TCREUR_Public/070601.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Friday, June 1, 2007, Vol. 8, No. 108

                            Headlines


A U S T R I A

BUEROFORM LLC: Claims Registration Period Ends June 19
G-TROCKENBAU LLC: Innkreis Court Orders Business Shutdown
HAAGER STADTWIRT: Claims Registration Period Ends June 12
HANS STEINLECHNER: Claims Registration Period Ends June 29
HOLEX LLC: Claims Registration Period Ends June 19

ORI BAU: Estate Administrator Declares Insufficient Assets
PTI-POWER TECHN: Korneuburg Court Orders Business Shutdown
U.H. UNTERHUBER: Salzburg Court Orders Business Closure


C Z E C H   R E P U B L I C

LEAR CORP: Not in Talks with Other Bidders; Tata Offer Gloomy


G E R M A N Y

ACTIVE-LITE DEUTSCHLAND: Claims Registration Period Ends July 10
ADVANCED MEDICAL: Product Recall May Hold Expansion Plans
ADVANCED MEDICAL: Recall Prompts Moody's to Review Low-B Ratings
ADVANCED MEDICAL: Robert J. Palmisano Named as Director
BAUELEMENTE-GMBH: Claims Registration Period Ends June 20

BEIER DACHDECKER: Claims Registration Period Ends June 28
B.M.H. FERTIGTEILMONTAGE: Claims Registration Ends July 14
BUERGER KLEINER: Claims Registration Ends June 26
CARL KRAUSE: Claims Registration Period Ends June 13
DAIMLERCHRYSLER: Executive Says Russia a Key Market for Chrysler

DAIMLERCHRYSLER AG: MAN and Freightliner Settle ERF Case
DEIBO IMMOBILIEN: Claims Registration Ends July 10
DIAL-IT TOSKOV: Claims Registration Ends June 12
FALKE FAHRZEUGBAU: Claims Registration Ends July 18
FEIX & COLLEGEN: Claims Registration Ends July 2

NRG ENERGY: Joins Global Firms in Gas Emissions Program
POTA SPIELHALLEN: Creditors' Meeting Slated for July 13
R A M GMBH: Claims Registration Period Ends June 28
ROBERT MAES: Claims Registration Period Ends June 29
ROEHR GMBH: Claims Registration Period Ends July 3


H U N G A R Y

AES CORP: Unit Sells Stake in Two Calif. Power Plants to Covanta


I T A L Y

ALITALIA SPA: TPG Capital Consortium Pulls Out Bid
BERRY PLASTICS: Moody's May Cut Low-B Ratings After Review


K A Z A K H S T A N

ALAU PROGRESS LLP: Proof of Claim Deadline Slated for July 11
ANKER MAD LLP: Proof of Claim Deadline Slated for July 6
ART SAHNA: Creditors Must File Claims by July 4
FACTORY GIDROMASH-ORION LLP: Claims Registration Ends July 6
JASULAN LLP: Creditors' Claims Due on July 6

KAZAKHINVEST LLP: Proof of Claim Deadline Slated for July 4
MUNAIENERGOSERVICE LLP: Creditors Must File Claims by July 4
PACK-PLAST LLP: Claims Registration Ends July 4
STROYSYSTEMA LLP: Creditors' Claims Due July 6
TPK SIGMA: Proof of Claim Deadline Slated for July 6


K Y R G Y Z S T A N

YSYK-KOL AIYL: Creditors Must File Claims by July 14


N E T H E R L A N D S

NEPTUNO CLO: Moody's Rates EUR26 Million Class E Notes at Ba3
YUKOS FINANCE: Court Allows Parent's Liquidator to Sell Assets


R U S S I A

AMIRA LLC: Creditors Must File Claims by July 12
COAL ZUMK: Creditors Must File Claims by June 12
DANKOVSKIY ELEVATOR: Creditors Must File Claims by June 12
FISH WORKS: Creditors Must File Claims by July 24
KURGAN-LES-OPT-PROM: Court Names K. Zelyutin to Manage Assets
LABINSK-OIL-PRODUCT: Creditors Must File Claims by July 12

LADA CJSC: Creditors Must File Claims by June 12
LAKASHINSKIY DISTILLERY: Asset Sale Slated for June 13
LIPETSK-STEEL-CONSTRUCTION: Asset Sale Slated for June 13
MARS CJSC: Creditors Must File Claims by July 12
MELENKOVSKIY WOOD-PROM-KHOZ: Asset Sale Slated for June 18

NORTH-FISH-FLEET: Court Starts External Management Bankruptcy
NOVATEK OAO: Elects New Board of Directors
NOVATEK OAO: Shareholders Okay Dividend for 2006
PGS-DRILLING OJSC: Ryazan Bankruptcy Hearing Slated for July 24
ROSNEFT OAO: Reviewing Options to Pay Back Bank Loans

RUS' CJSC: Asset Bidding Deadline Slated for June 6
SEL-KHOZ-KHIMIYA: Creditors Must File Claims by July 12
SEVERSTAL OAO: Acquires Arcelor Mittal's 25% Stake in Severgal
SISTEMA JSFC: Mobile Arm to Record Charge on Nomihold Put Option
SOLNECHNYJ CJSC: Creditors Must File Claims by June 12

URALSKIY NIVY: Court Names G. Krashennikova to Manage Assets
YAMAL-PETROIL: Tyumen Bankruptcy Hearing Slated for June 26
YUKOS OIL: Prana Makes Final Payment for Moscow Headquarters
YUKOS OIL: Dutch Court Allows Liquidator to Sell Foreign Assets
ZVEREVSKOYE PATP: Creditors Must File Claims by July 12


S P A I N

CIRSA BUSINESS: Moody's May Cut Low-B Ratings After Review


S W I T Z E R L A N D

CABARE BOLCHEN: Basel Court Starts Bankruptcy Proceedings
DEMA CONSULTING: Creditors' Liquidation Claims Due June 11
DOMUS TRADING: Creditors' Liquidation Claims Due June 13
ELKA INNOTEC: Creditors' Liquidation Claims Due June 11
GLAS + HOLZ LLC: Creditors' Liquidation Claims Due June 15

KERA HOLDING: Creditors' Liquidation Claims Due June 30
PAGUNA-TECH LLC: Creditors' Liquidation Claims Due June 8
SONICTRADE LLC: Creditors' Liquidation Claims Due June 11
STEFANO BIZZOTTO: Creditors' Liquidation Claims Due June 11
STRATEGY CONSULTING: Creditors' Liquidation Claims Due June 11

TIS AIR: Lucerne Court Starts Bankruptcy Proceedings


U K R A I N E

DESNA-AVIA LLC: Creditors Must File Claims by June 6
DOVIRA LLC: Creditors Must File Claims by June 2
FIMEX-UKRAINE LLC: Creditors Must File Claims by June 2
GANG LLC: Claims Filing Deadline Set June 3
KORMILTCHEE LLC: Claims Filing Deadline Set June 2

ODESSA TECHNICAL: Claims Filing Deadline Set June 6
POBEDA CJSC: Claims Filing Deadline Set June 2
ROS LLC: Claims Filing Deadline Set June 2
TRANSAGENCY: Claims Filing Deadline Set June 9
VELCI LLC: Claims Filing Deadline Set June 6


U N I T E D   K I N G D O M

A J C CLEANING: Creditors' Meeting Slated for June 5
ARTBOAT LTD: Joint Liquidators Take Over Operations
ATTRIC PBI: Creditors' Meeting Slated for June 8
BRITISH AIRWAYS: Inks Working Practices Deal with Ground Staff
BURGUNDY GLOBAL: Taps Joint Administrators from Vantis

CABLE & WIRELESS: Winds Up Four Irish Subsidiaries
FORD MOTOR: Expects U.S. Retail Sales to Increase in May
MIDCROWN DEVELOPMENTS: Taps Deloitte & Touch as Administrators
OFFICE FURNITURE: Claims Filing Period Ends August 29
OLDCOURT ACCOUNTING: Taps Martin Williamson to Liquidate Assets

RAILTECH SOLUTIONS: Creditors' Meeting Slated for June 5
SAKS INC: Fitch Affirms Issuer Rating at B
STUART AND CO: Creditors' Meeting Slated for June 11
TIMKEN COMPANY: Earns US$75.2 Million in First Quarter 2007

                            *********


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


BUEROFORM LLC: Claims Registration Period Ends June 19
------------------------------------------------------
Creditors owed money by LLC Bueroform (FN 122543k) have until
June 19 to file written proofs of claim to court-appointed
estate administrator Guenther Hoedl at:

         Dr. Guenther Hoedl
         Schulerstrasse 18
         1010 Vienna
         Austria
         Tel: 513 16 55
         Fax: 513 16 55 33
         E-mail: Hoedl@anwaltsteam.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:45 a.m. on July 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1607
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 28 S 49/07w).


G-TROCKENBAU LLC: Innkreis Court Orders Business Shutdown
---------------------------------------------------------
The Land Court of Ried im Innkreis entered May 7 an order
shutting down the business of LLC G-Trockenbau (FN 259348w).

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

The estate administrator can be reached at:

         Dr. Johann Kahrer
         c/o Dr. Christian Haslinger
         Dr. Dorfwirth-Str. 3
         4910 Ried im Innkreis
         Austria
         Tel: 07752/872 55
         Fax: 07752/848 10
         E-mail: office@kahrer-haslinger.at

Headquartered in Lohnsburg am Kobernausserwald, Austria, the
Debtor declared bankruptcy on May 2 (Bankr. Case No 17 S
15/07y).  Christian Haslinger represents Dr. Kahrer in the
bankruptcy proceedings.


HAAGER STADTWIRT: Claims Registration Period Ends June 12
---------------------------------------------------------
Creditors owed money by Haager Stadtwirt Ltd. (FN 249808s) have
until June 12 to file written proofs of claim to court-appointed
estate administrator Wolfgang Strasser at:

         Dr. Wolfgang Strasser
         Hauptplatz 11
         4300 St. Valentin
         Austria
         Tel: 07435/52 4 37
         Fax: 07435/52 4 37-21
         E-mail: st-valentin@advocat24.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 10:30 a.m. on July 3 for the
examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Haag, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. 14 S 49/07g).


HANS STEINLECHNER: Claims Registration Period Ends June 29
----------------------------------------------------------
Creditors owed money by LLC Hans Steinlechner (FN 166214h) have
until June 29 to file written proofs of claim to court-appointed
estate administrator Bertram Maschke at:

         Dr. Bertram Maschke
         Stadtplatz Nr. 3
         5550 Radstadt
         Austria
         Tel: 06452/4235
         Fax: 06452/6707
         E-mail: rae.maschke@maschke.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:00 a.m. on July 13 for the
examination of claims.

The meeting of creditors will be held at:

         The Land Court of Salzburg
         Hall 256
         Second Floor
         Salzburg
         Austria

Headquartered in Mauterndorf im Lungau, Austria, the Debtor
declared bankruptcy on May 4 (Bankr. Case No. 44 S 16/07p).


HOLEX LLC: Claims Registration Period Ends June 19
--------------------------------------------------
Creditors owed money by LLC Holex (FN 277231v) have until
June 19 to file written proofs of claim to court-appointed
estate administrator Elisabeth Stanek-Noverka  at:

          Dr. Elisabeth Stanek-Noverka
          Hernalser Hauptstrasse 116
          1170 Vienna
          Austria
          Tel: 486 02 09
          Fax: 486 02 09 18
          E-mail: ra-noverka@chello.at

Creditors and other interested parties are encouraged to attend
the creditors' meeting at 9:30 a.m. on July 3 for the
examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1606
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on May 4 (Bankr. Case No. Trade Court of Vienna).


ORI BAU: Estate Administrator Declares Insufficient Assets
----------------------------------------------------------
Dr. Wolfgang Leitner, the court-appointed estate administrator
for LLC Ori Bau (FN 265334y), declared May 4 that the Debtor's
property is insufficient to cover creditors' claim.

The Trade Court of Vienna is yet to rule on the estate
administrator's claim.

Headquartered in Vienna, Austria, the Debtor declared bankruptcy
on April 23 (Bankr. Case No. 6 S 50/07f).

The estate administrator can be reached at:

         Dr. Wolfgang Leitner
         c/o Dr. Helmut Platzgummer
         Kohlmarkt 14
         1010 Vienna
         Austria
         Tel: 533 19 39
         Fax: 533 19 39 39
         E-mail: kanzlei@lp-law.at


PTI-POWER TECHN: Korneuburg Court Orders Business Shutdown
----------------------------------------------------------
The Land Court of Korneuburg entered May 7 an order shutting
down the business of LLC PTI-Power Techn International (FN
194253t).

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

The estate administrator can be reached at:

         Dr. Georg Freimueller
         c/o Dr. Erwin Senoner
         Alser Strasse 21
         1080 Vienna
         Austria
         Tel: 01/406 05 51
         Fax: 01/406 96 01
         E-mail: kanzlei@jus.at

Headquartered in Klosterneuburg, Austria, the Debtor declared
bankruptcy on April 26 (Bankr. Case No 36 S 62/07w).  Erwin
Senoner represents Dr. Freimueller in the bankruptcy
proceedings.


U.H. UNTERHUBER: Salzburg Court Orders Business Closure
-------------------------------------------------------
The Land Court of Salzburg entered May 4 an order closing the
business of LLC U.H. Unterhuber (FN 160791h).

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

The estate administrator can be reached at:

         Dr. Bernd Illichmann
         Dr.-Franz-Rehrl-Platz 1
         5020 Salzburg
         Austria
         Tel: 0662/83 01 00-0
         Fax: 0662-83 01 00-33
         E-mail: office@f-i.at

Headquartered in Salzburg - Aigen, Austria, the Debtor declared
bankruptcy on April 16 (Bankr. Case No 44 S 13/07x).


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


LEAR CORP: Not in Talks with Other Bidders; Tata Offer Gloomy
-------------------------------------------------------------
Lear Corporation sent a letter Wednesday to the Court of
Chancery of the State of Delaware disclosing that it is not in
discussions with any third party regarding a potential
acquisition proposal on more favorable terms than American Real
Estate Partners, L.P.'s offer.

Reuters relates that American Real Estate Partners, an affiliate
of Carl Icahn, has offered US$36 per share, or US$2.86 billion,
for Lear.

In an effort to look for competing offers, Lear said it has been
in discussions with Tata Autocomp Systems Ltd. since March 18,
however, all of its "extensive efforts have not yielded even a
non-binding proposal" from Tata.

A shareholder vote on Icahn's offer has been scheduled for
June 27, Reuters says.

Headquartered in Southfield, Michigan, Lear Corporation (NYSE:
LEA) -- http://www.lear.com/-- supplies automotive interior
systems and components.  Lear provides complete seat systems,
electronic products and electrical distribution systems and
other interior products.

Lear also operates in Latin American countries including
Argentina, Mexico, and Venezuela.  Its European operations are
located in Czech Republic, United Kingdom, France, Germany,
Honduras, Hungary, Poland, Portugal, Romania, Russia, Slovakia,
Spain, Sweden, South Africa, Morocco, Netherlands, Tunisia and
Turkey.  Its Asian facilities are in China, India, Japan,
Philippines, Singapore, South Korea, and Thailand.

                     *     *     *

As reported in the Troubled Company Reporter on May 16, 2007,
Moody's Investors Service confirmed Lear Corp.'s existing
ratings consisting of a B2 corporate family rating, B3 senior
unsecured notes, and B2 secured bank term loan.


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


ACTIVE-LITE DEUTSCHLAND: Claims Registration Period Ends July 10
----------------------------------------------------------------
Creditors of Active-Lite Deutschland GmbH have until July 10 to
register their claims with court-appointed insolvency manager
Henning Kempermann.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 7, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Henning Kempermann
         Hildesheimer Str. 265
         30519 Hannover
         Germany
         Tel: 0511 87592495
         Fax: 0511 8759100

The District Court of Hannover opened bankruptcy proceedings
against Active-Lite Deutschland GmbH on May 21.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Active-Lite Deutschland GmbH
         Listholze 31
         30177 Hannover
         Germany


ADVANCED MEDICAL: Product Recall May Hold Expansion Plans
---------------------------------------------------------
Results from an inquiry by the U.S. Centers for Disease Control
and Prevention may deter plans of Advanced Medical Optics Inc.'s
CEO James Mazzo for expansion, according to Julie Creswell of
the New York Times.

A day after expressing interest to buy rival Bausch and Lomb
Inc., AMO received information from CDC that its Complete(R)
MoisturePlus(TM) contact lens solutions caused eye infections.
AMO immediately and voluntarily recalled its contact lens
solutions.

CDC data was made available to AMO showing that it had completed
interviews with 46 patients who had developed Acanthamoeba
keratitis, from Acanthamoeba, a naturally occurring water-borne
organism which can contribute to serious corneal infections,
since January 2005.  A total of 39 of these patients were soft
contact lens wearers, 21 of whom reported using Complete(R)
MoisturePlus(TM) products.  The CDC estimates a risk of at least
seven times greater for those who used Complete(R)
MoisturePLUS(TM) solution versus those who did not.

While AMO continues to work with the CDC and the U.S. Food and
Drug Administration to further assess the data, it is acting
with an abundance of caution to voluntarily recall Complete(R)
MoisturePlus(TM) from the market.  There is no evidence to
suggest that the voluntary recall is related to a product
contamination issue and this does not impact any of AMO's other
contact lens care products, including our family of hydrogen
peroxide disinfecting solutions.  As patient safety is paramount
to AMO, the company is taking decisive action to stop shipments,
recall product from the marketplace, and encourage consumers to
discontinue the use of AMO Complete(R) MoisturePlus(TM) until
further information is available. Given the potential
seriousness of the reported Acanthamoeba infections, AMO is
working in close partnership with the CDC, the FDA and others to
make sure consumers are aware of the need for proper contact
lens disinfection and proper lens handling.

As reported in the Troubled Company Reporter on Nov. 23, 2006,
AMO anticipated a financial impact associated with its
voluntarily recall of certain eye care product lots and the
related manufacturing capacity constraints caused by a
production-line issue at its manufacturing plant in China.

AMO expected the recall to reduce revenue for the
remainder of 2006 and 2007 by a total of $40 million to
$45 million.  This is due to expected product returns, supply
shortages and temporary lost market share, primarily in Japan
and Asia Pacific where the vast majority of products produced at
the China facility are shipped.

Consumers who believe they are in possession of the recalled
product should discontinue use immediately and call 1-888-899-
9183.  The company is currently contacting retailers, customers
and distributors regarding return and replacement instructions.
Reply cards and mailing slips are being provided for return of
product.  Retailers may also call 1-888-899-9183 for more
information.

                      About Advanced Medical

Based in Santa Ana, California, Advanced Medical Optics, Inc.
(NYSE: EYE) -- http://www.amo-inc.com/-- develops, manufactures
and markets ophthalmic surgical and contact lens care products.
AMO employs approximately 3,600 worldwide.  The company has
operations in Germany, Japan, Ireland, Puerto Rico and Brazil.


ADVANCED MEDICAL: Recall Prompts Moody's to Review Low-B Ratings
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Advanced Medical
Optics, Inc. on review for possible downgrade following AMO's
announcement that it voluntarily withdrew its Complete
MoisturePlus contact lens solution based on information received
from the U.S. Centers for Disease Control and Prevention
regarding Acanthamoeba keratitis infections from Acanthamoeba
microorganism.

Acanthamoeba is a microorganism commonly found in water, soil,
sewage systems, cooling towers, and heating/ventilation/air
conditioning systems.  AK is a rare, but serious, infection of
the cornea.  For the fiscal year ended Dec. 31, 2006, the
Complete MoisturePlus contact lens solution accounted for
approximately US$105.7 million, or 10%, of consolidated sales.

Recently, AMO announced its intention to enter the "go shop"
process for Bausch & Lomb Incorporated.  The company has
announced only the intention and has not officially entered a
bid for BOL.

Sidney Matti, Analyst, stated that, "The review for possible
downgrade will focus primarily on the financial effects, both
revenue and cost, associated with the recall of the Complete
MoisturePlus product and the possible consequences for the
company's financial flexibility."

These ratings were placed on review for possible downgrade:

   -- B1 Corporate Family Rating;

   -- B1 Probability of Default rating;

   -- Ba1 (LGD2/14%) rating on US$300 million senior secured
      revolver due 2013;

   -- Ba1 (LGD2/14%) rating on US$450 million senior secured
      term loan B due 2014;

   -- B1 (LGD4/50%) rating on US$250 million senior subordinated
      notes due 2017; and

-- B3 (LGD5/81%) rating on US$251 million convertible senior
   subordinated notes due 2024.

                    About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures
and markets ophthalmic surgical and contact lens care products.
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.


ADVANCED MEDICAL: Robert J. Palmisano Named as Director
-------------------------------------------------------
Advanced Medical Optics Inc. has named Robert J. Palmisano as
board of director at its annual meeting of stockholders.

Mr. Palmisano, 62, most recently served as the president, chief
executive officer and director of IntraLase Corp., which the
company acquired on April 2, 2007.

"Bob brings a wealth of industry and management experience to
AMO and we are pleased to welcome him to the board," said AMO
Chairman, President and CEO Jim Mazzo. His leadership and view
of the future of the global ophthalmic market were integral to
IntraLase's success.  We look forward to his counsel and
guidance as an AMO director."

The company said that Mr. Palmisano joined IntraLase Corp. as
president, chief executive officer and a director in April 2003.
From April 2001 to April 2003, Mr. Palmisano was the president,
chief executive officer and a director of MacroChem Corporation,
a development stage pharmaceutical corporation.

Additionally, from April 1997 to January 2001, Mr. Palmisano
served as president and chief executive officer and a director
of Summit Autonomous, Inc., a global medical products company
that was acquired by Alcon, Inc. in October 2000.

Before 1997, Mr. Palmisano held various executive positions
with Bausch & Lomb Incorporated.  He earned his bachelor's
degree in political science from Providence College.

                     About Advanced Medical

Headquartered in Santa Ana, California, Advanced Medical Optics
-- http://www.amo-inc.com/-- (NYSE: EYE) develops, manufactures
and markets ophthalmic surgical and contact lens care products.
The company has operations in Germany, Japan, Ireland, Puerto
Rico and Brazil.

                        *     *     *

Moody's Investors Service placed the ratings of Advanced Medical
Optics, Inc. on review for possible downgrade following AMO's
announcement that it voluntarily withdrew its Complete
MoisturePlus contact lens solution based on information received
from the U.S. Centers for Disease Control and Prevention
regarding Acanthamoeba keratitis infections from Acanthamoeba
microorganism.


BAUELEMENTE-GMBH: Claims Registration Period Ends June 20
---------------------------------------------------------
Creditors of Bauelemente-GmbH Nienstedt have until June 20 to
register their claims with court-appointed insolvency manager
Dieter Rasehorn.

Creditors and other interested parties are encouraged to attend
the meeting at 9:00 a.m. on July 18, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Dieter Rasehorn
         Muehlweg 16
         D 06108 Halle
         Germany
         Tel: 0345/478228124
         Fax: 0345/478228119

The District Court of Halle-Saalkreis opened bankruptcy
proceedings against Bauelemente-GmbH Nienstedt on May 10.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Bauelemente-GmbH Nienstedt
         Dorfstr. 80
         06542 Nienstedt
         Germany

         Attn: Johannes Schulmeister, Manager
         Kattenheider Weg 24
         33161 Hoevelhof
         Germany


BEIER DACHDECKER: Claims Registration Period Ends June 28
---------------------------------------------------------
Creditors of Beier Dachdecker GmbH have until June 28 to
register their claims with court-appointed insolvency manager
Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 a.m. on Aug. 9, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 28
         Fuerstenstrasse 21-23
         09130 Chemnitz
         Germany

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Michaelstrasse 71
         09116 Chemnitz
         Germany
         Tel: (0371) 381770
         Fax: (0371) 3817730
         E-mail: chemnitz@hww-kanzlei.de

The District Court of Chemnitz opened bankruptcy proceedings
against Beier Dachdecker GmbH on May 21.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Beier Dachdecker GmbH
         Attn: Frank Beier, Manager
         Waldkirchner Strasse 6
         09405 Zschopau
         Germany


B.M.H. FERTIGTEILMONTAGE: Claims Registration Ends July 14
----------------------------------------------------------
Creditors of B.M.H. Fertigteilmontage GmbH have until July 14 to
register their claims with court-appointed insolvency manager
Hartwig Albers.

Creditors and other interested parties are encouraged to attend
the meeting at 9:40 a.m. on Aug. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

         Hartwig Albers
         Luetzowstr. 100
         10785 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against B.M.H. Fertigteilmontage GmbH on May 15.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         B.M.H. Fertigteilmontage GmbH
         Heinersdorfer Strasse 1 A
         13086 Berlin
         Germany


BUERGER KLEINER: Claims Registration Ends June 26
-------------------------------------------------
Creditors of Buerger-Kleiner-Ulmer GmbH have until June 26 to
register their claims with court-appointed insolvency manager
Winfried Wahner.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 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 Kempten
         Meeting Hall 144/I
         Residenzplatz 4-6
         87435 Kempten
         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:

         Winfried Wahner
         Stegmuehlenweg 1
         88131 Lindau
         Germany
         Tel: 08382/22805
         Fax: 08382/21703

The District Court of Kempten opened bankruptcy proceedings
against Buerger-Kleiner-Ulmer GmbH on May 16.  Consequently, all
pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         Buerger-Kleiner-Ulmer GmbH
         Chelles Allee 1
         88131 Lindau
         Germany


CARL KRAUSE: Claims Registration Period Ends June 13
----------------------------------------------------
Creditors of Carl Krause Verwaltungsgesellschaft mbH have until
June 13 to register their claims with court-appointed insolvency
manager Hans-Juergen Beil.

Creditors and other interested parties are encouraged to attend
the meeting at 9:15 a.m. on July 13, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Hans-Juergen Beil
         Hallerstrasse 76
         20146 Hamburg
         Germany

The District Court of Neumuenster opened bankruptcy proceedings
against Carl Krause Verwaltungsgesellschaft mbH on May 14.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Carl Krause Verwaltungsgesellschaft mbH
         Stoverweg 32
         24536 Neumuenster
         Germany


DAIMLERCHRYSLER: Executive Says Russia a Key Market for Chrysler
----------------------------------------------------------------
DaimlerChrysler AG's Chrysler Group, which the company recently
sold to Cerberus Capital Management LP, plans to strengthen its
presence in Russian car sales and production, a top Chrysler
executive told Automotive News Europe in an interview, Reuters
notes.

"If you look at our worldwide presence, then Russia is a key
market for us," said Michael Manley, Chrysler's executive vice
president of international sales and marketing.

Chrysler is currently exploring possible partnerships with
Russian companies, the report said.  Mr. Manley projects
Chrysler's international sales could double to 400,000 vehicles
by 2012.  The U.S. automaker said it doubled its Russian car
sales to 4,021 in 2006 compared with 2005 and had seen early
2007 sales up by 93 percent year-on-year.

                      About DaimlerChrysler

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

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

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

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

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


DAIMLERCHRYSLER AG: MAN and Freightliner Settle ERF Case
--------------------------------------------------------
[CPR/Misty]
MAN AG has reached an agreement with DaimlerChrysler AG's
Freightliner division, in the litigation with the group in USA
and Canada, that settles MAN's claims for damages in connection
with the financial fraud committed at ERF, a British truck maker
taken over by MAN.  The settlement provides that Freightliner
shortly pay an indemnity of GBP250 million (EUR370 million) to
MAN.

Back in 2000, MAN had taken over ERF from Canada's Western Star,
a company shortly afterwards acquired by Freightliner.  After
the ERF acquisition, it emerged that ERF's financial statements
and thus its value had been severely and fraudulently
manipulated and misrepresented.

In 2002, MAN sued Freightliner as Western Star's legal successor
for damages of around GBP300 million.  While MAN had been
successful in the actions brought before British and US courts,
time-consuming and costly actions before higher-instance courts
in Britain and the US nonetheless awaited MAN, and these are now
avoided by the settlement.

                          About MAN AG

Headquarterd in Munich, Germany, the MAN Group --
http://www.man.de/-- is one of Europe's leading manufacturers
of commercial vehicles, engines and mechanical engineering
equipment with annual sales of approximately EUR13 billion and
circa 50,000 employees worldwide.  MAN supplies trucks, buses,
diesel engines, turbomachinery, as well as industrial services
and holds leading market positions in all its business areas.

                      About DaimlerChrysler

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

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

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

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

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


DEIBO IMMOBILIEN: Claims Registration Ends July 10
--------------------------------------------------
Creditors of DEIBO Immobilien- und Handelsgesellschaft mbH have
until July 10 to register their claims with court-appointed
insolvency manager Olaf Handschuh.

Creditors and other interested parties are encouraged to attend
the meeting at 10:00 a.m. on Aug. 14, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bueckeburg
         Hall 504
         Schulstr. 2
         31675 Bueckburg
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Bueckeburg opened bankruptcy proceedings
against DEIBO Immobilien- und Handelsgesellschaft mbH on May 16.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         DEIBO Immobilien- und Handelsgesellschaft mbH
         Striegauer Weg 3
         31655 Stadthagen
         Germany


DIAL-IT TOSKOV: Claims Registration Ends June 12
------------------------------------------------
Creditors of Dial-IT Toskov GmbH & Co KG have until June 12 to
register their claims with court-appointed insolvency manager
Rainer Beck.

Creditors and other interested parties are encouraged to attend
the meeting at 10:45 a.m. on July 3, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Kleve
         Meeting Hall C 58
         Ground Floor
         Schlossberg 1 (Schwanenburg)
         47533 Kleve
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Kleve opened bankruptcy proceedings
against Dial-IT Toskov GmbH & Co KG on May 19.  Consequently,
all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Dial-IT Toskov GmbH & Co KG
         Issumer Strasse 65
         47608 Geldern
         Germany

         Attn: Ivica Toskov, Manager
         Klever Strasse 67
         47608 Geldern
         Germany


FALKE FAHRZEUGBAU: Claims Registration Ends July 18
---------------------------------------------------
Creditors of FALKE Fahrzeugbau GmbH have until July 18 to
register their claims with court-appointed insolvency manager
Christian Struck.

Creditors and other interested parties are encouraged to attend
the meeting at 2:30 a.m. on July 3, at which time the insolvency
manager will present his first report on the insolvency
proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Christian Struck
         Steinstrasse 29
         D 19053 Schwerin
         Germany
         Tel: 0385/555322
         Fax: 0385/555324

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

The Debtor can be reached at:

         FALKE Fahrzeugbau GmbH
         Bahnhofstrasse 24
         29410 Fleetmark
         Germany


FEIX & COLLEGEN: Claims Registration Ends July 2
------------------------------------------------
Creditors of Feix & Collegen GmbH Unternehmensberatung have
until July 2 to register their claims with court-appointed
insolvency manager Dr. jur. Rainer Eckert.

Creditors and other interested parties are encouraged to attend
the meeting at 11:25 a.m. on Aug. 1, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Dr. jur. Rainer Eckert
         Arthur-Menge-Ufer 5
         30169 Hannover
         Germany
         Tel: 0511 626287-0
         Fax: 0511 626287-10

The District Court of Hannove opened bankruptcy proceedings
against Feix & Collegen GmbH Unternehmensberatung on May 22.
Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Feix & Collegen GmbH Unternehmensberatung
         c/o Axel Sven Hock
         Darmstadter Landstrasse 318
         60598 Frankfurt am Main
         Germany


NRG ENERGY: Joins Global Firms in Gas Emissions Program
-------------------------------------------------------
NRG Energy Inc. has joined the Chicago Climate Exchange, the
world's first voluntary and legally binding greenhouse gas
emissions reduction, registry and trading program.  NRG joins
global companies such as Bayer Corporation, Ford, IBM and Intel
as a member.

"Joining the Chicago Climate Exchange is part of our ongoing
program to increase our carbon awareness, track our emissions,
and address climate change proactively," David Crane, President
and CEO, NRG Energy Inc., said.  "A cap-and-trade system, like
CCX's, will minimize the cost of achieving carbon reductions
because it allows the lowest cost emission reductions to be used
to help meet reduction targets."

CCX is the world's first and North America's only legally
binding rules-based greenhouse gas emissions allowance trading
system, as well as the world's only global system for emissions
trading based on all six greenhouse gases.

"In joining CCX, NRG continues its pioneering efforts to address
climate change and help develop mitigation options, as well as
contribute to the building of the CCX global emissions reduction
and trading system.  As a financial institution with economic,
environmental and social objectives, CCX is proud of the
contribution NRG will make and we look forward to their
collaboration and participation," Dr. Richard Sandor, Chairman
and Chief Executive Officer of CCX, said.

                          About NRG

A Fortune 500 company, NRG Energy, Inc. (NYSE: NRG) --
http://www.nrgenergy.com/-- owns and operates a diverse
portfolio of power-generating facilities, primarily in Texas and
the Northeast, South Central and West regions of the U.S.  Its
operations include baseload, intermediate, peaking, and
cogeneration and thermal energy production facilities.  NRG also
has ownership interests in generating facilities in Australia,
Germany and Brazil.

                        *     *     *

As reported in the TCR-Europe on May 8, 2007, Moody's Investors
Service affirmed the ratings of NRG Energy, Inc., including its
Corporate Family Rating at Ba3, the Probability of Default
Rating at Ba3, the senior unsecured debt at B1, and its
Speculative Grade Liquidity Rating of SGL-2, following
the company's announcement to return more capital to
shareholders in the form of existing and future share
repurchases and to begin paying a common dividend during the
first quarter of 2008.

Moody's also affirmed NRG's Ba1 bank loan rating for the
company's secured revolving credit and term loan facility, which
is being amended and re-priced.  Moody's said the rating outlook
for NRG remains negative.

At the same time, Standard & Poor's Ratings Services raised its
rating on NRG Energy Inc.'s US$4.7 billion unsecured bonds to
'B' from 'B-' and assigned its 'B-' rating to the proposed US$1
billion delayed-draw term loan B at NRG Holdings Inc., a newly
created holding company that would own 100% of NRG's equity.

In addition, Standard & Poor's affirmed the 'B+' corporate
credit rating on NRG and affirmed the 'BB-' rating on NRG's
US$3.148 billion term loan B; the 'CCC+' rating on the company's
preferred stock, and the 'B-2' short-term rating.  S&P said the
outlook on all ratings is stable.


POTA SPIELHALLEN: Creditors' Meeting Slated for July 13
-------------------------------------------------------
The court-appointed insolvency manager for Pota Spielhallen- und
Handels-GmbH, Christoph Rosenmueller, will present his first
report on the Company's insolvency proceedings at a creditors'
meeting at 9:55 a.m. on July 13.

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

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

The Court will also verify the claims set out in the insolvency
manager's report at 9:30 a.m. on Sept. 19 at the same venue.

Creditors have until Aug. 22 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christoph Rosenmueller
         Berliner Str. 117
         10713 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy
proceedings against Rheinland Pota Spielhallen- und Handels-GmbH
on May 21. Consequently, all pending roceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         Pota Spielhallen- und Handels-GmbH
         Prinzenallee 721
         3357 Berlin
         Germany


R A M GMBH: Claims Registration Period Ends June 28
---------------------------------------------------
Creditors of R A M GmbH have until June 28 to register their
claims with court-appointed insolvency manager Bjoern Rechel.

Creditors and other interested parties are encouraged to attend
the meeting at 9:30 a.m. on July 20, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Worms
         Hardtgasse 6
         67547 Worms
         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:

         Bjoern Rechel
         Alzeyer Strasse 31
         67549 Worms
         Germany
         Tel: 06241/91060
         Fax: 06241/910610

The District Court of Worms opened bankruptcy proceedings
against R A M GmbH on May 14. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         R A M GmbH
         Attn: Ali Yilmaz, Manager
         Horchheimer Strasse 6
         67547 Worms
         Germany


ROBERT MAES: Claims Registration Period Ends June 29
----------------------------------------------------
Creditors of Robert Maes GmbH & Co KG have until June 29 to
register their claims with court-appointed insolvency manager
Carsten Lange.

Creditors and other interested parties are encouraged to attend
the meeting at 10:30 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 Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Carsten Lange
         Laurentiusstrasse 16 - 20
         52070 Aachen
         Germany
         Tel: 0241-41344550
         Fax: 0241-413445511

The District Court of Moenchengladbach opened bankruptcy
proceedings against Robert Maes GmbH & Co KG on May 16.
Consequently, allpending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Robert Maes GmbH & Co KG
         Porschestrasse 6
         41836 Hueckelhoven
         Germany

         Attn: Robert Maes
         Epsendorfer Weg 22
         51352 Korschenbroich
         Germany


ROEHR GMBH: Claims Registration Period Ends July 3
--------------------------------------------------
Creditors of Roehr GmbH have until July 3 to register their
claims with court-appointed insolvency manager Wilfried Koller.

Creditors and other interested parties are encouraged to attend
the meeting at 11:20 a.m. on June 7, at which time the
insolvency manager will present his first report on the
insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hannover
         Hall 226
         Second Upper Floor
         Service Bldg.
         Hamburger Allee 26
         30161 Hannover
         Germany

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

The insolvency manager can be reached at:

         Wilfried Koller
         Schiffgraben 59
         30175 Hannover
         Germany
         Tel: 0511 342129
         Fax: 0511 3480645

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

The Debtor can be reached at:

         Roehr GmbH
         Benzweg 5a
         30165 Hannover
         Germany


=============
H U N G A R Y
=============


AES CORP: Unit Sells Stake in Two Calif. Power Plants to Covanta
----------------------------------------------------------------
The AES Corporation disclosed that its wholly owned subsidiary
AES Central Valley, L.L.C. has agreed to sell its 100% indirect
interest in two biomass fired power plants in California (the 50
megawatts Delano facility and the 25 megawatts Mendota facility)
and an associated biomass fuels management company to Covanta
Holding Corporation for US$51 million.

"The sale of the Central Valley Businesses reflects our
commitment to portfolio management in our businesses," said
David Gee, AES Executive Vice President and President, North
America region.  "While we are committed to growing our
portfolio, including renewable generation assets such as
biomass, this transaction represented a compelling opportunity
to deliver value to our shareholders."

The sale is subject to certain regulatory approvals and to
customary purchase price adjustments.  The transaction is
expected to be completed during the third quarter of 2007.

                         About AES

AES Corporation -- http://www.aes.com/-- is a global power
company, with 2006 revenues of US$12.3 billion.  The company
operates in South America, Europe, Africa, Asia and the
Caribbean countries.  Generating 44,000 megawatts
of electricity through 124 power facilities, the company
delivers electricity through 15 distribution companies.

AES has been in Eastern Europe for nearly ten years, since it
acquired three power plants in Hungary in 1996.  Currently, AES
has two distribution companies in Ukraine, which serve 1.2
million customers and generation plants in the Czech Republic
and Hungary.  AES is also the leading company in biomass
conversion in Hungary, generating 37% of the nation's total
renewable generation in 2004.

                          *     *     *

In March 2007, Fitch has affirmed AES Dominicana Energia
Finance, S.A.'s foreign currency Issuer Default Rating at 'B-'.
Fitch said the rating outlook is stable.

Fitch has also affirmed the 'B-/RR4' rating of the company's
US$160 million of senior unsecured notes due 2015.  The notes
are jointly and severally guaranteed by AES Dominicana's two
operating companies, AES Andres B.V. and Dominican Power
Partners.  In addition, the notes benefit from a six-month debt-
service reserve account and a US$23.5 million guarantee from AES
Corp., rated 'B+' by Fitch.  The 'RR4' recovery rating reflects
the Dominican Republic's recovery rating cap.

At the same time,  Standard & Poor's Ratings Services said that
The AES Corp.'s (BB-/Stable/--) announcement that it would delay
the release of its 2006 10-K, that it would restate previous
financial statements because it has discovered certain errors
mostly related to previously identified material weaknesses, and
that it is reviewing its accounting for long-term compensation,
does not immediately affect the company's ratings or outlook.
The review is not yet complete and AES Corp. has not yet
determined the final amount of the adjustments, but at this time
the company does not believe they will be material or will
affect its cash balances.

In October 2006,  Moody's Investors Service downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the rating agyency's implementation of its new Probability-of-
Default and Loss-Given-Default rating
methodology.


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


ALITALIA SPA: TPG Capital Consortium Pulls Out Bid
--------------------------------------------------
The consortium of TPG Capital, MatlinPatterson Global Advisers
LLC and Mediobanca S.p.A. has withdrawn its bid for the Italian
government's 39.9% stake in Alitalia S.p.A., Luca di Leo and
Jason Singer write for the Wall Street Journal.

The consortium said it was not "in a position to comply with all
of the requirements," which it described as "too complex and
cryptic."  A source close to the consortium told WSJ that the
group was apprehensive it could not meet the July 2 deadline for
submission of final offers and business plan.

                          Requirements

As reported in the TCR-Europe on May 25, 2007, Italy's Finance
Ministry said it would assess the bidders' business plans
according to these criteria:

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

   -- buyer must keep Alitalia's headquarters in Italy;

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

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

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

The financial offers also have to meet a minimum valuation on
Alitalia shares made by experts hired by the ministry, Thomson
Financial adds.  If the qualified bids are within five percent
of each other, the ministry will allow the bidders to amend
their offers.

                    Italy Wants Italian Buyer

Meanwhile, WSJ suggests that Italy remains keen on keeping
Alitalia in Italian ownership.  WSJ notes that the Italian
government has grown increasingly uncomfortable with foreign
ownership of strategic assets in other sectors.

As reported in the TCR-Europe on May 31, 2007, Italy had opposed
a merger between Autostrade S.p.A. and Spanish firm Abertis
Infraestructuras S.A. as well as efforts by U.S. and Mexican
bidders to control Telecom Italia S.p.A.

Remaining bidders for Alitalia are partners OAO Aeroflot and
Unicredit Italiano S.p.A.; and the consortium of AirOne S.p.A.
and Intesa-San Paolo S.p.A..

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

                         About Alitalia

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

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


BERRY PLASTICS: Moody's May Cut Low-B Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed the long-term debt ratings of
Berry Plastics Holdings Corporation on review for possible
downgrade.

The review follows the company's announcement that it intends to
enter into a new US$500 million senior unsecured term loan
facility.  The proceeds, along with cash on hand, are expected
to be used to fund a special one time dividend.

Pro forma for the transaction, Berry's credit metrics are more
indicative of a B3 rating rather than a B2.  Pro forma metrics
are for the 12 months ended March 31, 2007 and include Moody's
standard analytical adjustments, but do not include any
projected synergies.  Pro forma leverage rises to approximately
8.5 times from 7.2 times and the ratio of EBIT to interest
declines to 0.6 times from 0.8 times.

Berry's rating upon the consummation of the merger with
Covalence reflected an expected reduction in debt in the
intermediate term to a level more consistent with the B2 rating
category.  With the addition of US$500 million of additional
debt, the forecasted free cash flow is expected to be
insufficient to improve these metrics to a level consistent with
the B2 rating category until at least 2009. T he integration of
Covalence is not yet complete and risks still remain because of
the difference in product lines and size as well as Covalence's
historical operating issues. Additionally, the merger synergies
represent a substantial portion of the forecasted financial
results and are not yet assured given the continuing integration
risk.

Moody's stated in its credit opinion dated April 11, 2007 that a
failure to reduce leverage below 6.5 times in the intermediate
term could result in a downgrade.  Berry has substantially
increased debt twice in the last nine months and the ratings
assigned both times were based on the expectation that the
company would reduce debt over the intermediate term.

Currently, Moody's anticipates that the downgrade of the
Corporate Family Rating will be limited to one notch.  Changes
in instrument ratings and the prospective rating for the new
term loan.

These ratings of Berry are placed under review for possible
downgrade:

   -- The B2 Corporate Family Rating, expected to be downgraded
      to B3 upon the close of the transaction;

   -- The B2 Probability of Default Rating, expected to be
      downgraded to B3 upon the close of the transaction;

   -- The Ba3 (LGD 2, 27%) rated US$1,200 million senior secured
      term loan due 2015, expected to be affirmed upon the close
      of the transaction;

   -- The B3 (LGD 4, 65%) rated US$225 million senior secured
      second lien FRN's due 2014, expected to be affirmed upon
      the close of the transaction;

   -- The B3 (LGD 4, 65%) rated US$525 million senior secured
      second lien notes due 2014, expected to be affirmed upon
      the close of the transaction; and

   -- The Caa1 (LGD 6, 90%) rated US$265 million senior
      subordinated notes due 2016, expected to be downgraded to
      Caa2 upon the close of the transaction.

These rating of Berry Plastics Group, Inc. is assigned on a
prospective basis:

   -- US$500 million senior unsecured term loan due 2014, Caa2
      (LGD 6-93%).

The outlook for the prospective rating is stable.

The SGL-2 Speculative Grade Liquidity rating is expected to be
affirmed upon close of the transaction.

The ratings and outlook are subject to the receipt of final
documentation.

Based in Evansville, Indiana, Berry Plastics Corporation --
http://www.berryplastics.com/-- manufactures and markets rigid
plastic packaging products.  Berry Plastics provides a wide
range of rigid open top and rigid closed top packaging as well
as comprehensive packaging solutions to over 12,000 customers,
ranging from large multinational corporations to small local
businesses.  The company has 25 manufacturing facilities
worldwide, including in Italy, England and Hong Kong and more
than 6,800 employees.

Pro forma for the recent merger with Covalence Specialty
Materials Corporation, net sales for the twelve months ended
March 31, 2007 amounted to approximately US$3.0 billion.


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


ALAU PROGRESS LLP: Proof of Claim Deadline Slated for July 11
-------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Scientific-Manufacturing Company Alau Progress
insolvent.

Creditors have until July 11 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sayin Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


ANKER MAD LLP: Proof of Claim Deadline Slated for July 6
--------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Anker Mad insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Office Four
         Kassin Str. 2/1
         Mamyr, 050052
         Almaty
         Kazakhstan
         Tel: 8 (3272) 93-19-22
              8 777 559 68-31
              8 777 258 50-41


ART SAHNA: Creditors Must File Claims by July 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Art Sahna Kz insolvent.

Creditors have until July 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sayin Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


FACTORY GIDROMASH-ORION LLP: Claims Registration Ends July 6
------------------------------------------------------------
LLP Branch of Factory Gidromash-Orion in Uralsk has declared
insolvency.  Creditors have until July 6 to submit written
proofs of claims to:

         LLP Branch of Factory Gidromash-Orion in Uralsk
         Urdinskaya Str. 1a
         Uralsk
         West Kazakhstan
         Kazakhstan


JASULAN LLP: Creditors' Claims Due on July 6
--------------------------------------------
The Specialized Inter-Regional Economic Court of Mangistau has
declared LLP Jasulan insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Mangistau
         Micro District 27, 67-7
         Aktau
         Mangistau
         Kazakhstan
         Tel: 8 (3292) 41-00-42
              8 701 537 15-59


KAZAKHINVEST LLP: Proof of Claim Deadline Slated for July 4
-----------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Kazakhinvest insolvent.

Creditors have until July 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sayin Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


MUNAIENERGOSERVICE LLP: Creditors Must File Claims by July 4
------------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has
declared LLP Munaienergoservice insolvent.

Creditors have until July 4 to submit written proofs of claims
to:

         The Specialized Inter-Regional
         Economic Court of Almaty
         Sayin Str. 8-94
         Almaty
         Kazakhstan
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


PACK-PLAST LLP: Claims Registration Ends July 4
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Karaganda has
declared LLP Pack-Plast (RNN 302000243654) insolvent.

Creditors have until July 4 to submit written proofs of claims
to:

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


STROYSYSTEMA LLP: Creditors' Claims Due July 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared LLP Construction Company Stroysystema insolvent.

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

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


TPK SIGMA: Proof of Claim Deadline Slated for July 6
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has
declared TPK Sigma insolvent.

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

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


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


YSYK-KOL AIYL: Creditors Must File Claims by July 14
----------------------------------------------------
OJSC Ysyk-Kol Aiyl Jabduu has declared insolvency.  Creditors
have until July 14 to submit written proofs of claim to:

         OJSC Ysyk-Kol Aiyl Jabduu
         Alykulov Str. 1
         Karakol
         Issyk-Kul Region
         Kyrgyzstan


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


NEPTUNO CLO: Moody's Rates EUR26 Million Class E Notes at Ba3
-------------------------------------------------------------
Moody's assigned these definitive ratings to six classes of
notes issued by Neptuno CLO I B.V., a bankruptcy remote special
purpose vehicle incorporated in the Netherlands:

   -- Aaa to the EUR223 million Class A-T Senior Secured
      Floating Rate Notes due 2023,

   -- Aaa to the EUR100 million Class A-R Senior Secured
      Revolving Floating Rate Notes due 2023,

   -- Aa2 to the EUR44 million Class B-1 Senior Secured Floating
      Rate Notes due 2023,

   -- Aa2 to the EUR4 million Class B-2 Senior Secured Fixed
      Rate Notes due 2023,

   -- A2 to the EUR25 million Class C Senior Secured Deferrable
      Floating Rate Notes due 2023,

   -- Baa3 to the EUR28 million Class D Senior Secured
      Deferrable Floating Rate Notes due 2023,

   -- Ba3 to the EUR24 million Class E-1 Senior Secured
      Deferrable Floating Rate Notes due 2023, and

   -- Ba3 to the EUR2 million Class E-2 Senior Secured
      Deferrable Fixed Rate Notes.

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

These ratings are based upon:

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

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

   3. The overcollateralization of the notes;

   4. The protection against losses through the subordination of
      the Class B, C, D, E notes, the EUR50 million
      subordinated notes and the excess spread available in the
      transaction;

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

   6. The legal and structural integrity of the issue.

This transaction is a high yield collateralized loan obligation
related to a portfolio composed mostly of senior and mezzanine
loans. This portfolio is dynamically managed by Caja de Ahorros
y Monte de Piedad de Madrid.  The portfolio acquired at closing
is 99.5% of target par and the remainder will be purchased
during the six-month ramp-up period at the end of which the
portfolio shall comply with the following tests: a diversity
score greater than 35, a weighted average rating factor lower
than 2,380 and weighted average spread greater than 2.50% and a
weighted average recovery rate greater than 55%.  Thereafter,
the portfolio of loans will be actively managed and the
portfolio manager will have the option to direct the issuer to
buy or sell loans.  Any addition or removal of loans will be
subject to a number of portfolio criteria.

This transaction features a dual-currency revolving class of
notes (class A-R notes) that can be drawn either in Euro or in
Sterling. Sterling advances will be initially ed to purchase
loans denominated in Sterling.  Should such Sterling assets
default, Sterling advances would not be fully collateralized by
Sterling assets and therefore Euro proceeds may need to be
converted into Sterling in order to redeem Sterling advances, th
creating a foreign exchange risk exposure.  This currency risk
has been considered in Moody's analysis.

This transaction is arranged by Barclays Capital.


YUKOS FINANCE: Court Allows Parent's Liquidator to Sell Assets
--------------------------------------------------------------
A court in Amsterdam, Netherlands, has granted Eduard Rebgun,
OAO Yukos Oil Co.'s liquidator, the rights to sell the bankrupt
company's foreign assets, various reports say.

Nikolai Lashkevich, spokesman to Mr. Rebgun, said the ruling
allows Russian officials to "demand and obtain documents
necessary to carry out the liquidation, carry out a financial
analysis of the company, evaluate the foreign assets of Yukos
and take a decision on the sale of Yukos Finance,"
Petroleumworld reports.

Yukos Finance's main assets, currently possessed by Yukos'
creditors, include:

   -- a 54-percent stake in Lithuanian refinery Mazeikiu Nafta
      AB, worth almost US$1.5 billion; and

   -- a 49-percent stake in Transpetrol, worth between US$100
      million and US$200 million.

Mr. Rebgun had sold most of Yukos' Russian assets in separate
auctions from March to May, Hemscott relates.

                      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.


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


AMIRA LLC: Creditors Must File Claims by July 12
------------------------------------------------
Creditors of LLC Amira have until July 12 to submit proofs of
claim to:

         D. Mityushev
         Insolvency Manager
         Khomyakovskaya Str. 12
         Khomyakova
         300098 Tula
         Russia

The Arbitration Court of Tula commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A68-188/B-05.

The Court is located at:

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

The Debtor can be reached at:

         LLC Amira
         Khomyakovskaya Str. 12
         Khomyakova
         300098 Tula
         Russia


COAL ZUMK: Creditors Must File Claims by June 12
------------------------------------------------
Creditors of LLC Coal Zumk (West Ural Engineering Concern) (TIN
5902194272) have until June 12 to submit proofs of claim to:

         A. Semenyakov
         Temporary Insolvency Manager
         Post User Box 3199
         344092 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene on Aug. 28 to hear
the company's bankruptcy supervision procedure.  The case is
docketed under Case No. A53-19086/2006-S2-51.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Coal Zumk (West Ural Engineering Concern)
         Pushkina Str. 29
         Shakhty
         346500 Rostov
         Russia


DANKOVSKIY ELEVATOR: Creditors Must File Claims by June 12
----------------------------------------------------------
Creditors of OJSC Dankovskiy Elevator have until June 12 to
submit proofs of claim to:

         V. Pivovarov
         Insolvency Manager
         Khoroshavina Str. 13-84
         398036 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A36-2901/2006.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Dankovskiy Elevator
         Chapaeva Str. 13
         Dankov
         399851 Lipetsk
         Russia


FISH WORKS: Creditors Must File Claims by July 24
-------------------------------------------------
Creditors of LLC Fish Works have until July 24 to submit proofs
of claim to:

         G. Leonov
         Insolvency Manager
         Post User Box 3199
         344092 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov will convene at noon on July 24
to hear the company's bankruptcy supervision procedure.  The
case is docketed under Case No. A53-3309/07-S1-33.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         LLC Fish Works
         Naberezhnaya Str. 127
         Konstantinovsk
         Rostov
         Russia


KURGAN-LES-OPT-PROM: Court Names K. Zelyutin to Manage Assets
-------------------------------------------------------------
The Arbitration Court of Kurgan appointed K. Zelyutin as
Insolvency Manager for OJSC Kurgan-Les-Opt-Prom.  He can be
reached at:

         K. Zelyutin
         Post User Box 366
         620000 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A34-3274/06.

The Debtor can be reached at:

         OJSC Kurgan-Les-Opt-Prom
         Omskaya Str. 179
         Kurgan
         Russia


LABINSK-OIL-PRODUCT: Creditors Must File Claims by July 12
----------------------------------------------------------
Creditors of OJSC Labinsk-Oil-Product (TIN 2314016502) have
until July 12 to submit proofs of claim to:

         S. Dzhurabaev
         Insolvency Manager
         Apartment 284
         Papova Str. 10
         Pridonskoye
         394040 Voronezh
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy
proceedings against the company after finding it insolvent.  The
case is docketed under Case No. A32-22322/2006-44/1909 B.

The Court is located at:

         The Arbitration Court of Krasnodar
         Krasnaya Str. 6
         Krasnodar Region
         Russia

The Debtor can be reached at:

         OJSC Labinsk-Oil-Product
         Pobedy Str. 173
         Krasnodar
         Russia


LADA CJSC: Creditors Must File Claims by June 12
------------------------------------------------
Creditors of CJSC Lada have until June 12 to submit proofs of
claim to:

         G. Polenka
         Insolvency Manager
         Z. Kosmodemyanskoy Str. 29
         183008 Murmansk
         Russia

The Arbitration Court of Murmansk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A42-1227.

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC Lada
         Niva-3
         Kandalaksha
         Murmansk
         Russia


LAKASHINSKIY DISTILLERY: Asset Sale Slated for June 13
------------------------------------------------------
The insolvency manager and bidding organizer for OJSC
Lakashinskiy Distillery, will open a public auction for the
company's properties at 11:00 a.m. on June 13 at:

         The Insolvency Manager and Bidding Organizer
         Building 1
         Polonskogo Str. 19
         Ryazan
         Russia

Interested participants have until June 8 to deposit an amount
equivalent to 10% of the starting price to:

         OJSC Lakashinskiy Distillery
         Settlement Account 40702810720000000120
         Correspondent Account 30101810800000000725
         TIN 0274062111
         BIK 046126725
         OJSC Uralsib
         Ryazan
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Building 1
         Polonskogo Str. 19
         Ryazan
         Russia

The Debtor can be reached at:

         OJSC Lakashinskiy Distillery
         Building 1
         Polonskogo Str. 19
         Ryazan
         Russia


LIPETSK-STEEL-CONSTRUCTION: Asset Sale Slated for June 13
---------------------------------------------------------
Noncommercial Partnership of Guild of Court-Appointed Managers
of Lipetsk Region, the bidding organizer for CJSC Combine of
Building Materials, will open a public auction for the company's
properties at noon on June 13 at:

         Noncommercial Partnership of Guild of Court-Appointed
         Managers of Lipetsk Region
         5th floor
         Office 506
         Kommunalnaya Square 9
         Lipetsk
         Russia

The company has set a RUR9,889,000 starting price for the
auctioned assets.

Interested participants have until June 5 to deposit an amount
of RUR2,475,250 to:

         Noncommercial Partnership of Guild of Court-Appointed
         Managers of Lipetsk Region
         Settlement Account 40703810435000100303
         Correspondent Account 30101810800000000604
         BIK 044206604
         Lipetskiy Branch OSB 8593
         Lipetsk
         Russia

Bidding documents must be submitted to:

         Noncommercial Partnership of Guild of Court-Appointed
         Managers of Lipetsk Region
         5th floor
         Office 506
         Kommunalnaya Square 9
         Lipetsk
         Russia

The Debtor can be reached at:

         CJSC Combine of Building Materials
         Almaznaya Str. 6
         Ferrosplavnaya Str. 10 A
         Lipetsk
         Russia


MARS CJSC: Creditors Must File Claims by July 12
------------------------------------------------
Creditors of CJSC Mars have until July 12 to submit proofs of
claim to:

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

The Arbitration Court of Tambov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. A64-1281/07-10.

The Debtor can be reached at:

         CJSC Mars
         Apartment 82
         2nd Location 8
         Uvarovo
         Tambov
         Russia


MELENKOVSKIY WOOD-PROM-KHOZ: Asset Sale Slated for June 18
----------------------------------------------------------
LLC Auction-Rielt-Torg, the bidding organizer for OJSC
Melenkovskiy Wood-Prom-Khoz, will open a public auction for the
company's properties at 11:00 a.m. on June 18 at:

         LLC Auction-Rielt-Torg
         RZSh, 2a
         Murom
         Vladimir
         Russia

Interested participants have until June 15 to deposit an amount
to:

         OJSC Melenkovskiy Wood-Prom-Khoz
         Settlement Account 40702810400300001312
         Correspondent Account 30101810200000000716
         BIK 041708716
         VRU OJSC MInB
         Vladimir
         Russia

Bidding documents must be submitted to:

         LLC Auction-Rielt-Torg
         RZSh, 2a
         Murom
         Vladimir
         Russia

The Debtor can be reached at:

         OJSC Melenkovskiy Wood-Prom-Khoz
         Zavokzalnaya Str. 10
         Melenki
         Vladimir
         Russia


NORTH-FISH-FLEET: Court Starts External Management Bankruptcy
-------------------------------------------------------------
The Arbitration Court of Murmansk commenced external management
bankruptcy procedure on CJSC North-Fish-Fleet.  The case is
docketed under Case No. A42-7130/2006.

The External Insolvency Manager is:

         E. Klimov
         Office 3
         O. Koshevogo Str. 14/2
         183008 Murmansk
         Russia

The Court is located at:

         The Arbitration Court of Murmansk
         Knipovicha Str. 20
         Murmansk Region
         Russia

The Debtor can be reached at:

         CJSC North-Fish-Fleet
         Murmansk
         Russia


NOVATEK OAO: Elects New Board of Directors
------------------------------------------
The Annual General Meeting of Shareholders of OAO Novatek has
elected a new Board of Directors.

The new Board is comprised of:

   -- Akimov, Andrei Igorevich: Chairman of the Management Board
      of Gazprombank;

   -- Vardanian, Ruben Karlenovich: Chairman of the Board of
      Directors of Troika Dialog Group, member of the management
      committee of the Russian Union of Industrialists and
      Entrepreneurs (RSPP) and Arbitrator of the RSPP Joint
      Committee on Corporate Ethics;

   -- Gyetvay, Mark Anthony: Chief Financial Officer of NOVATEK,
      member of the American Institute of CPA and associate
      member of the Society of Petroleum Engineers;

   -- Dmitriev, Vladimir Alexandrovich: Chairman of the Board of
      Directors of Vnesheconombank and candidate of Economic
      Sciences;

   -- Mikhelson, Leonid Viktorovich: Chairman of the Management
      Board of NOVATEK;

   -- Natalenko, Alexander Yegorovich: Chairman of the Board of
      Directors of NOVATEK, State Prize Laureate and Honored
      Geologist of the Russian Federation;

   -- Seleznev, Kirill Gennadievich: member of the Management
      Board of Gazprom, Director of Gazprom's Gas and Liquid
      Hydrocarbons Marketing and Processing Department and
      General Director of Mezhregiongaz; and

   -- Yuzhanov, Ilia Arturovich: member of the Board of
      Directors of RAO UES and Supervisory Board of NOMOS-BANK.

The new Board is comprised of six non-executive directors.

Following the AGM, the new Board held its first meeting where
Alexander Y. Natalenko was elected Chairman of the Board.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons. The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                            *   *   *

Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating and assigned a Ba2 probability of default rating to OAO
Novatek.

Standard & Poor's rates Novatek's long-term foreign and local
issuer credit at BB- with a stable outlook.


NOVATEK OAO: Shareholders Okay Dividend for 2006
------------------------------------------------
The Annual General Meeting of Shareholders of OAO Novatek
approved the Company's profit distribution for 2006.

According to Novatek's 2006 annual results, net profit in
accordance with the Russian Standards of Accounting amounted to
RUR12.95 million.

The AGM resolved to pay dividends on the Company's shares in the
amount of RUR1.10 per one ordinary share -- excluding interim
dividends paid for six months of 2006 in the amount of RUR0.55
per one ordinary share.  The total dividend distribution for
2006, including interim dividends, amounts to RUR5.01 billion or
RUR1.65 per share.

The date of record for the list of persons entitled to receive
dividends was compiled on April 5, 2007, which also coincided
with the date for making a list of those entitled to attend the
Company's AGM.

                          About Novatek

Headquartered in Tarko-Sale, Russia, OAO Novatek --
http://www.novatek.ru/-- engages in the exploration, production
and processing of natural gas and liquid hydrocarbons. The
Company's upstream activities are concentrated in the prolific
Yamal-Nenets Region in Western Siberia.

                            *   *   *

Moody's Investors Service's confirmed its Ba2 Corporate Family
Rating and assigned a Ba2 probability of default rating to OAO
Novatek.

Standard & Poor's rates Novatek's long-term foreign and local
issuer credit at BB- with a stable outlook.


PGS-DRILLING OJSC: Ryazan Bankruptcy Hearing Slated for July 24
---------------------------------------------------------------
The Arbitration Court of Ryazan will convene at 12:30 p.m. on
July 24 to hear the bankruptcy supervision procedure on OJSC
Pgs-Drilling.  The case is docketed under Case No. A54-175/
2007 S20.

The Insolvency Manager is:

         D. Ryndenko
         Post User Box 13
         Rybinsk
         152930 Yaroslavl
         Russia

The Arbitration Court of Ryazan Region is located at:

         Pochtovaya Str. 43/44
         Ryazan Region
         Russia

The Debtor can be reached at:

         OJSC Pgs-Drilling
         Sovetskaya Square 36
         Kasimov
         391001 Ryazan
         Russia


ROSNEFT OAO: Reviewing Options to Pay Back Bank Loans
-----------------------------------------------------
OAO Rosneft Oil Co. is reviewing options to repay its bank
loans, RosBusinessConsulting reports citing President
Sergei Bogdanchikov.

Mr. Bogdanchikov, RBC relates, said the options include:

   -- receipt of US$10 billion in debt repayment from OAO Yukos
      Oil Co.;

   -- sale of unnecessary assets acquired from Yukos Oil;

   -- sale of shares; and

   -- issuance of Eurobonds to win some time and lower its debt
      load.

                           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.


RUS' CJSC: Asset Bidding Deadline Slated for June 6
---------------------------------------------------
The insolvency manager and bidding organizer for CJSC RUS' will
set with a repeated auction for the company's properties at
11:00 a.m. on June 11 at:

         CJSC RUS'
         Ust-Muravlyanka
         Repyevskiy
         Voronezh
         Russia

The company has set RUR2,642,000 starting price for the
auctioned assets.

Interested participants have until June 6 to deposit an amount
of RUR500,000 to:

         CJSC RUS'
         Settlement Account 4070281041322010119
         Correspondent Account 30101810600000000681
         BIK 042007681
         Ostrogozhskiy OSB TsChB SB RF
         Repyevskiy add. Office 989/052
         Russia

Bidding documents must be submitted to:

         The Insolvency Manager and Bidding Organizer
         Voronezhskaya Str. 4
         Repyevka
         Voronezh
         Russia

The Debtor can be reached at:

         CJSC RUS'
         Ust-Muravlyanka
         Repyevskiy
         Voronezh
         Russia


SEL-KHOZ-KHIMIYA: Creditors Must File Claims by July 12
-------------------------------------------------------
Creditors of Municipal Unitary Enterprise Sel-Khoz-Khimiya (TIN
0202004181) have until July 12 to submit proofs of claim to:

         R. Sharifullin
         Insolvency Manager
         Traktovaya Str. 71
         Raevskiy
         Alsheevskiy
         452120 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A07-14979/05-G-MOG.

The Court is located at:

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

The Debtor can be reached at:

         Municipal Unitary Enterprise Sel-Khoz-Khimiya
         Alsheevskiy
         Bashkortostan
         Russia


SEVERSTAL OAO: Acquires Arcelor Mittal's 25% Stake in Severgal
--------------------------------------------------------------
Arcelor Mittal agreed to sell to OAO Severstal its 25% stake in
Severgal, their joint venture located at the Severstal
Cherepovets site.

The Severgal joint venture was originally set up to serve the
former CIS automotive market.  While it has the capacity to
produce coated products for both the industry and the automotive
markets, the hot dip galvanizing line is currently mostly
dedicated to supplying the booming domestic industry market.

Arcelor Mittal terminates the Extragal License Agreement with
Severgal and will remain a non-exclusive agent for some Severgal
products.

In addition, Arcelor Mittal and Severstal have agreed to
separately pursue their respective development plans in the
automotive market.

                         About Severstal

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

                         *     *     *

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

As reported in the TCR-Europe on April 16, 2007, Moody's
Investors Service's confirmed its Ba3 Corporate Family Rating
for Severstal OAO.  Moody's also assigned a Ba3 Probability-of-
Default rating to the company.

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

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


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


SISTEMA JSFC: Mobile Arm to Record Charge on Nomihold Put Option
----------------------------------------------------------------
Mobile TeleSystems OJSC, a subsidiary of JSFC Sistema, will
record a charge to non-operating expenses for the year ended
Dec. 31, 2006 in relation to a US$170 million put option held by
Nomihold Securities Inc.  Sistema will record a corresponding
charge in its financial statements for the year ended Dec. 31,
2006.

As previously disclosed, individual shareholders of Sistema have
agreed to assist MTS Finance, a wholly owned subsidiary of MTS,
in defending its rights in its on-going dispute with Nomihold.
Nomihold is seeking to compel MTS Finance through arbitration
proceedings to purchase from Nomihold a 49% stake in Tarino
Limited, the former indirect owner of Kyrgyz GSM operator Bitel,
for US$170 million pursuant to an option agreement.  The matter
is currently pending, and MTS Finance is vigorously contesting
this action and has asked the arbitration tribunal to dismiss
Nomihold's claim.  In the event that the arbitration decision
regarding the US$170 million put option is unfavorable to
MTS Finance, shareholders of Sistema have agreed to make a
capital contribution to MTS Finance of up to US$170 million.

Notwithstanding the guarantee, MTS, in agreement with its
auditor, believes that it should presently record the charge and
include this as a liability in its financial statements for the
year ended Dec. 31, 2006, and provide disclosure pending the
resolution of this legal matter.  Accordingly, Sistema, in
agreement with its auditor, believes that a corresponding charge
should be included in its financial statements for the year
ended Dec. 31, 2006.

                        About Sistema

Sistema JSFC (LSE: SSA) -- http://www.sistema.com/-- is the
largest private sector consumer services company in Russia and
the CIS, with over 65 million customers.  Sistema develops and
manages market-leading businesses in selected service-based
industries, including telecommunications, technology, insurance,
banking, real estate, retail and media.

Founded in 1993, the company reported revenues of US$7.5 billion
for the first nine months of year 2006, and total assets of US$
18.5 billion as at Sept. 30, 2006.  Sistema's shares are listed
under the symbol 'SSA' on the London Stock Exchange, under the
symbol 'AFKS' on the Russian Trading System (RTS), and under the
symbol 'SIST' on the Moscow Stock Exchange (MSE).

                        *     *     *

As reported in the TCR-Europe on Jan. 17, 2007, Fitch Ratings
assigned Sistema Capital S.A.'s guaranteed debt issuance program
a final B+ rating.  The program, guaranteed by JSFC Sistema, has
a maturity of 30 years and may issue up to US$3 billion.  This
rating action follows a review of the final terms and
conditions, confirming information already received when Fitch
assigned an expected rating of B+ on Dec. 12, 2006.

In November 2006, Standard & Poor's Ratings Services raised its
long-term debt rating to 'B+' from 'B' on the senior unsecured
debt issued by Sistema Capital S.A. and OJSC Sistema Finance
Investments, and on the senior secured debt issued by Sistema
Finance S.A.  All three companies are financing vehicles for
Russian Telecommunications and industrials holding group Sistema
(JSFC) (BB-/Stable/--), which guarantees the debt.


SOLNECHNYJ CJSC: Creditors Must File Claims by June 12
------------------------------------------------------
Creditors of CJSC Trading House Solnechnyj (TIN 4824006907)have
until June 12 to submit proofs of claim to:

         Y. Serdyukov
         Insolvency Manager
         Office 302
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia

The Arbitration Court of Lipetsk commenced bankruptcy
proceedings against the company after finding it insolvent.
The case is docketed under Case No. A36-47-B/1-01.

The Court is located at:

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

The Debtor can be reached at:

         Y. Serdyukov
         Insolvency Manager
         Office 302
         Sovetskaya Str. 66
         398001 Lipetsk
         Russia


URALSKIY NIVY: Court Names G. Krashennikova to Manage Assets
------------------------------------------------------------
The Arbitration Court of Sverdlovsk appointed G. Krashennikova
as Insolvency Manager for CJSC Uralskiy Nivy.  She can be
reached at:

         G. Krashennikova
         Post User Box 12
         620000 Ekaterinburg
         Russia

The Court commenced bankruptcy proceedings against the company
after finding it insolvent.  The case is docketed under Case No.
A60-25605/2003-S2.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Uralskiy Nivy
         Novoiparovo
         Sysetskiy
         Sverdlovsk
         Russia


YAMAL-PETROIL: Tyumen Bankruptcy Hearing Slated for June 26
-----------------------------------------------------------
The Arbitration Court of Tyumen will convene at 10:40 a.m. on
June 26 to hear the bankruptcy supervision procedure on CJSC
Yamal-Petroil.  The case is docketed under Case No. A-70-361/
3-2007.

The Temporary Insolvency Manager is:

         A. Drozdetskiy
         S. Bezverkhova Str. 19
         Surgut
         628400 Tyumen
         Russia

The Court is located at:

         The Arbitration Court of Tyumen
         Khokhryakova Str. 77
         627000 Tyumen Region
         Russia

The Debtor can be reached at:

         CJSC Yamal-Petroil
         Lenina Str. 50-32
         Tyumen
         Russia


YUKOS OIL: Prana Makes Final Payment for Moscow Headquarters
------------------------------------------------------------
The Prana Group has transferred RUR95.6 billion to OAO Yukos Oil
Co.'s account as final payment for the assets it purchased at a
May 11 auction, AK&M reports citing Nikolai Lashkevitch,
spokesperson to Yukos bankruptcy receiver Eduard Rebgun.

In a Kommersant report carried by the TCR-Europe on May 30, the
Federal Antimonopoly Service approved Prana Group's application
to acquire Lot 13 of Yukos Oil's assets, which include its 22-
story Moscow headquarters, after it submitted documents
necessary to close the deal.

Exercising the right for corporate secrecy, Prana chose to
reveal its ownership structure only to the competition agency
after being warned that the sale would not be approved unless it
did otherwise.

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

The assets fetched nearly five times more than the lot's
US$856.8 million starting price raising speculations that the
bidders might knew about hidden value in another asset in the
lot.

Aside from Yukos' offices, the lot includes:

   -- 100% in YUKOS-M CJSC,

   -- 100% in YUKOS-Moscow,

   -- 100% in YUKOS- Financial-Accounting center,

   -- 100% in YUKOS IMPORT,

   -- 100% in U-Mordovia,

   -- 100% in YUKOS-M Trade House,

   -- 100% in TopMaster-Realty Ltd,

   -- 77.4% in United center of scientific research,

   -- 70% in YUKOS Vostok Trade,

   -- 70% in UT-OIL,

   -- 60.98% Scientific-research institute of aviation industry
      economy,

   -- 50% in USVL CJSC,

   -- 37.99% in Voronezh nefteproduct avtomatika,

   -- 0.01% in YUKOS Refining and Marketing, and

   -- 0.01% in YUKOS Exploration and Production.

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.


YUKOS OIL: Dutch Court Allows Liquidator to Sell Foreign Assets
---------------------------------------------------------------
A court in Amsterdam, Netherlands, has granted Eduard Rebgun,
OAO Yukos Oil Co.'s liquidator, the rights to sell the bankrupt
company's foreign assets, various reports say.

Nikolai Lashkevich, spokesman to Mr. Rebgun, said the ruling
allows Russian officials to "demand and obtain documents
necessary to carry out the liquidation, carry out a financial
analysis of the company, evaluate the foreign assets of Yukos
and take a decision on the sale of Yukos Finance,"
Petroleumworld reports.

Yukos Finance's main assets, currently possessed by Yukos'
creditors, include:

   -- a 54-percent stake in Lithuanian refinery Mazeikiu Nafta
      AB, worth almost US$1.5 billion; and

   -- a 49-percent stake in Transpetrol, worth between US$100
      million and US$200 million.

Mr. Rebgun had sold most of Yukos' Russian assets in separate
auctions from March to May, Hemscott relates.

                      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.


ZVEREVSKOYE PATP: Creditors Must File Claims by July 12
-------------------------------------------------------
Creditors of OJSC Zverevskoye PATP (TIN 6146005126) have until
July 12 to submit proofs of claim to:

         D. Oleynik
         Insolvency Manager
         Post User Box 3332
         344092 Rostov-na-Donu
         Russia

The Arbitration Court of Rostov commenced bankruptcy proceedings
against the company after finding it insolvent.
The case is docketed under Case No. A53-16522/06-S2-33.

The Court is located at:

         The Arbitration Court of Rostov
         Stanislavskogo Str. 8a
         344008 Rostov-na-Donu
         Russia

The Debtor can be reached at:

         OJSC Zverevskoye PATP
         Sovetskaya Str. 1
         Zverevo
         Rostov
         Russia


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

CIRSA BUSINESS: Moody's May Cut Low-B Ratings After Review
----------------------------------------------------------
Moody's Investors Service placed on review for possible
downgrade the B1 corporate family rating of Cirsa Business
Corporation S.A., the B1 rating of Cirsa Finance Luxembourg
S.A.'s EUR270 million senior notes due 2014 and the B2 rating of
Cirsa Capital Luxembourg S.A.'s EUR130 million senior notes due
2012.

The rating action has been triggered by the announcement that
the company has entered into a strategic arrangement with Casino
Club (a leading gaming operator in Argentina which owns and
operates 12 casinos and 17 gaming arcades throughout the
country) with respect to the operation and future development of
their casino operations in the key markets of Buenos Aires and
Rosario.

In Buenos Aires, Cirsa and Casino Club, through its subsidiary
Ciesa, have entered into a joint venture agreement ("Union
Transitoria de Empresas") by which Ciesa has committed to invest
up to US$120 million over the next three years to expand and
maintain the Buenos Aires casino business, while each of the two
companies will have a 50% economic interest in the profits of
the UTE.  Cirsa will retain the ownership of all of its existing
properties, including the licenses.  In Rosario, Cirsa has
acquired a 50% interest in the Casino de Rosario concession for
US$20 million, which amounts to approximately half of the US$40
million of funds invested by Casino Club to date.  This planned
casino complex is currently under construction and is expected
to commence operations in the first half of 2009 with 2,000
slots machines and 70 gaming tables.  The agreements are subject
to the prior approval of the gaming authorities.

The review process will focus on assessing the impact of these
complex agreements on the corporate structure and financial
profile of the company as well as on the level of execution risk
involved in the development of the new businesses in Buenos
Aires and Rosario. Moody's notes that these agreements are of
significant relevance given that they involve Cirsa's most
important asset (Cirsa's Buenos Aires casino business generated
approximately 25% of the consolidated EBITDA of the group in
2006) and could impact the amount of cash flows to be upstreamed
from its Argentinean subsidiary over the short to medium term.

Moody's expects to complete the review process within the next
three months (subject to the approval of the agreements by the
gaming authorities) and any downgrade in the corporate family
rating would likely be limited to one notch.

Moody's also notes that the notching differential between the
rating of Cirsa Finance Luxembourg S.A.'s EUR270 million senior
notes due 2014 and the rating of Cirsa Capital Luxembourg S.A.'s
EUR130 million senior notes due 2012 could be removed if Moody's
were to conclude that the guarantee from Casino de Buenos Aires
S.A. to the 2014 notes has weakened materially as a result of
the profit sharing agreement with Casino Club.

Headquartered in Terrassa, Spain, Cirsa is a leading Spanish
gaming company, with substantial operations in Brazil, The
Dominican Republic, Venezuela, Panama, Suriname, Peru, Argentina
and Uruguay.  For the 12 months ended September 2006, Cirsa had
revenues of EUR1.643 billion and EBITDA of EUR123.7 million.
For the year ended December 2006, Cirsa had revenues of EUR1.657
billion and EBITDA of EUR143.4 million.


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


CABARE BOLCHEN: Basel Court Starts Bankruptcy Proceedings
---------------------------------------------------------
The Bankruptcy Court of Sissach in Basel commenced bankruptcy
proceedings against LLC CaBaRe Bolchen on May 3.

The Bankruptcy Service of Sissach can be reached at:

         Bankruptcy Service of Sissach
         4450 Sissach BL
         Switzerland

The Debtor can be reached at:

         LLC CaBaRe Bolchen
         Felsenstrasse 3
         4450 Sissach BL
         Switzerland


DEMA CONSULTING: Creditors' Liquidation Claims Due June 11
----------------------------------------------------------
Creditors of JSC Dema Consulting have until June 11 to submit
their claims to:

         Jurgen Markmann
         Liquidator
         Fabrikstrasse 36
         3012 Bern
         Switzerland

The Debtor can be reached at:

         JSC Dema Consulting
         Bern
         Switzerland


DOMUS TRADING: Creditors' Liquidation Claims Due June 13
--------------------------------------------------------
Creditors of JSC Domus Trading have until June 13 to submit
their claims to:

         Sandacherstrasse 2
         8118 Pfaffhausen
         Switzerland

The Debtor can be reached at:

         JSC Domus Trading
         Fallanden
         Uster ZH
         Switzerland


ELKA INNOTEC: Creditors' Liquidation Claims Due June 11
-------------------------------------------------------
Creditors of JSC ELKA Innotec have until June 11 to submit their
claims to:

         Heinrich Welker
         Liquidator
         Postfach 4622
         4002 Basel BS
         Switzerland

The Debtor can be reached at:

         JSC ELKA Innotec
         Steinhausen ZG
         Switzerland


GLAS + HOLZ LLC: Creditors' Liquidation Claims Due June 15
----------------------------------------------------------
Creditors of LLC Glas + Holz have until June 15 to submit their
claims to:

         Maja Oberholzer
         Liquidator
         Cholacherstrasse 4
         5452 Oberrohrdorf
         Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Glas + Holz
         Oberrohrdorf
         Baden AG
         Switzerland


KERA HOLDING: Creditors' Liquidation Claims Due June 30
-------------------------------------------------------
Creditors of JSC Kera Holding have until June 30 to submit their
claims to:

         JSC Trefima
         Liquidator
         Neulandenstrasse 6
         9500 Wil SG
         Switzerland

The Debtor can be reached at:

         JSC Kera Holding
         Wil SG
         Switzerland


PAGUNA-TECH LLC: Creditors' Liquidation Claims Due June 8
---------------------------------------------------------
Creditors of LLC Paguna-Tech have until June 8 to submit their
claims to:

         Edwin Fassler
         Liquidator
         Gasse 10
         8846 Willerzell
         Switzerland

The Debtor can be reached at:

         LLC Paguna-Tech
         Einsiedeln SZ
         Switzerland


SONICTRADE LLC: Creditors' Liquidation Claims Due June 11
---------------------------------------------------------
Creditors of LLC SonicTrade have until June 11 to submit their
claims to:

         Daniel Scheuzger
         Liquidator
         Bleicheweg 5
         5605 Dottikon
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC SonicTrade
         Brugg AG
         Switzerland


STEFANO BIZZOTTO: Creditors' Liquidation Claims Due June 11
-----------------------------------------------------------
Creditors of LLC Stefano Bizzotto Architekten have until June 11
to submit their claims to:

         Stefano Bizzotto
         Liquidator
         Distelweg 6
         5610 Wohlen
         Bremgarten AG
         Switzerland

The Debtor can be reached at:

         LLC Stefano Bizzotto Architekten
         Wohlen
         Bremgarten AG
         Switzerland


STRATEGY CONSULTING: Creditors' Liquidation Claims Due June 11
--------------------------------------------------------------
Creditors of LLC Strategy Consulting Partners and Associates
have until June 11 to submit their claims to:

         Peter Sorg
         Liquidator
         Sorg Consulting
         Rossligasse 6
         4132 Muttenz
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         LLC Strategy Consulting Partners and Associates
         Basel BS
         Switzerland


TIS AIR: Lucerne Court Starts Bankruptcy Proceedings
----------------------------------------------------
The Bankruptcy Court of Lucerne commenced bankruptcy proceedings
against LLC Tis Air on April 30.

The Bankruptcy Service of Lucerne can be reached at:

         Bankruptcy Service of Lucerne
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         LLC Tis Air
         Staldenhof 2
         6014 Littau LU
         Switzerland


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


DESNA-AVIA LLC: Creditors Must File Claims by June 6
----------------------------------------------------
Creditors of LLC Airline Company Desna-Avia (code EDRPOU
32399837) have until June 6 to submit their proofs of claim to:

         Sergey Pilipenko
         Temporary Insolvency Manager
         Apartment 81
         Metallurgists Str. 25
         Mariupol
         87500 Donetsk
         Ukraine

The Economic Court of Donetsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
5/62b.

The Court is located at:

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

The Debtor can be reached at:

         LLC Airline Company Desna-Avia
         Semashko Str. 18
         Mariupol
         87504 Donetsk
         Ukraine


DOVIRA LLC: Creditors Must File Claims by June 2
------------------------------------------------
Creditors of Agricultural LLC Dovira have until June 2 to submit
their proofs of claim to:

         Nadezhda Vozniakevich
         Temporary Insolvency Manager
         Hmelnitsky Highway 2-A
         Vinnica
         Ukraine

The Economic Court of Zhytomir commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
4/27-b.

The Court is located at:

         The Economic Court of Zhytomir
         Putiatinskiy Square 3/65
         10014 Zhytomir
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Dovira
         Lenin Str. 84
         Miropol
         Romanovka District
         Zhytomir
         Ukraine


FIMEX-UKRAINE LLC: Creditors Must File Claims by June 2
-------------------------------------------------------
Creditors of LLC Fimex-Ukraine (code EDRPOU 31291002) have until
June 2 to submit their proofs of claim to:

         Vladimir Solsky
         Temporary Insolvency Manager
         Velichkovsky Str. 44/24
         79002 Lvov
         Ukraine

The Economic Court of Lvov commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No.
6/30-29/40.

The Court is located at:

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

The Debtor can be reached at:

         LLC Fimex-Ukraine
         Nikolaev, Lvov highway Str. 3
         81600 Lvov
         Ukraine


GANG LLC: Claims Filing Deadline Set June 3
-------------------------------------------
Creditors of Igor Mikhno have until June 3 to submit their
proofs of claim to:

         Igor Mikhno
         Liquidator
         Uman Str. 35
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 43/1119.

The Court is located at:

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

The Debtor can be reached at:

         LLC Gang
         40 years of October Str. 15-A
         03040 Kiev
         Ukraine


KORMILTCHEE LLC: Claims Filing Deadline Set June 2
--------------------------------------------------
Creditors of Kormiltchee LLC (code EDRPOU 03786981) have until
June 2 to submit their proofs of claim to:

         Irene Gerasimenko
         Liquidator
         Kamianets-Podolsky, Mir Str. 8 Apartment 63
         32300 Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy
proceedings against the company after finding it insolvent.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         Kormiltchee LLC
         Kormiltchee
         Tchemerovetsky District
         Hmelnitsky
         Ukraine


ODESSA TECHNICAL: Claims Filing Deadline Set June 6
---------------------------------------------------
Creditors of CJSC Odessa Technical Textile Plant (code EDRPOU
00306420) have until June 6 to submit their proofs of claim to:

         The Economic Court of Odessa
         Shevchenko Avenue 4
         65032 Odessa
         Ukraine

The Economic Court of Odessa commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 7-2-32-24/292-03-9660.

The Debtor can be reached at:

         CJSC Odessa Technical Textile Plant
         V. Stus Str. 2-B
         Odessa
         Ukraine


POBEDA CJSC: Claims Filing Deadline Set June 2
----------------------------------------------
Creditors of CJSC Pobeda (code EDRPOU 03795856) have until
June 2 to submit their proofs of claim to:

         Irene Stuck
         Liquidator
         14008 Chernigov Ukraine Nakhimov Lane 50

The Economic Court of Chernigov commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 9/68-b.

The Court is located at:

         The Economic Court of Chernigov
         Mir Avenue 20
         14000 Chernigov
         Ukraine

The Debtor can be reached at:

         CJSC Pobeda
         Bobrovitsky District
         17411 Chernigov Ukraine
         Brothers Lisenko Str. 1
         Kobyzhchaya


ROS LLC: Claims Filing Deadline Set June 2
------------------------------------------
Creditors of Agricultural LLC Ros (code EDRPOU 03753332) have
until June 2 to submit their proofs of claim to:

         G. Serputko
         Liquidator
         Heroes of Stalingrad Avenue 20
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 162/14b-06.

The Court is located at:

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

The Debtor can be reached at:

         Agricultural LLC Ros
         Biriuki
         Rokitniansky District
         Kiev
         Ukraine


TRANSAGENCY: Claims Filing Deadline Set June 9
----------------------------------------------
Creditors of Joint Production-Commercial Enterprise Transagency
(code EDRPOU 24200488) have until June 9 to submit their proofs
of claim to:

         Victory Deynegina
         Liquidator
         Soviet Str. 59a, 13
         91055 Lugansk
         Ukraine

The Economic Court of Lugansk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 20/52b.

The Court is located at:

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

The Debtor can be reached at:

         Joint Production-Commercial Enterprise Transagency
         Altchevsk
         Gmiria Str. 12
         94200 Lugansk
         Ukraine


VELCI LLC: Claims Filing Deadline Set June 6
--------------------------------------------
Creditors of LLC Velci (code EDRPOU 31680045) have until June 6
to submit their proofs of claim to:

         State Tax Inspection in Vinnica
         Liquidator
         30 Years of Victory Str. 21
         Vinnica
         Ukraine

The Economic Court of Vinnica commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is
docketed under Case No. 10/13-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Velci
         Saksagansky Str. 6
         Vinnica
         Ukraine


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


A J C CLEANING: Creditors' Meeting Slated for June 5
----------------------------------------------------
Creditors of A.J.C. Cleaning Services Ltd. (Company Number
04779794) will meet at 11:00 a.m. on June 5 at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on June 4 at:

         Frank Wessely
         Joint Administrator
         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

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


ARTBOAT LTD: Joint Liquidators Take Over Operations
---------------------------------------------------
Carl Derek Faulds and James Richard Tickell were appointed joint
liquidators of Artboat Ltd. on May 17 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Artboat Ltd.
         225 Commercial Road
         Portsmouth
         PO1 4BJ
         England
         Tel: 023 9229 4606
         Fax: 023 9282 6330


ATTRIC PBI: Creditors' Meeting Slated for June 8
------------------------------------------------
Creditors of Attric PBI Ltd. (Company Number 04806629) will meet
at 11:00 a.m. on June 8 at:

         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on June 7 at:

         Howard Smith
         Joint Administrator
         KPMG LLP
         1 The Embankment
         Neville Street
         Leeds
         LS1 4DW
         England

KPMG LLP -- http://www.kpmg.co.uk/-- offers accounting, audit,
and tax-related services to customers in such target industries
as banking, media and entertainment, consumer products, health
care providers, insurance, and pharmaceuticals.


BRITISH AIRWAYS: Inks Working Practices Deal with Ground Staff
--------------------------------------------------------------
British Airways plc disclosed that an agreement has been reached
on new working practices for all 6,000 ground staff involved in
the move to Heathrow's Terminal 5.

Willie Walsh, chief executive, said the final staff ballot, by
check-in and customer service staff, had shown overwhelming
support for new, more efficient ways of working, ahead of the
move to British Airways' new home in Terminal 5.

The result followed separate votes in favor of new deals by
baggage handlers, loaders, tug drivers, turnround managers,
coach drivers and other groups involved in ground operations.
Negotiations over working practices have been taking place over
the last 18 months.

"Some people claimed that replacing the existing and differing
working practices in Terminals 1, 3 and 4 with a new, single
efficient way of working for Terminal 5 would lead to disastrous
conflict with our trade unions, Mr. Walsh said.  "It has not
turned out like that.  I am delighted we have reached this
milestone with the full co-operation of our unions and a
workforce that is determined to make Terminal 5 an outstanding
success for our customers."

In a speech in London, he said the negotiations over Terminal 5
were just one of the long-standing challenges that the airline
had recently resolved.

There had been settlement of the pension fund deficit, disposal
of the loss-making regional subsidiary BA Connect and
significant progress in cost reduction.

Now the airline could look forward to growth, investment in new
aircraft, new services between the USA and Europe, new on-board
products and a new exclusive home in Terminal 5.

The chief executive went on: "We are an airline with historical
legacies in a highly dynamic industry that rewards the new and
the bold.

"We have worked very hard to establish a position where we can
innovate quickly and decisively to exploit profitable
opportunities as they arise. We are there now - and we are ready
to move forward."

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

                            *   *   *

In April 2007, in connection with the 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, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways, Plc

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

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

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


BURGUNDY GLOBAL: Taps Joint Administrators from Vantis
------------------------------------------------------
Geoffrey Paul Rowley and Simon Elliott Glyn of Vantis PLC were
appointed joint administrators of Burgundy Global Ltd. (Company
Number 03282395) on May 17.

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

The company can be reached at:

         Burgundy Global Ltd.
         Unit 45
         Longshot Industrial Estate
         Longshot Lane
         Bracknell
         RG12 1RL
         England
         Tel: 020 8917 0521


CABLE & WIRELESS: Winds Up Four Irish Subsidiaries
--------------------------------------------------
Cable & Wireless plc has placed four of its IFSC subsidiaries in
members' voluntary liquidation, Ian Kehoe writes for The Sunday
Business Post.

Subsequently, insolvency practitioner Billy O'Riordan of
PricewaterhouseCoopers was appointed liquidator.

The companies being wound up, The Sunday Business Post relates,
include:

   -- Cable & Wireless International Holdings;
   -- Cable & Wireless Ireland Funding No 1;
   -- Cable & Wireless Ireland Funding No 2; and
   -- Cable & Wireless Ireland Funding No 4.

According to Cable & Wireless, the companies with combined
assets of about EUR300 million were treasury management
operations and other investment vehicles for some of its
overseas operations that closed in 2003, mainly in the United
States.

"As Cable & Wireless no longer has this business, we are tidying
up our register of companies and liquidating unused companies.
These liquidations do not result in cash leaving Ireland," the
telecoms firm said in a statement.

                    About Cable & Wireless

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

                        *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the corporate families in the
Telecommunications, Media and Technology sector, Moody's
Investors Service confirmed its Ba3 Corporate Family Rating for
Cable & Wireless Plc.

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

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

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



FORD MOTOR: Expects U.S. Retail Sales to Increase in May
--------------------------------------------------------
Ford Motor Company projects an increase in U.S. retail sales in
May 2007 for the first time in six months, but expects overall
sales to decline as the automaker continued to cut low-margin
sales to daily rental companies, Reuters reports.

"We will be reporting an increase in retail sales this month,"
Reuters quotes George Pipas, Ford chief sales analyst, as
saying.  He added that crossover sport utility vehicles and cars
were propelling the improvement in showroom sales.  However, Mr.
Pipas notes that a 20 percent reduction in sales to daily-rental
companies would drag Ford's overall U.S. sales in May down for a
"single-digit" percentage decline.

Mr. Pipas also observed that industry sales volume appeared to
be rebounding from a weak April based on purchase data from the
first 20 days of the month, adding that "retail business for the
industry may be equal to or higher than a year ago," Reuters
relates.

U.S. auto sales stalled in April as a weaker housing market and
higher gas prices hurt consumers, Reuters observes.  Mr. Pipas
said sales of small cars and crossover SUVs have jumped from
last month as gas prices continued to rise.  Mr. Pipas notes,
however, that the pickup truck segment had yet to recover from
the ripple effect of a weak housing market.

Ford and other automakers are expected to report May U.S. sales
on June 1, 2007, Reuters states.  U.S. industry-wide light-
vehicle sales dipped to an annualized rate of 16.27 million in
April 2007, down from 16.69 million a year ago and the weakest
tally since November 2006.

                      About Ford Motor Co.

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

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

                         *   *   *

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

* Moody's Investors Service

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

* Standard & Poor's

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

* Fitch Ratings

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

* Dominion Bond Rating Service

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


MIDCROWN DEVELOPMENTS: Taps Deloitte & Touch as Administrators
--------------------------------------------------------------
Nicholas Guy Edwards and Lee Antony Manning of Deloitte & Touche
LLP were appointed joint administrators of Midcrown Developments
Ltd. (Company Number 04794592) on May 22.

Deloitte & Touche LLP -- http://www.deloitte.com/-- provides
audit, tax, consulting and corporate finance services through
more than 9,000 people in 21 locations.  The group is the United
Kingdom member firm of Deloitte Touche Tohmatsu, a Swiss Verein
whose member firms are separate and independent legal entities.

Headquartered in Boston, England, Midcrown Developments Ltd.
develops and sells real estate.


OFFICE FURNITURE: Claims Filing Period Ends August 29
-----------------------------------------------------
Creditors of Office Furniture Outlet Ltd. have until Aug. 29 to
send in their full names, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to:

         Raymond Stuart Claughton
         Liquidator
         Rushtons
         Merchant's Quay
         Ashley Lane
         Shipley
         BD17 7DB
         England


OLDCOURT ACCOUNTING: Taps Martin Williamson to Liquidate Assets
---------------------------------------------------------------
Martin Williamson of DSi Services was appointed liquidator of
Oldcourt Accounting Services Ltd. on May 16 for the creditors'
voluntary winding-up procedure.

The company can be reached at:

         Oldcourt Accounting Services Ltd.
         44 Roundwell Street
         Stoke on Trent
         ST6 5AN
         England
         Tel: 01782 823 796


RAILTECH SOLUTIONS: Creditors' Meeting Slated for June 5
--------------------------------------------------------
Creditors of Railtech Solutions Ltd. (Company Number 03973036)
will meet at 11:00 a.m. on June 5 at:

         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on June 4 at:

         Peter Hughes-Holland
         Joint Administrator
         Vantis
         81 Station Road
         Marlow
         Buckinghamshire
         SL7 1NS
         England

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


SAKS INC: Fitch Affirms Issuer Rating at B
------------------------------------------
Fitch Ratings has affirmed its Issuer Default Rating of Saks
Incorporated at 'B' and its rating of the company's secured bank
credit facility at 'BB/RR1'.  In addition, Fitch has upgraded
the company's senior unsecured notes to 'B+/RR3' from 'B/RR4'.
The Rating Outlook has been revised to Stable from Negative.
Saks had US$517 million of senior unsecured notes and no bank
debt outstanding as of May 5, 2007.

The affirmations reflect the company's improving operating
trends, recent debt reduction, and internationally recognized
luxury franchise balanced against the competitive operating
environment and the cyclical nature of luxury retailing.  The
upgrade of the senior unsecured notes reflects the improvement
in the expected recovery on the notes as a result of the
repayment of US$96 million of the notes in a tender offer. The
revision of the Outlook to Stable from Negative reflects the
expectation that sales trends will remain solid and that
profitability will continue to recover from currently depressed
levels.

Saks reported comparable store sales growth of 4.9% in 2006 and
a strong 14.4% in first quarter 2007.  Behind this improvement
is an effort to broaden the merchandise mix by expanding the
lower priced 'Saks Fifth Avenue' label, more effectively
catering assortments by market, and substantially increasing
inventory levels.  Profitability remains sub par, with the
operating margin at 0.3% in the twelve months ended May 5, 2007,
but is improving as a result of merchandising improvements and
cost reductions.  The company has been streamlining its
organizational structure, and has centralized its headquarters
in New York City.

Along with its corporate restructuring, Saks has reduced debt
levels to bring them in line with a lower level of revenues and
EBITDA.  In April 2007, Saks successfully completed a tender
offer for half of its US$190 million of 8.25% notes due 2008,
which was financed with cash on hand. Fitch expects the leverage
measured by adjusted debt/EBITDAR will improve from its current
level of 6 times, driven by a combination of strengthening
profitability and further debt repayment.

The ratings of the US$500 million secured bank facility and
senior unsecured notes reflect their recovery prospects. Fitch's
recovery analysis assumes a liquidation value in a distressed
scenario of US$994 million.  Applying this value across the
capital structure results in outstanding recovery prospects
(over 90%) for the bank facility, which is secured by
inventories and certain receivables.  The recovery prospects for
the senior unsecured notes are good (50%-70%).

                         About Saks Inc.

Based in Birmingham, Alabama, Saks Incorporated (NYSE: SKS) --
http://www.saksincorporated.com/-- operates Saks Fifth Avenue
Enterprises, which consists of 55 Saks Fifth Avenue stores, 50
Saks Off 5th stores, and Saks.com.  The Company also operates 39
Parisian stores and 57 Club Libby Lu specialty stores.


STUART AND CO: Creditors' Meeting Slated for June 11
----------------------------------------------------
Creditors of Stuart and Co. Products International Ltd. (Company
Number 04682346) will meet at 10:00 a.m. on June 11 at:

          Vantis
          Fourth Floor
          Southfield House
          11 Liverpool Gardens
          Worthing
          West Sussex
          BN11 1RY
          England

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims at noon on June 8 at:

         Colin Ian Vickers
         Joint Administrator
         Vantis
         Fourth Floor
         Southfield House
         11 Liverpool Gardens
         Worthing
         West Sussex
         BN11 1RY
         England

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


TIMKEN COMPANY: Earns US$75.2 Million in First Quarter 2007
-----------------------------------------------------------
The Timken Company recorded a net income of US$75.2 million for
the first quarter ended March 31, 2007, as compared with a net
income of US$65.9 million for the first quarter ended March 31,
2006.

The company reported net sales for the first quarter of 2007 of
about US$1.3 billion, an increase of US$30.2 million over the
first quarter of 2006, or an increase of 2.4%.  Sales were
higher across the Industrial and Steel Groups, offset by lower
sales in the Automotive Group.

The company's first quarter results reflect the ongoing strength
of industrial markets and the performance of the Steel Group.
The company continued its focus to increase production capacity
in targeted areas, including major capacity expansions for
industrial products at several manufacturing locations around
the world.
The company's first quarter results also reflect a favorable
discrete tax adjustment of US$32.1 million to recognize the
benefits of a prior year tax position as a result of a change in
tax law during the quarter.

As of March 31, 2007, the company's balance sheet showed total
assets of US$4.1 billion, total liabilities of US$2.5 billion,
and total stockholders' equity of US$1.6 billion.

                  Liquidity and Capital Resources

The company had US$100.8 million in cash and cash equivalents as
of March 31, 2007.  Total debt was US$668.5 million at March 31,
2007, compared to US$597.8 million at Dec. 31, 2006.  Net debt
was
US$567.7 million at March 31, 2007, compared to US$496.7 million
at Dec. 31, 2006.  The net debt to capital ratio was 26.7% at
March 31, 2007, compared to 25.2% at Dec. 31, 2006.

At March 31, 2007, the company had no outstanding borrowings
under its US$500 million Amended and Restated Credit Agreement,
and had letters of credit outstanding totaling US$33.2 million,
which reduced the availability under the Senior Credit Facility
to US$466.8 million.  The Senior Credit Facility matures on June
30, 2010.

At March 31, 2007, the company had no outstanding borrowings
under the company's Asset Securitization, which provides for
borrowings up to US$200 million.  As of March 31, 2007, there
were letters of credit outstanding totaling US$18.8 million,
which reduced the availability under the Asset Securitization to
US$181.2 million.

The company believes it has sufficient liquidity to meet its
obligations through 2010.  It expects to make cash contributions
of US$100 million to its global defined benefit pension plans in
2007.

A full-text copy of the company's first quarter report is
available for free at http://ResearchArchives.com/t/s?2061

                        Guidance for 2007

The company expects that the continued strength in industrial
markets throughout 2007 should drive year-over-year volume and
margin improvement.  While global industrial markets are
expected to remain strong, the improvements in the company's
operating performance will be partially constrained by
restructuring initiatives, as well as investments, including
Project O.N.E. and Asian growth initiatives.  Project O.N.E. is
a program designed to improve the company's business processes
and systems.  In 2006, the company successfully completed a
pilot program of Project O.N.E. in Canada.  The company expects
to complete the installation of Project O.N.E. for a major
portion of its domestic operations during the second quarter of
2007.

                        Updates on Groups

Industrial Group.  In February, the company announced the launch
of a fully integrated casting operation to produce precision
aerospace aftermarket components at this new site.  In addition,
the company is increasing large-bore bearing capacity in
Romania, China, India and the United States to serve heavy
industrial markets. The Industrial Group expects to benefit from
this increase in large-bore bearing capacity during the second
half of 2007.

Automotive Group.  In 2005, the company disclosed plans for its
Automotive Group to restructure its business.  In February 2006,
the company announced plans to downsize its manufacturing
facility in Vierzon, France.

These plans are targeted to collectively deliver annual pretax
savings of about US$75 million by 2008, with expected net
workforce reductions of about 1,300 to 1,400 positions and
pretax costs of about US$125 million to US$135 million, which
include restructuring costs and rationalization costs recorded
in cost of products sold and selling, administrative and general
expenses.  In December 2006, the company completed the
divestiture of its steering business located in Watertown,
Connecticut and Nova Friburgo, Brazil.  The steering business
employed about 900 associates.

Steel Group.  In January 2007, the company announced plans to
invest approximately US$60 million to enable the company to
competitively produce steel bars down to 1-inch diameter for use
in power transmission and friction management applications for a
variety of customers.

                 About The Timken Company

Headquartered in Canton, Ohio, The Timken Company (NYSE: TKR) --
http://www.timken.com/-- is a manufacturer of highly engineered
bearings and alloy steels.  It also provides related components
and services such as bearing refurbishment for the aerospace,
medical, industrial and railroad industries.  The company has
operations in Argentina, Australia, Belgium, Brazil, Canada,
China, Czech Republic, England, France, Germany, Hungary, India,
Italy, Japan, Korea, Mexico, Netherlands, Poland, Romania,
Russia, Singapore, South America, Spain, Taiwan, Turkey, United
States, and Venezuela and employs 27,000 employees.


                        *     *     *

The Timken Company carries Moody's Ba1 Long-Term Corporate
Family, Senior Unsecured Debt and Probability-of-Default
Ratings.  The Outlook is Stable.

                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices
are obtained by TCR editors from a variety of outside sources
during the prior week we think are reliable.  Those sources may
not, however, be complete or accurate.  The Monday Bond Pricing
table is compiled on the Friday prior to publication.  Prices
reported are not intended to reflect actual trades.  Prices for
actual trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies
with insolvent balance sheets whose shares trade higher than
US$3 per share in public markets.  At first glance, this list
may look like the definitive compilation of stocks that are
ideal to sell short.  Don't be fooled.  Assets, for example,
reported at historical cost net of depreciation may understate
the true value of a firm's assets.  A company may establish
reserves on its balance sheet for liabilities that may never
materialize.  The prices at which equity securities trade in
public market are determined by more than a balance sheet
solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Each Friday's edition of the TCR includes a review about a book
of interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/booksto order any title today.

                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Jazel P. Laureno, Julybien Atadero, Carmel Zamesa
Paderog, Joy Agravante, Zora Jayda Zerrudo Sala, Kristina A.
Godinez, and Pius Xerxes Tovilla, Editors.

Copyright 2007.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

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

The TCR Europe subscription rate is US$625 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are US$25 each. For subscription
information, contact Christopher Beard at 240/629-3300.


                 * * * End of Transmission * * *