TCREUR_Public/070530.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

            Wednesday, May 30, 2007, Vol. 8, No. 106

                            Headlines


A U S T R I A

BASSAN & CO: Claims Registration Period Ends June 27
BALBOA LLC: Claims Registration Period Ends June 27
DST LLC: Claims Registration Period Ends June 21


C Z E C H   R E P U B L I C

CZECH AIRLINES: Cuts First Quarter Loss to CZK122 Million


G E R M A N Y

FISCHER BAU- U. MIETSERVICE: Claims Registration Ends June 20
FD BAUDEKORATIONS: Claims Registration Ends June 6
GIH INNO: Claims Registration Ends June 5
GROSS & WERHEIT: Claims Registration Ends June 22
GRUNDSTUECKS GMBH: Creditors' Meeting Slated for June 4

JUST IN TIME: Creditors Must Register Claims by August 1
KARL SCHUMACHER: Claims Registration Ends June 17
LCR TELECOM: Creditors Must Register Claims by June 26
MASSIVHAUS GMBH: Claims Registration Period Ends June 26
MAVA GRUNSTUECKVERWALTUNG: Creditors Must File Claims by Aug. 2

MESSE TEAM: Creditors Must Register Claims by June 27
MUNICH TRUST: Claims Registration Period Ends July 6
NEUBAUER UND PARTNER: Claims Registration Period Ends August 9
NEUHAUSER FENSTERBAU: Claims Registration Period Ends June 29
NK-GMBH: Claims Registration Period Ends June 18

STRASSENBAU GMBH: Claims Registration Period Ends June 17
THEO KLEINKAUERTZ: Creditors’ Meeting Slated for Aug. 10
W.WELTHER BAU: Claims Registration Period Ends July 25
WL LIPPELS: Claims Registration Period Ends June 13


I T A L Y

ALITALIA SPA: Aeroflot to Bid Less Than Market Price
BANCA UBAE: Fitch Affirms Issuer Default Rating at BB+


K A Z A K H S T A N

ALIGARH XXI: Proof of Claim Deadline Slated for July 6
ANEL LLP: Creditors Must File Claims July 6
JOLEK JSC: Claims Filing Period Ends July 6
KAZTRANSSERVICE LLP: Claims Registration Ends July 6
KOLESO LLP: Creditors' Claims Due July 6

MUSTAFA SHOKAI: Proof of Claim Deadline Slated for July 6
SHANYRAK OJSC: Creditors Must File Claims July 4
TRESURALSKPROMSTROY LLP: Claims Filing Period Ends July 6


R U S S I A

ALCOR LLC: Creditors Must File Claims by June 5
BALTAY-STORY CJSC: Creditors Must File Claims by June 5
BOOMERANG CJSC: Court Names A. Sergeev as Insolvency Manager
GAZPROM NEFT: To Create Joint Venture with OAO Lukoil
KAB-BAL-GRAIN-PRODUCT: Creditors Must File Claims by June 5

KAMA-WOOD LLC: Creditors Must File Claims by June 5
KRASNOARMEYSKIY CJSC: Creditors Must File Claims by June 5
KSENOPLASTA-A CJSC: Creditors Must File Claims by June 5
MED-PROM-PREPARAT: Creditors Must File Claims by June 5
NBT FINANCE: Fitch Places B- Rating on US$200 Million Eurobond

POVOLZHYE-PROM-STROY: Creditors Must File Claims by June 5
ROSNEFT OIL: To Hike Oil Refining Volume by 730% in 2015
RUSSIAN NORTH: Creditors Must File Claims by July 5
RTISHEVO CJSC: Court Names Zh. Tachkova as Insolvency Manager
SEL-KHOZ-TORG-TRANS: Creditors Must File Claims by July 5

TRADE-INVEST LLC: Creditors Must File Claims by June 5
VORONYA MINERALS: Creditors Must File Claims by July 5
YUKOS OIL: Prana Gets FAS Okay on US$3.9 Bln Asset Purchase


S W E D E N

SAS AB: Union Ends Strike & Signs New CBA as Flights Resume


S W I T Z E R L A N D

A1 WESTERN SALOON: Creditors' Liquidation Claims Due June 11
ALPHA.CH JSC: Creditors' Liquidation Claims Due June 15
BAU-HANDWERKER-GEMEINSCHAFT: Liquidation Claims Due July 9
CADRANEXT JSC: Creditors' Liquidation Claims Due June 15
CAFFE CATHERINE: Creditors' Liquidation Claims Due July 15

DURAGRESS JSC: Creditors' Liquidation Claims Due June 11
FMS ENGINEERING: Creditors' Liquidation Claims Due June 15
MARTIN BAER: Creditors' Liquidation Claims Due July 4
MOSSE ADRESS: Creditors' Liquidation Claims Due July 16
PS SCHLOSSEREI: Creditors' Liquidation Claims Due June 8

SULA GARTENBAU: Creditors' Liquidation Claims Due June 8
TENFORE (SCHWEIZ): Creditors' Liquidation Claims Due June 8
TREUGRUND JSC: Zug Court Starts Bankruptcy Proceedings
VIVUSLINES JSC: Creditors' Liquidation Claims Due July 6
YAPURA SCHMUCK: Creditors' Liquidation Claims Due June 11


U K R A I N E

ABC LLC: Claims Filing Deadline Set June 3
EKSIM LLC: Claims Filing Deadline Set June 3
ETALON LLC: Claims Filing Deadline Set June 3
FORWARD-TRANS LLC: Claims Filing Deadline Set June 3

POLOGUY PMK 10: Claims Filing Deadline Set June 3
SERPANOK-KIEV LLC: Claims Filing Deadline Set June 3
TARUS LLC: Claims Filing Deadline Set June 3
TOP ENTERTAINMENT: Claims Filing Deadline Set June 3
UKRAINIAN RESOURCE: Claims Filing Deadline Set June 3

ZLAGODA LLC: Claims Filing Deadline Set June 3


U N I T E D   K I N G D O M

CA INC: Fitch Affirms BB+ Issuer Default & Debt Ratings
CELESTICA: Fitch Pares Default Rating to B+ with Neg. Outlook

                            *********


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


BASSAN & CO: Claims Registration Period Ends June 27
----------------------------------------------------
Creditors owed money by LLC Bassan & Co (FN 65916k) have until June 27 to
file written proofs of claim to court-appointed estate administrator Stephan
Riel at:

         Dr. Stephan Riel
         c/o Dr. Johannes Jaksch
         Landstrasser Hauptstrasse 1/2
         1030 Vienna
         Austria
         Tel: 713 44 33
         Fax: 713 10 33
         E-mail: kanzlei@jsr.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:50 a.m. on July 11 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 3
(Bankr. Case No. 2 S 65/07g).  Johannes Jaksch represents Dr. Riel in the
bankruptcy proceedings.


BALBOA LLC: Claims Registration Period Ends June 27
---------------------------------------------------
Creditors owed money by LLC BALBOA (FN 61325i) have until
June 27 to file written proofs of claim to court-appointed estate
administrator Gerhard Bauer at:

         Mag. Gerhard Bauer
         Mahlerstrasse 7
         1010 Vienna
         Austria
         Tel: 512 97 06
         E-mail: ra-g.bauer@aon.at    

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on July 11 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 3
(Bankr. Case No. 2 S 64/07k).  


DST LLC: Claims Registration Period Ends June 21
------------------------------------------------
Creditors owed money by LLC DST (FN 242776z) have until June 21 to file
written proofs of claim to court-appointed estate administrator Georg
Getreuer at:

         Dr. Georg Getreuer
         Weyrgasse 6
         1030 Vienna
         Austria
         Tel: 713 14 25-0
         Fax: 713 14 25-17
         E-mail: office@getreuer.at     

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:00 a.m. on July 5 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 3
(Bankr. Case No. 5 S 58/07z).  


===========================
C Z E C H   R E P U B L I C
===========================


CZECH AIRLINES: Cuts First Quarter Loss to CZK122 Million
---------------------------------------------------------
Czech Airlines reported a loss of CZK122 million in the first quarter of 2007
according to Czech Accounting Standards, more than CZK500 million better than
had been planned.  The operating results improved by more than CZK500 million
year over year.

“Thanks to a successful first quarter, CSA is not entering the high
season ‘in a hole’, for the first time in several years," said CSA President
Radomir Lasak.  "In terms of revenue, the first three months are problematic
for all airlines.  In that time-period, we achieved better revenue and
greater cost savings than planned.

The first quarter of this year saw a continuation of the growth in revenue
from the second half of last year.  In the first three months of the year,
the Airline reported operating revenues of CZK4.6 billion, which means a year-
on-year improvement of nearly CZK300 million.  In particular, revenue from
carriage increased, reaching CZK4.2 billion.  At the
same time, operating expenses dropped by more than CZK250 million, to CZK5.1
billion.  Financial results were also helped by the implementation of the
planned sale and leaseback of five Boeing 737 aircraft in February 2007.

Revenue from carriage grew primarily due to the higher numbers of passengers
carried on routes to Germany, Scandinavia, Romania, Spain, and Belgium.  In
the first three months, CSA carried a total of 1.06 million passengers, which
constitutes a 5.2% increase compared to the same period last year.

In March alone, CSA reported a profit of CZK13 million; in March of 2005, the
Airline had a loss of CZK166 million.

According to the international accounting standards by which most airlines
publish their results, CSA reported a loss of US$33.2 million before tax in
Q1.  Revenue from air carriage increased by 11% y/y, to US$221 million.

                     About Czech Airlines

Headquartered in Prague, Czech Republic, Czech Airlines, a.k.a. Ceske
Aerolinie AS -- http://www.csa.cz/-- is the largest national carrier of the  
new EU member countries according to the number of passengers carried.

In 2005, the airline carried a record of more than 5 million
passengers.  Since 2001, it has been a member of SkyTeam, one of the leading
global airline alliances.  CSA currently offers connections to 120
destinations in 45 countries worldwide.  The fleet contains 50 aircraft - ATR
42's/72's, Boeing 737's, and Airbus A310/A320/A321's.

CSA reported an unaudited loss of CZK397 million (EUR14 million)
against an expected loss of CZK493 million (EUR18 million) in 2006.  The
company posted a CZK496 million (EUR18 million) net loss in 2005.  Revenues
of CZK14.5 billion (EUR517 million) from regular flights accounted for the
bulk of the airline's total revenues, which increased by CZK1.3 billion
(EUR46 million) to almost CZK23.5 billion (EUR837 million) in 2006.


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


FISCHER BAU- U. MIETSERVICE: Claims Registration Ends June 20
-------------------------------------------------------------
Creditors of Fischer Bau- u. Mietservice GmbH have until June 20 to register
their claims with court-appointed insolvency manager Boris Freiherr v.d.
Bussche.

Creditors and other interested parties are encouraged to attend the meeting
at 9:45 a.m. on july 11, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Uelzen
         Hall 2
         Hauptgebaude
         Fritz-Roever-Str. 5
         29525 Uelzen
         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:

         Boris Freiherr v.d. Bussche
         Lueneburgerstrasse 43a
         29456 Hitzacker
         Germany
         Tel: 05862/5088
         Fax: 05862/5089

The District Court of Uelzen opened bankruptcy proceedings against Fischer
Bau- u. Mietservice GmbH on April 17.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Fischer Bau- u. Mietservice GmbH
         Plate Nr. 39a
         29439 Luechow
         Germany


FD BAUDEKORATIONS: Claims Registration Ends June 6
--------------------------------------------------
Creditors of FD Baudekorations GmbH have until June 6 to register their
claims with court-appointed insolvency manager Dr. Holger Lessing.

Creditors and other interested parties are encouraged to attend the meeting
at 9:50 a.m. on June 27, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Offenbach am Main
         Hall 162N
         First Floor
         Kaiserstrasse
         63065 Offenbach am Main
         Germany

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

The insolvency manager can be reached at:

         Dr. Holger Lessing
         Hanauer Landstr. 287-289
         D 60314 Frankfurt am Main
         Germany
         Tel: 069/15051-300,
         Fax: 069/15051-400

The District Court of Offenbach am Main opened bankruptcy proceedings against
FD Baudekorations GmbH on April 12.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         FD Baudekorations GmbH
         Merianstr. 11
         63069 Offenbach am Main
         Germany


GIH INNO: Claims Registration Ends June 5
-----------------------------------------
Creditors of GIH Inno Haus GmbH have until June 5 to register their claims
with court-appointed insolvency manager Ulrich Weber.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Ulrich Weber
         Kurfuerstendamm 212
         10719 Berlin
         Germany

The District Court of Frankfurt opened bankruptcy proceedings against GIH
Inno Haus GmbH on April 18.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         GIH Inno Haus GmbH
         Dr.-Wilhelm-Kuelz-Strasse 63
         15517 Fuerstenwalde
         Germany


GROSS & WERHEIT: Claims Registration Ends June 22
-------------------------------------------------
Creditors of Gross & Werheit Handels GmbH have until June 22 to register
their claims with court-appointed insolvency manager Dr. Christoph Niering.

Creditors and other interested parties are encouraged to attend the meeting
at 11:30 a.m. on June 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 142
         First Floor
         Luxemburger Strasse 101
         50939 Cologne
         Germany

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

The insolvency manager can be reached at:

         Dr. Christoph Niering
         Brabanter Str. 2
         50674 Cologne
         Germany

The District Court of Cologne opened bankruptcy proceedings against Gross &
Werheit Handels GmbH on April 1. Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Gross & Werheit Handels GmbH
         Stefanstr. 2-6
         51145 Cologne
         Germany


GRUNDSTUECKS GMBH: Creditors' Meeting Slated for June 4
-------------------------------------------------------
The court-appointed insolvency manager for Grundstuecks GmbH & Co. Betriebs
KG, Dr. Christoph Schulte-Kaubruegger, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at 9:45 a.m. on June
4.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:20 a.m. on Sept. 3 at the same venue.

Creditors have until July 5 to register their claims with the court-appointed
insolvency manager.

The insolvency manager can be reached at:

         Dr. Christoph Schulte-Kaubruegger
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Grundstuecks GmbH & Co. Betriebs KG
on April 1.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Grundstuecks GmbH & Co. Betriebs KG
         Pohlstr. 20
         10785 Berlin
         Germany


JUST IN TIME: Creditors Must Register Claims by August 1
--------------------------------------------------------
Creditors of Just in Time Fashion GmbH have until Aug. 1 to register their
claims with court-appointed insolvency manager Udo Feser.

Creditors and other interested parties are encouraged to attend the meeting
at 11:45 p.m. on Sept. 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany         
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Udo Feser
         Uhlandstr. 165/166
         10719 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
Just in Time Fashion GmbH on May 14.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Just in Time Fashion GmbH
         Suedliche Hauptstrasse 47
         83703 Gmund am Tegernsee
         Germany


KARL SCHUMACHER: Claims Registration Ends June 17
-------------------------------------------------
Creditors of Karl Schumacher Maschinenbau GmbH have until
June 17 to register their claims with court-appointed insolvency manager
Andreas Amelung.

Creditors and other interested parties are encouraged to attend the meeting
at 10:15 a.m. on July 17, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Cologne opened bankruptcy proceedings against Karl
Schumacher Maschinenbau GmbH on April 1.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Karl Schumacher Maschinenbau GmbH
         Frankfurter Str. 661
         51145 Cologne
         Germany


LCR TELECOM: Creditors Must Register Claims by June 26
------------------------------------------------------
Creditors of LCR Telecom GmbH have until June 26 to register their claims
with court-appointed insolvency manager Biner Bahr.

Creditors and other interested parties are encouraged to attend the meeting
at 8:30 a.m. on July 17, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duesseldorf
         Meeting Hall A 409
         Fourth Floor
         Muehlenstrasse 34
         40213 Duesseldorf
         Germany     
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Biner Bahr
         Graf-Adolf-Platz 15
         40213 Duesseldorf
         Germany

The District Court of Duesseldorf opened bankruptcy proceedings against LCR
Telecom GmbH on May 15.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         LCR Telecom GmbH
         Koenigsallee 100
         40215 Duesseldorf
         Germany


MASSIVHAUS GMBH: Claims Registration Period Ends June 26
--------------------------------------------------------
Creditors of Massivhaus GmbH have until June 26 to register their claims with
court-appointed insolvency manager Christoph Herbst.

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

The meeting of creditors will be held at:

         The District Court of Memmingen
         Meeting Hall 103
         Ground Floor
         Buxacher Strasse 6
         Memmingen
         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. Christoph Herbst
         Maximiliansplatz 12
         80333 Munich
         Germany
         Tel: 089/2878810
         Fax: 089/287881-29

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

The Debtor can be reached at:

         Massivhaus GmbH
         Attn: Welkmann Gernold and Kalm Ansgar, Managers
         Rabenstr. 1
         87700 Memmingen
         Germany


MAVA GRUNSTUECKVERWALTUNG: Creditors Must File Claims by Aug. 2
---------------------------------------------------------------
Creditors of MAVA Grundstuecksverwaltung GmbH have until Aug. 2 to register
their claims with court-appointed insolvency manager Wolfgang Schroeder.

Creditors and other interested parties are encouraged to attend the meeting
at 10:00 a.m. on Sept. 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 Charlottenburg
         Second Stock Hall 218
         Amtsgerichtsplatz 1
         14057 Berlin
         Germany  
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Wolfgang Schroeder
         Genthiner Str. 48
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
MAVA Grundstuecksverwaltung GmbH on May 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MAVA Grundstuecksverwaltung GmbH
         Mueggelseedamm 136
         12587 Berlin
         Germany


MESSE TEAM: Creditors Must Register Claims by June 27
-----------------------------------------------------
Creditors of Messe Team GmbH Messe- und Kongressorganisation kompletton have
until June 27 to register their claims with court-appointed insolvency
manager Horst Piepenburg.

Creditors and other interested parties are encouraged to attend the meeting
at 9:00 a.m. on Aug. 8, at which time the insolvency manager will present his
first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Duisburg
         Hall C205
         Second Floor
         Kardinal-Galen-Strasse 124-132
         47058 Duisburg
         Germany
         
The Court will also verify the claims set out in the insolvency
manager's report during this meeting, while creditors may constitute a
creditors' committee or opt to appoint a new insolvency manager.

The insolvency manager can be reached at:

         Horst Piepenburg
         Heinrich-Heine-Allee 20
         40213 Duesseldorf
         Germany

The District Court of Duisburg opened bankruptcy proceedings against Messe
Team GmbH Messe- und Kongressorganisation kompletton May 14.  Consequently,
all pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Messe Team GmbH Messe- und
         Kongressorganisation komplett
         Am Plan 30
         15831 Grossbeeren
         Germany


MUNICH TRUST: Claims Registration Period Ends July 6
----------------------------------------------------
Creditors of munich trust GmbH have until June 6 to register their claims
with court-appointed insolvency manager Kurt Bruder.

Creditors and other interested parties are encouraged to attend the meeting
at 9:00 a.m. on Aug. 8, 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 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:

         Kurt Bruder
         Herzog-Wilhelm-Str. 17
         80331 Munich
         Germany
         Tel: 089/236858-0
         Fax: 089/2603440

The District Court of Munich opened bankruptcy proceedings against munich
trust GmbH on May 8.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         munich trust GmbH
         Attn: Heinz Kober, Manager
         Prinzregentenplatz 19
         81675 Munich
         Germany


NEUBAUER UND PARTNER: Claims Registration Period Ends August 9
--------------------------------------------------------------
Creditors of Neubauer und Partner GWA Werbeagentur GmbH have until Aug. 9 to
register their claims with court-appointed insolvency manager Jan Roth.

Creditors and other interested parties are encouraged to attend the meeting
at 9:15 a.m. on Sept. 10, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Dr. Jan Roth
         Pfingstweidstrasse 3
         60316 Frankfurt am Main
         Germany
         Tel: 069/209739-0
         Fax: 069/20973929

The District Court of Frankfurt (Main) opened bankruptcy proceedings against
Neubauer und Partner GWA Werbeagentur GmbH on May 10.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Neubauer und Partner GWA Werbeagentur GmbH
         Hanauer Landstr. 551
         60386 Frankfurt am Main
         Germany

         Attn: Edda Zippelius, Manager
         Am Lindach 14
         97252 Frickenhausen
         Germany


NEUHAUSER FENSTERBAU: Claims Registration Period Ends June 29
-------------------------------------------------------------
Creditors of Neuhauser Fensterbau GmbH have until June 29 to register their
claims with court-appointed insolvency manager Christoph Herbst.

Creditors and other interested parties are encouraged to attend the meeting
at 7:40 a.m. on July 18, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of 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:

         Eduard Uebelacker
         Schwanthaler Str. 32/IV
         80336 Munich
         Germany

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

The Debtor can be reached at:

         Neuhauser Fensterbau GmbH
         Attn: Mueller-Haas, Inka, Manager
         Fabrikstrasse 2 A
         98724 Neuhaus/Rwg.
         Germany


NK-GMBH: Claims Registration Period Ends June 18
------------------------------------------------
Creditors of NK-GmbH have until June 18 to register their claims with court-
appointed insolvency manager Walter Broehan.

Creditors and other interested parties are encouraged to attend the meeting
at 9:00 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 Luebeck
         Hall 256
         Am Burgfeld 7
         23568 Luebeck
         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:

         Walter Broehan
         Muehlenstrasse 56
         23552 Luebeck
         Germany

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

The Debtor can be reached at:

         NK-GmbH
         Attn: Klaus Nittscher, Manager
         Niendorfer Hauptstr. 8
         23560 Luebeck
         Germany


STRASSENBAU GMBH: Claims Registration Period Ends June 17
---------------------------------------------------------Creditors of
Strassenbau GmbH have until June 17 to register their claims with court-
appointed insolvency manager Dr. Volkhard Frenzel.

Creditors and other interested parties are encouraged to attend the meeting
at 1:00 p.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 Dessau
         Hall 123
         Willy-Lohmann-Str. 33
         Dessau
         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. Volkhard Frenzel
         Magdeburger Strasse 23
         06112 Halle
         Germany
         Tel: 0345/2311111
         Fax: 0345/2311199

The District Court of Dessau opened bankruptcy proceedings against
Strassenbau GmbH on May 14.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Strassenbau GmbH
         Attn: Werner Mischer, Manager
         Lichtenauer Strasse 70
         06847 Dessau
         Germany


THEO KLEINKAUERTZ: Creditors’ Meeting Slated for Aug. 10
--------------------------------------------------------
The court-appointed insolvency manager for Theo Kleinkauertz GmbH, Eberhard
Stock, will present his first report on the
Company's insolvency proceedings at a creditors' meeting at
10:06 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 10:00 a.m. on Sept. 28 at the same venue.

Creditors have until Aug. 5 to register their claims with the court-appointed
insolvency manager.

The insolvency manager can be reached at:

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

The District Court of Krefeld opened bankruptcy proceedings against Theo
Kleinkauertz GmbH on May 14.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Theo Kleinkauertz GmbH
         Siemensring 70
         47877 Willich
         Germany


W.WELTHER BAU: Claims Registration Period Ends July 25
------------------------------------------------------
Creditors of W.Welther Bau GmbH have until July 25 to register their claims
with court-appointed insolvency manager Goetz Lautenbach.

Creditors and other interested parties are encouraged to attend the meeting
at 10:05 a.m. on Sept. 5, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Goetz Lautenbach
         Zeilweg 42
         D 60439 Frankfurt am Main
         Germany
         Tel.: 069/963761-0
         Fax: 069/963761145

The District Court of Frankfurt am Main opened bankruptcy proceedings against
W.Welther Bau GmbH on May 14. Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         W.Welther Bau GmbH
         Sauerstrasse 24-28
         65934 Frankfurt
         Germany

         Attn: Nedzad Welther-Welther, Manager
         Rheinlandstrasse 26
         65824 Schwalbach am Taunus
         Germany


WL LIPPELS: Claims Registration Period Ends June 13
---------------------------------------------------
Creditors of WL Lippels - Kunstverlag GmbH have until June 13 to register
their claims with court-appointed insolvency manager Ulrich Cramer.

Creditors and other interested parties are encouraged to attend the meeting
at 10:30 a.m. on July 5, at which time the insolvency manager will present
his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Wolfratshausen
         Meeting Room 3/I         
         Station Route 18
         Wolfratshausen
         Germany

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

The insolvency manager can be reached at:

         Ulrich Cramer
         Konrad-Zuse-Platz 1
         81829 Muenchen
         Germany
         Tel: 089/992990
         Fax: 089/99299-299

The District Court of Wolfratshausen opened bankruptcy proceedings against WL
Lippels - Kunstverlag GmbH on May 16. Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         WL Lippels - Kunstverlag GmbH
         Haarer Str. 5
         85640 Putzbrunn
         Germany


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


ALITALIA SPA: Aeroflot to Bid Less Than Market Price
----------------------------------------------------
OAO Aeroflot will offer less than the market price for the Italian
government's 39.9% stake in Alitalia S.p.A., Bloomberg News reports citing
Mikhail Poluboyarinov, Aeroflot deputy chief executive officer for finance
and planning.

"We want to invest in the company itself and not in the Italian
government," Mr. Poluboyarinov was quoted by Bloomberg News as saying.

Mr. Poluboyarinov added Aeroflot does not want to bid for Italy's entire
49.9% stake in Alitalia.

"Alitalia's price may be 30% to 40% lower than its market price," Edoardo
Luini of Il Nuovo Mercato told Bloomberg News.  "[Bidders] will aim at
something between 50 and 60 cents per share."

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

                         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 aircraft.  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.


BANCA UBAE: Fitch Affirms Issuer Default Rating at BB+
------------------------------------------------------
Fitch Ratings has affirmed Banca UBAE's ratings at Issuer Default 'BB+' with
a Stable Outlook, Short-term 'B', Individual 'C/D' and Support '5'.  The
bank's Support Rating Floor of NF remains unchanged.  UBAE is a niche
provider of specialized short-term trade finance to Mediterranean Arab
markets, with a leading market share in payment services related to oil
trading between Libya and Italy.

UBAE's IDR, Short-term and Individual ratings reflect its core activities in
a niche market, significant credit exposure to speculative-grade rated
countries, low market risk and adequate capitalization.  They also take
account of its low but improving profitability and its sensitivity to
political changes in its key markets downside pressure on UBAE's ratings
could arise from an increase of political risk or volatility in its key
markets or from a weakening of its relationship with its main shareholder.

The bank's ratings have a limited upward potential given its operations, its
reliance on short-term wholesale funding and the tight margins in its core
business.

In accordance with its main shareholder, the state-owned Libyan Foreign Bank
(49.9%), UBAE continues (since 2005) to restructure its activities to boost
profitability by entering new markets, diversifying its product range and
generating higher returns on its securities portfolio.  To offset the higher
risks inherent in its strategy, it has introduced more effective controls and
modernized its organization.

Although revenues from the Libyan oil business are still significant, UBAE
has diversified its business by offering new trade-related products and
geographically by strengthening its activities in other North African
countries, the Middle East and the Gulf countries, as well as Sudan, Russia,
Ukraine and Kazakhstan, which exposes it to political risks.  The bank's thin
profitability reflects tight profit margins in its core trade finance-related
business.  At end-2006 UBAE reported an adequate operating ROAE of 14.3%.  
Its operating profitability is underpinned by funding coming from the oil
business and invested in interbank assets.  In 2006 operating cost efficiency
remained good at around 47%.

UBAE's credit risk in its trade finance business is moderate.  The short-term
nature of its assets and their high turnover explain the relatively small
size of its balance sheet.  The bank is highly exposed to emerging markets,
but this is mitigated by its sound knowledge of the countries and
counterparties and by the short-term interbank nature of the exposures.  It
also has a small portfolio of loans extended to trade finance-related
customers.

Market risk is low.  Since 2005 UBAE has set up an independent risk
management unit and introduced more sophisticated tools, which should help it
offset the higher market risk.  The majority of its funding derives from
short-term interbank deposits, mainly from its Arab shareholders, and from
oil business.  Liquidity is satisfactory.  At end-2006 UBAE's ratio of
eligible capital to risk-weighted assets was adequate at 23.6%, given the
bank's exposure to political and operational risk, the concentration in its
loan book and its small size.


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


ALIGARH XXI: Proof of Claim Deadline Slated for July 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Aligarh XXI insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai  
         Abai ave. 21-27
         Kostanai
         Kazakhstan


ANEL LLP: Creditors Must File Claims July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Anel insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kostanai  
         Abai ave. 21-27
         Kostanai
         Kazakhstan


JOLEK JSC: Claims Filing Period Ends July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has declared JSC
Jolek insolvent.  

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Suleimenov Str. 21
         Josaly
         Karmakchynsky District
         Kyzylorda
         Kazakhstan
         Tel: 8 (237) 2-27-31, 8 701 412 72-65


KAZTRANSSERVICE LLP: Claims Registration Ends July 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has declared LLP
Kaztransservice (RNN 302000059306) insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Karaganda  
         Jambyl Str. 9
         Karaganda
         Kazakhstan


KOLESO LLP: Creditors' Claims Due July 6
----------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan has declared
LLP Koleso insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Saraishyk-19-92
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 50-02-73


MUSTAFA SHOKAI: Proof of Claim Deadline Slated for July 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of Kyzylorda has declared LLP
Mustafa Shokai insolvent.  

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of Kyzylorda
         Suleimenov Str. 21
         Josaly
         Karmakchynsky District
         Kyzylorda
         Kazakhstan
         Tel: (237) 2-27-31, 8 701 412 72-65


SHANYRAK OJSC: Creditors Must File Claims July 4
------------------------------------------------
OJSC Shanyrak has declared insolvency.  Creditors have until July 4 to submit
written proofs of claim to:

         OJSC Shanyrak
         Lenin ave. 34
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan


TRESURALSKPROMSTROY LLP: Claims Filing Period Ends July 6
---------------------------------------------------------
The Specialized Inter-Regional Economic Court of West Kazakhstan has declared
LLP Construction Company Tresuralskpromstroy insolvent.

Creditors have until July 6 to submit written proofs of claim to:

         The Specialized Inter-Regional
         Economic Court of West Kazakhstan
         Saraishyk-19-92
         Uralsk
         West Kazakhstan
         Kazakhstan
         Tel: 8 (3112) 50-02-73


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


ALCOR LLC: Creditors Must File Claims by June 5
-----------------------------------------------
Creditors of LLC Alcor have until June 5 to submit proofs of claim to:

         L. Kharitonova
         Insolvency Manager
         Post User Box 41
         Syzran
         446001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. A55-
2246/2007.

The Debtor can be reached at:

         LLC Alcor
         Kirovskaya Str. 9
         Smyshlyaevka
         Samara
         Russia


BALTAY-STORY CJSC: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of CJSC Baltay-Story have until June 5 to submit proofs of claim to:

         A. Pshenkov
         Temporary Insolvency Manager
         Lenina Pr. 79-102
         400078 Volgograd
         Russia

The Arbitration Court of Saratov commenced bankruptcy supervision procedure
the company.  The case is docketed under Case No. A57-2294/07-31.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         CJSC Baltay-Story
         Baltay
         Saratov
         Russia


BOOMERANG CJSC: Court Names A. Sergeev as Insolvency Manager
------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed A. Sergeev as Insolvency
Manager for CJSC Boomerang.  He can be reached at:

         A. Sergeev
         Post User Box 616
         Berezniki
         618400 Perm
         Russia

The Court commenced bankruptcy proceedings against the company after finding
it insolvent.  The case is docketed under Case No. A60-14618/06-S11.

The Court is located at:

         The Arbitration Court of Sverdlovsk
         Lenina Pr. 34
         620151 Ekaterinburg Region
         Russia  

The Debtor can be reached at:

         CJSC Boomerang
         Lomonosova Str. 26
         Artemovskiy
         623780 Sverdlovsk
         Russia


GAZPROM NEFT: To Create Joint Venture with OAO Lukoil
-----------------------------------------------------
OAO Gazprom Neft and OAO Lukoil signed a memorandum of understanding to set
up a joint venture for oil and gas projects, various reports say.

According to the Analytical Information Agency, the joint venture will engage
in:

   -- acquisition of rights of subsoil use;

   -- geological survey of jointly purchased fields;

   -- exploitation and development of hydrocarbons on the
      jointly purchased fields;

   -- field facilities; and

   -- realization of infrastructure projects.

Gazprom Neft will control 51% of the joint venture while Lukoil will hold the
remaining 49% stake.  

ConocoPhillips, a 20% stakeholder in Lukoil, will be excluded from the
venture, Catherine Belton writes for the Financial Times.

"The memorandum of understanding... is an effective mechanism for mutually
advantageous cooperation between large Russian oil companies, which have a
strong production and financial potential to implement large projects in oil
and gas exploration," Mr. Alekperov said.

Valery Nesterov of Troika Dialog told Ms. Belton that Lukoil risked being
further outstripped by OAO Rosneft Oil Co. if it did not team up with Gazprom
Neft.  Mr. Nesterov added that new laws on developing strategic new fields
will limit access to companies that are majority Russian-owned.

                          About Lukoil

Headquartered in Moscow, Russia, OAO Lukoil (LSE: LKOD; MICEX,
RTS: LKOH) -- http://www.lukoil.com/-- explores and produces     
oil & gas, petroleum products and petrochemicals, and markets
the outputs.  Most of the Company's exploration and production
activity is located in Russia, and its main resource base is in
Western Siberia.

                      About Gazprom Neft

Headquartered in Moscow, Russia, OAO Gazprom Neft --
http://www.gazprom-neft.ru/-- explores, produces, refines,  
markets, produces and sells petroleum products.  The Company
holds oilfield exploration and development licenses in the
Yamal-Nenets and Khanti-Mansiisk autonomous regions, as well as
in the Omsk and Tomsk regions, and in Chukotka.  The Company's
main oil processing center is the Omsk Refinery.

                           *   *   *

As of May 28, 2007, Gazprom Neft carries a Ba1 Corporate Family and Ba2
Senior Unsecured Debt ratings from Moody's.  Outlook is positive.

Gazprom Neft also carries BB+ Long-Term Foreign Issuer Credit and Local
Issuer Credit ratings from Standard & Poor's.  Outlook is positive.


KAB-BAL-GRAIN-PRODUCT: Creditors Must File Claims by June 5
-----------------------------------------------------------
Creditors of OJSC Kab-Bal-Grain-Product have until June 5 to submit proofs of
claim to:

         Kh. Khuteshev
         Temporary Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino Balkariya
         Russia

The Arbitration Court of Kabardino Balkariya commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. A20-597/2007.

The Debtor can be reached at:

         Kh. Khuteshev
         Temporary Insolvency Manager
         Lenina Pr. 36
         Nalchik
         360022 Kabardino Balkariya
         Russia


KAMA-WOOD LLC: Creditors Must File Claims by June 5
---------------------------------------------------
Creditors of LLC Kama-Wood have until June 5 to submit proofs of claim to:

         G. Pogosyan
         Insolvency Manager
         Post User Box 152
         160000 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. A13-
1747/2007.

The Debtor can be reached at:

         LLC Kama-Wood
         K. Marksa Str. 14-3
         Vologda
         Russia

KRASNOARMEYSKIY CJSC: Creditors Must File Claims by June 5
----------------------------------------------------------
Creditors of CJSC Meat Combine Krasnoarmeyskiy have until June 5 to submit
proofs of claim to:

         A. Shlyakhov
         Insolvency Manager
         Lenina Pr. 72
         400005 Vologograd
         Russia

The Arbitration Court of Vologograd commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case No.
A12-4920/07-s50.

The Debtor can be reached at:

         CJSC Meat Combine Krasnoarmeyskiy
         Geroev Maloj Zemli Str. 27
         Vologograd
         Russia


KSENOPLASTA-A CJSC: Creditors Must File Claims by June 5
--------------------------------------------------------
Creditors of CJSC Ksenoplasta-A have until June 5 to submit proofs of claim
to:

         S. Kurochkin
         Insolvency Manager
         Post User Box 0620
         170100 Tver-100
         Russia

The Arbitration Court of St. Petersburg and Leningrad commenced bankruptcy
proceedings against the company after finding it insolvent.  The case is
docketed under Case No. A56-32238/2006.

The Court is located at:

         The Arbitration Court of St. Petersburg and
         Leningrad
         Hall 113
         Suvorovskiy Pr. 50/52
         St. Petersburg
         Russia

The Debtor can be reached at:

         CJSC Ksenoplasta-A
         Suvorovskiy Pr., 50/52
         191015 St. Petersburg
         Russia


MED-PROM-PREPARAT: Creditors Must File Claims by June 5
-------------------------------------------------------
Creditors of LLC Med-Prom-Preparat have until June 5 to submit proofs of
claim to:

         G. Zhukova
         Temporary Insolvency Manager
         K. Libknekhta Str. 15-24
         Velikie Luki
         182100 Pskov
         Russia

The Arbitration Court of Pskov will convene on Oct. 15 to hear the company’s
bankruptcy supervision procedure.  The case is docketed under Case No. A52-
674/2007.

The Debtor can be reached at:

         LLC Med-Prom-Preparat
         Vokzalnyj Per. 3
         Ostrov
         181350 Pskov
         Russia


NBT FINANCE: Fitch Places B- Rating on US$200 Million Eurobond
--------------------------------------------------------------
Fitch Ratings has assigned NBT Finance Limited's US$200 million 9.375% issue
due May 2010 a final Long-term rating of 'B-' and Recovery rating of 'RR4'.  
The notes are issued solely to finance a loan to Russia-based National Bank
Trust, rated Issuer Default 'B-' with a Stable Outlook, Short-term 'B',
Individual 'D/E' and Support '5'.  

The final loan agreement limits transactions between NBT and its affiliates
to 50% of consolidated total assets, measured by fair market value and
reported under IFRS.  It also provides noteholders a put option, exercisable
within a defined period of time, should there be a change of control over NBT
or its holding companies -- T&IB Holdings Ltd and CJSC Management Trust.  The
structure of the deal as well as other covenants (negative pledge, mergers
and disposals, financial covenants etc.) remain unchanged as stated in
Fitch's announcement of May 11, 2007.

NBT, together with its sister company Trust Investment Bank, was bought out
by IBT managers from the shareholders of Group Menatep (who were also the
main shareholders of Yukos) in 2004.  IBT has continued to develop as an
investment bank, while NBT has focused on building its retail and SME
franchises in the regions, utilizing its large network (123 outlets at end-
2006).  NBT and IBT are run relatively independently but share senior-level
managers (some of whom are also owners) and some middle- and back-office
functions.  The shareholders do not exclude the possibility of merging the
two banks and/or selling a stake in IBT to support the capitalization of
NBT.  


POVOLZHYE-PROM-STROY: Creditors Must File Claims by June 5
----------------------------------------------------------
Creditors of OJSC Kab-Bal-Grain-Product have until June 5 to submit proofs of
claim to:

         V. Fedoseev
         Insolvency Manager
         Rahkmaninova Str. 1
         Penza
         Russia

The Arbitration Court of Samara will convene on July 16 to hear the company’s
bankruptcy supervision procedure.  The case is docketed under Case No. A55-
18954/2006.

The Debtor can be reached at:

         CJSC Povolzhye-Prom-Story
         Uchebnaya Str. 2
         Ust-Kinelskiy
         Kinel
         Samara
         Russia


ROSNEFT OIL: To Hike Oil Refining Volume by 730% in 2015
--------------------------------------------------------
OAO Rosneft Oil Co. plans to increase its oil refining volume by 730% to 91
million metric tons annualy by 2015, RIA Novosti reports citing First Vice
President Sergei Kudryashov.

Mr. Kudryashov said that following the company's acquisition of OAO Yukos Oil
Co.'s Volga and Siberian refineries, Rosneft's refining capacity would
increase from the current 15% to 40%, RIA Novosti relates.  Rosneft refined
around 11 million metric tons of crude oil in 2006.

Rosneft also plans to build a refinery at the terminus of the Eastern Siberia-
Pacific oil pipeline and in China, Mr. Kudryashov added.  The ESPPO pipeline
is expected to pump up to 1.6 million barrels per day of crude oil from
Siberia to Russia's Far East.  The output will then be exported to China and
the Asia-Pacific region.

The company also plans to ink a deal with OAO Gazprom on supplying additional
natural gas to Russia's gas transportation system, Mr. Kudryashov told RIA
Novosti, adding that the company plans to sell around 15 billion cubic meters
of its gas output in 2007 to the state-owned gas producer.

                           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.


RUSSIAN NORTH: Creditors Must File Claims by July 5
---------------------------------------------------
Creditors of CJSC Trading House Russian North (TIN 5115500087) have until
July 5 to submit proofs of claim to:

         P. Volkov
         Insolvency Manager
         Starostina Str. 19
         183071 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case No.
A42-1209/2007.

The Debtor can be reached at:

         CJSC Trading House Russian North
         Apartment 23
         Korchilova Str. 9
         Zaozersk
         184310 Murmansk
         Russia


RTISHEVO CJSC: Court Names Zh. Tachkova as Insolvency Manager
-------------------------------------------------------------
The Arbitration Court of Saratov appointed Zh. Tachkova as Insolvency Manager
for CJSC Rtishevo.  She can be reached at:

         Zh. Tachkova
         Rakhmaninova Str. 1
         Penza
         Russia

The Court commenced bankruptcy proceedings against the company after finding
it insolvent.  The case is docketed under Case No. A-57-92B/06-23.

The Court is located at:

         The Arbitration Court of Saratov
         Babushkin Vvoz 1
         Saratov Region
         Russia

The Debtor can be reached at:

         Zh. Tachkova
         Rakhmaninova Str. 1
         Penza
         Russia


SEL-KHOZ-TORG-TRANS: Creditors Must File Claims by July 5
---------------------------------------------------------
Creditors of OJSC Sel-Khoz-Torg-Trans have until July 5 to submit proofs of
claim to:

         I. Madzhuga
         Insolvency Manager
         Office 40
         Br. Korostekevykh Str. 168
         443001 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. A55-
35521/05.

The Debtor can be reached at:

         OJSC Sel-Khoz-Torg-Trans
         Rabochaya Str. 1
         Khvorostyanka
         Samara
         Russia


TRADE-INVEST LLC: Creditors Must File Claims by June 5
------------------------------------------------------
Creditors of LLC Trade-Invest (TIN 3525163787) have until June 5 to submit
proofs of claim to:

         G. Pogosyan
         Insolvency Manager
         Post User Box 152
         160000 Vologda
         Russia

The Arbitration Court of Vologda commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. A13-
1948/2007.

The Court is located at:

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

The Debtor can be reached at:

         LLC Trade-Invest
         Kozlenskaya Str. 35
         Vologda
         Russia


VORONYA MINERALS: Creditors Must File Claims by July 5
------------------------------------------------------
Creditors of OJSC Voronya Minerals have until July 5 to submit proofs of
claim to:

         K. Ipatov
         Insolvency Manager
         Metallurgov Pr. 2 A
         Monchegorsk
         184500 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case No.
A42-1300/2007.

The Debtor can be reached at:

         OJSC Voronya Minerals
         Monchegorsk
         184500 Murmansk
         Russia


YUKOS OIL: Prana Gets FAS Okay on US$3.9 Bln Asset Purchase
-----------------------------------------------------------
The Federal Antimonopoly Service has approved Prana Group's application to
acquire Lot 13 of OAO Yukos Oil Co.'s assets for US$3.9 billion after it
submitted documents necessary to close the deal, Kommersant reports.

Prana, which outbid OAO Rosneft Oil at a May 11 auction, exercised the right
for commercial secret when it revealed its ownership structure to the FAS
only, Kommersant relates.

The competition agency earlier warned Prana that it will block the sale of
the assets, which includes Yukos' 22-story Moscow headquarters, if it fails
to disclose its ownership structure 14 days following the May 11 auction.  
The FAS subsequently extended the deadline for Prana to comply with the
requirements through Aug. 2 saying that it would need to spend more time to
look at Prana's application.

“Having examined the information submitted on May 25th, the FAS came to the
conclusion that the deal of Prana’s acquiring YUKOS assets will not lead to
restricting the competition,” the FAS said.

The competition agency gave Prana until tomorrow night, May 30, to pay for
the lot and three days to sign a statement of transfer and acceptance of
assets, Kommersant relates.

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

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

                      About Yukos Oil

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

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

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

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

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

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


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


SAS AB: Union Ends Strike & Signs New CBA as Flights Resume
-----------------------------------------------------------
The Swedish Salaried Employees' Union has called off its strike, effective
immediately, after several days of negotiations with SAS AB management over
workers’ demands resulted in the signing of a new collective agreement for
Scandinavian Airlines Sverige's cabin employees, the company disclosed in a
statement posted on its Web site.  Accordingly, Scandinavian Airlines Sverige
will resume all traffic effective Wednesday, May 30, 2007.

The collective agreement will apply form March 1, 2007, through April 30,
2010.  The agreement is in line with the level applicable in the Swedish
labor market, that is, 10.3 percent over 38 months, the company added in the
statement.

"I am pleased and relieved that we can take to the air again,” said Anders
Ehrling, President of Scandinavian Airlines Sverige.  “We have reached
agreement with the Salaried Employees' Union regarding a new collective
agreement and will focus all of our energy on restarting operations.  As of
Wednesday, May 30, 2007, we will once again be operating in accordance with
our ordinary timetable.”

The TCR-Europe reported on May 28, 2007, that SAS AB's Scandinavian Airlines
unit in Sweden had 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 Associated Press reported 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.

                            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
SEK60.78 billion in fiscal year 2006.

                           *    *    *

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
=====================


A1 WESTERN SALOON: Creditors' Liquidation Claims Due June 11
------------------------------------------------------------
Creditors of LLC A1 Western Saloon have until June 11 to submit their claims
to:

         Beat Friedli
         Liquidator
         Neuengasse 41
         3011 Bern
         Switzerland

The Debtor can be reached at:

         LLC A1 Western Saloon
         Ostermundigen BE
         Switzerland


ALPHA.CH JSC: Creditors' Liquidation Claims Due June 15
-------------------------------------------------------
Creditors of JSC Alpha.ch have until June 15 to submit their claims to:

         Dorfstrasse 38
         6341 Baar ZG
         Switzerland

The Debtor can be reached at:

         JSC Alpha.ch
         Baar ZG
         Switzerland


BAU-HANDWERKER-GEMEINSCHAFT: Liquidation Claims Due July 9
----------------------------------------------------------
Creditors of JSC Bau-Handwerker-Gemeinschaft Zurcher Unterland und Umgebung
have until July 9 to submit their claims to:

         Pfarrhausstrasse 6
         8426 Lufingen
         Bulach ZH
         Switzerland

The Debtor can be reached at:

         JSC Bau-Handwerker-Gemeinschaft Zurcher Unterland
         und Umgebung
         Lufingen
         Bulach ZH
         Switzerland


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

         Roger Hirsch
         Liquidator
         Eichstrasse 16
         6330 Cham ZG
         Switzerland

The Debtor can be reached at:

         JSC Cadranext
         Cham ZG
         Switzerland


CAFFE CATHERINE: Creditors' Liquidation Claims Due July 15
----------------------------------------------------------
Creditors of LLC Caffe Catherine have until July 15 to submit their claims to:

         Casar Husler
         Liquidator
         Kantonsstrasse 40
         6048 Horw LU
         Switzerland

The Debtor can be reached at:

         LLC Caffe Catherine
         Lucerne
         Switzerland


DURAGRESS JSC: Creditors' Liquidation Claims Due June 11
--------------------------------------------------------
Creditors of JSC Duragress have until June 11 to submit their claims to:

         Peter K. Kraus
         Liquidator
         JSC Revitrag Treuhand
         Metallstrasse 9a
         6304 Zug
         Switzerland

The Debtor can be reached at:

         JSC Duragress
         Zug
         Switzerland


FMS ENGINEERING: Creditors' Liquidation Claims Due June 15
----------------------------------------------------------
Creditors of LLC FMS Engineering have until June 15 to submit their claims to:

         Herr Erhard Spoker
         Liquidator
         JSC Birr
         Hinterdorfstrasse 2
         5242 Brugg AG
         Switzerland

The Debtor can be reached at:

         LLC FMS Engineering
         Brugg AG
         Switzerland


MARTIN BAER: Creditors' Liquidation Claims Due July 4
-----------------------------------------------------
Creditors of LLC Martin Baer have until July 4 to submit their claims to:

         Martin Baer
         Liquidator
         Schonenbergstrasse 39
         8820 Wadenswil
         Horgen ZH
         Switzerland

The Debtor can be reached at:

         LLC Martin Baer
         Schonenbergstrasse 39
         8820 Wadenswil
         Horgen ZH
         Switzerland


MOSSE ADRESS: Creditors' Liquidation Claims Due July 16
-------------------------------------------------------
Creditors of JSC Mosse Adress have until July 16 to submit their claims to:

         Max Buhlmann
         Liquidator
         P.O. Box 2731
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Mosse Adress
         Zurich
         Switzerland


PS SCHLOSSEREI: Creditors' Liquidation Claims Due June 8
--------------------------------------------------------
Creditors of LLC PS Schlosserei have until June 8 to submit their claims to:

         Paul Kaiser
         Liquidator
         Glarnerstr. 65
         8854 Siebnen
         Switzerland

The Debtor can be reached at:

         LLC PS Schlosserei
         Wollerau
         Hofe SZ
         Switzerland


SULA GARTENBAU: Creditors' Liquidation Claims Due June 8
--------------------------------------------------------
Creditors of LLC SULA Gartenbau have until June 8 to submit their claims to:

         Gerenstrasse 25
         8105 Regensdorf
         Dielsdorf ZH
         Switzerland

The Debtor can be reached at:

         LLC SULA Gartenbau
         Regensdorf
         Dielsdorf ZH
         Switzerland


TENFORE (SCHWEIZ): Creditors' Liquidation Claims Due June 8
-----------------------------------------------------------
Creditors of LLC Tenfore (Schweiz) have until June 8 to submit their claims
to:

         Isabella Gisler
         Liquidator
         Splugenstrasse 11
         8022 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Tenfore (Schweiz)
         Zurich
         Switzerland


TREUGRUND JSC: Zug Court Starts Bankruptcy Proceedings
------------------------------------------------------
The Bankruptcy Court of Zug commenced bankruptcy proceedings against JSC
Treugrund on April 24.

The Bankruptcy Service of Zug can be reached at:

         Bankruptcy Service of Zug
         6300 Zug
         Switzerland

The Debtor can be reached at:

         JSC Treugrund
         6300 Zug
         Switzerland


VIVUSLINES JSC: Creditors' Liquidation Claims Due July 6
--------------------------------------------------------
Creditors of JSC Vivuslines have until July 6 to submit their claims to:

         Zurichsee and Oberland
         Liquidator
         Binzikerstrasse 2
         8627 Gruningen
         Hinwil ZH
         Switzerland

The Debtor can be reached at:

         JSC Vivuslines
         Gruningen
         Hinwil ZH
         Switzerland


YAPURA SCHMUCK: Creditors' Liquidation Claims Due June 11
---------------------------------------------------------
Creditors of LLC Yapura Schmuck have until June 11 to submit their claims to:

         JSC CLC Samedan
         Liquidator
         Plazzet 25
         7503 Samedan
         Maloja GR
         Switzerland

The Debtor can be reached at:

         LLC Yapura Schmuck
         Samedan
         Maloja GR
         Switzerland


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


ABC LLC: Claims Filing Deadline Set June 3
------------------------------------------
Creditors of LLC Finance Company ABC (code EDRPOU 32307987) have until June 3
to submit their proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
43/144.

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 Finance Company ABC
         16-a Apartment 82
         Obolonsky Avenue
         04205 Kiev
         Ukraine


EKSIM LLC: Claims Filing Deadline Set June 3
--------------------------------------------
Creditors of LLC Consulting Group Eksim (code EDRPOU 32850738) have until
June 3 to submit their proofs of claim to:

         LLC Amros AKR
         Liquidator
         Mayakovsky Avenue
         02222 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
23/99-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 Consulting Group Eksim
         Shota Rustaveli Str. 30-b
         Kiev
         Ukraine


ETALON LLC: Claims Filing Deadline Set June 3
---------------------------------------------
Creditors of LLC Etalon (code EDRPOU 23786718) have until June 3 to submit
their proofs of claim to:

         S. Dovgantchuk
         Liquidator
         Apartment 15
         Gogol Str. 143
         69002 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
21/75/07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Etalon
         Shkolnaya Str. 42
         Guliaypole
         72000 Zaporozhje
         Ukraine


FORWARD-TRANS LLC: Claims Filing Deadline Set June 3
----------------------------------------------------
Creditors of LLC Forward-Trans (code EDRPOU 30918804) have until June 3 to
submit their proofs of claim to:

         Sergey Lipsky
         Liquidator
         P.O. Box 4389
         79013 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
6/215-29/317.

The Court is located at:

         The Economic Court of Lvov
         Lichakivska Str. 81
         79010 Lvov
         Ukraine

The Debtor can be reached at:

         LLC Forward-Trans
         Peremeskaya Str. 4/2
         Lvov
         Ukraine


POLOGUY PMK 10: Claims Filing Deadline Set June 3
-------------------------------------------------
Creditors of CJSC Pologuy PMK 10 (code EDRPOU 05402476) have until June 3 to
submit their proofs of claim to:

         Jury Zinchenko
         Liquidator
         Spartakovskaya Str. 8
         Guliaypole
         70200 Zaporozhje
         Ukraine

The Economic Court of Zaporozhje commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
19/80/07.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Pologuy PMK 10
         Pervomayskaya Str. 13
         Pologuy
         70600 Zaporozhje
         Ukraine


SERPANOK-KIEV LLC: Claims Filing Deadline Set June 3
----------------------------------------------------
Creditors of LLC Serpanok-Kiev (code EDRPOU 24573947) have until June 3 to
submit their proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
43/146.

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 Serpanok-Kiev
         Marko Vovtchok Str. 12/14
         04073 Kiev
         Ukraine


TARUS LLC: Claims Filing Deadline Set June 3
--------------------------------------------
Creditors of LLC Centre of Refraction and Laser Eyes Microsurgery Tarus (code
EDRPOU 20952139) have until June 3 to submit their proofs of claim to:

         Jury Novikov
         Liquidator
         Apartment 5
         Tchaikovsky Lane 18
         65026 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
32/49-07-1989.

The Court is located at:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Debtor can be reached at:

         LLC Centre of Refraction and
         Laser Eyes Microsurgery
         Apartment 5
         Tchaikovsky Lane 18
         65026 Odessa
         Ukraine


TOP ENTERTAINMENT: Claims Filing Deadline Set June 3
----------------------------------------------------
Creditors of LLC Top Entertainment (code EDRPOU 21701623) have until June 3
to submit their proofs of claim to:

         O. Scherban
         Liquidator
         P.O. Box 157
         01030 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
43/145.

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 Top Entertainment
         Krasnykh kazakhov Str. 21
         04073 Kiev
         Ukraine


UKRAINIAN RESOURCE: Claims Filing Deadline Set June 3
-----------------------------------------------------
Creditors of LLC Ukrainian Resource Petroleum (code EDRPOU 30229111) have
until June 3 to submit their proofs of claim to:

         LLC Industrial Ecelogy Ltd.
         Liquidator
         Mayakovsky Avenue
         02222 Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
23/113-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 Ukrainian Resource Petroleum
         M. Raskovaya Str. 19
         Kiev
         Ukraine


ZLAGODA LLC: Claims Filing Deadline Set June 3
----------------------------------------------
Creditors of LLC Zlagoda (code EDRPOU 00706651) have until
June 3 to submit their proofs of claims by the address

         V. Vakulenko
         Liquidator
         Apartment 5-A
         Shakespeare Str. 12-A
         61045 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. B-
24/72-07.

The Court is located at:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 Kharkov
         Ukraine

The Debtor can be reached at:

         LLC Zlagoda
         Leninka
         Krasnograd District
         Kharkov
         Ukraine


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


CA INC: Fitch Affirms BB+ Issuer Default & Debt Ratings
-------------------------------------------------------
Fitch has affirmed these ratings for CA, Inc.:

     -- Issuer Default Rating at 'BB+';

     -- Senior unsecured revolving credit facility expiring 2008
        at 'BB+';

     -- Senior unsecured debt at 'BB+'.

The 'B' commercial paper rating is affirmed and withdrawn.  The Rating
Outlook remains Negative.  Fitch's actions affect approximately US$2.6
billion of total outstanding debt.  The negative outlook reflects Fitch's
continued uncertainty regarding CA's long-term capital structure and Fitch's
expectations for modestly weaker annual free cash flow over the near-term.  

Fitch's June 30, 2006 downgrade of CA's ratings to 'BB+' from 'BBB-'
incorporated the company's change of financial policies and ultimate use of
some debt to finance the US$2 billion share repurchase authorization
announced at that time.  Fitch believes the company has sufficient financial
capacity within the current ratings to fund the remaining US$500 million
outstanding under the authorization via debt, pro forma for the completion of
the company's announced accelerated share repurchase program for up to US$500
million, which will be funded with current cash balances. Whether CA's annual
spending on share repurchases and acquisitions will revert to historical
levels when it approximated annual free cash flow remains unclear to Fitch,
although the company has stated that it remains committed to a "balanced
capital allocation strategy."

Fitch will monitor CA's ratings and outlook quarterly, with a focus on
capital structure and balanced use of free cash. In addition, the ratings and
outlook incorporates Fitch's expectations for slightly lower annual free cash
flow of approximately US$800 million (versus US$1 billion historically).

Free cash flow for fiscal year 2008 is anticipated to be adversely impacted
by cash restructuring and higher cash tax payments but should increase beyond
fiscal year 2008, as the company's restructuring initiatives begin to
translate into higher profitability, cash restructuring payments decline, and
capital spending on the company's global SAP implementation trends downward.  
Ratings concerns also center on a slowing and more challenging mainframe
market, the likelihood for additional albeit less significant restructuring,
and strong competition from larger, better capitalized companies.  
Positively, Fitch anticipates CA's operating performance will benefit from
increased management focus following the company's recent resolution of its
deferred prosecution agreement.  

CA announced on May 21, 2007, that it satisfied the terms of the September
2004 deferred prosecution agreement, including the departure of the
independent examiner assigned and resulting in the dismissal of all pending
charges against CA.  Fitch also believes the company will continue to make
progress in resolving its outstanding accounting issues, including the
remaining material weaknesses identified in the company's 10-K for the fiscal
year ended March 31, 2006.  

The ratings continue to be supported by CA's:

     i) solid recurring revenue profile, driven by the high
        barriers to entry with significant "switching" costs
        associated with the software industry;

    ii) consistent annual free cash flow approximating US$750
        million to US$1 billion; and

   iii) size, diversity, and quality of the company's installed
        base (approximately 98% of Fortune 500) and depth of
        product line.  While credit protection measures have
        eroded over the past year, leverage and coverage ratios
        remains solid for the current rating category and should
        be flat over the near-term. Cash from operations to
        total debt was 2.4 times for the fiscal year ended
        March 31, 2007, up from 1.3x for the prior year.  

Fitch believes liquidity at March 31, 2007 was solid and supported by:

     i) approximately US$2.3 billion of cash and cash
        equivalents;

    ii) US$1 billion senior unsecured RCF due December 2008, of
        which US$250 million is undrawn and available; and

   iii) aforementioned consistent annual free cash flow.

Fitch notes that CA has US$1.1 billion of debt maturities over the next year
and a half, including US$750 million outstanding under the company's US$1
billion revolving credit facility expiring December 2008, which Fitch
believes the company will renew over the near-term.  Total debt as of March
31, 2007, was approximately US$2.6 billion, up from US$1.8 billion a year ago
but essentially flat from the end of fiscal year 2005.  

At March 31, 2007, debt primarily consisted of:

     i) US$750 million of borrowings outstanding under the
        company's RCF;

    ii) US$350 million senior notes due April 2008;

   iii) US$460 million senior notes due 2009;

    iv) US$500 million senior notes due 2009; and

     v) US$500 million senior notes due 2014.

On Sept. 1, 2006, CA entered into an amendment to its RCF expiring December
2008 to loosen certain covenants, including increasing the carve-out amount
to US$2 billion for share repurchases from the effective date of the
amendment through June 30, 2007 and increasing the maximum allowable leverage
ratio (total debt to cash flow from operations) to 4x from 3.25x.

                          About CA Inc.

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial, marketing,
administrative and other business services, as well as capital and
proprietary information systems to approximately 200 orthodontic and dental
practices representing approximately almost 400 offices.  The Debtor's client
practices provide treatment to patients throughout the United States and in
Japan,
Mexico, Spain, Brazil and Puerto Rico.


CELESTICA: Fitch Pares Default Rating to B+ with Neg. Outlook
-------------------------------------------------------------
Fitch Ratings has downgraded Celestica Inc.'s Issuer Default Rating to 'B+'
from 'BB-'.  Furthermore, Fitch has assigned a 'BB+/RR1' rating to
Celestica's new US$300 million secured credit facility and lowered its rating
on Celestica's senior subordinated debt to 'B/RR5' from 'B+'.  Lastly, Fitch
has withdrawn its 'BB-' rating on Celestica's former unsecured credit
facility.  The Rating Outlook remains Negative.  Fitch's action affects
approximately US$750 million of debt securities.

The downgrade of the IDR and Negative Outlook reflect:

     i) Fitch's belief that Celestica will continue to be
        negatively impacted by recent execution issues, which
        have resulted in customer attrition as well as declining
        revenue and profitability;

    ii) negative free cash flow resulting from earnings losses,
        cash restructuring costs and increased working capital
        requirements;

   iii) Fitch's expectation that Celestica will incur additional
        cash payments for restructuring actions necessary to
        bring the company's cost structure in-line with its
        reduced revenue run rate.  Absent a significant
        turnaround in profitability, this would contribute to a
        significant reduction in cash over the next one to two
        years; and

    iv) continued challenges in the overall Electronic
        Manufacturing Services market environment, including
        significant pricing pressure due to below average
        capacity utilization at most EMS providers.
     
Credit concerns also center on:

     i) the thin EBIT margins associated with the EMS industry,
        despite ongoing efforts to expand into higher margin
        service offerings;

    ii) competition from lower cost competitors including Asian-
        based EMS and original design manufacturer providers,
        particularly in non-traditional end markets with more
        attractive growth rates;

   iii) Celestica's high exposure to traditional EMS end
        markets, such as communications equipment, which are
        characterized by slower growth and high competition; and

    iv) significant customer concentration with the top ten
        customers accounting for approximately 60% of revenue
        including IBM and Cisco, both of which were 10%
        customers in 2006.

The ratings are supported by:

     i) Fitch's expectation that Celestica will continue to
        maintain a conservative capital structure;

    ii) Celestica's improved liquidity given its new US$300
        million secured credit facility which is fully available
        to the company as of March 31, 2007;

   iii) Fitch's belief that if Celestica's revenue continues to
        decline, any resulting negative funds from operations
        would likely be offset by a positive cash contribution
        from reduced working capital requirements in the near
        term;

    iv) long-term trends that in Fitch's estimation support
        additional penetration of the manufacturing outsourcing
        model, which should enable the EMS industry in its
        entirety to grow at a rate of approximately 2 times
        worldwide GDP; and

     v) Celestica's significant scope and scale of operations,
        which Fitch believes are important to remaining
        competitive among tier one EMS providers.
        As of March 31, 2007, liquidity was sufficient and
        supported by approximately US$700 million of cash and
        cash equivalents and an undrawn US$300 million senior
        secured revolving credit facility expiring April 2009.

Celestica also has a US$250 million accounts receivable sales program
expiring November 2007, which can be extended at the company's discretion for
12 months.  Total debt as of
March 31, 2007, was approximately US$750 million and consisted of:

     i) US$500 million 7.875% senior subordinated notes due 2011
        and

    ii) US$250 million 7.625% senior subordinated notes due
        2013.

As of March 31, 2007, Fitch estimates Celestica's latest 12 months EBITDA to
LTM interest expense ratio was 4.4x and its Debt to LTM EBITDA ratio was 2.6x
versus 4.8x and 2.8x, respectively, one year prior.  Fitch expects
Celestica's credit protection measures to deteriorate in 2007, primarily
reflecting pressured EBITDA results.

The Recovery Ratings and notching reflect Fitch's recovery expectations under
a distressed scenario, as well as Fitch's expectation that the enterprise
value of Celestica, and hence recovery rates for its creditors, will be
maximized in a restructuring scenario rather than a liquidation scenario.  In
deriving a distressed enterprise value, Fitch applies a 50% discount to
Celestica's estimated operating EBITDA of approximately US$283 million for
the LTM ended March 31, 2007. Fitch then applies a 4x distressed EBITDA
multiple, which considers Celestica's current multiple and that a stress
event would likely lead to multiple contraction.  As is standard with Fitch's
recovery analysis, the revolver is fully drawn and cash balances fully
depleted to reflect a stress event.  The 'RR1' Recovery Rating for
Celestica's secured bank facility reflects Fitch's belief that 100% recovery
is realistic.  The 'RR5' Recovery Rating for the senior subordinated debt
reflects Fitch's estimate that a recovery of 11%-30% would be achievable.

                           About Celestica

Headquartered in Toronto, Ontario, Celestica, Inc. (NYSE: CLS,
TSX: CLS/SV) -- http://www.celestica.com/-- is a world leader in the  
delivery of innovative electronics manufacturing services.  Celestica
operates a highly sophisticated global manufacturing network with operations
in Brazil, China, Ireland,
Italy, Japan, Malaysia, Philippines, Puerto Rico, and the United Kingdom,
among others.  Providing a broad range of integrated services and solutions
to original equipment manufacturers.  
Celestica's expertise in quality, technology and supply chain management,
enables the company to provide competitive advantage to its customers by
improving time-to-market, scalability and manufacturing efficiency.  

                           *********

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
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Information contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR Europe subscription rate is US$625 per half-year, delivered via e-
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