TCREUR_Public/070525.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, May 25, 2007, Vol. 8, No. 103

                            Headlines


A U S T R I A

AT HOME: Claims Registration Period Ends June 25
DESIGNERS.AT: Claims Registration Period Ends June 21
INSTALL LLC: Claims Registration Period Ends June 5
KAISER & QUACH: Claims Registration Period Ends June 11
MTM LLC: Claims Registration Period Ends June 1

PRIVATBRAUEREIEN HOLDING: Leoben Court Orders Business Shutdown
RIZA LLC: Claims Registration Period Ends June 18


B E L G I U M

GENERAL MOTORS: Debt Issuance News Cues Fitch to Cut Debt Rating
GOODYEAR TIRE: Gets US$834 Million Proceeds From Equity Offering


D E N M A R K

ROYAL & SUN: Launches Offer to Buy Out Unit's Minority Owners
WARNER MUSIC: EMI Move Cues S&P to Retain Negative Watch


F I N L A N D

HAMKEN OY: Court Grants Plan Filing Period Until Sept. 20
GAMESTOP CORP: Debt Reduction Cues S&P to Lift Ratings
PIERRE CAVALLO: Eyes Bankruptcy Filing Due to Poor Sales


F R A N C E

CINRAM INTERNATIONAL: First Quarter Earnings Down to US$7.2 Mln
INFOR GLOBAL: Expects to Buy Workbrain for US$227MM by June 2007
INFOR GLOBAL: Agrees to Acquire Hansen Information Technologies
PERNOD RICARD: Executives Promote Case for Ownership in Sweden


G E R M A N Y

ALBERT LEYSER: Claims Registration Period Ends June 20
APW ELECTRONICS: Creditors' Meeting Slated for July 12
AUSTENAT DIABETES: Creditors' Meeting Slated for June 27
AUTOHAUS WEIHER: Claims Registration Period Ends June 20
AYLIN HOCH: Claims Registration Period Ends June 6

BKV BERATUNGSGESELLSCHAFT: Claims Registration Ends June 15
BODENFELDER IMMOBILIEN: Claims Registration Period Ends July 12
BRUNO SCHATOWITZ: Claims Registration Period Ends July 11
ERNST PAUL: Seeks Deal to Resume Business for Christmas Season
FROMMEYER + BAUER: Claims Registration Ends June 27

GREEN FIRE: Claims Registration Ends July 10
HOTEL KARLSBAD: Claims Registration Ends July 4
HS ELEKTRO-INDUSTRIEANLAGEN: Claims Registration Ends June 18
INMOTEX GMBH: Claims Registration Ends June 10
MED CALL: Claims Registration Ends June 13

EAGLETEC TRADING: Claims Registration Ends June 14
ERSELIUS WARENHANDELSGESELLSCHAFT: Claims Deadline Due June 27
EVENT-UND: Claims Registration Ends July 5
FLYING.TV GMBH: Claims Registration Ends July 30
K & G PLANUNGS: Creditors Must Register Claims by June 21

MC GRATH & CO: Creditors Must Register Claims by June 19
MPP MARKETING: Creditors Must Register Claims by June 29
MUEHLECK AUTOMOBIL: Creditors Must Register Claims by July 5
TUI AG: Issuing EUR550 Million Convertible Bonds
TUI AG: Adverse Operating Trends Cue S&P to Cut Rating to BB-

U.M.S. MASTERTOOLS: Creditors Must Register Claims by May 31


I R E L A N D

ARDAGH GLASS: Moody's Lifts Corporate Family Rating to B2


I T A L Y

ALITALIA SPA: Italian Government May Sell Entire Stake
ALITALIA SPA: Aeroflot Backs Bid with EUR900 Million Loan
ALITALIA SPA: Aeroflot-UniCredit Group Mulls Third Partner


K A Z A K H S T A N

AKSARAI LLP: Creditors Must File Claims by June 22
ASTANA FINANCE: Fitch Affirms BB+ Issuer Default Ratings
DAYAN-IS LLP: Proof of Claim Deadline Slated for June 22
FARRUS LLP: Claims Filing Period Ends June 19
JELDEZEK LLP: Claims Registration Ends June 19

MAHTALY WHITE: Creditors' Claims Due June 19
NAR JSC: Creditors Must File Claims by June 27
NURJAUSYN-P LLP: Creditors' Claims Due June 19
PROM MONTAGE: Claims Registration Ends June 19
TRIO ALS: Proof of Claim Deadline Slated for June 19

TRISTAN OIL: Moody's Rates Proposed US$120 Mln Sr. Notes at B2


K Y R G Y Z S T A N

SKGP JYLDYZ: Insolvency Manager to Auction Stake on May 30


L U X E M B O U R G

HAYES LEMMERZ: Rights Offering Sees 52.1 Million Subscriptions


N E T H E R L A N D S

BASELL HOLDINGS: S&P Rates EUR1.65 Billion Secured Loans at BB


R U S S I A

ANDREEVSKOYE LLC: Creditors Must File Claims by July 5
BRYANSKOYE AIR-ENTERPRISE: Asset Sale Slated for June 28
EVRAZ GROUP: Declares 2006 Final Dividend of US3.30 Per Share
INDUSTRIAL ASSOCIATION: Creditors Must File Claims by July 5
LOGOVSKOYE CJSC: Creditors Must File Claims by June 5

MASTER LLC: Moscow Court Names M. Sorokin as Insolvency Manager
MAVI CJSC: Creditors Must File Claims by July 5
OREL-DIAMOND OJSC: Court Names S. Zhumaev as Insolvency Manager
PODDERZHKA CJSC: Creditors Must File Claims by July 5
ROSEVROBANK: Moody's Rates US$150 Million Loan Issue at B1

ROSNEFT OIL: Board of Directors Lists Annual Meeting Agenda
SITRONICS JSC: Unit Redeems US$200 Mln Eurobond Notes Due 2009
SOUTHERN TELECOMMUNICATIONS: Registers RUR2 Billion Bond Issue
TMK OAO: Board Sets Shareholders' General Meeting for June 27
YUKOS OIL: Competition Agency Suspends Prana Deal to Aug. 2


S W E D E N

TRIANGELFFILM AB: Files for Bankruptcy in Stockholm


S W I T Z E R L A N D

ARCHITEKTURBURO H. JUD: Liquidation Claims Due June 30
ART-QUITECTURA UND GASTRODESIGN: Liquidation Claims Due June 4
ELKIER JSC: Creditors' Liquidation Claims Due June 15
ICON JSC: Creditors' Liquidation Claims Due June 20
IMPRINT PUBLISHING: Creditors' Liquidation Claims Due June 4

RAMIX JSC: Creditors' Liquidation Claims Due June 29


T U R K E Y

ARAP TURK: Fitch Affirms & Withdraws Ratings


U K R A I N E

23TH OCTOBER: Claims Filing Bar Date Set May 27
AGROSOYUZ LLC: Claims Filing Bar Date Set May 27
ASSISTANCE-SERVICE: Claims Filing Bar Date Set May 25
AVS-FORA LLC: Creditors Must File Claims by May 27
BOLGRAD SPECIAL: Creditors Must File Claims by May 27

FEODOSIYA TOBACCO: Creditors Must File Claims by May 27
KHARKOV TILE: Creditors Must File Claims by May 25
KHIVITSA LLC: Creditors Must File Claims by May 25
POST SALE: Creditors Must File Claims by May 27
PRILUKI MEAT-PACKING: Creditors Must File Claims by May 25


U N I T E D   K I N G D O M

AMF BOWLING: Earns US$19 Million in Third Quarter Ended April 1
ARCHERS BREWERY: Appoints Joint Administrators from PwC
BEND IT: Joint Liquidators Take Over Operations
BIRCH HALL: M. C. Bowker Leads Liquidation Procedure
BRITISH AIRWAYS: Dresdner Kleinwort Maintains Buy Rating on Firm

CIRRUS TECHNOLOGIES: HSBC Bank Taps PwC as Receivers
EMI GROUP: Shares Trade High as Investors Anticipate Other Bids
EMI GROUP: Maltby Cash Offer Cues S&P to Cut Ratings to B+
EMI GROUP: March 31 Balance Sheet Upside-Down by GBP1.1 Billion
FEDERAL-MOGUL: Claimants Have Until May 31 to Vote on Plan

FORMICA CORP: Moody's May Downgrade Low-B Ratings After Review
HINDLEY ELEVATORS: Appoints Timothy Hargreaves as Liquidator
HINDLEY ELEVATORS: Appoints Timothy Hargreaves as Liquidator
HURLSTON HALL: Creditors' Meeting Slated for June 4
LIVER FRUIT: Names Samuel Jonathan Talby Liquidator

LUDGATE FUNDING: Fitch Puts Low-B Ratings on GBP7.15 Mln Notes
MELROSE FINANCING: Cash Accumulation Cues S&P to Lift Ratings
NORTEL NETWORKS: Securities Regulator Approves Settlement Pact
PIPE ACQUISITION: S&P Affirms Ratings and Removes CreditWatch
PLANETOUT INC: Must Raise US$15 Mln by Aug. 31 to Pay Orix Loan

PLANETOUT INC: Posts US$6.8 Million Net Loss in First Quarter
PLANETOUT INC: Seeking Strategic Alternatives to Raise Capital
ROYAL & SUN: Launches Offer to Buy Out Unit's Minority Owners
ROYAL & SUN: Names New Executives for Marketing and Operations
SHEPPINGDEN LTD: Taps Vincent A. Simmons to Liquidate Assets

TRANS IT: Brings In Liquidator from Mazars LLP
WESTCOUNTRY MARINE: Claims Filing Period Ends June 26

* BOOK REVIEW: American Arbitration: Its History, Functions and
               Achievemnents


                            *********


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A U S T R I A
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AT HOME: Claims Registration Period Ends June 25
------------------------------------------------
Creditors owed money by LLC AT HOME (FN 237152d) have until
June 25 to file written proofs of claim to court-appointed
estate administrator Michael Kaintz at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 9 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Eisenstadt
         Hall F
         Eisenstadt
         Austria

Headquartered in Frauenkirchen, Austria, the Debtor declared
bankruptcy on April 27 (Bankr. Case No. 26 S 57/07w).


DESIGNERS.AT: Claims Registration Period Ends June 21
-----------------------------------------------------
Creditors owed money by LLC Designers.at (FN 200896k) have until
June 21 to file written proofs of claim to court-appointed
estate administrator Walter Kainz at:

         Dr. Walter Kainz
         c/o Dr. Eva Wexberg
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 505 88 31
         Fax: 505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 5 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1703
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 27 (Bankr. Case No. 5 S 56/07f).  Eva Wexberg
represents Dr. Kainz in the bankruptcy proceedings.


INSTALL LLC: Claims Registration Period Ends June 5
---------------------------------------------------
Creditors owed money by LLC INSTALL (FN 280582x) have until
June 5 to file written proofs of claim to court-appointed estate
administrator Walter Anzboeck at:

         Dr. Walter Anzboeck
         Stiegengasse 8
         3430 Tulln
         Austria
         Tel: 02272/61 600
         Fax: 02272/61 600-20
         E-mail: anwalt@anzboeck.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 26 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of St. Poelten
         Room 216
         Second Floor
         Old Building
         St. Poelten
         Austria

Headquartered in Markersdorf-Haindorf, Austria, the Debtor
declared bankruptcy on April 27 (Bankr. Case No. 14 S 85/07a).


KAISER & QUACH: Claims Registration Period Ends June 11
-------------------------------------------------------
Creditors owed money by LLC Kaiser & Quach (FN 222830t) have
until June 11 to file written proofs of claim to court-appointed
estate administrator Daniel Lampersberger at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on June 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 27 (Bankr. Case No. 3 S 62/07y).  Clemens Richter
represents Mag. Lampersberger in the bankruptcy proceedings.


MTM LLC: Claims Registration Period Ends June 1
-----------------------------------------------
Creditors owed money by LLC MTM (FN 285297f) have until June 1
to file written proofs of claim to court-appointed estate
administrator Alice Rabl-Fuchs at:

         Dr. Alice Rabl-Fuchs
         c/o Dr. Roland Paumgarten
         Josef-Egger-Strasse 3
         6330 Kufstein
         Austria
         Tel: 05372/62 144
         Fax: 05372/62 14412
         E-mail: ra.kanzlei@advocat-tirol.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at _noon on June 18  for the examination
of claims.

The meeting of creditors will be held at:

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

Headquartered in Kufstein, Austria, the Debtor declared
bankruptcy on April 27 (Bankr. Case No. 19 S 48/07t).  Roland
Paumgarten represents Dr. Rabl-Fuchs in the bankruptcy
proceedings.


PRIVATBRAUEREIEN HOLDING: Leoben Court Orders Business Shutdown
---------------------------------------------------------------
The Land Court of Leoben entered April 27 an order shutting down
the business of LLC Privatbrauereien Holding und Betreiber (FN
273183s).

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

The estate administrator can be reached at:

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

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


RIZA LLC: Claims Registration Period Ends June 18
-------------------------------------------------
Creditors owed money by LLC RIZA (FN 90947x) have until June 18
to file written proofs of claim to court-appointed estate
administrator Gerhard Rothner at:

         Dr. Gerhard Rothner
         c/o Mag. Elisabeth Buerger-Huber
         Hopfengasse 23
         4020 Linz
         Austria
         Tel: 0732/667326-0
         Fax: 0732/66732029
         E-mail: g.rothner@wildmoser-koch.com
                 e.buerger-huber@wildmoser-koch.com

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 2 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Pasching, Austria, the Debtor declared
bankruptcy on April 27 (Bankr. Case No. 12 S 42/07z).  Elisabeth
Buerger-Huber represents Dr. Rothner in the bankruptcy
proceedings.


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B E L G I U M
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GENERAL MOTORS: Debt Issuance News Cues Fitch to Cut Debt Rating
----------------------------------------------------------------
Fitch Ratings has downgraded General Motors Corporation's senior
unsecured debt rating to 'B-/RR5' from 'B/RR4'.  GM's Issuer
Default Rating remains at 'B' and is still on Rating Watch
Negative (along with the other outstanding ratings) by Fitch
following the company's announcement that it will be raising
US$4.1 billion in secured financing and US$1.1 billion in senior
unsecured convertible securities.

The US$4.1 billion 364-day facility, to be secured by GM's
common equity holdings in GMAC, will be assigned a rating of
'BB/RR1', while the senior unsecured convertible securities will
be rated 'B-/RR5'.

The downgrade of GM's senior unsecured rating reflects the
increase in potential debt levels resulting from the new
financing, which could further impair unsecured recoveries in
the event of any eventual bankruptcy filing.  The ratings remain
on Rating Watch Negative pending the resolution of the Delphi
situation and the associated risks to production at GM.  Despite
absorbing significant liabilities to resolve the Delphi
situation, core wage and benefit issues have yet to be resolved.

The downgrade reflects the increase in debt levels and the
resulting reduced recovery expectations for senior unsecured
debt holders.  In Fitch's previous press release (dated Nov. 13,
2006) Fitch stated that senior unsecured recoveries were
expected to be on the lower end of the 'RR4' range (30-50%
recovery expectations) and that any further changes to the
liability structure could result in a downgrade of the senior
unsecured rating.  Recovery prospects are now on the upper end
of the 'RR5' range, corresponding to 10-30% recovery prospects
(see Fitch's recovery report dated Sept. 19, 2006).

The new debt will further boost liquidity and financial
resources during GM's restructuring period and the upcoming UAW
talks.  Although negative cash flows are expected to continue at
least through 2007, healthy liquidity provides ample flexibility
to continue on GM's restructuring efforts.  At March, 31 2007,
GM had US$24.7 billion in cash (plus US$14.6 billion in long-
term VEBA assets), which could be further supplemented by
proceeds from the sale of Allison Transmission.

GM remains in the early stages of its long-term restructuring
program. Although meaningful reductions have taken place in GM's
fixed cost structure through hourly buyout programs, reductions
in salaried headcount and changes to hourly and salaried health
care programs, cash flow is expected to remain negative in 2007.
A reversal of negative cash flows will depend on a stabilization
of market shares, as well as further cash cost reduction
efforts.  The upcoming UAW contract will play a key role in
determining GM's ability to shape a competitive cost structure,
with progress expected across a range of issues.

The main near-term issue remains health care costs, and Fitch
believes that even significant progress on GM's health care
liabilities during the current talks will still leave GM with a
heavy cost disadvantage versus transplant manufacturers.
Restoration of competitive margins will be unachievable without
creating a long-term solution to these liabilities, and creative
solutions will continue to be explored.  As the Delphi situation
shows, reaching an agreement with the UAW will represent a
significant challenge due to the steep progress that needs to be
made, with ratification presenting a further challenge.  The
pending sale of Chrysler to Cerberus also adds a new dimension
to the contract talks.

Over the longer term, the achievement of competitive margins
will also depend on GM's ability to realize significant
efficiencies in areas such as platform consolidation, design and
engineering efficiencies, capacity utilization, supplier costs
and flexible manufacturing.  Even in a best-case scenario, Fitch
expects that meaningful progress in these areas will still
result in a significant margin differential versus transplant
manufacturers through the end of the decade, producing the need
for further restructuring actions.

Despite strong new product introductions and progress on cost
reductions, first quarter results in North America demonstrated
limited progress toward sustainable profitability.  GM's new
offerings in the large SUV and pickup categories over the past
several quarters have solidified GM's market strength in these
categories.  However, Fitch expects that GM's revenues will come
under increasing pressure in the second half of 2007 due to the
completion of these rollouts, the weak housing market, high gas
prices, and potential cutbacks in pickup truck production.
These factors could also be exacerbated by weaker economic
conditions.  Over the intermediate term, success in the
company's restructuring program will be dependent on stabilizing
North American market share and revenues, which will represent a
significant challenge through at least 2008.

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

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


GOODYEAR TIRE: Gets US$834 Million Proceeds From Equity Offering
----------------------------------------------------------------
The Goodyear Tire & Rubber Company reported the closing of its
public offering of 26,136,363 million shares of its common
stock, including the fully exercised over-allotment option, at
US$33.00 per share.  Including the exercise of the over-
allotment option, the net proceeds from the offering, after
deducting underwriting discounts and commissions, totaled
approximately US$834 million.

As reported in the Troubled Company Reporter on May 21, 2007,
Goodyear said it intends to use the net proceeds from the
offering to redeem approximately US$175 million in principal
amount of its outstanding 8.625% senior notes due in 2011 and
approximately US$140 million in principal amount of its
outstanding 9% senior notes due in 2015.

The company expects to use the remaining net proceeds of the
offering for general corporate purposes, which may include,
among other things, investments in growth initiatives within the
company's core tire businesses and the repayment of additional
debt.

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

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

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

                          *     *     *

As reported in the Troubled Company Reporter on May 14, 2007,
Moody's Investors Service upgraded Goodyear Tire & Rubber
Company's Corporate Family Rating to Ba3 from B1 and maintained
a positive rating outlook.

Standard & Poor's Ratings Services placed its 'B+' long-term and
'B-2' short-term corporate credit ratings and certain other
ratings on Goodyear Tire & Rubber Co. on CreditWatch with
positive implications, reflecting the company's announcement
that it intends to issue common equity and use a substantial
amount of proceeds for debt reduction.



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D E N M A R K
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ROYAL & SUN: Launches Offer to Buy Out Unit's Minority Owners
-------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc, through its wholly
owned unit RSA Overseas Holdings B.V., disclosed a cash tender
offer for all of the outstanding shares in Codan A/S it does not
own.

The Tender Offer is open to all Codan shareholders -- except
those in Canada, Australia or Japan or any other jurisdictions
in which the making of the Tender Offer or the acceptance
thereof would be contrary to the laws of the relevant
jurisdiction -- at a price of DKK605 per share, valuing the
Codan Minority Shares at DKK6.414 billion.

Consistent with R&SA's objective of maintaining financial
flexibility and rating agency capital, the Tender Offer will be
funded through a combination of around GBP300 million of equity
and existing resources.  The transaction will simplify the Group
structure and capital position.

The Codan Board has unanimously recommended the Tender Offer to
Codan's shareholders. The three directors who are R&SA employees
did not participate in the deliberations or the Codan Board
resolution.

"We have a strong portfolio of businesses and are committed to
delivering sustainable profitable performance," Andy Haste,
Group CEO.  "Codan is a core part of the Group.  The acquisition
of the minority shareholding demonstrates the strategic
importance of Codan and enhances our platform for delivering
profitable growth.  The transaction is expected to be mildly
earnings accretive in 2008 and I am confident in the long-term
prospects for this business.  We have made a strong start to the
year and we reaffirm our expectation that the Group will deliver
a combined operating ratio of better than 95% for 2007."

                          Tender Offer

The consideration offered under the Tender Offer is DKK605 in
cash per Codan share.  The Tender Offer, unless extended, will
expire on June 21, 2007, at 8:00 p.m. (CET).  If the conditions
of the Tender Offer are either met or waived at this time,
settlement is expected on or before June 29, 2007.

The offer price represents a premium of 15% to Codan's closing
share price of DKK525 on May 23, 2007 and 18% to the six-month
volume weighted average.

As Codan is core to the R&SA Group and its objective of
delivering sustainable profitable performance, RSA B.V. welcomes
any additional shares it can obtain. Consequently, this Tender
Offer is not subject to a specific acceptance level.

If, upon settlement, RSA B.V. owns more than 90% of Codan's
outstanding share capital, RSA B.V. intends to initiate
compulsory acquisition procedures and seek to de-list Codan
shares from the Copenhagen Stock Exchange.

Completion of any compulsory acquisition procedures is expected
to be early January 2008.

                          Equity Placing

Consistent with the objective of maintaining financial
flexibility and rating agency capital, R&SA is today undertaking
a private placing of new R&SA ordinary shares of 27.5p each to
raise around GBP300 million in connection with the Tender Offer.

JPMorgan Cazenove and Merrill Lynch are acting as joint lead
managers and bookrunners to the Placing.  The Placing will be
fully underwritten by J.P. Morgan Securities Limited and Merrill
Lynch and will be conducted in accordance with the terms and
conditions set out in the Appendix to this announcement.

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group Plc -- http://www.royalsunalliance.com/-- provides
insurance products and services in over 130 countries.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in Argentina, Bahrain, Belgium,
Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France,
Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania,
Malaysia, Mexico, Netherland Antilles, Netherlands, Norway,
Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay and
Venezuela.

                            *   *   *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


WARNER MUSIC: EMI Move Cues S&P to Retain Negative Watch
--------------------------------------------------------
Standard & Poor's Ratings Services said that its ratings on New
York City-based Warner Music Group Corp., including its 'BB-'
corporate credit rating, remain on CreditWatch with
negative implications, where they were initially placed on
Feb. 22, 2007, following the company's statement that it was
exploring a possible merger agreement with EMI Group PLC
(B+/Watch Neg/B).

The CreditWatch update follows the announcement by EMI that it
has accepted a cash offer from Terra Firma Capital Partners for
265 pence per share, or 2.4 billion pounds, excluding existing
debt.  In February 2007, EMI had rejected a bid by Warner for
260p per share.

"The CreditWatch status reflects continuing uncertainty
surrounding the final outcome of the bidding process, and Terra
Firma's ultimate plans for certain segments of EMI's business,"
explained Standard & Poor's credit analyst Michael Altberg.

In resolving the CreditWatch listing, Standard & Poor's will
continue to monitor developments related to EMI's potential
buyout.

                    About Warner Music Group

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


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HAMKEN OY: Court Grants Plan Filing Period Until Sept. 20
---------------------------------------------------------
Hamken Oy has until Sept. 20, 2007, to file a debt restructuring
plan with the Tampere District Court, Finnish newspaper
Helsingin Sanomat reports.

The last Tampere-based shoemaker filed for creditor protection
on April 17, 2007, citing EUR5.4 million in turnover and EUR8
million in debts.  Nordea Bank and Finnvera are listed as the
company's main creditors.

The court accepted the company's petition, filed by Hamken
managing director Pauli Suutarinen, early this month.  The
company employs 120 workers in its Tampere and Virrat factories.

Marketing director Petrina Palmroth tells employees that full
employment will continue at least until the end of the year due
to a slight increase in orders for 2007, the paper relates.


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.


PIERRE CAVALLO: Eyes Bankruptcy Filing Due to Poor Sales
--------------------------------------------------------
Private clothing retailer Pierre Cavallo Oy is ready to file for
bankruptcy protection and close shop amid declining sales and
increasing market competition, Finnish newspaper Helsingin
Sanomat reports.

The company, however, is open to a possible takeover bid in case
parties want to express interest for the private clothing store
chain owned by the Rautiainen family, Helsingin relates.

The company lists Nordea Bank as its main creditor.

According to the report, constant pressure from large
international fashion houses triggered the company's losses
since late 2004.  Annual sales amount to about EUR10 million.

Pierre Cavallo Oy operates more than 20 stores in Finland,
Russia and in the Baltic States.


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


CINRAM INTERNATIONAL: First Quarter Earnings Down to US$7.2 Mln
---------------------------------------------------------------
Cinram International Income Fund reported first quarter 2007
revenue of US$443.9 million compared with US$447.8 million in
2006, and earnings before interest, taxes and amortization of
US$69.6 million compared with US$72 million in the first quarter
of 2006.  Cash flow from operations increased to US$119.4
million in the first quarter of 2007 from US$83.8 million in the
comparable 2006 period.  Net earnings for the quarter decreased
to US$7.2 million from US$8 million or for the first quarter of
2006.

"First quarter DVD unit volumes were in line with our
expectations and were indicative of our customers' healthy
release schedules and the overall strength of the market for
DVDs," said Cinram chief executive officer Dave Rubenstein.
"Cinram's first quarter DVD unit volumes were up nine per cent
over 2006; however, the positive impact of this increase was
offset by lower prices, a decline in our printing business and
lower CD volume during the period."

In the first quarter, the company generated distributable cash
of US$39.9 million and paid distributions of US$40.7 million
resulting in a payout ratio of 102%.  However, Cinram's first
quarter payout ratio is not indicative of its annual payout
ratio as distributable cash varies by quarter in line with the
seasonal fluctuations in its business.

"We have made significant strides on the business development
front since the beginning of the year, including the acquisition
of Ditan Corporation," added Mr. Rubenstein.  "We are
aggressively moving forward with our plans to leverage our core
competencies and continue to pursue strategic initiatives that
will be accretive to our unitholders and which will ensure the
long-term growth of our company."

On April 30, 2007, Cinram acquired substantially all of the
assets of Ditan Corporation, the leading third-party interactive
software and games distribution company in the United States,
for US$50 million in cash plus additional cash consideration
upon the achievement of certain future performance metrics.  The
Ditan acquisition provides Cinram with a strategic entry point
into the growing video game market as well as the opportunity to
take advantage of a number of synergies in manufacturing and
distribution.

                    Other financial highlights

Gross profit for the quarter ended March 31, 2007, declined six
per cent to US$76.5 million from US$81.8 million in 2006.  The
favorable gross profit impact of increased DVD units during the
quarter was more than offset by lower DVD pricing, product mix
and a reduction in CD and printing sales.  Amortization expense
from capital assets, which is included in the cost of goods
sold, decreased to US$35.3 million from US$36.8 million in the
first quarter of 2006.

                   Balance Sheet and Liquidity

Cinram's cash and cash equivalent position increased to
US$197.3 million at quarter end from US$152.7 million at Dec.
31, 2006.  With debt of US$664.6 million, the Fund had a net
debt position of US$467.3 million at March 31, 2007, compared
with a net debt position of US$522.8 million at the end of 2006.
Cinram's US$150-million revolving line of credit was not used in
the first quarter and currently remains undrawn.  Working
capital decreased to US$265.7 million at March 31, 2007, from
US$282.5 million at Dec. 31, 2006, as we used funds for capital
spending and debt repayments.  Subsequent to quarter end, the
company used US$50 million in cash to finance the acquisition of
Ditan Corporation.

                     Unit Repurchase Program

Cinram received regulatory approval and satisfactory amendments
to the Fund's credit facilities on March 30, 2007, enabling it
to proceed with the Normal Course Issuer Bid that was first
announced on March 5, 2007.  Under the NCIB, Cinram may purchase
up to a total of 5 million units for cancellation through the
facilities of the TSX during the 12-month period starting March
30, 2007.  The actual number of units, which may be purchased
pursuant to the NCIB and the timing of any such purchases will
be determined by Cinram's management and in accordance with
applicable securities legislation.  To date, Cinram has not made
any purchases under the NCIB as the Fund has been in a blackout
period.

                    About Cinram International

Cinram International Inc. (TSX: CRW.UN) - http://www.cinram.com/
-- an indirect wholly owned subsidiary Cinram International
Income Fund, provides pre-recorded multimedia products and
related logistics services.  With facilities in North America
and Europe, Cinram International Inc. manufactures and
distributes pre-recorded DVDs, VHS video cassettes, audio CDs,
audio cassettes and CD-ROMs for motion picture studios, music
labels, publishers and computer software companies around the
world including Canada, France, Germany, Mexico, the United
Kingdom, and the United States.

                          *    *    *

Cintram International Income Fund carries Moody's B1 long-term
corporate family and bank loan debt rating.  Moody's said the
ratings outlook is stable.


INFOR GLOBAL: Expects to Buy Workbrain for US$227MM by June 2007
----------------------------------------------------------------
Infor Global Solutions European Finance, SARL, an affiliate of
Infor Global Solutions Holdings Ltd., will acquire Workbrain
Corporation by June 2007, pursuant to a definitive agreement
between the parties.

Infor will acquire all of Workbrain's outstanding common shares
at a price of CDNUS$12.50 per share in cash pursuant to a
statutory plan of arrangement.  The transaction values
Workbrain, on a fully diluted basis, at approximately US$227
million.

This all-cash transaction for 100% of the company's common
shares represents a 25.6% premium over Workbrain's volume
weighted average share price on the Toronto Stock Exchange on
Friday, March 30, 2007, and a 40% premium over the volume
weighted average price for the most recent 30 trading days on
the Toronto Stock Exchange.

The transaction has been unanimously approved by Workbrain's
Board of Directors, which recommends that shareholders vote in
favor of the transaction.

"In just over seven years, Workbrain has built the leading
workforce management software company based on innovation and
attention to the customer.  Joining Infor will accelerate our
current momentum by providing us access to Infor's 70,000
customers and extensive global distribution network.  We believe
that all of our stakeholders will benefit from this
combination," said David Ossip, CEO of Workbrain.

"Infor's successful business model combines the built-in
business experience of focused software providers like Workbrain
with the scale, stability and breadth of solutions of one of the
largest software providers," said Jim Schaper, Chairman and CEO
of Infor. "We will continue to invest and build upon Workbrain's
solutions.  Workbrain expands our current human capital
management offering with unmatched domain expertise in the areas
of time and attendance, scheduling, absence management and
workforce planning."

Mr. Roger Martin, the Chairman of the Board of Directors of
Workbrain stated, "We are extremely proud of the business that
our management team has been able to build, and the results that
are being delivered through this transaction to our
shareholders.  This announcement follows a comprehensive process
which has been supervised by our Board with the assistance of
our financial advisors."

Workbrain's Board of Directors was advised by Merrill Lynch and
Genuity Capital Markets, each of whom provided Workbrain's Board
of Directors with an opinion that the consideration to be
received by securityholders under the transaction is fair from a
financial point of view.   Stikeman Elliott LLP provided legal
advice to Workbrain.

Workbrain's CEO, David Ossip, and Alon Ossip, a Director of
Workbrain, have agreed to vote the 3,994,200 common shares that
they control in Workbrain, which represents approximately 22% of
Workbrain's issued and outstanding common shares, in favour of
the transaction.

The transaction is to be carried out by way of a statutory plan
of arrangement and will be subject to customary closing
conditions, including regulatory and security holder approval.
The transaction is expected to close in June of 2007.

                      About Workbrain Corp.

Workbrain Corp. (TSX:WB) -- http://www.workbrain.com/-- is the
only provider of Total Workforce Management.  Through its award-
winning Workbrain family of products, the company provides a
total suite of workforce management applications to help large
enterprises across multiple industries around the world meet the
complex challenge of planning, deploying, managing, and
measuring their workforce.  Workbrain Workforce Planning,
Workforce Scheduling, Time and Attendance, and Workbrain
Intelligence integrate seamlessly on a single, industry-
standard, web-based platform.

Approximately 3,000,000 employees around the world are managed
by Workbrain's Total Workforce Management applications every day
including British Airways, Target, RadioShack, Lifespan, and
General Mills.

                        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.

                        *     *     *

Moody's affirmed Infor Global Solutions Holdings Ltd.'s B3
corporate family rating following its recent acquisition
announcements and updated the company's individual debt ratings
reflecting the addition of US$225 million in new debt.

In May 2007, 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).


INFOR GLOBAL: Agrees to Acquire Hansen Information Technologies
---------------------------------------------------------------
Infor Global Solutions Holdings Ltd. said it will acquire Hansen
Information Technologies, which will strengthen Infor's ability
to serve the growing public sector, specifically local
government and municipal authorities.

The combination of Hansen and Infor's existing government
solutions will establish Infor as a leading provider of
enterprise applications that serve the specialized needs of
government entities.  Upon the closing of the transaction, Infor
will offer a compelling combination of Human Capital Management,
Revenue Management, and Enterprise Asset Management to
municipalities of all sizes.

"Infor's strategy is to address markets where customers want
solutions with functionality and expertise specific to their
needs, rather than the generic products of the large horizontal
software providers," said Jim Schaper, chairman and CEO of
Infor. "Hansen provides software that is built for the unique
needs of state and local government.  Following the close of
this transaction, Infor will provide a complete offering of
government-specific solutions from a vendor that has the size
and scale to be a long-term strategic partner."

"I am impressed by Infor's track record of investing in the
solutions they acquire and the value they place on the people
who create and support those solutions," said Chuck Hansen,
chairman and CEO of Hansen.  "For our users, this means that
they can expect continued high levels of support as well as a
renewed commitment to the evolution of their products."

The company said that it is well positioned to increase market
share with Hansen in both large and small municipalities as they
address key initiatives, like managing large staffs of shift-
based and hourly employees through Workforce Management, revenue
recognition through effective Performance Management, Permitting
and Utility Billing, and reducing budget shortfalls through
better asset maintenance via Enterprise Asset Management.

                    About Hansen Technologies

Based in Rancho Cordova, California, Hansen Information
Technologies -- http://www.hansen.com/-- is a substantial
provider of intelligent and adaptive solutions that manage the
transactions of government.  Hansen's integrated suite of
performance management solutions includes Enterprise Resource
Planning, Enterprise Asset Management, Building Permit, Business
Licensing, Business Intelligence, CIS Billing, Citizen
Relationship Management, Code Enforcement, Financials, GIS, HR
and Payroll, Property Tax, Timesheet Reporting, Transportation,
and Web Portal applications.  Major customers include 15 of the
25 largest city and county governments in the United States, and
government entities in Canada, Australia, New Zealand, South
Africa and the U.K., all markets where Infor has a substantial
presence.

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.

                        *     *     *

Moody's affirmed Infor Global Solutions Holdings Ltd.'s B3
corporate family rating following its recent acquisition
announcements and updated the company's individual debt ratings
reflecting the addition of US$225 million in new debt.

In May 2007, 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).


PERNOD RICARD: Executives Promote Case for Ownership in Sweden
--------------------------------------------------------------
Pernod Ricard S.A. executives went to Sweden to promote the
company's case for ownership in the Absolut vodka brand, William
Lyons writes for the Scotsman citing unnamed sources.

"A team has just returned from a visit to the town in the south
of the country where Absolut is made," one source told the
Scotsman.  "We met the local unions, local newspaper and local
authorities to put our case across that we are very interested
in buying the brand.  We wanted to explain that when we buy a
brand we let the local management run it."

According to the report, the company's offer is aimed at
reinforcing its white spirit portfolio.

The Swedish government plans to sell Absolut's parent company
Vin & Sprit, which is valued by analyst at GBP3 billion, as part
of its wider privatization of national industries, the Scotsman
relates.

Both Pernod Ricard and Bacardi Holdings have formally written to
the Swedish government outlining their interest.

As reported in the Troubled Company Reporter-Latin America on
March 19, 2007, Bacardi Holdings has expressed interest in
buying Vin & Sprit following the Sweden government's proposal to
the country's parliament to approve a sale of the business.

Bacardi told the Gazette that it could raise the proposed price
of US$5 billion or more through bank loans.

An announcement from the Swedish government is due at the end of
June 2007.

                       About Pernod Ricard

Headquartered in Paris, France, Pernod Ricard --
http://www.pernod-ricard.com/-- produces and distributes
spirits and wines.  The Company operates in Europe, North
America, Central and South America, and the Asia-Pacific region.

                          *     *     *

As reported in the TCR-Europe on Nov. 21, 2006, Standard &
Poor's Ratings Services raised its long-term corporate credit
and senior unsecured debt ratings on French spirits manufacturer
and marketer Pernod Ricard S.A. to 'BB+' from 'BB' following
quicker-than-expected integration of acquired businesses and
improved profitability prospects.

At the same time, the 'B' short-term corporate credit rating was
affirmed.  S&P said the outlook is stable.


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


ALBERT LEYSER: Claims Registration Period Ends June 20
------------------------------------------------------
Creditors of Albert Leyser Verwaltungs GmbH have until June 20
to register their claims with court-appointed insolvency manager
Ulrich H. Laub.

Creditors and other interested parties are encouraged to attend
the meeting at 3:40 p.m. on July 11, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Idar-Oberstein
         Hall 201
         55743 Idar-Oberstein
         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 H. Laub
         Hauptstrasse 161
         55743 Idar-Oberstein
         Germany

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

The Debtor can be reached at:

         Albert Leyser Verwaltungs GmbH
         Attn: Mi-chael and Susanne Leyser, Managers
         Hauptstrasse 25
         55743 Fischbach
         Germany


APW ELECTRONICS: Creditors' Meeting Slated for July 12
------------------------------------------------------
The court-appointed insolvency manager for APW Electronics GmbH,
Ralph Buenning will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on
July 12.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Sept. 13 at the same venue.

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

The insolvency manager can be reached at:

         Ralph Buenning
         Domshof 18-20
         28195 Bremen
         Germany
         Tel: 0421/3686-0
         Fax: 0421/3686-100
         E-mail: InsOBremen@schubra.de
         Web site: http://www.schubra.de/

The District Court of Bremen opened bankruptcy proceedings
against APW Electronics GmbH on May 8.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         APW Electronics GmbH
         Attn: Samantha Kirby, Manager
         Carsten-Dressler-Str. 10
         28279 Bremen
         Germany


AUSTENAT DIABETES: Creditors' Meeting Slated for June 27
--------------------------------------------------------
The court-appointed insolvency manager for Austenat Diabetes-
Center GmbH, Juergen Spliedt will present his first report on
the Company's insolvency proceedings at a creditors' meeting at
11:35 a.m. on June 27.

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

         The District Court of Charlottenburg
         Hall 218
         Second Floor
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 11:40 a.m. on Sept.26 at the same venue.

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

The insolvency manager can be reached at:

         Dr. Juergen Spliedt
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Austenat Diabetes-Center GmbH on Aug. 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Austenat Diabetes-Center GmbH
         Marburger Strasse 12-13
         10789 Berlin
         Germany


AUTOHAUS WEIHER: 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


AYLIN HOCH: Claims Registration Period Ends June 6
--------------------------------------------------
Creditors of Aylin Hoch- und Tiefbau GmbH have until June 6 to
register their claims with court-appointed insolvency manager
Henning Jung.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Henning Jung
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312
         E-mail: kassel@leonhardt-westhelle.eu

The District Court of Kassel opened bankruptcy proceedings
against Aylin Hoch- und Tiefbau GmbH on May 9.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Aylin Hoch- und Tiefbau GmbH
         Attn: Savas Apaydin, Manager
         Forstfeldstrasse 2
         34123 Kassel
         Germany


BKV BERATUNGSGESELLSCHAFT: Claims Registration Ends June 15
-----------------------------------------------------------
Creditors of BKV Beratungsgesellschaft mbH have until June 15 to
register their claims with court-appointed insolvency manager
Robert Fliegner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:05 a.m. on June 29, 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 Wuppertal
         Meeting Hall A234
         Second Floor
         Eiland 2
         42103 Wuppertal
         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:

         Robert Fliegner
         Gruenewalder Str. 29-31
         42657 Solingen
         Germany
         Tel: 0212/24 94 200
         Fax: 0212/24 94 201

The District Court of Wuppertal opened bankruptcy proceedings
against BKV Beratungsgesellschaft mbH on May 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         BKV Beratungsgesellschaft mbH
         Attn: Heidemarie Wagner, Manager
         Baustr. 5
         42697 Solingen
         Germany


BODENFELDER IMMOBILIEN: Claims Registration Period Ends July 12
---------------------------------------------------------------
Creditors of Bodenfelder Immobilien-Service GmbH have until
July 12 to register their claims with court-appointed insolvency
manager Sandra Mitter.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 2, 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 Goettingen
         Hall B 11
         Berliner Strasse 8
         37073 Goettingen
         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:

         Sandra Mitter
         Wilhelmshoeher Allee 270
         34131 Kassel
         Germany
         Tel: 0561/3166311
         Fax: 0561/3166312

The District Court of Goettingen opened bankruptcy proceedings
against Bodenfelder Immobilien-Service GmbH on May 1.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bodenfelder Immobilien-Service GmbH
         Uslarer Str. 37
         37194 Bodenfelde
         Germany


BRUNO SCHATOWITZ: Claims Registration Period Ends July 11
---------------------------------------------------------
Creditors of Bruno Schatowitz & Sohn, Gueterverkehr GmbH have
until July 11 to register their claims with court-appointed
insolvency manager Ole Schertel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 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 Meldorf
         Hall II
         Domstrasse 1
         25704 Meldorf
         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:

         Ole Schertel
         Albert-Einstein-Ring 11
         22761 Hamburg
         Germany
         Tel: 040/89956-0

The District Court of Meldorf opened bankruptcy proceedings
against Bruno Schatowitz & Sohn, Gueterverkehr GmbH on May 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bruno Schatowitz & Sohn, Gueterverkehr GmbH
         Attn: Emma and Bernd Schatowitz, Managers
         Leibnizstrasse 17
         25541 Brunsbuettel
         Germany


ERNST PAUL: Seeks Deal to Resume Business for Christmas Season
--------------------------------------------------------------
Ernst Paul Lehmann Patentwerk OHG, the maker of Lehmann Gros-
Bahnen trains, needs to secure a deal that would enable it to
resume operations in time for the Christmas season, The
Financial Times reports citing Uwe Ritzer of Suddeutsche Zeitung
as its source.

Suddeutsche Zeitung cited Ernst Paul's former US subsidiary, LGB
of America, as among the firm's possible bidders.  According to
the report, the bid is reportedly backed by the Richter family,
who sold LGBoA to David Buffington in 2006.  Mr. Buffington
promptly denied the speculation surrounding the bid stating that
the Richter family is acting only in a consulting capacity, FT
relates.

Company owner Hermann Schontag said, in a report carried by the
TCR-Europe on April 18, 2007, that it took a while to find
investors for the model railway company, valued at EUR3.7
million.

As reported in the Troubled Company Reporter-Europe on May 18,
2007, German entrepreneur Hans Rudolf Wohrl unexpectedly dropped
plans to acquire the company, foiling attempts to rescue the
company's Nuremberg factory.

Suddeutsche Zeitung's Uwe Ritzer says the company had been
facing mounting debts and declining business for some years, FT
notes.

                        About the Company

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

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


FROMMEYER + BAUER: Claims Registration Ends June 27
---------------------------------------------------
Creditors of frommeyer + bauer Leder GmbH have until June 27 to
register their claims with court-appointed insolvency manager
Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend
the meeting at 9:50 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 Offenbach am Main
         Hall 166N
         First Floor
         Building K18
         Kaiserstrasse 16-18
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Goetz Lautenbach
         Zeilweg 42, D
         60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Offenbach am Main opened bankruptcy
proceedings against frommeyer + bauer Leder GmbH on May 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         frommeyer + bauer Leder GmbH
         Schulstrasse 7
         63150 Heusenstamm
         Germany


GREEN FIRE: Claims Registration Ends July 10
--------------------------------------------
Creditors of Green Fire Projekt- und Handelsgesellschaft mbH
have until July 10 to register their claims with court-appointed
insolvency manager Dr. Werner Poehlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 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 Munich
         Meeting Room 102
         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:

         Dr. Werner Poehlmann
         Fuerstenfelderstr. 9
         80331 Munich
         Germany
         Tel: 089/4613444-0
         Fax: 089/4613444-20

The District Court of Munich opened bankruptcy proceedings
against Green Fire Projekt- und Handelsgesellschaft mbH on
May 7.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Green Fire Projekt- und Handelsgesellschaft mbH
         Attn: Thomas Eberherr, Manager
         Alte Allee 78a
         81245 Munich
         Germany


HOTEL KARLSBAD: Claims Registration Ends July 4
-----------------------------------------------
Creditors of Hotel Karlsbad GmbH & Co. Bau- und Betriebs KG have
until July 4 to register their claims with court-appointed
insolvency manager Bettina E. Dr. Breitenbuecher.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 7, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         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:

         Bettina E. Dr. Breitenbuecher
         Loschwitzer Strasse 3
         01309 Dresden
         Germany
         Tel: (0351) 315050
         Fax: (0351) 315055 55,
         E-mail: dresden@kuebler-gbr.de

The District Court of Chemnitz opened bankruptcy proceedings
against Hotel Karlsbad GmbH & Co. Bau- und Betriebs KG on May 8.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Hotel Karlsbad GmbH & Co. Bau- und Betriebs KG
         Markt 15
         09484 Kurort Oberwiesenthal
         Germany


HS ELEKTRO-INDUSTRIEANLAGEN: Claims Registration Ends June 18
-------------------------------------------------------------
Creditors of HS Elektro-Industrieanlagen GmbH have until June 18
to register their claims with court-appointed insolvency manager
Dr. Guenter Trutnau.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 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:

         Dr. Guenter Trutnau
         Paulinerweg 27, D
         04299 Leipzig
         Germany
         Tel: 0341/868370
         Fax: 0341/8683737

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against HS Elektro-Industrieanlagen GmbH on
April 27.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         HS Elektro-Industrieanlagen GmbH
         Dorfstrasse 80
         06542 Nienstedt
         Germany


INMOTEX GMBH: Claims Registration Ends June 10
----------------------------------------------
Creditors of Inmotex GmbH have until June 10 to register their
claims with court-appointed insolvency manager Dr. Helmut
Lorentz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Mainz
         Hall 174
         Building B
         Ernst-Ludwig Strasse 7
         55116 Mainz
         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. Helmut Lorentz
         GF 39
         Kaiserstrasse 64, D
         55116 Mainz
         Germany
         Tel: 06131/234551
         Fax: 06131/231094

The District Court of Mainz opened bankruptcy proceedings
against Inmotex GmbH on May 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Inmotex GmbH
         Carl-Zeiss-Str. 29
         55128 Mainz
         Germany

         Attn: Ivica Dragun, Manager
         Thomas-Jefferson-Str. 2
         55122 Mainz
         Germany


MED CALL: Claims Registration Ends June 13
------------------------------------------
Creditors of med call & buy GmbH have until June 13 to register
their claims with court-appointed insolvency manager Axel
Schwentker.

Creditors and other interested parties are encouraged to attend
the meeting at 10:50 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 Duisburg
         Room C215
         2nd floor
         Kardinal-Galen-Str. 124-132
         47058 Duisburg
         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:

         Axel Schwentker
         Lindnerstrasse 165
         46149 Oberhausen
         Germany

The District Court of Duisburg opened bankruptcy proceedings
against med call & buy GmbH on May 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         med call & buy GmbH
         Essener Str. 5
         46047 Oberhausen
         Germany


EAGLETEC TRADING: Claims Registration Ends June 14
--------------------------------------------------
Creditors of Eagletec Trading GmbH have until June 14 to
register their claims with court-appointed insolvency manager
Horst Piepenburg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 5, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany

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

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings
against Eagletec Trading GmbH on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Eagletec Trading GmbH
         Heerdter Landstr. 189
         40549 Duesseldorf
         Germany


ERSELIUS WARENHANDELSGESELLSCHAFT: Claims Deadline Due June 27
--------------------------------------------------------------
Creditors of Erselius Warenhandelsgesellschaft mbH have until
June 27 to register their claims with court-appointed insolvency
manager Dr. Juergen Wallner.

Creditors and other interested parties are encouraged to attend
the meeting at 12:50 p.m. on Aug. 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Juergen Wallner
         Karl-Heine-Strasse 25b
         04229 Leipzig
         Germany
         Tel: 0341-2534760
         Fax: 0341-2534761

The District Court of Leipzig opened bankruptcy proceedings
against Erselius Warenhandelsgesellschaft mbH on May 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Erselius Warenhandelsgesellschaft mbH
         Leipziger Str. 59
         04420 Markranstadt
         Germany


EVENT-UND: Claims Registration Ends July 5
------------------------------------------
Creditors of Event-und Servicebetriebsgesellschaft mbH have
until July 5 to register their claims with court-appointed
insolvency manager Paul Niederhagemann.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Paul Niederhagemann
         Witzlebenstrasse 123
         29223 Celle
         Germany

The District Court of Gifhorn opened bankruptcy proceedings
against Event-und Servicebetriebsgesellschaft mbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Event-und Servicebetriebsgesellschaft mbH
         Attn: Sascha Dech, Manager
         Lindenstr. 5
         38275 Haverlah
         Germany


FLYING.TV GMBH: Claims Registration Ends July 30
------------------------------------------------
Creditors of Flying.TV GmbH have until July 30 to register their
claims with court-appointed insolvency manager Dr. Marco
Liebler.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Room 102
         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:

         Dr. Marco Liebler
         Nymphenburger Str. 139
         80636 Munich
         Germany
         Tel: 089/12 0260
         Fax: 089/12 0261 27

The District Court of Munich opened bankruptcy proceedings
against Flying.TV GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Flying.TV GmbH
         c/o Markus Lenzenhuber
         85609 Aschheim
         Ortsteil Dornach
         Germany


K & G PLANUNGS: Creditors Must Register Claims by June 21
---------------------------------------------------------
Creditors of K & G Planungs- & Baubetreuungs GmbH have until
June 21 to register their claims with court-appointed insolvency
manager Herbert Feigl.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 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:

         Herbert Feigl
         Hansering 1
         D 06108 Halle
         Germany
         Tel: 0345/212220
         Fax: 0345/2122222

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against K & G Planungs- & Baubetreuungs GmbH on May
4.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         K & G Planungs- & Baubetreuungs GmbH
         Kardinal-Albrecht-Strasse 40
         06108 Halle
         Germany

         Attn: Thomas Kassner, Manager
         Friedrich-Hesekiel-Strasse 6
         06132 Halle
         Germany


MC GRATH & CO: Creditors Must Register Claims by June 19
--------------------------------------------------------
Creditors of Mc Grath & Co. Gastro GmbH have until June 19 to
register their claims with court-appointed insolvency manager
Torben Ottmar Herbold.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         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:

         Torben Ottmar Herbold
         Haeckelstrasse 10
         39104 Magdeburg
         Germany

The District Court of Neuruppin opened bankruptcy proceedings
against Mc Grath & Co. Gastro GmbH on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Mc Grath & Co. Gastro GmbH
         Marienstr. 9
         19348 Perleberg
         Germany


MPP MARKETING: Creditors Must Register Claims by June 29
--------------------------------------------------------
Creditors of MPP Marketing Services GmbH & Co KG have until
June 29 to register their claims with court-appointed insolvency
manager Gerhard Hauk.

Creditors and other interested parties are encouraged to attend
the meeting at 8:00 a.m. on Aug. 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wetzlar
         Meeting Hall 201
         Building B
         Second Stock
         Wetherstr. 1
         35578 Wetzlar
         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:

         Gerhard Hauk
         Marktlaubenstrasse 9
         35390 Giessen
         Germany
         Tel: 0641/9324360
         Fax: 0641/9324350
         E-mail: insolvenz@rae-voelpel.de

The District Court of Wetzlar opened bankruptcy proceedings
against MPP Marketing Services GmbH & Co KG on May 11.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         MPP Marketing Services GmbH & Co KG
         Industriestr. 11
         35614 Asslar
         Germany


MUEHLECK AUTOMOBIL: Creditors Must Register Claims by July 5
------------------------------------------------------------
Creditors of Muehleck Automobil GmbH have until July 5 to
register their claims with court-appointed insolvency manager
Georg Bernsau.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 a.m. on Aug. 16, 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 (Main)
         Hall 2
         Building F
         Klingerstrasse 20
         60313 Frankfurt (Main)
         Germany

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

The insolvency manager can be reached at:

         Georg Bernsau
         Zeilweg 42
         D 60439 Frankfurt am Main
         Germany
         Tel: 069/963761-130
         Fax: 069/963761-145

The District Court of Frankfurt am Main opened bankruptcy
proceedings against Muehleck Automobil GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Muehleck Automobil GmbH
         Intzestrasse 1
         60314 Frankfurt am Main
         Germany


TUI AG: Issuing EUR550 Million Convertible Bonds
------------------------------------------------
The Management Board of TUI AG resolved, with the consent of the
Supervisory Board, to issue unsecured, unsubordinated
convertible bonds.  The Bonds will be issued by TUI AG and
offered only to institutional investors outside of the US.  The
pre-emptive rights of shareholders of TUI AG to subscribe to the
Bonds are excluded.  The coupon, the conversion premium, as well
as the conversion price will be determined based on yesterday's
bookbuilding process.

The initial aggregate issue size will be EUR550 million.  TUI is
entitled to increase the aggregate issue size by up to EUR82.5
million.  In addition, TUI has granted the banks managing the
placement, Citi, Deutsche Bank and Unicredit MIB, a greenshoe
option of up to EUR82.5 million to cover over-allotments (if
any).  The maximum issue size can therefore amount to
EUR715 million.

The conversion price is expected to be set based on the
bookbuilding at a premium of between 25% - 30% above the volume
weighted average XETRA price of TUI's ordinary shares during the
placement.  Up to 25.07 million ordinary shares of TUI are
underlying the Bonds at the outset (assuming that the Upsize
Option and the greenshoe option are fully exercised).  Depending
on today's development of the share price, the final pricing and
the final issue size, the amount of ordinary shares of TUI
underlying the Bonds at the outset may vary.

The maturity of the Bonds is 5 years and 3 months.  The Bonds
will be issued at 100% of the principal amount on June 1, 2007
and are expected to pay a coupon of between 2.75% - 3.25%.

TUI intends to list the Bonds on the Euro MTF market of the
Luxembourg Stock Exchange.

Citi, Deutsche Bank and Unicredit MIB are acting as Joint
Bookrunners and sole syndicate members of the Offering.
Deutsche Bank is acting as stabilization manager of the issue.
In connection with the Offering, the Stabilizing Manager, from
today until the earlier of 30 days after the Settlement Date or
60 days after allotment of the Bonds, may, to the extent
permitted by applicable laws and regulations, effect
transactions with a view to supporting the market price of the
Bonds and/or the shares of TUI at a level higher than that which
may otherwise prevail.  There is, however, no obligation to
undertake such stabilization measures, and such stabilization
measures may, after they have been commenced, be terminated at
any time.  The greenshoe option can only be exercised to an
amount of up to EUR82.5 million until the Settlement Date.  At
the end of the stabilization period a statement on stabilization
measures and the exercise of the greenshoe option if undertaken
are published in the German newspapers Frankfurter Allgemeine
Zeitung and Boersenzeitung.

TUI intends to use the proceeds from the sale of the convertible
bonds for general corporate purposes as well as to have the
possibility to refinance part of its existing indebtedness.

                           About TUI

Headquartered in Hanover, Germany, TUI AG --
http://www.tui-group.com/-- engages in the tourism and
shipping sectors.   The Company's core activities are in the
tourism business, focusing mainly on the markets of Central,
Northern and Western Europe.  TUI AG's shipping and logistics
activities are contained within its Hapag-Lloyd Container Linie
GmbH and CP Ships Ltd. subsidiaries.

                          *     *     *

As reported in the TCR-Europe on March 22, 2007, Moody's
Investors Service placed TUI AG's long-term senior unsecured
rating under review for possible downgrade following the
announcement that the Boards of TUI and First Choice Holidays
PLC have agreed to merge TUI's tourism division with First
Choice to create a new leisure travel group.

All other ratings including the Corporate Family Rating have
been affirmed.

At the same time, Standard & Poor's Ratings Services placed its
'BB' long-term corporate credit rating and related issue ratings
on Germany-based tourism and shipping group TUI AG on
CreditWatch with negative implications.


TUI AG: Adverse Operating Trends Cue S&P to Cut Rating to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Germany-based tourism and shipping
group TUI AG to 'BB-' from 'BB', owing to ongoing adverse
operating trends in the tourism and container shipping markets.
The rating was removed from CreditWatch, where it was placed
with negative implications on March 19, 2007.  The outlook is
negative.

At the same time, Standard & Poor's lowered its ratings on the
group's senior unsecured issues to 'B+' from 'BB-' and
maintained them on CreditWatch with negative implications, due
to the potential for increased structural subordination in case
of a successful merger of TUI's tour operator business with
U.K.-based tour operator First Choice Holidays PLC.  The
CreditWatch will be resolved, and the senior unsecured debt
ratings lowered to 'B', upon approval of the announced merger by
U.K. antitrust authorities and First Choice shareholders.

TUI's junior subordinated debt was lowered to 'B-' from 'B' and
removed from CreditWatch with negative implications, as the
contractual terms provide certainty on the subordination.

"We consider that the group currently has limited potential to
sustainably enhance either its financial risk profile through
the announced merger or ongoing cost-efficiency programs, given
the current uncertainty regarding the turning point in the
container shipping cycle and the ongoing margin pressure in the
tour operator industry," said Standard & Poor's credit analyst
Michael Seewald.

Potential synergy and cost-efficiency gains from the merger in
the tourism segment are likely to be at least partly offset by
upfront restructuring costs and ongoing margin pressure, owing
to changing market dynamics.

"Although the proposed merger with First Choice will only have a
marginal impact on the group's business profile, it could
further weaken current financial debt protection at TUI AG,
owing to structural subordination issues," said Mr. Seewald.

The group further faces decreasing cash flow from operations and
its operations remain capital intensive, resulting in an ongoing
high level of indebtedness, which can only be decreased
marginally through asset disposals.  At March 31, 2007, the pre-
merger group's adjusted FFO to debt moved to the lower end of
the 15%-20% range.


U.M.S. MASTERTOOLS: Creditors Must Register Claims by May 31
------------------------------------------------------------
Creditors of U.M.S. - Mastertools Spezialwerkzeug GmbH have
until May 31 to register their claims with court-appointed
insolvency manager Peter Zach.

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 Weiden
         Boardroom 122/I
         Justice Building
         Ledererstrasse Nr. 9
         92637 Weiden
         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:

         Peter Zach
         Stadtplatz 28
         95478 Kemnath
         Germany
         Tel: 09642/70980

The District Court of Weiden opened bankruptcy proceedings
against U.M.S. - Mastertools Spezialwerkzeug GmbH on May 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         U.M.S. - Mastertools Spezialwerkzeug GmbH
         Attn: Herbert Reinhold, Manager
         Roentgenstr. 14
         95478 Kemnath
         Germany


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


ARDAGH GLASS: Moody's Lifts Corporate Family Rating to B2
---------------------------------------------------------
Moody's Investors Service upgraded the Corporate Family Rating
for Ardagh Glass Group Plc to B2 from B3 and assigned a stable
outlook.

The debt instrument ratings have been upgraded to B3 for the
EUR175 million Senior Notes due 2013 at Ardagh Glass Finance
B.V. and to Caa1 for the EUR126.25 million Senior PIK Notes due
2015 at Ardagh Glass Group Plc.  This concludes the rating under
review process that Moody's initiated on March 12, 2007 after
the company announced the acquisition of the European glass
activities of Rexam plc (Baa3/stable).

"The stabilization of Ardagh's declining operating performance,
as experienced in the first quarter 2007, driven by sustainable
factors as well as the acquisition of Rexam's glass assets,
which is designed to increase the company's market presence and
regional diversification and offering synergy potential, were
the main factors supporting the rating upgrade," said Martin
Kohlhase, Moody's lead analyst for the European packaging
industry.

Moody's commented that volume growth, cost saving actions and
more flexible pricing structures had contributed to the recent
stabilization of Ardagh's operating performance and to the
reduction in the company's negative net cash flows alleviating
liquidity concerns.  In addition, the acquisition of Rexam's
glass assets will reduce the dependency on the core U.K. market,
where Ardagh's activities had come under pressure, when a new
market entrant had caused significant overcapacity and high
natural gas prices had prevailed and could not be passed on to
customers.  The inclusion of Rexam's profitable glass activities
enlarges the company's asset base and offers room for asset
rationalization while balancing market demand and supply.  In
addition, the acquisition effected at a historic Debt/EBITDA
multiple of 5.3x, well below the 8-times calculated for Ardagh
in 2006, decreases the group's relative leverage sizably from an
elevated level.

The acquisition of Rexam's remaining European glass activities -
- which is still subject to approval from Polish competition
authorities; Ardagh received clearance for the German operation
from the local regulator in May -- has a transaction value of
EUR660 million and will be financed with EUR610 million in new
debt, EUR10 million of new equity and EUR40 million of cash on
hand.

The stable outlook reflects the expectation that management will
succeed in integrating the plants and managing this enlarged
asset infrastructure.  Upside rating pressure could emerge
within the next 12 to 18 months should the operations in the
U.K. improve back to historical levels and the asset base be
managed efficiently such that sizable synergies improve
profitability on a sustainable basis and Debt/EBITDA falls below
5-times.

Concurrently with the rating upgrade, Moody's applied its Loss
Given Default methodology and assigned a Probability of Default
Rating of B2 to Ardagh Glass.  In addition to the rating
upgrades, Moody's assigned Loss Given Default rates to these
rated debt instruments:

   -- EUR175 million Senior Notes due 2013, upgraded to B3 from
      Caa2, LGD4, 62% LGD rate;

   -- EUR126.25 million Senior PIK Notes due 2015, upgraded to
      Caa1 from Caa3, LGD5, 89% LGD rate.

The Loss Given Default Assessments reflect Ardagh's debt
structure as of March 31 2007.  However, Moody's does not expect
material changes to these assessments from the new financial
structure if it is implemented as currently contemplated.  The
acquisition financing is expected to include an additional
EUR300 million of Senior Notes, about EUR298 million of senior
secured term debt facility and a new EUR150 million secured
working capital revolving facility.

Ardagh Glass Group Plc, registered in Ireland, is a leading
supplier of glass containers by volume in the U.K. through its
subsidiaries, Rockware Glass Limited, which Ardagh plc acquired
from Owens-Illinois in March 1999, and Redfearn Glass Limited,
which Ardagh purchased from Rexam Plc in May 2005. .It also
operates glass container manufacturing facilities in Germany,
Poland and Italy.  Rexam's glass manufacturing plants are
located in Denmark, Germany, the Netherlands, Poland and Sweden.
Ardagh reported sales of EUR647 million (EUR1,290 million pro
forma the acquisition) in fiscal year 2006.


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


ALITALIA SPA: Italian Government May Sell Entire Stake
------------------------------------------------------
The Italian government may sell its entire 49.9% stake in
national carrier Alitalia S.p.A., various reports say.

In an open letter sent to the final three bidders -- OAO
Aeroflot and Unicredit Italiano S.p.A.; AirOne S.p.A. and
Intesa-San Paolo S.p.A.; and TPG Capital, MatlinPatterson Global
Advisers and Mediobanca -- Italy said it is willing to sell its
entire Alitalia stake to the winning bidder, if the buyer
requests it, Bloomberg News reports.

Italy, which is selling a minimum of 39.9% stake in Alitalia,
also gave the bidders until 5:00 p.m. on July 2 to present their
binding offers, Thomson Financial relates.

"By putting the whole stake up for sale, the bidders will
probably be available to raise their offers," Fabrizio Spagna of
Axia Financial Research told Bloomberg News.  "It's great news
for the market.  The concern had been that if the government
didn't put the entire stake up for sale, it could represent an
obstacle to the restructuring."

                          Offer Details

In the letter, the Italian Finance Ministry outlined the content
of the offer.  According to Thomson Financial, the offer should
include:

   -- details on financial sources;
   -- a EUR50 million bank guarantee;
   -- a definitive business plan; and
   -- details on a subsequent offer for minorities.

The ministry also required the bidders to explain how their
ownership structure will maintain access to Alitalia's portfolio
of air traffic rights with other countries, Thomson Financial
adds.

According to analysts, Alitalia's new owner must be at least 50%
EU-owned if its is to keep its international rights -- posing a
problem for the Texas Pacific and Aeroflot consortia.

                          Point System

After receiving the bids, the ministry will assess the business
according to the criteria set earlier.

In a TCR-Europe report on Feb. 27, 2007, Alitalia's buyer must:

   -- retain Alitalia as Italy's national carrier for eight
      years, keeping its brand and logo during the period;

   -- keep Alitalia's headquarters in Italy;

   -- ensure Alitalia has adequate level of local and
      international flights for five years;

The five-year business plan must include job levels and will be
binding for three years and can only be amended with the
government's approval.  The buyer also has to consult Alitalia's
unions and sector trade associations if it wants to amend its
staffing plans.

The ministry will use the point system to assess the plans: 10
points for each of the 12 targets and parameters, including on
growth, yields, and sustainability, Thomson Financial reports.
A bidder must gain a minimum of 90 points to proceed to the next
phase of tender -- the opening of financial offers for the
Alitalia stake.

The financial offers also have to meet a minimum valuation on
Alitalia shares made by experts hired by the ministry, Thomson
Financial adds.

If the qualified bids are within five percent of each other, the
ministry will allow the bidders to amend their offers.

                         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.


ALITALIA SPA: Aeroflot Backs Bid with EUR900 Million Loan
---------------------------------------------------------
OAO Aeroflot received preliminary approval from a group of banks
for a EUR900 million loan to back its bid for the Italian
government's stake in troubled carrier Alitalia S.p.A., various
reports say.

Aeroflot Finance Director Mikhail Poluboyarinov told Russian
daily Vedomosti that the carrier is seeking credit from 20
foreign banks including Deutsche Bank, Bank of Scotland,
Citigroup, Commerzbank and ABN AMRO.

Valery Okulov, Aeroflot's chief executive, told Bloomberg News
that condition of the loan will be finalized in two weeks.

The consortium of Aeroflot and Unicredit Italiano S.p.A. is
trying to outbid other interested groups -- AirOne S.p.A. and
Intesa-San Paolo S.p.A.; and TPG Capital, MatlinPatterson Global
Advisers and Mediobanca -- for the stake.  The parties gained
access to Alitalia's data room on May 24, 2007, and have to
present their binding offers on July 2.  The government eyes to
complete the sale process by end of July.

Aeroflot, Andrew E. Kramer writes for the International Herald
Tribune, is boosting its bid for Alitalia by arguing that
carriers' routes are complementary and will bring efficiencies
and that acquisition would bring tax benefits.

Aeroflot executives, Mr. Kramer adds, also presented themselves
as turnaround specialists, stressing their success in returning
Aeroflot back to profit.

                         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.


ALITALIA SPA: Aeroflot-UniCredit Group Mulls Third Partner
----------------------------------------------------------
OAO Aeroflot and UniCredit Italiano S.p.A. are holding talks
with a European group to join them in their bid to acquire the
Italian government's stake in Alitalia S.p.A., Reuters reports
citing Sergio Ermotti, chief of Unicredit's investment banking
unit.

"There are talks but no real negotiations," Mr. Ermotti was
quoted by Reuters as saying.  "We are working on hypotheses but
we don't think it is crucial."

TCR-Europe earlier reported that Aeroflot and Unicredit will not
seek a third partner to boost their bid, following a reiteration
of support from the Russian government, which owns a majority
stake in the carrier.

The Italian government has also barred new interested parties
from entering any of the existing consortia.

Existing consortia qualified to submit binding offers are:

   -- OAO Aeroflot and Unicredito Italiano S.p.A.;

   -- AirOne S.p.A. and Intesa-San Paolo S.p.A.; and

   -- TPG Capital, MatlinPatterson Global Advisers and
      Mediobanca

The parties gained access to Alitalia's data room on May 24,
2007, and have to present their binding offers on July 2.  The
government eyes to complete the sale process by end of July.

                         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.


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


AKSARAI LLP: Creditors Must File Claims by June 22
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Aksarai has declared insolvency.  Creditors have
until June 22 to submit written proofs of claim to:

         LLP Aksarai
         Micro District 10-98
         Taraz
         Jambyl Region
         Kazakhstan


ASTANA FINANCE: Fitch Affirms BB+ Issuer Default Ratings
--------------------------------------------------------
Fitch Ratings has affirmed Kazakhstan-based Astana Finance's
ratings at foreign and local currency Issuer Default 'BB+',
Short-term foreign currency 'B', senior unsecured 'BB+',
National Long-term 'A+(kaz)', Individual 'D/E' and Support '3'.
AF's Support Rating Floor of 'BB+' remains unchanged.  The
Outlooks on the Issuer Default and National Long-term ratings
are Stable.

The affirmation follows the announcement in the documentation
for AF's USD2bn Global Medium Tern Note Program, the first
tranche of which is currently in the market, that negotiations
are under way for the potential transfer of the Municipality of
Astana's 25% stake in AF to the state-owned Kazyna Fund for
Sustainable Development.  Existing bondholders have a put option
in the event that the Municipality of Astana's stake in AF falls
below 25%.  Fitch understands that AF will develop a strategy
with regards to outstanding bonds before any ownership change is
made to mitigate the potential liquidity risk that could arise
from the potential exercise of the put option.  Failure to do so
could have negative rating implications for AF.

The change of control put option clause in the eurobond that is
presently being marketed includes both the Municipality of
Astana and Kazyna as alternate 25% minimum shareholders.  In
addition, new bondholders will have a put option in the event of
an ownership change from the Municipality of Astana to Kazyna if
this results in a one notch downgrade and/or is not backed up by
a letter of comfort from Kazyna within 90 days.

In affirming AF, Fitch places considerable reliance on its
understanding, following discussions with AF, that no ownership
transfer will be made unless Kazyna agrees to issue a comfort
letter in respect of AF's obligations that is similar to
existing, strongly worded ones from the Municipality of Astana.
In light of the abovementioned change of control put option
clauses in the new eurobond, Fitch also believes it would be
irrational for Kazyna to become AF's 25% shareholder and fail to
issue a letter of comfort.

Should the Municipality of Astana's 25% stake be transferred to
Kazyna and a letter of comfort not be issued -- which Fitch
believes to be very unlikely -- AF's Issuer Default, senior
unsecured debt, National and Support ratings could be
downgraded, potentially by multiple notches.  Should Kazyna, on
being transferred the Municipality of Astana's 25% stake in AF,
issue a letter of comfort that is, in Fitch's opinion, weaker
than those provided by the Municipality of Astana in the past,
the ratings could also be downgraded.

AF's Individual 'D/E' rating reflects its small size,
potentially volatile profitability, substantial concentrations
and high leverage. AF's Issuer Default Rating is at its Support
Rating Floor and, along with its senior unsecured debt and
National ratings, reflects the support Fitch believes would be
available to AF, in case of need, from the Municipality of
Astana or potentially the Kazakhstani sovereign (foreign
currency Issuer Default 'BBB'/Positive Outlook).

AF was created in 1997 by the Municipality of Astana to
facilitate development finance (loans, leasing and equity) for
Astana, the rapidly growing new capital of Kazakhstan, and for
the surrounding Akmola region.  It has since diversified
geographically and into certain aspects of investment banking.
AF is 25.5%-owned by the Municipality of Astana.


DAYAN-IS LLP: Proof of Claim Deadline Slated for June 22
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl Region
declared LLP Dayan-Is insolvent.

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

         LLP Dayan-Is
         Micro District 10-98
         Taraz
         Jambyl
         Kazakhstan


FARRUS LLP: Claims Filing Period Ends June 19
---------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Farrus insolvent.

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

         LLP Farrus
         Floor 3
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


JELDEZEK LLP: Claims Registration Ends June 19
----------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Jeldezek insolvent.

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

         LLP Jeldezek
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (235) 4-01-07
              8 (235) 6-03-83


MAHTALY WHITE: Creditors' Claims Due June 19
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Mahtaly White Gold insolvent on
March 30.

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

         LLP Mahtaly White Gold
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


NAR JSC: Creditors Must File Claims by June 27
----------------------------------------------
JSC Nar has declared insolvency.  Creditors have until June 27
to submit written proofs of claim to:

         JSC Nar
         Aktubinskaya Str. 324
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 23-66-09


NURJAUSYN-P LLP: Creditors' Claims Due June 19
----------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region declared LLP Nurjausyn-P has declared
insolvency on March 21.

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

         LLP Nurjausyn-P
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


PROM MONTAGE: Claims Registration Ends June 19
----------------------------------------------
The Specialized Inter-Regional Economic Court of Atyrau Region
declared LLP Industrial Mounting Construction Prom Montage
Konstruktsiya insolvent.

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

         LLP Prom Montage Konstruktsiya
         Floor 3
         Abai Str. 10a
         Atyrau
         Kazakhstan
         Tel: 8 (31222) 32-90-02


TRIO ALS: Proof of Claim Deadline Slated for June 19
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan
Region declared LLP Trio Als insolvent.

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

         LLP Trio Als
         Frunze Str. 52-52
         Zyryanovsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (235) 4-01-07
              8 (235) 6-03-83


TRISTAN OIL: Moody's Rates Proposed US$120 Mln Sr. Notes at B2
--------------------------------------------------------------
Moody's Investors Service changed the outlook on all Tristan Oil
Ltd's ratings to negative from stable.  The B2 corporate family
rating and B2 rating assigned to its US$300 million Senior
Secured Notes maturing 2012 were affirmed.

At the same time, Moody's assigned a B2 to the company's newly
proposed additional US$120 million Senior Secured Notes maturing
2012 which is an extension of and has been consolidated into the
existing US$300 million Senior Secured Notes issue.

Tristan Oil's financial results remain broadly in line with
Moody's original expectations at the time of the rating
assignment in February 2007 primarily as a result of a good
price environment.  Oil production rates, however, remain
constrained around 2006 levels until further approvals are
granted during 2007. Capital expenditures are expected rise in
2007 in order to pursue the exploration of further wells to
boost future cash flows from the company's two main fields.

The change in outlook is primarily premised on the heightened
financial risk as a result of raising the proposed additional
US$120 million funding to accelerate exploration.  Pro-forma
leverage on a Total Debt to EBITDA basis for 2006 is expected to
rise to 3.5-times from 2.8-times at actual year end.  The
company since the year-end has repaid US$145.1 million owed to
Kazcommerzbank.

Moreover, the repayment of the company's existing US$69 million
subordinated debt is only expected to result from subsequent
realization of cash flows from the expanded operations during
the next 12 months following the bond placement.  The
subordinated notes are obligations of Tristan Oil's affiliated
company, which is owned by the company's main shareholder.  To
accommodate the new senior secured notes the company is also
seeking consent from the holders of the existing US$300 million
notes to waive certain conditions within the original covenant
package.

The rating agency added that the operating performance of
Tristan Oil will be monitored closely during the next 12 to 18
months and failure to maintain metrics consistent with Moody's
expectations for the B2 rating category would potentially lead
to negative rating action for Tristan Oil.  Similarly, further
amendments to the company's financial policies and or
substantial revision of its CAPEX program upwards would amplify
the existing negative pressures.

Moody's Investors Service has assigned a B2 rating to the
proposed US$120 million 5-year Senior Secured Notes to be
launched shortly by Tristan Oil.  Notes represent an extension
of the existing US$300 million notes and are guaranteed on a
senior secured basis by two Kazakh oil and gas companies
Kazpolmunay and Tolkynneftegaz.  The notes are also secured by a
pledge of 100% of the capital stock of Tristan Oil, KPM and TNG
as well as all notes payable to Tristan Oil by KPM, TNG and
TNG's parent company.  The obligation will rank senior secured
and will be pari passu with other senior secured obligations of
the company.

Tristan Oil is domiciled in the British Virgin Islands.  The
guarantors of the Notes, KPM and TNG are two companies organized
under the laws of Kazakhstan and are engaged in the exploration
and development of oil and gas fields and in the production of
oil, condensate and gas in the Pre Caspian basin of Western
Kazakhstan.  All companies directly or indirectly are owned by
Mr. Stati and members of his family.


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


SKGP JYLDYZ: Insolvency Manager to Auction Stake on May 30
----------------------------------------------------------
The temporary insolvency manager of OJSC SKGP Jyldyz-Shparta
will auction his 100% part in the authorized capital of LLC
Factory Fabrika Vosmogo Marta at 10:00 a.m. on May 30 at:

         Den Syaopina Str. 18/2
         Bishkek
         Kyrgyzstan

The starting price is set at KGS360,000,000.

Information on LLC Factory Fabrika Vosmogo Marta:

    * Type of activity: manufacturing of fur,
      furniture-gobelin fabric and ready-made garments

    * Authorized capital: KGS50,595 508,73

    * Cost of assets: KGS50,595 508,73

Participants have until noon on May 29 to deposit guarantee
payment equivalent to 10% of the starting price to the cashier
of the enterprise and submit their bids and necessary documents
to:

         Den Syaopina Str. 18/2
         Bishkek
         Kyrgyzstan
         Tel: (+996 312) 65-02-33
              (+996 312) 24-15-05
              (0-502) 50-56-46


===================
L U X E M B O U R G
===================


HAYES LEMMERZ: Rights Offering Sees 52.1 Million Subscriptions
--------------------------------------------------------------
Hayes Lemmerz International Inc. disclosed that the rights
offering expired at 5:00 p.m., Eastern Daylight Time, on May 21,
2007.  The total number of shares subscribed for in the basic
and over-subscription privileges was 32,415,948 shares in excess
of the 55,384,615 shares offered in the rights offering to
record holders of the company's common stock as of April 10,
2007.

Subscribers in the rights offering subscribed 52,167,917 shares
of the company's common stock at a subscription price of $3.25
per share pursuant to their basic subscription privilege and
approximately 35,632,946 shares pursuant to their over-
subscription privilege.

The 3,216,698 shares available to fill over-subscription
requests will be allocated among rights holders exercising their
over-subscription rights in proportion to the number of shares
in their basic subscription privileges.  The subscription agent
will return any excess payments for unfilled over-subscription
requests, without interest.

The rights offering is part of a recapitalization of the company
and its subsidiaries that includes:

   a) the tender offer and consent solicitation for the 10 1/2%
      Senior Notes due 2010 of HLI Operating Company Inc., an
      indirect subsidiary of the company; and

   b) a proposed new senior secured credit facility in the
      aggregate principal amount of $495 million that will be
      used, together with additional indebtedness of $175.5
      million, to refinance debt under the company's Amended and
      Restated Credit Agreement dated as of April 11, 2005, to
      pay related transaction costs, fees, and expenses, to
      provide working capital, and for other general corporate
      purposes.

All of these transactions are expected to close Wednesday,
May 30, 2007.

Northville, MI-based Hayes Lemmerz International, Inc. --
http://www.hayes-lemmerz.com/-- is a producer of aluminum and
steel wheels for passenger cars and light trucks, and steel
wheels for commercial trucks and trailers. The company also
supplies automotive suspension, brake and powertrain components.

The company has operations in India, Brazil and Germany, among
others.

                        *     *     *

In May 2007, Moody's Investors Service raised to B3 from Caa1
the corporate family and probability of default ratings of Hayes
Lemmerz International's wholly owned subsidiary, HLI Operating
Company, Inc., and changed the rating outlook to stable from
negative. Moody's also assigned a B2 (LGD3, 33%) to new senior
secured bank facilities to be issued by HLI, a B2 (LGD3, 33%) to
a secured term loan and synthetic letter of credit facility to
be issued by HLI Luxembourg S.a.r.l. and a Caa2 (LDG5, 87%) to
new senior unsecured notes also to be issued by HLI Luxembourg.

At the same time, Standard & Poor's Ratings Services raised its
corporate credit rating on automotive supplier Hayes Lemmerz
International Inc. to 'B' from 'B-,' reflecting planned debt
reduction from a proposed refinancing and equity rights
offering, as well as improved operating results, particularly in
the company's wheels business outside the U.S.  At the same
time, the ratings were removed from CreditWatch with positive
implications, where they were placed on March 16, 2007.  S&P
said the outlook is stable.

Fitch Ratings has initiated ratings for Hayes Lemmerz
International Inc. with an Issuer Default Rating of 'B'.


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


BASELL HOLDINGS: S&P Rates EUR1.65 Billion Secured Loans at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' senior
secured debt rating and a recovery rating of '1' to the
EUR1.65 billion senior secured loans issued by Basell Holdings
B.V. and Basell Finance Co. B.V.

The loans are guaranteed by Luxembourg-based plastics producer
Basell AF S.C.A. (Basell; BB-/Stable/--) and are one notch above
the corporate credit rating.  The '1' recovery rating indicates
the expectation of full recovery of principal in the event of a
payment default.  The facilities, in combination with available
cash, have been used to refinance existing senior secured debt.

The ratings on Basell reflect its aggressive financial risk
profile and weak business risk profile, resulting from high
cyclicality in the polyolefins industry.  The ratings are
supported by Basell's position as the largest producer and
marketer of polypropylene worldwide and the largest producer
and marketer of polyethylene in Europe, with sales of EUR 10.5
billion in 2006.  Basell also enjoys a very strong technological
position in polyolefins production processes, is the world's
largest licenser of polyolefin process technologies, and has a
leading position as producer of catalysts for the production of
PP and PE.

                       Recovery Analysis

The EUR 1.65 billion senior secured credit facilities are rated
'BB', one notch above the corporate credit rating, with a
recovery rating of '1', indicating Standard & Poor's expectation
of full recovery of principal in the event of a payment default.
Despite the weak security package, the recovery rating is based
on the expectation that the company is likely to be reorganized
as a going concern.  Furthermore, S&P have also assumed that
senior secured lenders, given the specific circumstances of its
hypothetical default scenario, would be prepared to refinance
the loans outside of a court process.  Due to the limited
security package, the impact of this would be to restrict the
dilutive effect of claims by trade creditors on recoveries for
senior secured lenders.

Following the refinancing, Basell group's capital structure
comprises:

     -- EUR850 million senior secured revolving term loan,
        maturing in 2012.

     -- EUR300 million senior secured undrawn revolving credit
        facility, maturing in 2012.

     -- EUR500 million undrawn acquisition facility, maturing in
        2012.

     -- EUR500 million and US$200 million accounts receivable
        securitization.

Unsecured tranches include the following high-yield instruments:

     -- EUR500 million and US$615 million unsecured and
        subordinated senior notes due 2015.

     -- US$300 million unsecured and subordinated guaranteed
        notes due 2027.

In addition to the above, Basell also maintain a number of other
local debt facilities totaling about EUR80 million.

Senior secured lenders benefit from a weak security package,
comprising share pledges at the holding company level, spanning
about 90% of the group's EBITDA.  No share pledges are granted
over the U.S. business. Guarantees from companies accounting for
about 55% of EBITDA and about 65% of the asset holding entities
are also provided.  Senior secured facilities and the senior
notes share the same guarantee package.

From an insolvency perspective, Basell is relatively
multijurisdictional, with key operations spread throughout
Europe and America.  Activities in less favorable insolvency
regimes (including Italy and France) account for about 25% of
group EBITDA and less than 20% of assets. Although the principal
security comprises Netherlands-registered share pledges, any
formal insolvency process affecting the more widely spread
operating assets could be somewhat more complex.

To calculate recoveries, Standard & Poor's simulates a default
scenario.  S&P use an enterprise valuation approach, as they
believe the group, despite a weak business profile, would most
likely default as a result of its high leverage, and lenders
would achieve greater value through reorganization than through
a liquidation of assets.  This is a reflection of the potential
longevity of Basell's productive assets, as well as its strong
market position and its location in Europe and the U.S. close to
several customer industries, including automotive and packaging.

Standard & Poor's simulated default scenario assumed a potential
combination of the following factors:

     -- Relatively stable revenues to 2008, as a strong supply-
        and-demand balance is expected to continue, with a
        softening from 2009.

     -- Prices are expected to drop significantly reflecting
        supply overhang, as well as a significantly higher
        portion of lower cost capacity in the Middle East by
        2010.

Thereafter, S&P have forecast a prolonged downturn for the
polyolefins industry, with capacity increases continuing to
equal demand growth, keeping pressure on polyolefins prices.
Under S&P's scenario, revenues decline by about 20% in 2010,
stabilizing until 2012, before any pickup.

     -- Volatility of raw material costs during the time of
        supply overhang.

     -- Dividends of up to EUR 150 million per year between 2007
        and 2009.

     -- A gradual increase in the company's interest costs, due
        to rising interest rates, and debt levels, which might
        be incurred to fund an operational shortfall or to
        secure covenant waivers.

Under this scenario, Basell would continue to generate broadly
sufficient cash to meet interest costs, including in the
hypothetical year of default, forecast in 2012.  EBITDA at this
point is expected to be about EUR525 million.  Default is caused
primarily by an inability to repay the maturing senior
facilities in 2012.  In this scenario, S&P estimate that
leverage at this point in time would still be at a level where
senior secured lenders would be amenable to refinancing in
advance of any court process being initiated.  As trade
creditors (as well as trade debtors under the receivables
securitization) would be kept whole in this scenario, S&P have
not included their claims in the waterfall.

Including a fully drawn revolver, the outstanding amount of
senior debt to be covered at the point of default is estimated
to be about EUR1.15 billion.  Using primarily a discounted cash
flow analysis, the enterprise value at the point of default is
estimated to be about EUR3 billion.  After deducting priority
liabilities, including local debt facilities, and the costs of
enforcement, the senior secured lenders are expected to achieve
full recovery.  If, however, a court-supervised insolvency
process were to ensue, the structural seniority or parity of
trade claims could dilute senior secured recoveries below 100%.


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


ANDREEVSKOYE LLC: Creditors Must File Claims by July 5
------------------------------------------------------
Creditors of LLC Andreevskoye have until July 5 to submit proofs
of claim to:

         A. Rubashanov
         Insolvency Manager
         Post User Box 841
         Barnaul
         656015 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-12329/06-B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Andreevskoye
         Novoandreevka
         Burlinskiy
         Altay
         Russia


BRYANSKOYE AIR-ENTERPRISE: Asset Sale Slated for June 28
--------------------------------------------------------
LLC Askaniya-Stroy-Invest, the insolvency manager for Federal
State Unitary Enterprise Bryanskoye Air-Enterprise, will open a
public auction for the company's properties at 11:00 a.m. on
June 28 at:

         LLC Askaniya-Stroy-Invest
         Building 15
         Nizhegorodskaya Str. 32
         Moscow
         Russia

The company has set a RUR77.2 million starting price for the
auctioned assets.

Interested participants have until June 14 to deposit an amount
equivalent to 10% of the starting price to:

         LLC Askaniya-Stroy-Invest
         Settlement Account 40702810200000000594
         Correspondent Account 30101810900000000460
         BIK 044585460
         CB Ekspobank (LLC)
         Moscow
         Russia

Bidding documents must be submitted to:

         LLC Askaniya-Stroy-Invest
         Room 602E
         Building 15
         Nizhegorodskaya Str. 32
         Moscow
         Russia

The Debtor can be reached at:

         LLC Askaniya-Stroy-Invest
         Room 602E
         Building 15
         Nizhegorodskaya Str. 32
         Moscow
         Russia


EVRAZ GROUP: Declares 2006 Final Dividend of US3.30 Per Share
-------------------------------------------------------------
Evraz Group S.A.'s Board of Directors has recommended that the
annual general meeting of shareholders to be held on June 20,
2007, approves a final dividend of US$3.30 per common share, or
US$1.10 per Global Depositary Receipt, in respect of the year
ended Dec. 31, 2006, payable to shareholders on the share
register record date of June 6, 2007.  When added to the interim
dividend this will make a total dividend for the year of US$5.25
per common share, or US$1.75 per GDR.

"The final dividend we have announced today is a reflection of
our record results achieved in the second half of 2006.  We
remain focused on growing shareholder value and delivering
superior returns for our shareholders in 2007 and beyond," Evraz
Group's Chairman and CEO Alexander Frolov said.

                          About Evraz

Headquartered in Luxembourg, Evraz Group S.A. (LSE:EVR) --
http://www.evraz.com/-- manufactures and distributes steel and
related products.  In addition, the Company owns and operates
certain mining assets.  Its steel production and mining
facilities are mainly located in the Russian Federation.  It
operates three steel mills in Russia, one mill in the Sverdlovsk
region and two mills in the Kemerovo region.

                          *     *     *

Moody's Investors Service confirmed its Ba3 Corporate Family
Rating for Evraz Group S.A. and assigned a Ba3 Probability-of-
Default Rating to the company.

Moody's also assigned these ratings:

* Issuer: Evraz Group S.A.

                                                     Projected
                          Old Debt New Debt LGD      Loss-Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   8.25% Senior Unsecured
   Regular Bond/
   Debenture Due 2015      B2        B2      LGD5     88%

* Issuer: Evraz Securities S.A.

                          Old Debt New Debt LGD      Loss Given
   Debt Issue             Rating   Rating   Rating   Default
   ----------             -------  -------  ------   -------

   10.875% Senior Unsecured
   Regular Bond/
   Debenture Due 2009      B1       Ba3      LGD3     47%

In November 2006, Fitch Ratings affirmed Luxembourg-based Evraz
Group S.A.'s Issuer Default and senior unsecured ratings at BB
and its Short-term rating at B.

At the same time, Fitch has affirmed the ratings of Mastercroft
Ltd., Evraz's core subsidiary with most of its assets
concentrated in Russia- at Issuer Default BB and Short-term B.
Evraz Securities SA's senior unsecured rating is affirmed at BB.
Fitch said the Outlooks on the Issuer Default ratings are
Stable.

Standard & Poor's rated Evraz Group's 8-1/4% notes due November
2015 at B+.


INDUSTRIAL ASSOCIATION: Creditors Must File Claims by July 5
------------------------------------------------------------
Creditors of OJSC Industrial Association Lebedyanskiy
Instrumental Factory have until July 5 to submit proofs of claim
to:

         R. Chotchaev
         Insolvency Manager
         Post User Box 15
         394038 Voronezh
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-423/2007.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Industrial Association Lebedyanskiy Instrumental
         Factory
         Sverdlova Str. 67
         Lebedyan
         Lipetsk
         Russia


LOGOVSKOYE CJSC: Creditors Must File Claims by June 5
-----------------------------------------------------
Creditors of CJSC Logovskoye have until June 5 to submit proofs
of claim to:

         E. Plutalov
         Insolvency Manager
         Post User Box 848
         Barnaul-15
         656015 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A03-8761/06-B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Logovskoye
         Logovskoye
         Pervomayskiy
         Altay
         Russia


MASTER LLC: Moscow Court Names M. Sorokin as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Moscow appointed M. Sorokin as
Insolvency Manager for LLC Building Company Master.  He can be
reached at:

         M. Sorokin
         Orlovskiy Per. 5
         129110 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A40-18783/06-95-190B.

The Court is located at:

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

The Debtor can be reached at:

         M. Sorokin
         Orlovskiy Per. 5
         129110 Moscow
         Russia


MAVI CJSC: Creditors Must File Claims by July 5
-----------------------------------------------
Creditors of CJSC Mavi have until July 5 to submit proofs of
claim to:

         D. Bostana
         Insolvency Manager
         Chkalova Str. 100
         443030 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A55-19382/2005.

The Court is located at:

         The Arbitration Court of Samara
         Avrory Str. 148
         Samara
         Russia

The Debtor can be reached at:

         CJSC Mavi
         Nekrasovskaya Str. 14/10
         443099 Samara
         Russia


OREL-DIAMOND OJSC: Court Names S. Zhumaev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Orel appointed S. Zhumaev as Insolvency
Manager for OJSC Industrial Investment Company Orel-Diamond.  He
can be reached at:

         S. Zhumaev
         Post User Box 47
         Plesheeva 3
         127560 Moscow
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A48-3284/05-20b.

The Court is located at:

         The Arbitration Court of Orel
         Gorkogo Str. 42
         302000 Orel
         Russia

The Debtor can be reached at:

         OJSC Industrial Investment Company Orel-Diamond
         Oktyabrskaya Str. 25
         302028 Orel
         Russia


PODDERZHKA CJSC: Creditors Must File Claims by July 5
-----------------------------------------------------
Creditors of OJSC Insurance Country Company Podderzhka
(TIN 7708030855) have until July 5 to submit proofs of claim to:

         L. Serdyuk
         Insolvency Manager
         Apartment 6
         Building 3
         Moldagulovoj Str. 16
         111395 Moscow
         Russia

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-55538/06-78-1068B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Insurance Country Company Podderzhka
         Sadovo-Chenogryadskaya Str. 8
         107813 Moscow
         Russia


ROSEVROBANK: Moody's Rates US$150 Million Loan Issue at B1
----------------------------------------------------------
Moody's Investors Service assigned a rating of B1 to the Loan
Participation Notes issued on a limited recourse basis by
Rosevro Finance Limited for the sole purpose of funding a loan
to Rosevrobank.  The outlook for the rating is stable.

The amount of the issue is US$150 million.  The holders of the
notes will rely for repayment solely and exclusively on the
ability of Rosevrobank to make payments under the loan
agreement.  Rosevrobank is currently rated B1/Not Prime for
long- and short-term foreign and local currency deposits, and E+
for financial strength.  All Rosevrobank's ratings carry stable
outlooks.

The obligations of Rosevrobank to make payments under the loan
agreement will rank at all times at least pari-passu with the
claims of all other unsecured creditors of the borrower, except
for those whose claims are given preference under bankruptcy,
insolvency, liquidation or similar laws of general application.

Moody's notes that Russia is, in general, a country that gives
preference to individual depositors, hence potentially reducing
the recovery rates for bondholders, especially if such
individual deposits were to represent a sizeable proportion of
the bank's liabilities in the event of liquidation.

According to the terms and conditions of the loan agreement,
Rosevrobank shall maintain full compliance with prudential
supervisory ratios and other requirements of the Central Bank of
Russia.  The bank must also comply with a number of other
covenants such as negative pledge, limitations on any
reorganization, disposals and transactions with affiliates.

The loan agreement, the Notes and the trust deed will be
governed by, and construed in accordance with, English Law, and
the Courts of England will hold the exclusive jurisdiction to
settle any dispute arising from or connected with the loan
agreement.

Rosevrobank is incorporated in Moscow, Russia, and reported
total consolidated assets of USUS$1,260 million in accordance
with IFRS as of Dec. 31, 2006.  Rosevro Finance Limited is a
special purpose vehicle domiciled in Cyprus that was established
for this transaction.


ROSNEFT OIL: Board of Directors Lists Annual Meeting Agenda
-----------------------------------------------------------
The Board of Directors of OAO Rosneft Oil Co. considered issues
related to preparation for the Company's annual meeting of
shareholders, which will take place on June 30, 2007, at
Rosneft's headquarters in Moscow.

The Board of Directors has approved the agenda for the general
annual meeting of shareholders, given preliminary approval to
the Company's annual report and financial statements, including
its earnings report and profits distribution based on 2006
results.

The Board has recommended that shareholders approve a dividend
of RUR1.33 per share, which is 6.7% higher than last year's
dividend per share and equates to more than 15% of net profits
on a U.S. GAAP basis (and almost 20% on a RAS basis excluding
nonrecurring income).

Moreover, the Board of Directors has recommended that
shareholders commission CJSC Audit-Consulting Group Business
Systems Development to perform the Company's financial audit
under Russian Accounting Standards for 2007.

Along with issues concerning the annual meeting of shareholders,
Rosneft's Board of Directors elected Vice President Sergey
Karaganov to the Company's Management Board.

                          About Rosneft

Headquartered in Moscow, Russia, OAO Rosneft Oil Co. --
http://www.rosneft.com/-- 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.


SITRONICS JSC: Unit Redeems US$200 Mln Eurobond Notes Due 2009
--------------------------------------------------------------
Sitronics Finance S.A., the 100% owned subsidiary of JSC
Sitronics, will redeem US$200 million of outstanding Eurobond
Notes due 2009 on June 27, 2007.

Sitronics Finance S.A. will redeem the Notes with a coupon rate
of 7.875%, which were issued in March 2006, at a principal
amount plus the applicable premium (as defined in the terms and
conditions to the Notes) and an accrued and unpaid interest, if
any, on the Notes up to but not including the redemption date.

As it was previously stated in SITRONICS IPO Prospectus, the
Company plans to use approximately 25% of the IPO proceeds in
the total amount of US$356.4 million for the repayment of its
indebtedness.  In accordance with this intention, SITRONICS
plans to redeem approximately US$100 million of Eurobonds using
IPO proceeds.  This will allow the Company to reduce its total
debt and to improve its leverage position.

The remaining part of the Eurobond issue is expected to be
redeemed through the issuance of Ruble-denominated financial
instruments.  This will help SITRONICS to hedge its currency
risks.

"The redemption of the Eurobond notes and the refinancing of
approximately half of the issue into the Ruble-denominated debt
reflects prudent borrowing and foreign exchange hedging policy
in the Company.  Approximately 44% of Sitronics' revenues are
generated in Rubles.  The refinancing of the US dollar
denominated debt into Rubles will allow us to increase the
visibility in our cash flows," Dmitry Ivanov, Chief Financial
Officer and First Vice President for Finance and Investments of
SITRONICS, commented.

The Trustee for the Notes is Deutsche Trustee Company Limited
and the Principal Paying and Transfer Agent is the London Branch
of Deutsche Bank AG.

                            About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.  The company also operates in
Russia, CIS countries, Eastern Europe, Middle East, Africa and
North America.

                          *     *     *

As of May 24, 2007, JSC Sitronics carries Fitch's B- Long-Term
Issuer Default Rating.


SOUTHERN TELECOMMUNICATIONS: Registers RUR2 Billion Bond Issue
--------------------------------------------------------------
Southern Telecommunications Co. PJSC disclosed that the Federal
Financial Markets Service of Russia registered the Company's
05-series non-convertible interest-bearing documentary pay-to-
bearer bonds with the mandatory centralized custody.

The state registration number of 05-series bond issue is
4-09-00062-A.  The bond issue will be placed by public
subscription in CJSC SE "MICEX".

Identification characteristics of series 05 bond issue:

   -- the Bond issue is for a total of RUR2 billion;

   -- the term to maturity is five years; and

   -- during the first and the following days of the bond
      placement the bonds will be placed at the price of 100
      of their face value, which is RUR1,000.

The placement of Bonds will not start earlier than two weeks
after the information on the state registration of the Bond
issue and on the procedure of access to the information
contained in the Securities Offering Circular is disclosed by
the Issuer in compliance with the standard legal acts of RF.

The possibility of Bonds acquisition by the Issuer under the
agreement with the Bonds owner (owners) or on their demand is
provided for, such Bonds being available for further circulation
until the repayment deadline.

CJSC Russian Industrial Bank acts as the Financial Consultant of
05-series bond issue; OJSC AKB Svyaz-Bank acts as the Organizer
of the Bond issue and Payment Agent; and LLC UTK-Finance acts as
Underwriter.

                           About UTK

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

                            *   *   *

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

Moody's:

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

Standard & Poor's

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


TMK OAO: Board Sets Shareholders' General Meeting for June 27
-------------------------------------------------------------
The board of directors OAO TMK, on May 21, 2007, passed these
resolutions:

   -- approve the agenda of the General Meeting of Shareholders;

   -- set the date of the General Meeting of Shareholders on
      June 27, 2007; and

   -- recommend the General Meeting to take decision on payment
      of annual dividends pegged at RUR4.30 per share.

                           About TMK

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

                            *   *   *

In connection with Moody's Investors Service's implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the Aerospace and
Defence, Automotive, Forest Products, Healthcare and
Pharmaceuticals, Metals and Mining, Natural Products Processor
and Consumer Products sectors, the rating agency confirmed its
B1 Corporate Family Rating for TMK.

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

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


YUKOS OIL: Competition Agency Suspends Prana Deal to Aug. 2
-----------------------------------------------------------
The Federal Anti-Monopoly Service in Russia will decide on
Aug. 2, 2007, whether to approve a US$3.9 billion deal that sold
OAO Yukos Oil Co.'s Moscow headquarters to Prana Group,
Kommersant reports.

The regulator earlier warned Prana that it will block the sale
of the assets if the latter fails to disclose its ownership
structure 14 days following the May 11 auction.

The FAS, however, pushed back the deadline saying it would need
to spend more than two months to look at Prana's application to
purchase Lot 13 of the Yukos assets "because it requires
additional consideration," Kommersant relates.  The watchdog's
inquiry to Prana's beneficiaries remained unanswered as the
company is not found at its registration address, RIA Novosti
says reports.

Prana, Kommersant notes, is 1% owned by Vladimir Esakov, who
previously worked for the projects of OAO Gazprom board member
Boris Fedorov.  The rest of Prana's stake is reportedly held by
an offshore incorporated in the Seychelles, Kommersant adds.

In a TCR-Europe report on May 15, 2007, Prana offered US$3.9
billion (RUR100.5 billion) for the assets, outbidding state-
owned OAO Rosneft Oil in a three-hour battle, which could have
awarded the latter with a string of major victories in the
series of Yukos auctions.

But apparently, the competition for the assets isn't over yet.

Nikolai Lashkevich, a spokesman for Yukos bankruptcy
administrator Eduard Rebgun, told Kommersant that the 22-story
building would be offered to Rosneft if the deal was eventually
cancelled, RIA Novosti relates.

The assets fetched nearly five times more than the lot's
US$856.8 million starting price.  According to Tanya Mosolova of
Reuters, the bidding amounts appeared unjustified by the value
of the building, prompting speculations that the bidders might
knew about hidden value in another asset in the lot.

                           Deja Vu

The FAS' move to block the sale followed a similar one
undertaken last week when it refused to effect ZAO Promregion
Holding's purchase of Yukos' Krasnodar assets.

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

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

The TCR-Europe reported on May 22 that Mr. Rebgun will offer the
Krasnodar assets to Rosneft, which offered the second best
price, if it wants to acquire them.  Otherwise, Versar will have
a chance to grab the lot.

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

Rosneft has won these assets through its subsidiaries:

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

   OOO Neft-Aktiv     Samara assets   RUR165.5 billion

   OOO Neft-Aktiv     East Siberian
                      Assets          RUR177.7 billion

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

                          About Rosneft

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

                         About Yukos Oil

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

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

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

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

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

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


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


TRIANGELFFILM AB: Files for Bankruptcy in Stockholm
---------------------------------------------------
Swedish arthouse distributor Triangelfilm has filed for
bankruptcy in Stockholm blaming competition in quality film
market and strategically wrong decisions, Gunnar Rehlin writes
for Variety citing founders Matthias Nohrborg and Bjorn
Ringdahl.

Mr. Ringdahl said "we didn't have the anticipated success with a
couple of our bigger films.  For a small, independent company
this has made it hard to survive."

He emphasized that there is a pressing need to specialize, which
the company couldn't do on its own.

Astoria Cinemas, in which Triangelfilm has a 19.4% stake, was
rescued from near bankruptcy in 2005 by rival SF Bio,
Screendaily.com reports.

On May 11, 2007, SF Bio acquired Astoria Cinemas' Biopalatset
mutiplexes in Stockholm and Goteborg after a majority of
creditors agreed to write off 75% of its US$8.9 million debt,
Sreendaily.com relates.

SF Bio earlier took control of all Astoria theaters outside the
key cities of Stockholm, Goteborg and Malmo,

Founded in 1988, Triangelfilm AB -- http://www.triangelfilm.se/
has distributed 550 features, including Amelie," Roman
Polanski's "The Pianist" and Roy Andersson's "Songs from the
Second Floor".  It is a co-owner of Swedish cinema circuit
Astoria Cinemas.


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


ARCHITEKTURBURO H. JUD: Liquidation Claims Due June 30
------------------------------------------------------
Creditors of LLC Architekturburo H. Jud have until June 30 to
submit their claims to:

         Hermann Jud
         Liquidator
         Staffeln 16
         8715 Bollingen SG
         Switzerland

The Debtor can be reached at:

         LLC Architekturburo H. Jud
         Rapperswil-Jona SG
         Switzerland


ART-QUITECTURA UND GASTRODESIGN: Liquidation Claims Due June 4
--------------------------------------------------------------
Creditors of LLC ART-quitectura und Gastrodesign have until
June 4 to submit their claims to:

         Hornlistr. 19
         8400 Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC ART-quitectura und Gastrodesign
         Winterthur ZH
         Switzerland


ELKIER JSC: Creditors' Liquidation Claims Due June 15
-----------------------------------------------------
Creditors of JSC Elkier have until June 15 to submit their
claims to:

         Rinaldo Maderni
         Liquidator
         Corso San Gottardo 35
         6830 Chias
         Switzerland

The Debtor can be reached at:

         JSC Elkier
         Zug
         Switzerland


ICON JSC: Creditors' Liquidation Claims Due June 20
---------------------------------------------------
Creditors of JSC Icon have until June 20 to submit their claims
to:

         Lorenzweg 6
         6252 Dagmersellen
         Willisau LU
         Switzerland

The Debtor can be reached at:

         JSC Icon
         Dagmersellen
         Willisau LU
         Switzerland


IMPRINT PUBLISHING: Creditors' Liquidation Claims Due June 4
------------------------------------------------------------
Creditors of LLC Imprint Publishing & Marketing have until
June 4 to submit their claims to:

         Monika Bolliger-Bruggmann
         Liquidator
         Bruggmann Treuhand
         Riedgrabenstrasse 26
         8153 Rumlang
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC Imprint Publishing & Marketing
         Cham ZG
         Switzerland


RAMIX JSC: Creditors' Liquidation Claims Due June 29
----------------------------------------------------
Creditors of JSC Ramix have until June 29 to submit their claims
to:

         Dr. Peter Uhlmann
         Liquidator
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Ramix
         Schaffhausen
         Switzerland


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


ARAP TURK: Fitch Affirms & Withdraws Ratings
--------------------------------------------
Fitch Ratings has affirmed Turkey-based Arap Turk Bankasi A.S.'s
ratings at foreign and local currency Issuer Default 'B' and
Short-term foreign and local currency 'B', Individual 'D',
Support '5' and National Long-term 'BBB(tur)'.  The Outlooks on
the Issuer Default and National Long-term ratings are Stable.
At the same time, Fitch has withdrawn all the ratings.  The
agency will no longer provide ratings or analytical coverage of
this issuer.


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


23TH OCTOBER: Claims Filing Bar Date Set May 27
-----------------------------------------------
Creditors of OJSC 23th October Machine-Tool Plant (code EDRPOU
00222216) have until May 27 to submit written proofs of claim
to:

         Khristina Podoprigorova
         Temporary Insolvency Manager
         Trud Avenue 16, ap. 38
         Berdiansk
         71100 Zaporozhje
         Ukraine

The Court is located at:

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

The Economic Court of Zaporozhje commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. 16/68/07.

The Debtor can be reached at:

         OJSC 23th October Machine-Tool Plant
         Dzerzhynsky Str. 77
         Melitopol
         72312 Zaporozhje
         Ukraine


AGROSOYUZ LLC: Claims Filing Bar Date Set May 27
------------------------------------------------
Creditors of LLC Agricultural Firm Agrosoyuz (code EDRPOU
30827686) have until May 27 to submit written proofs of claim
to:

         Olga Naumova
         Temporary Insolvency Manager
         Kirov Str. 25
         40030 Sumy
         Ukraine

The Economic Court of Sumy commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
8/145-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Agricultural Firm Agrosoyuz
         Selskokhoziayskaya Str. 2
         Krolevets
         41300 Sumy
         Ukraine


ASSISTANCE-SERVICE: Claims Filing Bar Date Set May 25
-----------------------------------------------------
Creditors of have until May 25 to submit written proofs of claim
to:

         Aleksey Davidenko
         Temporary Insolvency Manager
         Lenin Str. 41
         Shakhtersk
         Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on LLC Firm Assistance-Service (code EDRPOU 32176706).
The case is docketed under Case No. 5/35B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Firm Assistance-Service
         Yasnogorskaya Str. 35
         Shakhtersk
         86200 Donetsk
         Ukraine


AVS-FORA LLC: Creditors Must File Claims by May 27
--------------------------------------------------
Creditors of LLC Avs-Fora (code EDRPOU 33694086) have until
May 27 to submit written proofs of claim to:

         Eugenie Golub
         Liquidator
         A. Ivanov Str. 21/17, ap. 13
         01010 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/176-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Avs-Fora
         Berezhanskaya Str. 6-A
         04074 Kiev
         Ukraine

BOLGRAD SPECIAL: Creditors Must File Claims by May 27
-----------------------------------------------------
Creditors of OJSC Bolgrad Special Assembly (code EDRPOU
00913090) have until May 27 to submit written proofs of claim
to:

         Kirill Liseev
         Liquidator
         P.O. Box 81
         65111 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7-32/61-06-2536.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         OJSC Bolgrad Special Assembly
         Shevchenko Avenue 29
         65035 Odessa
         Ukraine


FEODOSIYA TOBACCO: Creditors Must File Claims by May 27
-------------------------------------------------------
Creditors of LLC Feodosiya Tobacco Plant (code EDRPOU 32294439)
have until May 27 to submit written proofs of claim to:

         I. Gerasimov
         Liquidator
         Gagarin Str. 36, ap. 52
         Simferopol
         95043 AR Krym
         Ukraine

The Economic Court of AR Krym commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2-31/11345-2006.

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:

         LLC Feodosiya Tobacco Plant
         Druzhba Str. 62
         Feodosiya
         98100 AR Krym
         Ukraine


KHARKOV TILE: Creditors Must File Claims by May 25
--------------------------------------------------
Creditors of State Enterprise CJSC Kharkov Tile Plant (code
EDRPOU 25334452) have until May 25 to submit written proofs of
claim to:

         Ivan Davidov
         Liquidator
         Panphilov Avenue 7, ap. 6
         83114 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 27/71B.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise CJSC Kharkov Tile Plant
         Ochakovsky Str. 1
         83056 Donetsk
         Ukraine


KHIVITSA LLC: Creditors Must File Claims by May 25
--------------------------------------------------
Creditors of LLC Khivitsa (code EDRPOU 24737113) have until
May 25 to submit written proofs of claim to:

         LLC Notus
         Liquidator
         P.O. Box 56
         04086 Kiev Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 23/38-b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Khivitsa
         M. Raskovaya Str. 52V
         02002 Kiev
         Ukraine


POST SALE: Creditors Must File Claims by May 27
-----------------------------------------------
Creditors of LLC Post Sale Service (code EDRPOU 31933619) have
until May 27 to submit written proofs of claim to:

         Fedor Fedorchuk
         Liquidator
         Kuybyshev Str. 211
         P.O. Box 6972
         83012 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/202B.

The Court is located at:

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

The Debtor can be reached at:

         LLC Post Sale Service
         Panfilov Str. 71
         83096 Donetsk
         Ukraine


PRILUKI MEAT-PACKING: Creditors Must File Claims by May 25
----------------------------------------------------------
Creditors of OJSC Priluki Meat-Packing Plant have until May 25
to submit written proofs of claim to:

         Irina Stuck
         Liquidator
         Nakhimov Lane 50
         14008 Chernigov
         Ukraine

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 5/99B/68B/69B/118B/6B.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         OJSC Priluki Meat-Packing Plant
         Druzhba narodov Str. 34
         Priluki
         17500 Chernigov
         Ukraine


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


AMF BOWLING: Earns US$19 Million in Third Quarter Ended April 1
---------------------------------------------------------------
AMF Bowling Worldwide Inc. recorded consolidated operating
revenue of US$151.7 million in the 2007 Third Quarter, an
increase of US$3.9 million, or 2.6%, compared with the 2006
Third Quarter.  The increase is primarily due to increased
Centers revenue.

Net income for the 2007 Third Quarter totaled US$19.7 million as
compared with US$15.8 million in the 2006 Third Quarter.  In the
2007 Third Quarter, the company's losses from its investment in
the joint venture were US$600,000 lower as compared with 2006
Third Quarter.  Additionally, interest expense was US$700,000
lower in Third Quarter 2007 as compared to Third Quarter 2006.

                         2007 Nine Months

Consolidated operating revenue was US$382.3 million in the 2007
Nine Months, a decrease of US$15.2 million, or 3.8%, compared
with the 2006 Nine Months.  A decrease of US$32.1 million is
attributable to Products no longer being fully consolidated
during the 2007 Nine Months and offset by an increase of US$16
million in Centers revenue.

Net income loss for the 2007 Nine Months totaled US$3.2 million
compared with a net loss of US$181,000 for the 2006 Nine Months.
During the 2007 Nine Months, bowling revenue increased from the
2006 Nine Months by US$16 million partially offset by US$5.3
million higher bowling center operating expenses.  In the 2007
Nine Months, the company recorded an impairment charge of US$4.6
million related to its investment in the Joint Venture.
Additionally, the company recorded a US$1.9 million loss on the
extinguishment of debt related to the voluntary US$30 million
term loan payment, recognized an additional benefit of
US$700,000 in 2007 Nine Months to correct an error in
calculating insurance liabilities in prior years and recorded
additional depreciation expense of US$2 million.

                            Liquidity

Cash and cash equivalents as of April 1, 2007, were US$57.5
million.  As of April 1, 2007, the company had US$47.2 million
in principal outstanding under its Credit Agreement.  No
borrowings were outstanding under the Revolver as of the end of
the 2007 Nine Months and outstanding standby letters of credit
issued under the Revolver totaled US$17.9 million, leaving
US$22.1 million available for additional borrowings or letters
of credit.

As of April 1, 2007, working capital was US$5.6 million, as
compared with working capital of US$16 million at July 2, 2006.
This change was primarily attributable to the use of cash for a
voluntary US$30 million payment on the Term Loan during 2007
Second Quarter.

As of April 1, 2007, the company recorded total assets of
US$335.5 million, total liabilities of US$251.5 million, and
total stockholders' equity of US$83.9 million.  Accumulated
deficit as of April 1, 2007, stood at US$42.3 million.

A full-text copy of the company's third quarter 2007 report is
available for free at http://ResearchArchives.com/t/s?1fc9

                        About AMF Bowling

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

                          *     *     *

As reported in the Troubled Company Reporter on May 18, 2007,
Standard & Poor's Rating Services affirmed its 'B' corporate
credit rating on AMF Bowling Worldwide Inc.

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


ARCHERS BREWERY: Appoints Joint Administrators from PwC
-------------------------------------------------------
David James Bennett and Robert William Birchall of
PricewaterhouseCoopers LLP were appointed joint administrators
of Archers Brewery Ltd. (Company Number 05457891) on May 14.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

Headquartered in Swindon, England, Archers Brewery Ltd.
manufactures beer.


BEND IT: Joint Liquidators Take Over Operations
-----------------------------------------------
Gordon Smythe Goldie and Allan David Kelly of Tait Walker were
appointed joint liquidators of The Bend It Shape It Company Ltd.
(formerly Tecform International Ltd. and Tecform Plastics Ltd.)
on May 15 for the creditors' voluntary winding-up proceeding.

Tait Walker -- http://www.taitwalker.co.uk/-- provides
financial advisory services that include corporate finance,
audit and specialized audit, accounts, forensic accounting,
outsourcing, business development, business taxes and VAT,
company pension, schemes, company financial services, IT
consultancy, business disposals and acquisitions.

The company can be reached at:

         The Bend It Shape It Co. Ltd.
         Elswick Way Industrial Estate
         Newcastle Road
         South Shields
         NE340LW
         Tel: 0191 456 9718
         Fax: 0191 456 4671


BIRCH HALL: M. C. Bowker Leads Liquidation Procedure
----------------------------------------------------
M. C. Bowker of Unity Business Services LLP was appointed
liquidator of Birch Hall Quarries Ltd. on May 15 for the
creditors' voluntary winding-up procedure.

The company can be reached at:

         Birch Hall Quarries Ltd.
         Woodford Road
         Poynton
         Stockport
         SK12 1ED
         England
         Tel: 0161 439 2084


BRITISH AIRWAYS: Dresdner Kleinwort Maintains Buy Rating on Firm
----------------------------------------------------------------
Dresdner Kleinwort analyst Andrew Evans has kept his "buy"
rating on British Airways PLC's shares, Newratings.com reports.

Mr. Evans said in a research note published on May 22 that
British Airways has disclosed its decision to join the Texas
Pacific Group's consortium to bid for Iberia.

According to Newratings.com, Mr. Evans thinks that British
Airways' decision to join the consortium was good.

A leveraged buyout with a bid price of EUR3.60 would result in
an internal rate return to equity of 17%, Newratings.com states,
citing Dresdner Kleinwort.

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

                        *     *     *

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

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

* Issuer: British Airways, Plc

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

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

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


CIRRUS TECHNOLOGIES: HSBC Bank Taps PwC as Receivers
----------------------------------------------------
HSBC Bank Plc appointed Robert Jonathan Hunt and Mark David
Charles Hopkins of PricewaterhouseCoopers LLP joint
administrative receivers of Cirrus Technologies Ltd. (Company
Number 00825344) on May 15.

PricewaterhouseCoopers LLP -- http://www.pwcglobal.com/--  
provides auditing services, accounting advice, tax compliance
and consulting, financial consulting and advisory services to
clients in a variety of industries.

The company can be reached at:

         Cirrus Technologies Ltd.
         Heming Road
         Redditch
         B98 0DN
         England
         Tel: 01527 527 882
         Fax: 01527 502 074


EMI GROUP: Shares Trade High as Investors Anticipate Other Bids
---------------------------------------------------------------
Shares of EMI Group Plc traded more than the offer made by Terra
Firma Capital Partners Ltd. as investors anticipate a bidding
war, reports say.

EMI shares traded as high as 278.5 pence on May 23, 2007, 13.5
percent more than the 265 pence per share offer from Terra Firm.

As of May 24, 2007, EMI shares traded at 272.5 pence.

Former EMI CEO Jim Fifield, who plans to acquire the music
company with the support of Corvus Capital, says he is still
working on a possible acquisition deal, Reuters reports citing
The New York Post as its source.

According to Dominic White of the Telegraph, Corvus was
preparing to support Mr. Fifield in a 278 pence per share bid
for EMI but decided to back off.

Reuters said that Mr. Fifield had received financial commitments
from members of the Qatari royal family.

As reported in the TCR-Europe on May 22, 2007, EMI's Board of
Directors agreed to a takeover bid by British private equity
group Terra Firma Capital for GBP2.4 billion, or GBP3.2 billion
including debt.

Terra Firma Capital Partners Ltd. has set up Maltby Limited for
the purpose of making the 265 pence ($5.23) per share offer for
EMI.

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

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

                     About Terra Firma

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

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

                          About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

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

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

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

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

  (iv) is reviewing its balance sheet.


EMI GROUP: Maltby Cash Offer Cues S&P to Cut Ratings to B+
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
and senior unsecured debt ratings on U.K.-based music group EMI
Group PLC to 'B+' from 'BB-', following news of a recommended
cash offer for the entire capital of EMI by a private equity
buyout vehicle, Maltby Ltd.

Maltby Limited is set up by Terra Firma Capital Partners Ltd.
for the purpose of making the 265 pence ($5.23) per share offer
for EMI.

At the same time, the senior unsecured debt ratings on related
entities Capitol Records Inc. and EMI Group Finance Ltd. were
also lowered to 'B+' from 'BB-'.  All long-term ratings on EMI
and related entities remain on CreditWatch with negative
implications.  In addition, the 'B' short-term corporate credit
rating on EMI was today placed on CreditWatch with negative
implications.

The cash offer for EMI from Maltby comes at a relatively high
multiple of 18.5x EBITDA (reported for the 12 months to
March 31, 2007) and carries limited regulatory risk--unlike the
previous offers from Warner Music Group Corp. (BB-/Watch Neg/
--).

"As a result, the takeover of EMI by Maltby is likely to succeed
and is likely to be refinanced with a highly leveraged funding
package," said Standard & Poor's credit analyst Anna Overton.
"Competitive bids cannot be ruled out at this stage, including a
higher offer from Warner Music.  Nevertheless, weak operating
fundamentals in EMI's recorded music business, regulatory risks
associated with a combination with any other music major, and
the existing high debt burden and cash constraints of EMI's
ongoing cost restructuring program, make it unlikely that the
company's credit quality will be compatible with a 'BB-' long-
term rating in the near term."

Standard & Poor's will review its ratings on EMI as more
information over ownership and potential capital structures
becomes available.  Given that the documentation for all of
EMI's outstanding bonds treats change of control as a put event
at the option of the noteholders, S&P shall separately review
the rating implications of a change-of-control event on the
issue ratings.

                          About EMI

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


EMI GROUP: March 31 Balance Sheet Upside-Down by GBP1.1 Billion
---------------------------------------------------------------
EMI Group Plc released its preliminary results for the financial
year ended March 31, 2007.

At March 31, 2007, the company's balance sheet showed total
assets of GBP1.4 billion and total liabilities of GBP2.6
billion, resulting in a GBP1.1 billion stockholders' deficit.

The company reported a GBP287 million net loss on GBP1.8 billion
of total revenues at March 31, 2007, versus a GBP90 million of
net income on GBP1.7 billion of total revenues at March 31,
2006.

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

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

                              Outlook

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

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

                         About EMI Group

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

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

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

In January 2007, Moody's Investors Service downgraded EMI Group
Plc's Corporate Family and senior debt ratings to Ba3 from Ba2.
All ratings remain under review for possible further downgrade.


FEDERAL-MOGUL: Claimants Have Until May 31 to Vote on Plan
----------------------------------------------------------
The Hon. Judith Fitzgerald of the U.S. Bankruptcy Court for the
District of Delaware, as agreed to by the parties, deferred the
deadline for Anderson Memorial, and the asbestos property damage
claimants it represents, to vote on and object to Federal-Mogul
Corp. and its debtor-affiliates' Fourth Amended Joint Plan of
Reorganization to the earlier of:

   (a) one week after the Court rules on the Debtors' request to
       enter into their Settlement Agreement with Anderson
       Memorial; and

   (b) May 31, 2007.

The deadline for the Official Committee of Asbestos Property
Damage Claimants to object to the Fourth Amended Plan is also
extended to the earlier of (i) one week after the Court rules on
the Debtors' request; and (ii) May 31, 2007.

The Debtors have 10 days after Anderson Memorial and the
Asbestos PD Committee file their objections, if any, to respond
to those objections.

Headquartered in Southfield, Michigan, Federal-Mogul Corporation
-- http://www.federal-mogul.com/-- is an automotive parts
company with worldwide revenue of some $6 billion.  Federal-
Mogul also has operations in Mexico and the Asia Pacific Region,
which includes, Malaysia, Australia, China, India, Japan, Korea,
and Thailand.  In Europe, the company maintains operations in
Belgium, France, Germany, Poland and the United Kingdom.

The Company filed for chapter 11 protection on Oct. 1, 2001
(Bankr. Del. Case No. 01-10582).  Lawrence J. Nyhan Esq., James
F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown
& Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub, P.C., represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection
from their creditors, they listed $10.15 billion in assets and
$8.86 billion in liabilities.  Federal-Mogul Corp.'s U.K.
affiliate, Turner & Newall, is based at Dudley Hill, Bradford.
Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and
Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M.
Sutty, Esq., at The Bayard Firm represent the Official Committee
of Unsecured Creditors.

On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan.
They submitted a Disclosure Statement explaining that plan on
April 21, 2003.  They submitted several amendments and on
June 6, 2004, the Bankruptcy Court approved the Third Amended
Disclosure Statement for their Third Amended Plan.  On July 28,
2004, the District Court approved the Disclosure Statement.  The
estimation hearing began on June 14, 2005.  They then submitted
a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006,
and the Bankruptcy Court approved that Disclosure Statement on
Feb. 6, 2007.  The confirmation hearing is set for June 8, 2007.
(Federal-Mogul Bankruptcy News, Issue No. 137; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).


FORMICA CORP: Moody's May Downgrade Low-B Ratings After Review
--------------------------------------------------------------
Moody's Investors Service placed Formica Corporation on review
for possible downgrade.  The review was prompted by Fletcher
Building Limited planned acquisition of Formica from private
equity firms Cerberus Capital Management and Oaktree Capital
Management for approximately US$700 million, with additional
deferred payments of up to US$50 million if Formica achieves
specific performance targets.  The purchase price excludes
Formica's South American operations and certain real estate in
California.

These ratings have been placed on review:

   -- Corporate family rating, rated B2;

   -- Probability of default rating, rated B2;

   -- US$210 million gtd. sr. sec. term loan, rated B1; and

   -- US$60 million gtd. sr. sec. revolving credit facility,
      rated B1.

The US$750 million total purchase price represents a multiple of
approximately 7.2 times June 2008 LTM EBITDA (with synergies).
The purchase is expected to initially be financed with bridge
financing, with a long-term capital structure to be put into
place after the close.  The transaction is anticipated to close
in the third quarter of 2007.

                     About Fletcher Building

Based in Auckland, New Zealand, Fletcher Building Limited --
http://www.fletcherbuilding.com/-- (NZE:FBU) is the holding
company of the Fletcher Building group.  The company has five
operating units: Laminates & Panels (principally involving
Laminex, which currently owns the rights to and sells under the
Formica(R) brand in Australia and New Zealand), Building
Products, Steel, Infrastructure and Distribution.

                        About Formica Corp.

Headquartered in Cincinnati, Ohio, Formica Corp. --
http://www.formica.com/-- designs, manufactures and distributes
a full range of surfacing products for commercial and
residential applications, including Formica(R) Brand Laminate,
Formica(R) Solid Surfacing, Formica Granite(R), Formica(R) Stone
Natural Quartz Surfacing, Formica(R) Veneer Premium Wood
Surfacing and Formica(R) DecoMetal.  The company has offices in
Mexico, Spain, Sweden, United Kingdom, Finland, France, Italy,
Russia, China, Hong Kong, Singapore, Taiwan, and Thailand.


HINDLEY ELEVATORS: Appoints Timothy Hargreaves as Liquidator
------------------------------------------------------------
Timothy Hargreaves of T.H. Associates was appointed liquidator
of Hindley Elevators Ltd. on May 16 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Hindley Elevators Ltd.
         5 Bridge Street
         Hindley
         Wigan
         WN2 3LE
         England
         Tel: 01942 525 550
         Fax: 01942 525 699


HINDLEY ELEVATORS: Appoints Timothy Hargreaves as Liquidator
------------------------------------------------------------
Timothy Hargreaves of T.H. Associates was appointed liquidator
of Hindley Elevators Ltd. on May 16 for the creditors' voluntary
winding-up proceeding.

The company can be reached at:

         Hindley Elevators Ltd.
         5 Bridge Street
         Hindley
         Wigan
         WN2 3LE
         England
         Tel: 01942 525 550
         Fax: 01942 525 699


HURLSTON HALL: Creditors' Meeting Slated for June 4
---------------------------------------------------
Creditors of Hurlston Hall Golf Club Plc (Company Number
2607148) will meet at 10:30 a.m. on June 4 at:

         Holiday Inn (Haydock)
         Hodge Lane
         Newton-le-Willows
         Merseyside
         WA12 0JG
         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 June 1 at:

         P. F. Duffy and D. J. Whitehouse
         Joint Administrators
         Kroll Limited
         The Observatory
         Chapel Walks
         Manchester
         M2 1HL
         England

Kroll Limited -- http://www.krollworldwide.com/-- offers risk-
consulting services worldwide.  The firm is an operating unit of
Marsh & McLennan Companies, Inc., the global professional
services firm.  Kroll's services include corporate advisory and
restructuring, financial accounting, valuation and litigation,
electronic evidence and data recovery, business intelligence and
investigations, background screening, and security services.


LIVER FRUIT: Names Samuel Jonathan Talby Liquidator
---------------------------------------------------
Samuel Jonathan Talby of Bishop Fleming was appointed liquidator
of Liver Fruit & Vegetables Ltd. on May 15 for the creditors'
voluntary winding-up proceeding.

Bishop Fleming -- http://www.bishopfleming.co.uk/-- provides
services that include tax advice, financial forecasts, business
planning and corporate finance.

The company can be reached at:

         Liver Fruit & Vegetables Ltd.
         Bow Triangle Business Centre
         Eleanor Street
         Tower Hamlets
         London
         E3 4UR
         England
         Tel: 020 8981 1084


LUDGATE FUNDING: Fitch Puts Low-B Ratings on GBP7.15 Mln Notes
--------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Ludgate Funding
Plc's Series 2007-FF1 GBP415 million-equivalent mortgage-backed
medium-term notes and GBP2.3 million excess spread-backed notes
due December 2060 as:

     -- GBP128 million Class A1: 'AAA';
     -- GBP213.95 million Class A2: 'AAA';
     -- GBP36.45 million Class M: 'AAA';
     -- GBP14.65 million Class B: 'AA';
     -- GBP8.8 million Class C: 'A';
     -- GBP8.30 million Class D: 'BBB';
     -- GBP4.85 million Class E: 'BB'; and
     -- GBP2.3 million Class S: 'BB-'.

The final ratings are contingent on the receipt of final
documentation conforming to information already received.

This transaction is a securitization of residential mortgages
originated and located in the UK.  The expected ratings are
based on the quality of the collateral, available credit
enhancement, the underwriting criteria of Freedom Funding Ltd
and the servicing capabilities of Freedom Funding Ltd and
Homeloan Management Limited and the transaction's sound legal
structure.  The ratings address the likelihood of investors
receiving timely payments of interest in accordance with the
legal documentation, (i.e. payment of interest on all Classes of
notes on each payment date) and ultimate repayment of principal
on all Classes of notes by legal final maturity in December
2060.

Credit enhancement for the Class A1 and A2 notes will total
(18%) and will be provided by the subordination of the Class M
(8.78%), Class B (3.53%), Class C (2.12%), Class D (2%) and
Class E (1.17%) notes (together their balances amounting to the
issue size), as well as an initial and target reserve fund of
0.4%.

The Class S notes will receive interest after the replenishment
of the reserve fund, if needed, and before principal on the
Class S notes.

To determine appropriate credit enhancement levels, Fitch
analysed the collateral using its U.K. Residential Mortgage
Default Model, dated 5 February 2007.  The agency also modeled
cash-flows using the results of the default model, with
structural stresses including various prepayment and interest
rate scenarios.  The cash-flow tests showed that each Class of
notes could withstand loan losses at a level corresponding to
the related stress scenario without incurring any principal loss
or interest shortfall and can retire principal by the legal
final maturity.


MELROSE FINANCING: Cash Accumulation Cues S&P to Lift Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its credit ratings to
'AAA' on the class B, C, and D series 2001-2 notes issued by
Melrose Financing No. 1 PLC, following full cash accumulation
being achieved, to the value of the outstanding notes.  At the
same time, the rating on the class A notes was affirmed.

Cash accumulation commenced on March 1, 2006.  One month before
full accumulation, the class B notes were cash collateralized,
followed in the final month by the class C and D notes.

Since then, Standard & Poor's has modeled the remaining cash
flows in this transaction (up to legal final maturity in
February 2011).  Standard & Poor's is comfortable that the
available funds (including the reserve account and the principal
funding account) are sufficient to ensure that all payments to
the class A, B, C, and D noteholders will be fully met.

Melrose Financing No. 1 series 2001-2 closed in February 2001
and was secured on a pool of loans made to SMEs.  The loans were
originated by Bank of Scotland (AA/Stable/A-1+).

                               Ratings List

                      Melrose Financing No. 1 PLC

         US$1,016 Million, EUR14.1 Million, And GBP40.25 Million
                     Floating-Rate Notes Series 2001-2

                             Ratings Raised

                                      Rating
                                      ------
                     Class        To         From
                     -----        --         ----
                     B            AAA        A
                     C            AAA        BBB
                     D1           AAA        BB
                     D2           AAA        BB
                     D3           AAA        BB

                           Rating Affirmed

                          Class    Rating
                          -----    ------
                            A      AAA


NORTEL NETWORKS: Securities Regulator Approves Settlement Pact
--------------------------------------------------------------
The Ontario Securities Commission issued an Order approving the
Settlement Agreement reached by the Staff of the OSC with Nortel
Networks Corporation and its principal operating subsidiary
Nortel Networks Limited.  The settlement fully resolves all
issues between Nortel and the OSC.

"[Tues]day is an important day for Nortel.  The decision
recognizes the extensive efforts made by Nortel's senior
management and Board of Directors to be forthcoming and
transparent in reporting significant accounting and internal
control issues, and then solving them.  We are pleased this is a
fair and balanced resolution to the matter that is in the best
interests of the shareholders," Nortel President and CEO Mike
Zafirovski said.  "[Tues]day, we remain passionately committed
to recreating a great technology company and driving value for
our shareholders by achieving strong business results while
upholding the highest ethical standards and sound business
practices."

As approved by the Commission, the Settlement Agreement
recognizes efforts by Nortel to strengthen the Company through
actions such as:

   -- a restructured ethics policy and the establishment of a
      new code of conduct;

   -- the improvement of financial processes and controls;

   -- the remediation of substantially all internal control
      issues that formed the six original material weaknesses,
      with one material weakness remaining;

   -- improved corporate governance; and

   -- the settlement of shareholder class-action lawsuits.

Pursuant to the terms of the OSC Order, Nortel is required to
deliver to Staff quarterly and annual written reports
detailing, among other matters, its progress in implementing its
remediation plan.  The Reports will begin following Nortel's
second quarter 2007 quarterly reports, and ending with the
earlier of the successful remediation of the remaining material
weakness and the completion of the remediation plan.

The OSC Order does not impose any administrative penalty or
fine.  However, Nortel will make a payment to the OSC in the
amount CDN$1 million as a contribution towards the costs of
their investigation.

The Order and Settlement Agreement can be found on Nortel's
website at http://www.nortel.com/corporate/investor/index.html

As previously disclosed, the Settlement Agreement relates to
certain allegations made by the Staff regarding certain
accounting practices which a previously announced Nortel
independent inquiry found to have occurred during the 2000
fiscal year, the last two fiscal quarters of 2002 and the first
two fiscal quarters of 2003, which had led to certain
restatements of Nortel's and NNL's financial results.

                      About Nortel Networks

Headquartered in Ontario, Canada, Nortel Networks Corporation
(NYSE/TSX: NT) -- http://www.nortel.com/-- is a recognized
leader in delivering communications capabilities that enhance
the human experience, ignite and power global commerce, and
secure and protect the world's most critical information.
Serving both service provider and enterprise customers, Nortel
delivers innovative technology solutions encompassing end-to-end
broadband, Voice over IP, multimedia services and applications,
and wireless broadband designed to help people solve the world's
greatest challenges.

                          *     *     *

Dominion Bond Rating Service confirmed the long-term ratings of
Nortel Networks Capital Corporation, Nortel Networks
Corporation, and Nortel Networks Limited at B (low) along with
the preferred share ratings of Nortel Networks Limited at Pfd-5
(low).  All trends are Stable.

DBRS confirmed B (low) Stb Senior Unsecured Notes; B (low) Stb
Convertible Notes; B (low) Stb Notes & Long-Term Senior Debt;
Pfd-5 (low) Stb Class A, Redeemable Preferred Shares; and Pfd-5
(low) Stb Class A, Non-Cumulative Redeemable Preferred Shares.

Additionally, Moody's Investors Service affirmed the B3
corporate family rating of Nortel; assigned a B3 rating to the
proposed US$2billion senior note issue; downgraded the US$200
million 6.875% Senior Notes due 2023 and revised the outlook to
stable from negative.

Standard & Poor's also affirmed its 'B-' long-term and 'B-2'
short-term corporate credit ratings on the company, and assigned
its 'B-' senior unsecured debt rating to the company's proposed
US$2 billion notes.  The outlook is stable.


PIPE ACQUISITION: S&P Affirms Ratings and Removes CreditWatch
-------------------------------------------------------------
Standard & Poor's Ratings Services removed from CreditWatch and
affirmed its 'B-' long-term corporate credit ratings on U.K.-
headquartered specialty steel products distributor Pipe
Acquisition Ltd. and its subsidiary Murray International Metals
Ltd., before withdrawing the ratings at the company's request.
The outlook for both companies was stable before the ratings
were withdrawn.

The rating actions follow the completion of a bank refinancing
in lieu of a near-term IPO by group parent company Edgen Murray
LP (B/Stable/--).  The ratings on PAL and MIM were placed on
CreditWatch with positive implications on Dec. 14, 2006, due to
plans by Edgen Murray to raise equity by way of an IPO.

At the same time, the 'CCC+' senior secured debt rating on the
US$130 million of second-lien bonds issued by PAL's subsidiary
Pipe Acquisition Finance PLC, and guaranteed by PAL, was
affirmed and removed from CreditWatch with positive
implications, and subsequently withdrawn, because the bonds have
been fully repaid.


PLANETOUT INC: Must Raise US$15 Mln by Aug. 31 to Pay Orix Loan
---------------------------------------------------------------
PlanetOut Inc.'s lender Orix Venture Finance, LLC, waived
defaults associated with PlanetOut's failure to meet certain
financial tests and liquidity covenants.  In consideration of
the waiver, PlanetOut, in addition to other commitments, agreed
to maintain certain minimum cash balances, increase the interest
rate on the term loan to prime plus 5% and committed to raise at
least US$15 million in new equity or subordinated debt, of which
US$7 million must be raised by June 30, 2007 and the remainder
by Aug. 31, 2007.

In September 2006, the company entered into a Loan and Security
Agreement with ORIX Venture Finance, LLC, which was amended in
February 2007 and May 2007.  Pursuant to the Loan Agreement, the
company borrowed US$7,500,000 as a term loan and US$3,000,000 as
a 24-month revolving loan in September 2006.  The borrowings
under the line of credit are limited to the lesser of
US$3,000,000, which the company has already drawn down, or 85%
of qualifying accounts receivable.  The term loan is payable in
48 consecutive monthly installments of principal beginning on
Nov. 1, 2006, together with interest at a rate of prime plus 5%.

In connection with the term loan agreement, the company issued
Orix a 7-year warrant to purchase up to 120,000 shares of the
common stock of the Company at an exercise price of US$3.74.
The warrant vested immediately, had a fair value of
approximately US$445,000 as of the date of issuance and will
expire on September 28, 2013.  The value of the warrant was
recorded as a discount of the principal amount of the term loan
and will be accreted and recognized as additional interest
expense using the effective interest method over the life of the
term loan.

The loans are secured by substantially all of the assets of the
company and all of the outstanding capital stock of all
subsidiaries of the company, except for the assets and capital
stock of SpecPub, Inc.

Based in San Francisco, California, PlanetOut Inc. (Nasdaq:
LGBT) -- http://www.planetoutinc.com/-- is a media and
entertainment company exclusively serving the lesbian, gay,
bisexual and transgender community.  The company provides this
audience a wide variety of products and services including
online and print media properties, a travel marketing business
and other goods and services.  PlanetOut has additional offices
in New York, Los Angeles, Minneapolis, London and Buenos Aires.


PLANETOUT INC: Posts US$6.8 Million Net Loss in First Quarter
-------------------------------------------------------------
PlanetOut Inc. reported its financial results for the first
quarter ended March 31, 2007.

Net loss for the first quarter of 2007 was US$6.8 million,
compared with net loss of US$132,000 for the same quarter a year
ago.

Total revenue for the first quarter of 2007 was US$16.8 million,
down 5% compared to US$17.6 million for the same period one year
ago.

"We are taking some major steps to generate the healthy revenue
growth and solid earnings performance that we believe this
company is capable of producing," Karen Magee, chief executive
officer, PlanetOut Inc., said.  "To complete that work and
regain the confidence of the market will take time."

At March 31, 2007, the company's balance sheet showed total
assets of US$88.8 million and total liabilities of US$44.1
million, resulting in a US$44.6 million stockholders' equity.
At Dec. 31, 2006, the company reported US$51.1 million in
stockholders' equity.

As of March 31, 2007, PlanetOut's accumulated deficit was
approximately US$45.2 million.

Based in San Francisco, California, PlanetOut Inc. (Nasdaq:
LGBT) -- http://www.planetoutinc.com/-- is a media and
entertainment company exclusively serving the lesbian, gay,
bisexual and transgender community.  The company provides this
audience a wide variety of products and services including
online and print media properties, a travel marketing business
and other goods and services.  PlanetOut has additional offices
in New York, Los Angeles, Minneapolis, London and Buenos Aires.


PLANETOUT INC: Seeking Strategic Alternatives to Raise Capital
--------------------------------------------------------------
PlanetOut Inc. has hired Allen & Co. to pursue strategic
alternatives including an equity sale and a cash loan.

According to a regulatory filing, the company has experienced
significant net losses and expects to continue to incur losses
in the future.  As of March 31, 2007, its accumulated deficit
was approximately US$45.2 million.  Although the company had
positive net income in the year ended Dec. 31, 2005, it
experienced a net loss of US$3.7 million for the year ended Dec.
31, 2006 and a net loss of US$6.9 million for the quarter ended
March 31, 2007, and the company may not be able to regain or
sustain profitability in the near future, causing its financial
condition to suffer and its stock price to decline.

Total revenue decreased primarily due to a reduction in online
subscribers to PlanetOut's Gay.com Web site and a decrease in
sales on its transaction-based websites.

Total operating costs increased primarily due to:

   * increases in cost of revenue for its February 2007
     Caribbean cruise aboard the Caribbean Princess, which was
     the largest capacity cruise ship chartered by RSVP to date,

   * increased marketing costs related to direct-mail campaigns
     for both its print properties and its RSVP travel
     itineraries,

   * severance charges related to the departure of its former
     President and Chief Operating Officer and our former Chief
     Technology Officer, and

   * additional costs related to the further integration of its
     businesses.

Pursuant to its May 2007 amendment of the Loan Agreement with
Orix Venture Finance, LLC, PlanetOut is also obligated to raise
at least US$15 million in new equity or subordinated debt, of
which
US$7 million must be raised by June 30, 2007 and the remainder
by Aug. 31, 2007.

Based on the rules of the Nasdaq Stock Market applicable to the
company, PlanetOut is limited in its ability to issue new equity
or convertible debt in excess of 19.9% of its outstanding shares
of common stock without stockholder approval, if that issuance
is at a discount.

Accordingly, depending on the market value of PlanetOut's common
stock and other factors, it may be difficult for the company to
meet the capital-raising obligation contained in its May 2007
amendment of the Loan Agreement.  Without additional financing,
the company expects that its available funds and anticipated
cash flows from operations will be sufficient to meet its
expected needs for working capital and capital expenditures
through the middle of third quarter 2007.

The company is not certain that it will be able to obtain
additional financing on commercially reasonable terms or at all.
If PlanetOut raises additional funds through the issuance of
equity, equity-related or debt securities, these securities may
have rights, preferences or privileges senior to those of the
rights of its common stock, and its stockholders will experience
dilution of their ownership interests.

If it is not successful in securing additional funding or in
implementing strategic alternatives in the near term, PlanetOut
will be in default under the Loan Agreement, which will permit
Orix to accelerate its obligations under the loans and foreclose
on the assets securing the loans.  As an additional result of
such a default, borrowings under other debt instruments that
contain cross-acceleration or cross-default provisions may also
be accelerated and become due and payable.

The company may be forced to reduce its planned operations and
development activities, restructure its businesses and take
other steps to minimize or eliminate expenses.

Based in San Francisco, California, PlanetOut Inc. (Nasdaq:
LGBT) -- http://www.planetoutinc.com/-- is a media and
entertainment company exclusively serving the lesbian, gay,
bisexual and transgender community.  The company provides this
audience a wide variety of products and services including
online and print media properties, a travel marketing business
and other goods and services.  PlanetOut has additional offices
in New York, Los Angeles, Minneapolis, London and Buenos Aires.


ROYAL & SUN: Launches Offer to Buy Out Unit's Minority Owners
-------------------------------------------------------------
Royal & Sun Alliance Insurance Group plc, through its wholly
owned unit RSA Overseas Holdings B.V., disclosed a cash tender
offer for all of the outstanding shares in Codan A/S it does not
own.

The Tender Offer is open to all Codan shareholders -- except
those in Canada, Australia or Japan or any other jurisdictions
in which the making of the Tender Offer or the acceptance
thereof would be contrary to the laws of the relevant
jurisdiction -- at a price of DKK605 per share, valuing the
Codan Minority Shares at DKK6.414 billion.

Consistent with R&SA's objective of maintaining financial
flexibility and rating agency capital, the Tender Offer will be
funded through a combination of around GBP300 million of equity
and existing resources.  The transaction will simplify the Group
structure and capital position.

The Codan Board has unanimously recommended the Tender Offer to
Codan's shareholders. The three directors who are R&SA employees
did not participate in the deliberations or the Codan Board
resolution.

"We have a strong portfolio of businesses and are committed to
delivering sustainable profitable performance," Andy Haste,
Group CEO.  "Codan is a core part of the Group.  The acquisition
of the minority shareholding demonstrates the strategic
importance of Codan and enhances our platform for delivering
profitable growth.  The transaction is expected to be mildly
earnings accretive in 2008 and I am confident in the long-term
prospects for this business.  We have made a strong start to the
year and we reaffirm our expectation that the Group will deliver
a combined operating ratio of better than 95% for 2007."

                          Tender Offer

The consideration offered under the Tender Offer is DKK605 in
cash per Codan share.  The Tender Offer, unless extended, will
expire on June 21, 2007, at 8:00 p.m. (CET).  If the conditions
of the Tender Offer are either met or waived at this time,
settlement is expected on or before June 29, 2007.

The offer price represents a premium of 15% to Codan's closing
share price of DKK525 on May 23, 2007 and 18% to the six-month
volume weighted average.

As Codan is core to the R&SA Group and its objective of
delivering sustainable profitable performance, RSA B.V. welcomes
any additional shares it can obtain. Consequently, this Tender
Offer is not subject to a specific acceptance level.

If, upon settlement, RSA B.V. owns more than 90% of Codan's
outstanding share capital, RSA B.V. intends to initiate
compulsory acquisition procedures and seek to de-list Codan
shares from the Copenhagen Stock Exchange.

Completion of any compulsory acquisition procedures is expected
to be early January 2008.

                          Equity Placing

Consistent with the objective of maintaining financial
flexibility and rating agency capital, R&SA is today undertaking
a private placing of new R&SA ordinary shares of 27.5p each to
raise around GBP300 million in connection with the Tender Offer.

JPMorgan Cazenove and Merrill Lynch are acting as joint lead
managers and bookrunners to the Placing.  The Placing will be
fully underwritten by J.P. Morgan Securities Limited and Merrill
Lynch and will be conducted in accordance with the terms and
conditions set out in the Appendix to this announcement.

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group Plc -- http://www.royalsunalliance.com/-- provides
insurance products and services in over 130 countries.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in Argentina, Bahrain, Belgium,
Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France,
Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania,
Malaysia, Mexico, Netherland Antilles, Netherlands, Norway,
Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay and
Venezuela.

                            *   *   *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


ROYAL & SUN: Names New Executives for Marketing and Operations
--------------------------------------------------------------
Clare Salmon joins Royal & Sun Alliance Insurance Group Plc to
lead the development and global implementation of strategy,
sales and marketing.

She is formerly Director of Marketing & Commercial Strategy at
ITV Plc and was a member of the Executive Management Board.
Clare previously worked at Centrica Plc and was Managing
Director of AA Financial Services, with responsibility for the
U.K.'s largest consumer insurance brokerage. She has also held
senior commercial roles at Prudential Corporation and started
her career at Boston Consulting Group.  She is a non-executive
director of Alliance Trust plc.  Her appointment is effective
from June 11, 2007.

David Weymouth will be responsible for the Group's operations
and technology strategy and development.

Mr. Weymouth spent nearly 30 years at Barclays Bank plc,
including five years as Group CIO and a member of the Group
Executive Committee, and two years as COO and Deputy CEO of
Corporate Banking.  Since 2005, he has been an independent board
consultant, advising on design and implementation of IT,
operations and procurement.  Mr. Weymouth will join the Group on
June 27, 2007.

"I am delighted to welcome Clare and David to the Group. Our
focus is on driving profitable growth and operational
excellence," Group CEO Andy Haste said.  "Both Clare and David
have proven track records of delivery in these areas and I look
forward to working with them as we continue to drive the
business forward."

                   About Royal & Sun Alliance

Headquartered in London, England, Royal & Sun Alliance Insurance
Group Plc -- http://www.royalsunalliance.com/-- provides
insurance products and services in over 130 countries.

The group consists of three regions -- U.K., Scandinavia, and
International -- with operations in Argentina, Bahrain, Belgium,
Brazil, Canada, Chile, China, Colombia, Denmark, Egypt, France,
Germany, Hong Kong, India, Ireland, Italy, Latvia, Lithuania,
Malaysia, Mexico, Netherland Antilles, Netherlands, Norway,
Oman, Saudi Arabia, Singapore, Sweden, UAE, Uruguay and
Venezuela.

                            *   *   *

As of Feb. 22, 2007, Royal & Sun Alliance Insurance Group PLC
carries Moody's Ba1 preferred stock rating.


SHEPPINGDEN LTD: Taps Vincent A. Simmons to Liquidate Assets
------------------------------------------------------------
Vincent A. Simmons of Bennett Verby was appointed liquidator of
Sheppingden Ltd. on May 16 for the creditors' voluntary winding-
up procedure.

The company can be reached at:

         Sheppingden Ltd.
         30 Old Hall Road
         Gatley
         Cheadle
         SK8 4BE
         England
         Tel: 0161 491 1617
         Fax: 0161 428 3012


TRANS IT: Brings In Liquidator from Mazars LLP
----------------------------------------------
Robert Adamson and Paul Charlton of Mazars LLP was appointed
liquidator of Trans IT Transport Ltd. on May 14 for the
creditors' voluntary winding-up proceeding.

Mazars -- http://www.mazars.com/-- provides audit, accounting,
tax and advisory services.

The company can be reached at:

         Trans IT Transport Ltd.
         Dean Clough Ind Pk
         Halifax
         HX3 5AJ
         England
         Tel: 01422 347 800
         Fax: 01422 345 700


WALNUT TREE: Creditors' Meeting Slated for June 12
--------------------------------------------------
Creditors of The Walnut Tree Inn Ltd. will meet at 11:00 a.m. on
June 12 at:

         Llansantffraed Court Hotel
         Clytha
         Llanvihangel Gobion
         Near Abergavenny
         Monmouthshire
         NP7 9BA
         Wales

Creditors who want to vote at the meeting have until noon on
June 11 to submit their proxy forms together with particulars of
their claims or of any security to:

         The Walnut Tree Inn Ltd.
         c/o Harrisons
         Mortimer House
         Holmer Road
         Hereford
         HR4 9TA
         England

A list of names and addresses of the company's creditors will be
available for inspection free of charge between 10:00 a.m. and
4:00 p.m. on June 8.

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


WESTCOUNTRY MARINE: Claims Filing Period Ends June 26
-----------------------------------------------------
Creditors of Westcountry Marine Ltd. have until June 26 to send
their names and addresses and particulars of their debts or
claims, and the names and addresses of the solicitors (if any)
to:

         Ian Edward Walker
         Liquidator
         Begbies Traynor
         Balliol House
         Southernhay Gardens
         Exeter
         Devon
         EX1 1NP
         England

Ian Edward Walker of Begbies Traynor was appointed liquidator of
the company on May 11.

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


* BOOK REVIEW: American Arbitration: Its History, Functions and
               Achievemnents
---------------------------------------------------------------
Author:     Frances Kellor
Publisher:  Beard Books
Paperback:  280 pages
List Price: $34.95

Order your personal copy at
http://www.amazon.com/exec/obidos/ASIN/1893122581/internetbankru
pt


The book American Arbitration: Its History, Functions and
Achievements is written by Frances Kellor.

It covers the rise of the American Arbitration Association and
the beginnings of the important role that arbitration has come
to play in the commercial arena.

This book makes for interesting reading as it traces the two
pioneer organizations that consolidated in 1926 to form the
American Arbitration Association.

The role and influence of the Association in its first twenty
years of existence are noteworthy as the book covers the
practice of American arbitration and the American concept and
organization of international commercial arbitration.

The final chapter is devoted to the builders of American
arbitration.

                           *********

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 * * *