TCREUR_Public/070604.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Monday, June 4, 2007, Vol. 8, No. 109

                            Headlines


A U S T R I A

A.M.A. ALAVI: Claims Registration Period Ends July 3
HELMUTH GANDE: Claims Registration Period Ends July 3
ELIF KARAER: Claims Registration Period Ends June 18
EXEKUTIV VERLAG: Claims Registration Period Ends June 25
O CONNOR: Claims Registration Period Ends June 25

SAUBER LLC: Claims Registration Period Ends June 26
ZWICKELSTORFER & CO: Claims Registration Period Ends June 20


C Z E C H   R E P U B L I C

WALMARK A.S.: Moody's Assigns Corporate Family Rating at Ba3


D E N M A R K

TDC A/S: Real Estate Properties Up for Sale


F R A N C E

BAUSCH & LOMB: Earns US$18.4 Million in First Quarter 2007
GLOBAL AUTOMOTIVE: Nanterre Court Orders Bankruptcy Procedure
ITRON: Ernst & Young Replaces Deloitte & Touche as Accountant
LYONDELL CHEMICAL: Sells US$510 Million of 6.785% Senior Notes
LYONDELL CHEMICAL: S&P Rates Proposed US$500 Million Notes at B+


G E R M A N Y

A. BRAND AUTOMOBILE: Creditors’ Meeting Slated for July 20
ACTIVE-LITE DEUTSCHLAND: Claims Registration Period Ends July 10
AGRARGESELLSCHAFT GEBRUEDER: Claims Registration Ends June 19
AKSATEX MODEVERTRIEB: Creditors’ Meeting Slated for July 5
DAIMLERCHRYSLER AG: Aims to Boost Sales & Make Mercedes No. 1

DASSEL TIEFBAU: Claims Registration Period Ends June 27
DELIGNO TISCHLEREI: Claims Registration Period Ends July 4
DENNHARDT GMBH: Claims Registration Period Ends June 22
DOMUS-FLIESENLEGER GMBH: Creditors Claims Due by July 2
ERNST PAUL: Future Remains Uncertain as American Arm Exits Race

HELLWEG TRANSPORTE: Creditors Must Register Claims by July 31
IMEX GMBH: Creditors Must Register Claims by July 17
K'S WORLD: Creditors Must Register Claims by July 11
KD MOEBELTEILE: Creditors Must Register Claims by July 17
KOESTRITZER WOHNUNGSBAU: Claims Registration Ends June 26

LCK GASTRO: Creditors Meeting Slated for June 21
LCR24 INTERNETHANDEL: Claims Registration Ends July 4
LOGISMART LAGERUNG: Creditors Must Register Claims by July 6
LOHARENS GMBH: Creditors Must Register Claims by July 9
LOHARENS MONTAGE: Claims Registration Ends July 9

MSU MASSIVBAU: Claims Registration Ends June 27
PM PARAMOBIL: Creditors' Meeting Slated for July 6
POELERSERVICE MIKAT: Creditors Must Register Claims by July 11
RHEINBODEN AG: Court Demands More Information on Damages
RITTERBACH MEDIEN: Creditors Must Register Claims by July 7

SCHOEN + SANDT MASCHINENBAU: Creditors' Meeting Set for July 16
SILLY SPIDER: Creditors Must Register Claims by July 9
TREOFAN GERMANY: Moody's Junks EUR170 Million Second-Lien Notes


H U N G A R Y

AES CORP: Net Income Declines to US$51 Million in Fourth Quarter
AES CORP: Eyes 20% Boost in Earnings Through 2011
AES CORP: Awards US$7.1-Million Compensation to Paul Hanrahan
AES CORPORATION: Provides Financial Guidance Through 2011

AES CORP: Acquires 51% Stake in IC ICTAS Energy Group


I R E L A N D

ARDAGH GLASS: Moody's Rates EUR310 Mln Sr./Toggle Notes at (P)B3
ELAN CORPORATION: FDA Advisory Committees to Review TYSABRI


I T A L Y

ALITALIA SPA: Italy Wants Remaining Bidders to Fuse Offers
BERRY PLASTICS: S&P Junks Proposed US$500 Million Senior Notes


K A Z A K H S T A N

ABYROY JER: Proof of Claim Deadline Slated for July 6
AKTAUSKY MASHINOSTROITELNY: Creditors Must File Claims July 6
E-2 LLP: Claims Filing Period Ends July 4
IZAR-TORG LLP: Claims Registration Ends July 6
KAZAKHSTANSKOYE KASPYSKOYE: Creditors' Claims Due July 6

KAZKOMMERTSBANK JSC: Earns KZT12.5 Billion in First Quarter 2007
KAZKOMMERTSBANK JSC: Amends Agenda for Shareholders' Meeting
KOITAS LLP: Proof of Claim Deadline Slated for July 6
SIRIUS LLP: Creditors Must File Claims July 6
START LLP: Claims Filing Period Ends July 6

VAN-SHAN LLP: Claims Registration Ends July 4
WINTERLUX LLP: Creditors' Claims Due July 6


K Y R G Y Z S T A N

AB-COMPANY CJSC: Creditors Must File Claims by July 13


N E T H E R L A N D S

ASML HOLDING: Moody's Holds Corporate Family Rating at Ba1
HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes


R O M A N I A

YAPITEK SRL: Files for Bankruptcy Protection in Bucharest


R U S S I A

ALLIANCE OF BUILDERS: Creditors Must File Claims by June 12
DALNEVOSTOCHNAYA INVESTMENT: Names V. Skovyra to Manage Assets
EUROCHEM MINERAL: Completes Stake Swap with MDM Bank
FACTORY-SERVICE LLC: Creditors Must File Claims by July 12
GAZPROM NEFT: To Transfer Gazprom Oil Field Ops to New Unit
GULF STREAM: Pskov Bankruptcy Hearing Slated for August 20

KRASNYJ ALTAY: Creditors Must File Claims by July 12
KUZNETSK-MEAT OJSC: Court Names A. Chirkovskiy to Manage Assets
MDM BANK: Completes Stake Swap with EuroChem Mineral
NEFTE-MASH OJSC: Creditors Must File Claims by July 12
REAL CJSC: Court Starts Bankruptcy Supervision Procedure

ROSNEFT OIL: To Consolidate Yukos Assets in July
ROSNEFT OIL: Eyes US$3 Bln Investment in Vankor Field by Yearend
SEV-TRANS-STROY: Creditors Must File Claims by June 12
SOUTH-URAL-RESOURCES: Creditors Must File Claims by July 12
SUAL INTERNATIONAL: S&P Withdraws BB- Credit Rating

SYNTHESIS OJSC: Creditors Must File Claims by June 12
TECHNICS LTD: Creditors Must File Claims by June 12
TOMSK-WEST-OIL: Creditors Must File Claims by June 12
URAL-ENERGO-INVEST: Creditors Must File Claims by July 12


S P A I N

SANTANDER EMPRESAS 3: Moody's Junks EUR45.5 Mln Series F Notes


S W I T Z E R L A N D

BAREV LLC: Aargau Court Starts Bankruptcy Proceedings
COINVEST HOLDING: Creditors' Liquidation Claims Due June 15
ESPRITNET LLC: Creditors' Liquidation Claims Due June 13
GALERIE KONIGSBLAU: Creditors' Liquidation Claims Due June 14
J. + B. LLC: Creditors' Liquidation Claims Due June 14

MT MOHLIN: Aargau Court Starts Bankruptcy Proceedings
SCHOSSWENDER HANDEL: Creditors' Liquidation Claims Due June 13
SWAIRCO JSC: Creditors' Liquidation Claims Due June 14


U K R A I N E

ANAVI LLC: Claims Filing Deadline Set June 6
AUGUST LLC: Creditors Must File Claims by June 6
BIOLOGIST LLC: Creditors Must File Claims by June 6
COMMAND K: Claims Filing Deadline Set June 6
GERMES-PLUS LLC: Claims Filing Deadline Set June 6

GRANIT LLC: Claims Filing Deadline Set June 9
OBRIY LLC: Claims Filing Deadline Set June 9
VOLIN EXTERNAL: Claims Filing Deadline Set June 6
YATRAN-PLUS LLC: Claims Filing Deadline Set June 9
YAVORNIK JSC: Creditors Must File Claims by June 6


U N I T E D   K I N G D O M

EMI GROUP: Advisers to Share GBP150 Million on Successful Offer
FORD MOTOR: Denies Talks with BMW on Possible Volvo Sale
FORD MOTOR: Production Ends at Windsor Casting Plant
INVENSYS PLC: S&P Puts Low-B Ratings on Positive Watch
JABIL CIRCUIT: Moody's Confirms Ba1 Corporate Family Rating

METRONET RAIL: Tube Lines Will Not Take Over LU PPP Contract

                            *********

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A U S T R I A
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A.M.A. ALAVI: Claims Registration Period Ends July 3
----------------------------------------------------
Creditors owed money by KEG A.M.A. ALAVI (FN 227805h) have until July 3 to
file written proofs of claim to court-appointed estate administrator
Maria-Christina Nau at:

         Mag. Maria-Christina Nau
         Bahnhofsplatz 1a/Stg.1/Top 5
         2340 Moedling
         Austria
         Tel: 02236/22 050
         Fax: 02236/49 239
         E-mail: office@viehboeck.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:30 a.m. on July 17 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Wiener Neustadt
         Room 15
         Wiener Neustadt
         Austria

Headquartered in Teesdorf, Austria, the Debtor declared bankruptcy on May
7 (Bankr. Case No. 11 S 50/07z).


HELMUTH GANDE: Claims Registration Period Ends July 3
-----------------------------------------------------
Creditors owed money by LLC Dipl.Ing. Helmuth Gande (FN 65682t) have until
July 3 to file written proofs of claim to court-appointed estate
administrator Norbert Abel at:

         Mag. Norbert Abel
         c/o Mag. Johanna Abel-Winkler
         Franz Josefs-Kai 49/19
         1010 Vienna
         Austria
         Tel: 533 52 72
         Fax: 533 52 72 15
         E-mail: office@abel-abel.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on July 17 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 7
(Bankr. Case No. 4 S 53/07g).  Johanna Abel-Winkler represents Mag. Abel
in the bankruptcy proceedings.


ELIF KARAER: Claims Registration Period Ends June 18
----------------------------------------------------
Creditors owed money by KEG Elif Karaer (FN 275268g) have until June 18 to
file written proofs of claim to court-appointed estate administrator Susi
Pariasek at:

         Dr. Susi Pariasek
         c/o Mag. Beate Holper
         Gonzagagasse 15
         1010 Vienna
         Austria
         Tel: 533 28 55
         Fax: 533 28 55-28
         E-mail: office@anwaltwien.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:45 a.m. on July 2 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1705
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 7
(Bankr. Case No. 3 S 67/07h).  Beate Holper represents Dr. Pariasek in the
bankruptcy proceedings.


EXEKUTIV VERLAG: Claims Registration Period Ends June 25
--------------------------------------------------------
Creditors owed money by LLC Exekutiv Verlag (FN 126927h) have until June
25 to file written proofs of claim to court-appointed estate administrator
Franz Doppelhofer at:

         Mag. Franz Doppelhofer
         Reitschulgasse 1
         8010 Graz
         Austria
         Tel: 0316/810030
         Fax: 0316/810080
         E-mail: office@fritschpartner.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:15 a.m. on July 10 for the examination of claims.

The meeting of creditors will be held at:

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

Headquartered in Graz - Seiersberg, Austria, the Debtor declared
bankruptcy on May 7 (Bankr. Case No. 40 S 10/07d).


O CONNOR: Claims Registration Period Ends June 25
-------------------------------------------------
Creditors owed money by O Connor - Enterprises Ltd. (FN 252550y) have
until June 25 to file written proofs of claim to court-appointed estate
administrator Gerhard Eigner at:

         Mag. Gerhard Eigner
         Ringstrasse 25
         4600 Wels
         Austria
         Tel: 07242/58120
         Fax: 07242/58120-22
         E-mail: OFFICE@EIGNER-ROYER.AT

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

The meeting of creditors will be held at:

         The Land Court of Wels
         Hall 101
         First Floor
         Maria Theresia Str. 12
         Wels
         Austria

Headquartered in Wels, Austria, the Debtor declared bankruptcy on May 4
(Bankr. Case No. 20 S 61/07g).


SAUBER LLC: Claims Registration Period Ends June 26
---------------------------------------------------
Creditors owed money by LLC SAUBER (FN 218094b) have until
June 26 to file written proofs of claim to court-appointed estate
administrator Michael Neuhauser at:

         Mag. Michael Neuhauser
         c/o Dr. Christof Stapf
         Esslinggasse 9
         1010 Vienna
         Austria
         Tel: 536 50-0
         Fax: 536 50-14
         E-mail: officewien@aaa-law.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at noon on July 10 for the examination of claims.

The meeting of creditors will be held at:

         The Trade Court of Vienna
         Room 1707
         Vienna
         Austria

Headquartered in Vienna, Austria, the Debtor declared bankruptcy on May 7
(Bankr. Case No. 6 S 52/07z).  Christof Stapf represents Mag. Neuhauser in
the bankruptcy proceedings.


ZWICKELSTORFER & CO: Claims Registration Period Ends June 20
------------------------------------------------------------
Creditors owed money by LLC Zwickelstorfer & Co KG (FN 834b) have until
June 20 to file written proofs of claim to court-appointed estate
administrator Eva Wexberg at:

         Dr. Eva Wexberg
         c/o Dr. Walter Kainz
         Gusshausstrasse 23
         1040 Vienna
         Austria
         Tel: 01/505 88 31
         Fax: 01/505 94 64
         E-mail: kanzlei@kainz-wexberg.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:30 a.m. on July 4 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Korneuburg
         Room 204
         Second Floor
         Korneuburg
         Austria

Headquartered in Leitha, Austria, the Debtor declared bankruptcy on May 7
(Bankr. Case No. 36 S 69/07z).  Walter Kainz represents Dr. Wexberg in the
bankruptcy proceedings.


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


WALMARK A.S.: Moody's Assigns Corporate Family Rating at Ba3
------------------------------------------------------------
Moody's Investors Service assigned a Ba3 corporate family rating to
Walmark, a dietary supplements producer operating in Central and Eastern
Europe.

At the same time, Moody's has also affirmed Walmark's A3.cz national scale
rating.  The ratings have a stable outlook.

Walmark's Ba3 corporate family rating reflects:

   (i) the company's established brand in the area of dietary
       supplement production and its good market position among
       the top three;

  (ii) its conservative credit policy, which has led to
       relatively low debt levels compared to its rating
       category and consequently to strong debt coverage ratios;
       and

(iii) Walmark's cautious acquisition strategy as the company
       has only made smaller acquisitions in the past and plans
       to grow largely organically.

At the same time, Moody's notes that the Ba3 rating is primarily is
constrained by:

   (i) Walmark's small revenue base;

  (ii) modest geographic diversification as the largest part of
       the revenues is generated in the Czech market;

(iii) its narrow product portfolio, which is currently focused
       only on the segment of dietary supplements;

  (iv) the company's exposure to a few key retailers;

   (v) Walmark's low cost efficiency and profitability, as
       evidenced by low EBITA margins and a low return on
       average assets; and

  (vi) low free cash flow generation following high dividend
       payouts and a significant increase in capital expenditure
       in 2005/2006.

The stable rating outlook reflects Moody's expectation that Walmark will
sustain its organic growth in line with market growth with only modest
bolt-on acquisitions, continue to strengthen free cash flow generation and
maintain low debt levels, such that Debt/EBITDA will not exceed 2.5 times
and RCF/Net Debt will be at least 25%.

Headquartered in Oldrichovice, Czech Republic, Walmark manufactures a
variety of dietary supplements and over-the-counter drug product lines. T
he company reported sales of EUR107 million for the 17-month fiscal period
ending May 31, 2006.  Until 2004, Walmark also manufactured soft drinks,
which amounted to nearly 50% of the company's revenues at that time. By
the end of 2004, the company had largely finalized its transformation to
the current business activities and made some smaller acquisitions
(Profitness, Aminostar) in 2005 and 2006.


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D E N M A R K
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TDC A/S: Real Estate Properties Up for Sale
-------------------------------------------
TDC A/S has offered 224 of its 1,586 properties in Denmark for sale in an
auction process.  The properties cover about
480,000 square meters and are mainly being used for technical and
administrative purposes for TDC.

In the event of a sale, TDC will be a future lessee of the properties.
Due to the pending auction process, the company can not comment any
further on the expected sales price.

The offer does not cover the company's head office at
Norregade 21, Copenhagen, which is owned by KTAS' pension fund.  A
decision to sell the properties will be made on the background of the
result of the auction process.

                         About TDC A/S

Headquartered in Copenhagen, Denmark, TDC A/S --
http://www.tdc.dk/-- through its subsidiaries and affiliates, provides
communication solutions in Europe.  It provides
communication services in Denmark and Switzerland, and has a
significant presence in selected Northern and Central European
telecommunication markets.  It operates through five business
lines.

                        *     *     *

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 confirmed its Ba3 Corporate Family Rating for
TDC A/S.

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

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

* Issuer: TDC A/S

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   US$6-billion
   Sr. Unsecured
   Medium-Term
   Note Program             Ba3      B1       LGD5    81%

   DEM500-billion 5%
   Sr. Unsecured            Ba3      B1       LGD5    81%
   Regular Bond/
   Debenture Due 2008

   JPY3-billion 1.28%       
   Sr. Unsecured
   Regular Bond/
   Debenture Due 2008       Ba3      B1       LGD5    81%

   EUR350-million 5.625%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2009       Ba3      B1       LGD5    81%

   EUR750-million 6.5%
   Senior Unsecured
   Regular Bond/
   Debenture Due 2012       Ba3      B1       LGD5    81%

   Senior Secured Bank      
   Credit Facility          Ba2      Ba2      LGD3    34%

* Issuer: Nordic Telephone Company Holdings ApS

                                                      Projected
                            Old      New      LGD     Loss-Given
   Debt Issue               Rating   Rating   Rating  Default
   ----------               -------  -------  ------  ----------
   Sr. Unsecured Floating   
   Rate Notes 2016          B2       B2       LGD6    92%

   8.875%/8.25% Senior      
   Unsecured Regular Bond/
   Debenture Due 2016       B2       B2       LGD6    92%

As reported in the TCR-Europe on April 27, 2007, Fitch Ratings
placed TDC A/S's Issuer Default rating of 'BB-' on Rating Watch
Negative, following the company's disclosure of anticipated
additional tax charges from July 1.  The ratings of
TDC's and NTC Holdings' debt are also put on RWN.

At the same time, Standard & Poor's Ratings Services affirmed
all its ratings on Danish telecoms operator TDC A/S and its
parent company Nordic Telephone Co. Holding ApS, including the
'BB-/B' corporate credit ratings on TDC.  S&P said the outlook
is stable.


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F R A N C E
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BAUSCH & LOMB: Earns US$18.4 Million in First Quarter 2007
----------------------------------------------------------
Bausch & Lomb Incorporated reported net income of US$18.4 million on net
sales of US$578.9 million for the first quarter ended March 31, 2007,
compared with net income of US$11.8 million on net sales of US$546 million
for the year ended
April 1, 2006.

The company reported operating income of US$50.1 million in the first
quarter of 2007, compared to operating income of US$32.7 million in 2006.

Net sales in markets outside the U.S. totaled US$365.1 in the first
quarter ended March 31, 2007 and US$324.8 in the same prior-year period.
Net U.S. sales totaled US$213.8 in the first quarter ended March 31, 2007
and US$221.2 in the same prior-year period.  The Company's operations in
Germany and France each generated more than 10 percent of product net
sales in the first quarter of 2007 totaling US$62.9 and US$62.4,
respectively.  No other non-U.S. country, or single customer, generated
more than 10 percent of total product net sales during the first quarter
of 2007 or 2006.

The company was unable to timely complete the work necessary to file its
quarterly report on Form 10-Q for the first quarter of 2007.  Additional
waivers would have been sought from the lenders under its credit
agreements and the holders of its public debt if it appeared the Company
would have been unable to file its first quarter of 2007 10-Q by June 10,
2007, which, under the credit agreements, represents the expiration of a
30 day grace period after such report was required to be filed with the
U.S. SEC.

In addition, the company failed to file its first quarter 2007 10-Q by May
25, 2007, as required by the provisions of the indenture for its public
debt, which, under the indenture, represented the expiration of a 15-day
grace period after the date the report was required to be filed with the
U.S. SEC.  After May 25, 2007, the trustee or the holders of 10 percent of
the principal amount of any series of the debt outstanding may give notice
of "default" to the company.  If notice had been received, the company
would have had 60 days to file the report or obtain the additional waivers
from holders of its public debt.

Delivery of all required financial statements for the quarterly period
ended March 31, 2007, under the credit agreements and public debt
indenture was satisfied by the filing of this Quarterly Report on Form
10-Q.

At March 31, 2006, the company's balance sheet showed US$3.3 billion in
total assets, US$1.88 billion in total liabilities, US$17.3 million in
minority interest, and US$1.4 billion in total stockholders' equity.

                       About Bausch & Lomb

Headquartered in Rochester, New York, Bausch & Lomb Inc. (NYSE: BOL) --
http://www.bausch.com/-- develops, manufactures, and markets eye health
products, including contact lenses, contact lens care solutions, and
ophthalmic surgical and pharmaceutical products.  The company is organized
into three geographic segments: the Americas; Europe, Middle East, and
Africa; and Asia (including operations in India, Australia, China, Hong
Kong, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and
Thailand).  While in Europe, the company maintains operations in Austria,
Germany, the Netherlands, Spain, and the United Kingdom.
                          *     *     *

As reported in the Troubled Company Reporter-Europe on Feb. 6, 2007,
Moody's Investors Service downgraded Bausch & Lomb Inc.'s senior unsecured
debt to Ba1 and continues to review all ratings for possible downgrade.
Moody's also assigned the company a Ba1 Corporate Family Rating.


GLOBAL AUTOMOTIVE: Nanterre Court Orders Bankruptcy Procedure
-------------------------------------------------------------
The Commercial Court of Nanterre has ordered Global Automotive Logistics
S.A.S., the French unit of Autologic, to file for bankruptcy after its
creditors' protection under the Procedure de Sauvegarde was cancelled,
Hemscott reports citing Thomson Financial as its source.

Autologic emphasized that it has no liability for GAL's debt as its
investment in GAL has already been written down to zero, Hemscott relates.

In February 2007, the Court of Nanterre extended the Safeguard procedure
for two months to finalize the ongoing negotiations of the financial
restructuring of GAL.

As previously reported in the TCR-Europe on May 23, 2006, the Commercial
Court of Nanterre granted creditors' protection
to Global Automotive Logistics S.A.S. under the Procedure de
Sauvegarde on May 17.  The Court appointed Maitre Becheret as
judicial agent (mandataire judiciare) and Maitre Gay as receiver
(administrateur judiciaire) for the Debtor.

Global Automotive, the holding company for Compagnie
d'Affretement et Transport (CAT Group, France), filed the
Safeguard procedure in order to renegotiate or restructure its
debt arrangements.

This procedure does not extend to the CAT Group of companies.  

The safeguard procedure is similar to a chapter 11 petition of
the U.S. Bankruptcy Code.  The procedure can last for an initial period of
up to six months and can, in certain circumstances, be extended.

GAL's petition triggered an event of default under an indenture
dated Dec. 7, 2001 by and between GAL Finance SA as issuer, GAL
as guarantor and The Bank of New York as trustee.

Headquartered in Boulogne Billancourt, France, Global Automotive Logistics
S.A.S. is the holding company for CAT, managing and
organization primarily outbound transportation and distribution
requirements on a global, regional or national basis through a
multi-modal network of road, rail sea and air subcontractors.  
GAL's shareholders include AutoLogic Holdings plc, TNT Post
Group N.V. and Wallenius Wilhelmsen Lines.

In 2005, GAL booked EUR1.18 billion in total sales and EUR27.8
million in net loss.  As of Dec. 31, 2006, GAL had EUR762.7
million in total assets, EUR575.1 million in total liabilities
and EUR187.6 million in total equity.


                          *     *     *
As reported in the TCR-Europe on March 20, 2007, Moody's Investors Service
downgraded Global Automotive Logistics
S.A.S. to be issued by its financial subsidiary GAL Finance
S.A.:
   -- corporate family rating to Ca from Caa1;
   -- senior secured bank facility to Caa3 from Caa1; and
   -- senior unsecured notes to C from Caa3.

Moody's said the outlook on the ratings is stable.


ITRON: Ernst & Young Replaces Deloitte & Touche as Accountant
-------------------------------------------------------------
Itron Inc. selected Ernst & Young LLP to replace Deloitte & Touche LLP as
the company’s independent registered public accounting firm, subject to
E&Y’s acceptance of the position.  E&Y notified Itron of its acceptance of
the position on May 24, 2007.  The decision was made at a meeting of the
company’s Board of Directors on May 21, 2007, the same date Deloitte was
informed of the E&Y’s selection.

As a result of Itron’s acquisition of Actaris Metering Systems on April
18, 2007, the Audit/Finance Committee undertook a review of both Deloitte
and E&Y as Itron’s independent accountants.  E&Y served as Actaris’
independent accountants since Actaris’ formation in 2001.

The audit reports of Deloitte on the consolidated financial statements of
the company as of and for the years ended Dec. 31, 2006, and 2005 did not
contain an adverse opinion or disclaimer of opinion.

During the years ended Dec. 31, 2006 and 2005, and in the subsequent
interim period through May 21, 2007, there were no disagreements between
Itron and Deloitte on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreement, if not resolved to the satisfaction of Deloitte, would have
caused Deloitte to make reference to the subject matter of the
disagreement in their reports on the financial statements for such years.

                         About Itron Inc.

Itron Inc. -- http://www.itron.com/-- is a technology provider and
critical source of knowledge to the global energy and water industries.
Nearly 3,000 utilities worldwide rely on Itron technology to provide the
knowledge they require to optimize the delivery and use of energy and
water.  Itron creates value for its clients by providing industry-leading
solutions for electricity metering; meter data collection; energy
information management; demand response; load forecasting, analysis and
consulting services; distribution system design and optimization;
web-based workforce automation; and enterprise and residential energy
management.

Itron maintains operations in Canada, Qatar, Mexico, Taiwan,
France Australia, The Netherlands, and the United Kingdom.


LYONDELL CHEMICAL: Sells US$510 Million of 6.785% Senior Notes
--------------------------------------------------------------
Lyondell Chemical Company has sold US$510 million of 6.875% senior
unsecured notes in an offering.

The notes will mature on June 15, 2017.  Lyondell will use the net
proceeds, together with available cash, to redeem in full the US$500
million outstanding principal amount of its 10.875% senior subordinated
notes, which mature May 1, 2009.  The offering is expected to close today,
June 1, 2007.

The group of underwriters for the offering is led by Citigroup Global
Markets Inc.  Copies of the prospectus relating to the offering may be
obtained from:

         Citigroup Global Markets Inc.
         Prospectus Department
         Brooklyn Army Terminal
         140 58th Street
         8th Floor
         Brooklyn
         NY 11220
         Toll-free 1-877-858-5407

Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) --
http://www.lyondell.com/-- is North America's third-largest independent,
publicly traded chemical company. Lyondell manufactures chemicals and
plastics, a refiner of heavy, high-sulfur crude oil and a significant
producer of fuel products. Key products include ethylene, polyethylene,
styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

The company also has locations in Austria, France, Italy, The Netherlands,
Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan,
India and Singapore.


LYONDELL CHEMICAL: S&P Rates Proposed US$500 Million Notes at B+
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to the
proposed Lyondell Chemical Co.'s US$500 million of unsecured notes due
2017, issued pursuant to Lyondell's Rule 415 shelf registration.

At the same time, S&P affirmed its corporate credit rating on Lyondell
(BB-/Stable/B-1).  The outlook is stable.

Lyondell will use proceeds from the proposed notes offering, together with
cash on hand, to refinance the existing US$500 million of 10.875% senior
subordinated notes, which mature
May 1, 2009.

"We view this financing as a favorable step to extend the debt maturity
profile and fully consistent with Lyondell's objective to improve its
overall financial profile during the current business cycle," said
Standard & Poor's credit analyst Kyle Loughlin.

Lyondell is the world's largest producer of propylene oxide with about 30%
of global production capacity.

Generally favorable business conditions in petrochemicals and
meaningfully higher contributions from the refining business are likely to
provide the free cash flow necessary to improve Lyondell's highly
leveraged capital structure, even if petrochemical business conditions
begin to deteriorate somewhat during the next few years.

Mr. Loughlin said, "If Lyondell maintains a strong focus on debt
reduction and continues to extend its debt maturity profile, credit
metrics could improve to levels considered strong for the ratings.  If we
conclude that Lyondell can sustain these improvements, we could revise the
outlook to positive within the next 12 months."

On the other hand, faster-than than-expected deterioration of the
chemicals business cycle would limit debt reduction somewhat.

"But ratings are not likely to come under pressure unless the refining
cycle weakens unexpectedly or management again departs from its stated
objectives to reduce debt," Mr. Loughlin said.

Headquartered in Houston, Texas, Lyondell Chemical Company (NYSE:LYO) --
http://www.lyondell.com/-- is North America's third-largest independent,
publicly traded chemical company. Lyondell manufactures chemicals and
plastics, a refiner of heavy, high-sulfur crude oil and a significant
producer of fuel products. Key products include ethylene, polyethylene,
styrene, propylene, propylene oxide, gasoline, ultra low-sulfur diesel,
MTBE and ETBE.

The company also has locations in Austria, France, Italy, The Netherlands,
Belgium, Germany, Spain, United Kingdom, Brazil, China, Japan, Taiwan,
India and Singapore.


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


A. BRAND AUTOMOBILE: Creditors’ Meeting Slated for July 20
----------------------------------------------------------
The court-appointed insolvency manager for A. Brand Automobile GmbH,
Juergen Vortmann will present his first report on the Company's insolvency
proceedings at a creditors' meeting at 10:55 a.m. on July 20.

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

         The District Court of Cloppenburg
         Hall 6
         Hauptgebaude
         Burgstrasse 9
         49661 Cloppenburg
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 11:00 a.m. on Aug. 24 at the same venue.

Creditors have until Aug. 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Dr. Juergen Vortmann
         Muehlenstr. 27
         49661 Cloppenburg
         Germany
         Tel: 04471/70 64 0
         Fax: 04471/70 64 29

The District Court of Cloppenburg opened bankruptcy proceedings against A.
Brand Automobile GmbH on May 22.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         A. Brand Automobile GmbH
         Krapendorfer Strasse 6
         49688 Lastrup
         Germany

         Attn: Marianne Brand, Manager
         Postrasse 26
         49688 Lastrup
         Germany


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


AGRARGESELLSCHAFT GEBRUEDER: Claims Registration Ends June 19
-------------------------------------------------------------
Creditors of Agrargesellschaft Gebrueder Lodahl mbH have until June 19 to
register their claims with court-appointed insolvency manager Stephan
Heinze.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 17, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Magdeburg
         Info-Tafel im Justizzentrum
         Justizzentrum Magdeburg
         Breiter Weg 203-206
         39104 Magdeburg
         Germany

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

The insolvency manager can be reached at:

         Dr. Stephan Heinze
         Otto-v.-Guericke-Str. 86 a
         39104 Magdeburg
         Germany
         Tel: 0391/ 7324630 o. 39
         Fax: 0391 7324633
         E-mail: magdeburg@loeffler-insolvenzverwalter.de

The District Court of Magdeburg opened bankruptcy proceedings against
Agrargesellschaft Gebrueder Lodahl mbH on May 16.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Agrargesellschaft Gebrueder Lodahl mbH
         Emmeringer Strasse 2
         39387 Oschersleben
         Germany

         Attn: Klaus-Dieter Lodahl, Manager
         Knickweg 14
         29584 Himbergen
         Germany


AKSATEX MODEVERTRIEB: Creditors’ Meeting Slated for July 5
----------------------------------------------------------
The court-appointed insolvency manager for Aksatex Modevertrieb GmbH & Co.
KG, Susanne Oelbermann will present her first report on the Company's
insolvency proceedings at a creditors' meeting at 9:30 a.m. on July 5.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 11:45 a.m. on Aug. 30 at the same venue.

Creditors have until July 17 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Susanne Oelbermann
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 792570
         Fax: 7925757

The District Court of Bremen opened bankruptcy proceedings against Aksatex
Modevertrieb GmbH & Co. KG on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Aksatex Modevertrieb GmbH & Co. KG
         Woltmershauser Str. 66
         28197 Bremen
         Germany


DAIMLERCHRYSLER AG: Aims to Boost Sales & Make Mercedes No. 1
-------------------------------------------------------------
DaimlerChrysler AG CEO Dieter Zetsche told the Financial Times that the
carmaker would "focus more on the top line, on the creation of our
business going forward and less on the repairs," and hopes to push
Mercedes into its previously held spot as the world’s most profitable
luxury carmaker following the sale of the company's ailing unit, Chrysler
Group, to Cerberus Capital Management LP.

The DaimlerChrysler break-up has rekindled the interest of investors in
the performance of both the new Daimler and Mr. Zetsche, who has denied
any responsibility for the U.S. division's troubles in 2006, mere months
after he left the division, FT observes.

"I am convinced that Chrysler today is in much better shape than it was
six to seven years ago, and you have quite a lot of parameters to prove
that – quality, productivity and the portfolio," Mr. Zetsche claims.

The chief executive also said that Mercedes, which has trailed its main
rival BMW on both sales and profitability in recent years, should expect
faster revenues growth compared with the luxury car market, which itself
has above-average growth, FT notes.  There are no acquisition or large
product expansion plans for the brand but it will push harder into
emerging markets such as Russia, eastern Europe, China and India.  He
added that he would resist calls to split off the trucks business -– the
world’s largest -– from Mercedes but that management would seek to make it
the "benchmark" in the industry.

                      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.


DASSEL TIEFBAU: Claims Registration Period Ends June 27
-------------------------------------------------------
Creditors of Dassel Tiefbau GmbH & Co. KG have until June 27 to register
their claims with court-appointed insolvency manager Dirk Decker.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 25, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Rostock
         Hall 330
         Zochstrasse
         18057 Rostock
         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:

         Dirk Decker
         Stampfmuellerstrasse 39
         18057 Rostock
         Germany

The District Court of Rostock opened bankruptcy proceedings against Dassel
Tiefbau GmbH & Co. KG on May 16.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Dassel Tiefbau GmbH & Co. KG
         Attn: Dirk Dassel, Manager
         Sonnenstrasse 14 c
         18239 Satow
         Germany


DELIGNO TISCHLEREI: Claims Registration Period Ends July 4
----------------------------------------------------------
Creditors of Deligno Tischlerei GmbH have until July 4 to register their
claims with court-appointed insolvency manager Markus M. Merbecks.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 25, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Chemnitz
         Hall 24
         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:

         Markus M. Merbecks
         Leipziger Strasse 58
         09113 Chemnitz
         Germany
         Tel:(0371) 444610
         Fax:(0371) 4446111
         E-mail: merbecks@merbecks.de

The District Court of Chemnitz opened bankruptcy proceedings against
Deligno Tischlerei GmbH on May 22.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Deligno Tischlerei GmbH
         Attn: Anita Zimmermann, Manager
         Daniel-Knapp-Str. 6
         09456 Annaberg-Buchholz
         Germany


DENNHARDT GMBH: Claims Registration Period Ends June 22
-------------------------------------------------------
Creditors of Dennhardt GmbH & Co. KG have until June 22 to register their
claims with court-appointed insolvency manager Klaus Loeffler.

Creditors and other interested parties are encouraged to attend the
meeting at 10:10 a.m. on Aug. 22, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Klaus Loeffler
         Welschgasse 3
         D 67227 Frankenthal
         Germany

The District Court of Ludwigshafen/Rhein opened bankruptcy proceedings
against Dennhardt GmbH & Co. KG on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Dennhardt GmbH & Co. KG
         Kalmitstrasse 3
         67227 Frankenthal
         Germany


DOMUS-FLIESENLEGER GMBH: Creditors Claims Due by July 2
-------------------------------------------------------
Creditors of DOMUS-Fliesenleger GmbH & Co KG have until July 2 to register
their claims with court-appointed insolvency manager Michael Wilkens.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 a.m. on Aug. 13, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Schwerin
         Hall 7
         Demmlerplatz 14
         19053 Schwerin
         Germany

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

The insolvency manager can be reached at:

         Michael Wilkens
         Elbchaussee 140
         22763 Hamburg
         Germany

The District Court of Schwerin opened bankruptcy proceedings against
DOMUS-Fliesenleger GmbH & Co KG on May 15.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         DOMUS-Fliesenleger GmbH & Co KG
         Attn: Dr. Reiner Lange, Manager
         Rothentor 1 - 3
         23970 Wismar
         Germany


ERNST PAUL: Future Remains Uncertain as American Arm Exits Race
---------------------------------------------------------------
The future of Ernst Paul Lehmann Patentwerk OHG, the maker of Lehmann
Gros-Bahnen trains, remains uncertain as negotiations with potential
bidders continue, insolvency administrator Steffen Goede disclosed, the
Financial Times reports, citing Suddeutsche Zeitung as its source.

According to the report, rival German model railway manufacturer Marklin
is interested in LGB.  However, investment company LGB of America is said
to have withdrawn its takeover bid.

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

                        About the Company

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

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


HELLWEG TRANSPORTE: Creditors Must Register Claims by July 31
-------------------------------------------------------------
Creditors of Hellweg Transporte GmbH have until July 31 to register their
claims with court-appointed insolvency manager Wilfried Pohle.

Creditors and other interested parties are encouraged to attend the
meeting at 9:15 a.m. on Aug. 27, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Arnsberg
         Meeting Hall 328
         Eichholzstr. 4
         59821 Arnsberg
         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 Pohle
         Bahnstrasse 1
         34431 Marsberg
         Germany

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

The Debtor can be reached at:

         Hellweg Transporte GmbH
         Attn: Vidadi Hüseynov, Manager
         Warenbergstrasse 19
         59929 Brilon
         Germany


IMEX GMBH: Creditors Must Register Claims by July 17
----------------------------------------------------
Creditors of IMEX GmbH have until July 17 to register their claims with
court-appointed insolvency manager Andreas Mueller-Stein.

Creditors and other interested parties are encouraged to attend the
meeting at 9:25 a.m. on Aug. 7, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Andreas Mueller-Stein
         Schuetzenstr. 5
         50126 Bergheim
         Germany

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

The Debtor can be reached at:

         IMEX GmbH
         Theodor-Heuss-Strasse 13
         50170 Kerpen
         Germany


K'S WORLD: Creditors Must Register Claims by July 11
----------------------------------------------------
Creditors of K's World GmbH have until July 11 to register their claims
with court-appointed insolvency manager Karina Schwarz.

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

The meeting of creditors will be held at:

         The District Court of 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:

         Karina Schwarz
         Adenauerallee 4
         30175 Hannover
         Germany
         Tel: 0511 2353150
         Fax: 0511 2353151

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

The Debtor can be reached at:

         K´s World GmbH
         Att: Ralf Klingbeil, Manager
         Langer Acker 16
         30900 Wedemark
         Germany


KD MOEBELTEILE: Creditors Must Register Claims by July 17
---------------------------------------------------------
Creditors of KD Moebelteile-Oberflachenveredelung GmbH have until July 17
to register their claims with court-appointed insolvency manager Joachim
Walterscheid.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on 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 Bielefeld
         Hall 4065
         Fourth Floor
         Gerichtstrasse 66
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Joachim Walterscheid
         Am Kurpark 2
         32545 Bad Oeynhausen
         Germany

The District Court of Bielefeld opened bankruptcy proceedings against KD
Moebelteile-Oberflachenveredelung GmbH on May 14.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         KD Moebelteile-Oberflachenveredelung GmbH
         Koblenzer Str. 188
         32584 Loehne
         Germany

         Att: Mehmet Dip, Manager
         Ludwig-Duetemeyer-Weg 2
         32584 Loehne
         Germany


KOESTRITZER WOHNUNGSBAU: Claims Registration Ends June 26
---------------------------------------------------------
Creditors of Koestritzer Wohnungsbaugesellschaft mbH have until June 26 to
register their claims with court-appointed insolvency manager Dr. H. Hess.

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

The meeting of creditors will be held at:

         The District Court of Gera
         Hall 317
         Rudolf-Diener-Str. 1
         Gera
         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. H. Hess
         Barbarrossahof 4-5
         99092 Erfurt
         Germany

The District Court of Gera opened bankruptcy proceedings against
Koestritzer Wohnungsbaugesellschaft mbH on May 21.  Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Koestritzer Wohnungsbaugesellschaft mbH
         Attn: Werner Vogel, Manager
         Rosenhuegel 74
         07586 Bad Koestritz
         Germany


LCK GASTRO: Creditors Meeting Slated for June 21
------------------------------------------------
The court-appointed insolvency manager for LCK Gastro GmbH, Carmen
Griesshammer-Klose, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 10:20 a.m. on June 21.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 10:15 a.m. on Aug. 16 at the same venue.

Creditors have until July 21 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Carmen Griesshammer-Klose
         Ostertorsteinweg 74/75
         28203 Bremen
         Germany
         Tel: 79 25 70
         Fax: 79 25 757
         E-mail: bremen@oelb.de
         Germany

The District Court of Bremen opened bankruptcy proceedings against LCK
Gastro GmbH on May 18.  Consequently, all pending proceedings against the
company have been automatically stayed.

The Debtor can be reached at:

         LCK Gastro GmbH
         Mary-Somerville-Str. 7
         28359 Bremen
         Germany


LCR24 INTERNETHANDEL: Claims Registration Ends July 4
-----------------------------------------------------
Creditors of LCR24 Internethandel GmbH have until July 4 to register their
claims with court-appointed insolvency manager Stefan Waldherr.

Creditors and other interested parties are encouraged to attend the
meeting at 2:00 p.m. on Aug. 23, 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 Fuerth
         Hall 216/II
         Office Building
         Baumenstrasse 32
         Fuerth
         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:

         Stefan Waldherr
         Peuntgasse 3
         90402 Nuremberg
         Germany
         Tel: 0911/279800
         Fax: 0911/2798090

The District Court of Fuerth opened bankruptcy proceedings against LCR24
Internethandel GmbH on May 22.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         LCR24 Internethandel GmbH
         Wuerzburger Str. 28
         91413 Neustadt
         Germany


LOGISMART LAGERUNG: Creditors Must Register Claims by July 6
------------------------------------------------------------
Creditors of Logismart Lagerung GmbH have until July 6 to register their
claims with court-appointed insolvency manager Stefan Hinrichs.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on Aug. 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 Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Stefan Hinrichs
         Kaiser-Wilhelm-Strasse 93
         20355 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings against
Logismart Lagerung GmbH on May 18.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Logismart Lagerung GmbH
         Att: Susann Eberhardt, Manager
         Schmidts Breite 17
         21107 Hamburg
         Germany


LOHARENS GMBH: Creditors Must Register Claims by July 9
-------------------------------------------------------
Creditors of Loharens GmbH have until July 9 to register their claims with
court-appointed insolvency manager Stefan Meyer.

Creditors and other interested parties are encouraged to attend the
meeting at 10:50 a.m. on July 30, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

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

The Debtor can be reached at:

         Loharens GmbH
         Carl-Zeiss-Str. 8
         32549 Bad Oeynhausen
         Germany


LOHARENS MONTAGE: Claims Registration Ends July 9
-------------------------------------------------
Creditors of Loharens Montage GmbH have until July 9 to register their
claims with court-appointed insolvency manager Stefan Meyer.

Creditors and other interested parties are encouraged to attend the
meeting at 11:45 a.m. on July 30, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Bielefeld
         Meeting Hall 4065
         Fourth Floor
         Gerichtstrasse 6
         33602 Bielefeld
         Germany

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

The insolvency manager can be reached at:

         Stefan Meyer
         Ostertorstr. 7
         32312 Luebbecke
         Germany

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

The Debtor can be reached at:

         Loharens Montage GmbH
         Attn: Ruth Loharens, Manager
         Carl-Zeiss-Str. 8
         32549 Bad Oeynhausen
         Germany


MSU MASSIVBAU: Claims Registration Ends June 27
-----------------------------------------------
Creditors of MSU Massivbau GmbH have until June 27 to register their
claims with court-appointed insolvency manager Ruediger Wienberg.

Creditors and other interested parties are encouraged to attend the
meeting at 11:15 a.m. on July 25, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Frankfurt (Oder)
         Hall 401
         Muellroser Chaussee 55
         15236 Frankfurt (Oder)
         Germany

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

The insolvency manager can be reached at:

         Ruediger Wienberg
         Giesebrechtstrasse 1
         10629 Berlin
         Germany

The District Court of Frankfurt (Oder) opened bankruptcy proceedings
against MSU Massivbau GmbH on May 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         MSU Massivbau GmbH
         Rosa - Luxemburg - Damm 1
         15366 Neuenhagen
         Germany


PM PARAMOBIL: Creditors' Meeting Slated for July 6
--------------------------------------------------
The court-appointed insolvency manager for PM Paramobil Berlin GmbH, Vera
Mai, will present his first report on the Company's insolvency proceedings
at a creditors' meeting at 9:30 a.m. on July 6.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:30 a.m. on Oct. 5 at the same venue.

Creditors have until Aug. 10 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Vera Mai
         Kurfuerstendamm 66
         10707 Berlin
         Germany

The District Court of Charlottenburg opened bankruptcy proceedings against
PM Paramobil Berlin GmbH on May 8.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         PM Paramobil Berlin GmbH
         Duererstr. 44
         12203 Berlin
         Germany


POELERSERVICE MIKAT: Creditors Must Register Claims by July 11
--------------------------------------------------------------
Creditors of Poelerservice Mikat GmbH have until July 11 to register their
claims with court-appointed insolvency manager Kaufmann Joachim Schmitz.

Creditors and other interested parties are encouraged to attend the
meeting at 8:30 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 Braunschweig
         Hall E 01
         Martinikirche 8
         38100 Braunschweig
         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:

         Kaufmann Joachim Schmitz
         Immengarten 2
         D 38104 Braunschweig
         Germany
         Tel: (05 31) 23 64 60
         Fax: (05 31) 2 36 46 99

The District Court of Braunschweig opened bankruptcy proceedings against
Polerservice Mikat GmbH on May 9.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Polerservice Mikat GmbH
         Timmerlahstrasse 10
         38120 Braunschweig
         Germany

         Attn: Dr. Michael Mikat, Manager
         Oststrasse 14 G
         38120 Braunschweig
         Germany


RHEINBODEN AG: Court Demands More Information on Damages
--------------------------------------------------------
The upper regional court in Frankfurt has demanded further information
from Allgemeine HypothekenBank Rheinboden AG related to the damages caused
by five of its former managers in the dispute over the misjudging of
interest rates, the Financial Times reports, citing Handelsblatt as its
source.

According to the report, the court has postponed its verdict on the
compensation claim lodged by Rheinboden against five former managers,
giving the bank two months in which to present all of the results from
individual derivatives business operations conducted between 2001 and
2002.

The TCR-Europe reported on May 15, 2007, that the case involved
speculative interest-related operations, which brought the bank to the
verge of insolvency.  The bank, demanding EUR250 million in compensation,
alleges that the five former managers misjudged the development of
interest rates for 2001 and 2002 and that they were responsible for
subsequent losses of billions of euros.

The court of first instance had previously rejected the complaint, arguing
that the interest rate-related transactions were normal for the sector and
had been approved by the financial authorities.

                        About the Company

Headquartered in Frankfurt, Germany, Allgemeine Hypothekenbank Rheinboden
AG -- http://www.ahbr.de/-- finances residential and commercial real
estate projects locally.  The group is also engaged in commercial lending
abroad.  It has assets of more than EUR80 billion.  It is owned directly
and indirectly -- through BHW -- by the trade union private equity holding
group BGAG.  BGAG has provided it EUR1.2 billion in financing, and
guaranteed it under a EUR1.2 billion risk protection scheme.  It recently
sold the company to U.S. investment group Lone Star for EUR400 million.

                          *     *     *

In a TCR-Europe report on April 2, 2007, Standard & Poor's Ratings
Services lowered its long-term counterparty credit rating on Germany-based
Allgemeine HypothekenBank Rheinboden AG to 'BB-' from 'BB', following a
review of the bank's progress in implementing its new business model.

At the same time, the 'B' short-term rating was affirmed.  The outlook is
negative.

As of Feb. 15, 2007, AHBR's Foreign Currency Long-Term Debt; Local
Currency Long-Term Debt; Long-Term Bank Deposits; and Senior Unsecured
Debt, carry Moody's Ba3 rating.  AHBR's Subordinated debt carries Moody's
B1 rating.

AHBR's Subordinated Debt also carries Fitch's BB+ rating.


RITTERBACH MEDIEN: Creditors Must Register Claims by July 7
-----------------------------------------------------------
Creditors of Ritterbach Medien GmbH have until July 7 to register their
claims with court-appointed insolvency manager Norbert Heimann.

Creditors and other interested parties are encouraged to attend the
meeting at 11:05 a.m. on Aug. 7, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

         Dr. Norbert Heimann
         Spichernstr. 55
         50672 Cologne
         Germany
         Tel: 9595925
         Fax: +49221514437

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

The Debtor can be reached at:

         Ritterbach Medien GmbH
         Attn: Albert Ritterbach, Manager
         Rudolf-Diesel-Str. 10 - 12
         50226 Frechen
         Germany


SCHOEN + SANDT MASCHINENBAU: Creditors' Meeting Set for July 16
---------------------------------------------------------------
The court-appointed insolvency manager for Schoen + Sandt Maschinenbau
GmbH, Martin Wiedemann, will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 2:00 p.m. on July 16.

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

         The District Court of Pirmasens
         Hall 235
         Second Floor
         Pirmasens
         Germany

The Court will also verify the claims set out in the insolvency manager's
report at 2:00 p.m. on Aug. 13 at the same venue.

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

The insolvency manager can be reached at:

         Martin Wiedemann
         O 3 11+12
         68161 Mannheim
         Germany
         Tel: 0621 16 68 0
         Fax: 06 21 16 68 22
         E-mail: wiedemann@febnet.de

The District Court of Pirmasens opened bankruptcy proceedings against
Schoen + Sandt Maschinenbau GmbH on May 16.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Schoen + Sandt Maschinenbau GmbH
         Lemberger Strasse 82
         66955 Pirmasens
         Germany

         Attn: Norbert Obry, Manager
         Edgar-Anstett-Str. 4
         66978 Merzalben
         Germany


SILLY SPIDER: Creditors Must Register Claims by July 9
------------------------------------------------------
Creditors of SILLY SPIDER MUSIC GmbH have until July 9 to register their
claims with court-appointed insolvency manager Sylvia Fiebig.

Creditors and other interested parties are encouraged to attend the
meeting at 11:20 a.m. on Aug. 6, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Hamburg
         Hall B 405
         Fourth Floor Annex
         Civil Justice Bldg.
         Sievkingplatz 1
         20355 Hamburg
         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:

         Sylvia Fiebig
         Jungfernstieg 51
         20354 Hamburg
         Germany

The District Court of Hamburg opened bankruptcy proceedings against SILLY
SPIDER MUSIC GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         SILLY SPIDER MUSIC GmbH
         Steindamm 62
         20099 Hamburg
         Germany

         Attn: Sven Schafer, Manager
         Kohlstrasse 155
         42109 Wuppertal
         Germany


TREOFAN GERMANY: Moody's Junks EUR170 Million Second-Lien Notes
---------------------------------------------------------------
Moody's Investors Service downgraded both the Corporate Family Rating for
Treofan Germany GmbH & Co. KG to Caa1 from B3 and the instrument rating of
the EUR170 million second-lien notes to Caa2 from Caa1.

At the same time, a Caa1 CFR was assigned to Treofan Holdings GmbH, the
ultimate parent of Treofan Germany GmbH & Co. KG (where the CFR was
consequently withdrawn) and the issuer of consolidated financial accounts.
The outlook for the ratings remains stable.

"The downgrade was driven by the weaker than expected performance in 2006
largely caused by pricing pressure and a production shortfall that have
left fiscal year 2006 key credit metrics weak even for the low single B
rating category in addition to the company's track record of negative cash
flows that may gradually absorb its liquidity headroom if operating cash
flow remains under pressure," said Martin Kohlhase, Moody's lead analyst
for the European packaging industry.

The challenging operating environment is characterized by a high degree of
competition in a largely fragmented industry, which makes a pass-on of
rising raw material prices very challenging, and the weak U.S. Dollar
exchange rate, given Treofan's notable exports to North America.  In
addition there is a bottleneck of main supplies for another niche product,
which is expected to limit upside profit potential.  Management's strategy
is focused on lifting sales prices, improving asset utilization and
building production facility in Mexico to reduce its currency exposure.
However, execution of the plan, in Moody's view, will be challenged by the
intense competition in its industry and an outlook for rising
polypropylene prices.

The stable outlook reflects primarily the significant borrowing headroom
Treofan has under its EUR60 million revolving credit facility, which just
had its financial covenants relaxed, and the possible reversal of cash
consumption in 2008, when the new Mexican facility is on stream and
contributes to cash flows.  The outlook also expects an EBIT-margin above
3% and a return of the EBITA-interest coverage ratio well above 1-time in
2007.

Treofan, based in Raunheim, Germany, is a leading manufacturer of
polypropylene film, which is primarily used to produce flexible packaging
as well as labels for food and other consumer products such as cigarette
wrappings and technical applications such as capacitors.  Since two
ownership changes, the company went through two major restructuring
programs, under one of which Goldman Sachs became majority shareholder.
For 2006 Treofan reported EUR458.5 million revenues and an operating loss
of EUR1.7 million.


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


AES CORP: Net Income Declines to US$51 Million in Fourth Quarter
----------------------------------------------------------------
The AES Corporation disclosed its fourth quarter and full-year
2006 results with both record annual revenues and net cash from operating
activities.

The company's 2006 revenues totaled US$12.3 billion, up 12% from US$11
billion in 2005.  Gross margin increased to US$3.6 billion from US$3.2
billion in 2005.  Due to the previously announced
Brazil restructuring and an associated after-tax US$512 million charge
(US$0.76 diluted earnings per share), income from continuing operations
decreased to US$286 million, or US$0.43 diluted earnings per share.  This
compares to income from continuing operations of US$574 million in 2005,
or US$0.87 diluted earnings per share in 2005.  Adjusted earnings per
share
(a non-GAAP financial measure) increased to US$1.14 and include US$0.06
per share of favorable impacts from the Brazil restructuring.  This
compares to adjusted earnings per share of US$0.84 in 2005.  Net cash from
operating activities increased to US$2.4 billion as compared to US$2.2
billion in 2005 and free cash flow (a non-GAAP financial measure) remained
at US$1.5 billion in 2006.

During 2006, the company increased its business development efforts in its
core power business and its Alternative Energy group expanded its efforts
to pursue strategic opportunities including greenhouse gas emissions
offset projects, wind and other renewable generation initiatives.

The company completed construction and began commercial operations of new
generation plants in Spain and Chile totaling
1,325 MW and began construction of four new power plants, including two in
Chile and one each in Bulgaria and Panama, totaling 1,312 MW.  In May
2007, the Company expanded into
Jordan and began construction of a 370 MW gas-fired plant, bringing the
number of total MW in its core power business under construction worldwide
to 1,682.

In the area of alternative energy, AES began commercial operation of its
121 MW Buffalo Gap wind facility in Texas, commenced construction on
Buffalo Gap 2, an adjacent 233 MW wind facility, and acquired 73 MW of
wind generation capacity in
California.  The company expanded its wind development pipeline outside of
the United States to more than 1,300 MW through the acquisition of stakes
in wind development businesses in France, Scotland and Bulgaria.  The
company also established a climate change business that will develop
greenhouse gas emissions offset projects in the United States and in
selected countries in Asia, Europe and North Africa.

"2006 was another strong year for AES.  We met all of our financial
targets for the year and are continuing to take steps to deliver strong
long-term financial results," said AES President and Chief Executive
Officer Paul Hanrahan.  "The appointment of Andres Gluski as our new Chief
Operating Officer brings additional focus to managing our core power
business to deliver these results.  We are investing in the future by
stepping up our spending in new business development in our core power
sector as well as in new areas, such as alternative energy."

                  C.A. La Electricidad Sale

AES completed the previously announced sale of its interest in its
subsidiary in Venezuela, C.A. La Electricidad de Caracas, consistent with
its Feb. 15, 2007 definitive sale agreement with
Petroleos de Venezuela, S.A., and received US$739 million in proceeds from
the sale on May 16, 2007.  As a result of signing this agreement, the
Company concluded that a material impairment of its investment in EDC has
occurred, which will be recorded in the first quarter ending March 31,
2007.  This material impairment represents the net realizable value of the
Company's investment in EDC defined as the current book value at
Dec. 31, 2006, less the estimated purchase price.  Management estimates
that this pre-tax, non-cash charge will be in the range of US$600 million
to US$650 million.  As a result of this sale, the company will report EDC
as a discontinued business effective in the first quarter of 2007.

On March 16, 2007, AES received the equivalent of approximately US$99
million in local currency as its share of EDC's dividend.
Under the terms of the sale agreement, this dividend will be converted
into dollars at the official exchange rate within 90 days of the dividend
payment date.

                   Fourth Quarter Results

Fourth quarter results were in line with the company's expectations.
Revenues totaled US$3.1 billion, up from US$3.0 billion in the fourth
quarter of 2005.  Due to increased spending to support business
development activities, costs associated with strategic refinancing and
restructuring initiatives in its Brazil and Panama businesses and the
impact of certain maintenance activities in North America, quarter over
prior year quarter earnings declined.  As a result, income from continuing
operations was US$46 million, or US$0.07 diluted earnings per share,
compared to US$139 million, or US$0.21 diluted earnings per share in the
prior year.  Fourth quarter
2006 adjusted earnings per share (a non-GAAP financial measure) was
US$0.06 compared to US$0.23 in the fourth quarter of 2005.
Gross margin was US$854 million, compared to US$933 million during the
same period in 2005.

                  FQ 2006 Consolidated Highlights

Revenue increased by US$191 million to US$3.1 billion, reflecting the
consolidation of Itabo, a Dominican Republic business previously carried
as an equity investment, higher prices and demand primarily in Latin
America and Europe & Africa and favorable impacts of foreign currency
translation.

Gross margin decreased by US$79 million to US$854 million, primarily due
to outages at various businesses in North America, an increase in certain
costs at our utilities in Latin America, offset by favorable impacts of
foreign currency translation.

General and administrative expense increased US$44 million to
US$125 million, largely from higher corporate overhead including spending
related to business development projects in our Alternative Energy and
Latin American businesses.

Interest expense decreased by US$55 million to US$449 million, reflecting
debt retirements and refinancings at various subsidiaries primarily within
Latin America, including the retirement of US$568 million in debt
principal at Brasiliana in
Brazil.

Other expense increased by US$101 million to US$148 million, largely due
to fees and deferred financing write-offs of US$73 million related to the
Brazil restructuring and US$32 million related to the Panama subsidiary
refinancing.

The effective tax rate during the quarter was 27% as compared to 30% in
2005. This decrease was primarily due to favorable impacts from the Brazil
restructuring.

Net income for the fourth quarter was US$51 million, or US$0.08 diluted
earnings per share, versus US$140 million, or US$0.21 diluted earnings per
share in fourth quarter 2005.

During the quarter, free cash flow decreased by US$328 million to US$258
million, primarily due to higher maintenance capex a certain businesses in
Latin America and North America and lower net cash from operating
activities.

                    FQ 2006 Segment Highlights

To better reflect how AES manages its business, primarily on a geographic
basis, the company has realigned its reportable segments.  As of December
31, 2006, AES reports seven segments comprised of its generation and
distribution businesses in Latin America, North America and Europe &
Africa and generation businesses in Asia.

Latin America Generation revenue increased by US$143 million to
US$711 million, primarily due to the consolidation of Itabo in the
Dominican Republic, and increased energy prices in Chile and
Argentina. Gross margin increased by US$42 million to US$274 million,
primarily due to increased sales at Tiete in Brazil and increased energy
prices in Argentina.

Latin America Utility revenue increased by US$40 million to
US$1.3 billion as the positive impact of foreign currency translation was
offset by a mandatory advance annual payment under an alternative energy
efficiency program in Brazil.  Gross margin decreased by US$79 million to
US$241 million, primarily due to increased fixed operating and maintenance
costs and the impact of the advanced energy fund payment in Brazil and an
increase in an EDC legal contingency.

North America Generation revenue decreased by US$48 million to
US$434 million, primarily due to planned outages and lower emission sales
at AES Eastern Energy in New York and a planned outage at Merida III in
Mexico, partially offset by a new contract at Deepwater in Texas,
resulting in higher tariff rates.  Gross margin decreased by US$44 million
to US$105 million, primarily due to the loss of revenue and increased
maintenance costs for the quarter associated with the timing of outages at
various plants including AES Eastern Energy in New York and Merida III in
Mexico.

North America Utility revenue increased by US$12 million to
US$253 million and gross margin increased by US$8 million to
US$65 million primarily due to higher wholesale revenues at IPL in Indiana.

Europe & Africa Generation revenue increased by US$72 million to
US$262 million, primarily due to favorable foreign currency gains,
increased volume in Hungary and higher volume and prices in Kazakhstan.
Gross margin increased by US$20 million to US$76 million, primarily due to
higher revenues at Ekibastuz in Kazakhstan and lower costs at Ebute in
Nigeria.

Europe & Africa Utility revenue increased by US$6 million to US$151
million, primarily due to foreign currency translation gains.  Gross
margin decreased by US$25 million to US$17 million due to higher bad debt
expense and administrative costs at SONEL in Cameroon.

Asia Generation revenue remained at US$188 million as higher dispatch in
Pakistan was offset by lower volumes in Sri Lanka.
Gross margin decreased by US$13 million to US$57 million, primarily due to
a regulatory fee accrual in China and higher variable costs in Pakistan.

                   2007 Financial Guidance

In 2007 and beyond, the company will expand its business development
efforts to capitalize on growing global demand for power and will pursue
attractive opportunities in adjacent markets such as alternative energy.
The company will also devote additional resources to further strengthen
its global finance organization through training and staffing initiatives.

The company sold its ownership interest in its Venezuelan subsidiary, EDC,
in early 2007.  During 2006, EDC contributed diluted earnings per share of
US$0.17 and adjusted earnings per share of US$0.16.  During the same
period, EDC contributed net cash from operating activities, free cash flow
and subsidiary distributions of US$261 million, US$191 million and US$100
million respectively.

AES expects 2007 diluted earnings per share from continuing operations of
US$1.04 and adjusted earnings per share of US$1.07.  The guidance excludes
any earnings contribution from
EDC, as it is expected to be reported as a discontinued business in the
first quarter 2007.  On the same basis, it expects net cash from operating
activities of US$2.2 billion to US$2.3 billion, free cash flow of US$1.2
billion to US$1.4 billion and subsidiary distributions of US$1.1 billion
(including EDC).  The guidance for the year reflects incremental costs
associated with increased levels of business development and a further
strengthening of the company's global finance organization.

                        Restatement Summary

The company has completed the restatement of its previously issued
financial statements through its filing of the Form 10-K for the year
ended Dec. 31, 2006.  The cumulative restatement impact for all prior
periods through the third quarter of 2006 resulted in a decrease to
previously reported net income of approximately US$43 million.  Many of
these adjustments were the result of additional efforts focused by the
company on its remediation of its previously identified material
weaknesses.
The restatement did not materially impact any of the prior periods presented.

                Remediation of Material Weaknesses

During 2006, the company continued execution of its program to remediate
the material weaknesses in internal control over financial reporting that
were previously identified and reported in the company's 2005 Form 10-K.
Two of the five material weaknesses reported in the 2005 Form 10-K were
effectively
remediated in 2006.

Partly as a result of the increased scrutiny the company has placed on
disclosure controls and work performed by additional finance personnel
hired during 2006, the company identified five additional material
weaknesses in internal control over financial reporting which existed in
prior periods but had not been identified or reported in the Company's
2005 Form 10-K.
Two of these five newly identified material weaknesses were effectively
remediated within 2006 and a third was effectively remediated prior to the
filing of the 2006 Form 10-K.

Throughout 2007, the company is committed to its continual improvement
program including execution of the final steps in the remediation plans
for its three remaining previously identified material weaknesses, as well
as execution of remediation plans for its two remaining newly identified
material weaknesses.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Netherlands, Spain, Ukraine, United
Kingdom, Kazakhstan 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 Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with the
implementation of its new Probability-of-Default and Loss- given-default
rating methodology.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given- default ratings on
the company's loans and bond debt obligations including the B1 rating on
its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating, suggesting
noteholders will experience a 55% loss in the event of a default.


AES CORP: Eyes 20% Boost in Earnings Through 2011
-------------------------------------------------
AES Corp. told the Associated Press that it expects per-share earnings to
increase up to 20% yearly through 2011 due to the strength of the growing
market for alternative energy.

According to the AP, AES predicted that its 2011 earnings would total up
to USUS$2.15 per share, representing yearly growth of up to 20% compared
to its US$1.04 per share projected profit this year.

AES said in a statement that it expects its core power business to
increase capacity by 16% to 46,500 megawatts by 2011, compared to this
year due to its expansion efforts on markets with a growing demand for
power.

The AP notes that AES would triple its capacity for generating energy from
wind in the next four years, from this year's 600 megawatts.

AES also sees that its free cash flow will increase to USUS$3.3 billion in
2011, from a projected range of USUS$1.4 billion in 2007, the AP states.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Netherlands, Spain, Ukraine, United
Kingdom, Kazakhstan 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 Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with
the implementation of its new Probability-of-Default and Loss-
given-default rating methodology.  Additionally, Moody's revised
its probability-of-default ratings and assigned loss-given-
default ratings on the company's loans and bond debt obligations
including the B1 rating on its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating,
suggesting noteholders will experience a 55% loss in the event
of a default.


AES CORP: Awards US$7.1-Million Compensation to Paul Hanrahan
-------------------------------------------------------------
AES Corp. said in a filing with the U.S. Securities and Exchange
Commission that Paul Hanrahan, its chief executive, was awarded a
US$7.1-million compensation package for 2006.

The Associated Press relates that the compensation package include:

   -- US$897,667 base salary;

   -- US$4-million performance-based cash compensation;
      and

   -- other compensation, includes:

             * US$228,228 car and driver and contributions to
               retirement plans, and

             * almost US$2 million in restricted stock and
               option awards.

AES released earlier this month its 2006 full-year report, which disclosed
that its profit decreased to US$261 million compared to US$605 million in
the previous year.  The firm earned US$1.14 per share, excluding one-time
charges.  Its revenue increased by 12% to US$12.3 billion, the AP states.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Netherlands, Spain, Ukraine, United
Kingdom, Kazakhstan 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 Oct. 20, 2006, Moody's Investors Service's downgraded its B1 Corporate
Family Rating for AES Corporation in connection with the implementation of
its new Probability-of-Default and Loss- given-default rating methodology.
Additionally, Moody's revised its probability-of-default ratings and
assigned loss-given- default ratings on the company's loans and bond debt
obligations including the B1 rating on its senior unsecured notes 7.75%
due
2014, which was also given an LGD4 loss-given default rating, suggesting
noteholders will experience a 55% loss in the event of a default.


AES CORPORATION: Provides Financial Guidance Through 2011
---------------------------------------------------------
The AES Corporation announced its long-term financial guidance through 2011.

Diluted earnings per share from continuing operations are expected to
increase from 2007 guidance of US$1.04 to between US$1.75 and US$2.15 in
2011, yielding a compound annual growth rate -- CAGR -- of between 14% and
20%.  Net cash flow from operating activities is expected to increase from
US$2.2 billion to US$2.3 billion in 2007 to between US$3 billion and US$4
billion in 2011, an increase of between 30% and 74%.  Free cash flow (a
non-GAAP financial measure) is expected to increase from between US$1.2
billion and US$1.4 billion in 2007 to between US$2.3 billion and US$3.3
billion in 2011, an increase of between 64% and 136%. Subsidiary
distributions (a non-GAAP financial measure) are expected to increase from
US$1.1 billion in 2007 to between US$1.5 billion and
US$2.5 billion in 2011, an increase of between 36% and 127%.

"We continue to see AES delivering strong long-term earnings growth
through our business development pipeline and investment in new and
adjacent markets," said AES President and Chief Executive Officer Paul
Hanrahan.  "Alternative energy is a promising sector within the energy
industry and will be an important driver in our overall growth strategy.
We also will continue to deliver long-term earnings growth from our core
power business, by focusing our expansion efforts on markets with a
growing demand for power."

In its core power business, AES plans to expand its current base of 40,000
MW worldwide to up to 46,500 MW by 2011.  The company currently has five
power plants under construction totaling 1,682 MW in four countries and
20,000 MW of potential new greenfield power plants worldwide in its
development pipeline.  AES will focus its expansion in selected markets
where it currently has a significant presence or in new markets that have
a high growth potential through platform expansions, selective
acquisitions and other new projects.

In the area of alternative energy, the Company plans to more than triple
its wind capacity over the next four years by adding approximately 2,100
MW in new wind generation worldwide by 2011.  The company has 600 MW of
wind generation in operations, one 233 MW power plant under construction
and 3,000 MW of wind projects in various stages of development throughout
the world.  In the emerging greenhouse gas emission offset industry, the
Company has targeted a production level of up to 26 million tons per year
of tradable offsets, or Certified Emission Reductions, by 2011.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Netherlands, Spain, Ukraine, United
Kingdom, Kazakhstan 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 Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with the
implementation of its new Probability-of-Default and Loss- given-default
rating methodology.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given- default ratings on
the company's loans and bond debt obligations including the B1 rating on
its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating, suggesting
noteholders will experience a 55% loss in the event of a default.


AES CORP: Acquires 51% Stake in IC ICTAS Energy Group
-----------------------------------------------------
AES Corp. told Thomson Financial that it has purchased a 51% stake in
Turkish hydroelectricity developer and producer IC ICTAS Energy Group.
Thomson Financial relates that IC ICTAS has a 26-megawatt hydroelectric
power capacity.  It has another 390-megawatt hydroelectric power capacity
under development.

AES told Thomson Financial that its expansion into Turkey would bring in
3,000 megawatts of new capacity every year through at least 2015.  It
advances its strategy to concentrate its core business expansion on
"select high growth markets."

John McLaren -- AES' Executive Vice President and President for Europe,
CIS and Africa region -- told Thomson Financial, "In addition to our
venture in Turkey, our presence in this region also includes two projects
in Bulgaria: a 670-megawatt power plant that recently began construction
and an investment in a 120-megawatt wind development project."

                         About AES Corp.

                          About AES Corp.

AES Corp. -- http://www.aes.com/-- is a global power company.
The company operates in South America, Netherlands, Spain, Ukraine, United
Kingdom, Kazakhstan 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 Oct. 20, 2006, Moody's Investors Service's downgraded its B1
Corporate Family Rating for AES Corporation in connection with the
implementation of its new Probability-of-Default and Loss- given-default
rating methodology.  Additionally, Moody's revised its
probability-of-default ratings and assigned loss-given- default ratings on
the company's loans and bond debt obligations including the B1 rating on
its senior unsecured notes 7.75% due
2014, which was also given an LGD4 loss-given default rating, suggesting
noteholders will experience a 55% loss in the event of a default.


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


ARDAGH GLASS: Moody's Rates EUR310 Mln Sr./Toggle Notes at (P)B3
----------------------------------------------------------------
Moody's Investors Service assigned a provisional (P)B3 rating to Ardagh
Glass Finance Plc EUR310 million Senior Notes due 2017 to be issued in two
tranches comprising of Senior Notes and Senior Toggle Notes.

The Corporate Family Rating for Ardagh Glass Group Plc of B2 and the debt
instrument ratings of B3 for the EUR175 million Senior Notes due 2013 at
Ardagh Glass Finance B.V. and of Caa1 for the EUR126.25 million Senior PIK
Notes due 2015 at Ardagh Glass Group Plc, had been upgraded on May 23,
2007 with a stable outlook and remain unchanged.

The notes will be issued at the finance company Ardagh Glass Finance Plc
and the proceeds will be placed in an escrow account until the completion
of the acquisition of Rexam's (Baa3/stable) European glass activities.
The notes will be guaranteed on a senior basis by Ardagh Glass Holdings
Limited and on a senior subordinated basis by the majority of its wholly
owned subsidiaries.  The new EUR310 million notes rank pari passu to the
existing EUR175 million notes due 2013 issued at Ardagh Glass Finance B.V.
Moody's assigned these LGD rates and assessments to both tranches: LGD
rate of 76%, LGD5.  The senior toggle notes allow Ardagh - after paying
the first interest installment in cash - to meet the following interest
payments (until 2012) in either cash or accrual to principal or a
combination of both.

Assignments:

   * Issuer: Ardagh Glass Finance plc

     -- Senior Subordinated Regular Bond/Debenture, Assigned a
        range of 76 - LGD5 to (P)B3

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


ELAN CORPORATION: FDA Advisory Committees to Review TYSABRI
-----------------------------------------------------------
Elan Corporation plc and Biogen Idec disclosed that the Gastrointestinal
Drugs Advisory Committee and Drug Safety and Risk Management Advisory
Committee of the U.S. Food and Drug Administration will jointly review
TYSABRI(R)(natalizumab) for the treatment of Crohn's disease on July 31,
2007.

On December 15, 2006, the companies submitted to the FDA a supplemental
Biologics License Application (sBLA) for TYSABRI as a treatment of
moderately to severely active Crohn's disease.  This sBLA includes the
results of three randomized, double-blind, placebo-controlled,
multi-center trials of TYSABRI assessing the safety and efficacy as both
an induction and maintenance therapy - ENCORE (Efficacy of Natalizumab in
Crohn's Disease Response and Remission), ENACT-1 (Efficacy of Natalizumab
as Active Crohn's Therapy) and ENACT-2 (Evaluation of Natalizumab As
Continuous Therapy).  The sBLA includes data from more than 1,500 Crohn's
patients treated with TYSABRI, as well as proposed labeling and a risk
management plan.  TYSABRI is a humanized monoclonal antibody believed to
block entry of inflammatory immune cells into the wall of the intestine,
thus limiting inflammatory damage in Crohn's disease.  TYSABRI is the
first potential treatment for Crohn's disease with this proposed mechanism
of action.

                     About TYSABRI

In the US, TYSABRI is approved as a monotherapy treatment for relapsing
forms of MS.  TYSABRI increases the risk of progressive multifocal
leukoencephalopathy, an opportunistic viral infection of the brain that
usually leads to death or severe disability.  Patients should be monitored
at regular intervals for any new or worsening signs or symptoms suggestive
of PML.  Because of the increased risk of PML, TYSABRI is generally
recommended for patients who have had an inadequate response to, or are
unable to tolerate, alternate MS therapies. It is available in the US only
through a restricted distribution program called the TOUCH Prescribing
Program.

In the European Union, TYSABRI is indicated as a single disease-modifying
therapy in highly active relapsing-remitting MS patients.  It is for
patients with high disease activity despite treatment with a
beta-interferon or in patients with rapidly evolving severe
relapsing-remitting MS.

Serious adverse events that occurred in TYSABRI-treated patients included
hypersensitivity reactions (e.g., anaphylaxis), infections, depression and
gallstones.  In MS trials, the incidence and rate of other serious and
common adverse events, including the overall incidence and rate of
infections, were balanced between treatment groups.  Herpes infections
were slightly more common in patients treated with TYSABRI.  Serious
opportunistic and other atypical infections have been observed in
TYSABRI-treated patients, some of whom were receiving concurrent
immunosuppressants.  Common adverse events reported in TYSABRI-treated
patients includee headache, fatigue, infusion reactions, urinary tract
infections, joint and limb pain, lower respiratory infections, rash,
gastroenteritis, abdominal discomfort, vaginitis, and diarrhea.

Worldwide, more than 10,000 MS patients are currently receiving therapy
with TYSABRI, either in the commercial setting or in clinical trials.
TYSABRI was discovered by Elan and is co-developed with Biogen Idec.

                        About the Company

Headquartered in Ireland, Elan Corporation plc (NYSE: ELN) --
http://www.elan.com/ --is a neuroscience-based biotechnology  
company.  Elan shares trade on the New York, London and Dublin
Stock Exchanges.

                          *     *     *

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 Gaming, Lodging
and Leisure, Manufacturing, and Energy sectors, Moody's Investors Service
the rating agency confirmed its B3 Corporate Family Rating for Elan
Corporation plc and assigned a B2 probability-of-default rating to the
company.

Debt ratings remain unchanged in conjunction with the
implementation of Moody's Loss Given Default and Probability of
Default rating methodology for existing non-financial
speculative-grade corporate issuers in Europe, Middle East and
Africa.

* Issuer: Elan Finance plc
                                                Projected
                              Debt     LGD      Loss-Given
   Debt Issue                 Rating   Rating   Default
   ----------                 -------  -------  --------
   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$300M Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$150M Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

   US$850M 7.75% Senior Unsecured
   Regular Bond/Debenture
   Due 2011                     B3      LGD4       65%

   US$465M 8.875% Senior Unsecured
   Regular Bond/Debenture
   Due 2013                     B3      LGD4       65%

As reported in the TCR-Europe on Nov. 13, 2006, Standard &
Poor's Ratings Services assigned its 'B' rating to Elan Finance
plc's proposed offering of US$500 million senior unsecured notes
due 2013, to be issued in a combination of fixed and floating-
rate notes.

Outstanding ratings on Elan (including the 'B' corporate credit
rating) and its related entities were affirmed.  S&P said the
ratings outlook is stable.


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


ALITALIA SPA: Italy Wants Remaining Bidders to Fuse Offers
----------------------------------------------------------
The Italian government wants OAO Aeroflot-Unicredit Italiano S.p.A. and
AirOne S.p.A.-Intesa-San Paolo S.p.A. consortia to unify their bids to
acquire the state's 39.9% stake in Alitalia S.p.A., Thomson Financial
reports citing Finanza & Mercati.

Finanza & Mercati suggests that the Russian government, which owns a
controlling stake in Aeroflot, conditions its commitment to acquire
Alitalia on the final signing of a deal between Finmeccanica S.p.A.'s
Alenia Aeronautica unit and Russia's Sukhoi on the Superjet 100.  Under
the EUR70-billion deal, Sukhoi and Alenia will construct 1,800 jets over a
20-year period.

Alenia and Sukhoi were to sign the deal in March 2007, but met negotiation
delays, Finanza & Mercati says.  Alenia, which could own between 25%-50%
of the joint venture, is eyeing a possible 51% stake.  The State Duma has
yet to approve Alenia’s entry into the Russian defense sector –- with
President Vladimir Putin’s vote hinging on the outcome of the Alitalia
sale.

Finanza & Mercati suggests that if Alenia and Sukhoi sign the deal by June
17, 2007, Aeroflot and Air One may submit a joint bid for Alitalia.

                         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: S&P Junks Proposed US$500 Million Senior Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Berry Plastics
Holding Corp., a wholly owned subsidiary of Berry Plastics Group Inc., to
negative from stable.

S&P affirmed all the ratings, including the 'B' corporate credit rating.

"The outlook revision follows the announcement that Berry has
established a holding company, Berry Plastics Group Inc., and intends to
enter into a seven-year US$500 million senior unsecured term loan
facility," said Standard & Poor's credit analyst Liley Mehta.  "Proceeds
from the loan along with cash on hand will be used to pay a dividend to
its shareholders."

S&P assigned a 'CCC+' rating to the proposed US$500 million senior
unsecured term loan due 2014.  The proposed unsecured term loan is rated
two notches below the corporate credit rating, based on the lenders'
limited prospects for any recovery in the event of a default.  Pro forma
for the debt-financed dividend distribution, total debt (adjusted to
include capitalized operating leases and unfunded postretirement
liabilities) was about US$3.2 billion at April 3, 2007.

The 'B' corporate credit rating reflects Berry's very aggressive
financial policy and willingness to incur a significant amount of debt to
fund a dividend.  These actions result in a highly leveraged capital
structure, leaving no cushion for integration challenges related to the
recently completed merger with Covalence Specialty Materials Holding
Corp., or disappointing operating results at the Covalence legacy
operations that would forestall the company's efforts to preserve
acceptable liquidity and to gradually improve the financial profile.

Following completion of the proposed debt-financed dividend, the
company's financial profile will be significantly weakened, and free cash
generation will be greatly reduced in 2008 owing to the company's heavy
cash interest burden.  The company's ability to generate the expected
synergies within the expected timeframe is critical to achieving improved
earnings and adequate cash generation to meet internal needs in the next
few years.  The
negative outlook indicates that we would lower ratings if market or
operating factors forestall improvement in credit metrics or if liquidity
levels decline within the next 12 months.

With more than US$3.2 billion in annual sales pro forma for the merger
with Covalence, Berry ranks among the largest packaging companies in North
America, with leading positions in both the rigid and flexible plastic
packaging segments.

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


ABYROY JER: Proof of Claim Deadline Slated for July 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Kostanai has declared LLP
Abyroy Jer 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
         Kazakshtan


AKTAUSKY MASHINOSTROITELNY: Creditors Must File Claims July 6
-------------------------------------------------------------
LLP Aktau Engineering Plant Aktausky Mashinostroitelny Zavod has declared
insolvency.   Creditors have until July 6 to submit written proofs of
claims to:

         LLP Aktau Engineering Plant
         Aktausky Mashinostroitelny Zavod
         Baza ARTS
         Promzona
         Aktau
         Mangistau
         Kazakhstan


E-2 LLP: Claims Filing Period Ends July 4
-----------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
E-2 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
         Germany
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


IZAR-TORG LLP: Claims Registration Ends July 6
----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Izar-Torg (RNN 092200220491) insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         Room 208
         Jangusurov Str. 113a
         Taldykorgan
         Almaty
         Kazakshtan
         Tel: 8 (32822) 24-19-77


KAZAKHSTANSKOYE KASPYSKOYE: Creditors' Claims Due July 6
--------------------------------------------------------
LLP Kazakhstanskoye Kaspyskoye Neftyanoye Oborudovaniye Kazakh Kaspy Oil
Equipment has declared insolvency.  Creditors have until July 6 to submit
written proofs of claims to:

         LLP Kazakhstanskoye Kaspyskoye Neftyanoye Oborudovaniye
         Kazakh Kaspy Oil Equipment
         Tel: 8 (3292) 57-90-10


KAZKOMMERTSBANK JSC: Earns KZT12.5 Billion in First Quarter 2007
----------------------------------------------------------------
JSC Kazkommertsbank released its financial results for the first quarter
of 2007.

                             Highlights

    * Net profit increased by 61.6% from KZT7.7 billion in the
      first quarter 2006 to KZT12.5 billion in the first
      quarter 2007

    * Net profit before income tax increased by 62.4% from
      KZT10.7 billion to KZT17.4 billion

    * Net interest income increased by 60.6% from KZT11 billion
      to KZT17.7 billion

    * Net commission income grew by 59.9% from KZT2.9 billion to
      KZT4.6 billion

    * Operating income increased by 68.9% from KZT15 billion to
      KZT25.3 billion

    * Earnings per share increased by 6.7% from KZT19.56 to
      KZT20.87

    * Total assets increased by 4.5% from KZT2,444 billion as at
      Dec. 31, 2006 to KZT2,555 billion as at March 31, 2007

    * Total equity increased by 4.4% from KZT249 billion to
      KZT260 billion

    * Loans to customers less allowance for impairment losses
      increased by 9.4% from KZT1,679 billion to KZT1,836
      billion

    * Customer accounts increased by 6.7% from KZT688 billion to
      KZT734 billion

    * Debt securities issued increased by 52.4% from
      KZT424 billion to KZT646 billion

                 Business Performance Overview

Income

Kazkommertsbank's net interest income before provisions for impairment
losses increased 228.4% to KZT26.9 billion in the first quarter of 2007
from KZT11.8 billion in the same period of last year.  The increase
resulted primarily from a 67.6% increase in average interest-earning
assets.  Interest income grew at a faster rate than interest expense,
resulting in an increase in the Bank's net interest margin to 5.2% for the
first quarter of 2007 from 4.6% in the same period of last year.

Net non-interest income increased by 91.8% to KZT7.6 billion from KZT4
billion in the first quarter of 2006.  This increase was primarily due to
a rise in net fees and commissions and foreign exchange and securities
operations.  Income from operations with securities amounted to KZT214
million as at March 31, 2007 compared to a loss of KZT72 million in the
same period of 2006 driven by the growth of the market value of the Bank's
securities portfolio.  Income from foreign exchange operations grew to
KZT1.7 billion from KZT539 million in the
same period of 2006.

Net gain on financial assets at fair value through profit or loss was KZT5
billion for the three months ended March 31, 2007 compared to a loss of
KZT706 million in the same period of last year as a result of gains on the
Bank's EUR/ USD and GBP/USD currency swap deals.

Net loss on foreign exchange operations comprised KZT3.1 billion compared
to KZT1.2 billion for in the first quarter of 2006.  The increase resulted
from the strengthening of the Tenge and the fact that the Bank records its
provisions against Tenge loans in U.S. dollars.  The Bank also had a
higher U.S. dollar open currency position.

Provisions for impairment losses

Provisions for impairment losses increased to KZT9.2 billion for the three
months ended March 31, 2007, compared to a recovery of KZT775 million for
the same period of 2006.  The significant growth in provisions for
impairment losses is a result of growth in the Bank's gross loans to
customers to KZT1,918 billion as at March 31, 2007 from KZT842 billion as
at March 31, 2006.  The effective provisioning rate as at March 31, 2007
was 4.4%.

Operating expenses

Operating expenses increased by 63.5% to KZT6.1 billion from KZT3.7
billion in the first quarter of 2006, primarily due to higher staff costs
resulting from the increase in employee numbers.  In addition, other costs
associated with the Bank's expansion of its branch network to accommodate
its retail strategy contributed to this trend.  However, notwithstanding
this growth in operating expenses, the ratio of the Bank's operating
expenses to operating income before provisions for impairment losses
decreased to 17.6% from 19.4% as of end-2006.

Loans to customers

Total gross loans to customers grew by 9.4% to KZT1,918,111 million
compared to KZT1,752,776 million as at Dec. 31, 2006.

Loans to the commercial real estate construction sector increased by 30%
to KZT212.5 billion, compared to KZT163.5 billion as at Dec. 31, 2006,
while loans to the housing construction sector grew by 2.7% to KZT231.6
billion.  These increases were driven by the development of large-scale
construction projects in Astana, Almaty and Atyrau.

As at March 31, 2007, the Bank's 20 largest borrowers accounted for 27.3%
of total loans to customers, compared to 27.8% as at Dec. 31, 2006.  Loans
to the Bank's largest borrower amounted to KZT45.7 billion, compared to
KZT35.2 billion as at Dec. 31, 2006. The number of customers with loans
amounting to greater than 10% of the Bank's equity each rose from five as
at Dec. 31, 2006 to eight.

Loans to individuals, including consumer and mortgage loans, stood at
KZT320.4 billion, compared to KZT261.7 billion in the first quarter of
2006, an increase of 22.5%.  Loans to individuals as a percentage of the
Bank's total loans to customers increased from 15.6% to 17.5%.

US dollar-denominated or indexed loans comprised 68.7% of the Bank's loans
to customers, compared to 66.6% as at Dec. 31, 2006.  Collateralized loans
amounted to 27.9% of total loans to customers, compared with 30.2% as at
Dec. 31,2006.

Non performing loans

The Bank classifies as non-performing only that portion of principal,
interest or fees on a loan which is overdue by more than 30 days for a
corporate loan or retail loan.  According to this definition, the Bank had
a non-performing loan ratio of 1.5% as at March 31, 2006 compared to 0.9%
at end-2006.

Loans and advances to banks

Loans and advances to banks, less allowance for impairment losses,
decreased by 31.5% to KZT135 billion, compared to KZT197.2 billion as at
Dec. 31, 2006.  At the same time, loans and advances to banks as a
percentage of total assets decreased to 5.3% from 8.1% as at end-2006.

Cash and balances with national banks

Cash and balances with the national banks in Kazakhstan, Kyrgyzstan and
Russia increased substantially from KZT209 billion as at end-2006 to
KZT285.6 billion as at March 31, 2007, primarily as a result of the FMSA
tightening its regulatory reserve requirements on internal liabilities and
external liabilities to 6% and 8%, respectively, and restricting the types
of liquid assets in which banks are permitted to place reserves to
deposits with the NBK.

Securities portfolio

The size of the Bank's securities portfolio decreased by 18.7% to KZT264.8
billion compared to KZT325.6 billion as at Dec. 31, 2006.  The decrease
was mainly in the Bank's trading portfolio, which decreased by 19.0% or
KZT61.1 billion.  This decrease was primarily attributable to the sale of
KZT46.2 billion of foreign securities and KZT 19.9 billion of short-term
NBK notes.

Funding

The Bank's debt securities issued increased to KZT646.4 billion or 28.4%
of the Bank's liabilities as at March 31, 2007 compared with KZT424.2
billion or 19.4% as at Dec. 31, 2006.  In February 2007, the Bank, through
Kazkommerts International B.V., issued 750 million of 6.875% notes due in
February 2017 and GBP350 million of 7.625% notes due in February 2012
under the Bank's guaranteed debt issuance program, the proceeds of which
were used to repay a bridge loan.

In May 2007, the Bank issued U.S.$250 million of zero coupon euro
commercial paper through its subsidiary Kazkommerts International B.V.,
also under the Bank's guaranteed debt issuance programme. The commercial
paper is repayable in
May 2008.

Rebranding program

In May 2007, the Bank announced the rebranding of its retail banking arm
to 'Kazkom'.  As part of the Bank's branch expansion programme, the
Kazkommertsbank intends to open up to 80 new branches in 2007, which will
carry the new brand.  Rebranding of existing branches will be carried out
to coincide with their
refurbishment.

During the first three months of 2007, the Bank opened 25 branches
bringing the total number of branches to 136 as at March 31, 2007.

                     About Kazkommertsbank

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

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

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

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

                          *     *     *

As reported in the TCR-Europe on Feb. 21, 2007, Fitch Ratings affirmed
Kazakhstan-based Kazkommertsbank's ratings at foreign currency Issuer
Default 'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D' and
Support '3'.

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


KAZKOMMERTSBANK JSC: Amends Agenda for Shareholders' Meeting
------------------------------------------------------------
JSC Kazkommertsbank is informing shareholders that the agenda of its
extraordinary general meeting to be held at 3:00 p.m. on June 28, 2007 is
amended and include:

   -- on increase of authorized shares amount of Kazkommertsbank
      JSC;

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

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

The extraordinary general meeting will take place at:

         135zh Gagarin St.
         Almaty
         Kazakhstan

The decision of increasing number of common shares by 200 million is made
in accordance with the Bank's strategic goals - to keep leading position
in the banking sector of Kazakhstan, maintaining high level of yield.

Board of directors asks to take into consideration that the increase in
amount of authorized shares does not mean their immediate placement.  If
the share emission prospectus will be approved by shareholders on the
general meeting on June 28 2007, it will be directed to the Agency of
Monitoring and surveillance
of financial market and financial institutions for registration After
registration of Prospectus and receiving of new certificate of state
registration of share emission, new shares will be entered into emission
account of the Bank.

The procedures, date and price of placement will be defined later on by
Board of Directors.  Emission of new shares will allow the Bank to
increase share capital when necessary in order to realize the consistent
growth strategy and partially - for potential creation or purchase of
foreign financial organizations in Kazakhstan and abroad.  If such
decision would be made all shareholders will be informed in appropriate
way.

                     About Kazkommertsbank

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

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

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

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

                          *     *     *

As reported in the TCR-Europe on Feb. 21, 2007, Fitch Ratings affirmed
Kazakhstan-based Kazkommertsbank's ratings at foreign currency Issuer
Default 'BB+', Short-term foreign currency 'B', local currency Issuer
Default 'BBB-', Short-term local currency 'F3', Individual 'C/D' and
Support '3'.

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


KOITAS LLP: Proof of Claim Deadline Slated for July 6
-----------------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Koitas insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


SIRIUS LLP: Creditors Must File Claims July 6
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Sirius insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         PO Box 72
         Main Post Office
         050000 Almaty
         Kazakshtan
         Tel: 8 333 241 79-98


START LLP: Claims Filing Period Ends July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Jambyl has declared LLP
Start insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Jambyl
         Suleymenov Str. 17 (11a)
         Taraz
         Jambyl
         Kazakhstan


VAN-SHAN LLP: Claims Registration Ends July 4
---------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Firm Van-Shan 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
         Germany
         Tel: 8 (3272) 56-75-46
              8 777 293 23-15


WINTERLUX LLP: Creditors' Claims Due July 6
-------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Winterlux insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Almaty
         PO Box 72
         Main Post Office
         050000 Almaty
         Kazakshtan
         Tel: 8 333 241 79-98


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


AB-COMPANY CJSC: Creditors Must File Claims by July 13
------------------------------------------------------
CJSC AB-Company has declared insolvency.  Creditors have until July 13 to
submit written proofs of claim to:

         CJSC AB-Company
         Jybek Jolu Ave. 224
         Bishkek
         Kyrgyzstan


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


ASML HOLDING: Moody's Holds Corporate Family Rating at Ba1
----------------------------------------------------------
Moody's Investors Service assigned a provisional (P)Baa3 rating to the
proposed senior notes of ASML Holding N.V.  The provisional rating is
based on a draft offering memorandum of May 29, 2007 and is expected to be
finalized when final documentation in essentially the same from is
received.  The Ba1 Corporate Family Rating of ASML remains unchanged with
stable outlook.

"The provisional Baa3 rating for the notes for ASML at one notch above the
corporate family rating of Ba1 benefits from the EUR380 subordinated
convertible bonds maturing 2010," Wolfgang Draack, Senior Vice President
and lead analyst for ASML, noted. "The Baa3 rating is further predicated
upon Moody's expectation that ASML will not materially increase senior
debt or other financial liabilities which could weaken the degree of
structural seniority for the noteholders," Mr. Draack added.

Moody's noted that the proposed senior debt issuance is part of a balance
sheet restructuring of ASML, including:

   (i) the arrangement of a EUR500 million, five-year, stand-by
       credit facility without material adverse change clauses
       and only one capital structure covenant;

  (ii) the afore mentioned EUR500 million 7-10 year senior debt
       issue; and

(iii) the announced shareholder distribution of around EUR960
       million.  With this restructuring, management reinforces
       its liquidity strategy while making the capital structure
       more efficient.

Following the adjustment, we expect cash and marketable securities still
to exceed its gross debt, not unlike several of its technology peers,
complemented by the reliable revolving credit facility.  The strong cash
generation and flexibility in future share buybacks leaves this liquidity
level a comfortable cushion.

In addition to the Baa3 notes rating, Moody's has assigned a Loss Given
Default Assessment of LGD3 with a 37% LGD rate.  The EUR380 million
subordinated convertible bonds currently provide sufficient loss cushion
for senior debt to be notched up one from the Ba1 CFR.  The LGD
percentage, however, is very sensitive to changes in the total amount of
modeled senior debt, currently EUR969 million.  Any material increase in
senior debt, i.e. a drawdown of the credit facility or a build-up in trade
payables, could cause the investment grade rating for the notes to be
downgraded.  Vice versa, conversions of the subordinated bonds, whether
early or at the May 2010 maturity, without a refinancing by similarly
subordinated instruments would most likely result in downward rating
pressure of notes to the level of the corporate family rating.  As a
result of ASML's track record of free cash flows giving management the
flexibility to control the capital structure, we currently do not expect
material changes to debt amounts and ranking.

Assignments:

   * Issuer: ASML Holding N.V.

     -- Senior Unsecured Regular Bond/Debenture, Assigned a
        range of 37 - LGD3 to (P)Baa3

ASML is the world's leading provider of lithography systems for the
semiconductor industry, manufacturing complex machines that are critical
to the production of integrated circuits or chips. Headquartered in
Veldhoven, the Netherlands, ASML generated EUR3.6 billion revenues in
2006.


HEXION SPECIALTY: S&P Holds B- Rating on US$825 Million Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its loan and recovery ratings
on Hexion Specialty Chemicals Inc.'s senior secured first-lien bank credit
facilities, including a proposed US$200 million add-on to its existing
term loan, and a proposed US$10 million
add-on to its existing synthetic letter of credit facility.

Pro forma for the proposed changes to the existing facilities, the senior
secured first-lien bank facilities will increase to approximately US$2.5
billion, from US$2.3 billion.  The first-lien bank loan rating is 'B' (the
same as the corporate credit rating) and the recovery rating is '2',
indicating the expectation for substantial (80%-100%) recovery of
principal in the event of a payment default.

At the same time, S&P affirmed its ratings on Hexion's
US$825 million second-lien notes due 2014.  The 'B-' notes rating (one
notch lower than the corporate credit rating) and '3' recovery rating
indicate a meaningful recovery (50%-80%) recovery of principal in the
event of a payment default.

                      Ratings List

             Hexion Specialty Chemicals Inc.

Corporate credit rating                          B/Stable/--
Senior secured first-lien bank credit facilities B
  Recovery rating                                 2
US$825 million second-lien notes due 2014        B-
  Recovery rating                                 3

Based in Columbus, Ohio, Hexion Specialty Chemicals, Inc. –
http://www.hexion.com/-- serves the global wood and industrial markets
through a broad range of thermoset technologies, specialty products and
technical support for customers in a diverse range of applications and
industries.  Hexion Specialty Chemicals is owned by an affiliate of Apollo
Management, L.P.  The company has locations in China, Australia,
Netherlands, and Brazil.


=============
R O M A N I A
=============


YAPITEK SRL: Files for Bankruptcy Protection in Bucharest
---------------------------------------------------------
Yapitek SRL entered bankruptcy proceedings in the Bucharest Court of Law
after debts reached EUR7.5 million, Ziarul Financiar reports.

The company owed EUR4.1 million to Bancpost.

According to Bucharest Romania, building materials distributor Peri
Romania also filed a petition for Yapitek's bankruptcy.

Cris Consult, the court-appointed legal liquidator of the company, told
Ziarul Financiar that the debtor must immediately submit a restructuring
plan, with a view to make the company’s activity profitable, and to be
re-included in the economic circuit.

Yapitek has contracts worth EUR47.6 million, Ziarul Financiar relates.

Headquartered in Bucharest, Romania, Yapitek SRL is a Turkish construction
company, the contractor building the Planorama residential complex.


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


ALLIANCE OF BUILDERS: Creditors Must File Claims by June 12
-----------------------------------------------------------
Creditors of LLC Alliance of Builders have until June 12 to submit proofs
of claim to:

         N. Orlushin
         Insolvency Manager
         Belinskogo Str. 2
         440026 Penza
         Russia

The Arbitration Court of Penza will convene at 10:00 a.m. on Sept. 13 to
hear the company's bankruptcy supervision procedure.  The case is docketed
under Case No. A49-1745/2007-256/3.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         LLC Alliance of Builders
         3rd Proezd Mozhayskogo 13-73
         440015 Penza
         Russia


DALNEVOSTOCHNAYA INVESTMENT: Names V. Skovyra to Manage Assets
--------------------------------------------------------------
The Arbitration Court of Primorye appointed V. Skovyra as Insolvency
Manager for OJSC Dalnevostochnaya Investment Company.
He can be reached at:

         V. Skovyra
         Room 77
         Nerchinskaya Str. 46
         690105 Vladivostok
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No. A51-1601/2007
15-22B.

The Debtor can be reached at:

         OJSC Dalnevostochnaya Investment Company
         Primorye
         Russia


EUROCHEM MINERAL: Completes Stake Swap with MDM Bank
----------------------------------------------------
Shareholders of OJSC MDM Bank and OJSC EuroChem Mineral and
Chemical Co. have completed the reorganization of their interests
disclosed in December 2006, upon receipt of final regulatory approval.

Andrey Melnichenko and Sergey Popov will remain partners in the parties'
joint venture, SUEK.  In the case of MDM Bank and EuroChem, there has been
an exchange of interests.

Mr. Melnichenko's interests have acquired 50% of EuroChem's share capital,
which they did not already own, and Mr. Popov's interests have acquired
Mr. Melnichenko's beneficial holding in MDM Bank.

EuroChem and SUEK have each been beneficially held in equal shares for Mr.
Melnichenko and Mr. Popov since 2001, and MDM Bank since 2003.

                            About MDM

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/-- provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                          About EuroChem

Headquartered in Moscow, Russia, OJSC EuroChem Mineral and Chemical
Company -- http://www.eurochem.ru/-- engages in raw materials extraction,
and production of fertilizers, organics, feed phosphates in Russia and
abroad.

                            *   *   *

In a TCR-Europe report on April 5, 2007, Fitch Ratings assigned EuroChem
Finance p.l.c.'s issue of loan participation notes for the aggregate
principal amount of US$300 million 7.895% due 2012
a final senior unsecured 'BB-' rating.

Fitch Ratings assigned Russia-based OJSC EuroChem Mineral and
Chemical Co. an Issuer Default 'BB-' (BB minus) rating and a
Short-term 'B' rating.  The Outlook on the Issuer Default rating
is Stable.


FACTORY-SERVICE LLC: Creditors Must File Claims by July 12
----------------------------------------------------------
Creditors of LLC Factory-Service have until July 12 to submit proofs of
claim to:

         V. Chvikalov
         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. A14-14876-2006/16b.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63A
         Ufa
         450057 Bashkortostan
         Russia

The Debtor can be reached at:

         LLC Factory-Service
         Rostovskaya Str. 41
         Voronezh
         Russia


GAZPROM NEFT: To Transfer Gazprom Oil Field Ops to New Unit
-----------------------------------------------------------
OAO Gazprom Neft plans to transfer the operation of OAO Gazprom's oil
fields to a new unit, Kommersant reports citing a company magazine.

Gazprom Neft will form Gazprom Neft-NOVAK to operate Gazprom’s 10 oil
fields, Kommersant reports.  The company currently acts both as operator
and contractor for the fields.

Gazprom Neft-NOVAK, Kommersant cites a source privy to the matter, will
serve as the fields' operator while Gazprom Neft will remain as
contractor.  Analysts note that Gazprom may still transfer its new oil
assets to Gazprom Neft.

Gazprom owns oil fields with 67.3 million metric tons of proven and 232.2
million of probable reserves, Kommersant relates citing an audit by
DeGolyer & MacNaughton.  Gazprom, however, extracts only around 1 million
tons a year.

Kommersant suggests that the transfer of the fields may take around two
years until Enineftegaz – a joint venture of Eni S.p.A. and Enel S.p.A. --
sells its 20% stake in Gazprom Neft to Gazprom.  Eni, however, said it
will keep the stake.

                      About Gazprom Neft

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

                         *     *     *

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

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


GULF STREAM: Pskov Bankruptcy Hearing Slated for August 20
----------------------------------------------------------
The Arbitration Court of Pskov will convene on Aug. 20 to hear the
bankruptcy supervision procedure on LLC Gulf Stream.  The case is docketed
under Case No. A52-714/2007.

The Temporary Insolvency Manager is:

         M. Borisov
         Office 215
         Konnaya Str. 2
         180007 Russia

The Court is located at:

         The Arbitration Court of Pskov
         Nekrasova Str. 23
         Pskov
         Russia

The Debtor can be reached at:

         M. Borisov
         Office 215
         Konnaya Str. 2
         180007 Russia


KRASNYJ ALTAY: Creditors Must File Claims by July 12
----------------------------------------------------
Creditors of CJSC Krasnyj Altay have until July 12 to submit proofs of
claim to:

         S. Ogorodnikov
         Insolvency Manager
         Post User Box 2724
         Barnaul
         656065 Altay
         Russia

The Arbitration Court of Altay commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A03-1388/06-B.

The Debtor can be reached at:

         CJSC Krasnyj Altay
         Krasnyj Altay
         Rodinskiy
         Altay
         Russia


KUZNETSK-MEAT OJSC: Court Names A. Chirkovskiy to Manage Assets
---------------------------------------------------------------
The Arbitration Court of Penza appointed A. Chirkovskiy as Insolvency
Manager for OJSC Kuznetsk-Meat.  He can be reached at:

         A. Chirkovskiy
         Post User Box 350
         432024 Ulyanovsk
         Russia

The Court commenced bankruptcy proceedings against the company after
finding it insolvent.  The case is docketed under Case No.
A49-2412/2005-426/20.

The Court is located at:

         The Arbitration Court of Penza
         Belinskogo Str. 2
         440600 Penza
         Russia

The Debtor can be reached at:

         A. Chirkovskiy
         Post User Box 350
         432024 Ulyanovsk
         Russia


MDM BANK: Completes Stake Swap with EuroChem Mineral
----------------------------------------------------
Shareholders of OJSC MDM Bank and OJSC EuroChem Mineral and
Chemical Co. have completed the reorganization of their interests
disclosed in December 2006, upon receipt of final regulatory approval.

Andrey Melnichenko and Sergey Popov will remain partners in the parties'
joint venture, SUEK.  In the case of MDM Bank and EuroChem, there has been
an exchange of interests.

Mr. Melnichenko's interests have acquired 50% of EuroChem's share capital,
which they did not already own, and Mr. Popov's interests have acquired
Mr. Melnichenko's beneficial holding in MDM Bank.

EuroChem and SUEK have each been beneficially held in equal shares for Mr.
Melnichenko and Mr. Popov since 2001, and MDM Bank since 2003.

                         About EuroChem

Headquartered in Moscow, Russia, OJSC EuroChem Mineral and
Chemical Company -- http://www.eurochem.ru/-- engages in raw
materials extraction, and production of fertilizers, organics,
feed phosphates in Russia and abroad.

                            About MDM

Headquartered in Moscow, Russia, OJSC MDM Bank --
http://www.mdmbank.com/-- provides financial services organized
across four divisions: corporate banking, retail banking, and
investment banking.  The bank owns and operates 100 offices
throughout Russia.

                            *   *   *

In December 2006, Standard & Poor's Ratings Services raised its
long-term counterparty credit rating on MDM Bank to 'BB-' from
'B+'.  S&P said the outlook is stable.  At the same time, the
'B' short-term counterparty credit rating on the bank was
affirmed.

In addition, Fitch Ratings affirmed Russia-based MDM Bank's and
parent MDM Holding GmbH's ratings:

   * MDM Bank:

      -- Issuer Default rating and foreign currency senior
         unsecured debt: affirmed at 'BB-' (BB minus); IDR
         Outlook Positive.

      -- Subordinated debt: affirmed at 'B+'

      -- National Long-term rating and RUB senior unsecured
         debt: affirmed at 'A+(rus)'; Long-term rating Outlook
         Positive.

      -- Short-term rating affirmed at 'B'

      -- Individual rating: affirmed at 'C/D'

      -- Support rating: affirmed at '4'

   * MDM Holding GmbH:

      -- IDR: affirmed at 'BB-' (BB minus); Outlook Positive
      -- Short-term rating: affirmed at 'B'
      -- Individual rating: affirmed at 'C/D'
      -- Support rating: affirmed at '5'

MDM Bank's US$2 billion Program for the Issuance of Loan
Participation Notes also carries Ba2/Not Prime ratings from
Moody's.  Moody's said the outlook is stable.


NEFTE-MASH OJSC: Creditors Must File Claims by July 12
------------------------------------------------------
Creditors of OJSC Sev-Trans-Stroy (TIN 2901011298) have until July 12 to
submit proofs of claim to:

         V. Babich
         Insolvency Manager
         Nogradskaya Str. 3-52
         650099 Kemerovo
         Russia

The Arbitration Court of Kemerovo commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A27-16778/2006-4.

The Debtor can be reached at:

         OJSC Nefte-Mash
         Tereshkovoj Str. 45
         Kemerovo
         Russia


REAL CJSC: Court Starts Bankruptcy Supervision Procedure
--------------------------------------------------------
The Arbitration Court of Sverdlovsk commenced bankruptcy supervision
procedure on CJSC Real.  The case is docketed under Case No.
A60-5742/07-S11.

The Insolvency Manager is:

         Y. Osadchuk
         Apartment 27
         Krestinskogo Str. 59/3
         620083 Ekaterinburg
         Russia

The Court is located at:

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

The Debtor can be reached at:

         CJSC Real
         Yaroslavskogo Str. 9
         Revda
         623289 Sverdlovsk
         Russia


ROSNEFT OIL: To Consolidate Yukos Assets in July
------------------------------------------------
OAO Rosneft Oil Co. will integrate in July the production assets it
acquired from OAO Yukos Oil Co., RIA Novosti reports citing Chief
Executive Sergei Bogdanchikov.

"The new assets will be integrated in a single payment plan and funding
plan in July," Mr. Bogdanchikov was quoted by RIA Novosti as saying.  He
added that Rosneft would not issue new shares to effect the consolidation.

Mr. Bogdanchikov added that Rosneft will sell its non-core assets while
carrying out the integration, RIA Novosti says.

The chief executive said assets it acquired from Yukos would place it
among the world’s top three oil firms.  He added that Rosneft is holding
talks with OOO Unitex to acquire its Yukos assets.

As reported in the TCR-Europe on May 11, 2007, Unitex offered RUR12.4
billion or US$484.3 million for the lot, which consists of stakes in:

   -- 100% of Tomskneft
   -- 70.78% of Vostsibneftegaz
   -- 5.89% of Yeniseineftegaz
   -- 100% of Angarsk Petrochemical Company
   -- 100% of Achinsk Oil Refinery, and
   -- 100% Angarsk Polymer Plant

Mr. Bogdanchikov revealed that Rosneft mulls acquiring Yukos' Krasnodar
assets –- which sale to Promregion was blocked by the Federal Antimonopoly
Service after the firm refused to divulge its ownership structure.

The chief executive also denied connection between Rosneft and Prana.

"The structure is categorically not ours," Mr. Bogdanchikov said.  "We
have never heard of it."

                           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.


ROSNEFT OIL: Eyes US$3 Bln Investment in Vankor Field by Yearend
----------------------------------------------------------------
OAO Rosneft Oil Co. will invest around US$3 billion in its Vankor oil and
gas field in Eastern Siberia by year end, RIA Novosti reports citing CEO
Sergei Bogdanchikov.

Mr. Bogdanchikov said Rosneft is preparing the sites ready for oil
production as early as 2008, in time for the completion of the Eastern
Siberia-Pacific Ocean pipeline, RIA Novosti relates.  The company plans to
transport crude oil extracted from Vankor through ESPO to Asia-Pacific.

Alexander Nazarenko, Rosneft’s chief engineer, said the company’s
recoverable crude reserves at Vankor rose 77 million metric tons to 490
million metric tons by 2007 mainly due to improved oil recovery
performance.

                           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.


SEV-TRANS-STROY: Creditors Must File Claims by June 12
------------------------------------------------------
Creditors of OJSC Sev-Trans-Stroy (TIN 2901011298) have until June 12 to
submit proofs of claim to:

         A. Bezrukov
         Temporary Insolvency Manager
         Post User Box 146
         Severodvinsk
         164501 Arkhangelsk
         Russia

The Arbitration Court of Arkhangelsk will convene on Oct. 12 to hear the
company's bankruptcy supervision procedure on OJSC
Sev-Trans-Stroy (TIN 2901011298).  The case is docketed under Case No.
A05-3131/2007.

The Court is located at:

         The Arbitration Court of Arkhangelsk
         Loginova Str. 17
         163069 Arkhangelsk Region
         Russia

The Debtor can be reached at:

         OJSC Sev-Trans-Story
         Novgorodskiy Pr. 181
         163061 Arkhangelsk
         Russia


SOUTH-URAL-RESOURCES: Creditors Must File Claims by July 12
-----------------------------------------------------------
Creditors of CJSC South-Ural-Resources (TIN 0224005630) have until July 12
to submit proofs of claim to:

         A. Fazlyev
         Insolvency Manager
         Post User Box 220
         Ufa
         450080 Bashkortostan
         Russia

The Arbitration Court of Bashkortostan commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A07-28113/06-G-GIA.

The Court is located at:

         The Arbitration Court of Bashkortostan
         Oktyabrskoy Revolyutsii Str. 63A
         Ufa
         450057 Bashkortostan
         Russia

The Debtor can be reached at:

         CJSC South-Ural-Resources
         Iglino
         Bashkortostan
         Russia


SUAL INTERNATIONAL: S&P Withdraws BB- Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' long-term corporate
credit rating and 'ruAA-' Russia national scale rating on Russia-based
vertically integrated aluminum company SUAL International Ltd. at the
company's request.  SUAL has no
rated debt outstanding.

At the time of withdrawal, the ratings on SUAL were on CreditWatch with
positive implications, where they were placed on Oct. 9, 2006, following
the announcement of the planned combination with Russia's largest aluminum
company Rusal (not rated) and the aluminum assets of Glencore
International AG (BBB-/Stable/A-3).  The transaction was completed in
March 2007, with the newly created entity, United Company Rusal (not
rated), being the world's largest aluminum company.

On a stand-alone basis, United Company Rusal has a stronger business
profile than any of the three entities it comprises, due to greater scale,
diversification, favorable cost position, vertical integration, and
operational synergies.

"We cannot assess what the likely eventual rating on SUAL would have been
if the CreditWatch had been resolved, because there is little clarity on
United Company Rusal's financial profile -- in particular, its leverage
and any off-balance-sheet financing -- its financial policy and governance
practices, and the status of SUAL's creditors relative to other creditors
of the combined entity," said Standard & Poor's credit analyst Elena
Anankina.


SYNTHESIS OJSC: Creditors Must File Claims by June 12
-----------------------------------------------------
Creditors of OJSC Synthesis have until June 12 to submit proofs of claim to:

         S. Ivanov
         Temporary Insolvency Manager
         Building 1
         Derbenevskaya Str. 11
         115114 Moscow
         Russia

The Arbitration Court of Moscow will convene at 10:00 a.m. on Aug. 21 to
hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A40-2958/07-38-5B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Synthesis
         Ugreshskaya Str. 2
         115088 Moscow
         Russia


TECHNICS LTD: Creditors Must File Claims by June 12
---------------------------------------------------
Creditors of CJSC Technics Ltd (TIN 4824003279) 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. A36-95-B/1-01.

The Debtor can be reached at:

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


TOMSK-WEST-OIL: Creditors Must File Claims by June 12
-----------------------------------------------------
Creditors of CJSC Tomsk-West-Oil have until June 12 to submit proofs of
claim to:

         G. Krashennikova
         Insolvency Manager
         Belinskogo Str., 20/1-2
         634029 Tomsk
         Russia

The Arbitration Court of Tomsk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A67-1364/06.

The Debtor can be reached at:

         CJSC Tomsk-West-Oil
         Lenina Square 14
         Tomsk
         Russia


URAL-ENERGO-INVEST: Creditors Must File Claims by July 12
---------------------------------------------------------
Creditors of LLC Ural-Energo-Invest have until July 12 to submit proofs of
claim to:

         V. Kuzyaev
         Insolvency Manager
         Post User Box 1515
         460001 Orenburg
         Russia

The Arbitration Court of Orenburg commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A47-12908/2006-14GK.

The Debtor can be reached at:

         LLC Ural-Energo-Invest
         Sovetskaya Str. 46
         Totskoye
         Totskiy
         461131 Orenburg
         Russia


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


SANTANDER EMPRESAS 3: Moody's Junks EUR45.5 Mln Series F Notes
--------------------------------------------------------------
Moody's Investors Service assigned these definitive ratings to the Spanish
corporate loan-backed securities to be issued by Fondo de Titulizacion de
Activos, Santander Empresas 3:

   -- Aaa to the EUR800.0 million Series A1 notes;
   -- Aaa to the EUR1,800.0 million Series A2 notes;
   -- Aaa to the EUR627.5 million Series A3 notes;
   -- Aa2 to the EUR39.7 million Series B notes;
   -- A3 to the EUR117.3 million Series C notes;
   -- Baa3 to the EUR70.0 million Series D notes;
   -- Ba1 to the EUR45.5 million Series E notes; and
   -- C to the EUR45.5 million Series F notes.

Fondo de Titulizacion de Activos, Santander Empresas 3 is a securitisation
of loans granted to Spanish corporates carried out by Banco Santander
Central Hispano, S.A.  Although some major corporations are debtors of the
provisional pool, Moody's says that the level of granularity observed is
in line with that observed in some SME deals.  Furthermore, according to
the originator, around 80% of the provisional portfolio is suitable for
securitization according to the FTPYME program conditions.

In Moody's view, strong features within this deal include, among others:

   (1) a strong swap agreement guaranteeing an excess spread of
        0.65% and covering the servicing fee should BSCH be
        substituted as servicer of the pool;

   (2) a 12-month artificial write-off mechanism;

   (3) a well diversified pool in terms of geography and
       industry concentration;

   (4) a fully sequential amortization of the subordinated notes
      (series B, C, D and E); and

   (5) good performance of the FTPYME Santander I deal.

The weaknesses of this deal include:

   (1) the limited historical information submitted by BSCH;

   (2) a more concentrated pool than its predecessor (Santander
       Empresas 2);

   (3) the fact that a significant portion of the loans are paid
       in semi-annual or annual installments; and

   (4) the negative impact of the interest deferral trigger on
       the subordinated series.  Moody's incorporated these
       increased risks into its credit enhancement calculation.

The provisional pool of underlying assets comprised, as of April 2007, a
portfolio of 25,882 loans granted to 24,767 borrowers, all of whom are
Spanish corporates.  The loans were originated between 1994 and 2006, with
a weighted average seasoning of 1.85 years and a weighted average
remaining life of 9.34 years.  The interest rate is floating for 89.6% of
the pool and fixed for the rest.  The weighted average interest rate is
4.37%.  42% of the outstanding of the portfolio is secured by a first-lien
mortgage guarantee over different types of properties, with a weighted
average loan to value equal to 75%.  Geographically, the pool is
concentrated in Madrid (25%), Catalonia (17%) and Andalusia (12%), and is
around 37% concentrated in the "buildings and real estate" sector
according to Moody's industry classification.  At closing, none of the
loans will have amounts more than 30 days past due.

Moody's based the ratings primarily on:

   (i) an evaluation of the underlying portfolio of loans;

  (ii) historical performance and other statistical information;

(iii) the swap agreement hedging the interest rate risk;

  (iv) the credit enhancement provided through the GIC account,
       the excess spread, the reserve fund and the subordination
       of the notes; and

   (v) the legal and structural integrity of the transaction.

The ratings address the expected loss posed to investors by the legal
final maturity (October 2049).  In Moody's opinion, the structure allows
for timely payment of interest and ultimate payment of principal at par
with respect to the Series A1, A2, A3, B, C, D and E notes, and for
ultimate payment of interest and principal at par with respect to the
Series F notes, on or before the final legal maturity date.  Moody's
ratings address only the credit risks associated with the transaction.
Other non-credit risks have not been addressed, but may have a significant
effect on yield to investors.


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


BAREV LLC: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC Barev on May 2.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Baden
         5402 Baden AG
         Switzerland

The Debtor can be reached at:

         LLC Barev
         Schwimmbadstrasse
         5430 Wettingen
         Baden AG
         Switzerland


COINVEST HOLDING: Creditors' Liquidation Claims Due June 15
-----------------------------------------------------------
Creditors of JSC Coinvest Holding have until June 15 to submit their
claims to:

         JSC Herzog
         Liquidator
         Rosenstrasse 2
         6010 Kriens LU
         Switzerland

The Debtor can be reached at:

         JSC Coinvest Holding
         Stansstad NW
         Switzerland


ESPRITNET LLC: Creditors' Liquidation Claims Due June 13
--------------------------------------------------------
Creditors of LLC EspritNet have until June 13 to submit their claims to:

         Birchweg 17
         8472 Seuzach
         Winterthur ZH
         Switzerland

The Debtor can be reached at:

         LLC EspritNet
         Seuzach
         Winterthur ZH
         Switzerland


GALERIE KONIGSBLAU: Creditors' Liquidation Claims Due June 14
-------------------------------------------------------------
Creditors of LLC Galerie Konigsblau have until June 14 to submit their
claims to:

         Breitlingerstr. 21
         8002 Zurich
         Switzerland

The Debtor can be reached at:

         LLC Galerie Konigsblau
         Zurich
         Switzerland


J. + B. LLC: Creditors' Liquidation Claims Due June 14
------------------------------------------------------
Creditors of LLC J. + B. have until June 14 to submit their claims to:

         Josefine Gurtler
         Liquidator
         Alte Hauptstrasse 27
         5084 Rheinsulz
         Switzerland

The Debtor can be reached at:

         LLC J. + B.
         Sulz
         Laufenburg AG
         Switzerland


MT MOHLIN: Aargau Court Starts Bankruptcy Proceedings
-----------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
JSC MT Mohlin Transport on May 7.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Brugg
         5201 Brugg AG
         Switzerland

The Debtor can be reached at:

         JSC MT Mohlin Transport
         Obere Fuchsrainstrasse 4
         4313 Mohlin
         Rheinfelden AG
         Switzerland


SCHOSSWENDER HANDEL: Creditors' Liquidation Claims Due June 13
--------------------------------------------------------------
Creditors of JSC Schosswender Handel have until June 13 to submit their
claims to:

         Marc R. Buttler
         Liquidator
         Beglinger Holenstein
         Utoquai 29/31
         8008 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Schosswender Handel
         Inwil LU
         Switzerland


SWAIRCO JSC: Creditors' Liquidation Claims Due June 14
------------------------------------------------------
Creditors of JSC Swairco have until June 14 to submit their claims to:

         Rolf P. Jetzer or Sibylle C. Grosjean
         Liquidators
         Bahnhofstrasse 13
         8001 Zurich
         Switzerland

The Debtor can be reached at:

         JSC Swairco
         Zurich
         Switzerland


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


ANAVI LLC: Claims Filing Deadline Set June 6
--------------------------------------------
Creditors of LLC Science-Production Enterprise Anavi (code EDRPOU
13324916) 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.
10/25-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Science-Production Enterprise Anavi
         Maksimovich Str. 20
         Vinnica
         Ukraine


AUGUST LLC: Creditors Must File Claims by June 6
------------------------------------------------
Creditors of LLC Company August (code EDRPOU 13756656) have until June 6
to submit their proofs of claim to:

         Viacheslav Mironenko
         Temporary Insolvency Manager
         Apartment 61
         Heroes of Stalingrad Str. 15
         Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy supervision procedure on
the company.  The case is docketed under Case No. 11/37.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Company August
         Kirov Str. 53/64
         25006 Kirovograd
         Ukraine


BIOLOGIST LLC: Creditors Must File Claims by June 6
---------------------------------------------------
Creditors of LLC Production-Commercial Firm Biologist (code EDRPOU
24944674) have until June 6 to submit their proofs of claim to:

         Alexander Liashko
         Temporary Insolvency Manager
         21st January Str. 31/34 Apartment 1
         Herson
         Ukraine

The Economic Court of Herson commenced bankruptcy supervision procedure on
the company.  The case is docketed under Case No. 12/77-B-07.

The Debtor can be reached at:

         LLC Production-Commercial Firm Biologist
         House Builders Str. 6
         73000 Herson
         Ukraine


COMMAND K: Claims Filing Deadline Set June 6
--------------------------------------------
Creditors of LLC Command K (code EDRPOU 33676444) have until June 6 to
submit their proofs of claims by the address

         Vladimir Kapustin
         Liquidator
         Kronshtadskaya Str. 138
         61029 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
B-39/50-07.

The Court is located at:

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

The Debtor can be reached at:

         LLC Command K
         Gagarin Avenue 178
         61124 Kharkov
         Ukraine


GERMES-PLUS LLC: Claims Filing Deadline Set June 6
--------------------------------------------------
Creditors of LLC Germes-Plus (code EDRPOU 32069786) have until June 6 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.
43/183.

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 Germes-Plus
         Borispol Str. 9, b. 61
         02099 Kiev
         Ukraine

GRANIT LLC: Claims Filing Deadline Set June 9
---------------------------------------------
Creditors of LLC Science-Production Enterprise Granit (code EDRPOU
33416051) have until June 9 to submit their proofs of claim to:

         Jury Ulianchuk
         Liquidator
         Apartment 54
         Revolt of January Str. 11-a
         Kiev
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. B
3/147-07.

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 Science-Production Enterprise Granit
         Kiev road Str. 84
         Borispol
         08300 Kiev
         Ukraine


OBRIY LLC: Claims Filing Deadline Set June 9
--------------------------------------------
Creditors of Agricultural LLC Obriy (code EDRPOU 03788032) have until June
9 to submit their proofs of claim to:

         J. Shmatlay
         Liquidator
         Mayborsky Str. 12 Apartment 23
         Hmelnitsky
         Ukraine

The Economic Court of Hmelnitskiy commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 17/289-B.

The Court is located at:

         The Economic Court of Hmelnitskiy
         Nezalezhnosti Square 1
         29000 Hmelnitskiy
         Ukraine

The Debtor can be reached at:

         Agricultural LLC Obriy
         Kalnia
         Derazhnia District
         Hmelnitsky
         Ukraine


VOLIN EXTERNAL: Claims Filing Deadline Set June 6
-------------------------------------------------
Creditors of LLC Volin External Bread Enterprise (code EDRPOU 30088917)
have until June 6 to submit their proofs of claim to:

         The Economic Court of Volin
         Volia Avenue 54-a
         43010 Lutsk
         Volin
         Ukraine

The Economic Court of Volin commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
7/89-B.

The Debtor can be reached at:

         LLC Volin External Bread Enterprise
         Karbishev Str. 1
         Lutsk
         Volin
         Ukraine


YATRAN-PLUS LLC: Claims Filing Deadline Set June 9
--------------------------------------------------
Creditors of LLC Yatran-Plus (code EDRPOU 32617236) have until June 9 to
submit their proofs of claim to:

         Sergey Okhinchenko
         Liquidator
         P.O. Box 1/14
         25006 Kirovograd
         Ukraine

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
10/139.

The Court is located at:

         The Economic Court of Kirovograd
         Lunacharski Str. 29
         25006 Kirovograd
         Ukraine

The Debtor can be reached at:

         LLC Yatran-Plus
         Lenin Str. 23
         Kandaurovoe
         27613 Kirovograd
         Ukraine


YAVORNIK JSC: Creditors Must File Claims by June 6
--------------------------------------------------
Creditors of JSC Yavornik (code EDRPOU 00273695) have until
June 6 to submit their proofs of claim to:

         Andrew Rakuschinets
         Temporary Insolvency Manager
         Apartment 59
         Bogomolets Str. 12
         Uzhgorod
         88009 Zakarpatye
         Ukraine

The Economic Court of Zakarpatye commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. 6/50.

The Court is located at:

         The Economic Court of Zakarpatye
         Kociubinsky Str. 2a
         Uzhgorod
         88000 Zakarpatye
         Ukraine

The Debtor can be reached at:

         JSC Yavornik
         Gagarin Str. 1
         Bolshoy Berezny
         89000 Zakarpatye
         Ukraine


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


EMI GROUP: Advisers to Share GBP150 Million on Successful Offer
---------------------------------------------------------------
City advisers will share GBP150 million in fees if Terra Firma Capital’s
GBP4 billion offer for EMI Group Plc is successful, Dominic White writes
for The Telegraph.

According to the report, Citigroup Global Markets Ltd., which is arranging
a GBP2.5 billion debt to help fund Terra Firma’s cash offer, will receive
the biggest share in fees.

Citigroup is also EMI Group’s joint house broker, but EMI said that
Greenhill & Co. International LLP is acting as its independent adviser to
comply with the takeover rules, the Telegraph relates.

Terra Firma, founded by Guy Hands, submitted the sealed offer of around
265 pence in cash for each EMI shares with deadline for acceptances set
for June 27, 2007.

According to the Telegraph, the offer would now cost Terra Firma GBP4
billion, GBP800 million more than the previously reported GBP3.2 billion
bid, because the firm expected EMI’s debt to rise by GBP600 million at
March 31, 2007, to GBP1.4 billion by the time the deal would complete.
Advisers’ fees is at GBP150 million and GBP50 million for the break fees
due on EMI’s existing debt.

Terra Firma is putting up GBP1.47 billion of equity and borrowing of
GBP2.5 billion to fund the offer, and has also arranged a GBP350 million
overdraft to finance working capital, the Telegraph relates.

Terra Firma also said it was keen to reach agreement with the trustees of
EMI's pension fund.  The fund had a deficit of GBP7 million at March 31,
2007.

Meanwhile Warner Music Group Corp. is contemplating on a solo bid for EMI
Group PLC after changing its mind on approaching EMI with private equity
firms, AFX News Ltd. reports citing the Guardian as its source.

According to the report, Warner was doing due diligence on EMI and is set
on a lone offer.

Former EMI CEO Jim Fifield also expressed his plans to acquire EMI.

                        About Terra Firma

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

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

                            About EMI

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

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

The company issued two profit warnings since January 2007.

                        *     *     *

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

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

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

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

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

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

  (iv) is reviewing its balance sheet.


FORD MOTOR: Denies Talks with BMW on Possible Volvo Sale
--------------------------------------------------------
Ford Motor Company has denied reports that it is in unofficial discussions
with German auto maker BMW to sell its Swedish unit Volvo Car Corp,
various papers disclose.

The Financial Times and The Goteborgs Posten Daily related last week that
sources within Ford said the car producer is mulling over the sale of
Volvo to raise cash and return its North American operations to
profitability.

Analysts say that the sale of Volvo could raise about US$8 billion,
Poornima Gupta of Reuters reports.

“Ford is not in discussions with BMW or any other carmaker regarding
interest in the Volvo Car Corp.," Ford spokesman John Gardiner said,
reading from a statement.  "We have seen this kind of speculation for the
past year, as Ford Motor Company has been assessing our operations and
portfolio -- as any good business does and we will continue to do."

According to Jeremy van Loon of Bloomberg News, BMW AG’s shares went up
1.7% after the Financial Times reported that it is a possible buyer of
Volvo.

                        About Ford Motor Co.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co.

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

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


FORD MOTOR: Production Ends at Windsor Casting Plant
----------------------------------------------------
Production at the 73-year-old Windsor Casting Plant ended as Ford Motor
Company continues to transform its North American automotive operations
into a profitable and sustainable business.  Ford is moving away from
in-house casting operations due to the competitive realities of today's
auto industry and the need to focus on the core business.

During the last 73 years, the Windsor Casting Plant has produced more than
50 million cylinder block castings and crankshafts for Ford engines.  
Windsor Casting Plant employees have demonstrated leadership in their
dedication to quality, environmental stewardship and their commitment to
the community.

"It is a tribute to the employees at the Windsor Casting Plant that they
have achieved outstanding productivity levels with consistently high
quality throughout this year, right down to the last engine block
produced," AdrianVido, Windsor site manager, Ford Motor Company of Canada,
Limited, said.  "The company's decision to move away from in-house casting
operations is based on a thorough analysis of our business and a need to
focus on our core operations.  While difficult, these are the right
actions for Ford's future."

As reported in the Troubled Company Reporter on May 9, 2007, the company
also recently disclosed that it will end casting production at the Ford
facility in Cleveland, Ohio.

The Windsor Casting Plant opened in 1934 and most recently employed 500
people.  It produces cylinder block castings for 4.2-litre V6 engines and
crankshafts for 4.2-litre V6, 5.4-litre V8, 3.0-litre V6, 4.6-litre V8 and
2.3-litre engines.  The plant is also one of the largest recyclers of iron
and steel in Southern Ontario.  All the steel used in the cylinder blocks
and crankshafts is recycled material.

"For decades, workers at the Windsor Casting Plant have demonstrated an
unwavering commitment to quality workmanship and pride in a job well
done,” Mike Vince, president, Canadian Auto Workers Local 200, said.
“They leave the plant with their heads held high.”

Working with the CAW, Ford of Canada has offered financial assistance
packages worth up to US$100,000 to help employees in Windsor retire, or
move their careers in new directions.  The company has also partnered with
the Ontario government to open an employment counseling and training
centre specifically for Ford employees impacted by the restructuring.
Programs and services for these workers include: job-search assistance,
training information, vocational and educational counseling, personal
support in dealing with the stress of job loss, financial counseling and
information about starting a small business.

"A key priority is to help our employees, their families and the community
through this difficult transition," Tom McWilliams, manufacturing manager
and a 24-year Ford veteran, including 17 years at Windsor Casting, said.
"It's simply the right thing to do in a tough situation."

                      About Ford Motor Co.

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

                          *     *     *

As reported in the Troubled Company Reporter on Dec. 12, 2006,
Standard & Poor's Ratings Services affirmed its 'B' bank loan and '2'
recovery ratings on Ford Motor Co.

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

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


INVENSYS PLC: S&P Puts Low-B Ratings on Positive Watch
------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' corporate credit and
'B-' senior unsecured debt ratings on U.K.-based engineering company
Invensys PLC on CreditWatch with positive implications, reflecting the
company's strengthening credit measures.

"The rating action reflects Invensys's potential for a higher credit
rating resulting from the improvement in its financial risk profile, due
to an improved capital structure and continued positive earnings and cash
flow momentum," said Standard & Poor's credit analyst Louise Newey.

S&P will resolve the CreditWatch positive status upon a full review of
Invensys's financial and business risk profiles and results for the full
financial year 2007.  The ratings on Invensys continue to also reflect the
company's exposure to cyclical industries, sensitivity to the economic
cycle, participation in fragmented and highly competitive industries, and
some bargaining power of its customers across most divisions.


JABIL CIRCUIT: Moody's Confirms Ba1 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service confirmed Jabil Circuit, Inc.'s Ba1 corporate
family rating and revised the outlook to negative following the recent
filing of its fiscal 2006 (August yearend) 10-K and fiscal 2007 first and
second quarter tenth-quarters. Simultaneously, Moody's upgraded the rating
on the existing $300 million senior unsecured notes to Ba1 from Ba2.

This concludes the review for possible downgrade that was first initiated
in November 2006 and continued in February 2007 when Moody's lowered the
CFR to Ba1.

The confirmation reflects the company's filing of its 10-K and tenth
quarters.  The 10-K included cumulative non-cash pre-tax restatement
charges totaling $54.3 million related to improper accounting treatment of
prior stock options awarded to employees and a non-employee director.
Moody's views these charges to be immaterial.

The negative outlook reflects Jabil's reduced financial flexibility as a
result of increased financial leverage, profitability weakness and
expectations of diminished free cash flow over the next several quarters.
It also considers the increase in working capital consumption over the
past year without a commensurate increase in profitability, and continued
high levels of capital expenditures targeted for fiscal 2007. Hence, we
anticipate free cash flow to continue to be negative in fiscal 2007 as the
company continues to spend to add higher margin capacity.  Management
expects to be free cash flow positive in fiscal 2008, however Moody's
believes Jabil will be challenged to achieve this.  The negative outlook
factors only a modest amount of refinancing risk related to the bridge
facility maturing December 2007.

The Ba1 CFR reflects the excess capacity, competitive pricing pressures
and inherent volatility that currently plague the EMS industry, as well as
rising capital expenditures and working capital associated with Jabil's
transition to a more vertically integrated business model to compete more
effectively against its competitors.  The rating is constrained by the
company's mid-single digit gross margins, $200-250 million 3-year
restructuring program that is expected to conclude in fiscal 2008 and the
associated near-term negative impact on already thin operating margins.
Moody's notes that although roughly 60% of the charges have occurred, the
remaining realignment costs coupled with the challenges associated with
the need to make considerable up-front investments for new vertical
programs before commensurate return on capital is realized, will likely
keep operating margins below 2% over the next 12 months. Additionally,
current weakness in the consumer segment, unfavorable product mix and the
winding down of old OEM programs prior to full ramp-up of the higher
margin vertical programs will pressure revenue growth rates (estimated to
be 15%/annum going forward versus 30% historically) and operating margins.
Finally, financial leverage of 3.7x associated with the recent
debt-financed acquisition of Taiwan Green Point Enterprises, weakly
positions Jabil in the Ba1 rating category.  Moody's observes that these
various challenges could place increased demand on senior management,
stretch resources and cause distractions as the company seeks to become
more efficient and acquire core competencies in the non-traditional part
of the EMS value chain.

Notwithstanding these challenges in the near-term, we expect Jabil will
maintain a solid market position longer-term, benefiting from the secular
OEM outsourcing trend (especially in the Asian and Eastern European
regions), its Tier 1 leadership status, historic quality execution and
customer service in the traditional EMS space, growing market share and
global footprint with facilities located near OEM customer sites.  Going
forward, the company expects to de-emphasize its historic focus on lower
margin commodity activities in favor of an operating model concentrating
on end-to-end solutions, vertical component production and emerging EMS
segments with higher margin low volume characteristics.  Consideration is
given to the company's rationalization of its manufacturing footprint, the
shift of production to lower cost regions and the expected costs savings
associated with the restructuring program.

Moody's could stabilize the outlook upon Jabil's achievement of
sustainable cash flow from operations and generation of free cash flow to
reduce leverage and achieve total debt to EBITDA commensurate with the Ba1
rating. Additionally, the outlook could stabilize upon:

   (i) sustaining current market share levels relative to
       competitors;

  (ii) management focus on improved operational execution
       especially in non-traditional EMS segments;

(iii) an increase in revenue contribution from value-added EMS
       activities, resulting in higher sustainable operating
       margins;

  (iv) improvement in operating income ROA (net cash) above 7%
       (Moody's adjusted);

   (v) minimization of restructuring charges and realization of
       associated cost savings; and

  (vi) successful incorporation of Green Point as part of the
       new vertical integration and product development
       strategy.

The one-notch upgrade of the senior notes reflects a lower
loss-given-default point estimate than previously (52% from 83%) under the
LGD framework and Moody's' revised view that the notes are not
structurally subordinated to the liabilities at Jabil's operating
subsidiaries.  Based upon new information, it is evident that Jabil
Circuit, Inc., the issuer of the notes, is not a parent holding company,
but rather an operating entity with hard assets, receivables and payables.
As such, although the notes do not benefit from upstream guarantees,
because they are located at a first-tier operating entity, in a bankruptcy
scenario they would share the same collateral pool as the trade creditors
and bank lenders residing at the operating subsidiaries.

These ratings/assessments were upgraded:

   -- $300 million 5.875% Senior Unsecured Notes due 2010 to Ba1
      (LGD-4, 52%) from Ba2 (LGD-5, 83%)

These ratings were confirmed:

   -- Corporate Family Rating at Ba1;
   -- Probability of Default Rating at Ba1.

Jabil Circuit, Inc., headquartered in St. Petersburg, Florida --
http://www.jabil.com/-- is an electronic product solutions company
providing comprehensive electronics design, manufacturing and product
management services to global electronics and technology companies.  Jabil
Circuit has more than 50,000 employees and facilities in 20 countries,
including Brazil, Mexico, United Kingdom and Japan.  Revenues for the 12
months ended Feb. 28, 2007 were $11.7 billion.


METRONET RAIL: Tube Lines Will Not Take Over LU PPP Contract
------------------------------------------------------------
Tube Lines, one of two companies that maintain the underground network in
a GBP30 billion public private partnership contract, will not take over
the rest of the project if fellow contractor The Metronet Rail Group
collapses, Dan Milmo writes for The Guardian, citing London Mayor Ken
Livingstone.

Metronet is on the brink of insolvency due to cost overruns of at least
GBP750 million, Mr. Milmo of The Guardian says.

According to the report, the mayor is concerned Metronet's troubles might
drag down Tube Lines if the “mess” is dumped on the company.  If Metronet
indeed collapses, Mr. Livingstone said
he will let the Transport for London handle maintenance work in the short
term.

Tube Lines, however, declined to comment on the issue.

As previously reported in the TCR-Europe on May 28, 2007, Metronet may opt
for an extraordinary review to resolve the
issue of massive cost overruns if talks with London Underground
management fail to reach a deal.

A commercial settlement with London Underground management to
cover the extra costs of upgrading the stations seems unlikely, AFX News
reports citing Metronet Chairman Graham Pimlott.

Metronet revealed the financial overrun is higher than the
projected GBP750 million in November 2006.  It is said to have
escalated to around GBP1 billion, The Guardian relates.

The Guardian says Metronet could face insolvency if PPP Arbiter
Chris Bolt orders the company to meet the majority of the
overspend and investors refuse to pay.

However, Metronet reiterated that its shareholders had no
intention of walking away.

               Metronet's Station Upgrade Program

Metronet responded to an Evening Standard report on May 29, 2007,
concerning the delivery of station upgrades – as part of its GBP17 billion
30-year investment program.  The article, which it claimed was based on
leaked “Transport for London documents”, said a group of 25 stations were
“10,000 days late”.  Metronet refutes the assessment of its stations
upgrade record contained within the article.

A spokesman for Metronet said: “The report is sensational and misleading.
In many cases the estimated completion has been projected forward for
operational reasons – or for example where the proposed works will be
impacted through future property development by third parties.”

In the case of four of the seven worst “delays” cited by the Standard –
including the longest, Euston Square – London Underground (LU) has asked
Metronet to postpone work: this is the result of separate development
projects at Euston Square and Cannon Street, which necessitate delay;
Wanstead is on hold while LU considers the relocation of a station control
room and work at Farringdon has been put back to allow for the integration
of the station with ThamesLink.  LU has similarly asked Metronet to hold
back at a fifth station, North Acton, so it can be integrated with a
step-free access project.

There is a major error of almost two years for the second "worst" delay –
Bromley-by-Bow will be complete by summer 2007, not 2009 as shown in the
report, and here LU changed the way the station operates forcing a
redesign.

At four other stations significant delays were caused by:

   -- LU agreeing the location of the station control room – a
      critical path in the project (Tower Hill);

   -- relocation of staff facilities to make space for the
      station control room (East Acton); and the

   -- provision of temporary station control rooms (Upminster
      Bridge and Elm Park).

At Walthamstow Central, interfacing with a Transport for London contract
for an adjacent subway delayed the design process.

Heritage issues affected include:

   -- Uxbridge (agreeing with LU and English Heritage concrete
      repairs to a listed building),

   -- Great Portland Street, and

   -- Chiswick Park.

Metronet has switched on and commissioned all the new station management
systems to enable more effective station operations at seven of the
stations listed:

   -- Great Portland Street;
   -- Loughton;
   -- East Acton;
   -- Elephant & Castle;
   -- Watford;
   -- Northwood Hills; and
   -- Piccadilly Circus.

Metronet has accelerated its station upgrade delivery in 2006-7.

“Whereas at the end of March 2005, we had completed just 13 station
upgrades, the current number of stations completed is now 38, with a
further 24 in construction and 51 in design,” the spokesman said.  “We
recognize there have been delays – but we are now in catch-up, and the
process is now working.”

In February 2007, Metronet announced that it had awarded the first tranche
of six contracts for station upgrades outside of its tied supply chain.
Following a competitive tender process in late 2006, contracts were
awarded for the design and build of six station improvements, collectively
valued at more than GBP150 million.

                        About Metronet

The Metronet Rail Group -- http://www.metronetrail.com/-- is
responsible for upgrading, replacing and maintaining two-thirds
of London Underground's infrastructure - its trains, stations,
signalling, track, tunnels and bridges - under a 30-year Public
Private Partnership (PPP) contract which came into operation in
April 2003.

The Metronet Rail Group's shareholders are Atkins, Balfour
Beatty, Bombardier Transportation, EDF Energy and Thames Water
who bring together an unrivalled expertise in project management
and planning, railway engineering and asset management supported
by a wide range of technical disciplines.  They formed the
Metronet Rail Group in June 1999 to bid for two of the three
infrastructure companies - these are today known as: Metronet
Rail BCV Limited, Metronet Rail SSL Limited.

Metronet Rail BCV Limited is responsible for the Bakerloo,
Central, Victoria and Waterloo & City lines which are the 'deep
Tube' lines running under the streets of London.

Metronet Rail SSL Limited is responsible for the Metropolitan,
District, Circle, Hammersmith & City and East London lines which
are collectively known as the sub-surface lines.

                          *     *     *

As reported in the TCR-Europe on May 10, 2007, Moody's Investors
Service downgraded to Ba1 from Baa3 the senior secured un-
guaranteed debt ratings of both Metronet Rail BCV Finance plc
and of Metronet Rail SSL Finance plc.  Moody's said the ratings
have been placed on review for further downgrade.

                           *********

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
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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 * * *