

"Ardagh's business risk profile will strengthen following the
acquisition, as the group will gain a stronger market position
as one of the largest glass packaging providers in Europe, a
wider range of products, and a more diverse geographic
presence," said Standard & Poor's credit analyst Izabela
Listowska.  With pro forma combined sales of EUR1.3 billion, the
group will have leading market shares in its core markets of
Germany, the U.K., the Nordic region, Benelux countries, and
Poland.

This will be underpinned by the relatively recession-resistant
nature of its products, advanced production technology, and
well-invested asset base.  In addition, Ardagh's profitability
will benefit from Rexam's higher margin glass operations, which
reported an EBITDA margin of about 19% in 2006 compared with
Ardagh's 9% on a stand-alone basis.  Expected integration-
related synergies and improved operating efficiencies should
support Ardagh's operating margins over the medium term.

Ardagh's stand-alone operating margins have been declining in
recent years, to 9% in 2006 from 18% in 2004, owing to:

     -- the difficult operating environment in the U.K., where
        the group's cost base has been affected by unprecedented
        high and volatile natural gas prices, which could not be
        recouped from customers given the fixed-price contracts;
        and

     -- the market demand and supply imbalance following
        capacity additions by competitor Quinn Glass Ltd.

Although the U.K. market remains challenging, with natural gas
prices at high levels, the outlook for 2007 has improved
following recent capacity closures and improving pricing
discipline.  Furthermore, Ardagh is focusing on improving its
product mix by continuing to replace lower margin with higher
margin contracts.

"The acquisition will result in material additional leverage for
Ardagh.  Nevertheless, this is more than offset by improved
earnings from the acquisition, resulting in improved credit
measures," said Ms. Listowska.  "Ardagh's pro forma adjusted
debt to EBITDA was about 6x for the 12 months to March 31, 2007,
compared with about 8x for the same period on a stand-alone
basis.  S&P expect a growth in earnings to drive an improvement
in the credit measures over the near to medium term."

"The positive outlook reflects our expectation that the ratings
on Ardagh could be raised by one notch in the medium term if the
group's profitability and subsequently its credit measures
improve," said Ms. Listowska.  To secure an upgrade S&P would
expect adjusted debt to EBITDA to improve to less than 5.0x and
FFO to debt to about 15%.  If the group is not successful in
improving profitability, or if the trading environment
deteriorates, the outlook could be revised to 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 is
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.

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.
Founded in 1969, Acxiom is headquartered in Little Rock,
Arkansas. 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.


AKIBARE LTD: S&P Rates US$120 Million Notes at BB+
------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' senior
secured debt rating to the US$90 million series 1 class A
principal at-risk variable-rate notes and the US$30 million
series 1 class B principal at-risk variable-rate notes issued
under the newly established shelf program, AKIBARE Ltd.,
sponsored by Mitsui Sumitomo Insurance Co. Ltd.

This is the first series of notes issued under this program.

Through this transaction, Swiss Reinsurance Co., as the
counterparty, has bought fully collateralized retrocession
protection against high severity losses incurred from typhoons
in Japan, in connection with a reinsurance contract it entered
into with MSI.

The issuer is a special-purpose Cayman Islands-exempted company,
whose ordinary shares are held in a charitable trust.  Under the
program, Swiss Re is able to issue class A and B notes with a
maximum notional amount of US$500 million.  When issued, the
class A notes will have the same trigger and exhaustion point as
the class B notes for the first event.  The special feature is
that the class B notes can drop down to a lower trigger and
exhaustion point following a prior event.  The class A and B
notes issued on May 14, 2007, are due on May 22, 2012.

Standard & Poor's has not assigned ratings to the shelf program
and will not necessarily assign ratings to any further issuance
of notes through the program.

                         Notes' Structure

AKIBARE invested the US$120 million issuance proceeds in high-
quality assets, which were placed in two separate collateral
accounts. AKIBARE swaps the total return of the assets with
Swiss Re Financial Products in exchange for quarterly LIBOR-
based payments.

Simultaneous to the issuance of the notes, AKIBARE entered into
an ISDA-based counterparty contract with Swiss Re, comparable to
a retrocession contract.  This provides Swiss Re with fully
collateralized protection against high severity, per occurrence
losses from Japanese typhoons, which mirrors the reinsurance
contract Swiss Re entered into with MSI.

The periodic payments received from Swiss Re under the
counterparty contract and the proceeds from the total return
swaps for each class with SRFP are used to make the scheduled
interest payments to the holders of the class A and B notes.
The class A and B notes pay an annual coupon of LIBOR plus 295
bps and 315 bps respectively, quarterly in arrears.
Furthermore, Swiss Re pays the issuer's up-front and ongoing
expenses in connection with the security issuance.

                         Loss Definition

The repayment of principal under the notes is tied to an index
calculated by Risk Management Solutions Inc., derived from wind
speeds reported by the Japan Meteorological Agency following the
occurrence of a typhoon in Japan and pre-defined weights for the
calculation locations.  The index is used to determine whether
or not a principal loss to the noteholders has occurred, and the
amount of the loss.

If a loss occurs, assets in the collateral account are sold to
fund the loss payment to Swiss Re, and the principal amount of
the notes is reduced.  Holders of the class A and B notes suffer
a scaled loss of investment if the index value exceeds a pre-
agreed trigger level, until it reaches a pre-agreed exhaustion
point.

In addition, the class B notes' trigger level and exhaustion
levels can drop down to lower levels following a typhoon event
if a certain index threshold has been exceeded and the
outstanding principal of the notes is greater than zero.

Any loss payment to Swiss Re does not necessarily bear any
direct or indirect correlation to actual losses incurred by
Swiss Re or MSI.

A significant part of the rating analysis took account of an
assessment of the occurrence probabilities of the Japan typhoons
as modeled by RMS.  Furthermore, the ratings on the notes are
based upon the creditworthiness of Swiss Re (AA-/Stable/A-1+) as
payer of its obligations under the counterparty contract and as
guarantor of SRFP, the counterparty for both TRS.

RMS' proprietary Japanese typhoon model version 4.3 was used to
determine the probability of a first-dollar loss for both
classes of notes.  The estimated first-year attachment
probabilities for the class A and B notes are 113 bps each.

The first-year probability of exceeding the threshold is 400
bps.  Following the drop-down event, the attachment, the class B
attachment probability will be 216 bps and Standard & Poor's
expects the rating of the class B notes to be downgraded.

Each year, between Jan. 15 and Feb. 15, Swiss Re has the option
to change the index weights for the calculation locations.  The
trigger and exhaustion levels for the class A and B notes are
then reset so that the probability of attachment and the
expected loss are equal to or less than at the date of issuance.
A reset may also occur if RMS releases a new model for Japanese
typhoon risk. Resets will become effective on April 1 each year.
RMS' relevant Japanese typhoon model will be held in escrow and
used for the annual reset.

                         Extension Events

Swiss Re has the option of extending the maturity of the class A
or B notes by 120 days if it previously requested RMS to perform
certain calculations.  The spread above LIBOR during the
extension period is 200 bps for both classes of notes.

Swiss Re Capital Markets Corp. structured and underwrote the
notes.


AMF BOWLING: S&P Junks Rating on US$105 Million Second-Lien Loan
----------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'B' corporate
credit rating on AMF Bowling Worldwide Inc.

At the same time, S&P assigned a bank loan rating of 'B+', one
notch above the corporate credit rating on the company, to AMF's
proposed US$270 million first-lien credit facilities.  The
recovery rating is '1', indicating the expectation for full
(100%) recovery of principal in the event of a payment default.

The first-lien credit facilities consist of a US$60 million
revolving credit facility due 2012 and a US$210 million term
loan B due 2013.  S&P also assigned a 'CCC+' bank loan rating,
two notches below the corporate credit rating on AMF, to the
company's proposed US$105 million second-lien term loan due
2013.  The recovery rating is '5', indicating the expectation
for negligible (0%-25%) recovery of principal in the event of a
payment default.  Proceeds from the transaction will be used to
repay existing debt and fund a special dividend to the company's
equity sponsor, Code Hennessy & Simmons LLC.

The outlook is negative.

The ratings on Mechanicsville, Virginia-based AMF reflect weak
bowling industry fundamentals, an aggressive financial policy,
and high capital spending over the intermediate term.  These are
only minimally offset by AMF's scale.  AMF is the largest
operator of bowling centers in the U.S. with 345 domestic
centers.  Pro forma for the transaction, the company will have
total debt outstanding of US$315 million.

"It remains to be seen whether gains in recreational bowling
revenue will continue to offset league bowling's secular
decline," said Standard & Poor's credit analyst Andy Liu.

AMF Bowling Centers Inc. -- http://www.amf.com/-- owns and
operates bowling centers.  The company has 345 centers in the
U.S.  Another 13 centers are operating outside the U.S.  The
company also has an investment in a business that manufactures
and sells bowling equipment.  AMF Bowling Products U.K. Ltd.,
the company's subsidiary, is located in the United Kingdom.


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.

The high barriers to entry and strong competitive positions in
both transportation and business jets support bombardier's
business risk profile.  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.


BRIAN JOHNSON: M. C. Bowker Leads Liquidation Procedure
-------------------------------------------------------
M. C. Bowker of Unity Business Services LLP was appointed
liquidator of Brian Johnson (Building Contractors) Ltd. on
May 14 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Brian Johnson (Building Contractors) Ltd.
         282 Leigh Road
         Atherton
         Manchester
         M46 0PN
         England
         Tel: 01942 874 723
         Fax: 01942 874 723


CALDA MARKETING: Brings In Liquidators from Vantis
--------------------------------------------------
Colin Ian Vickers and Christopher David Stevens of Vantis plc
were appointed joint liquidators of Calda Marketing Ltd.
(formerly Rhombos Technology Ltd.) on May 10 for the creditors'
voluntary winding-up proceeding.

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

The company can be reached at:

         Calda Marketing Ltd.
         Unit 8 Jayes Park Courtyard
         Sheep Green
         Ockley
         Dorking
         RH5 5RR
         England
         Tel: 01306 621 400
         Fax: 01306 621 525


CONTINENTAL ALLOYS: S&P Rates Proposed US$180 Million Loan at B
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating and
'3' recovery rating (indicating an expectation of meaningful
(50%-80%) recovery in the event of a payment default) to the
proposed US$180 million senior secured credit facilities of
Continental Alloys & Services Inc., a distributor and value-
added service provider of pipe, tube, bar, and other metals
products for use in the oilfield services sector.

At the same time, S&P affirmed the corporate credit rating of
'B'.  The outlook is stable.

Continental will use proceeds to refinance existing bank debt.
Pro forma for the bank debt issuance, S&P expect Houston, Texas-
based Continental to have US$141 million in debt outstanding.

"The ratings reflect Continental's vulnerable business position
as a niche supplier of metal products; the highly volatile and
cyclical end-markets into which it sells large working-capital
requirements; exposure to steel prices; and a leveraged
financial profile," said Standard & Poor's credit analyst David
Lundberg.  "These weaknesses are only partially offset by the
company's recent satisfactory financial performance, long-
standing customer relationships, and limited capital expenditure
requirements."

The outlook is stable.  The outlook for the oilfield service
equipment sector remains favorable in the near term, which could
allow Continental to post results in line with or superior to
its 2006 performance.  At the same time, the company will
continue to face the challenges inherent in operating in a
highly cyclical, low-margin, and competitive niche market.
Poorer-than-expected operating performance or mismanagement of
the liquidity requirements related to Continental's high working
capital needs could result in a negative rating action.  A
positive rating action would require meaningful improvement in
size and product offerings.

Continental Alloys & Services, fka Continental Casing Ltd. --
http://www.contalloy.com/-- is a materials management company
focused in the distribution of pipe, tube, bar and the
manufacturing of various tools designed for global energy
service groups' well-completion programs.  It has facilities in
the U.S., United Kingdom and Canada and offers a variety of
metal products across various high-quality base metal grades
along with semi-finished and finished products and tools.  The
company also provides value-added services such as machining,
threading, heat treatment and custom pipe coatings.

In early May 2007, the company acquired Alloy & Oilfield Ptd.
Ltd. and Oilfield Machining Services Pte. Ltd., of Singapore.


CORDATUS CLO: S&P Class E EUR16.2 Million Notes at BB-
------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR409.55 million secured floating-rate
notes to be issued by Cordatus CLO II PLC.  At the same time,
Cordatus II will issue EUR40.5 million of subordinated unrated
notes.

Cordatus II will be the second CLO managed by CVC Cordatus Group
Ltd., the collateral manager.

At closing, Cordatus II will issue EUR315.00 million of euro-
denominated notes and EUR33.75 million of British pound
sterling-denominated notes, the proceeds of which, after paying
transaction fees and expenses, will be invested in a portfolio
of predominantly senior secured loans.

At the same time, the issuer will enter into a variable funding
note purchase agreement, under which it may draw up to EUR101.3
million in euros, sterling, and U.S. dollars.  Drawings in euros
will fund only euro-denominated collateral and drawings in VFN
non-euro currencies will fund only VFN non-euro-denominated
collateral.

The issuer may, from time-to-time, refinance all or a portion of
the VFN, and issue euro class A or sterling class A refinancing
notes.  These will be consolidated and form a single series and
rank pari passu with the class A notes then-outstanding.
Issuance of the class A refinancing notes will be subject to
Standard & Poor's confirmation that the additional issue will
not adversely affect the then-current ratings on the notes.


Ratings List

Cordatus CLO II PLC
   EUR409.55 Million (Equivalent) Secured Floating-Rate Notes
   And EUR40.50 Million Subordinated Notes

         Class            Prelim.          Prelim. amount
                          rating           (EUR in Mln.)
         -----            -------           ---------
         Variable
         funding notes    AAA                  101.3
         Euro A1 delayed
         draw notes(1)    AAA                   45
         Euro A1 term
         Notes(1)         AAA                  117
         Sterling A(1)    AAA                   33.75
         B                AA                    34.2
         C                A                     28.35
         D                BBB-                  27
         E                BB-                   16.2
         F                B                      6.75
         G1/G2            NR                    40.5


           (1) Referred to together as the class A notes.

           (2) To be split between the class G1 and G2 notes.

           * NR-Not rated.


ENERSYS: S&P Keeps All Ratings & Revises Outlook to Stable
----------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on
industrial battery manufacturer EnerSys to stable from negative.
At the same time, Standard & Poor's affirmed all its ratings on
the company, including its 'BB' corporate credit rating.

"The outlook revision reflects the company's demonstrated
progress in gradually returning to credit metrics that are in
line with expectations for the rating, despite the continued
challenging commodity price environment, as well as our
expectation that EnerSys' financial policies, while considered
aggressive, will remain consistent for the rating," said
Standard & Poor's credit analyst Gregoire Buet.

EnerSys is challenged by the prices for lead, which represent
about 25% of its costs of goods sold; more so than any other
material.  High lead prices have pressured gross margins.
Throughout 2005 and 2006, the company succeeded in implementing
price increases to help offset these costs, but lead prices
continue to be on an upward trend, which will require further
pricing action.  Rising volumes, reduction in manufacturing
plant costs, and progress with the integration of acquisitions
should, however, continue to help Enersys achieve growth in
operating earnings, despite gradually eroding margins and weak,
though positive, free cash flow.

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


EPICOR SOFTWARE: S&P Holds BB- Rating on US$100 Million Sr Loan
-------------------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BB-' corporate
credit rating and stable outlook on Irvine, California-based
Epicor Software Corp.

At the same time, Standard & Poor's affirmed its 'BB-' bank loan
rating on Epicor's US$100 million senior secured revolving
credit facility and revised the recovery rating to '2' from '3',
reflecting its expectation for substantial (80%-100%) recovery
of principal in the event of a payment default.  Standard &
Poor's also assigned its 'B+' rating to Epicor's recently issued
US$230 million senior unsecured convertible notes.

Approximately US$94 million of the estimated US$222 million net
proceeds from the convertible notes offering was used to repay
the remaining balance of Epicor's senior secured term loan.  The
company has indicated that remaining proceeds will be used for
general corporate purposes, including acquisitions or share
repurchases.  While operating lease-adjusted leverage has
increased to nearly 4x following the issuance of the convertible
notes, S&P's ratings affirmation reflects its expectation that a
substantial portion of the excess proceeds will be invested in
the business and drive improvement to Epicor's cash flow and
financial profile.  S&P's 'BB-' rating also incorporates the
expectation that the organic growth trajectory demonstrated over
the past several quarters will continue.

Epicor Software Corp. -- http://www.epicor.com/-- (Nasdaq:
EPIC) provides integrated enterprise resource planning, customer
relationship management, supply chain management and
professional services automation software solutions to midmarket
companies and divisions of the Global 1000.  Founded in 1984,
Epicor serves over 20,000 customers in more than 140 countries,
providing solutions in over 30 languages.  Epicor is
headquartered in Irvine, California.  The company has offices in
Mexico, Australia, China, Hong Kong, Indonesia, Japan, Denmark,
Germany, Russia, and the United Kingdom, among others.


EUROTUNNEL GROUP: Report Says Banks Poise to Make Bid After Swap
----------------------------------------------------------------
Goldman, Sachs & Co., Macquarie Bank Ltd. and Babcock & Brown
Ltd. are ready to bid for Eurotunnel Group if shareholders
approve a debt-for-equity swap that would cut its GBP6.2 billion
debt in half, Tracy Alloway writes for Bloomberg News citing The
Sunday Telegraph as its source.

"The true value of Eurotunnel to an outside investor is in the
length of its franchise agreement, which runs into 2085," Alex
Moss, a senior credit analyst at Insight Investment Management
in London who helps oversee US$94 billion of fixed-income
assets, told Bloomberg News.  "There aren't that many
infrastructure assets with that kind of time horizon."

The debt-to-equity swap, where shareholders exchange their
existing shares in Eurotunnel for shares in a new entity known
as Groupe Eurotunnel, closed on May 21, 2007.

According to a report carried in the Lloyds List, the result of
the share swap will not be known before the official
announcement of the French financial markets regulator AMF on
June 4, 2007.

According to the report, if the acceptance of the offer falls
short of 50%, the company will declare itself insolvent to the
Paris Court of Commerce.  The French and British governments
could either put the company out to tender or its creditors
could exercise their right to take control of the company.

If the share swap is successful, the exchange will trigger a
debt restructuring which will reduce the company's debt by more
than half but reduce shareholders' interests in the company to
as little as 13%, Lloyds List relates.

As reported in the TCR-Europe on May 16, 2007, the company
reduced the acceptance condition for the tender offer to 50%
from 60%, following the extension of the acceptance period of
the offer to May 21 from May 15, 2007.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


FORD MOTOR: Europe Unit Eyes 5.4 Percent Sales Growth in 2007
-------------------------------------------------------------
Ford of Europe, the European division of Ford Motor Co., expects
to sell about 100,000 more vehicles in 2007, a 5.4 percent
growth, Bloomberg News reports.

Ford of Europe this week reported a 7.4 percent increase in its
April sales from the same month last year.  The company sold
143,700 cars and commercial vehicles across its main 21 markets,
with the Focus and Fiesta as the company's best-selling models
in April.  The sales growth is also supported by the growing
popularity of S-MAX, Car of the Year 2007, and Transit,
International Van of the Year 2007.

"I do believe we can keep a good sales track this year," Ford of
Europe CEO John Fleming told Bloomberg News in a telephone
interview.  "We're looking at having a similar level of sales
growth this year."

Bloomberg notes Mr. Fleming reiterated expectations of a fourth
consecutive year of profit in Europe this year.

According to the report, the profit-making division is
increasingly important in Ford Motor Co. CEO Alan Mulally's
turnaround efforts as it helped Ford Motor narrow its first-
quarter worldwide loss to US$282 million from US$1.42 billion
amid plunging sales in the North American unit.

                       About Ford Motor Co.

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

                          *     *     *

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

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

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


FUSION PROPERTY: Calls In Liquidators from Jacksons Jolliffe
------------------------------------------------------------
Matthew Colin Bowker and David Antony Willis of Jacksons
Jolliffe Cork were appointed joint liquidators of Fusion
Property Care Ltd. on May 10 for the creditors' voluntary
winding-up proceeding.

Jackson Jolliffe Cork -- http://www.jjcork.co.uk/-- engages
exclusively in business recovery and insolvency work and
comprises certified and chartered accountants, licensed
insolvency practitioners and business turnaround consultants,
many having joined us from senior positions within National
firms.

The company can be reached at:

         Fusion Property Care Ltd.
         9 Thorne Road
         Doncaster
         DN1 2HJ
         England
         Tel: 01302 320 007


GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings
------------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
and senior unsecured debt ratings on Grapevine, Texas-based
GameStop Corp., a retailer of video game products and PC
entertainment software, to 'BB-' from 'B+'.

At the same time, the ratings on the US$475 million fixed-rate
and the US$475 million floating-rate notes were also changed to
'BB-'.

The rating change is based on the company's successful
integration of EB Games, strengthened cash flow protection
measures, and continued debt reduction.  The outlook is
positive.

The ratings on GameStop reflect its participation in the highly
competitive video game and PC entertainment software industry,
the cyclical and seasonal nature of the industry, and the
company's aggressive capital structure with fair credit
protection measures.

"We would consider an upgrade if the company continues to reduce
its debt significantly while maintaining its trend of improved
operating performance," said Standard & Poor's credit analyst
David Kuntz, "which would result in a credit profile more
commensurate with a higher rating."

Headquartered in Grapevine, Texas, GameStop Corp. (NYSE:GME)
-- http://www.gamestop.com/-- sells video games.  The company
operates 4,778 retail stores throughout the United States,
Austria, Australia, Canada, Denmark, Finland, Germany, Italy,
Ireland, New Zealand, Norway, Puerto Rico, Spain, Sweden,
Switzerland and the United Kingdom.  The company also owns
commerce-enabled Web properties, GameStop.com and ebgames.com,
and Game Informer(R) magazine, a leading video and computer game
publication.  GameStop sells the most popular new software,
hardware and game accessories for the PC and next generation
video game systems from Sony, Nintendo, and Microsoft.  In
addition, the company sells computer and video game magazines
and strategy guides, action figures, and other related
merchandise.


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

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

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

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

Goodyear's locations include, but not limited to, the U.S.,
Australia, China, Korea, Austria, France, Germany, Italy,
Russia, Spain, United Kingdom, Argentina, Brazil, Chile,
Colombia, Jamaica, Mexico, and Peru.


INEOS GROUP: Investors to Vote on Lower Loan Interest Today
-----------------------------------------------------------
Barclays plc, the adviser of Ineos Group Holdings plc, has given
investors until today, May 24, 2007, to decide whether to accept
a lower interest on EUR7.4 billion (US$9.6 billion) of Ineos's
loans, Bloomberg News reports citing The International Financing
Review as its source.

According to the report, the decision came after fund managers
in the U.S., who hold the company's dollar-denominated debt,
objected to the debt restructuring.

The loan amendment requires consent from 90 percent of holders
to pass, IFR relates.

IFR says Ineos needs EUR300 million to buy back bonds.  The
company also seeks to cut cost on the loans it used to acquire
BP Plc's Innovene unit last year.

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.


INTERPLAN LTD: Administrators Offer Business & Assets for Sale
--------------------------------------------------------------
Beverley Marsh and Kim Rayment of BDO Stoy Hayward, in their
capacity as joint administrators of Interplan Ltd., offer for
sale the company's business and assets.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business
assurance (audit), corporate advisory, tax, and investment
management services, specializing in such industries as
charities, educational institutions, family businesses,
financial services, leisure, and hospitality.  The company is
the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Interplan Ltd.
         7 Craven Street
         Leicester
         Leicestershire
         LE1 4BX
         England
         Tel: 0116 251 6969


MYLAN LABORATORIES: S&P Cuts Ratings on Merck KGaA Purchase
-----------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its corporate
credit and senior unsecured debt ratings on Mylan Laboratories
to 'BB+' from 'BBB-' and placed all the ratings on CreditWatch
with negative implications.

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

"The acquisition is expected to add a significant amount of
debt, and Mylan's financial policies and profile will be clearly
inconsistent with an investment-grade rating," explained
Standard & Poor's credit analyst Arthur Wong.

The company has disclosed plans to issue around US$1.5 billion
to US$2 billion of equity and equity-linked securities in the
near term to reduce its leverage.  However, even assuming
US$2 billion of equity, Mylan's pro forma debt to EBITDA and
funds from operations to total debt will be much weakened.

From a business profile standpoint, while the acquisition will
substantially diversify Mylan's geographic base to more than 90
countries, make the company one of the top three players in the
growing worldwide generic drug market in terms of sales and give
it much needed size and scale, Mylan has a somewhat limited
track record in effectively integrating acquisitions.
Furthermore, the generics business of Merck KGaA will also be
the company's first major move into the much different, and in
many ways more challenging, European generic drug market.  Given
the amount of prospective debt, achieving synergy and revenue
growth targets will be key if Mylan is to quickly improve on its
credit protection measures.

The transaction is expected to close in the second half of 2007.
Standard & Poor's will review the financing of the deal with
management along with discussing its integration plan, timing of
achieving synergies, and prospects of reducing leverage before
resolving the CreditWatch.

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

Mylan also owns a 71.5% stake in Matrix Laboratories Ltd. of
India.  The company also has a production facility in Puerto
Rico.


POWER PRESS: Claims Filing Period Ends August 10
------------------------------------------------
Creditors of Power Press Enterprises Ltd. have until Aug. 10 to
send in their full names, addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors, if any, to:

         M. H. Abdulali
         Liquidator
         Moore Stephens
         6 Ridge House Ridgehouse Drive
         Festival Park
         Stoke on Trent
         Staffordshire
         ST1 5TL
         England

M. H. Abdulali of Moore Stephens was appointed liquidator of the
company on May 10.

Moore Stephens -- http://www.moorestephens.co.uk/-- offers
audit, business support, corporate finance, corporate recovery,
dispute analysis, financial services, insurance broking, IT
consultancy, pensions audit, risk advisory services, tax and
trusts & estates services.  Its U.K. network comprises over
1,400 partners and staff.


SCOTTISH RE: Hugh McCormick Resigns as Vice President
-----------------------------------------------------
Scottish Re Group Ltd. disclosed that Hugh T. McCormick,
Executive Vice President of Corporate Development, will be
leaving Scottish Re in June to return to the New York law office
of LeBoeuf, Lamb, Greene & MacRae, L.L.P., where he will resume
his long-standing role as a legal advisor to Scottish Re.

"Since joining Scottish Re in 2005, Hugh has been an important
part of the Scottish Re team making significant contributions to
the company's capital market initiatives and with regulatory
matters," said Paul Goldean, Chief Executive Officer of Scottish
Re Group Ltd.  "We wish him continued success after his return
to public practice."

"It has been a pleasure working at Scottish Re and I look
forward to maintaining both the personal and professional
relationships with my colleagues at Scottish Re," Mr. McCormick
said.

Prior to joining Scottish Re, Mr. McCormick was a partner in the
New York office of LeBoeuf, Lamb, Greene & MacRae L.L.P. where
he advised Scottish Re and other domestic and foreign insurance
and reinsurance companies on tax, regulatory and corporate
matters arising in connection with mergers and acquisitions,
demutualizations, reinsurance transactions and insurance
products.  From 1977 to 1981 he was an attorney-advisor with the
Interpretative Division of the Office of Chief Counsel of the
Internal Revenue Service.

                        About Scottish Re

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

                            *   *   *

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

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

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

Scottish Annuity & Life Insurance Company (Cayman) Ltd.

    -- Insurer financial strength rating 'BB+'.

Scottish Re (U.S.) Inc.

    -- IFS 'BB+'.

Scottish Re Ltd.

    -- IFS 'BB+'.

Stingray Pass Through Trust

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

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

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


SPIRIT AEROSYSTEMS: Prices Secondary Offering of Class A Shares
---------------------------------------------------------------
Spirit AeroSystems Holdings Inc. reported the pricing of the
secondary offering of its Class A Common Stock at US$33.50 per
share.  The offering will consist of 31,516,802 shares being
sold by Onex Partners LP, its affiliates and other existing
stockholders.

The selling stockholders have granted the underwriters a 30-day
option to purchase up to 3,151,682 additional shares at the
offering price to cover over-allotments, if any.  The offering
is expected to close on May 25, 2007.  Spirit AeroSystems
Holdings will not receive any proceeds from the offering.  A
registration statement relating to these securities was declared
effective by the U.S. Securities and Exchange Commission on
May 21, 2007.

Credit Suisse Securities (USA) LLC, Goldman, Sachs & Co. and
Morgan Stanley & Co. Incorporated are acting as joint book-
running managers for the offering.  Copies of the final
prospectus relating to the offering, when available, may be
obtained from:

        1) Credit Suisse Prospectus Department
           One Madison Avenue
           New York, NY 10010
           Tel: +1-212-325-2580

        2) Goldman, Sachs & Co.
           Attn: Prospectus Dept.
           85 Broad Street
           New York, NY 10004
           Fax: 1-212-902- 9316

           or e-mail at prospectus-ny@ny.email.gs.com

        3) Morgan Stanley
           Attn: Prospectus Department
           180 Varick Street 2/F
           New York, NY 10014
           Tel: 1-866-718-1649

           or e-mail at prospectus@morganstanley.com

Headquartered in Wichita, Kansas, Spirit AeroSystems Inc.
-- http://www.spiritaero.com/-- with facilities in Wichita,
Tulsa and McAlester, Oklahoma, and Prestwick, Scotland, designs
and manufactures fuselages, struts, nacelles, thrust reversers
and other complex components for Boeing and Airbus.


STADEX INDUSTRIES: Creditors' Meeting Slated for May 29
-------------------------------------------------------
Creditors of Stadex Industries Ltd. will meet at 11:30 a.m. on
May 29 at:

         Freemasons Hall
         Bridge Street
         Manchester
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 28 at:

         P. A. Flint
         Joint Administrator
         KPMG Restructuring
         St. James Square
         Manchester
         M2 6DS
         England

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.


WILD TECHNIK: Taps Michael Young to Liquidate Assets
----------------------------------------------------
Michael Young of Vantis was appointed liquidator of Wild Technik
Ltd. on May 11 for the creditors' voluntary winding-up
procedure.

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

The company can be reached at:

         Wild Technik Ltd.
         40 Anyards Road
         Cobham
         KT11 2LA
         England
         Tel: 01932 868 609
         Fax: 01932 706 531


                            *   *   *

In November 2006, Standard & Poor's Ratings Services raised its
corporate credit rating on Spirit AeroSystems Inc. to 'BB' from
'BB-' and removed it from CreditWatch, where it was placed with
positive implications on July 6.   S&P said the outlook is
positive.

As reported in the TCR-Europe on Oct. 23, 2006, Moody's
Investors Service, in connection with its implementation of its
new Probability-of-Default and Loss-Given-Default rating
methodology, assigned a B1 Probability-of-Default Rating for
Spirit Aerosystems Inc.

Additionally, Moody's assigned loss-given-default ratings on
these loans:

                                          Projected
                        Debt     LGD      Loss-Given
   Debt Issue           Rating   Rating   Default
   ----------           ------  ------    -------
   Sr. Secured
   Revolving Credit
   Facility due 2010    Ba3     LGD3       31%

   Sr. Secured Term
   Loan B due 2011      Ba3     LGD3       31%


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
May 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA - ANZ Great Debate
         ANZ Bank, Sydney, Australia
            Contact: http://www.turnaround.org/

May 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
     Luncheon - Bankruptcy Judges Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

May 30-31, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Distressed Debt
         Harvard Club, New York, New York
            Contact: http://www.frallc.com/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Wine Tasting and Casino Night
         Mayfair Farms, West Orange, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

May 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Breakfast Speaker Series
         E&Y Tower, Calgary, Alberta
            Contact: http://www.turnaround.org/

May 31 - June 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      2nd Annual TMA Southeast Regional Conference
         Marriott Resort at Grande Dunes
            Myrtle Beach, South Carolina
               Contact: http://www.turnaround.org/

May 31 - June 2, 2007
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Baltimore, Maryland
               Contact: 1-800-CLE-NEWS; http://www.ali-aba.org/

June 4, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA NY Golf & Tennis Outing
         Fresh Meadow Country Club, Lake Success, New York
            Contact: 646-932-5532 or http://www.turnaround.org/

June 4-7, 2008
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      24th Annual Bankruptcy & Restructuring Conference
        JW Marriott Spa and Resort, Las Vegas, Nevada
            Contact: http://http://www.airacira.org/

June 6-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      5th Annual Mid-Atlantic Regional Symposium
         Borgata Hotel Casino & Spa
            Atlantic City, New Jersey
               Contact: http://www.turnaround.org/

June 6-9, 2007
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      23rd Annual Bankruptcy & Restructuring Conference
         Westin River North, Chicago, Illinois
            Contact: http://www.airacira.org/

June 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Tournament
         Northview Golf and Country Club, Vancouver, British
            Columbia
               Contact: 206-223-5495 or
                  http://www.turnaround.org/

June 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner Event - Networking
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

June 7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Looking Over the Edge, Successful Resolutions out of
         Bankruptcy
            IDS Center, Minneapolis, Minnesota
               Contact: http://www.turnaround.org/

June 7-8, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mealey's Asbestos Bankruptcy Conference
         Intercontinental Hotel, Chicago, Illinois
            Contact: http://www.turnaround.org/

June 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Association for Corporate Growth Arizona Chapter Meeting
         Biltmore Hotel, Phoenix, Arizona
            Contact: http://www.turnaround.org/

June 14, 2007
   BEARD AUDIO CONFERENCES
      IP Rights In Bankruptcy
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      ACG/TMA Annual Pacific Northwest Golf Tournament
         Washington National Golf Club, Auburn, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

June 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Economic Update at the 1/2 Year Mark
         University Club, Portland, Oregon
            Contact: http://www.turnaround.org/

June 14-17, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         Clarion Hotel, Princeton, New Jersey
            Contact: 908-575-7333 or www.turnaround.org/

June 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual Charity Golf Outing
         Harborside International, Chicago, Illinois
            Contact: 815-469-2935 or http://www.turnaround.org/

June 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Bank Workout Panel
         Oak Hill Country Club, Rochester, New York
            Contact: http://www.turnaround.org/

June 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      7th Annual TMA Toronto Golf Social
         Board of Trade Country Club, Woodbridge, Ontario
            Contact: 416-867-2300 or http://www.turnaround.org/


June 21, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Valuing Distressed and Troubled Companies
         Denver Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

June 21, 2007
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING
      CONFEDERATION
         Corporate Reorganization Conference
            (2nd Annual IWIRC Woman of the Year Award)
               Chicago, Illinois
                  Contact: http://www.iwirc.org/

June 21, 2007
   NEW YORK SOCIETY OF SECURITY ANALYSTS
      Career Chat: Emerging Careers in Distressed Securities
         New York, New York
            Contact: http://www.nyssa.org/

June 21-22, 2007
   BEARD GROUP AND RENAISSANCE AMERICAN CONFERENCES
      Tenth Annual Conference on Corporate Reorganizations
         Successful Strategies for Restructuring Troubled
            Companies
               The Millennium Knickerbocker Hotel - Chicago
                  Contact: 800-726-2524;
                     http://renaissanceamerican.com/

June 25-26, 2007
   STRATEGIC RESEARCH INSTITUTE
      10th Annual Distressed Debt Investing Summit
         Helmsley Hotel, New York, New York
            Contact: http://www.srinstitute.com/

June 26, 2007
   BEARD AUDIO CONFERENCES
      Partnerships in Bankruptcy: Unwinding The Deal
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

June 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

June 26-27, 2007
   AMERICAN CONFERENCE INSTITUTE
      Distressed Condo Projects: Turnaround and Workout
         Strategies
            Trump International Sonesta Beach Resort
               Sunny Isles, Florida
                  Contact: http://www.americanconference.com/

June 28 - July 1, 2007
   NORTON INSTITUTES
      Norton Bankruptcy Litigation Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: http://www2.nortoninstitutes.org/

July 5, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      SummerFest
         Milwaukee's Lake Front, Milwaukee, Wisconsin
            Contact: 815-469-2935 or http://www.turnaround.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Bankruptcy Judges Panel
         University Club, Jacksonville, Florida
            Contact: http://www.turnaround.org/

July 12-15, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Marriott, Newport, Rhode Island
            Contact: 1-703-739-0800; http://www.abiworld.org/

July 12, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Billiards Night
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

July 18, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Mystic Blue Boat Cruise
         Navy Pier, Chicago, Illinois
            Contact: 815-469-2935 or http://www.turnaround.org/

July 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Young Professionals Networking Event
         Location TBA, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Charity Networking Event
         Loews Hotel, Philadelphia, Pennsylvania
            Contact: 215-657-5551 or http://www.turnaround.org/

July 23-24, 2007
   FINANCIAL RESEARCH ASSOCIATES
      Financial Restructuring 101 & 102
         The Flatotel, New York, New York
            Contact: http://www.frallc.com/

July 25-28, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      12th Annual Southeast Bankruptcy Workshop
         The Sanctuary, Kiawah Island, South Carolina
            Contact: http://www.abiworld.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

July 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Golf Social Event
         Crystal Lake Golf Club, Lakeville, Minnesota
            Contact: 612-708-0258 or http://www.turnaround.org/

July 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Golf Tournament
         Kings Deer Golf Club, Monument, Colorado
            Contact: 303-847-5026 or http://www.turnaround.org/

July 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Golf Outing
         Raritan Valley Country Club, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

July 31, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Enterprise Florida: Improving Florida's
         Business Climate and Helping Florida Companies
            Market Overseas
               Citrus Club, Orlando, Florida
                  Contact: http://www.turnaround.org/

Aug. 3, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Women's Spa Event
         Short Hills Hilton, Livingston, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 9, 2007
   BEARD AUDIO CONFERENCES
      Technology as a Competitive Advantage For Today's Legal
         Processes
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

Aug. 9-11, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      3rd Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 10, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Aug. 16, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Colorado Chapter Annual Brew Pub & Pool Social
         Wynkoop Brewing Company, Denver, Colorado
            Contact: 303-847-5026 or http://www.turnaround.org/

Aug. 23-26, 2007
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Drake Hotel, Chicago, Illinois
            Contact: http://www.nabt.com/

Aug. 24, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Fishing Trip
         Point Pleasant, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Aug. 28, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Healthcare Panel
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Aug. 29-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      3rd Annual Northeast Regional Conference
         Gideon Putnam Resort and Spa, Saratoga Springs,
            New York
               Contact: http://www.turnaround.org/

Sept. 6-7, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Complex Financial Restructuring Program
         Four Seasons, Las Vegas, Nevada
            Contact: http://www.turnaround.org/

Sept. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Southwest Bankruptcy Conference
         Four Seasons
            Las Vegas, Nevada
               Contact: http://www.abiworld.org/

Sept. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Body of Knowledge - CTP Review Class
         Chicago, Illinois
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Buying and Selling Troubled Companies
         Marriott North, Fort Lauderdale, Florida
            Contact: http://www.turnaround.org/

Sept. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Sept. 20, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Lean Transformation at Current and Other Case Studies
         Denver Athletic Club, Denver, Colorado
            Contact: http://www.turnaround.org/

Sept. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Retail Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Sept. 26, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Joint Educational & Networking Reception
         TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Sept. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Sept. 27-30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      8th Annual Cross Border Business
         Restructuring & Turnaround Conference
            Contact: http://www.turnaround.org/

Oct. 2, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Bridgewater, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Oct. 5, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC "Views from the Bench"
         Georgetown University Law Center
            Washington, District of Columbia

Oct. 9-10, 2007
   IWIRC
      Orlando, Florida
         IWIRC Annual Fall Conference
            Contact: http://www.iwirc.org/

Oct. 10-13, 2007
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      81st Annual National Conference of Bankruptcy Judges
         Contact: http://www.ncbj.org/

Oct. 11, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      ABI Educational Program at NCBJ
         Orlando World Marriott, Orlando, Florida
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 16-19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Copley Place
            Boston, Massachussets
               Contact: 312-578-6900; http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Capital Markets Case Study
         Contact: http://www.turnaround.org/

Oct. 25, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Arizona Chapter Meeting
         Contact: http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         Centre Club, Tampa, Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Oct. 30, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Crisis Communications With Employees,Vendors and Media
         Centre Club, Tampa, Florida
            Contact: http://www.turnaround.org/

Nov. 1, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Breakfast
         TBD, Hackensack, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 12, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Consumer Bankruptcy Conference
         Marriott, Troy, Michigan
            Contact: 1-703-739-0800; http://www.abiworld.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Mixer
         McCormick & Schmick's, Las Vegas, Nevada
            Contact: 702-952-2480 or http://www.turnaround.org/

Nov. 14, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Dinner
         South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Nov. 15, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Portland Holiday Party
         University Club, Portland, Oregon
            Contact: 206-223-5495 or http://www.turnaround.org/

Nov. 22, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Networking Mixer
         TBA, Vancouver
            Contact: 206-223-5495 or www.turnaround.org/

Nov. 27, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon - Real Estate Panel
         Citrus Club, Orlando, Florida
            Contact: http://www.turnaround.org/

Nov. 29, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Special Speaker
        TBD, New Jersey
            Contact: 908-575-7333 or http://www.turnaround.org/

Nov. 29, 2007
   TMA Arizona Chapter Meeting
      TURNAROUND MANAGEMENT ASSOCIATION
         Contact: http://www.turnaround.org/

Dec. 6, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Seattle Holiday Party
         Athletic Club, Seattle, Washington
            Contact: 206-223-5495 or http://www.turnaround.org/

Dec. 6-8, 2007
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin Mission Hills Resort, Rancho Mirage, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Dec. 13, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      Holiday Extravaganza - TMA & CFA
         Georgia Aquarium, Atlanta, Georgia
            Contact: 678-795-8103 or http://www.turnaround.org/

Dec. 19, 2007
   TURNAROUND MANAGEMENT ASSOCIATION
      South Florida Dinner
         TBA, South Florida
            Contact: 561-882-1331 or http://www.turnaround.org/

Jan. 10, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      Luncheon
         University Club, Jacksonville, Florida

March 25-29, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Spring Conference
         Ritz Carlton Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

April 3-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      26th Annual Spring Meeting
         The Renaissance, Washington, District of Columbia
            Contact: http://www.abiworld.org/

April 25-27, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Spring Seminar
         Eldorado Hotel & Spa, Santa Fe, New Mexico
            Contact: http://www.nabt.com/

May 1-2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      Debt Symposium
         Hilton Garden Inn, Champagne/Urbana, Illinois
            Contact: 1-703-739-0800; http://www.abiworld.org/

June 12-14, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      15th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort and Spa, Traverse City, Michigan
            Contact: http://www.abiworld.org/

July 10-13, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      16th Annual Northeast Bankruptcy Conference
         Ocean Edge Resort
            Brewster, Massachussets
               Contact: http://www.turnaround.org/

July 31 - Aug. 2, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      4th Annual Mid-Atlantic Bankruptcy Workshop
         Hyatt Regency Chesapeake Bay
            Cambridge, Maryland
               Contact: http://www.abiworld.org/

Aug. 16-19, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      13th Annual Southeast Bankruptcy Workshop
         Ritz-Carlton, Amelia Island, Florida
            Contact: http://www.abiworld.org/

Aug. 20-24, 2008
   NATIONAL ASSOCIATION OF BANKRUPTCY JUDGES
      NABT Convention
         Captain Cook, Anchorage, Alaska
            Contact: http://www.nabt.com/

Sept. 24-27, 2008
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Scottsdale, Arizona
            Contact: http://www.ncbj.org/

Oct. 28-31, 2008
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott New Orleans, Louisiana
            Contact: 312-578-6900; http://www.turnaround.org/

Dec. 4-6, 2008
   AMERICAN BANKRUPTCY INSTITUTE
      20th Annual Winter Leadership Conference
         Westin La Paloma Resort & Spa
            Tucson, Arizona
               Contact: http://www.abiworld.org/

May 7-10, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      27th Annual Spring Meeting
         Gaylord National Resort & Convention Center
            National Harbor, Maryland
               Contact: http://www.abiworld.org/

Sept. 10-12, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      17th Annual Southwest Bankruptcy Conference
         Hyatt Regency Lake Tahoe, Incline Village, Nevada
            Contact: http://www.abiworld.org/

Oct. 5-9, 2009
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         Marriott Desert Ridge, Phoenix, Arizona
            Contact: 312-578-6900; http://www.turnaround.org/

2009 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         Las Vegas, Nevada
            Contact: http://www.ncbj.org/

June 21-24, 2009
   INSOL
      8th International World Congress
         TBA
            Contact: http://www.insol.org/

Dec. 3-5, 2009
   AMERICAN BANKRUPTCY INSTITUTE
      21st Annual Winter Leadership Conference
         La Quinta Resort & Spa, La Quinta, California
            Contact: 1-703-739-0800; http://www.abiworld.org/

Oct. 4-8, 2010
   TURNAROUND MANAGEMENT ASSOCIATION
      TMA Annual Convention
         JW Marriott Grande Lakes, Orlando, Florida
            Contact: http://www.turnaround.org/

2010 (TBA)
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      National Conference of Bankruptcy Judges
         New Orleans, Louisiana
            Contact: http://www.ncbj.org/

BEARD AUDIO CONFERENCES
   BAPCPA One Year On: Lessons Learned and Outlook
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Calpine's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changes to Cross-Border Insolvencies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Changing Roles & Responsibilities of Creditors' Committees
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Clash of the Titans -- Bankruptcy vs. IP Rights
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Coming Changes in Small Business Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Dana's Chapter 11 Filing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Deepening Insolvency - Widening Controversy: Current Risks,
      Latest Decisions
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Diagnosing Problems in Troubled Companies
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Claims Trading
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Market Opportunities
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Distressed Real Estate under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Employee Benefits and Executive Compensation under the New
      Code
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Equitable Subordination and Recharacterization
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Fundamentals of Corporate Bankruptcy and Restructuring
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Healthcare Bankruptcy Reforms
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   High-Yield Opportunities in Distressed Investing
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Homestead Exemptions under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis Plaguing
      Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   KERPs and Bonuses under BAPCPA
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Privacy Rights, Protections & Pitfalls in Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Real Estate Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Reverse Mergers-the New IPO?
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Second Lien Financings and Intercreditor Agreements
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Surviving the Digital Deluge: Best Practices in E-Discovery
      and Records Management for Bankruptcy Practitioners
         and Litigators
            Audio Conference Recording
               Contact: 240-629-3300;
                  http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Validating Distressed Security Portfolios: Year-End Price
      Validation and Risk Assessment
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   When Tenants File -- A Landlord's BAPCPA Survival Guide
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Handling Complex Chapter 11
      Restructuring Issues
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Hospitals in Crisis: The Insolvency Crisis
      Plaguing Hospitals Across the U.S.
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   IP Rights In Bankruptcy
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Partnerships in Bankruptcy: Unwinding The Deal
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Technology as a Competitive Advantage For Today's Legal
      Processes
         Audio Conference Recording
            Contact: 240-629-3300;
               http://www.beardaudioconferences.com/

BEARD AUDIO CONFERENCES
   Twenty-Day Claims
      Audio Conference Recording
         Contact: 240-629-3300;
            http://www.beardaudioconferences.com/


                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *