TCREUR_Public/070528.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, May 28, 2007, Vol. 8, No. 104

                            Headlines


A U S T R I A

BGF LLC: Claims Registration Period Ends June 25
ELEKTRO KALINA: Vienna Court Orders Business Shutdown
KIRCHNER MANFRED: Claims Registration Period Ends June 5
M.D. LLC: Claims Registration Period Ends June 11
RIGAR DIENSTLEISTUNGEN: Claims Registration Period Ends June 5

STOCKREITER & DALL: Claims Registration Period Ends June 7
TECNO CERAMICA: Claims Registration Period Ends June 1
UNIVERSAL PROJEKT: Vienna Court Orders Business Shutdown


B E L G I U M

DELHAIZE GROUP: Moody's Lifts American Unit's Ba1 Debt Rating
GENERAL MOTORS: Moody's Junks US$1.1 Billion Debt Securities


F R A N C E

EUROTUNNEL GROUP: Majority of Shareholders Support Share Swap
FREESCALE SEMICONDUCTOR: Moody's Holds Ba3 Corp. Family Rating


G E R M A N Y

ABFALL KREISLAUFWIRTSCHAFT: Claims Registration Ends June 20
AGTIVA GMBH: Claims Registration Period Ends June 8
AIRPORT BERLIN-NEUHARDENBERG: Claims Registration Ends June 14
AIW AG: Claims Registration Period Ends June 26
ASTHEIMER BAUUNTERNEHMEN: Claims Registration Ends June 13

BAVARIA IMMOBILIEN: Claims Registration Period Ends June 18
BODEWEIN GASTSTATTEN: Claims Registration Ends June 26
COHREX GESELLSCHAFT: Claims Registration Ends June 12
DAIMLERCHRYSLER AG: Court Authorizes Collins & Aikman Settlement
DAIMLERCHRYSLER AG: Chery Denies Report About Deal's Delay

DEINBOECK IMMOBILIEN: Claims Registration Period Ends July 10
DOLHAIN-GOLDKUHLE: Claims Registration Ends June 12
DUOTEK PRAZISIONS-WERKZEUGBAU: Claims Registration Ends July 5
DWA DEUTSCHE: Claims Registration Period Ends June 25
ECUE KAUFHAUS: Claims Registration Period Ends July 9

ETA FLEISCHZERLEGUNGS: Claims Registration Ends June 25
FAMKOS GEBAUDEREINIGUNG: Claims Registration Ends June 26
FORCE TWO: Fitch Assigns BB Rating on EUR9.7-Million Notes
GARTEN + FLORISTENBEDARFS: Claims Registration Ends October 5
GEDIK-TRANS GMBH: Claims Registration Ends June 26

GWF VOSS: Claims Registration Ends June 26
HAM HANDELSAGENTUR: Creditors Must Register Claims by June 26
INNEN- UND AUSSENPUTZ: Creditors Must Register Claims by July 17
LAMPEN ESSER: Creditors Must Register Claims by June 29
LOGO-BAUTRAGER GMBH: Creditors Must Register Claims by June 8

MARTIN BAU: Creditors Must Register Claims by June 5
MERMAID SECURED: S&P Rates EUR48.1 Million Class F Notes at BB
REIMANN SPEZIALENTSORGUNG: Claims Registration Ends July 17
SARDONYX VERWALTUNGS: Claims Registration Period Ends June 16
SPECTRUM BRANDS: Kent Hussey to Replace David Jones as CEO

SPORT-FLOCK STROBEL: Claims Registration Period Ends June 13
TUI AG: Moody's Rates Proposed EUR715 Million Notes at (P)B1
UMWELTKONTOR WINDKRAFT: Claims Registration Period Ends June 21
VBG VERBERGER: Creditors' Meeting Slated for Aug. 10
VISHAJ GMBH: Claims Registration Period Ends June 13

VR-RASTHOF GMBH: Claims Registration Period Ends June 14
W. EUGEN FISCHER: Claims Registration Period Ends July 2
WATSON COMMUNICATION: Claims Registration Period Ends May 29


I T A L Y

ALITALIA SPA: Italy Ready to Soften Impact of Possible Job Cuts
ALITALIA SPA: Posts EUR625.6 Million Net Loss for 2006
WIND TELECOMUNICAZIONI: Fitch Lifts Issuer Default Rating to BB-


K A Z A K H S T A N

ABN CORPORATION: Claims Filing Period Ends June 26
ASTANA FINANCE: Fitch Rates Proposed US$2-Billion Notes at BB+
AVIATION-TECHNICAL CENTRE: Creditors Must File Claims by June 22
BETONIT LLP: Proof of Claim Deadline Slated for June 19
FERRUM LTD: Claims Registration Ends June 19

GLOBAL-EXPORT GMBH: Claims Registration Ends June 20
INTERGAS CENTRAL: Fitch Rates US$600 Million Notes at BB+
KAZKOMMERTSBANK JSC: Shareholders' Meeting Slated for June 28
KROKUS LTD: Creditors' Claims Due June 20
TARAZ-MUNAIGAS LLP: Claims Filing Period Ends June 22

TOM LLP: Proof of Claim Deadline Slated for July 3
VEKSEL LLP: Creditors Must File Claims by June 20


K Y R G Y Z S T A N

AIAZMAR KUNTUU: Bishkek Court Declares Business Insolvent


L I T H U A N I A

MAZEIKIU NAFTA: PKN Orlen Ends Share Squeeze Out Scheme


L U X E M B O U R G

EVRAZ GROUP: Acquiring 50% Interest in Yuzhkuzbassugol


N E T H E R L A N D S

FOOT LOCKER: Earns US$17 Million in First Quarter Ended May 5
HALCYON STRUCTURED: Moody's Rates EUR22.5 Million Notes at Ba3
HERBALIFE LTD: Hires Adriana Mendizabal as Senior VP-Mexico Area
WOOD STREET: Fitch Rates EUR20 Mln Class E Senior Notes at BB


P O L A N D

BANKAS SNORAS: Fitch Assigns BB- Rating on EUR175 Mln Eurobond


R U S S I A

ANGAR-STORY OJSC: Court Names I. Kolotilin as Insolvency Manager
BAYKAL-RESORT CJSC: Creditors Must File Claims by July 5
BUILDER LLC: Creditors Must File Claims by July 5
DRUZHBA OJSC: Kursk Bankruptcy Hearing Slated for Sept. 26
EAST INVESTMENT: Creditors Must File Claims by June 5

FIRST MORTAGE AGENT: Moody's Rates RUB264 Million Bonds at Ba1
GOFITSKOYE OJSC: Bankruptcy Hearing Slated for July 10
HEAT-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
IRELAND CJSC: Creditors Must File Claims by July 5
KOMSOMOLSKIY-NA-AMURE: Creditors Must File Claims by June 5

EVRAZ GROUP: Acquiring 50% Interest in Yuzhkuzbassugol
NOMOS BANK: Fitch Affirms B+ Issuer Default Ratings
RAJ-AGRO-PROM-STROY: Creditors Must File Claims by July 5
RASPADSKAYA SECURITIES: Fitch Rates US$300 Million Loan at B+
ROSNEFT OIL: Trade Minister Rules Out Possible Insolvency

SEVERSTAL OAO: Hikes Lucchini S.p.A. Stake to 79.8%
SILICATE FACTORY: Court Names D. Namasaev as Insolvency Manager
STROY-INVEST CJSC: Creditors Must File Claims by June 5
TEKH-INCOME TRADING: Creditors Must File Claims by June 5
URALSKAYA GRAIN: Creditors Must File Claims by July 5

URALSKIY PORCELAIN: Asset Sale Slated for June 6


S W E D E N

SAS AB: Cancels Flights & May Lose SEK20 Million Due to Strike


S W I T Z E R L A N D

ABA PARKETT: Zug Court Starts Bankruptcy Proceedings
ARTFIX LLC: Zug Court Starts Bankruptcy Proceedings
BOWA LLC: Aargau Court Starts Bankruptcy Proceedings
CHATEAU DU CHATELARD: Creditors' Liquidation Claims Due June 30
EMIRATIA HOLDING: Creditors' Liquidation Claims Due June 6

GASITERA BALTIK: Creditors' Liquidation Claims Due June 13
GUNES EINKAUFSPARK: Aargau Court Starts Bankruptcy Proceedings
PNEU & AUSPUFF-CENTER: Creditors' Liquidation Claims Due June 30
TEAM ALLEGRO: Creditors' Liquidation Claims Due June 30
VIABIONA FOUNDATION: Creditors' Liquidation Claims Due June 6


T U R K E Y

NOBEL GROUP: Fitch Affirms & Withdraws B- Currency IDR
PROFILO TELRA: Financial Disclosure Cues Fitch's Outlook


U K R A I N E

ALBION GROUP: Creditors Must File Claims by June 2
FORMULA EKSIMPLUS: Creditors Must File Claims by May 27
INVEST-S LLC: Creditors Must File Claims by May 27
KOZHUKHOVKA LLC: Creditors Must File Claims by June 2
KRIVOY RUDOZBUT: Creditors Must File Claims by June 6

LAN LLC: Creditors Must File Claims by June 2
MOKRA KALIGIRKA: Creditors Must File Claims by June 2
SHAKHTERSKANTHRACITE: Assets Sale Slated for June 8
STAROBOLSK TANK: Creditors Must File Claims by June 2
YOUTH LLC: Creditors Must File Claims by May 27


U N I T E D   K I N G D O M

BABY BRATZ: A. Turpin Leads Liquidation Procedure
BARGAIN BATHROOMS: Names Timothy Frank Corfield Liquidator
BRITISH AIRWAYS: Cancels Italy Flights Due to Alitalia Strike
BRITISH AIRWAYS: Investing GBP25 Mln on New 550 Airport Vehicles
BRITISH SKY: Competition Commission to Probe on ITV Stake

CABLE & WIRELESS: Earns GBP174 Million in Year Ended March 31
CENTRAL PARKING: Equity Group Completes US$1 Billion Acquisition
CENTRAL PARKING: Moody's Withdraws Ratings on Former Bank Loan
COLLINS & AIKMAN: Court Approves DaimlerChrysler Settlement
DIVE ACADEMY: Appoints A. J. Clark as Liquidator

ENESCO GROUP: Wants to Hire Baker & McKenzie as Tax Counsel
EUROMASTR PLC: S&P Rates GBP3.9 Million Class E Notes at BB
EUROTUNNEL GROUP: Majority of Shareholders Support Share Swap
FIRST CLASS: Taps Begbies Traynor as Joint Administrators
FIVEWAYS ENTERPRISES: Taps Laurence Pagden to Liquidate Assets

INTRALINKS INC: S&P Junks Proposed US$50 Million Term Loan
INVENSYS PLC: March 31 Balance Sheet Upside-Down by GBP140 Mln
LUDGATE FUNDING: S&P Rates GBP2.3 Million Class S Notes at BB-
MELROSE FINANCING: Moody's Lifts Ba2 Ratings on Three Notes
METALFOLD ENGINEERING: Joint Liquidators Take Over Operations

METRONET RAIL: May Seek Extraordinary Review Over Cost Overruns
METRONET RAIL: Eyes 290 Job Cuts Under Streamlining Program
OCI EURO: S&P Rates EUR22 Million Class E Notes at BB
PORTRAIT CORP: Court Sets Hearing on Purchase Deal with CPI
PREMIUM FREIGHT: Creditors' Meeting Slated for May 31

SEW-MON LTD: Hires Liquidator from Parkin S. Booth & Co.
SPECIALIZED TECH: High Leverage Cues S&P's B Credit Rating
SULLIVAN BUSES: Names Liquidator to Wind Up Business
SUPERSLEEP LTD: Brings In Peter Nottingham to Liquidate Assets
TARGUS GROUP: S&P Puts All Ratings Under Negative Watch

TRIMAS CORP: Completed IPO Cues S&P to Lift Ratings to B+
WIGGINS PROPERTY: Taps Liquidators from Grant Thornton
ZONE CELLULAR: Appoints Barry Gibson Mitchell as Liquidator

* BOND PRICING: For the Week May 21 to May 25, 2007

                            *********

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A U S T R I A
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BGF LLC: Claims Registration Period Ends June 25
------------------------------------------------
Creditors owed money by LLC BGF (FN 59278z) have until June 25
to file written proofs of claim to court-appointed estate
administrator Hannes Gruber at:

         Dr. Hannes Gruber
         Ressavarstrasse 52
         8230 Hartberg
         Austria
         Tel:  03332/64245
         Fax: 03332/64245-15
         E-mail: ra-h.gruber@telering.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 10 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 205
         Hall K
         Second Floor
         Graz
         Austria

Headquartered in Anger, Austria, the Debtor declared bankruptcy
on April 30 (Bankr. Case No. 40 S 11/07a).


ELEKTRO KALINA: Vienna Court Orders Business Shutdown
-----------------------------------------------------
The Trade Court of Vienna entered May 2 an order shutting down
the business of LLC Elektro Kalina (FN 82109z).

Court-appointed estate administrator Annemarie Kosesnik-Wehrle
recommended the business shutdown after determining that the
continuing operations would reduce the value of the estate.

The estate administrator can be reached at:

         Dr. Annemarie Kosesnik-Wehrle
         c/o Dr. Stefan Langer
         Oelzeltgasse 4/6
         1030 Vienna
         Austria
         Tel: 713 61 92
         E-mail: kanzlei@kosesnik-langer.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18 (Bankr. Case No 2 S 57/07f).


KIRCHNER MANFRED: Claims Registration Period Ends June 5
--------------------------------------------------------
Creditors owed money by LLC Kirchner Manfred Kfz & Transport (FN
233602h) have until June 5 to file written proofs of claim to
court-appointed estate administrator Peter Schobel at:

         Dr. Peter Schobel
         Wiener Strasse 12
         3100 St. Poelten
         Austria
         Tel: 02742/35 42 34
         Fax: 02742/35 14 48
         E-mail: office@plusjus.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:00 a.m. on June 19 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 Prinzersdorf, Austria, the Debtor declared
bankruptcy on May 2 (Bankr. Case No. 14 S 86/07y).


M.D. LLC: Claims Registration Period Ends June 11
-------------------------------------------------
Creditors owed money by LLC M.D. (FN 252493p) have until June 11
to file written proofs of claim to court-appointed estate
administrator Kurt Freyler at:

         Dr. Kurt Freyler
         c/o Dr. Hans Rant
         Seilerstatte 5
         1010 Vienna
         Austria
         Tel: 513 31 65
         Fax: 512 20 01
         E-mail: ra-kanzlei@rant-freyler.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on June 25 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 30 (Bankr. Case No. 3 S 64/07t).  Hans Rant represents
Dr. Freyler in the bankruptcy proceedings.


RIGAR DIENSTLEISTUNGEN: Claims Registration Period Ends June 5
--------------------------------------------------------------
Creditors owed money by LLC Rigar Dienstleistungen (FN 130214t)
have until June 5 to file written proofs of claim to court-
appointed estate administrator Michael Pacher at:

         Dr. Michael Pacher
         Kaiserfeldgasse 1/2
         Second Floor
         8010 Graz
         Austria
         Tel: 0316/829073
         Fax: 0316/829073-73
         E-mail: rechtsanwaelte@pacherundpartner.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 2:00 p.m. on June 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Graz
         Room 230
         Hall L
         Graz
         Austria

Headquartered in Judendorf - Strassengel, Austria, the Debtor
declared bankruptcy on May 3 (Bankr. Case No. 25 S 44/07v).


STOCKREITER & DALL: Claims Registration Period Ends June 7
----------------------------------------------------------
Creditors owed money by LLC Stockreiter & Dall (FN 133404h) have
until June 7 to file written proofs of claim to court-appointed
estate administrator Martin Schober at:

         Dr. Martin Schober
         c/o Mag. Erich Allinger
         Hauptplatz 11
         2700 Wiener Neustadt
         Austria
         Tel: 02622/23228
         Fax: 02622/23228-26
         E-mail: m.schober@schober.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on June 21 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Wiener Neustadt, Austria, the Debtor declared
bankruptcy on April 30 (Bankr. Case No. 10 S 42/07s).  Erich
Allinger represents Dr. Schober in the bankruptcy proceedings.


TECNO CERAMICA: Claims Registration Period Ends June 1
------------------------------------------------------
Creditors owed money by LLC Tecno Ceramica (FN 241108x) have
until June 1 to file written proofs of claim to court-appointed
estate administrator Herbert Matzunski at:

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

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 12:15 p.m. on June 18 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Innsbruck, Austria, the Debtor declared
bankruptcy on April 30 (Bankr. Case No. 19 S 51/07h).


UNIVERSAL PROJEKT: Vienna Court Orders Business Shutdown
--------------------------------------------------------
The Trade Court of Vienna entered April 30 an order shutting
down the business of LLC Universal Projekt- und
Liegenschaftsverwertung (FN 266900a).

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

The estate administrator can be reached at:

         Dr. Florian Gehmacher
         c/o Dr. Matthias Schmidt
         Dr. Karl Lueger-Ring 12
         1010 Vienna
         Austria
         Tel: 533 16 95
         Fax: 535 56 86
         E-mail: gehmacher@preslmayr.at

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 18 (Bankr. Case No 5 S 53/07i).  Matthias Schmidt
represents Dr. Gehmacher in the bankruptcy proceedings.


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


DELHAIZE GROUP: Moody's Lifts American Unit's Ba1 Debt Rating
-------------------------------------------------------------
Moody's Investors Service upgraded Delhaize America's senior
unsecured debt rating to Baa3 from Ba1 based on the
implementation of cross-guarantees between Delhaize America and
its Baa3-rated parent, Etablissements Delhaize Freres et CIE "Le
Lion".  Delhaize America's corporate family and probability of
default ratings have also been raised to Baa3 from Ba1; these
ratings will be withdrawn, as will the LGD Assessment.  The
effect of the cross-guarantees is to establish pari passu
treatment of the debt of Delhaize America and its parent.

The outlook is stable.

Ratings upgraded:

   -- Corporate Family Rating to Baa3 from Ba1;

   -- Probability of Default Rating to Baa3 from Ba1; and

   -- Senior unsecured and medium term notes to Baa3 from Ba1
      LGD4 (61%).

Delhaize Group's Baa3 rating is underpinned by the company's low
business risk, as evidenced by the company's high share of food
products, its low cash flow seasonality, each quarter's
operating cash flow representing less than 40% of the annual
operating cash flow.  The rating also factors in the relatively
good geographic diversification: Delhaize Group is anchored on
two home markets, the U.S. and Belgium, which together represent
more than 90% of group's revenues.  It also has a profitable,
albeit much smaller presence in Greece, Romania, and Indonesia.

The Baa3 rating also incorporates Delhaize Group's scale as
evidenced by its US$18 billion in revenues, in line with the US
retail operations of Ahold (Ba1, positive outlook), Sainsbury's
(Baa3), or Morrison's (Baa2, negative outlook), and competitive
positioning and strategy to achieve leading positions in the key
markets it has selected, i.e. be number one, two or a strong
number three in each market where it operates.  In the
competitive Belgium market, which account for 22% of group's
revenues, Delhaize ranks second behind Colruyt a price-oriented
supermarket chain with more than 25% market share, and in the US
(which represents 71% of group's revenues), where in general the
top 5 food retailers control half of the market (versus
approximately 90% in Europe), Delhaize formats are in general
well positioned in the very competitive supermarket environment.

Moody's moreover positively views the fact that the company made
selected divestitures over the recent past (e.g. Slovakia and
the Czech Republic, Food Lion Thailand in 2004, Shop N Save in
Singapore), and pursued bolt-on acquisitions to fill in a
geographical gap (Cash Fresh in 2005), to enter an adjacent
market (Victory in Massachussetts), or to gain new expertise
(Harveys in the US).

Delhaize Group's Baa3 rating takes account of the fact that
since the acquisition of Hannaford, the company has had one of
the highest margins in the supermarket industry (driven by the
performance of Food Lion and Hannaford), despite the recent
burden of the Sweetbay conversion program.  In Europe, the
company's operating margin is in line with Carrefour (A2) but
lags behind best in class European retailers such as Tesco (A1)
whose operating margin consistently exceeds 5%.

Delhaize Group's Baa3 rating factors in a relatively
conservative financial policy, with some limited bolt-on
acquisitions, aimed at filling a geographical gap, which the
company can integrate within a 1 to 2 year period.  Moody's also
expects Delhaize Group's liquidity to remain satisfactory. It is
underpinned by a US$500 million, five-year facility which
contains two covenants, for which there is sufficient leeway,
and four bilateral credit facilities totalling EUR275 million.
The uncommitted lines are not taken into account in our
liquidity analysis.

Moody's expects that capital expenditures will remain at a
healthy percentage of depreciation in the intermediate term,
given the above-mentioned market renewal programs.  The total
amount of stores renewed by the end of 2007 will amount to 500
or 40% of the total number of stores currently operated.
Moreover, we note that the company has accelerated its store
openings, with almost 100 new stores opened in 2006, and more
than 120 planned for 2007 across the countries where the group
operates.

The rating outlook is stable, reflecting Moody's anticipation
that:

   (i) Delhaize Group will maintain its operating margin at
       least at the current level in the U.S. and in Europe, and
       that

  (ii) the group's credit metrics will improve further from
       FYE2006 and will remain well anchored in the Baa3 range,
       with retained cash flow to net debt in the high teens and
       debt to Ebitda comfortably below 4, both ratios being
       adjusted in accordance with Moody's adjustments.

Headquartered in Salisbury, North Carolina, Delhaize America
operates about 1544 supermarkets under the Banners Food
Lion,Hannaford, Kash n" Karry, Sweetbay, And Harveys along the
Eastern United States.  Delhaize America is wholly owned by
Belgium's Delhaize Group, and accounts for the majority of group
sales, earnings, and debt.

Headquartered in Belgium, Delhaize Group is a food retailer
which operates 2,636 stores in eight countries and recorded
sales revenues of EUR18.6 billion and net income of EUR364.9
million in 2005.


GENERAL MOTORS: Moody's Junks US$1.1 Billion Debt Securities
------------------------------------------------------------
Moody's Investors Service assigned a Caa1 (LGD4, 58%) rating to
the US$1.1 billion of convertible debt securities of General
Motors Corporation, and a Ba3 (LGD1, 6%) rating to the company's
proposed US$4.1 billion, 364 day credit facility that would be
secured by its 49% ownership in GMAC LLC.

Moody's also affirmed GM's B3 Corporate Family Rating and B3
Probability of Default Rating, and maintained its SGL-3
Speculative Grade Liquidity Rating.  The rating outlook remains
negative.  The proposed transactions would build GM's available
liquidity to about US$36 billion, consisting of US$26 billion in
cash and short-term VEBA balances, US$8.6 billion in secured
credit facilities, and US$1.5 billion in additional committed
lines.

"Despite this considerable level of liquidity, we think that
it's very prudent for GM to continue to build its liquidity
because of the sizable cash drain it could face in hammering out
workable labor agreements with the UAW and in contending with
North American consumer demand that continues to move away from
large trucks and SUVs," said Bruce Clark, Senior Vice President
and lead auto analyst for Moody's.

The greatest near-term risk facing GM is the large cash drain
that could result if the company's operations were to be
disrupted by a prolonged UAW work stoppage associated with
either the reorganization process taking place at Delphi or with
the automakers' labor negotiations that will take place this
fall.  "A shut down of GM production because of any impasse with
the UAW could cause a huge drain of cash for the company over a
very short period, and gives rise to the company's current
efforts to build excess liquidity," Clark said.

Aside from any potential strike risks, GM also faces the
prospect of making large cash payments in connection with simply
reaching an accord with the unions.  GM may have to make a
contribution to help bridge the remaining gap between the UAW
and Delphi management regarding the level of wage and benefit
programs necessary for Delphi to emerge from bankruptcy
protection.  However, the rating agency's major concern is with
the potential cost to GM of reaching its own labor agreement in
September.  "It's unlikely that GM will be able to establish a
viable long-term business model unless it achieves major work
rule and health care relief as part of the new contract," Clark
said.  The company is currently burdened with US$5 billion in
annual health care expenses and a US$47 billion health care-
related OPEB liability.  "As part of its September negotiations,
GM could have to write a very large check in order to get
meaningful healthcare and work rule relief," he said, adding
that "the long term benefits of the relief would likely be
sizable, but the company might have to pay a lot up front in
order to get it."

Once GM gets past the hurdles with the UAW, it then has to
contend with a challenging North American operating environment.
A softening in overall consumer demand for new vehicles or a
shift away from the company's profitable T900 trucks and SUVs
could contribute to a significant reduction in profitability
during 2007 and operating losses in 2008.  Because of these
risks, Moody's continues to maintain a negative outlook on the
company's B3 Corporate Family Rating.  Stabilization of the
rating outlook would require a resolution of labor issues and a
stabilization of market share that enables the company to
establish and sustain adequate profitability and cash flow in
its North American operations.  In the near term, any evidence
of labor disruptions or erosion of liquidity could lead to a
downward rating adjustment.

Despite large cash balances, Moody's continues to regard the
company's overall liquidity profile as being consistent with an
SGL-3 Speculative Grade Liquidity Rating.  The potential cash
calls that could arise from labor disruptions or settlements
over the coming months could present a degree of volatility in
liquidity that is more appropriately reflected in the SGL-3
rating.  Moody's acknowledges the company's strong efforts in
bolstering liquidity, which should provide a degree of credit
stability should labor negotiations not progress smoothly.
Should the company achieve a favorable resolution of its labor
negotiations while maintaining a strong liquidity profile, the
Speculative Grade Liquidity Rating could be raised.

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

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


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F R A N C E
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EUROTUNNEL GROUP: Majority of Shareholders Support Share Swap
-------------------------------------------------------------
The Autorite des marches financiers has published the
provisional results of the offer by Groupe Eurotunnel S.A. (aka
Eurotunnel Group) for the units of Eurotunnel S.A./Eurotunnel
PLC, which indicated that around 87% of the share capital of the
companies have been tendered to the offer.

The results show the support of shareholders of the safeguard
plan proposed by the company and approved Jan. 15, 2007, by the
Paris Commercial Court.

The offer will be reopened for a period that will be later
announced.

The reopening of the offer will enable shareholders of
Eurotunnel SA and Eurotunnel PLC to tender their units of
Eurotunnel SA/Eurotunnel PLC on these terms:

   -- one GET SA ordinary share; and
   -- one warrant to subscribe for GET SA ordinary shares

for each Eurotunnel SA/Eurotunnel PLC Unit tendered.

However, it will no longer be possible to subscribe for Notes
Redeemable in Shares that were only available for subscription
by shareholders having tendered their units to the offer during
the initial period.

Shareholders are reminded that units tendered to the offer can
no longer be traded.  New GET SA shares and warrants will be
issued in exchange for Units tendered to the offer on
June 28, 2007.  The shares and warrants will be admitted to
trading on Eurolist by Euronext Paris and the shares will be
admitted to trading on the London Stock Exchange following
completion of the final formalities required for the
implementation of the Safeguard Plan at a date that will be
communicated later.

"Eurotunnel is saved.  I would like to sincerely thank
shareholders who have shown their strong support for the
Safeguard Plan.  The unquestionable success of the offer
confirms their commitment to this great group.  It enables
Eurotunnel to have a fresh start.  I would call on those who
have not yet tendered their units to benefit from the second
chance that they will have to join the new company, which will
be the only way to enable them to preserve their investment,"
Eurotunnel chairman and CEO Jacques Gounon stated.

"The group also wants to thank the banking networks whose work
over the past weeks, and in particular the final days, has made
this success possible," Mr. Gounon added.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


FREESCALE SEMICONDUCTOR: Moody's Holds Ba3 Corp. Family Rating
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of Freescale
Semiconductor, Inc. and changed the outlook to negative.

The negative outlook was prompted by Freescale's lower-than-
expected first quarter revenue and EBITDA.  Operating
performance weakness stems principally from reduced wireless
semiconductor shipments as a result of lower cellular demand at
its former parent and largest customer, Motorola.  Motorola,
which accounts for nearly 25% of Freescale's revenues, witnessed
margin erosion, sustained a net loss and lost 5 points of market
share to 17% in the first quarter 2007.

In assigning Freescale's Ba3 corporate family rating last
November, Moody's noted the rating was constrained by the
company's high Motorola content, which we viewed as a credit
negative, and that upward ratings pressure was contingent on a
broadening of its product offering and customer base within the
wireless segment.  Given the wireless inventory build and
Motorola's current woes, Freescale will be challenged to expand
its wireless customer base in a timely manner to alleviate
reduced volumes at Motorola -- which lowered guidance for 2007 -
- and the negative impact it could have on Freescale's revenues,
profitability and cash flow generation.

Downward pressure on the rating could materialize to the extent
revenues in the Wireless and Mobile Solutions segment fails to
recover in the second half of the year resulting in materially
weaker-than-anticipated EBIT or total debt/EBITDA above 5.5x.

Following the US$17.6 billion leveraged buyout and
recapitalization in December 2006, Freescale became one of the
more highly leveraged semiconductor companies.  With nearly
US$9.8 billion gross debt, the ratings reflect significant debt
leverage and reduced financial flexibility, which is magnified
by Freescale's limited track record as a standalone company and
lack of historical performance during a downturn.  The ratings
and outlook also took into account our expectation that
Freescale would reduce leverage over the near-to-intermediate
term through strong levels of free cash flow generation.
However, with the sudden reversal in Motorola's fortunes
resulting in Freescale's generation of negative free cash flow
in first quarter 2007, Moody's now believes free cash flow in
2007 will be below our previous estimate of US$350 million.
Consequently, we no longer anticipate Freescale's financial
leverage (Moody's adjusted total debt/EBITDA) to decline to 4.6x
by the end of 2007, which was factored in the previously
assigned stable outlook, but to remain in the 5.0 -- 5.5x range,
delaying leverage reduction.

Moody's continues to believe Freescale:

   (i) has strong market leadership positions and a rich product
       portfolio comprising breadth and depth of technology;

  (ii) benefits from a diversified revenue base with exposure to
       the relatively stable and less volatile transportation
       and networking segments which tend to exhibit slower
       growth prospects and longer product life cycles than the
       wireless space;

(iii) could benefit from its near-sole source provider status
       for baseband and power management ICs in Motorola's new
       line-up of handsets and its status as a RF transceiver
       supplier in newly-launched mobile devices from both RIM
       and Motorola, to the extent consumer uptake materializes;

  (iv) is positioned to benefit from increasing content in
       existing mobile OEM customer platforms as design
       solicitations are won and shipments ramp;

   (v) has considerably improved its operating leverage since
       the Motorola spin-off; and

  (vi) has a defensive operating model that allows it to quickly
       reduce expenses and capex in response to weak market
       conditions.

Moody's notes the company also has the ability to suspend cash
interest payments on roughly 16% of its outstanding debt through
the use of a toggle PIK structure on US$1.5 billion of senior
notes, which would help to preserve cash flow in a soft
operating environment.  With nearly US$640 million of cash and
access to a US$750 million undrawn revolver, liquidity remains
solid.

These ratings/assessments were affirmed:

   -- Corporate Family Rating (New) -- Ba3;

   -- Probability of Default Rating -- Ba3;

   -- US$750 Million Senior Secured Revolving Credit Facility
      due 2012 -- Baa3 (LGD-2, 16%);

   -- US$3.50 Billion Senior Secured Term Loan B Facility due
      2013 -- Baa3 (LGD-2, 16%);

   -- US$2.85 Billion Senior Unsecured Notes due 2014 -- B1
     (LGD-4, 63%);

   -- US$1.50 Billion Senior Unsecured Toggle Notes due 2014 --
      B1 (LGD-4, 63%);

   -- US$1.60 Billion Senior Subordinated Unsecured Notes due
      2016 -- B2 (LGD-6, 91%); and

   -- Speculative Grade Liquidity Rating -- SGL-1.

Based in Austin, Texas, Freescale Semiconductor, Inc. (NYSE:FSL)
(NYSE:FSL.B) -- http://www.freescale.com/-- designs and
manufactures embedded semiconductors for the automotive,
consumer, industrial, networking and wireless markets.
Freescale Semiconductor became a publicly traded company in July
2004.  The company has design, research and development,
manufacturing or sales operations in more than 30 countries.  In
Latin America, Freescale Semiconductor has operations in
Argentina, Brazil and Mexico.  In Europe, the company has
operations in Czech Republic, France, Germany, Ireland, Italy,
Romania, Turkey and the United Kingdom.  Revenues for the 12
months ended March 31, 2007 were US$6.2 billion.


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


ABFALL KREISLAUFWIRTSCHAFT: Claims Registration Ends June 20
------------------------------------------------------------
Creditors of A.K.G. Abfall Kreislaufwirtschaft Grossmarkt
Gelsenkirchen GmbH & Co. KG have until June 20 to register their
claims with court-appointed insolvency manager Rolf Weidmann.

Creditors and other interested parties are encouraged to attend
the meeting at 1:30 p.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Essen
         Meeting Hall 293
         Second Floor
         Zweigertstr. 52
         45130 Essen
         Germany

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

The insolvency manager can be reached at:

         Rolf Weidmann
         Alfredstr. 279
         45133 Essen
         Germany

The District Court of Essen opened bankruptcy proceedings
against A.K.G. Abfall Kreislaufwirtschaft Grossmarkt
Gelsenkirchen GmbH & Co. KG on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         A.K.G. Abfall Kreislaufwirtschaft Grossmarkt
         Gelsenkirchen GmbH & Co. KG
         Tranke 8
         45329 Essen
         Germany


AGTIVA GMBH: Claims Registration Period Ends June 8
---------------------------------------------------
Creditors of Agtiva GmbH have until June 8 to register their
claims with court-appointed insolvency manager Helgi Heumann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Dresden
         Hall D131
         Olbrichtplatz 1
         01099 Dresden
         Germany

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

The insolvency manager can be reached at:

         Helgi Heumann
         Koenigsbruecker Str. 31/33
         01099 Dresden
         Germany
         Web site: http://www.raheumann.de/

The District Court of Dresden opened bankruptcy proceedings
against Agtiva GmbH on May 11.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Agtiva GmbH
         Attn: Frank Bier-mann, Manager
         Bertolt-Brecht-Allee 24
         01309 Dresden
         Germany


AIRPORT BERLIN-NEUHARDENBERG: Claims Registration Ends June 14
--------------------------------------------------------------
Creditors of Airport Berlin-Neuhardenberg GmbH have until
June 14 to register their claims with court-appointed insolvency
manager Rolf Nacke.

Creditors and other interested parties are encouraged to attend
the meeting at 10:15 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 Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Rolf Nacke
         Gross-Berliner Damm 73 c
         12487 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Airport Berlin-Neuhardenberg GmbH on May 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Airport Berlin-Neuhardenberg GmbH
         Oderbruchstrasse 24 a
         15320 Neuhardenberg
         Germany


AIW AG: Claims Registration Period Ends June 26
-----------------------------------------------
Creditors of AIW AG Gesellschaft fuer Anlage-Immobilien- und
Wirtschaftsberatung have until June 26 to register their claims
with court-appointed insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 11:45 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 AIW AG Gesellschaft fuer Anlage-Immobilien-
und Wirtschaftsberatung on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         AIW AG Gesellschaft fuer Anlage-Immobilien-
         und Wirtschaftsberatung
         Prenzlauer Chaussee 155
         16348 Wandlitz
         Germany


ASTHEIMER BAUUNTERNEHMEN: Claims Registration Ends June 13
----------------------------------------------------------
Creditors of Astheimer Bauunternehmen GmbH & Co. KG have until
June 13 to register their claims with court-appointed insolvency
manager Harald Silz.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 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 Darmstadt
         Hall 14
         First Floor
         Building D
         Mathildenplatz 15
         64283 Darmstadt
         Germany

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

The insolvency manager can be reached at:

         Harald Silz
         Adolfsallee 24
         65185 Wiesbaden
         Germany
         Tel: 0611-1504-0
         Fax: 0611-301774

The District Court of Darmstadt opened bankruptcy proceedings
against Astheimer Bauunternehmen GmbH & Co. KG on May 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Astheimer Bauunternehmen GmbH & Co. KG
         Attn: Heinz Astheimer, Manager
         Hochheimer Strasse 7 A
         65474 Bischofsheim
         Germany


BAVARIA IMMOBILIEN: Claims Registration Period Ends June 18
-----------------------------------------------------------
Creditors of Bavaria Immobilien Management GmbH have until
June 18 to register their claims with court-appointed insolvency
manager Stephan Manuel Ast.

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 Nuremberg
         Meeting Hall 152/I
         Flaschenhofstr. 35
         Nuremberg
         Germany

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

The insolvency manager can be reached at:

         Stephan Manuel Ast
         Archivstr. 3
         90408 Nuremberg
         Germany
         Tel: 0911/59781-22
         Fax: 0911/59781-44

The District Court of Nuremberg opened bankruptcy proceedings
against Bavaria Immobilien Management GmbH on May 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bavaria Immobilien Management GmbH
         Attn: Dr. Felix Bauer, Manager
         Rollnerstr. 110c
         90408 Nuremberg
         Germany


BODEWEIN GASTSTATTEN: Claims Registration Ends June 26
------------------------------------------------------
Creditors of Bodewein Gaststatten GmbH have until June 26 to
register their claims with court-appointed insolvency manager
Ulrike Hoge-Peters.

Creditors and other interested parties are encouraged to attend
the meeting at 1:40 p.m. on Aug. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koenigstein/Ts.
         Area 106 A
         Law Courts
         Castle Way 9
         61462 Koenigstein/Ts.
         Germany

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

The insolvency manager can be reached at:

         Ulrike Hoge-Peters
         Cronstettenstrasse 30
         60322 Frankfurt am Main
         Germany
         Tel: 069-9591100
         Fax: 069-95911012

The District Court of Koenigstein/Ts. opened bankruptcy
proceedings against Bodewein Gaststatten GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bodewein Gaststatten GmbH
         Zum Quellenpark 29
         65812 Bad Soden
         Germany


COHREX GESELLSCHAFT: Claims Registration Ends June 12
-----------------------------------------------------
Creditors of COHREX Gesellschaft fuer externe Personalarbeit und
Unternehmensberatung mbH have until June 12 to register their
claims with court-appointed insolvency manager Andreas Amelung.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 4, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Amelung
         Im Mediapark 6 B
         50670 Cologne
         Germany
         Tel: 57437910
         Fax: +4922157437938

The District Court of Cologne opened bankruptcy proceedings
against COHREX Gesellschaft fuer externe Personalarbeit und
Unternehmensberatung mbH on May 10.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         COHREX Gesellschaft fuer externe Personalarbeit und
         Unternehmensberatung mbH
         Carlswerkstrasse 11-13
         51063 Cologne
         Germany


DAIMLERCHRYSLER AG: Court Authorizes Collins & Aikman Settlement
----------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
has approved Collins & Aikman Corp.'s settlement and option
agreement with DaimlerChrysler AG and DaimlerChrysler Canada
Inc.

The agreement, sanctioned by the Honorable Judge Steven W.
Rhodes, will help Collins & Aikman facilitate the sale of its
assets, Bankruptcy Law360 reports.

Collins & Aikman said the agreement, along with the customer
agreement as a whole, would save thousands of jobs and provide a
framework for the bankruptcy's resolution.  Collins & Aikman
added that costly and time-consuming litigation would have
resulted had a deal not been reached, Bankruptcy Law360 notes.

As previously reported, in December 2006, Collins & Aikman and
its debtor-affiliates successfully negotiated a comprehensive
agreement that, among other things:

   (a) provides a framework to facilitate the orderly sale of a
       majority of the Debtors' businesses with the support of
       the agents to the Debtors' prepetition senior, secured
       lenders and postpetition secured lenders and the Debtors'
       principal customers;

   (b) provides a meaningful opportunity to save thousands of
       jobs;

   (c) memorializes an agreement among the Debtors, the Agents
       and the Customers on the substantive terms of the Plan;
       and

   (d) provides a clear framework toward a consensual resolution
       and conclusion to these cases.

In connection with the customer agreement, the Debtors also
negotiated certain customer-specific agreements with individual
Customers that resolved disputed pre- and postpetition
commercial matters.  The Debtors had not finalized and filed
each of the specific agreements with individual Customers prior
to the hearing to consider Court-approval of the customer
agreement.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York,
relates the Debtors and DaimlerChrysler continued to negotiate
and, on May 11, 2007, reached the settlement and option
agreement.

As with the other Customer-Specific Agreements, the
DaimlerChrysler Agreement has been filed under seal and shared
only with the U.S. Trustee, the Official Committee of Unsecured
Creditors and the Agents due to the sensitive and confidential
commercial information contained therein.

Generally, a settlement under Rule 9019(a) of the Federal Rules
of Bankruptcy Procedure should be approved if it is determined
to be fair and equitable and does not fall below the lowest
level of reasonableness, Mr. Schrock notes, citing Bauer v.
Commerce Union Bank, 859 F.2d 438, 441 (6th Cir. 1988); In re
Haven, Inc. 2005 WL 927666, at *3 (6th Cir. B.A.P. 2005); and
Dow Corning, 192 B.R. at 421.  The DaimlerChrysler Agreement
satisfies this standard, he asserts.

Mr. Schrock explains that the DaimlerChrysler Agreement resolves
a number of issues between the Debtors and DaimlerChrysler,
each, if left unresolved, would undoubtedly result in costly and
time-consuming litigation.

For example, He says, if the parties did not agree to the
DaimlerChrysler Agreement, the parties would likely become
embroiled in disputes over breaches of the Debtors' obligations
under numerous purchase orders and postpetition agreements.
Similarly, he points out, the Debtors would expect that, but for
the consideration provided under the DaimlerChrysler Agreement,
the parties would be required to litigate numerous disputes over
ownership rights of certain equipment currently held by the
Debtors.

The expenses incurred to resolve the numerous disputes would be
an additional burden to the estates and their creditors, Mr.
Schrock avers.  The DaimlerChrysler Agreement avoids these
disputes and the heavy encumbrance that the disputes would place
on their estates.

Here, the Debtors' decision to enter into the DaimlerChrysler
Agreement is clearly an exercise of their sound business
judgment as it is integral to and effectuates the customer
agreement, Mr. Schrock asserts.

He relates that, although the terms of the DaimlerChrysler
Agreement must remain confidential due to its sensitive
commercial terms, the customer agreement, together with the
DaimlerChrysler Agreement, provide the Debtors with numerous
benefits, including:

    (a) significant prepetition claim settlement amounts;

    (b) a recovery that will maximize the value of the Debtors'
        working capital; and

    (c) the continued support of DaimlerChrysler for the sale of
        the Debtors' businesses and the Plan.

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.
The hearing to consider confirmation of the Debtors' Amended
Joint Plan is set for April 19, 2007.  (Collins & Aikman
Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: Chery Denies Report About Deal's Delay
----------------------------------------------------------
Chery Automobile Co. Ltd. has denied a May 21, 2007, report
published by German financial daily Handelsblatt that the
Chinese automaker wanted to re-examine a limited partnership
with DaimlerChrysler AG to build Chrysler-branded cars in light
of the unit's sale to Cerberus Capital Management LP, Reuters
relates, quoting a Chery spokesman.

The Associated Press reports that Zhang Li, the general manager
of Chery Automobile, told Handelsblatt that the company has
halted the project and wants to renegotiate its agreement on
building a new compact for Chrysler.

The decision, the German paper reported, came after
DaimlerChrysler agreed last week to sell its money-losing
Chrysler Group to private equity firm Cerberus Capital in a
US$7.41 billion deal, AP notes.  Mr. Zhang said the deal came as
a "total surprise" for his company and it had not yet talked
with Cerberus about the move.  "We continue to be in talks with
Chrysler, but we don't have any contact with the new owners
yet," Handelsblatt quoted Mr. Zhang as saying.

Handelsblatt Misquotation

A Chery spokesman told Reuters that the newspaper had misquoted
his colleague and that the earlier deal with Chrysler Group was
moving ahead.  The spokesman declined to elaborate on the status
of that deal, which still needs Chinese government approval, or
confirm whether the Chinese carmaker wants to renegotiate the
terms with Chrysler's new owner, Reuters relates.

                       Chrysler-Chery Deal

The TCR-Europe reported on March 1, 2007, that under the non-
equity partnership, Chery-built vehicles would be distributed
under Chrysler Group brands, primarily in North America and
Western Europe.

Chrysler Group indicated that the partnership would allow the
company to become a bigger player on the global automotive stage
by giving it access to products in new segments more quickly,
with less capital spending.  Small vehicles such as these will
allow Chrysler Group brands to compete in segments in which the
brands do not currently compete, and which are especially
important in price- and fuel-economy sensitive markets.

Global growth remained an important aspect of Chrysler's
transformation and recovery plan, AP says, quoting Daimler
spokeswoman Mary Gauthier.  She added that the sale to Cerberus
had not changed those goals.

                      About DaimlerChrysler

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

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

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

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

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


DEINBOECK IMMOBILIEN: Claims Registration Period Ends July 10
-------------------------------------------------------------
Creditors of Deinboeck Immobilien AG have until July 10 to
register their claims with court-appointed insolvency manager
Olaf Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:20 a.m. on Aug. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 4117
         Herminenstrasse 30
         31675 Bueckeburg
         Germany

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

The insolvency manager can be reached at:

         Olaf Handschuh
         Mindener Str. 6
         31675 Bueckeburg
         Germany
         Tel: 05722/1016
         Fax: 05722/9667410

The District Court of Bueckeburg opened bankruptcy proceedings
against Deinboeck Immobilien AG on May 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Deinboeck Immobilien AG
         Striegauer Weg 3
         31655 Stadthagen
         Germany

         Attn: Stephan J. Gerken, Manager
         Neuer Weg 60
         28816 Stuhr
         Germany


DOLHAIN-GOLDKUHLE: Claims Registration Ends June 12
---------------------------------------------------
Creditors of Dolhain-Goldkuhle GmbH have until June 12 to
register their claims with court-appointed insolvency manager
Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on July 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Room C 58
         Ground Floor
         Schlossberg 1 (Swan Castle)
         47533 Kleve
         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:

         Rainer Beck
         Rheinstrasse 75
         47623 Kevelaer
         Germany
         Tel: 02832/97720
         Fax: 02832/799875

The District Court of Kleve opened bankruptcy proceedings
against Dolhain-Goldkuhle GmbH on May 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Dolhain-Goldkuhle GmbH
         Neustrasse 28
         47623 Kevelaer
         Germany


DUOTEK PRAZISIONS-WERKZEUGBAU: Claims Registration Ends July 5
--------------------------------------------------------------
Creditors of Duotek Prazisions-Werkzeugbau GmbH & Co. KG have
until July 5 to register their claims with court-appointed
insolvency manager Hans-Achim Ernst.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Hans-Achim Ernst
         Bunsenstr. 3
         32052 Herford
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against Duotek Prazisions-Werkzeugbau GmbH & Co. KG on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Duotek Prazisions-Werkzeugbau GmbH & Co. KG
         Erdbruegge 28
         32479 Hille
         Germany


DWA DEUTSCHE: Claims Registration Period Ends June 25
-----------------------------------------------------
Creditors of DWA Deutsche Wertbesitz AG have until June 25 to
register their claims with court-appointed insolvency manager
Torsten Gutmann.

Creditors and other interested parties are encouraged to attend
the meeting at 2:10 p.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 Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Torsten Gutmann
         Kriegerstrasse 44
         30161 Hannover
         Germany
         Tel: 0511 2206268-0
         Fax: 0511 2206268-9

The District Court of Hannover opened bankruptcy proceedings
against DWA Deutsche Wertbesitz AG on May 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         DWA Deutsche Wertbesitz AG
         Attn: Heinz Kracke, Manager
         Hildesheimer Strasse 265 - 267
         30519 Hannover
         Germany


ECUE KAUFHAUS: Claims Registration Period Ends July 9
-----------------------------------------------------
Creditors of ECUE Kaufhaus Projekt AG & Co. KG have until July 9
to register their claims with court-appointed insolvency manager
Barbara Beutler.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 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:

         Barbara Beutler
         Schwanthalerstr. 32
         80336 Munich
         Germany
         Tel: 089/54511-0
         Fax: 089/54511-444

The District Court of Munich opened bankruptcy proceedings
against ECUE Kaufhaus Projekt AG & Co. KG on May 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         ECUE Kaufhaus Projekt AG & Co. KG
         Attn: Dr. U. J. Oberhoff, Manager
         Hellruesche 13
         32105 Bad Salzuflen
         Germany


ETA FLEISCHZERLEGUNGS: Claims Registration Ends June 25
-------------------------------------------------------
Creditors of ETA Fleischzerlegungs- GmbH have until June 25 to
register their claims with court-appointed insolvency manager
Peter Scholl.

Creditors and other interested parties are encouraged to attend
the meeting at 9:45 a.m. on Aug. 1, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Meiningen
         Meeting Hall A 0105
         Lindenallee 15
         Meiningen
         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 Scholl
         Andreasstr. 39
         99084 Erfurt
         Germany

The District Court of Meiningen opened bankruptcy proceedings
against ETA Fleischzerlegungs- GmbH on May 11.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         ETA Fleischzerlegungs- GmbH
         Attn: Torsten Engert, Manager
         Hauptstr. 164 A
         98547 Schwarza
         Germany


FAMKOS GEBAUDEREINIGUNG: Claims Registration Ends June 26
---------------------------------------------------------
Creditors of FAMKOS Gebaudereinigung GmbH have until June 26 to
register their claims with court-appointed insolvency manager
Rolf G. Pohlmann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:10 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 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:

         Rolf G. Pohlmann
         Richard-Strauss-Str. 69
         81677 Munich
         Germany
         Tel: (089)548033-0
         Fax: (089)548033-111

The District Court of Munich opened bankruptcy proceedings
against FAMKOS Gebaudereinigung GmbH on May 4.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         FAMKOS Gebaudereinigung GmbH
         Leonrodstr. 46
         80636 Munich
         Germany

         Attn: Dobrosav Kostic, Manager
         Parkstr. 2
         82223 Eichenau
         Germany


FORCE TWO: Fitch Assigns BB Rating on EUR9.7-Million Notes
----------------------------------------------------------
Fitch has assigned final ratings to FORCE TWO Limited
Partnership's issue of EUR197.1 million floating-rate notes as:

     -- EUR150.2 million Class A (XS0299041037): 'AAA'
     -- EUR12.3 million Class B (XS0299041896): 'AA'
     -- EUR13 million Class C (XS0299042357): 'A'
     -- EUR11.9 million Class D (XS0299044056): 'BBB'
     -- EUR 9.7 million Class E (XS0299045020): 'BB'

This transaction is a cash securitization of profit
participation agreements to German small- and medium-sized
enterprises. Unlike other German SME securitisations, the
(type A) PPAs in this transaction may absorb the loss of the
issuing corporate obligor (loss participation mechanism).  Fitch
has incorporated the loss participation mechanism in its
analysis by setting a rating threshold, the breach of which is
assumed to produce a loss, leading to a write-down of the PPAs.

The final ratings on the Class A to E notes address the timely
payment of interest and ultimate repayment of principal
according to the terms and conditions of the notes.  The final
ratings are based on the quality of the collateral, available
credit enhancement, the priority of payments (which incorporates
an excess cash trapping mechanism via a principal deficiency
ledger) and the sound legal and financial structure of the
transaction. CE for the Class A notes totals 29.98% and is
provided by subordination of the Class B notes (5.73%), the
Class C notes (6.06%), the Class D notes (5.55%), the Class E
notes (4.52%) and the unrated junior Class F notes (8.11%).  CE
provided by subordination for Class B, C, D and E notes is
24.24%, 18.18%, 12.63 and 8.11%, respectively.

FORCE TWO is the second transaction of its kind arranged by IKB
Deutsche Industriebank Aktiengesellschaft ('A+'/'F1'/Stable) and
Deutsche Bank Aktiengesellschaft.  The issuer is incorporated as
an SPV in Jersey and has issued EUR214.5 million of notes to
repay a EUR400 million bridge loan facility for the acquisition
of the portfolio of PPAs.  The portfolio remains static after
closing.  Force Two Limited Partnership selected the portfolio
companies on advice of equiNotes Management GmbH (a joint
venture of IKB and DBAG), acting as advisor on this transaction.
The portfolio quality was assessed by a mapping approach and is
deemed equivalent to a rating of 'BBB'/'BBB-'.

The scheduled maturity of all Classes of notes is January 2014
and the legal maturity is January 2018.


GARTEN + FLORISTENBEDARFS: Claims Registration Ends October 5
-------------------------------------------------------------
Creditors of Garten + Floristenbedarfs GmbH have until Oct. 5 to
register their claims with court-appointed insolvency manager
Ottmar Hermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on Oct. 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Ottmar Hermann
         Bleichstrasse 2-4
         60313 Frankfurt am Main
         Germany
         Tel: 069/9130920
         Fax: 069/91309230

The District Court of Frankfurt/Main opened bankruptcy
proceedings against Garten + Floristenbedarfs GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Garten + Floristenbedarfs GmbH
         Westerbachstrasse 170
         65936 Frankfurt
         Germany


GEDIK-TRANS GMBH: Claims Registration Ends June 26
--------------------------------------------------
Creditors of GEDIK-Trans GmbH have until June 26 to register
their claims with court-appointed insolvency manager Dieter P.
Zenz.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 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 Cologne
         Meeting Hall 1240
         12th Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dieter P. Zenz
         Eugen-Langen-Str. 12
         50968 Cologne
         Germany

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

The Debtor can be reached at:

         GEDIK-Trans GmbH
         Attn: Riza Gedikoglu, Manager
         Luederichstr. 7
         51105 Cologne
         Germany


GWF VOSS: Claims Registration Ends June 26
------------------------------------------
Creditors of GWF Voss GmbH have until June 26 to register their
claims with court-appointed insolvency manager Jana Dettmer.

Creditors and other interested parties are encouraged to attend
the meeting at 10:35 a.m. on July 26, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Jana Dettmer
         Weyerstrasse. 54
         50676 Cologne

The District Court of Cologne opened bankruptcy proceedings
against GWF Voss GmbH on May 7.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         GWF Voss GmbH
         Bernhard-Letterhaus-Str. 4
         50374 Erftstadt
         Germany

         Attn: Helmut Reinartz, Manager
         Brechtstr. 12
         50170 Kerpen
         Germany


HAM HANDELSAGENTUR: Creditors Must Register Claims by June 26
-------------------------------------------------------------
Creditors of HAM Handelsagentur GmbH have until June 26 to
register their claims with court-appointed insolvency manager
Wolfram Jahn.

Creditors and other interested parties are encouraged to attend
the meeting at 11:05 a.m. on July 26, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Wolfram Jahn
         Duerener Str. 270
         50935 Cologne
         Germany

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

The Debtor can be reached at:

         HAM Handelsagentur GmbH
         Muehlenbach 42
         50676 Cologne
         Germany


INNEN- UND AUSSENPUTZ: Creditors Must Register Claims by July 17
----------------------------------------------------------------
Creditors of Innen- und Aussenputz Klemm GmbH have until July 17
to register their claims with court-appointed insolvency manager
Ruediger Werres.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on Aug. 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Ruediger Werres
         Friesenplatz 17 a
         50672 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings
against Innen- und Aussenputz Klemm GmbH on May 3.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Innen- und Aussenputz Klemm GmbH
         Leffelsend 28
         51491 Overath
         Germany


LAMPEN ESSER: Creditors Must Register Claims by June 29
-------------------------------------------------------
Creditors of Lampen Esser GmbH have until June 29 to register
their claims with court-appointed insolvency manager
Helmut Irmen.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 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 Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Helmut Irmen
         An der Windmuehle 80
         52399 Merzenich
         Germany
         Tel: 02421/30830
         Fax: 02421/308320

The District Court of Aachen opened bankruptcy proceedings
against Lampen Esser GmbH on May 9.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Lampen Esser GmbH
         Markfestestrasse 4 d
         52457 Aldenhoven
         Germany


LOGO-BAUTRAGER GMBH: Creditors Must Register Claims by June 8
-------------------------------------------------------------
Creditors of Logo-Bautrager GmbH have until June 8 to register
their claims with court-appointed insolvency manager
Michael Wellstein.

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

The meeting of creditors will be held at:

         The District Court of Neustadt a. d. Wstr.
         C 9 Seitengebaude
         Robert-Stolz-Str. 20
         67433 Neustadt a. d. Wstr.

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

The insolvency manager can be reached at:

         Michael Wellstein
         L 11, 20-22
         68161 Mannheim
         Germany
         Tel: 0621/129 430
         Fax: 0621/15 24 66

The District Court of Neustadt a. d. Wstr.opened bankruptcy
proceedings against Logo-Bautrager GmbH on May 7.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Logo-Bautrager GmbH
         Attn: Birgit Holoch, Manager
         Barengasse 6
         67251 Freinsheim
         Germany


MARTIN BAU: Creditors Must Register Claims by June 5
----------------------------------------------------
Creditors of Martin Bau GmbH have until June 5 to register their
claims with court-appointed insolvency manager Anja Geske.

Creditors and other interested parties are encouraged to attend
the meeting at 9:55 a.m. on July 10, at which time the
insolvency manager will present her first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (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:

         Anja Geske
         H.-Jensch-Str. 111
         15234 Frankfurt
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy
proceedings against Martin Bau GmbH on May 14.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Martin Bau GmbH
         Eichenallee 1 A
         15234 Frankfurt (Oder)
         Germany


MERMAID SECURED: S&P Rates EUR48.1 Million Class F Notes at BB
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR6 billion floating-rate credit-linked
notes (Mermaid 2007-1) to be issued by Mermaid Secured Finance
Ltd.

Mermaid 2007-1 will be the second transaction to transfer the
credit risk of loans granted to SMEs across Denmark.  A second
portion of loans in the reference portfolio is granted to
cooperative housing companies and individuals for financing
mortgages for letting purposes.  The transaction will be
structured as a synthetic, fully funded transaction.

The collateral backing the notes will be cash held with the cash
deposit account bank, which will initially be Danske Bank A/S.
On downgrade of the cash deposit account bank, a new account
must be opened with a counterparty with a short-term rating of
at least 'A-1'.

Losses will be allocated to the notes for the outstanding amount
of a reference loan; minus the foreclosure proceeds received by
Danske Bank, plus related enforcement costs during the
foreclosure process, which are capped at 7%.

The reference portfolio references credit exposures that are
essentially similar to those securitized under the Prime Bricks
2007-1 GmbH transaction.  The Mermaid 2007-1 structure will,
however, feature a fully funded synthetic structure, and the
collateral will be provided in the form of cash held with the
cash deposit account bank.

The class A1 and A2 notes will rank pari passu for loss
allocations, but sequentially for redemption.

                         Ratings List

                 Mermaid Secured Finance Ltd.

                EUR6 Billion Floating-Rate
              Credit-Linked Notes (Mermaid 2007-1)

             Class          Prelim.        Prelim. Amount
                            rating        (EUR in Million)
             -----          ------         --------------
              A1             AAA              1,500
              A2             AAA                  4
              B              AA                 222.5
              C              A+                  69.1
              D              BBB                 93.2
              E              BBB                 45.1
              F              BB                  48.1


REIMANN SPEZIALENTSORGUNG: Claims Registration Ends July 17
-----------------------------------------------------------
Creditors of Reimann Spezialentsorgung GmbH have until July 17
to register their claims with court-appointed insolvency manager
Andreas Schafft.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on Aug. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court Erfurt
         Hall 12
         Judicial Center
         Rudolfstr. 46
         99092 Erfurt
         Germany

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

The insolvency manager can be reached at:

         Andreas Schafft
         Charlottenstr. 7
         99096 Erfurt
         Germany

The District Court of Erfurt opened bankruptcy proceedings
against Reimann Spezialentsorgung GmbH on May 8.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Reimann Spezialentsorgung GmbH
         Attn: Marco Reimann Schoene
         Aussicht 15
         99869 Seebergen
         Germany


SARDONYX VERWALTUNGS: Claims Registration Period Ends June 16
-------------------------------------------------------------
Creditors of Sardonyx Verwaltungs GmbH have until June 16 to
register their claims with court-appointed insolvency manager
Klaus Loeffler.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 30, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Ludwigshafen/Rhein
         Meeting Hall 13
         Wittelsbachstr. 10
         67061 Ludwigshafen/Rhein
         Germany

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

The insolvency manager can be reached at:

         Klaus Loeffler
         Welschgasse 3
         D 67227 Frankenthal
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy
proceedings against Sardonyx Verwaltungs GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Sardonyx Verwaltungs GmbH
         Hauptstrasse 48a
         67227 Frankenthal
         Germany


SPECTRUM BRANDS: Kent Hussey to Replace David Jones as CEO
----------------------------------------------------------
Spectrum Brands, Inc., has hired Kent Hussey as its new Chief
Executive Officer.  David Jones will step down as CEO but will
continue to serve as non-executive Chairman of the Board of
Directors until the end of fiscal year 2007 to assist in the
management transition. Mr. Jones, 57, has served as CEO and
Chairman since September 1996.  Mr. Hussey, 61, most recently
Vice Chairman and director, has previously served in the
positions of President, Chief Operating Officer, and Chief
Financial Officer.

Thomas Shepherd, Lead Director, said, "Dave Jones has played a
vital role in transforming Rayovac from a US$400 million
domestic consumer battery company to the US$2.5 billion
diversified global consumer products company that Spectrum
Brands is today.  The Board respects Dave's decision to step
down and appreciates his willingness to stay on through the
transition period.  We wish him success in his future
endeavors."

"I am extremely proud of all that Spectrum Brands has
accomplished and, after managing the Company through recent
challenging times, am comfortable leaving knowing that Spectrum
Brands is well positioned for future growth and profitability,"
said Mr. Jones. "Kent is the ideal successor to lead Spectrum in
the next phase of its evolution.  He has worked alongside me in
the management of the Company for more than 10 years and has
been instrumental in guiding Spectrum's strategic, financial and
operational initiatives as well as its M&A strategy.  I am
confident that Kent, and the rest of our executive team, will
continue to execute on strategy and leverage Spectrum's
portfolio of strong brands and global platform to build value
for shareholders."

"The many initiatives implemented over the past 18 months to
revitalize our sales and improve profitability are beginning to
show in our ongoing financial results; our recently announced
second quarter performance gives me confidence we have turned
the corner," said Mr. Hussey.  "The corporate restructuring
announced in January is on track and our second quarter results
demonstrate that our business units are performing well under
strong operational leadership teams.  I have a long term
commitment to Spectrum and will be fully focused on executing
our strategy of improving operational performance while pursuing
asset sales to reduce our leverage and interest burden."

Mr. Hussey, who has over 37 years of management experience in
the manufacturing and consumer products industries, has been a
managing executive and director of Spectrum since 1996.  Since
January 2007, he has served as Vice Chairman, responsible for
spearheading the strategic direction of the company and for
corporate business development.  He joined the Company as
Executive Vice President of Finance and Administration and Chief
Financial Officer in October 1996, and served as President and
Chief Operating Officer from April 1998 to January 2007.  From
1994 to 1996, Mr. Hussey was Vice President and Chief Financial
Officer of ECC International, a producer of industrial minerals
and specialty chemicals. From 1991 to 1994, he served as Vice
President of Finance and Chief Financial Officer of The Regina
Company.  Previously he held financial management positions at
The Conair Group, Astechnologies, Inc. and United Technologies
Corporation. Hussey currently serves as a director of American
Woodmark Corporation and various privately-held companies.

                      About Spectrum Brands

Headquartered in Atlanta, Georgia, Spectrum Brands (NYSE: SPC)
-- http://www.spectrumbrands.com/-- is a consumer products
company and a supplier of batteries and portable lighting, lawn
and garden care products, specialty pet supplies, shaving and
grooming and personal care products, and household insecticides.
Spectrum Brands' products are sold by the world's top 25
retailers and are available in more than one million stores in
120 countries around the world.  The company has manufacturing
and distribution facilities in the Asia Pacific region in China,
Australia, New Zealand and Singapore.  The company's European
headquarters is located at Sulzbach, Germany.

                           *     *     *

Standard & Poor's Ratings Services affirmed its ratings on
Spectrum Brands Inc., including the 'B-' corporate credit
rating. At the same time, the ratings were removed from
CreditWatch, where they were placed with negative implications
April 6, 2006, following the company's substantially lowered
earnings guidance for the second quarter.  The rating outlook is
negative.

Moody's Investors Service downgraded all ratings of Spectrum
Brands, Inc.  The outlook for the ratings is stable.  The action
concluded the review for downgrade that was initiated on
April 7, 2006.  Ratings downgraded include Corporate family
rating to B3 from B2; US$300 million senior secured revolving
credit facilities to B2 from B1; US$1.2 billion senior secured
term loan facilities to B2 from B1; US$700 million senior
subordinated notes due 2015 to Caa2 from Caa1, and US$350
million senior subordinated notes due 2013 to Caa2 from Caa1.


SPORT-FLOCK STROBEL: Claims Registration Period Ends June 13
------------------------------------------------------------
Creditors of Sport-Flock Strobel GmbH have until June 13 to
register their claims with court-appointed insolvency manager
Ruediger von Danckelmann.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on June 28, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hechingen
         Heiligkreuzstrasse 9
         Zimmer 284
         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 von Danckelmann
         Hirschgraben 3
         88214 Ravensburg
         Germany
         Tel: 0751 17319

The District Court of Hechingen opened bankruptcy proceedings
against Sport-Flock Strobel GmbH on May 10.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Sport-Flock Strobel GmbH
         Zillhauser Str. 15
         72336 Balingen
         Germany


TUI AG: Moody's Rates Proposed EUR715 Million Notes at (P)B1
------------------------------------------------------------
Moody's Investors Service assigned a (P)B1 rating to TUI AG's
proposed issuance of convertibles notes of up to EUR715 million.

The proposed notes, and the existing senior unsecured rating,
are both on review for possible downgrade, where the outlook was
placed on March 20, 2007 following the announcement of the
planned merger between TUI's tourism division and First Choice
PLC.  The outlook for the corporate family rating was changed to
negative from stable on May 21, 2007 following the weakness in
the company's reported first quarter results.

The new convertible notes due 2012 will be issued at TUI AG, the
parent company of the TUI Group.  The notes will rank pari passu
with all other unsecured and unsubordinated obligations of the
issuer.  The notes will benefit from a change of control clause.
However, the terms of the notes state that the planned merger
with First Choice Holidays PLC would not trigger a put option.

The review for possible downgrade of the long-term senior
unsecured rating reflects Moody's belief that the pending merger
with First Choice Holidays PLC will likely increase the amount
of priority indebtedness within the group to the potential
detriment of the creditors of the ultimate holding company, TUI
AG.  The company has stated its intention to contribute
EUR875 million in net debt, including all pension liabilities
within TUI Travel, to TUI Travel PLC.  Moody's will therefore
review the details of the future debt capital structure of the
TUI Group to determine notching implications.  This review will
be concluded along with the implementation of the Loss Given
Default methodology for TUI's outstanding bonds.

As of first quarter 2007, the company's liquidity consisted of
EUR942.8 million in cash on hand, as well its bilateral bank
lines of EUR700 million, of which over EUR600 million remains
undrawn.  In addition, the company retains an undrawn
EUR1 billion five-year syndicated loan facility maturing 2010.
Moody's understands that the company is currently in compliance
with its financial covenants.  Moody's further understands that
the company will structure TUI Travel PLC so as not to trigger
any repayment requirement on the group's existing bonds.  As of
the first quarter 2007, the company reported EUR476 million in
current financial liabilities, mainly bank debt.

The negative outlook assigned to the B1 corporate family rating
and the B3 subordinated rating reflects the weakness in credit
metrics for the current rating category, and the view that
following weakened results in the first quarter of 2007, the
company will face a greater challenge to restore metrics to the
previously anticipated levels by fiscal year 2008, notably
RCF/Net Debt above 10% and Adj. Debt/EBITDA below 6x.  The
outlook could be stabilized if the company were able to improve
profitability thereby avoiding any increase in leverage, and to
demonstrate a positive trend in credit metrics towards the
levels indicated above.  A prolonged weakening in operating
performance as seen in recent months, or potential concerns
about liquidity, could be negative for the ratings.

TUI AG, based in Hanover, Germany, is Europe's largest
integrated tourism group and a leading provider of container
shipping services, with reported revenues and underlying EBITA
of EUR20.9 billion and EUR369 million in 2006, respectively.


UMWELTKONTOR WINDKRAFT: Claims Registration Period Ends June 21
---------------------------------------------------------------
Creditors of Umweltkontor Windkraft GmbH have until June 21 to
register their claims with court-appointed insolvency manager
Thomas Georg.

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

The meeting of creditors will be held at:

         The District Court of Moenchengladbach
         Ground Floor
         Meeting Hall A 58
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Thomas Georg
         Hohenzollernstr. 124 - 126
         41061 Moenchengladbach
         Germany
         Tel: 02161/4060280
         Fax: +49216140602820

The District Court of Moenchengladbach opened bankruptcy
proceedings against Umweltkontor Windkraft GmbH on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Umweltkontor Windkraft GmbH & Co
         Windkraftanlage Nettetal Nr. 1 KG
         Juelicher Strasse 10 - 12
         41812 Erkelenz
         Germany


VBG VERBERGER: Creditors' Meeting Slated for Aug. 10
----------------------------------------------------
The court-appointed insolvency manager for VBG VERBERGER Bau
GmbH, Eberhard Stock, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:05 a.m. on Aug. 10.

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

         The District Court of Krefeld
         Meeting Room H 131
         First Floor
         Nordwall 131
         47798 Krefeld
         Germany

The Court will also verify the claims set out in the insolvency
manager's report at 9:01 a.m. on Oct. 12 at the same venue.

Creditors have until Aug. 12 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Eberhard Stock
         Wilhelmshofallee 75
         47800 Krefeld
         Germany
         Tel: (02151) 5813-0
         Fax: +4921515813134

The District Court of Krefeld opened bankruptcy proceedings
against VBG VERBERGER Bau GmbH on May 11.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         VBG VERBERGER Bau GmbH
         Gelleper Str. 14
         47809 Krefeld
         Germany

         Attn: Rudolf-August Horrix, Manager
         Gatzenstr.169
         47802 Krefeld
         Germany


VISHAJ GMBH: Claims Registration Period Ends June 13
----------------------------------------------------
Creditors of B. T. G. Vishaj GmbH have until June 13 to register
their claims with court-appointed insolvency manager Joachim
Walterscheid.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 4, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Joachim Walterscheid
         Kurpark 2
         32545 Bad Oeynhausen
         Germany

The District Court of Bielefeld opened bankruptcy proceedings
against B. T. G. Vishaj GmbH on May 3.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

  B. T. G. Vishaj GmbH
  Attn: Stefadin Vishaj, Manager
  Wilhelmstr. 24
  32545 Bad Oeynhausen
  Germany


VR-RASTHOF GMBH: Claims Registration Period Ends June 14
--------------------------------------------------------
Creditors of VR-Rasthof GmbH have until June 14 to register
their claims with court-appointed insolvency manager Dr.
Friedrich Neumann.

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 Regensburg
         Room 105
         Augustenstr. 5
         Regensburg
         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. Friedrich Neumann
         Ludwig-Eckert-Str. 5-7
         93049 Regensburg
         Germany
         Tel: 0941/25085/86
         Fax: 0941/28123

The District Court of Regensburg opened bankruptcy proceedings
against VR-Rasthof GmbH on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         VR-Rasthof GmbH
         Fraunhoferstr. 1-3
         93092 Barbing
         Germany


W. EUGEN FISCHER: Claims Registration Period Ends July 2
--------------------------------------------------------
Creditors of W. Eugen Fischer Plastbauteile GmbH have until
July 2 to register their claims with court-appointed insolvency
manager Peter Kiehl.

Creditors and other interested parties are encouraged to attend
the meeting at 11:00 a.m. on July 24, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Koblenz
         Hall 111
         Main Court
         Karmeliterstrasse 14
         56068 Koblenz
         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 Kiehl
         Rathausstrasse 129
         56203 Hoehr-Grenzhausen
         Germany
         Tel: 02624/947036
         Fax: 02624/947037
         E-Mail: info@RA-kiehl.de

The District Court of Koblenz opened bankruptcy proceedings
against W. Eugen Fischer Plastbauteile GmbH on May 4.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         W. Eugen Fischer Plastbauteile GmbH
         Engerser Landstrasse 1
         56170 Bendorf
         Germany

         Attn: Rudolf Reisdoerfer, Manager
         Schlossgraben 37
         56218 Muelheim-Karlich
         Germany


WATSON COMMUNICATION: Claims Registration Period Ends May 29
------------------------------------------------------------
Creditors of Watson Communication & Service Gmbh have until
May 29 to register their claims with court-appointed insolvency
manager Peter Klein.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on June 19, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wiesbaden
         E 36 A
         Third Floor
         Building E
         Moritzstrasse 5
         Hinterhaus
         65185 Wiesbaden
         Germany

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

The insolvency manager can be reached at:

         Peter Klein
         Bahnhofstrasse 27-33
         65185 Wiesbaden
         Germany
         Tel: 0611-166 66 0
         Fax: 0611-166 66 77

The District Court of Wiesbaden opened bankruptcy proceedings
against Watson Communication & Service Gmbh on May 9.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Watson Communication & Service Gmbh
         Attn: Holger Schwedler, Manager
         Eichen 7
         65195 Wiesbaden
         Germany


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


ALITALIA SPA: Italy Ready to Soften Impact of Possible Job Cuts
---------------------------------------------------------------
The Italian government assured workers at Alitalia S.p.A. that
it would work on initiatives that would ease the impact of
possible job cuts after it sold its stake in the carrier,
Reuters reports.

"As the third phase of the Alitalia privatization process
begins, the government confirms its readiness to adopt the most
opportune and consensual initiatives with regards to the
possible impact on jobs of the industrial plan presented by the
selected buyer," a statement from Prime Minister Romano Prodi's
office said.

Italy also assured that any intervention would "respect European
Union norms."  EU rules prevents member government from doling
state aids to their national carriers, Reuters says.

As reported in the TCR-Europe on May 25, 2007, the Finance
Ministry said it would examine the bidders' industrial plan
before looking at the offered price.

Final three bidders for Alitalia are:

   -- 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

                         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: Posts EUR625.6 Million Net Loss for 2006
------------------------------------------------------
Alitalia S.p.A. reported EUR625.6 million in net loss on
EUR4.72 billion in operating revenues for the year ended
Dec. 31, 2006, compared with EUR176.6 million in net loss on
EUR4.8 billion in operating revenues for the year ended Dec. 31,
2005.

The company attributed its net loss mainly to a EUR197.3 million
write off of its aging fleet, Reuters reports.  Alitalia also
attributed its poor results on higher fuel costs, stiff
competition from low-cost carriers, strikes and difficulties in
achieving cost-cutting objectives.

Alitalia's net debt also increased EUR238 million to EUR993
million as of Dec. 31, 2006.

                    Possible Capital Increase

Bloomberg News notes that Alitalia's 2006 net loss reached more
than a third of its book value.  Under Italian law, a company
has to lower its book value if it fails to cut the net loss.

Reuters suggests that to avoid a book value reduction, Alitalia
might launch a capital increase.

Alitalia called for an extraordinary shareholders' meeting on
June 26 and if necessary June 27, to discuss the situation.

                         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.


WIND TELECOMUNICAZIONI: Fitch Lifts Issuer Default Rating to BB-
----------------------------------------------------------------
Fitch Ratings has upgraded Wind Telecomunicazioni SpA's Issuer
Default rating to 'BB-' from 'B+' and affirmed its Short-term
rating at 'B'.  Following the upgrade, the Outlook is now
Stable. At the same time, the agency has upgraded Wind's senior
secured facilities to 'BB+' from 'BB' and Wind Finance SL S.A.'s
second lien instrument to 'BB+' from 'BB'.  Wind Acquisition
Finance S.A.'s EUR1.5 billion-equivalent senior notes are
affirmed at 'BB'. Fitch no longer publishes Recovery Ratings for
these issues.

The upgrade of the IDR reflects sustained positive revenue and
EBITDA momentum in Wind's core mobile business, and the
associated strong cash generation, which has led to senior debt
prepayments.  These operating metrics, along with a conservative
financial policy, have driven debt and leverage ratios to a
level consistent with a 'BB-' rating.  The Stable Outlook
reflects Fitch's expectation that Italy's communications market
will remain highly competitive and that the full impact of
recent regulatory decisions has yet to play out.

"Although the Italian mobile market has become increasingly
competitive in the last year, Wind has managed to grow both
subscriber levels and ARPU," said Michelle De Angelis, a Senior
Director in Fitch's Leveraged Finance team.  "At the same time,
the company has used excess cash to prepay senior debt and we
have seen leverage decrease accordingly."  EBITDA rose to over
EUR1.7 billion in the LTM at first quarter of 20007, and net
debt-to-EBITDA ratio decreased to 4.1x from 5.1x at YE05.

Wind's core mobile business performed well in 2006, with revenue
and subscriber growth of 13.6% and 7.6% respectively, reflecting
an increased focus on higher ARPU customers.  While it remains
to be seen how a legal decree eliminating recharge fees will
affect the market, Fitch expects Wind to continue to perform
satisfactorily, though margins will inevitably be hit.

Wind's fixed-line business is affected by the decline of the
indirect voice business and the migration of its dial-up
internet subscribers to competing broadband operators.  Despite
this, Wind continues to improve margins, reflecting an increased
number of subscribers connected via local-loop unbundling.
Combining this with the introduction of wholesale line rental
agreements in fourth quarter of 2006 for areas where LLU is not
available, Fitch expects to see strong positive momentum from
Wind's broadband business in 2007.

The 'BB+' rating for both Wind's senior secured credit
facilities and Wind Finance SL S.A.'s second lien facilities
reflects the nature of the security granted and Fitch's
expectation of strong recoveries for these classes of debt.  The
'BB' rating for Wind Acquisition Finance S.A.'s senior notes
reflects Fitch's expectation of good recoveries but also the
more subordinated nature of this instrument.

Headquartered in Rome, Italy, Wind Telecomunicazioni S.p.A. --
http://www.wind.it/-- operates integrated fixed-mobile-
Internet communications services.  The company, classified as
the fastest start-up among telecom companies in Europe, actually
is the third Italian mobile operator, with a market share of
over 19%.


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


ABN CORPORATION: Claims Filing Period Ends June 26
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Corporation Abn insolvent on April 3.

Creditors have until June 26 to submit written proofs of claim
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Micro District Musheltoi 37a-21
         Taldykorgan
         Almaty
         Kazakhstan
         Tel: 8 701 268 92-77


ASTANA FINANCE: Fitch Rates Proposed US$2-Billion Notes at BB+
------------------------------------------------------------
Fitch Ratings has assigned an expected 'BB+' rating to the first
series issue under Kazakhstan-based JSC Astana Finance's (rated
'BB+'/Stable Outlook) US$2 billion global medium term note
program.  The issue is expected to be a senior, three-year
fixed-rate bond for EUR200 million to EUR300 million.  The
issuer will be Astana Finance B.V. and the guarantors will be AF
and AF's subsidiary, JSC Astana Finance Leasing Company.  The
final rating is contingent on the receipt of final documentation
conforming materially to information already received.

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 approximately 25%-owned by the Municipality of Astana, but
a transfer of its stake to Kazyna is being considered.


AVIATION-TECHNICAL CENTRE: Creditors Must File Claims by June 22
----------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Aviation-Technical Centre insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Mailin Str. 38b
         Almaty
         Kazakhstan
         Tel: 8 (3272) 57-40-17


BETONIT LLP: Proof of Claim Deadline Slated for June 19
-------------------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Betonit insolvent on
March 21.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


FERRUM LTD: Claims Registration Ends June 19
--------------------------------------------
The Specialized Inter-Regional Economic Court of South
Kazakhstan Region has declared LLP Ferrum Ltd insolvent on
March 27.

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

         The Specialized Inter-Regional
         Economic Court of South Kazakhstan Region
         Ilyaev Str. 24
         Shymkent
         South Kazakhstan
         Kazakhstan


GLOBAL-EXPORT GMBH: Claims Registration Ends June 20
----------------------------------------------------
LLP Global-Export Gmbh has declared insolvency.  Creditors have
until June 20 to submit written proofs of claim to:

         LLP Global-Export Gmbh
         Ismailov Str. 23-26
         Kokshetau
         Akmola
         Kazakhstan


INTERGAS CENTRAL: Fitch Rates US$600 Million Notes at BB+
---------------------------------------------------------
Fitch Ratings has assigned Intergas Central Asia's
US$600 million notes maturing in 2017 a final senior unsecured
rating of 'BB+' upon the review of the final bond documentation.
The notes are issued by ICA's funding vehicle Intergas Finance
B.V. and unconditionally and irrevocably guaranteed by ICA.

The rating for the notes is in line with ICA's Issuer Default
Rating of 'BB+'.  The IDR reflects the company's strategic
position in the Kazakh gas transit business and support from its
ultimate owner National Company KazMunaiGaz (rated 'BBB'/Outlook
Stable).  It also takes into account an expected increase in
financial leverage due to ICA's sizeable investment projects.

ICA is a fully owned subsidiary of KazTransGas (rated
'BB'/Outlook Stable) and the monopoly operator of gas
transportation pipelines in Kazakhstan.  ICA manages the network
of gas pipelines in Kazakhstan on the basis of a 20-year
concession agreement with the government that is valid until
2017 and may be extended until 2027.  ICA's total (both domestic
and export) gas transportation volume plan for 2007 is 124.8
bcm.


KAZKOMMERTSBANK JSC: Shareholders' Meeting Slated for June 28
-------------------------------------------------------------
JSC Kazkommertsbank will hold its general shareholders' meeting
at 3:00 p.m. on June 28, 2007 at:

         135zh Gagarin St.
         Almaty
         050060 Kazakhstan

The shareholders' registration will commence at 2:00 p.m. on the
same date.

In case of cancellation, the meeting will be rescheduled to
June 29, 2007 at the same time and venue.

The completion date for the list of shareholders, eligible to
take part in the general shareholder meeting is set for
May 28, 2007.

                              Agenda

The meeting will meet to consider the

   -- approval of new edition of the Bank's share prospectus;
      and

   -- approval of amendments and additions #2 to the articles
      of the Bank.

Shareholder may familiarize themselves with the materials
presented for the discussion at the general shareholders meeting
by applying not later than 10 days before general shareholders
meeting to:

         135zh, Gagarin St.
         Almaty
         050060 Kazakhstan
         Tel: 007 3272 585 221

Shareholders, holding depositary receipts for which the shares
of the Bank are an underlying asset, should provide the data to
The Bank of New York before June 20, 2007 to take part in the
general shareholders meeting, including:

   1) name of the shareholder

   2) citizenship/origin of the shareholder, type of the
      document to identify owner and document entries.

   3) national identification number of shares (ISIN).

   4) number of shares held by owner and a Letter of Attorney
      for their representative to The Bank of New York to
      authorize the representative to take part and vote in the
      general shareholders meeting

                      About Kazkommertsbank

Established in 1990, Kazkommertsbank is one of the leading banks
in Kazakhstan.  As at June 30, 2006, it was the market leader as
measured by total assets and loans and third largest in terms of
deposits.  The Bank has a network of 22 full-service branches
and 68 outlets in Kazakhstan.  In addition, the Bank has a well-
developed alternative channel distribution network including
Internet banking, 454 ATMs, over 3,200 point-of-sale terminals
and a call center.

With a gross corporate loan portfolio of KZT837.3 billion and
deposits of KZT204.97 billion as of June 30, 2006,
Kazkommertsbank is the largest corporate lender in Kazakhstan.
In addition, the Bank also has a strong retail business and
believes that it is the leading bank in Kazakhstan servicing
high net-worth individuals.  As at June 30, 2006, the Bank had
approximately 253,000 retail customers, a gross retail loan
portfolio of KZT129.14 billion and retail deposits of
KZT128.87 billion.

In addition to corporate, SME and retail banking services, the
Bank engages in treasury operations, investment banking,
brokerage services and asset management and is a major
participant in the securities markets and the foreign currency
markets in Kazakhstan.  Through its international subsidiaries,
KKB also provides corporate, SME and retail banking services in
Russia and Kyrgyzstan.

The bank has a number of subsidiaries, including two in
Kazakhstan: Kazkommerts Securities and Kazkommertspolicy 2000;
three in the Netherlands: Kazkommerts International B.V.,
Kazkommerts Capital-2 B.V. and Kazkommerts Finance-2 B.V., and
one in Kyrgyzstan: Kazkommertsbank Kyrgyzstan.

                          *     *     *

As reported in the TCR-Europe on Feb. 21, Fitch Ratings affirmed
Kazakhstan-based Kazkommertsbank's ratings at foreign currency
Issuer Default 'BB+', Short-term foreign currency 'B', local
currency Issuer Default 'BBB-', Short-term local currency 'F3',
Individual 'C/D' and Support '3'.

Fitch said the Outlook on the foreign currency Issuer Default
rating remains Positive and that on the local currency IDR
Stable.


KROKUS LTD: Creditors' Claims Due June 20
-----------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared has declared LLP Krokus Ltd insolvent on Feb. 8.

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

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


TARAZ-MUNAIGAS LLP: Claims Filing Period Ends June 22
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has
declared LLP Taraz-Munaigas insolvent March 30.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleimenov Str. 17
         Taraz
         Jambyl
         Kazakhstan


TOM LLP: Proof of Claim Deadline Slated for July 3
--------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Tom insolvent.

Creditors have until July 3 to submit written proofs of claim
to:

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


VEKSEL LLP: Creditors Must File Claims by June 20
-------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has
declared LLP Veksel insolvent.

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

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


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


AIAZMAR KUNTUU: Bishkek Court Declares Business Insolvent
---------------------------------------------------------
The Inter-District Court of Bishkek for Economic Issues declared
LLC Aiazmar-Kuntuu-Alko (Case No. ED-310/07 mbs5) insolvent on
April 18.  Subsequently, bankruptcy proceedings were introduced
at the company.

Creditors must submit their proofs of claim and be registered
within seven days before the meeting with the temporary
insolvency manager.

Proxies must have authorization to vote.

The temporary insolvency manager is:

         Batyrlanbek Asankulov
         Tel: (+996 312) 21-46-76


=================
L I T H U A N I A
=================


MAZEIKIU NAFTA: PKN Orlen Ends Share Squeeze Out Scheme
-------------------------------------------------------
PKN Orlen S.A., AB Mazeikiu Nafta's major shareholder, ended the
squeeze-out of Mazeikiu's shares on May 21, 2007.

PKN also applied to the Lithuanian court on May 23, 2007,
requesting, in accordance with the terms set in Article 37
part 11 of the Law on Securities of the Republic of Lithuania,
to obligate account managers to make records in the security
accounts about the transfer of ownership right of the shares to
PKN Orlen, as the shareholder executing the squeeze-out, from
the shareholders who had not sold their shares during the
squeeze-out.

There is an intention to address the Board of the Vilnius Stock
Exchange regarding the stopping of Mazeikius shares trading five
business days before the hearing, in which the approval of the
afore mentioned decision would be considered.

If the Lithuanian court determines to obligate account managers
to make records in the security accounts about the transfer of
ownership right of the shares to PKN Orlen, as the shareholder
executing the squeeze-out, and transfer all the shares to PKN
Orlen following the court decision, Mazeikiu shares would not
meet the requirements set in the trading rules of the Vilnius
Stock Exchange and therefore would have to be delisted from the
trading list of the stock exchange.

Before the said court hearing, Mazeikiu's shares will be further
bought out from the shareholders in every branch of AB SEB
Vilniaus Bankas during business hours following the same
procedure and paying the same purchase price of LTL10.25 per one
ordinary registered share of AB Mazeikiu Nafta, as during the
execution of the squeeze-out.

                         About Mazeikiu

Headquartered in Mazeikiai District, Lithuania, Mazeikiu Nafta
-- http://nafta.it/en/-- is an integrated downstream oil
company that comprises in one complex pipeline operations, oil
refining, marine terminal operations, and logistics of crude oil
and refined products.

                        *     *     *

As of April 30, 2007, Mazeikiu Nafta AB carries Fitch Ratings'
Issuer Default rating of B+ with outlook Positive.  MN's short-
term rating is affirmed at B.


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


EVRAZ GROUP: Acquiring 50% Interest in Yuzhkuzbassugol
------------------------------------------------------
Evraz Group S.A. has reached an agreement to acquire outstanding
50% interest in Yuzhkuzbassugol from existing shareholders,
representing the management of the coal company.

The deal is subject to regulatory permissions and Evraz Board of
Directors approval.

Further details will be disclosed after the Board of Directors'
decision.

                          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.

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+.


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


FOOT LOCKER: Earns US$17 Million in First Quarter Ended May 5
-------------------------------------------------------------
Foot Locker, Inc., earned US$17 million of net income for the
first quarter ended May 5, 2007, compared with US$59 million of
net income for the same period in 2006.  Last year's results
benefited by US$1 million from a cumulative effect of accounting
change related to the company's required adoption of SFAS
123(R).

First quarter sales decreased 3.6 percent to US$1,316 million,
as compared with sales of US$1,365 million for the corresponding
prior year period.  Excluding the effect of foreign currency
fluctuations, total sales for the 13- week period decreased 5.3
percent.  First quarter comparable-store sales decreased 5.1
percent.

"Our first quarter financial results reflected a weak
performance in each of our U.S. businesses partially offset by a
solid profit increase at our international operations," stated
Matthew D. Serra, Foot Locker, Inc.'s Chairman and Chief
Executive Officer.  "Because of the disappointing sales at our
U.S. stores, we increased our promotional posture to help clear
older goods and reduce inventory levels.  As a result, our gross
margin in our U.S. store businesses fell significantly short of
our plan."

Mr. Serra continued, "While we are seeing signs of improvement
in our U.S. store businesses, we believe it is prudent to more-
conservatively plan our business for the balance of 2007.
Therefore, for our second fiscal quarter, we currently expect
earnings to be in the range of US$0.15 to US$0.20 per share.
This forecast includes higher markdowns than last year to ensure
that our inventory is well positioned for the fall season.  We
currently expect that our earnings for the full year will be in
the range of US$1.15 to US$1.25 per share."

                      Store Base Update

During the first quarter, the company opened 61 new stores;
remodeled/relocated 65 stores and closed 73 stores.  At
May 5, 2007, the company operated 3,930 stores in 20 countries
in North America, Europe and Australia.  The store openings
include 31 new Footquarters stores, the company's new value-
based footwear chain.  In addition, three additional Foot Locker
franchised stores were operating in the Middle East.

                      Financial Position

The company continued to strengthen its financial position while
also redeploying its strong cash flow with a goal of enhancing
shareholder value.  At the end of the first quarter, the
company's cash position, net of debt, was US$183 million, an
US$85 million improvement from the same time last year.  The
company's cash and short-term investments totaled US$418
million, while its total debt was US$235 million.  During the
first quarter, the company paid out US$19 million in shareholder
dividends and repurchased 1.2 million shares of its common stock
for US$26 million.

                      About Foot Locker

Headquartered in New York City, Foot Locker, Inc. (NYSE: FL) --
http://www.footlocker-inc.com/-- retails athletic footwear and
apparel.  The company operates approximately 3,900 athletic
retail stores in the United States, Canada, The Netherlands,
Australia, and New Zealand as of Feb. 3, 2007.

                        *     *     *

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

These ratings are placed on review for possible downgrade:

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

At the same time, Standard & Poor's Ratings Services' ratings,
including the 'BB+' corporate credit rating, on Foot Locker Inc.
remain on CreditWatch with negative implications following the
company's announcement that it has launched a bid to acquire
Genesco Inc.


HALCYON STRUCTURED: Moody's Rates EUR22.5 Million Notes at Ba3
--------------------------------------------------------------
Moody's assigned these definitive ratings to six classes of
notes and the variable funding notes issued by Halcyon
Structured Asset Management Europe CLO 2007-I B.V., a bankruptcy
remote special purpose vehicle incorporated in the Netherlands:

   -- Aaa to the EUR150 million Senior Secured Floating Rate
      Variable Funding Notes;

   -- Aaa to the EUR150 million Class A1 Senior Secured Floating
      Rate Notes;

   -- Aaa to the EUR90 million Class A2 Senior Secured Floating
      Rate Notes;

   -- Aa2 to the EUR51 million Class B Deferrable Secured
      Floating Rate Notes;

   -- A2 to the EUR36 million Class C Deferrable Secured
      Floating Rate Notes;

   -- Baa3 to the EUR37.5 million Class D Deferrable Secured
      Floating Rate Notes; and

   -- Ba3 to the EUR22.5 million Class E Deferrable Secured
      Floating Rate Notes.

The ratings address the expected loss posed to investors by the
legal maturity of each class (in 2023).

These ratings are based upon:

   1. An assessment of the credit quality and of the
      diversification of the assets in the portfolio at the
      effective date;

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

   3. The overcollateralization of the notes;

   4. The protection against losses through the subordination of
      the Class A2, B, C, D, E notes and the EUR63 million
      subordinated notes and the excess spread available in the
      transaction;

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

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio of senior loans, mezzanine loans, second
lien loans and high yield bonds.  This portfolio is dynamically
managed by Halcyon Structured Asset Management LP.  This
portfolio was partially acquired at closing and will be ramped-
up over the first 8 months of the transaction.  Upon conclusion
of the ramp-up, the portfolio shall comply (amongst others) with
the following tests: a diversity score greater than or equal to
35, a weighted average rating factor lower than or equal to
2,400 and weighted average spread greater than or equal to 2.60%
and a weighted average recovery rate greater than or equal to
55%.  Thereafter, the portfolio of loans will be actively
managed and the portfolio manager will have the option to direct
the issuer to buy or sell loans.  Any addition or removal of
loans will be subject to a number of portfolio criteria.

This transaction features multi-currency variable funding notes
that can be drawn either in Euros, in Sterling or in U.S.
Dollar.  Initially, Sterling (or U.S. Dollar) drawings will be
used to purchase Sterling denominated assets.  Should such non-
euro assets default, Sterling advances would not be fully
collateralized by Sterling assets and therefore Euro proceeds
may need to be converted into Sterling in order to redeem non-
euro advances, thus creating a foreign exchange risk exposure.
This currency risk is partially mitigated with foreign currency
options purchased by the Issuer at closing and has been
considered in Moody's analysis.


HERBALIFE LTD: Hires Adriana Mendizabal as Senior VP-Mexico Area
----------------------------------------------------------------
Herbalife Ltd. has appointed Adriana G. Mendizabal as senior
vice president and managing director of its Mexico and Central
America region, effective June 1, 2007.

Ms. Mendizabal brings a stellar consumer marketing background to
Herbalife based upon best practices developed throughout her
career.  She joins the company from Johnson & Johnson Consumer
Mexico, where she served as general manager of the company's
consumer division. Under her leadership, the company achieved
share gains across core product categories for brands including
Neutrogena and Johnson's Baby.

Previously, Ms. Mendizabal served as general manager of the
consumer, professional and digital division of Kodak Mexico,
where she was instrumental in achieving high profit levels, and
led the redesign of the company's sales force, among other
accomplishments.

As vice president of marketing at Pepsico Mexico, Ms. Mendizabal
reversed the company's share erosion.  She enjoyed an ascending
career at Procter & Gamble where she ultimately served as
director of marketing operations and strategic planning for
Latin America.

"We are confident that Adriana's strong management background
will enable Mexico to remain one of our top two markets, and
under her leadership, we will further our brand-building efforts
and bring the market to the next stage of expansion," said Greg
Probert, president and chief operating officer.  "In Adriana,
our distributors will find a new partner to continue to build
their organizations."

The Mexico and Central America region, which includes Costa
Rica, Panama and El Salvador, is the company's third largest
region and represents approximately 19 percent of the company's
sales in first quarter of 2007.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/--
Herbalife, now in its 26th year, conducts business in 62
countries.  The company does business with several manufacturers
worldwide and has its own manufacturing facility in Suzhou,
China as well as major distribution centers in Venray,
Netherlands, Japan, Los Angeles, Calif., Memphis, Tenn.,
Guadalajara, Mexico, and El Salvador.  The company also has
operations in Venezuela.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
April 05, 2007, Standard & Poor's Ratings Services said that its
'BB+' corporate credit rating on Herbalife Ltd. remains on
CreditWatch with negative implications following the company's
announcement that the company's board of directors has rejected
a bid to be acquired by Whitney V L.P.


WOOD STREET: Fitch Rates EUR20 Mln Class E Senior Notes at BB
-------------------------------------------------------------
Fitch has assigned expected ratings to Wood Street CLO V B.V.'s
upcoming issue of floating-rate notes:

     -- EUR218 million Class A-D senior secured floating-rate
        notes due 2023: 'AAA'

     -- EUR100 million Class A-R senior secured revolving
        floating-rate notes due 2023: 'AAA'

     -- EUR20 million Class A-2 senior secured floating-rate
        notes due 2023: 'AAA'

     -- EUR40 million Class B senior secured floating-rate notes
        due 2023: 'AA'

     -- EUR30 million Class C senior secured deferrable
        floating-rate notes due 2023: 'A'

     -- EUR26 million Class D senior secured deferrable
        floating-rate notes due 2023: 'BBB'

     -- EUR20 million Class E senior secured deferrable
        floating-rate notes due 2023: 'BB'

The transaction is a securitization of leveraged loans including
primarily senior secured loans, second lien loans, mezzanine
obligations and high yield bonds.

The expected ratings of the Class A-D, A-R, A-2 and B notes
address the ultimate repayment of principal at maturity and the
timely payment of interest when due, according to the terms of
the notes.  For the Class C, D and E notes, which can defer
interest, the expected ratings address the ultimate payment of
principal and interest, including deferred interest, at
maturity.

The ratings are based on the quality and diversity of the
portfolio of assets, which are selected by the collateral
manager, Alcentra Limited, subject to the guidelines outlined in
the collateral management agreement.

The expected ratings are also based on the credit enhancement
provided to the various Classes of notes in the form of
subordination, structural protection and excess spread.  Credit
enhancement, in the form of subordination, for the Class A-D and
A-R (together the Class A-1 notes) will total 34.16%, of which
4.14% will be provided by the A-2 notes, 8.28% by the B notes,
6.21% by the C notes, 5.39% by the D notes, 4.14% by the E notes
and 6% by the unrated subordinated Class of notes.

Alcentra will actively manage the collateral over the six-year
reinvestment period.  Derivative Fitch assigned Alcentra Limited
a 'CAM1-' rating for European leveraged loans on May 11, 2007,
primarily based on its high level of focus on leverage loans,
and experienced and stable management team.

Wood Street CLO V B.V. is a limited liability company
incorporated under the laws of the Netherlands.  At the closing
date, the issuer is expected to have purchased at least 60% of
the target portfolio; the remainder will be purchased over the
following 365 days.


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


BANKAS SNORAS: Fitch Assigns BB- Rating on EUR175 Mln Eurobond
--------------------------------------------------------------
Fitch Ratings has assigned Bankas Snoras's EUR175 million
eurobond issue a final Long-term 'BB-' rating.  Bankas Snoras is
rated Issuer Default 'BB-', Short-term 'B', Individual 'D' and
Support '4'.  The Outlook is Negative.  The Support Rating Floor
for Bankas Snoras is 'B+'.

The unsubordinated and unsecured notes due in May 2010 are to
rank equally among themselves and at least equally with all
other present and future unsecured and unsubordinated
obligations of Bankas Snoras, save for obligations that may be
preferred by law.

The Negative Outlook reflects Bankas Snoras's declining
capitalization trend.  While its capitalization has increased
following a rights issue in February 2007, Fitch will monitor
how it is managed on an ongoing basis.


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


ANGAR-STORY OJSC: Court Names I. Kolotilin as Insolvency Manager
----------------------------------------------------------------
The Arbitration Court of Irkutsk appointed I. Kolotilin as
Insolvency Manager for OJSC Angar-Story.  He can be reached at:

         I. Kolotilin
         K. Marksa Str. 26B
         664003 Irkutsk
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A19-11959/02-29.

The Court is located at:

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

The Debtor can be reached at:

         I. Kolotilin
         K. Marksa Str. 26B
         664003 Irkutsk
         Russia


BAYKAL-RESORT CJSC: Creditors Must File Claims by July 5
--------------------------------------------------------
Creditors of LLC Builder have until July 5 to submit proofs of
claim to:

         I. Rudnev
         Insolvency Manager
         F. Engelsa Str. 8-801
         664007 Ikrutsk
         Russia

The Arbitration Court of Ikrutsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A19-23739/06-29.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Baykal-Resort
         Shiryamova Str. 32
         Ikrutsk
         Russia


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

         N. Stulkov
         Insolvency Manager
         Poymennaya Str. 20
         Solnechnyj
         460051 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-17030/05-14gk.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Builder
         Mednogorsk
         Orenburg
         Russia


DRUZHBA OJSC: Kursk Bankruptcy Hearing Slated for Sept. 26
----------------------------------------------------------
The Arbitration Court of Kursk will convene on Sept. 26 to hear
the bankruptcy supervision procedure on OJSC Druzhba (TIN
4609000251).  The case is docketed under Case No. A35-1286/
07 g.

The Temporary Insolvency Manager is:

         A. Malysheva
         Apartment 21
         Radisheva Str. 25
         305000 Kursk
         Russia

The Court is located at:

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

The Debtor can be reached at:

         OJSC Druzhba
         Prilepy
         Konyshevskiy
         307621 Kursk
         Russia


EAST INVESTMENT: Creditors Must File Claims by June 5
-----------------------------------------------------
Creditors of CJSC East Investment Company (TIN 4101020010) have
until June 5 to submit proofs of claim to:

         A. Lelchuk
         Insolvency Manager
         Post User Box 178
         683000 Petropavlovsk-Kamchatskiy
         Russia

The Arbitration Court of Kamchatka commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A24-720/07-12.

The Debtor can be reached at:

         CJSC East Investment Company
         Apartment 18
         Maksutova Str. 44
         683032 Petropavlovsk-Kamchatskij
         Russia


FIRST MORTAGE AGENT: Moody's Rates RUB264 Million Bonds at Ba1
--------------------------------------------------------------
Moody's Investors Service assigned definitive long-term credit
ratings to the two classes of Bonds to be issued by Closed Joint
Stock Company "First Mortgage Agent of AHML":

   -- A3 to the RUB2.9 billion Class A Residential Mortgage
      Backed Fixed Rate Bonds due 2039;

   -- Ba1 to the RUB264 million Class B Residential Mortgage
      Backed Variable Rate Bonds due 2039.

The RUB130,794,000 Class C bonds were not rated by Moody's.

Closed Joint Stock Company "First Mortgage Agent of AHML", which
is incorporated under the laws of the Russian Federation, has
issued three classes of Russian Ruble denominated bonds to fund
the purchase of a portfolio of Mortgage Certificates
(zakladnaya) with rights to receivables arising from Russian
Rouble denominated mortgage loans.  The loans have been
originated by a range of local regional banks and non-banking
entities located in 55 regions of the Russian Federation in
accordance with standards set by Open Joint-Stock Company "The
Agency For Housing Mortgage Lending".  The transfer of Mortgage
Certificates (zakladnaya) and all but one transaction document
are governed by Russian law.  The Calculation Agency Agreement
is governed by the laws of England and Wales.

The Mortgage Agent operates under the legislation of the Russian
Federation, and in particular Federal Law No. 152-FZ of 11
November 2003 "On Mortgage Backed Securities", as amended.  The
entire issued share capital is held by Stichting AHML Finance I
and Stichting AHML Finance II.

AHML was established, and is owned, by the Government of the
Russian Federation, its activities being guided by the
Supervisory Council comprising CEOs of a number of major
ministries and other federal state authorities.  AHML is modeled
on leading international mortgage agencies such as Fannie Mae
and is the largest Russian organization refinancing mortgages.

The ratings of the bonds are inter alia based on:

   (i) favorable pool characteristics such as the moderate
       weighted average current LTV of 53.4%, relatively low
       geographic concentration of the portfolio, and low
       weighted average loan size,

  (ii) credit enhancement provided by Excess Spread and Reserve
       Fund,

(iii) non-amortizing Legal Reserve in the amount of 0.5% of the
       initial bond balance (funded through excess spread after
       closing), and

  (iv) credit quality of the Master Servicer, AHML, which will
       also perform back-up servicing functions.

The non-amortizing Reserve Fund of RUB230.6 million (7.0% of the
initial bond balance) was partially funded at closing to the
amount of RUB131.8 million (4.0% of the initial bond balance)
and the remaining balance will be funded by the excess spread.
The pool consists of fixed rate loans secured by mortgages on
approximately 8,168 residential properties located throughout
the Russian Federation.  A significant share of the properties
is originated in these regions:

   -- Bashkortostan (20.0%);
   -- Vologda Region (5.5%);
   -- Sverdlovsk Region (4.8%);
   -- Novosibirsk (6.0%);
   -- Altai territory (8.9%); and
   -- Samara Region (7.7%).

The Master Servicer in the transaction is AHML, day to day
servicing is subcontracted to a range of AHML accredited
Regional Operators and Service Agents.

The ratings address the expected loss posed to investors by the
legal final maturity.  Moody's ratings address only the credit
risks associated with the transaction.  Other non-credit risks
have not been addressed, but may have a significant effect on
yield to investors.  Moody's assigned provisional ratings to
this transaction on April 20, 2007.


GOFITSKOYE OJSC: Bankruptcy Hearing Slated for July 10
------------------------------------------------------
The Arbitration Court of Krasnodar will convene at 11:00 a.m. on
July 10 to hear the bankruptcy supervision procedure on OJSC
Gofitskoye (TIN 2314001070, KPP 231401001).  The case is
docketed under Case No. A-32-29480/2006-1-2695-B.

The Insolvency Manager is:

         S. Savchenko
         Building 3
         A. Zhivova Str. 6, 5
         123100 Moscow
         Russia

The Court is located at:

         The Arbitration Court of Krasnodar
         Staroderevenkovskaya St.
         Krasnodar
         Russia

The Debtor can be reached at:

         OJSC Gofitskoye
         Lenina Str. 104
         Gofitskoye
         Labinskiy
         Krasnodar
         Russia


HEAT-SERVICE LLC: Court Starts Bankruptcy Supervision Procedure
---------------------------------------------------------------
The Arbitration Court of Kareliya commenced bankruptcy
supervision procedure on LLC Heat-Service.  The case is docketed
under Case No. A26-11867/2005-18.

The Temporary Insolvency Manager is:

         E. Mashtaler
         Post User Box 82
         Petrozavodsk
         185030 Kareliya
         Russia

The Court is located at:

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

The Debtor can be reached at:

         LLC Heat-Service
         Volodarskogo Str. 40
         Petrozavodsk
         Kareliya
         Russia


IRELAND CJSC: Creditors Must File Claims by July 5
--------------------------------------------------
Creditors of CJSC Company Ireland have until July 5 to submit
proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A40-25506/06-73-344B.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Ireland
         Raspletina, 19-2
         Moscow
         Russia


KOMSOMOLSKIY-NA-AMURE: Creditors Must File Claims by June 5
-----------------------------------------------------------
Creditors of JSC Komsomolskiy-Na-Amure Accumulator Factory (TIN
2703001040) have until June 5 to submit proofs of claim to:

         V. Morozov
         Temporary Insolvency Manager
         Post User Box 134
         GSP
         681000 Komsomolsk-na-Amure
         Russia

The Arbitration Court of Khabarovsk commenced bankruptcy
supervision procedure on the company.  The case is docketed
under Case No. A73-2601/2007-9.

The Debtor can be reached at:

         OJSC Komsomolskiy-Na-Amure Accumulator Factory
         Kirova Str. 54
         Komsomolsk-na-Amure
         Russia


EVRAZ GROUP: Acquiring 50% Interest in Yuzhkuzbassugol
------------------------------------------------------
Evraz Group S.A. has reached an agreement to acquire outstanding
50% interest in Yuzhkuzbassugol from existing shareholders,
representing the management of the coal company.

The deal is subject to regulatory permissions and Evraz Board of
Directors approval.

Further details will be disclosed after the Board of Directors'
decision.

                          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.

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+.


NOMOS BANK: Fitch Affirms B+ Issuer Default Ratings
---------------------------------------------------
Fitch Ratings has affirmed Russia-based Nomos Bank's ratings at
Issuer Default 'B+', Short-term 'B', Individual 'D', Support '5'
and National Long-term 'A-'.  The Outlooks for the Issuer
Default and National Long-term ratings are Stable.

This action follows the announcement that the shareholders of
Nomos and PPF Group N.V., an international financial group with
interests in insurance and consumer finance, will establish a
new bank holding company with two wholly owned subsidiaries:
Nomos and Home Credit and Finance Bank, a member of the Home
Credit Group (which is a part of PPFG).  The stakes in the new
bank holding company will be determined on the basis of the
audited figures of both banks for H107.  The shareholders expect
the transaction to be closed by end-September 2007 following
regulatory and other approvals.

Fitch does not expect the transaction to have any significant
impact on Nomos' operations in the short term, in light of the
shareholders' declared intent to retain the two banks' existing
operational focus and management teams.  Over the longer term,
some scale and diversification benefits are possible, while both
banks' financial flexibility and capital-raising capacities
could be enhanced.

Nevertheless, it could be challenging to achieve synergies in
light of Nomos' and HCFB's different businesses (the former
being primarily a corporate bank and the latter a consumer
finance entity).  Furthermore, should the two banks choose to
undertake greater integration, contagion risk could be greater
for Nomos given the significant impairment seen to date on
HCFB's loan book.

Nomos' ratings continue to reflect the credit risk associated
with its rapid asset growth, relatively high concentration risk
on both sides of the balance sheet and market risk stemming from
the securities portfolio, as well as its declining, albeit still
sound, performance.  However, they also take into account the
bank's good asset quality, adequate capitalization and
relatively diversified funding base.

Nomos was one of the 20-largest Russian banks, with USD4.2bn of
total assets at 31 December 2006.  The franchise is currently
focused primarily on serving corporates operating in the
defence, energy and mining sectors, although a broadening of the
corporate customer base is being pursued.  The bank is the
third-largest bullion trader in Russia and has strong positions
in fixed-income trading.  Seven individuals control Nomos, four
are owners of the financial and industrial group ICT.


RAJ-AGRO-PROM-STROY: Creditors Must File Claims by July 5
---------------------------------------------------------
Creditors of OJSC Raj-Agro-Prom-Stroy have until July 5 to
submit proofs of claim to:

         A. Baklykov
         Insolvency Manager
         Office 610
         Derzhavinskaya Str. 16-a
         392000 Tambov
         Russia

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-3115/06-10.

The Debtor can be reached at:

         OJSC Raj-Agro-Prom-Story
         Petrovskoye
         Petrovskiy
         Tambov
         Russia


RASPADSKAYA SECURITIES: Fitch Rates US$300 Million Loan at B+
-------------------------------------------------------------
Fitch Ratings has assigned Raspadskaya Securities Limited's
US$300 million 7.5% loan participation notes due in 2012 final
senior unsecured 'B+' and Recovery 'RR4' ratings.  Following the
LPN issue, OJSC Raspadskaya plans to borrow additionally a
smaller amount than previously estimated -- about US$50 million
to US$110 million in 2007-2008.

The final ratings on the LPNs follows a review of the final
terms and conditions conforming to information already received
when Fitch assigned the expected ratings of 'B+'/'RR4' on 4 May
2007. The 'B+' rating of the LPNs is in line with Raspadskaya's
Issuer Default rating of 'B+'.

The proceeds are used solely to refinance a USD300m short-term
bridge loan from Natexis Banques Populaires and Bank Natexis
ZAO. Raspadskaya SL is an SPV and a public limited liability
company incorporated in Ireland.  The purpose of Raspadskaya SL
is to issue the notes and lend the proceeds under a loan
agreement to Raspadskaya.  The notes are limited recourse
obligations of the issuer.  While the notes are referred to as
"secured," such security is established to ensure a link to the
ultimate borrower Raspadskaya by assigning certain rights under
a loan agreement between the SPV and Raspadskaya.  English law
governs the loan agreement.

Covenants in the loan agreement include, among others, an equal
ranking of the loan with present or future unsecured obligations
of Raspadskaya and a negative pledge.  Raspadskaya also has a
net leverage ceiling of 3x.  With FY06 net debt/EBITDA ratio of
1.4x, the company has some headroom under the above-mentioned
covenant.

On May 4, 2007 Fitch assigned an IDR of 'B+' to Raspadskaya, the
second-largest coking coal producer in Russia.  Raspadskaya is
indirectly 40%-owned by management and 40% by Evraz, with the
rest being free float.


ROSNEFT OIL: Trade Minister Rules Out Possible Insolvency
---------------------------------------------------------
German Gref, Russian Economic Development and Trade Minister,
ruled out the possibility that state-owned oil concern OAO
Rosneft Oil and gas producer OAO Gazprom will become insolvent,
Interfax News reports.

"I can't see any serious danger of this, there's no such
problem," Mr. Gref was quoted by Interfax as saying.  "[Rosneft]
... has spent a great deal on acquisitions, but they have a
tremendous inflow of cash."

Mr. Gref said that Rosneft may further prop up its coffers in
the future by launching an initial public offering, Interfax
relates.  The minister added that Rosneft can also sell assets
if it needs cash.

                           About Rosneft

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


SEVERSTAL OAO: Hikes Lucchini S.p.A. Stake to 79.8%
---------------------------------------------------
OAO Severstal has purchased an additional 9% stake in Lucchini
S.p.A. for EUR85,200,000, increasing its holding in the company
to 79.82%.

Lucchini produces high-quality steel and long products in Italy
and France and has a European distribution network.  Its markets
include automotive and railways.

Severstal purchased the additional stake in Lucchini through its
100% subsidiary Upcroft.  According to the terms of the deal,
Severstal also will get a pro rata number of warrants converted
into Lucchini shares.

"We are delighted to be increasing our investment in Lucchini,"
Alexey Mordashov, Severstal Chief Executive, said.  "It is a
great business which contributed US$3.3 billion of revenues to
Severstal in 2006.  We plan to continue to invest in the
business to further improve productivity and efficiency."

"Such decision has been taken in harmony with Severstal and with
its main Shareholder, thanks to the good collaboration and to
the human relationship that have been created for over two
years," Giuseppe Lucchini, Lucchini President and shareholder,
said.

                        About Severstal

Headquartered in Cherepovets, Russia, OAO Severstal --
http://www.severstal.com/-- is the country's largest steel
producer, with steel production of 17.1 million tons in 2005.
The Company owns Severstal North America, the fifth largest
integrated steel maker in the U.S. with 2005 production of 2.7
million tons, and Lucchini, Italy's second largest steel group
with 2005 production of 3.5 million tons.  Severstal is one of
the world's lowest cost and most profitable steel producers,
with 2005 EBITDA per ton of around EUR150 per ton.

                         *     *     *

In a TCR-Europe report on April 24, 2007, Fitch Ratings revised
the Outlooks on OAO Severstal's Issuer Default and National
Long-term ratings to Positive from Stable.  In addition, Fitch
has affirmed Severstal's ratings at Issuer Default 'BB-', senior
unsecured 'BB-', Short-term 'B' and National Long-term 'A+'.

As reported in the TCR-Europe on April 16, Moody's Investors
Service's confirmed its Ba3 Corporate Family Rating for
Severstal OAO.  Moody's also assigned a Ba3 Probability-of-
Default rating to the company.

                                                      Projected
                           Old POD  New POD  LGD      Loss-Given
   Debt Issue              Rating   Rating   Rating   Default
   ----------              -------  -------  ------   --------
   Sr. Unsec. Regular
   Bond/Debenture
   Due 2009                B1       B1       LGD5     75%

   Sr. Unsec. Regular
   Bond/Debenture
   Due 2014                B1       B1       LGD5     75%


As of Feb. 1, Severstal also carries BB- Long-term Foreign
Issuer Credit and Long-term Local Issuer Credit ratings from
Standard & Poor's.  Outlook is stable.


SILICATE FACTORY: Court Names D. Namasaev as Insolvency Manager
---------------------------------------------------------------
The Arbitration Court of Buryatiya appointed D. Namasaev as
Insolvency Manager for OJSC Silicate Factory.  He can be reached
at:

         D. Namasaev
         Room 300
         Solnechnaya Str. 7a
         Ulan-Ude
         460051 Buryatiya
         Russia
         Fax: 233-407

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A10-1467/03.

The Court is located at:

         The Arbitration Court of Buryatiya
         Kommunisticheskaya Str. 51
         Ulan-Ude
         Russia

The Debtor can be reached at:

         D. Namasaev
         Room 300
         Solnechnaya Str. 7a
         Ulan-Ude
         460051 Buryatiya
         Russia
         Fax: 233-407


STROY-INVEST CJSC: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of CJSC Company Stroy-Invest have until June 5 to
submit proofs of claim to:

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

The Arbitration Court of Moscow commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A41-K2-19367/06.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Company Stroy-Invest
         Tsentralnaya1
         Zverosovkhoz
         Pushkinskiy
         Moscow
         Russia


TEKH-INCOME TRADING: Creditors Must File Claims by June 5
---------------------------------------------------------
Creditors of CJSC Tekh-Income Trading have until June 5 to
submit proofs of claim to:

         L. Bogomazova
         Insolvency Manager
         Post User Box 1252
         398059 Lipetsk
         Russia
         Tel/Fax: 43-58-71

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A36-491/2007.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Tekh-Income Trading
         Novoandreevka
         Burlinskiy
         Lipetsk
         Russia


URALSKAYA GRAIN: Creditors Must File Claims by July 5
-----------------------------------------------------
Creditors of LLC Uralskaya Grain Company (TIN 5611024406, KPP
561001001) have until July 5 to submit proofs of claim to:

         V. Gorbunov
         Insolvency Manager
         Gaya Str. 23a
         460000 Orenburg
         Russia
         Tel/Fax: (3532) 78-38-44

The Arbitration Court of Orenburg commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A47-1915/2007-14GK.

The Court is located at:

         The Arbitration Court of Orenburg
         9th January Str. 64
         460046 Orenburg
         Russia

The Debtor can be reached at:

         LLC Uralskaya Grain Company
         Parkovyj Pr. 2
         460000 Orenburg
         Russia


URALSKIY PORCELAIN: Asset Sale Slated for June 6
------------------------------------------------
Z. Kharbediya, the insolvency manager for CJSC Uralskiy
Porcelain, will open a public auction for the company's
properties at noon on June 6 at:

         Z. Kharbediya
         Room 513
         8 Marta-12E
         Ekaterinburg
         Russia

Interested participants have until June 1 to deposit an amount
equivalent to 20% of the starting price to:

         OJSC Chelyab-invest-bank
         Yuzhnouralsk
         Settlement Account 40702810947010000467
         BIK 047502875

Bidding documents must be submitted to:

         Room 602E
         Building 15
         Nizhegorodskaya Str. 32
         Moscow
         Russia

The Debtor can be reached at:

         CJSC Uralskiy Porcelain
         Beregovaya Str. 1
         Yuzhnouralsk
         Russia


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


SAS AB: Cancels Flights & May Lose SEK20 Million Due to Strike
--------------------------------------------------------------
SAS AB's Scandinavian Airlines unit in Sweden cancelled some 150
flights in Europe and Sweden on Sunday, as well as more than 275
flights affecting some 20,000 passengers on Monday because of a
strike by cabin staff, the airline said in statements posted on
its Web site.

The Associated Press reports that the strike could cost the
carrier as much as SEK20 million (US$3 million) per day in lost
ticket sales.  The Swedish unit has 2,500 staff and flies 6
million passengers a year to more than 50 domestic and
international destinations.

                   Negotiations at Stalemate

Negotiations between the Swedish Salaried Employees'
Union/Scandinavian Cabin Crew Association and SAS/Swedish Air
Transport Industry Employers' Association have not yet led to an
agreement, the company said.

"The Salaried Employees' Union strike is about who is to manage
Scandinavian Airlines' Sverige's operations," says Anders
Ehrling, President of Scandinavian Airlines Sverige.  "The
Salaried Employees' Union has transferred responsibility for
negotiations to the local cabin crew branch, which is unable to
prioritize among its 38 demands.  This is a unique situation in
the Swedish labor market and completely unacceptable.  The
Union's leadership must take its responsibility without delay to
bring these discussions to a conclusion.  This is now a matter
of many more people's jobs than those of cabin employees."

                  Union Demands Power Over SAS

Mr. Ehrling goes on to say that the company has offered
solutions to the union's original list of demands, which
includes the issue of meal breaks.  However, he added that they
have reached a stalemate in what he calls "issues of power"
pursued by the union.  He said what the union wants is
tantamount to asking the company and its management to
relinquish the entire responsibility for personnel planning, the
recruitment of managers and the scheduling of working hours.

He also said in the carrier's statement that he had some qualms
about the union's demand for time off during peak days such as
Boxing Day (December 26), during which it has asked that staff
shouldn't have to work early in the morning and late in the
evening.

"Naturally, we cannot accept demands that so clearly weaken
Scandinavian Airlines Sverige's competitiveness and that widely
exceed the frameworks applicable in the Swedish labor market and
for our competitors," Mr. Ehrling concludes.

              Union Doing Everything to End Strike

"I share the concern of many of our employees regarding the
consequences of the Salaried Employees' Union strike," says Lou-
Ann Wejke, head of Scandinavian Airlines Sverige's cabin
employees.  "If we cannot fly our customers where they want to
go, they will opt for other airlines.  For every day that the
strike continues, the risk of jobs being lost rises.  That is
why we are now doing everything we can to bring the strike to an
end.  A positive sign is that the leadership of the Salaried
Employees' Union has now started to become involved in the
negotiations," she further said.

The strike among Scandinavian Airlines Sverige's cabin employees
only affects Scandinavian Airlines Sverige's flights and does
not affect flights operated by the other airlines, the company
added.  All of Scandinavian Airlines Sverige's flights remain
cancelled due to the strike except for the Stockholm to London
City Airport flight.  All of Scandinavian Airlines
International's direct flights to and from the US and Asia are
operating as scheduled.

All flights operated by Scandinavian Airlines Denmark and
Scandinavian Airlines Norge continue to be flown as scheduled,
including to or from Sweden.  These flights are:

    -- Scandinavian Airlines Danmark's flights between
       Copenhagen and Stockholm are identified by flight numbers
       beginning with 400;

    -- Scandinavian Airlines Norge's flights between Oslo and
       Stockholm are identified by flight numbers beginning with
       800 ;

    -- Scandinavian Airlines Danmark is operating all flights
       between Gothenburg and Copenhagen;

    -- Scandinavian Airlines Danmark is operating all flights
       between Jonkoping and Copenhagen; and

    -- Scandinavian Airlines Danmark is operating flights
       SK1631/SK1632 between Gothenburg and Frankfurt.

                            About SAS

Headquartered in Stockholm, Sweden, SAS AB --
http://www.sasgroup.net/-- is the Nordic region's largest
listed airline and travel group and the fourth-largest airline
group in Europe, in terms of passengers.  It had revenues of
SEK61.89 billion in fiscal year 2005.

                           *    *    *

On April 4, 2007, 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 B1 Corporate Family
Rating for SAS AB.

The implementation of the LGD methodology in EMEA follows the
introduction of the methodology in September 2006.  Most of the
rating actions Moody's confirmed relate to senior secured loans.

* Issuer: SAS Denmark-Norway-Sweden
                                                      Projected
                            Old POD  New POD  LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   EUR1-billion
   Sr. Unsecured
   Medium-Term
   Note Program             B2       B1       LGD3    48%

   1% Senior Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   1.305% Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   1.12% Sr. Unsecured
   Regular Bond/
   Debenture Due 2007       B2       B1       LGD3    48%

   CZK750-million
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   EUR500-million
   6% Senior Unsecured
   Regular Bond/
   Debenture Due 2008       B2       B1       LGD3    48%

   CHF200-Million 2.375%
   Sub. Regular Bond/
   Debenture                B3       B3       LGD6    96%


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


ABA PARKETT: Zug Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Willisau in Zug commenced bankruptcy
proceedings against JSC ABA Parkett Swiss on April 16.

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau LU
         Switzerland

The Debtor can be reached at:

         JSC ABA Parkett Swiss
         Chruzmatte 9
         6247 Schotz
         Willisau LU
         Switzerland


ARTFIX LLC: Zug Court Starts Bankruptcy Proceedings
---------------------------------------------------
The Bankruptcy Court of Willisau in Zug commenced bankruptcy
proceedings against LLC Artfix on April 16.

The Bankruptcy Service of Willisau can be reached at:

         Bankruptcy Service of Willisau
         6130 Willisau LU
         Switzerland

The Debtor can be reached at:

         LLC Artfix
         Chilegass 6
         6130 Willisau LU
         Switzerland


BOWA LLC: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against LLC Bowa on April 18.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Bowa
         Lenzburgerstrasse 50
         5503 Schafisheim
         Lenzburg AG
         Switzerland


CHATEAU DU CHATELARD: Creditors' Liquidation Claims Due June 30
---------------------------------------------------------------
Creditors of LLC Chateau du Chatelard Gestions have until
June 30 to submit their claims to:

         Grand Rue 7
         1814 La Tour-de-Peilz
         Vevey VD
         Switzerland

The Debtor can be reached at:

         LLC Chateau du Chatelard Gestions
         Dudingen
         Sense FR
         Switzerland


EMIRATIA HOLDING: Creditors' Liquidation Claims Due June 6
----------------------------------------------------------
Creditors of JSC Emiratia Holding have until June 6 to submit
their claims to:

         Katharina Herzog
         Liquidator
         JSC Orconsult
         Wengistrasse 7
         P.O. box
         8026 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Emiratia Holding
         Glarus
         Switzerland


GASITERA BALTIK: Creditors' Liquidation Claims Due June 13
----------------------------------------------------------
Creditors of JSC Gasitera Baltik have until June 13 to submit
their claims to:

         Dr. Peter Stocker
         Liquidator
         Oberblattstrasse 13
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC Gasitera Baltik
         St. Gallen
         Switzerland


GUNES EINKAUFSPARK: Aargau Court Starts Bankruptcy Proceedings
--------------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings
against JSC Gunes Einkaufspark on April 18.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         JSC Gunes Einkaufspark
         Niederlenzerstrasse 29
         5600 Lenzburg AG
         Switzerland


PNEU & AUSPUFF-CENTER: Creditors' Liquidation Claims Due June 30
----------------------------------------------------------------
Creditors of JSC Pneu & Auspuff-Center Adliswil, Schmitz have
until June 30 to submit their claims to:

         Hans-Peter Schmitz
         Liquidator
         Wohlerstrasse 43 b
         5620 Bremgarten AG
         Switzerland

The Debtor can be reached at:

         JSC Pneu & Auspuff-Center Adliswil, Schmitz
         Adliswil
         Horgen ZH
         Switzerland


TEAM ALLEGRO: Creditors' Liquidation Claims Due June 30
-------------------------------------------------------
Creditors of JSC Team Allegro have until June 30 to submit their
claims to:

         Muller Werner Karl
         Liquidator
         Wachlenstrasse 7D
         8832 Wollerau
         Hofe SZ
         Switzerland

The Debtor can be reached at:

         JSC Team Allegro
         Baar ZG
         Switzerland


VIABIONA FOUNDATION: Creditors' Liquidation Claims Due June 6
-------------------------------------------------------------
Creditors of JSC Viabiona Foundation have until June 6 to submit
their claims to:

         JSC Walser & Partner
         Liquidator
         Strehlgasse 29
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Viabiona Foundation
         Freienbach
         Hofe SZ
         Switzerland


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


NOBEL GROUP: Fitch Affirms & Withdraws B- Currency IDR
------------------------------------------------------
Fitch Ratings has affirmed Turkey-based generic drug
manufacturer Nobel Group's foreign currency and local currency
Issuer Default ratings at 'B-' with Stable Outlooks and
simultaneously withdrawn them.  Fitch has also withdrawn an
expected 'B-' senior unsecured and a Recovery Rating of 'RR4'
for a US dollar bond due 2011, which was subsequently not
issued.

Fitch will no longer provide ratings coverage of Nobel Group.


PROFILO TELRA: Financial Disclosure Cues Fitch's Outlook
--------------------------------------------------------
Fitch Ratings has changed Turkey-based Profilo Telra Elektronik
Sanayi ve Ticaret A.S.'s outlooks on its local and foreign
currency Issuer Default ratings and National Long-term rating to
Negative from Stable.  Its local and foreign currency IDRs are
affirmed at 'B' and National Long-term rating is affirmed at
'BBB+(tur)'.  HD Capital S.A.'s foreign currency senior
unsecured rating of 'B' is also affirmed.

The Outlook change reflects Fitch's concerns about the lack of
timeliness of Profilo's financial disclosure and therefore non-
compliance with certain terms and conditions in the
documentation for its loan participation notes.  Profilo has
failed to meet the 120-day deadline to deliver to the lender and
the LPN trustee its IFRS audited consolidated financial
statements for the fiscal year ended Dec. 31, 2006.  Fitch
understands that Profilo is targeting to deliver the information
on May 25.  The agency also understands that the trustee has not
given the borrower a notice of default to date.  However, Fitch
is concerned about the failure of Profilo's management to
deliver financial information in a timely manner as per the
information requirements set out in the covenant section in the
company's LPN documentation.  Given that the LPNs are Profilo's
debut debt placement, Fitch views that this failure might affect
the company's credibility in the international debt markets.

Fitch expects to meet with Profilo's management in the coming
weeks.  For the Outlook to return to Stable Profilo will need to
demonstrate that it has resolved the issues causing delays in
its financial reporting and that it is able to meet reporting
deadlines, including those relating to interim financial
statements.

HD is the debt-issuing vehicle of Profilo for its EUR50 million
10.75% LPNs issued in December 2006 and maturing in 2011.  HD
has the sole purpose of using the LPNs proceeds to finance a
loan to Profilo as set out in a loan agreement, the rights and
benefits of which are charged in favour of LPN noteholders
through a note trustee.

Profilo is the largest entity within the privately owned Profilo
Group, which has interests in real estate, shipbuilding, tourism
and various industrial ventures.  Profilo is the third-largest
TV producer in Europe after Turkey-based Vestel and Beko, with a
production capacity of five million units.  It has an annual
production capacity of one million units of DVD players,
satellite and terrestrial receivers and electronic cash
registers.


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


ALBION GROUP: Creditors Must File Claims by June 2
--------------------------------------------------
Creditors of LLC Albion Group (code EDRPOU 33798900) have until
June 2 to submit written proofs of claim to:

         Alexander Nikolaenko
         Liquidator 68000
         Industrial Str. 2-A
         Illichevsk
         Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/71-07-3212.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Albion Group
         Industrial Str. 2-A
         Illichevsk
         68000 Odessa
         Ukraine


FORMULA EKSIMPLUS: Creditors Must File Claims by May 27
-------------------------------------------------------
Creditors of LLC Formula Eksimplus (code EDRPOU 33688732) have
until May 27 to submit written proofs of claim to:

         Eugenie Golub
         Liquidator
         A. Ivanov Str. 21/17
         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. 24/246-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 Formula Eksimplus
         Revolt of January Str. 3B
         01010 Kiev
         Ukraine


INVEST-S LLC: Creditors Must File Claims by May 27
--------------------------------------------------
Creditors of LLC Architecture Building Invest-S (code EDRPOU
33566460) have until May 27 to submit written proofs of claim
to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 2/65-07-2474.

The Debtor can be reached at:

         LLC Architecture Building Invest-S
         B. Arnautskaya Str. 50
         Odessa
         Ukraine


KOZHUKHOVKA LLC: Creditors Must File Claims by June 2
-----------------------------------------------------
Creditors of LLC Kozhukhovka have until June 2 to submit written
proofs of claim to:

         The Economic Court of Vinnica
         Hmelnickiy Str. 7
         21036 Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/29-07.

The Debtor can be reached at:

         LLC Kozhukhovka
         Teplitsky District Kozhukhovka
         23851 Vinnica
         Ukraine


KRIVOY RUDOZBUT: Creditors Must File Claims by June 6
-----------------------------------------------------
Creditors of Krivoy Rog State Enterprise on Iron Manganese Ore
and Non-Metallic Materials Sale Rudozbut (code EDRPOU 00193003)
have until June 6 to submit written proofs of claim to:

         Constantine Rukavishnikov
         Liquidator
         P.O. Box 1796
         49027 Dnipropetrovsk
         Ukraine

The Economic Court of Dnipropetrovsk commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. B26-B15/116/04.

The Court is located at:

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

The Debtor can be reached at:

         Krivoy Rog State Enterprise on Iron Manganese Ore and
         Non-Metallic Materials Sale Rudozbut
         South Lane 1
         Krivoy Rog
         50026 Dnipropetrovsk
         Ukraine


LAN LLC: Creditors Must File Claims by June 2
---------------------------------------------
Creditors of Agricultural LLC Lan (code EDRPOU 23651958) have
until June 2 to submit written proofs of claim to:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. 2/358-B.

The Debtor can be reached at:

         Agricultural LLC Lan
         Stavnitsa
         Letychiv District
         Hmelnitskiy
         Ukraine


MOKRA KALIGIRKA: Creditors Must File Claims by June 2
-----------------------------------------------------
Creditors of OJSC Mokra Kaligirka Milk Plant (code EDRPOU
21366722) have until June 2 to submit written proofs of claim
to:

         Alexander Kholostoy
         Liquidator
         Vernigora Str. 29
         Cherkassy
         Ukraine

The Economic Court of Cherkassy commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 14/1170.

The Court is located at:

         The Economic Court of Cherkassy
         Shevchenko Avenue 307
         18005 Cherkassy
         Ukraine

The Debtor can be reached at:

         OJSC Mokra Kaligirka Milk Plant
         Mokra Kaligirka
         Katerinopolsk District
         Cherkassy
         Ukraine


SHAKHTERSKANTHRACITE: Assets Sale Slated for June 8
---------------------------------------------------
The Agency on Bankruptcy, insolvency manager for State Coal
Selling Enterprise Shakhterskanthracite, will open a public
auction for the company's properties at 11:00 a.m. on June 8 at:

         State Coal Selling Enterprise Shakhterskanthracite
         Office 26
         Shevchenko Boulevard 25
         Donetsk Ukraine


Interested parties submit their bids by 1:00 p.m., June 4 to:

         Komsomolsky Avenue 8
         Donetsk
         Ukraine
         Tel: (062) 304-37-21
                    304-77-83

To participate, bidders must deposit UAH17 and an amount
equivalent to 10% of the starting price to:

         Agency on Bankruptcy
         Settlement Account 26007742
         OJSC JSB Ukrgazbank
         Donetsk branch
         MFO 335894


STAROBOLSK TANK: Creditors Must File Claims by June 2
-----------------------------------------------------
Creditors of State Enterprise Starobolsk Tank Farm (code EDRPOU
03484139) have until June 2 to submit written proofs of claim
to:

         Victory Deynegina
         Liquidator
         91055 Lugansk Ukraine Sovetskaya Str. 59-a, ap. 13

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/79b.

The Court is located at:

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

The Debtor can be reached at:

         State Enterprise Starobolsk Tank Farm
         Stepovaya Str. 1
         Kirovsk
         93800 Lugansk
         Ukraine


YOUTH LLC: Creditors Must File Claims by May 27
-----------------------------------------------
Creditors of LLC Health Centre Youth (code EDRPOU 16285737) have
until May 27 to submit written proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 15/39-b.

The Debtor can be reached at:

         LLC Health Centre Youth
         M. Grushevsky Str. 28/2
         01021 Kiev
         Ukraine


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


BABY BRATZ: A. Turpin Leads Liquidation Procedure
-------------------------------------------------
A. Turpin of Poppleton & Appleby was appointed liquidator of
Baby Bratz Ltd. (formerly Choicebrook Ltd.) on May 4 for the
creditors' voluntary winding-up procedure.

The P&A Partnership (aka Poppleton and Appleby) --
http://www.thepandapartnership.com/-- acts for all clearing
banks and a growing number of factors and asset lenders.  Its
clients include multinational PLCs, SMEs, financial
institutions, accountants, solicitors and business advisors.

The company can be reached at:

         Baby Bratz Ltd.
         Great Western Arcade
         Birmingham
         B2 5HU
         England
         Tel: 0121 212 1854
         Fax: 0121 333 6499


BARGAIN BATHROOMS: Names Timothy Frank Corfield Liquidator
----------------------------------------------------------
Timothy Frank Corfield of Griffin & King was appointed
liquidator of Bargain Bathrooms Ltd. on May 17 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Bargain Bathrooms Ltd.
         494 College Road
         Birmingham
         B44 0HL
         England
         Tel: 0121 350 7777


BRITISH AIRWAYS: Cancels Italy Flights Due to Alitalia Strike
-------------------------------------------------------------
British Airways plc and other European airlines scrapped its
flights to and from Italy on Tuesday, May 22, 2007, due to a
strike by air-traffic controllers and flight attendants of
Alitalia S.p.A., published reports say.

The strike took place between 10:00 a.m. and 6:00 p.m. local
time, Bloomberg News relates.

According to BBC News, British Airways has cancelled 16 of its
flights to Italy, 10 from Gatwick and six from Heathrow.

Bloomberg says British Airways rebooked passengers onto later
flights.

As previously reported in the TCR-Europe, the flight attendants
launched the strike to keep the pressure on Alitalia over
contract negotiations.  The flight attendants have been
demanding that Alitalia follow the rules regulating the number
of crew members and hours of rest between flights.

Thousands of passengers were stranded because of the strike.

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

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

                      About British Airways

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

                            *   *   *

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

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

* Issuer: British Airways, Plc

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

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

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


BRITISH AIRWAYS: Investing GBP25 Mln on New 550 Airport Vehicles
----------------------------------------------------------------
British Airways plc is to invest more than GBP25 million on a
new fleet of 550 airport vehicles as part of its move to
Terminal 5 in March 2008.

The new vehicles will replace older models and will help the
airline to reduce its ground emissions at Heathrow and improve
its punctuality performance.

The fleet contains around 15 different vehicle types including
baggage tractors, loading equipment, passenger buses and cargo
tugs.

Customers will particularly benefit from the 38 strong new fleet
of Citaro passenger buses made by DaimlerChrysler.

The 12m long Citaro meets the very highest Euro 5 standard in
environmental performance and is currently the "greenest" bus
used by any airline at Heathrow.

The Euro 5 standards represent a further 43 percent reduction in
nitrogen oxide emissions over Euro 4 standards.

The first bus, which are planned to carry 45 passengers, was
delivered this week and will go into service in early June once
drivers have undergone a full training program.  The remaining
37 buses will be delivered in the coming weeks.

Geoff Want, director of ground operations for British Airways,
said:  "Terminal 5 is a once in a life opportunity for the
airline and the new ground equipment fleet will be critical to
the overall success of the move.

"The new fleet will enable us to better manage our operations
and have the right equipment to meet the different layout around
the new terminal buildings.

"When we ordered each of the vehicle types one of the key
considerations was their environmental performance.

"We are looking forward to retiring many of our oldest vehicles
in the next few months which has a triple benefit of reducing
emissions, improving customer experience and also giving staff
better working conditions."

As part of the bus replacement program and the operational
changes within Terminal 5 the number of buses used by British
Airways at Heathrow will also reduce by more than 50 percent by
2010.

The overall number of ground equipment vehicles required will
also reduce by just under 40 percent from 1300 in 2007 to just
under 800 in 2010.

More than 300 of the new vehicles will be fitted with
telematics, which utilizes satellite navigation technology.
This will enable the vehicle condition to be remotely monitored
and will help to ensure an improved maintenance regime.  It will
also help in understanding the location of vehicles around the
airport.

British Airways was a founding member of the BAA's Heathrow
Clean Vehicles Programme and currently has the very top-level
"Diamond" rating for its performance.

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

                            *   *   *

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

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

* Issuer: British Airways, Plc

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

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

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


BRITISH SKY: Competition Commission to Probe on ITV Stake
---------------------------------------------------------
The Secretary of State for Trade and Industry, Alistair Darling,
has referred British Sky Broadcasting plc's acquisition of a
17.9 percent stake in ITV plc to the Competition Commission for
a full investigation.

The CC has been asked to decide whether a relevant merger
situation has been created and whether the creation of that
situation is likely to lead to a substantial lessening of
competition in any market or markets within the U.K.  In
addition it must also decide whether, taking account of the
specified public interest consideration (the need for "plurality
of persons with control of media enterprises"), the merger will
operate against the public interest.

The CC must report to the Secretary of State by Nov. 7, 2007,
who must then decide on the basis of the report what action
should be taken.

The CC will appoint members to its inquiry group and will then
publish a draft timetable for the inquiry.  The first task for
the group will be to gather evidence by contacting all involved
parties and by advertising for submissions from any other
interested groups or individuals.

The Secretary of State's reference follows submissions from both
the Office of Fair Trading and Ofcom, which raised concerns
about the acquisition on competition and public interest grounds
respectively.

The CC would like to hear from all interested parties, in
writing, by June 14, 2007.  To submit evidence, parties must e-
mail or write to:

         Inquiry Secretary (BSkyB/ITV inquiry)
         Competition Commission
         Victoria House
         Southampton Row
         London
         WC1B 4AD
         E-mail: BSkyB-ITV@cc.gsi.gov.uk

                           OFT Probe

The OFT examined the competition issues raised by the
transaction having disclosed on Jan. 12, 2007 its provisional
view that a relevant merger situation may have been created for
the purposes of the Enterprise Act 2002 as a result of BSkyB
acquiring material influence over ITV.

Its report found that the test for a merger reference to the
Competition Commission is met on competition grounds.

Following full first-phase review, the OFT's three key findings,
to the requisite standard of belief, are that:

    * a relevant merger situation has been created;

    * this situation has resulted, or may be expected to result,
      in a substantial lessening of competition within a market
      or markets in the U.K.; and

    * clear cut remedies sufficient to resolve the OFT's
      competition concerns were not offered.

"We have been asked by the Secretary of State to report on the
competition issues raised by this transaction," John Fingleton,
Chief Executive of the OFT, said.  "We have concluded that this
partial ownership link between two key players raises
significant competition concerns.  Sky's shareholding means that
ITV is no longer fully independent, and this may alter the
future competitive landscape, especially as we approach digital
switchover.  Given the high stakes for tens of millions of U.K.
consumers, we believe these risks to competition merit further
examination."

                           Ofcom Probe

Ofcom conducted its investigation in response to the Feb. 26,
2007 intervention notice of Secretary of State for Trade and
Industry Alistair Darling on which cited the public interest
consideration specified in the Enterprise Act 2002 concerning
the plurality of persons with control of media enterprises.

In its report, Ofcom's advice is that there are public interest
issues, in relation to sufficient plurality of news provision
for both cross media and television news in the U.K.

                          About BSkyB

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

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

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


CABLE & WIRELESS: Earns GBP174 Million in Year Ended March 31
-------------------------------------------------------------
Cable & Wireless plc released its financial results for the year
ended March 31, 2007.

Cable & Wireless reported GBP174 million in net profit against
GBP3.3 billion in revenues for the year ended March 31, 2007,
compared with GBP76 million in net profit against GBP3.2 billion
in revenues for the same period in 2006.

At March 31, 2007, the Group's balance sheet showed GBP4.5
billion in total assets, GBP2.6 billion in total liabilities and
GBP1.9 billion in stockholders' equity.

"It's been a good year," Cable and Wireless plc Chairman Richard
Lapthorne said.  "The success of the structural changes we made
a year ago is there for all to see.  International has performed
well delivering growth in customers and revenue and, as a
result, improved EBITDA.  We have made a very encouraging start
to the Europe, Asia & US turnaround and we now have sufficient
visibility to believe that we'll deliver on our ambitious
targets.  All of which reinforces our confidence in our future
prospects, which is reflected in the dividend.  I'm delighted to
announce that we're recommending a 34% increase in the final
dividend to 4.15 pence, which with the interim of 1.7 pence
gives a full year dividend of 5.85 pence, an increase of 30%
over 2005/06."

                     About Cable & Wireless

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

                        *     *     *

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

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

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

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

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

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

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


CENTRAL PARKING: Equity Group Completes US$1 Billion Acquisition
----------------------------------------------------------------
Kohlberg & Company, Lubert-Adler Partners, and Chrysalis Capital
Partners have completed their acquisition of Central Parking
Corporation in a US$1 billion transaction.

At a special meeting held on May 21, 2007, the shareholders of
Central Parking voted to approve the proposed transaction that
the company agreed to on Feb. 20, 2007.  Holders of shares
representing approximately 88% of Central Parking's total
outstanding voting shares and over 99% of the total votes cast
voted in favor of the transaction.

Emanuel J. Eads, Central Parking's president and chief executive
officer, said, "We are pleased with the overwhelming endorsement
of this transaction by our shareholders.  We look forward to
working with our new owners and our management team to continue
to provide the highest levels of customer service in the
industry."

Greg Segall, Managing Partner of Chrysalis Capital Partners,
said, "We look forward to working closely with Central Parking's
veteran management team and dedicated work force to enhance the
company's industry-leading platform and take advantage of the
substantial opportunities available to maximize the company's
excellent and strategic pool of assets."

Gordon Woodward, Principal with Kohlberg & Co., said, "The
company is well positioned for the future and we are excited to
work with management going forward."

Goldman Sachs and RBS Greenwich Capital provided the debt
financing for the transaction, while UBS Investment Bank acted
as financial advisor to the investor group.

                    About Kohlberg & Company

Based in Mt. Kisco, New York, Kohlberg & Company L.L.C.
-- http://www.kohlberg.com/-- is a leading U.S. private equity
firm with offices in Mt. Kisco, New York and Palo Alto,
California.  Since its inception in 1987, Kohlberg has completed
over 90 platform and add-on acquisitions as the control investor
in a variety of industries, including infrastructure,
manufacturing, healthcare, consumer products and service
industries.  Kohlberg has invested a total of $1.6 billion in
equity across five private equity funds with an aggregate
transaction value of approximately $6 billion.

               About Chrysalis Capital Partners

Chrysalis Capital Partners L.P. -- http://www.ccpfund.com/-- is
a private equity firm managing $300 million of committed
capital and focused on control investments in special situations
involving middle-market companies in a wide variety of
industries across the United States.

                   About Lubert-Adler Partners

Lubert-Adler Partners, L.P. -- http://www.lubertadler.com/-- is
a real estate private equity firm headquartered in Philadelphia
with offices in New York, Los Angeles, London, Atlanta, and
Baltimore. Lubert-Adler was founded in 1997 and has raised over
$4 billion of equity across five funds and has invested in
over $20 billion of real estate assets.  Lubert-Adler's
current fund -- Fund V -- represents US$1.7 billion of equity
and commenced in 2006.

                      About Central Parking

Based in Nashville, Tennessee Central Parking Corporation (NYSE:
CPC) -- http://www.parking.com/-- owns, operates, and manages
parking and related services including surface and multi-level
parking facilities, design consultation, customer and employee
shuttle services, valet and special event parking, parking meter
enforcement, toll-road collections, and parking notice and
collection services.  As of Dec. 31, 2006, Central Parking
operates more than 3,100 parking facilities containing over
1.5 million spaces at locations in 37 states, the District of
Columbia, Canada, Puerto Rico, the United Kingdom, the Republic
of Ireland, Chile, Colombia, Peru, Spain, Switzerland, and
Greece.

                          *     *     *

As reported in the Troubled Company Reporter on May 1, 2007,
Standard & Poor's Ratings Services lowered its corporate credit
rating on Nashville, Tennessee-based Central Parking Corp. to
'B' from 'B+', and removed the ratings from CreditWatch with
negative implications.  Standard & Poor's also assigned its bank
loan and recovery ratings to CPC's proposed first- and second-
lien credit facilities.

As reported in the Troubled Company Reporter on May 2, 2007,
Moody's Investors Service assigned provisional ratings to KCPC
Acquisition, Inc. in connection with the pending leveraged
buyout of Central Parking Corporation.

Moody's assigned a provisional (P)B2 Corporate Family Rating, a
(P)Ba2 rating to the proposed $355 million first lien credit
facility and a P(B2) rating to the proposed $50 million second
lien term loan facility.


CENTRAL PARKING: Moody's Withdraws Ratings on Former Bank Loan
--------------------------------------------------------------
Moody's Investors Service converted the provisional credit
facility ratings of KCPC Acquisition, Inc. into definitive
ratings in connection with the recently completed leveraged
buyout of Central Parking Corporation.

Concurrently, Moody's withdrew the ratings on CPC's former bank
credit facility, downgraded the Corporate Family Rating and
Probability of Default Rating of CPC to B2 and affirmed the B2
rating on the convertible trust issued preferred securities
issued by the Central Parking Finance Trust.  This rating action
concludes a review for possible downgrade initiated on Feb. 22,
2007.  The rating outlook is stable.

KCPC established an escrow account in connection with the
closing of the buyout to fund the expected conversion of the
TIPS into cash consideration.  Moody's expects to withdraw the
ratings on the TIPS in the near term upon the conversion of
substantially all of the TIPS for cash consideration.  However,
if a material amount of TIPS remain outstanding, then Moody's
expects to lower the TIPS rating to Caa1.  Moody's expects to
withdraw the Corporate Family Rating and Probability of Default
Rating of CPC in the near term.

Moody's converted these provisional ratings of KCPC into
definitive ratings:

   -- US$80 million 6 year first lien revolving credit facility,
      to Ba2 (LGD2, 20%) from (P)Ba2 (LGD2, 19%);

   -- US$235 million 7 year first lien term loan facility, to
      Ba2 (LGD 2, 20%) from (P)Ba2 (LGD2, 19%);

   -- US$55 million 7 year first lien synthetic letter of credit
      facility, to Ba2 (LGD2, 20%) from (P)Ba2 (LGD2, 19%);

   -- US$50 million 7.5 year second lien term loan facility, to
      B2 (LGD4, 53%) from (P)B2 (LGD4, 51%); and

   -- Corporate Family Rating, to B2 from (P)B2.

These rating actions were taken with respect to Central Parking
Corporation:

   -- Downgraded Corporate Family Rating, to B2 from Ba3;

   -- Downgraded Probability of Default Rating, to B2 from Ba3;

   -- Affirmed US$78 million 5.25% convertible trust issued
      preferred securities (issued by the Central Parking
      Finance Trust), B2 (LGD6, 93%);

   -- Withdrew US$225 million senior secured revolving credit
      facility due 2008, rated Baa3 (LGD2, 15%); and

   -- Withdrew US$74 million senior secured term loan facility
      due 2010, rated Baa3 (LGD2, 15%).

Central Parking Corporation, headquartered in Nashville,
Tennessee, is a leading provider of parking and transportation-
related services.  As of Dec. 31, 2006, the Company operated
more than 3,100 parking facilities containing approximately 1.5
million spaces at locations in 37 states, the District of
Columbia, Canada, Puerto Rico, Chile, Colombia, Peru, the United
Kingdom, the Republic of Ireland, Spain, Greece, Italy and
Switzerland.  Revenues for the 12-month period ended Dec. 31,
2006 were about US$1.1 billion.


COLLINS & AIKMAN: Court Approves DaimlerChrysler Settlement
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan
has approved Collins & Aikman Corp.'s settlement and option
agreement with DaimlerChrysler AG and DaimlerChrysler Canada
Inc.

The agreement, sanctioned by the Honorable Judge Steven W.
Rhodes, will help Collins & Aikman facilitate the sale of its
assets, Bankruptcy Law360 reports.

Collins & Aikman said the agreement, along with the customer
agreement as a whole, would save thousands of jobs and provide a
framework for the bankruptcy's resolution.  Collins & Aikman
added that costly and time-consuming litigation would have
resulted had a deal not been reached, Bankruptcy Law360 notes.

As previously reported, in December 2006, Collins & Aikman and
its debtor-affiliates successfully negotiated a comprehensive
agreement that, among other things:

   (a) provides a framework to facilitate the orderly sale of a
       majority of the Debtors' businesses with the support of
       the agents to the Debtors' prepetition senior, secured
       lenders and postpetition secured lenders and the Debtors'
       principal customers;

   (b) provides a meaningful opportunity to save thousands of
       jobs;

   (c) memorializes an agreement among the Debtors, the Agents
       and the Customers on the substantive terms of the Plan;
       and

   (d) provides a clear framework toward a consensual resolution
       and conclusion to these cases.

In connection with the customer agreement, the Debtors also
negotiated certain customer-specific agreements with individual
Customers that resolved disputed pre- and postpetition
commercial matters.  The Debtors had not finalized and filed
each of the specific agreements with individual Customers prior
to the hearing to consider Court-approval of the customer
agreement.

Ray C. Schrock, Esq., at Kirkland & Ellis LLP, in New York,
relates the Debtors and DaimlerChrysler continued to negotiate
and, on May 11, 2007, reached the settlement and option
agreement.

As with the other Customer-Specific Agreements, the
DaimlerChrysler Agreement has been filed under seal and shared
only with the U.S. Trustee, the Official Committee of Unsecured
Creditors and the Agents due to the sensitive and confidential
commercial information contained therein.

Generally, a settlement under Rule 9019(a) of the Federal Rules
of Bankruptcy Procedure should be approved if it is determined
to be fair and equitable and does not fall below the lowest
level of reasonableness, Mr. Schrock notes, citing Bauer v.
Commerce Union Bank, 859 F.2d 438, 441 (6th Cir. 1988); In re
Haven, Inc. 2005 WL 927666, at *3 (6th Cir. B.A.P. 2005); and
Dow Corning, 192 B.R. at 421.  The DaimlerChrysler Agreement
satisfies this standard, he asserts.

Mr. Schrock explains that the DaimlerChrysler Agreement resolves
a number of issues between the Debtors and DaimlerChrysler,
each, if left unresolved, would undoubtedly result in costly and
time-consuming litigation.

For example, He says, if the parties did not agree to the
DaimlerChrysler Agreement, the parties would likely become
embroiled in disputes over breaches of the Debtors' obligations
under numerous purchase orders and postpetition agreements.
Similarly, he points out, the Debtors would expect that, but for
the consideration provided under the DaimlerChrysler Agreement,
the parties would be required to litigate numerous disputes over
ownership rights of certain equipment currently held by the
Debtors.

The expenses incurred to resolve the numerous disputes would be
an additional burden to the estates and their creditors, Mr.
Schrock avers.  The DaimlerChrysler Agreement avoids these
disputes and the heavy encumbrance that the disputes would place
on their estates.

Here, the Debtors' decision to enter into the DaimlerChrysler
Agreement is clearly an exercise of their sound business
judgment as it is integral to and effectuates the customer
agreement, Mr. Schrock asserts.

He relates that, although the terms of the DaimlerChrysler
Agreement must remain confidential due to its sensitive
commercial terms, the customer agreement, together with the
DaimlerChrysler Agreement, provide the Debtors with numerous
benefits, including:

    (a) significant prepetition claim settlement amounts;

    (b) a recovery that will maximize the value of the Debtors'
        working capital; and

    (c) the continued support of DaimlerChrysler for the sale of
        the Debtors' businesses and the Plan.

                      About DaimlerChrysler

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

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

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

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

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

                     About Collins & Aikman

Headquartered in Troy, Michigan, Collins & Aikman Corporation
-- http://www.collinsaikman.com/-- is a global leader in
cockpit modules and automotive floor and acoustic systems and is
a leading supplier of instrument panels, automotive fabric,
plastic-based trim, and convertible top systems.  The Company
has a workforce of approximately 23,000 and a network of more
than 100 technical centers, sales offices and manufacturing
sites in 17 countries throughout the world.  The Company and its
debtor-affiliates filed for chapter 11 protection on May 17,
2005 (Bankr. E.D. Mich. Case No. 05-55927).  Richard M. Cieri,
Esq., at Kirkland & Ellis LLP, represents C&A in its
restructuring.  Lazard Freres & Co., LLC, provides the Debtor
with investment banking services.  Michael S. Stammer, Esq., at
Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors Committee.  When the Debtors
filed for protection from their creditors, they listed
US$3,196,700,000 in total assets and US$2,856,600,000 in total
debts.  The Debtors' disclosure statement explaining their First
Amended Joint Chapter 11 Plan was approved on Jan. 25, 2007.
The hearing to consider confirmation of the Debtors' Amended
Joint Plan is set for April 19, 2007.  (Collins & Aikman
Bankruptcy News, Issue No. 61; Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000)


DIVE ACADEMY: Appoints A. J. Clark as Liquidator
------------------------------------------------
A. J. Clark of Carter Clark was appointed liquidator of Dive
Academy Ltd. on May 15 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Dive Academy Ltd.
         23a Brighton Road
         South Croydon
         CR2 6EA
         England
         Tel: 020 8688 0058


ENESCO GROUP: Wants to Hire Baker & McKenzie as Tax Counsel
-----------------------------------------------------------
Enesco Group Inc. and two debtor-affiliates ask the United
States Bankruptcy Court for the Northern District of Illinois
for authority to employ Baker & McKenzie as their special tax
counsel in connection with their Hong Kong tax appeals,
effective as of March 16, 2007.

The firm is expected to:

     (a) give the Debtors legal advice with respect to their
         rights, powers and duties in connection with the Tax
         Appeal and litigation related to the Tax Appeal
         proceedings;

     (b) prepare applications, motions compliants, orders and
         other legal documents as may be necessary in connection
         with the appropriate administration of the Tax Appeal;

     (c) participate on behalf of the Debtors in matters before
         the Inland Revenue Board of Review and the courts in
         Hong Kong relating to the Tax Appeal; and

     (d) perform any and all other legal services on behalf of
         the Debtors, which may be required to aid in the proper
         administration of the pending Tax Appeal proceedings.

The Debtors have agreed to pay Baker with a US$25,000 retainer
and to compensate Baker according to the firm's standard rates
for tax appeals of the size and complexity as the Tax Appeal.
As of May 4, 2007, Baker's hourly rates ranged from US$620 to
US$840 for partners and US$260 to US$645 for associates.
Baker's rates are reviewed annually and adjusted periodically.

The Debtors assure the Court that Baker does not hold or
represent any adverse interest in connection to the Debtors and
the estates.

                        About Enesco Group

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

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

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

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


EUROMASTR PLC: S&P Rates GBP3.9 Million Class E Notes at BB
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP196 million mortgage-backed floating-
rate notes series 2007-1V to be issued by EuroMASTR PLC.

This will be the London branch of UBS AG's first securitization
of its acquired portfolios of mortgages out of its EUROMASTR
issuance program.

The notes will be backed by a pool of first-ranking mortgages
secured over freehold and leasehold properties in England and
Wales.  The mortgages were originated by Victoria Mortgage
Funding Ltd. and bought by UBS for use in this transaction.

Standard & Poor's expects to be able to rate the notes on a
segregated basis, subject to receipt and conclusive analysis of
information, to conclude that the assets and collateral
supporting each series are segregated effectively.

The initial reserve fund in this series will be 1.5% and can
rise to 1.8% of the initial note balance.  The liquidity
facility in this series will be 7% of the initial balance.  Both
will be able to amortize.

                             Ratings List

                             EuroMASTR PLC
                  GBP196 Million Mortgage-Backed
                 Floating-Rate Notes Series 2007-1V

                            Prelim.        Prelim. Amount
             Class          rating        (GBP in Millions)
             -----          -------        ----------------
              A1             AAA               58.8
              A2             AAA               95.25
              B              AA                12.65
              C              A                  9.8
              D              BBB               15.6
              E              BB                 3.9
              S              NR                 TBD
              MERCs(1)       AAA                N/A


  (1) The rating on the MERCs addresses the likelihood of the
      receipt by the MERCholders of the mortgage early
      redemption amounts actually received by the issuer if
      enforceable.


EUROTUNNEL GROUP: Majority of Shareholders Support Share Swap
-------------------------------------------------------------
The Autorite des marches financiers has published the
provisional results of the offer by Groupe Eurotunnel S.A. (aka
Eurotunnel Group) for the units of Eurotunnel S.A./Eurotunnel
PLC, which indicated that around 87% of the share capital of the
companies have been tendered to the offer.

The results show the support of shareholders of the safeguard
plan proposed by the company and approved Jan. 15, 2007, by the
Paris Commercial Court.

The offer will be reopened for a period that will be later
announced.

The reopening of the offer will enable shareholders of
Eurotunnel SA and Eurotunnel PLC to tender their units of
Eurotunnel SA/Eurotunnel PLC on these terms:

   -- one GET SA ordinary share; and
   -- one warrant to subscribe for GET SA ordinary shares

for each Eurotunnel SA/Eurotunnel PLC Unit tendered.

However, it will no longer be possible to subscribe for Notes
Redeemable in Shares that were only available for subscription
by shareholders having tendered their units to the offer during
the initial period.

Shareholders are reminded that units tendered to the offer can
no longer be traded.  New GET SA shares and warrants will be
issued in exchange for Units tendered to the offer on
June 28, 2007.  The shares and warrants will be admitted to
trading on Eurolist by Euronext Paris and the shares will be
admitted to trading on the London Stock Exchange following
completion of the final formalities required for the
implementation of the Safeguard Plan at a date that will be
communicated later.

"Eurotunnel is saved.  I would like to sincerely thank
shareholders who have shown their strong support for the
Safeguard Plan.  The unquestionable success of the offer
confirms their commitment to this great group.  It enables
Eurotunnel to have a fresh start.  I would call on those who
have not yet tendered their units to benefit from the second
chance that they will have to join the new company, which will
be the only way to enable them to preserve their investment,"
Eurotunnel chairman and CEO Jacques Gounon stated.

"The group also wants to thank the banking networks whose work
over the past weeks, and in particular the final days, has made
this success possible," Mr. Gounon added.

                       About Eurotunnel

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

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

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

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

                     Safeguard Protection

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

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


FIRST CLASS: Taps Begbies Traynor as Joint Administrators
---------------------------------------------------------
Michael E. G. Saville and David Frederick Wilson of Begbies
Traynor were appointed joint administrators of First Class
Education Services Ltd. (Company Number 04692881) on May 10.

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

The company can be reached at:

         First Class Education Services Ltd.
         Scale Lane
         Hull
         HU1 1LF
         England
         Tel: 01482 333 410


FIVEWAYS ENTERPRISES: Taps Laurence Pagden to Liquidate Assets
--------------------------------------------------------------
Laurence Pagden of Benedict Mackenzie LLP was appointed
liquidator of Fiveways Enterprises Ltd. (t/a Magic Wok Cuisine)
on May 15 for the creditors' voluntary winding-up procedure.

The company can be reached at:

         Fiveways Enterprises Ltd.
         Nelson House
         58 Wimbledon Hill Road
         Merton
         London
         SW19 7PA
         England
         Tel: 020 8265 5469


INTRALINKS INC: S&P Junks Proposed US$50 Million Term Loan
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to New York City-based IntraLinks Inc., a provider
of online workspaces used to exchange and manage time-sensitive,
confidential information.  The outlook is stable.

At the same time, S&P assigned its 'B' bank loan rating and '2'
recovery rating to the company's proposed US$165 million of
first-lien secured debt facilities, consisting of:

   -- a US$15 million revolving credit;
   -- a US$100 million term loan B; and
   -- US$50 million PIK toggle term B.

S&P also assigned a 'CCC+' bank loan rating and '5' recovery
rating to the company's proposed US$50 million second-lien term
loan.  Proceeds will be used to fund the leveraged acquisition
of the company by TA Associates and RHO Capital Partners.

"The ratings reflect the company's niche product position, rapid
growth, and high leverage at inception," said Standard & Poor's
credit analyst Philip Schrank.  Partial offsets include stable
profitability and cash flow trends, good revenue visibility, and
barriers to entry protecting the company's markets.

With 2006 revenue of US$86 million, IntraLinks has averaged
about a 50% growth rate over the past three years.  The company
has a significant installed base in its core financial services
markets, and is positioned in emerging corporate, life sciences
and international markets.  Penetration rates are low in a
sizable addressable market, and barriers to entry include first
mover advantage, brand loyalty, and domain expertise.  Still,
the company is vulnerable to larger and stronger financial
competitors entering the marketplace, as well as the risks
associated with managing its fast growth.

IntraLinks, Inc. -- http://www.intralinks.com/-- provides
online workspaces for secure document exchange.  Its
IntraLinks(R) On-Demand Workspaces(TM) connect business
communities and accelerate the intelligent flow of information
and documents among participants.  Through IntraLinks' secure,
neutral, online environments, companies are better able to
compete globally by accelerating essential business processes,
simplifying communication and fostering rapid workflow.
IntraLinks is easily accessible anywhere, anytime using a web
browser.

Since 1997, more than 600,000 participants representing over
50,000 organizations worldwide have used IntraLinks On-Demand
Workspaces(TM) to communicate and collaborate on thousands of
projects and transactions.  IntraLinks has been adopted widely
in the financial services and pharmaceutical industries, where
its clients include AstraZeneca Pharmaceuticals LP, Bank of
America, Bear Stearns, Deutsche Bank, FDIC, TD Securities,
Thomas Weisel Partners and WestLB, among hundreds of others.
Founded in 1996, IntraLinks is headquartered in New York with
offices around the world.


INVENSYS PLC: March 31 Balance Sheet Upside-Down by GBP140 Mln
--------------------------------------------------------------
Invensys plc released preliminary financial results for the year
ended March 31, 2007.

Invensys reported GBP209 million in net profit against GBP2.6
billion in revenues for the year ended March 31, 2007, compared
with GBP22 million in net profit against GBP2.5 billion in
revenues for the year ended March 31, 2006.

For the fourth quarter ended March 31, 2007, the Company
reported GBP36 million in net profit against GBP694 million in
revenues, compared with GBP12 million in net profit against
GBP682 million in revenues for the same period in 2006.

At March 31, 2007, the Company's balance sheet GBP2 billion in
total assets and GBP2.1 billion in total liabilities, resulting
in a GBP140 million stockholders' deficit.

The Board is recommending that no dividend be paid for the year
ended March 31, 2007.

                             Outlook

Controls have made good progress in breaking what was a long
term negative trend in performance through a focus upon
operational improvement that allowed price conversations with
customers.  Market conditions are expected to continue to be
uncertain in most regions particularly in North America, where
the US new residential construction market is not expected to
improve during 2007.  Some raw material prices are expected to
increase further in the year.  However key product penetration
in other regions, the ongoing benefits from exiting low margin
areas and focus on operational improvements are expected to
drive further improvements in performance in the new financial
year.

"I am pleased to report that we continue to make good progress
in transforming Invensys into a high performing, sustainable and
cohesive business.  The successful completion of the 2006
Refinancing has significantly strengthened our financial
position and enabled us to concentrate upon the operational
issues that needed addressing across the business groups to
improve our performance," Invensys plc Chief Executive Ulf
Henriksson commented.  "Our priorities during the past three
years have been about stabilizing performance and starting to
build a foundation for growth.  Our primary focus has been upon
the operational and cash performance of our businesses and
improving our capital structure and therefore reducing the
limitations the old structure placed upon our actions and value.
The results we are announcing today demonstrate the progress
that we have made and the Board believes that there is more
value to be created as we build upon this stronger growth
platform.

"During the new financial year, we expect that market conditions
in our long cycle businesses will remain generally positive but
that the markets for Controls will continue to be uncertain for
some time.  Our actions to improve productivity will allow
increased funding for research and development and sales and
marketing.  Overall the Board is confident that the Group will
make further progress in the year ending March 31, 2008," Mr.
Henriksson added.

                       About Invensys Plc

Based in London, United Kingdom, Invensys Plc --
http://www.invensys.com/-- is a global automation, controls and
process solutions Group operating in more than 60 countries
worldwide.  The company operates through six units: Controls,
Process Systems, Rail Systems, APV, Wonderware, and Eurotherm.

                        *     *     *

Invensys Plc carries these ratings:

   * Moody's Investors Service:

      -- Long-Term Corporate Family Rating: Ba3
      -- Senior Unsecured Debt: B2
      -- Outlook: Stable

   * Standard & Poor's Ratings Services:

      -- Long-Term Foreign Issuer Credit Rating: B+
      -- Long-Term Local Issuer Credit Rating: B+
      -- Outlook: Positive

   * Fitch Ratings:

      -- Long-Term Issuer Default Rating: BB-
      -- Senior Unsecured Debt: B+
      -- Short Term: B
      -- Outlook: Stable


LUDGATE FUNDING: S&P Rates GBP2.3 Million Class S Notes at BB-
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the GBP415 million mortgage-backed floating-
rate notes series 2007-1 to be issued by Ludgate Funding PLC, a
special purpose entity.  At the same time, Ludgate Funding will
issue GBP2.3 million of excess-spread backed rated notes.

The originator, Freedom Funding Ltd., was established in May
2004 and trades as Freedom Lending.  In July 2006, Merrill Lynch
International Bank Ltd., its current ultimate parent, acquired
all the shares in Freedom Funding.  Freedom Funding lends
primarily to prime borrowers and focuses on self-certified
borrowers and the buy-to-let sector.  All of its business is
generated through mortgage intermediaries.

In its underwriting process, Freedom Funding uses affordability
measures to determine a borrower's borrowing potential.  No
credit scoring is used and mortgage applications are assessed on
an individual basis.

For buy-to-let loans, Freedom Funding requires the rental income
associated with the property to cover the interest on the
relevant mortgage by a factor of 120%.  A qualified letting
agent must confirm the interest cover ratio.  Freedom Funding
also underwrites buy-to-let mortgages that take into account
both the borrower's earned income and the rental income on the
property.  A small portion of its business is focused on
borrowers with adverse credit histories, including borrowers
with previous bankruptcies or individual voluntary arrangements,
county court judgments, and arrears.

This is Freedom Lending's second securitization of a portfolio
of mortgages using the Ludgate Funding mortgage asset-backed MTN
program.  The proceeds of the class S notes will be used to fund
the initial cash reserve, and to meet the issuer's costs and
expenses in relation to the notes.

                             Ratings List

                          Ludgate Funding PLC

               GBP415.0 Million (Equivalent) Mortgage-Backed
                                   And
             GBP2.3 Million (Equivalent) Excess-Spread Backed
                     Floating-Rate Notes Series 2007-1

            Class          Prelim.        Prelim. Amount
                           rating        (Mln. GBP equiv.)
            -----          ------          -----------
             A1             AAA              128
             A2             AAA              213.95
             M              AAA               36.45
             B              AA                14.65
             C              A                  8.8
             D              BBB                8.3
             E              BB                 4.85
             S(1)           BB-                2.3
             MERCs          AAA                N/A


  (1) The cash reserve fund will be funded at closing by using
      part of the issuance proceeds from the class S notes.  The
      class S notes will be repaid through excess spread.  The
      rating on the class S notes addresses ultimate payment of
      principal and interest.


MELROSE FINANCING: Moody's Lifts Ba2 Ratings on Three Notes
-----------------------------------------------------------
Moody's Investors Service upgrades five classes of notes issued
by Melrose Financing No 1 Plc.

   -- to Aaa from A1, the Series 2001-2 US$43,500,000 Class B
      Asset Backed Floating Rate Notes Due 2008;

   -- to Aaa from Baa1, the Series 2001-2 US$32,600,000 Class C
      Asset Backed Floating Rate Notes Due 2008;

   -- to Aaa from Ba2, the Series 2001-2 US$5,000,000 Class D1
      Asset Backed Floating Rate Notes Due 2008;

   -- to Aaa from Ba2, the Series 2001-2 EUR14,100,000 Class D2
      Asset Backed Floating Rate Notes Due 2008; and

   -- to Aaa from Ba2, the Series 2001-2 GBP14,000,000 Class D3
      Asset Backed Floating Rate Notes Due 2008.

This upgrade is the result of the accumulation of cash in
anticipation of redemption on the scheduled maturity date,
resulting in a full cash collateralization of the rated notes.


METALFOLD ENGINEERING: Joint Liquidators Take Over Operations
-------------------------------------------------------------
Peter Jones and Roderick M. Withinshaw of Royce Peeling Green
Ltd. were appointed joint liquidators of Metalfold Engineering
Ltd. on May 18 for the creditors' voluntary winding-up
procedure.

The company can be reached at:

         Metalfold Engineering Ltd.
         London Road Terrace
         Macclesfield
         SK11 7RN
         England
         Tel: 01625 511 598
         Fax: 01625 618 838


METRONET RAIL: May Seek Extraordinary Review Over Cost Overruns
---------------------------------------------------------------
The Metronet Rail Group, the company responsible for upgrading,
replacing and maintaining two-thirds of London Underground's
infrastructure under a 30-year Public Private Partnership
contract, may opt for an extraordinary review to resolve the
issue of massive cost overruns if talks with London Underground
management fail to reach a deal, published reports say.

According to AFX News, citing Metronet Chairman Graham Pimlott,
a commercial settlement with London Underground management to
cover the extra costs of upgrading the stations seems unlikely.

Metronet revealed the financial overrun is higher than the
projected GBP750 million in November.  It is said to have
escalated to around GBP1 billion, Dan Milmo writes for The
Guardian.

The Guardian says Metronet could face insolvency if PPP Arbiter
Chris Bolt orders the company to meet the majority of the
overspend and investors refuse to pay.

However, Metronet reiterated that its shareholders had no
intention of walking away, The Guardian relates.

As previously reported in the TCR-Europe on May 1, 2007, London
Mayor Ken Livingstone said the London Underground management
would take over maintenance and renewal work should Metronet
collapse.

                      Extraordinary Review

In February 2007, Mr. Livingstone called for Metronet to seek an
Extraordinary Review by the Public-Private Partnership Arbiter,
to try to resolve the issue of massive cost overruns.

The Mayor also made clear that he would not allow the cost of
Metronet's inefficient performance to fall on London by bailing
them out.  It is also crucial that the upgrade and renewal of
the London Underground, also known as the Tube, vital to
London's future prosperity and growth, must proceed as planned
and cannot suffer any delay.

In November 2006, Chris Bolt, the PPP Arbiter published his
first Annual Review of Metronet's performance.  The report
concluded that overall, Metronet has not performed in an
economic and efficient manner, or in line with Good Industry
Practice.

The Mayor's call for an Extraordinary Review follows advice from
London Underground Managing Director Tim O'Toole that
Metronet's financial performance has not improved and that the
cost overruns have not been brought under control.

"I have made clear many times that Metronet's performance in the
maintenance and renewal of two thirds of the Tube network must
improve," Mr. Livingstone said.  "In these circumstances, the
PPP contracts lack any real teeth.  Following a further report
to me by Tim O'Toole on Metronet's performance, I have
reluctantly come to the conclusion that an Extraordinary Review
by the PPP Arbiter is called for.  He is the only person to
decide how much of the cost overrun must be borne by the
Metronet shareholders - Atkins, Balfour Beatty, Bombardier, EDF
Energy and Thames Water."

"We have consistently made clear our frustration with Metronet's
overall performance in the delivery of projects and in track
maintenance, but unfortunately I have yet to see any real
evidence of improvement, Mr. O'Toole said.  "It is intolerable
that passengers continue to face unnecessary delay and
disruption to their journeys, but that Metronet's costs have
increased."

Metronet, however, is prepared to undergo an extraordinary
review by the PPP Arbiter, Andrew Lezala, Metronet chief
executive, was quoted by The Financial Times as saying.

Mr. Lezala argued that it was wrong to assume London Underground
would end up paying none of the GBP750 million overspend,
because much of the expenditure resulted from the latter's
demands to increase the scope of the upgrade work, FT relates.

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured un-
guaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.


METRONET RAIL: Eyes 290 Job Cuts Under Streamlining Program
-----------------------------------------------------------
The Metronet Rail disclosed plans to streamline its organization
as part of a comprehensive plan to reduce complexity in its
business, and to help drive further efficiencies.  The
streamlining is another step in Metronet's drive to ensure its
activities are undertaken economically and efficiently.

As a result of implementing this plan, up to 290 full-time
administrative and middle management positions will be affected.
It is however anticipated, that through a process of
redeployment, and new positions created, the actual number of
staff reductions will be lower.

"The ongoing need for Metronet to be economic and efficient
continues to be a key business objective, and it addresses
issues raised by the PPP Arbiter in his annual review last
November," Metronet CEO Andrew Lezala said.  "While I have
already introduced significant change within Metronet, it's been
necessary for us to conduct a further review to ensure that we
have the right number of people in place - doing the right jobs
in our business."

The overall reductions will be achieved by:

   -- streamlining Metronet's centrally-based administrative
      support functions;

   -- reducing the number of management levels between the
      senior management of the business and the shop floor - to
      further improve communications and the speed of decision
      making; and

   -- the restructuring of Metronet's Track & Signals
      maintenance operation geographically, to further improve
      incident response times.

Metronet also plans to reduce the total numbers of temporary
agency staff and consultants within the support functions of its
operations.  In order to complete the streamlining program,
Metronet will also seek to adopt further measures such as the
withdrawal of unfilled vacancies, and through natural attrition.
Separately, Metronet has now completed its recent recruitment
program of some 550 new frontline engineering staff in its
maintenance operation, including track operatives and technical
officers.  This initiative was first announced in October 2006.
The streamlining also includes an increase in engineering
support for renewal projects and risk-based assurance.

Consultation has already commenced with the trades unions on the
proposed re-organizations, which, if necessary, will be subject
to London Underground's approval of any applicable Case for
Safety papers.

Metronet anticipates that the majority of the program will be
completed during the summer of 2007.

                         About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured un-
guaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.


OCI EURO: S&P Rates EUR22 Million Class E Notes at BB
-----------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
credit ratings to the EUR330 million floating-rate notes to be
issued by OCI Euro Fund I B.V.  At the same time, OCI Euro Fund
I will issue EUR 26.5 million of unrated notes.

This transaction will be managed by Octagon Credit Investors
(U.K.) Ltd.  It will be Octagon Credit Investors inaugural
leveraged loan CLO in Europe.

At closing, OCI Euro Fund I will issue EUR304.0 million of term
notes, the proceeds of which, after paying transaction fees and
expenses, will be invested in a portfolio of predominantly
senior loans.  At the same time, the issuer will enter into a
variable funding note agreement, under which it can draw up to
EUR52.5 million equivalent in euros.  Drawings can be made in
euros, British pound sterling, and U.S. dollars.  Drawing in one
currency will only fund collateral denominated in that currency.

This transaction features multi-currency revolving liabilities
intended to match the euro- and non-euro-denominated assets.

Sterling amounts received by the issuer will be used to repay
amounts drawn in sterling on the revolving facility and dollar
amounts received by the issuer will be used to repay amounts
drawn in dollars on the revolving facility.  Similarly, euro
amounts received by the issuer will be used to repay amounts
drawn in euros, pkus senior fees and expenses and amounts due
under the notes.  If there is any shortfall, the issuer may at
any time convert amounts from one currency to the other as
needed.  If any amounts remain undrawn under the VFN, the issuer
will pay a commitment fee on these undrawn amounts.

                         Ratings List

                      OCI Euro Fund I B.V.
              EUR356.5 Million Floating-Rate Notes

                             Prelim.       Prelim. Amount
      Class                  rating       (EUR in Million)
      -----                  ------          -----------
      A1 VFN                 AAA               52.5
      A2                     AAA              194.5
      B deferrable notes     AA                21
      C deferrable notes     A                 21
      D deferrable notes     BBB               19
      E deferrable notes     BB                22
      F subordinated notes   NR                26.5


PORTRAIT CORP: Court Sets Hearing on Purchase Deal with CPI
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
will convene a hearing on June 4, 2007,at 11:00 a.m., to
consider approval of an agreement among Portrait Corporation of
America Inc., its debtor-affiliates and Consumer Programs
Incorporated.

Under the agreement, CPI will acquire substantially all of the
Debtors' operating assets for US$100 million in cash, subject to
certain closing adjustments, and the assumption of certain
liabilities.

The transaction is expected to close by the end of June 2007.

Objections to the sale agreement are due on May 29, 2007.

For more information on the sale or for copies of the purchase
agreement contact counsel for the Debtors:

   Kasowitz, Benson, Torres and Friedman LLP
   No. 1633 Broadway
   New York, NY 10019
   Tel.: (212) 506-1700

                          About CPI Corp.

CPI Corp. (NYSE: CPY) is a portrait photography company offering
photography services in the United States, Puerto Rico and
Canada through Sears Portrait Studios.  The Company also
operates http://searsphotos.com/-- the vehicle for the
Company's customers to archive, share portraits via email and
order additional portraits and products.

                       About Portrait Corp.

Portrait Corporation of America Inc. -- http://pcaintl.com/--
provides professional portrait photography products and services
in North America.  The Company operates portrait studios within
Wal-Mart stores and Supercenters in the United States, Canada,
Mexico, Germany, and the United Kingdom.  The company also
operates a modular traveling business providing portrait
photography services in additional retail locations and to
church congregations and other institutions.

Portrait Corporation and its debtor-affiliates filed for Chapter
11 protection on Aug. 31, 2006 (Bankr S.D. N.Y. Case No.
06-22541).  John H. Bae, Esq., at Cadwalader Wickersham & Taft
LLP, represents the Debtors in their restructuring efforts.
Berenson & Company LLC serves as the Debtors' Financial Advisor
and Investment Banker.  Kristopher M. Hansen, Esq., at Stroock &
Stroock & Lavan LLP represents the Official Committee of
Unsecured Creditors.  Peter J. Solomon Company serves as
financial advisor for the Committee.  At June 30, 2006, the
Debtor had total assetsof US$153,205,000 and liabilities of
US$372,124,000.


PREMIUM FREIGHT: Creditors' Meeting Slated for May 31
------------------------------------------------------
Creditors of Premium Freight Services Ltd. (Company Number
04912484) will meet at 11:00 a.m. on May 31 at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on May 30 at:

         C. K. Rayment
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England

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


SEW-MON LTD: Hires Liquidator from Parkin S. Booth & Co.
--------------------------------------------------------
Robert Martin Rutherford of Parkin S. Booth & Company was
appointed liquidator of Sew-Mon Ltd. on May 16 for the
creditors' voluntary winding-up procedure.

Parkin S. Booth & Co. -- http://www.parkinsbooth.co.uk/-- deals
entirely with insolvency practice.

The company can be reached at:

         Sew Mon Ltd.
         Penyrorsedd Industrial Estate
         Llangefni
         LL77 7JD
         Wales
         Tel: 01248 750 960
         Fax: 01248 722 140


SPECIALIZED TECH: High Leverage Cues S&P's B Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Enfield, Connecticut-based Specialized
Technology Resources Inc.  The outlook is stable.

In addition, Standard & Poor's assigned its bank loan and
recovery ratings to STR's proposed $155 million first-lien
senior secured credit facility and $125 million second-lien term
loan facility.

The first-lien facility was rated 'B+', with a recovery rating
of '1', indicating that first-lien lenders could expect to
receive full recovery of principal in the event of a payment
default or bankruptcy.  The second-lien facility was rated 'B-'
(one notch below the corporate credit rating), with a recovery
rating of '3', indicating that second-lien lenders could expect
to receive meaningful (50%-80%) recovery of principal in the
event of a payment default.

"The ratings on STR reflect its highly leveraged financial
profile, aggressive financial policy, narrow business focus,
small size, and highly competitive operating environment within
its two niche business segments, manufacturing solar
encapsulants and providing quality assurance services to
consumer product manufacturers and retailers," said Standard &
Poor's credit analyst Mark Salierno.  These factors are somewhat
offset by the company's established market positions in its
segments, favorable growth prospects in its solar business, and
modest capital expenditure requirements.

Specialized Technology Resources -- http://www.strlab.com/--
founded in 1944, is a recognized leader in testing and quality
assurance services for the consumer products industry and the
leading manufacturer of solar module encapsulants globally.  STR
Quality Assurance has established deep and longstanding
relationships with the leading global retailers and
manufacturers in the consumer and retail markets.  STR Solar is
the leading, long-term supplier of encapsulants to many of the
major solar module manufacturers in the industry.  STR has
sophisticated laboratories and offices in over 30 countries
across five continents.  The Company is headquartered in
Enfield, CT and has over 1,500 employees worldwide.  The company
has laboratories located in Mexico, Hong Kong, China, Taiwan,
Singapore, Indonesia, Korea, India, Sri Lanka, Switzerland,
United Kingdom, France, and Turkey, among others.


SULLIVAN BUSES: Names Liquidator to Wind Up Business
----------------------------------------------------
John Kelmanson of The Kelmanson Partnership was appointed
liquidator of Sullivan Buses (South) Ltd. on May 16 for the
creditors' voluntary winding-up proceeding.

The company can be reached at:

         Sullivan Buses (South) Ltd.
         The Travel Office
         London Road
         Halstead
         Sevenoaks
         TN14 7AA
         England
         Tel: 01322 660 661
         Fax: 01707 663 426


SUPERSLEEP LTD: Brings In Peter Nottingham to Liquidate Assets
--------------------------------------------------------------
Peter Nottingham of Nottingham Watson Ltd. was appointed
liquidator of Supersleep Ltd. on May 15 for the creditors'
voluntary winding-up proceeding.

The company can be reached at:

         Supersleep Ltd.
         71 St. Andrews Road
         Birmingham
         B9 4LW
         England
         Tel: 0121 771 4366
         Fax: 0121 766 5789


TARGUS GROUP: S&P Puts All Ratings Under Negative Watch
-------------------------------------------------------
Standard & Poor's Ratings Services placed all of its ratings on
Targus Group International Inc., including the 'B' corporate
credit rating, on CreditWatch with negative implications.

"The CreditWatch listing is based on the company's weaker-than-
expected progress in reducing excess inventories through
March 31, 2007, and the expectation that covenant cushion will
significantly tighten in the coming quarters," said Standard &
Poor's credit analyst Christopher Johnson.

"Although year-to-date EBITDA and sales have met and exceeded
the company's 2007 budget, margins continue to be pressured by
higher raw material costs and product mix, and debt leverage
remains very high," said Mr. Johnson.

Standard & Poor's will review Targus' strategic plan with
management, evaluate their progress in reducing excess
inventories, and monitor the status of the company's liquidity
and covenant cushion before resolving the CreditWatch.

                          About Targus

Targus Group International Inc. -- http://www.targus.com/--
invented the notebook case and continues to advance the mobile
accessories category with innovative and relevant solutions for
today's mobile lifestyle.  Targus products enhance productivity,
connectivity, and security, liberating users to work in any and
all environments with the utmost convenience and comfort.
Founded in 1983, Targus headquarters are located in Anaheim,
California, with offices worldwide and distribution agreements
in more than 100 countries, including Germany, France, Italy,
Spain and United Kingdom.


TRIMAS CORP: Completed IPO Cues S&P to Lift Ratings to B+
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on
Bloomfield Hills, Michigan-based TriMas Corp., including its
corporate credit rating, which goes to 'B+' from 'B'.

At the same time, all ratings were removed from CreditWatch,
where they were placed with positive implications on Aug. 4,
2006, following the company's announcement that it had filed a
registration statement for an IPO.  The outlook is stable.

"The upgrade reflects the successful completion of the IPO,
proceeds of which will be principally applied to debt reduction,
and the expected improvement in credit protection measures,"
said Standard & Poor's credit analyst Gregoire Buet.

The company will use net proceeds of the IPO to redeem
approximately US$100 million of its outstanding 9.875% senior
subordinated notes and to make a US$10 million payment to
terminate annual management fees.

The ratings on TriMas reflect its somewhat highly leveraged
financial risk profile and weak, albeit improving, credit
protection measures.  The company's leading positions in niche
markets, its relative product and end-market diversity, as well
as improving operating performance and profitability in the past
year support the rating.

TriMas' products (transportation towing systems, packaging
systems, aerospace fastening systems, and industrial specialty
products) serve niche markets with diverse commercial,
industrial, and consumer applications.  About 70% of revenues
are from products that have number-one or number-two positions
in markets where the company is one of only two or three
manufacturers.

Headquartered in Bloomfield Hills, Mich., TriMas Corporation
(NYSE:TRS) -- http://www.trimascorp.com/-- is a diversified
growth company of high-end, specialty niche businesses
manufacturing a variety of products for commercial, industrial
and consumer markets worldwide.  TriMas Corporation is organized
into five strategic business groups: Packaging Systems, Energy
Products, Industrial Specialties, RV & Trailer Products, and
Recreational Accessories.  TriMas Corporation has nearly 5,000
employees at 80 different facilities in 10 countries.  The
company has manufacturing facilities in Indiana, Mexico,
England, Germany, Italy, and China.


WIGGINS PROPERTY: Taps Liquidators from Grant Thornton
------------------------------------------------------
Andrew Conquest and Joseph McLean of Grant Thornton U.K. LLP
were appointed joint liquidators of Wiggins Property
Developments Ltd. on May 11 for the creditors' voluntary
winding-up procedure.

Grant Thornton U.K. LLP -- http://www.grant-thornton.co.uk/--
provides value-added professional services as assurance
services, compensation and benefits, merger and acquisition
transaction services, management advisory services, tax
consulting and valuation services.

The company can be reached at:

         Wiggins Property Developments Ltd.
         35 Barclay Sq
         Mayfair
         London
         W1J 5AE
         England
         Fax: 020 7493 0189


ZONE CELLULAR: Appoints Barry Gibson Mitchell as Liquidator
-----------------------------------------------------------
Barry Gibson Mitchell of Barry Mitchell & Company was appointed
liquidator of Zone Cellular Ltd. on May 11 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Zone Cellular Ltd.
         Unit 1
         Anchor Industrial Estate
         Dumballs Road
         Cardiff
         CF10 5FF
         Wales
         Tel: 029 2037 5910
         Fax: 029 2066 7668


* BOND PRICING: For the Week May 21 to May 25, 2007
---------------------------------------------------

Issuer                    Coupon   Maturity   Currency   Price
------                    ------   --------   --------   -----

AUSTRIA
-------
Kommunal Kredit
  Austria AG              0.500    03/15/19     CDN      61.62
                          0.250    10/14/26     CDN      37.85
Republic of Austria       4.000    06/22/22     EUR      74.10
                          7.000    08/04/25     EUR      68.42
                          5.000    10/10/25     EUR      69.23


DENMARK
-------
Kommunekredit             0.500    05/11/29     CDN      39.37

FINLAND
-------
Muni Finance PLC          1.000    03/19/13     AUD      73.59
                          0.500    04/26/13     AUD      70.78
                          1.000    11/21/16     NZD      57.55
                          0.500    09/24/20     CDN      56.37
                          0.250    06/28/40     CDN      19.63

FRANCE
------
Accor S.A.                1.750    01/01/08     EUR      67.70
Alcatel S.A.              4.750    01/01/11     EUR      17.03
Altran Technologies S.A.  3.750    01/01/09     EUR      12.49
BNP Paribas               0.250    12/20/14     US$      67.56
CAP Gemini S.A.           2.500    01/01/10     EUR      60.17
                          1.000    01/01/12     EUR      58.48
Club Mediterranee S.A.    3.000    11/01/08     EUR      66.61
                          4.375    11/01/10     EUR      54.40
Elior S.A.                1.000    06/08/07     EUR      20.07
Havas S.A.                4.000    01/01/09     EUR      10.78
Infogrames
   Entertainment S.A.     1.500    07/01/11     EUR      23.49
Ingenico                  2.750    01/01/12     EUR      20.27
Maurel & Prom             3.500    01/01/10     EUR      22.55
Publicis Group            0.750    07/17/08     EUR      34.78
                          1.000    01/18/18     EUR      43.73
Rallye                    3.750    01/01/08     EUR      53.81
Scor S.A.                 4.125    01/01/10     EUR       2.40
Soc Air France            2.750    04/01/20     EUR      38.47
Soitec                    4.625    12/20/09     EUR      16.86
Thomson (EX-TMM)          1.000    01/01/08     EUR      39.12
Valeo                     2.375    01/01/11     EUR      51.55
Vivendi Universal S.A.    1.750    10/30/08     EUR      32.67
Wendel Invest S.A.        2.000    06/19/09     EUR      58.02

GERMANY
-------
KfW Bankengruppe          0.500    10/30/13     AUD      67.78
                          0.500    12/19/17     EUR      67.00
                          5.000    05/23/20     EUR      75.10
                          5.000    07/07/20     EUR      72.48
                          5.000    07/29/20     EUR      71.50
                          6.000    07/21/25     EUR      67.97
                          8.000    08/10/30     EUR      64.71
Landeskreditbank Baden-
   Wuerttemberg Foerderbk 0.500    05/10/27     CDN      43.19

GREECE
------

Hellenic Republic         5.000    07/13/20     EUR      71.72
Hellenic Republic         6.000    07/07/24     EUR      68.03
Hellenic Republic         6.000    07/06/24     EUR      74.88

ICELAND
-------
Kaupthing Bank            6.500    02/03/45     EUR      69.03

IRELAND
-------
Depfa ACS Bank            0.500    03/03/25     CDN      49.01
                          0.250    07/08/33     CDN      26.69
Irish Perm Plc            6.125    02/15/35     EUR      69.41
Magnolia Finance IV Plc   1.050    12/20/45     US$      24.53

LUXEMBOURG
----------
Teksid Aluminum S.A.     12.375    07/15/11     EUR      55.01

NETHERLANDS
-----------
ABN AMRO Bank N.V.        6.250    06/29/35     EUR      69.50
BK Ned Gemeenten          0.500    06/27/18     CDN      61.00
                          0.500    02/24/25     CDN      46.82
EM.TV Finance B.V.        5.250    05/08/13     EUR       6.31
Gerling Global
   Rentefonds             6.625    08/16/21     EUR      60.70
Lehman Bros TSY B.V.      8.250    03/16/35     EUR      64.63
                          7.000    05/17/35     EUR      71.25
                          7.250    10/05/35     EUR      66.13
Ned Waterschapbk          6.000    06/01/35     EUR      71.68
                          6.500    08/15/35     EUR      66.11
                          6.000    06/30/45     EUR      65.95
Parmalat Finance B.V.     5.500    03/30/09     EUR      27.98

Rabobank Groep N.V.       5.360    07/15/15     EUR      68.40
                          3.1000   11/15/24     US$      74.17
                          6.000    02/22/35     EUR      71.27
                          2.000    02/23/35     EUR      63.12
                          7.000    02/28/35     EUR      70.05
                          7.000    03/23/35     EUR      68.85
                          6.000    05/09/35     EUR      73.31

NORWAY
------
Kommunalbanken A.S.       0.500    02/07/13     AUD      70.67

SWEDEN
------
AB Svensk Export          0.500    03/27/13     AUD      71.02

UNITED KINGDOM
--------------
Anglian Water
   Finance Plc            2.400    04/20/35     GBP      55.57
                          1.678    07/03/56     GBP      35.18
National Grid Gas Plc     1.754    10/17/36     GBP      47.63
                          1.771    03/30/37     GBP      47.64
Royal BK Scotland Plc     0.250    03/27/14     US$      71.35
                          7.000    06/09/25     EUR      67.41
                          7.000    02/15/45     US$      71.75
Wessex Water Finance Plc  1.369    07/31/57     GBP      31.97


                           *********

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,
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members of the same firm for the term of the initial
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                 * * * End of Transmission * * *