TCREUR_Public/070606.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

             Wednesday, June 6, 2007, Vol. 8, No. 111

                            Headlines


A U S T R I A

ANDREAS NOESSLBOECK: Claims Registration Period Ends June 22
AT HOME: Eisenstadt Court Orders Business Shutdown
GRANO LLC: Claims Registration Period Ends July 3
H & S LLC: Graz Court Orders Business Shutdown
MULTIMEDIA LLC: Claims Registration Period Ends June 22

NOESSLBOECK LLC: Claims Registration Period Ends June 22
SOLAR-TECHNIK: Claims Registration Period Ends June 22
WILHELM STIX: Claims Registration Period Ends June 25


B U L G A R I A

SITRONICS JSC: Bulgarian Unit Inks Three Contracts with vivatel


D E N M A R K

TDC A/S: Danish Unit to Sell Talkline to debitel for EUR560 Mln


F R A N C E

EUROPROP (EMC-VI): Fitch Rates EUR6,625,000 Class F Notes at BB
GRAFTECH INT'L: March 31 Balance Sheet Upside-down by US$90 Mil.
HERTZ CORP: Moody's Withdraws Ba1 Rating on US$1.6 Billion Debt
I2 TECHNOLOGIES: March 31 Bal. Sheet Upside-down by US$15.5 Mil.
SOLECTRON CORP: Flextronics to Acquire Firm for US$3.6 Billion

SOLECTRON CORP: Moody's Reviews B3 Rating After Flextronics Deal


G E R M A N Y

GASTHAUS ANDERMAHR: Claims Registration Period Ends June 19
GIAPIZZA EASTGATE: Creditors' Meeting Slated for July 5
GVP GESELLSCHAFT: Claims Registration Ends July 2
HAL-CITY-PARKING GMBH: Claims Registration Ends July 10
HARALD THIELE: Claims Registration Ends July 2

HEINRICH EISINGER: Claims Registration Ends June 25
SPORT- UND WELLNESSZENTRUM: Claims Registration Ends June 29
TANDEM – GESELLSCHAFT: Creditors Must Register Claims by June 29
TESATTI OLDENBURG: Creditors Must Register Claims by June 26
TOSKOV VERWALTUNGS: Creditors Must Register Claims by June 12

TUI AG: Gets European Clearance for First Choice Merger
UNIPRO WARENVERTRIEBS: Creditors Must Register Claims by July 5
UWE FREUDENBERG SERVICE: Claims Registration Ends July 11
VITALZONE DEUTSCHLAND: Creditors Must Register Claims by July 6
VKW TRA.DE: Claims Registration Period Ends July 27

WPM NR. 1: Creditors Must Register Claims by July 2


I T A L Y

ACTUANT CORP: Moody's Rates US$250 Mln Sr. Unsec. Notes at Ba2
ALITALIA SPA: Pegs April 2007 Net Debt at EUR1.08 Billion


K A Z A K H S T A N

AK-NIET LLP: Proof of Claim Deadline Slated for July 6
JETISU OJSC: Creditors Must File Claims July 17
KARAKUM BALYK: Claims Filing Period Ends July 3
KAZTECHSERVICE LLP: Claims Registration Ends July 3
MADJ-EK LLP: Creditors' Claims Due July 3

RUM STAR: Proof of Claim Deadline Slated for July 3
TECHSTROYSNAB LLP: Creditors Must File Claims July 3
TURKESTAN-2001 LLP: Claims Filing Period Ends July 3


K Y R G Y Z S T A N

KARASUISKAYA BASE: Creditors Must File Claims by July 13


N E T H E R L A N D S

LAURELIN II: Fitch Rates EUR17 Million of Notes at BB
LYONDELL CHEMICAL: Fitch to Rate US$500 Million Notes at BB-
WEIGHT WATCHERS: March 31 Balance Sheet Upside-Down by US$1 Bil.


P O L A N D

AMERICAN AXLE: JPMorgan & BoA to Arrange Term Loan Refinancing


P O R T U G A L

INTERTAPE POLYMER: Chief Financial Officer A. Archibald Resigns


R U S S I A

BAYKAL-TRANSIT LLC: Creditors Must File Claims by June 12
DISTILLERY MAGADANSKIY: Creditors Must File Claims by July 12
FUND OF REGIONAL: Creditors Must File Claims by June 12
HILTON HOTELS: Forms 3 Major Alliances for Global Expansion
HILTON HOTELS: Declares US$.04 Per Share Dividend

HILTON HOTELS: Matthew J. Hart to Assume CEO Post in 2008
LABINSK OJSC: Creditors Must File Claims by June 12
LESOSIBIRSKAYA TIMBER: Creditors Must File Claims by July 12
NIVA OJSC: Creditors Must File Claims by July 12
NOVOSLOBODSKIY DISTILLERY: Bankruptcy Hearing Slated for Aug. 28

PRESS CJSC: Creditors Must File Claims by July 12
RADUZHNAYA LLC: Creditors Must File Claims by June 12
ROSNEFT OIL: Denies Link with Prana Group in Yukos Auction
ROSNEFT OIL: Readies US$11.5 Billion Package to Repay Loans
SELITBENSKOYE CJSC: Creditors Must File Claims by June 12

SERNUR-AGRO-DOR-STROY: Creditors Must File Claims by June 12
SITRONICS JSC: Bulgarian Unit Inks Three Contracts with vivatel
STUPINSKOYE REPAIR-TECHNICAL: Court Hearing Slated for Oct. 2
TNK-BP HOLDING: Rosnedra Defers License Revocation Ruling
WINE TRADE: Creditors Must File Claims by July 12


S W E D E N

FLEXTRONICS INT’L: Inks Pact to Buy Solectron for US$3.6 Billion
FLEXTRONICS INT'L: Moody's May Cut Ba1 Rating After Review


S W I T Z E R L A N D

BOWA LLC: Claims Registration Period Ends June 19
C PLANUNG: Creditors' Liquidation Claims Due June 18
C.&C. FLUBACHER: Creditors' Liquidation Claims Due June 18
FEELGOOD LLC: Creditors' Liquidation Claims Due June 18
H2 SOLUTIONS: Creditors' Liquidation Claims Due June 15

IC INSIGNIA: Creditors' Liquidation Claims Due June 18
INFODESK LLC: Creditors' Liquidation Claims Due June 15
TRUVA COMPUTER: Aargau Court Starts Bankruptcy Proceedings
ZAZA RISTORANTE: Claims Registration Period Ends June 19
ZIMILOU JSC: Creditors' Liquidation Claims Due June 15


U K R A I N E

ENERGOATOM KHARKOV: Creditors Must File Claims by June 14
LUX LLC: Claims Filing Deadline Set June 10
MILOSERDIE LLC: Claims Filing Deadline Set June 10
NAV KO: Claims Filing Deadline Set June 14
ROGATYN AGRICULTURAL: Creditors Must File Claims by June 10

TRANSINVEST LLC: Claims Filing Deadline Set June 14
WHOLESALE LLC: Claims Filing Deadline Set June 9


U N I T E D   K I N G D O M

ADVANSTAR COMM: Veronis Suhler Buys Advanstar for US$1.1 Billion
ASTRATA GROUP: Squar Milner Raises Going Concern Doubt
BRISTOW GROUP: Moody's Rates Proposed US$250 Mil. Notes at Ba2
BRITISH AIRWAYS: Will Get Option to Take Over Iberia
BRITISH AIRWAYS: Named Least Eco-Friendly Brand by Online Poll

CELLARET LTD: Enters Into Liquidation Procedure
CROWN HOLDINGS: Promotes Ray McGowan to President-North American
DAVID SHARP: Appoints Joint Administrators from KPMG
E & R POLYMERS: Taps PwC as Joint Administrators
ENCYSIVE PHARMACEUTICALS: 72.9 Million Shares Issued at June 1

ENESCO GROUP: Hires Baker & McKenzie as Hong Kong Tax Counsel
FORD MOTOR: May 2007 Sales Up by 9.4%, Truck Sales Up by 25%
GATEWAY TELECOM: Unit Raises US$40 Mln for Pan-African Pay TV
HILTON HOTELS: Forms 3 Major Alliances for Global Expansion
HILTON HOTELS: Declares US$.04 Per Share Dividend

HILTON HOTELS: Matthew J. Hart to Assume CEO Post in 2008
ICON INFORMATION: Brings In Baker Tilly to Administer Assets
INDUSTRIAL ELECTRONIC: Hires Administrators from BDO Stoy
LEEDS UNITED: Creditors Approve Sale to New Company
MDG DRYWALL: Appoints Joint Administrators from Baker Tilly

MTI TECHNOLOGY: Nasdaq Delists Securities Effective June 1
NARROWSTEP INC: Losses Spur Auditor's Going Concern Opinion
NATIONWIDE LEGAL: High Court Winds Up Business
ONLINE REVOLUTION: Creditors' Meeting Slated for June 11
SCHOLASTIC CORP: Moody's Holds B1 Corporate Family Rating

* Cadwalader Appoints Two Special Counsel at London Practice

                            *********

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


ANDREAS NOESSLBOECK: Claims Registration Period Ends June 22
------------------------------------------------------------
Creditors owed money by LLC Andreas Noesslboeck & Co. KG (FN 54989t) have
until June 22 to file written proofs of claim to court-appointed estate
administrator Thomas Kurz at:

         Mag. Thomas Kurz
         Roseggerstr. 58
         4020 Linz
         Austria
         Tel: 0732/784331-0
         Fax: 0732/784331-57
         E-mail: manuela.winkelmayr@haslinger-nagele.com

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on July 6 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Rohrbach, Austria, the Debtor declared bankruptcy on May
10 (Bankr. Case No. 12 S 46/07p).


AT HOME: Eisenstadt Court Orders Business Shutdown
--------------------------------------------------
The Land Court of Eisenstadt  entered May 8 an order shutting down the
business of LLC AT HOME (FN 237152d).

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

The estate administrator can be reached at:

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

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


GRANO LLC: Claims Registration Period Ends July 3
-------------------------------------------------
Creditors owed money by LLC Grano (FN 267288x) have until July 3 to file
written proofs of claim to court-appointed estate administrator Christian
Bachmann at:

         Dr. Christian Bachmann
         c/o Dr. Eva-Maria Bachmann-Lang
         Opernring 8
         1010 Vienna
         Tel: 512 87 01
         Fax: 513 82 50
         E-mail: bachmann.rae@aon.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:15 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 8
(Bankr. Case No. 4 S 54/07d).   Eva-Maria Bachmann-Lang represents Dr.
Bachmann in the bankruptcy proceedings.


H & S LLC: Graz Court Orders Business Shutdown
----------------------------------------------
The Land Court of Graz entered May 14 an order shutting down the business
of LLC H & S (FN 273043i).

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

The estate administrator can be reached at:

          Dr. Paul Wuntschek
          c/o  LLC Klein, Wuntschek & Partner
          Kaiser-Franz-Josef-Kai 70
          8010 Graz
          Austria
          Tel:  0316/813862
          Fax: 0316/813862-2
          E-mail: office@klein-wuntschek-partner.at

Headquartered in Graz - Puntigam, Austria, the Debtor declared bankruptcy
on May 8 (Bankr. Case No 26 S 33/07h).


MULTIMEDIA LLC: Claims Registration Period Ends June 22
-------------------------------------------------------
Creditors owed money by LLC Multimedia (FN 114018z) have until June 22 to
file written proofs of claim to court-appointed estate administrator
Christian Kieberger at:

         Mag. Christian Kieberger
         Hauptplatz 9
         4320 Perg
         Austria
         Tel: 07262/52356
         Fax: 07262/523564
         E-mail: office@iura.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:00 a.m. on July 6 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Freistadt, Austria, the Debtor declared bankruptcy on May
10 (Bankr. Case No. 12 S 44/07v).


NOESSLBOECK LLC: Claims Registration Period Ends June 22
--------------------------------------------------------
Creditors owed money by LLC Noesslboeck (FN 190346x) have until June 22 to
file written proofs of claim to court-appointed estate administrator
Thomas Kurz at:

         Mag. Thomas Kurz
         Roseggerstr. 58
         4020 Linz
         Austria
         Tel: 0732/784331-0
         Fax: 0732/784331-57
         E-mail: manuela.winkelmayr@haslinger-nagele.com

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 9:00 a.m. on July 6 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Rohrbach, Austria, the Debtor declared bankruptcy on May
10 (Bankr. Case No. 12 S 47/07k).


SOLAR-TECHNIK: Claims Registration Period Ends June 22
------------------------------------------------------
Creditors owed money by LLC Solar-Technik (FN 81016t) have until June 22
to file written proofs of claim to court-appointed estate administrator
Herbert Veit at:

         Dr. Herbert Veit
         Coulinstrasse 20
         4020 Linz
         Austria
         Tel: 65 05 24
         Fax: 65 69 76
         E-mail: dr.veit@utanet.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 10:30 a.m. on July 6 for the examination of claims.

The meeting of creditors will be held at:

         The Land Court of Linz
         Room 522
         Fifth Floor
         Linz
         Austria

Headquartered in Linz, Austria, the Debtor declared bankruptcy on May 10
(Bankr. Case No. 12 S 45/07s).


WILHELM STIX: Claims Registration Period Ends June 25
-----------------------------------------------------
Creditors owed money by LLC Wilhelm Stix & Co. KG (FN 25979f) have until
June 25 to file written proofs of claim to court-appointed estate
administrator Martin Stossier at:

         Dr. Martin Stossier
         Ringstrasse 4
         Plobergerstrasse 7
         4600 Wels
         Austria
         Tel: 07242/42605-0
         Fax: 07242/42605-20
         E-mail: stossier@ra-stossier.at

Creditors and other interested parties are encouraged to attend the
creditors' meeting at 11:40 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 10
(Bankr. Case No. 20 S 64/07y).


===============
B U L G A R I A
===============


SITRONICS JSC: Bulgarian Unit Inks Three Contracts with vivatel
---------------------------------------------------------------
Intracom Bulgaria S.A, the Bulgarian unit of Intracom Telecom, signed
three frame contracts with Bulgarian Telecommunication Company Mobile S.A,
well-known as vivatel.

Since June 2006, Intracom Telecom is controlled by JSC Sitronics
with 51%.
Within the framework of the contracts, INTRACOM Bulgaria will supply
telecommunications infrastructure design and installation services and
provide shelter equipment to vivatel.  The projects are expected to be
implemented within two years.

vivatel is founded in June 2004 and provides GSM and next-generation
telecommunication services to 700,000 subscribers in Bulgaria.  Since 2005
the company has held the contracts for network sharing with two leading
Bulgarian mobile networks, MOBILTEL and Cosmo Bulgaria Mobile.

“Expanding our activities in the Balkan region through transfer of
technical know-how and expertise to our subsidiaries and increasing our
market share is one of our prime objectives,”
Mr. Manos, managing director of INTRACOM TELECOM, said.  “Our highly
competitive product and services portfolio being offered through our
strong local companies in each Balkan country give us a clear competitive
advantage in achieving this goal.  The contract we have signed with
vivatel is of great importance to us, since vivatel is a dynamic player in
the Bulgarian market and projects like this will boost our potential
further.”

                        About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

Sitronics' key Telecommunication Solutions operations are based in Prague,
Czech Republic and Athens, Greece, while the company's IT Solutions and
Microelectronic Solutions divisions are based in Kiev, Ukraine and
Zelenograd, Russia respectively.

For the twelve months ended December 31, 2006, Sitronics' revenues and
OIBDA were US$1.61 billion and US$183.6 million, respectively.  As of Dec.
31, 2006, SITRONICS had total assets of US$1.65 billion.

                          *     *     *

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


=============
D E N M A R K
=============


TDC A/S: Danish Unit to Sell Talkline to debitel for EUR560 Mln
---------------------------------------------------------------
TDC Mobile International A/S, the Danish subsidiary of TDC A/S, has signed
an agreement regarding the divestiture of TDC's 100 percent-owned German
mobile operator Talkline to debitel AG.  The sale is only subject to
approval from the EU competition authorities.

The total consideration is EUR560 million on a cash and debt free basis.
The sale of the shares is currently expected to result in an after tax
gain of approximately DKK3.3 billion, which will be included in the 3Q
2007 statement of income under special items.

                         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.


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


EUROPROP (EMC-VI): Fitch Rates EUR6,625,000 Class F Notes at BB
---------------------------------------------------------------
Fitch Ratings assigned expected ratings to EuroProp (EMC-VI) S.A.
floating-rate notes due April 2017:

    -- EUR380,250,000 Class A: 'AAA'
    -- EUR30,000,000 Class B: 'AA'
    -- EUR35,000,000 Class C: 'A'
    -- EUR30,000,000 Class D: 'BBB'
    -- EUR4,000,000 Class E: 'BBB'
    -- EUR6,625,000 Class F 'BB'

This transaction is a securitization of 18 commercial
mortgage loans originated by Citibank, N.A., London
Branch ('AA+'/'F1+') and Citibank International PLC
('AA+'/'F1+'/).

The final ratings are contingent upon the receipt of
final documents conforming to information already
received.

The expected ratings reflect the credit enhancement
provided to each Class by the subordination of Classes
junior to it, the positive and negative features of
the underlying collateral, and the integrity of the
legal and financial structures.  The ratings also
address the timely payment of interest on the notes
and the ultimate repayment of principal by final legal
maturity in April 2017.

Initial CE for the Class A notes (21.7%) is provided
by subordination of the Class B, C, D, E and F notes.
Likewise, initial CE for the Class B (15.6%), Class C
(8.4%), Class D notes (2.2%), and Class E notes (1.4%)
is provided by the subordination of those notes junior
to them.  The Class F notes will provide first loss
credit support to the note Classes ranking more senior
to it and will not benefit from any credit support
beyond what is provided by excess spread.

The collateral pool has a current aggregate balance of
EUR485.8 million, secured by 125 properties located
throughout Germany and France.  The portfolio
comprises a diverse mix of retail (40.3% by market
value), office (26.2%), multi-family (14.6%) and other
(18.9%) assets let to 236 tenants. The loan pool
collateral has an aggregate MV of EUR661 million.  The
initial weighted-average loan-to-value ratio is 73.8%,
reducing to a weighted-average balloon LTV of 70.2%,
assuming that no changes in value and no prepayments
or defaults occur prior to individual loan maturities.

Interest and principal on the notes will be paid
quarterly in arrears commencing on July 30, 2007.
Amortization, interest credited to the principal
deficiency ledger and recoveries will be applied to
the notes on a sequential basis, and any allocated
amount due to a property disposal, a redemption or a
prepayment will be allocated to the notes on a pro
rata basis or modified pro rata basis depending on the
pool to which the loan in question is allocated.

The structure will benefit from a liquidity facility,
which will initially be sized to 6.5% of the notes'
balance, increasing to 8.7% once the outstanding
principal balance reduces to EUR336 million and below.
The liquidity facility may be drawn to cover interest
shortfalls caused by any of the borrowers paying less
than their interest obligation and by insufficient
funds being available to pay certain issuer and FCC
expenses.


GRAFTECH INT'L: March 31 Balance Sheet Upside-down by US$90 Mil.
-----------------------------------------------------------------
Graftech International Ltd.'s balance sheet at March 31, 2007, showed
US$771.6 million in total assets and US$861.6 million in total
liabilities, resulting in a US$90 million total stockholders' deficit.

GrafTech International Ltd. reported net income of US$17.9 million for the
first quarter ended March 31, 2007, compared with a net loss of US$4.6
million for the same period ended March 31, 2006.

Net sales increased to US$228 million for the first quarter ended March
31, 2007, versus US$174 million in the first quarter of 2006.

Gross profit increased 54 percent to US$76 million, as compared to US$49
million in the first quarter of 2006.

Net cash provided by operating activities improved US$51 million to US$18
million, versus a use of US$33 million in the first quarter of 2006.
Operating net cash for the quarter included disbursements of a US$7
million call premium related to the US$135 million redemption of Senior
Notes, US$5 million to complete the final antitrust obligation, and US$4
million in restructuring payments. Operating net cash for the prior year
included disbursements of
$5 million in antitrust and restructuring payments.

Net debt was reduced by US$12 million to US$497 million.

Craig Shular, chief executive officer of GrafTech, commented, "The company
is beginning to gain traction on a number of fronts as the impact of
several of our initiatives is beginning to flow through to our results.
Performance is improving due to higher product pricing, and benefits
realized from our previously announced productivity projects, overhead
reduction initiatives and tax planning efforts."

Total operating income from the segments increased US$40 million to US$51
million, as compared to US$11 million in the first quarter of 2006.  Total
operating income from the segments as a percent of sales improved 16.0
percentage points to 22.3 percent, versus 6.3 percent in the 2006 first
quarter.  First quarter 2007 operating income margin benefited by
approximately two percentage points as a result of a carryover of lower
cost raw materials from the prior year.  Operating income margin for the
first quarter 2006 included an unfavorable impact of five percentage
points related to asset impairment charges in the quarter.

Selling and administrative and research and development expenses were
US$25 million in the 2007 first quarter, as compared to
$27 million in the 2006 first quarter.  The decrease was a result of
realized benefits from previously announced productivity initiatives.

Interest expense was US$12 million in the 2007 first quarter, flat as
compared to the same period in 2006.

During the first quarter of 2007, GrafTech recorded a net restructuring
charge of US$1 million as it continues to execute its previously
identified productivity and cost savings program.  Other (income) expense,
net, was an expense of US$11 million in the first quarter 2007, as
compared to approximately zero in the first quarter 2006.  The increase is
largely due to a charge of
$8 million related to the call premium and fees associated with the
redemption of US$135 million of our Senior Notes in the first quarter
2007.

Mr. Shular commented, "We generated a US$51 million improvement in
operating cash flow, enabling us to complete the quarter with net debt
below US$500 million.  Our team remains focused on its stated goal of
maximizing cash flow in order to build shareholder value. We recently
announced a third call of our Senior Notes, our most expensive debt, for
an additional US$50 million to be retired later this month.  This brings
our total year-to-date Senior Note redemptions to US$185 million.
Following this third call, the amount outstanding will be reduced to
US$250 million.  Recall, that at their peak, the outstanding Notes totaled
US$550 million."

Full-text copies of the company's consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?2094

                          About GrafTech

Based in Parma, Ohio, GrafTech International Ltd. (NYSE: GTI) --
http://www.graftechaet.com/ -- manufactures and provides high
quality synthetic and natural graphite and carbon based products
and technical and research and development services, with
customers in 80 countries engaged in the manufacture of steel,
automotive products and electronics.  The company manufactures
graphite electrodes, products essential to the production of
electric arc furnace steel.  The company also manufactures thermal
management, fuel cell and other specialty graphite and carbon
products for, and provide services to, the electronics, power
generation, semiconductor, transportation, petrochemical and other
metals markets.  GrafTech operates 11 state of the art
manufacturing facilities strategically located on four continents.

The company has operations in China, France and Brazil.

                          *    *    *

As reported in the Troubled Company Reporter on May 14, 2007, Standard &
Poor's Ratings Services raised its corporate credit
rating on GrafTech International Ltd. to 'B+' from 'B'.  In addition, S&P
raised the rating on the company's US$215 million senior secured revolving
credit facility to 'BB-' from 'B+' and affirmed the '1' recovery rating on
the facility.  Also, Standard & Poor's raised its rating on Graftech's
convertible notes to 'B-' from 'CCC+'.  Lastly, S&P affirmed the 'B-'
rating on GrafTech's US$550 million senior secured notes and assigned them
a '5' recovery rating.  The outlook is stable.


HERTZ CORP: Moody's Withdraws Ba1 Rating on US$1.6 Billion Debt
---------------------------------------------------------------
Moody's Investors Service withdrew the Ba1 (LGD2, 17) rating of The Hertz
Corporation's US$1.6 billion senior secured credit facility due 2010,
which has been replaced by an amended credit
facility which Moody's does not rate.  This rating action does not effect
any of Hertz's other ratings which include the Ba3 corporate family rating
and SGL-2 speculative grade liquidity rating.

Headquartered in Park Ridge, New Jersey, Hertz Corp. --
http://www.hertz.com/-- is a car rental company that operates
from approximately 7,600 locations in 145 countries worldwide.

Hertz also operates an equipment rental business, Hertz
Equipment Rental Corporation, offering a diverse line of
equipment, including tools and supplies, as well as new and used
equipment for sale, to customers ranging from major industrial
companies to local contractors and consumers through more than
360 branches in the United States, Canada, France, and Spain.

Hertz has operations in the Philippines, Hungary, and Peru,
among others.


I2 TECHNOLOGIES: March 31 Bal. Sheet Upside-down by US$15.5 Mil.
---------------------------------------------------------------–
I2 Technologies Inc.'s balance sheet at March 31, 2007, showed US$185.2
million in total assets and US$200.7 million in total liabilities,
resulting in a US$15.5 million total stockholders' deficit.

I2 Technologies Inc. reported net income of US$4.3 million for the first
quarter ended March 31, 2007, compared with net income of 1.8 million for
the same period in 2006.

The company experienced negative cash flow from operations of
$6.6 million in the first quarter of 2007.  Included in the first quarter
operating cash outflows were US$12 million for the cash payment of
employee bonuses earned in 2006, US$5 million in non-operating and other
non-recurring legal fees accrued in 2006 and other pre-paid expenses.

"Our earnings and cash used in operations for the first quarter were
generally in line with our internal expectations," stated i2 chief
executive officer Michael McGrath.  "While we were disappointed with our
software solutions and maintenance revenue as well as our software
solutions bookings in the quarter, we were pleased with the strong growth
we achieved in our services business this quarter as compared to the first
quarter of 2006. This growth highlights our continuing transition to a
solutions-oriented provider.

"Interest in our new-generation solutions continues to build and we are
looking forward to showcasing customer successes, as well as hosting
discussions and demonstrations that display the benefits of our
new-generation solutions, at i2 Planet later this week," concluded
McGrath.

Total revenue for the first quarter was US$65.6 million as compared to
US$64.0 million in the first quarter of 2006.  Total revenue included
contract revenue of US$2.5 million and US$33,000 in the first quarters of
2007 and 2006, respectively.  Excluding the impact of contract revenue,
operating revenue was US$63.1 million as compared to US$64.0 million in
the first quarter of 2006, a decline of one percent period-to-period.

I2 had total first quarter software solutions revenue, which includes core
license revenue, recurring license revenue as well as fees received to
develop the licensed functionality, of
$13.4 million.  This compares to US$16.9 million of software solutions
revenue in the first quarter of 2006, a decline of 21 percent
period-to-period.

Services revenue in the first quarter was US$28.7 million, an increase of
20 percent from the US$23.9 million of services revenue in the first
quarter of 2006.  Services revenue includes fees received from
arrangements to customize or enhance previously purchased licensed
software.  Services revenue also includes reimbursable expenses.

First quarter maintenance revenue was US$21.0 million, a decrease of 9
percent from US$23.2 million in the comparable prior year quarter.

Total costs and expenses for the first quarter of 2007 were
$60.1 million, a slight decrease compared to US$60.4 million in the first
quarter of 2006.  Total costs and expenses in the first quarter of 2007
included US$4.2 million in stock-based compensation expense, which
includes US$3.2 million in expense related to stock options and US$1.0
million in expense related to restricted stock units.

On March 31, 2007, i2’s total cash (including restricted cash) was
US$108.5 million.  Total debt at the end of the first quarter was US$86.3
million, which represents the face value of the company’s 5 percent senior
convertible notes.

Full-text copies of the company's consolidated financial statements for
the quarter ended March 31, 2007, are available for free at
http://researcharchives.com/t/s?2097

                    About i2 Technologies

Based in Dallas, Texas, I2 Technologies, Inc. (NASDAQ: ITWO) --
http://www.i2.com/-- provides supply chain management software
solutions, including various supply chain software and service
offerings.  I2’s flexible new-generation solutions are designed to
synchronize demand and supply across ever-changing global business
networks.

I2 has offices in China and France.


SOLECTRON CORP: Flextronics to Acquire Firm for US$3.6 Billion
--------------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation have entered into
a definitive agreement for Flextronics to acquire Solectron under a US$3.6
billion deal, creating the most diversified and premier global provider of
advanced design and vertically integrated electronics manufacturing
services.

The combined company will have the broadest worldwide EMS capabilities,
from design resources to end-to-end vertically integrated global supply
chain services, which will enhance its ability to design, build, and ship
a complete package product for its OEM customers.  By combining
Solectron's resources and unique skill sets, Flextronics will be able to
provide more value and innovation to customers by leveraging the combined
global economies of scale in manufacturing, logistics, procurement,
design, engineering and ODM services.

The enhanced capabilities of the combined company will create more value
for its customers and increase their competitiveness by improving their
product development process and supply chain management, while also
delivering improved product quality with improved performance and faster
time-to-market.

Operating in 35 countries, with a combined workforce of approximately
200,000 employees, including approximately 4,000 design engineers, the
combined company's annual revenues will exceed US$30 billion across seven
well- diversified customer market segments and several vertical component
divisions.

                       Transaction Terms

Under the terms of the definitive agreement, unanimously approved by the
Boards of Directors of both companies, shareholders of Solectron will
receive total consideration currently valued at approximately US$3.6
billion, based on the closing price of Flextronics ordinary shares on June
1, 2007.

Each share of common stock of Solectron will be converted into the right
to receive, at the election of each of the individual holders of Solectron
shares, either, but not a combination of (i) 0.3450 shares of Flextronics
or (ii) a cash payment of US$3.89 per share, subject to the limitation
that not more than 70% in the aggregate and no less than 50% in the
aggregate of Solectron shares will be converted into shares of
Flextronics.

As a result, if holders of more than 70% of Solectron's outstanding shares
elect to receive Flextronics stock, the shares of those holders to be
converted into Flextronics stock will be proportionately reduced so that
not more than 70% of Solectron's outstanding shares in the aggregate are
converted into shares of Flextronics stock, with those holders' remaining
shares converted into cash.  In this case, Solectron shareholders electing
cash consideration will receive cash consideration for all their shares.

Alternatively, if holders of more than 50% of Solectron's outstanding
shares elect to receive cash, the shares of those holders to be converted
into cash will be proportionately reduced so that not more than 50% of
Solectron's outstanding shares in the aggregate are converted into cash,
with those holders' remaining shares converted into shares of Flextronics.
In this case, Solectron shareholders electing stock consideration will
receive stock consideration for all their shares.

In no case (other than by virtue of fractional shares) will shareholders
who elect to receive the stock consideration receive less than 70% of
their total consideration in Flextronics stock.  Alternatively, in no case
will shareholders who elect to receive cash consideration receive less
than 50% of their total consideration in cash.

Based upon Solectron's 909.2 million shares and share equivalents
outstanding on March 2, 2007, the range of cash to be paid and shares to
be issued by Flextronics is as follows:

                                                                                                             Total
Value
Maximum Cash Payments
(assuming 50% of
consideration paid
in cash)                US$  1,768,419,886   $ 1,768,419,886

Minimum Number
Flextronics shares
to be issued (assuming
50% of consideration
to be paid in stock)           156,839,296   $ 1,835,019,761

Total value as of June 1, 2007               $ 3,603,439,647


Minimum Cash Payments
(assuming 30% of
consideration paid
in cash)                US$  1,061,051,932   $ 1,061,051,932

Maximum Number
Flextronics shares
to be issued (assuming
70% of consideration
to be paid in stock)           219,575,014   $ 2,569,027,665

Total value as of June 1, 2007               $ 3,630,079,597

The cash consideration represents a premium of approximately 15% and the
stock consideration represents a premium of approximately 20% over
Solectron's closing price of US$3.37 on June 1, 2007.

While Flextronics will continue to evaluate alternative long-term
financing arrangements, Citigroup Global Markets Inc. has committed to
provide Flextronics with a US$2.5 billion seven-year senior unsecured term
loan to fund the cash requirements for this transaction, including the
refinancing of Solectron's debt, if required.  Following the acquisition,
Solectron will become a wholly owned subsidiary of Flextronics, and
Solectron shareholders will own approximately 20% to 26% of Flextronics's
outstanding shares.

As part of the agreement, Solectron has the right to nominate two
individuals approved by Flextronics to the board of directors of the
combined company.  The transaction is subject to customary closing
conditions, including shareholder approvals of both companies, certain
regulatory approvals and other customary closing conditions.  The
acquisition is expected to close by the end of calendar year 2007.  Until
the acquisition is completed, both companies will continue to operate
their businesses independently.

"Solectron is an extremely important strategic addition to Flextronics and
this combination transforms the landscape of our industry," said
Flextronics CEO Mike McNamara.  "By joining forces, we expect the
increased scale will enable us to further extend our market segment reach
and leverage an increased vertical integration opportunity, realize
significant cost savings, and better serve the needs of our combined
customers, employees and shareholders."

"The breadth and depth of the combined company significantly leverages our
vertical integration capability while taking significant costs out of the
combined company's infrastructure.  The combined company is clearly more
diversified and formidable than either on its own, and we are better
positioned to increase shareholder value through greater cash flow and
earnings.  We are thrilled to add Solectron's customers and employees to
our organization," Mr. McNamara added.

Paul Tufano, executive vice president and interim chief executive officer
of Solectron, said, "Flextronics's proven track record, complementary
market positions, strong balance sheet and stellar reputation as a global
leader in electronics manufacturing services make the combination
attractive for our customers, shareholders and employees."

"Specifically, the transaction will provide Solectron's customers with an
enhanced portfolio of design and vertically integrated capabilities,
greater scale, and expanded supply chain leverage along with the
advantages of an increased low cost global footprint.  Combining these two
companies allows us to transcend what we have accomplished individually
and significantly reshapes and reenergizes our industry," Mr. Tufano
added.

Mr. McNamara concluded by saying, "Over the last 18 months, we have
reorganized our management structure to create the infrastructure required
to effectively and efficiently add scale to our operations.  As a result,
we are well prepared to achieve the expected synergies by successfully
integrating our new partner into our company."

                     Financial Expectations

"While some synergies will be achieved in the first 12 months after
closing, it could take up to 18-24 months to fully integrate this
acquisition and realize the full synergy potential, which we estimate to
be at least US$200 million after-tax," Flextronics CFO Thomas J. Smach
stated.  "This should be at least 15% accretive to Flextronics's earnings
per share once all of the synergies are realized."

"As the integration progresses and actual synergies are realized, we
expect to raise our EPS expectations as the accretion occurs over the
18-24 month integration period.  Although restructuring charges are
expected to result from the integration of the acquisition, Flextronics
expects to generate cash flow synergies well in excess of the cash portion
of such restructuring charges."

Smach concluded, "This combination is expected to create customer
benefits, cost reductions and synergies neither company could have
achieved on its own."

Citigroup Global Markets Inc. acted as exclusive financial advisor to
Flextronics in connection with the transaction and Curtis, Mallet-Prevost,
Colt & Mosle LLP acted as legal advisor to Flextronics. Goldman, Sachs &
Co. acted as exclusive financial advisor to Solectron in connection with
the transaction and Wilson Sonsini Goodrich & Rosati acted as legal
advisor to Solectron.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS:
FLEX) -- http://www.flextronics.com/-- provides complete design,
engineering and manufacturing services to automotive, computing, consumer
digital, industrial, infrastructure, medical and mobile OEMs.  Its network
of facilities is located in over 30 countries worldwide including Finland,
Hungary, Sweden and the United Kingdom.

                      About Solectron

Headquartered in Milpitas, California, Solectron Corp. (NYSE: SLR) --
http://www.solectron.com/-- provides a full range of worldwide
manufacturing and integrated supply chain services to the world's premier
high-tech electronics companies.  Solectron's offerings include
new-product design and introduction services, materials management,
product manufacturing, and product warranty and end-of-life support.  The
company operates in more than 20 countries on five continents including
France, Malaysia, and Brazil, among others.  It had sales from continuing
operations of US$10.6 billion in fiscal 2006.

                        *     *     *

As reported in the Troubled Company Reporter on Dec. 14, 2006, Standard &
Poor's Ratings Services raised its corporate credit and senior unsecured
ratings on Milpitas, California-based Solectron Corp. to 'BB-' from 'B+',
and its subordinated debt rating to 'B' from 'B-'.  S&P said the outlook
is stable.

On May 9, 2007, Fitch Ratings affirmed Solectron Corporation's ratings as:

    -- Issuer Default Rating at 'BB-';
    -- Senior secured bank facility at 'BB+';
    -- Senior unsecured debt at 'BB-'; and
    -- Subordinated debt at 'B+'.


SOLECTRON CORP: Moody's Reviews B3 Rating After Flextronics Deal
----------------------------------------------------------------
Moody's Investors Service placed the ratings of Flextronics International
Limited (Ba1 CFR) on review for possible downgrade and the B3 notes
ratings for Solectron Corporation on review for possible upgrade,
following the companies' announcement on
June 4, 2007, that they have entered into a definitive agreement for
Flextronics to acquire Solectron for approximately US$3.6 billion.

Flextronic's review for possible downgrade reflects the potential for
increased financial leverage to result if the transaction closes as
planned.  Solectron's review for possible upgrade reflects the potential
increased scale and client diversity provided by the merger.  Solectron's
corporate family rating has not been placed on review, but would be
withdrawn if the transaction closes as planned.  Solectron's outstanding
notes are also subject to a change of control covenant, and may be
tendered at the option of investors upon the transaction's close.

The reviews will focus on the combined company's prospects for
acquisition spending, asset rationalization, asset returns, and client
retention, as well as its definitive capital structure and the timing for
restructuring actions and a restoration of more consistent free cash flow.
Moody's notes that free cash flow (cash flow from operating activities
less capital expenditures) for each company has been negative for at
least the trailing twelve months ended March 2007.

Under terms of the agreement, a combination of stock and cash will be
offered to Solectron shareholders, subject to the limitation that not more
than 70% in aggregate and no less than 50% in the aggregate of Solectron
shares will be converted into shares of Flextronics.  Approximately $1.8
billion incremental debt would be issued to satisfy the 50% financing, if
elected. The cash and stock consideration represents a premium
ranging between approximately 15% and 20% over Solectron's June 1, 2007
closing price.  Flextronics has arranged for fully committed unsecured
term loan backstop financing from Citigroup of up to $2.5 billion and is
evaluating strategies for permanent financing.  The transaction is subject
to regulatory and shareholder approvals and is expected to close by
Dec. 31, 2007.

Ratings for Flextronics International Placed on Review for Possible
Downgrade:

   -- Corporate Family Rating Ba1

   -- $400 million 6.25% Senior Subordinated Notes, due 2014 Ba2

   -- $400 million 6.5% Senior Subordinated Notes, due 2013 Ba2

   -- $7.7 million 9.875% Senior Subordinated Notes, due 2010
      Ba2

Ratings for Solectron Corporation Placed on Review for Possible
Upgrade:

   -- $450 million 0.5% Convertible Senior Notes, due 2034 B3

   -- $150 million 8.0% Senior Subordinated Notes, due 2016 B3

Ratings Affirmed:

   -- Solectron's Corporate Family Rating B1

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Brazil, Mexico, Finland, Hungary, Sweden
and the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace, automotive,
computing, consumer digital, industrial, and infrastructure, medical and
mobile original equipment
manufacturers.

Headquartered in Milpitas, California, Solectron Corp.
(NYSE: SLR) -- http://www.solectron.com/-- provides a full
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.


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


GASTHAUS ANDERMAHR: Claims Registration Period Ends June 19
-----------------------------------------------------------
Creditors of Gasthaus Andermahr Gaststatten Betriebsgesellschaft mbH have
until June 19 to register their claims with court-appointed insolvency
manager Christopher Alff.

Creditors and other interested parties are encouraged to attend the
meeting at 9:45 a.m. on July 31, 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 Reinbek
         Parkallee 6
         21465 Reinbek
         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:

         Christopher Alff
         Raboisen 16
         20095 Hamburg
         Germany

The District Court of Reinbek opened bankruptcy proceedings against
Gasthaus Andermahr Gaststatten Betriebsgesellschaft mbH on May 2.
Consequently, all pending proceedings against the company have been
automatically stayed.

The Debtor can be reached at:

         Gasthaus Andermahr Gaststatten
         Betriebsgesellschaft mbH
         Attn: Renate Andermahr, Manager
         Moellner Landstrasse 53b
         22113 Oststeinbek
         Germany


GIAPIZZA EASTGATE: Creditors' Meeting Slated for July 5
-------------------------------------------------------
The court-appointed insolvency manager for GiaPizza Eastgate GmbH,
Christian Graf Brockdorff will present his first report on the Company's
insolvency proceedings at a creditors' meeting at 9:25 a.m. on July 5.

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

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

The Court will also verify the claims set out in the insolvency manager's
report at 9:00 a.m. on Oct. 4 at the same venue.

Creditors have until Aug. 16 to register their claims with the
court-appointed insolvency manager.

The insolvency manager can be reached at:

         Christian Graf Brockdorff
         Breite Strasse 9A
         14467 Potsdam
         Germany

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

The Debtor can be reached at:

          GiaPizza Eastgate GmbH
          Marzahner Promenade 1
          12679 Berlin
          Germany


GVP GESELLSCHAFT: Claims Registration Ends July 2
-------------------------------------------------
Creditors of GVP Gesellschaft fuer den Vertrieb und die Projektentwicklung
von Immobilien mbH have until July 2 to register their claims with
court-appointed insolvency manager Dr. Kurt Bruder.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 a.m. on July 31, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

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

The District Court of Munich opened bankruptcy proceedings against GVP
Gesellschaft fuer den Vertrieb und die Projektentwicklung von Immobilien
mbH on May 15.  Consequently, all pending proceedings against the company
have been automatically stayed.

The Debtor can be reached at:

         GVP Gesellschaft fuer den Vertrieb und die
         Projektentwicklung von Immobilien mbH
         Attn: Rodolfo Gracia, Manager
         Filzen 3
         85625 Glonn
         Germany


HAL-CITY-PARKING GMBH: Claims Registration Ends July 10
-------------------------------------------------------
Creditors of HAL-CITY-Parking GmbH have until July 10 to register their
claims with court-appointed insolvency manager Stephan Poppe.

Creditors and other interested parties are encouraged to attend the
meeting at 10:50 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 Halle-Saalkreis
         Hall 1.043
         Judicial Center
         Thueringer Str. 16
         06112 Halle
         Germany

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

The insolvency manager can be reached at:

         Stephan Poppe
         Emil-Eichhorn-Str. 1
         06114 Halle
         Germany
         Tel: 0345/530490
         Fax: 345/5304926

The District Court of Halle-Saalkreis opened bankruptcy proceedings
against HAL-CITY-Parking GmbH on May 21.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         HAL-CITY-Parking GmbH
         Attn: Blanca Hauke, Manager
         Joliot-Curie-Platz 1b
         06108 Halle
         Germany


HARALD THIELE: Claims Registration Ends July 2
----------------------------------------------
Creditors of Harald Thiele und Michael Queder Geruestbau GmbH have until
July 2 to register their claims with court-appointed insolvency manager
Thorsten Klepper.

Creditors and other interested parties are encouraged to attend the
meeting at 9:00 a.m. on July 31, 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 Dortmund
         Hall 3.201
         Second Floor
         Gerichtsplatz 1
         44135 Dortmund
         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:

         Thorsten Klepper
         Kleppingstrasse 20
         44135 Dortmund
         Germany

The District Court of Dortmund opened bankruptcy proceedings against
Harald Thiele und Michael Queder Geruestbau GmbH on
May 18.  Consequently, all pending proceedings against the company have
been automatically stayed.

The Debtor can be reached at:

         Harald Thiele und Michael Queder Geruestbau GmbH
         Kreuzstr. 69
         44575 Castrop-Rauxel
         Germany

         Attn: Harald Thiele, Manager
         Auf dem Bruemmer 6b
         44149 Dortmund
         Germany


HEINRICH EISINGER: Claims Registration Ends June 25
---------------------------------------------------
Creditors of Heinrich Eisinger GmbH have until June 25 to register their
claims with court-appointed insolvency manager Thorsten Konrad.

Creditors and other interested parties are encouraged to attend the
meeting at 10:15 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 Mannheim
         Hall 232
         First Floor
         Westfluegel
         Schloss
         68159 Mannheim
         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:

          Thorsten Konrad
          Saarburger Ring 10-12
          68229 Mannheim
          Germany
          Tel: 0621/483240

The District Court of Mannheim opened bankruptcy proceedings against
Heinrich Eisinger GmbH on May 23.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

          Heinrich Eisinger GmbH
          Attn: Norbert Mandl, Manager
          Max-Born-Str. 5a
          68169 Mannheim
          Germany


SPORT- UND WELLNESSZENTRUM: Claims Registration Ends June 29
------------------------------------------------------------
Creditors of Sport- und Wellnesszentrum Trappenkamp GmbH have until June
29 to register their claims with court-appointed insolvency manager Marc
Schaumann.

Creditors and other interested parties are encouraged to attend the
meeting at 12:00 p.m. on July 19, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Norderstedt
         Hall B
         Rathausallee 80
         22846 Norderstedt
         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:

         Marc Schaumann
         Falkenstrasse 22
         23564 Luebeck
         Germany

The District Court of Norderstedt opened bankruptcy proceedings against
Sport- und Wellnesszentrum Trappenkamp GmbH on May 23. Consequently, all
pending proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         Sport- und Wellnesszentrum Trappenkamp GmbH
         Waldstrasse 3
         24610 Trappenkamp
         Germany


TANDEM – GESELLSCHAFT: Creditors Must Register Claims by June 29
----------------------------------------------------------------
Creditors of TANDEM - Gesellschaft fuer Unternehmensentwicklung GmbH have
until June 29 to register their claims with court-appointed insolvency
manager Arne Meyer.

Creditors and other interested parties are encouraged to attend the
meeting at 10:00 a.m. on July 24, at which time the insolvency manager
will present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Aachen
         Meeting Hall K 5
         Third Floor
         Alter Posthof 1
         52062 Aachen
         Germany

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

The insolvency manager can be reached at:

         Arne Meyer
         Viktoriastr. 73-75
         52066 Aachen
         Germany

The District Court of Aachen opened bankruptcy proceedings against TANDEM
- Gesellschaft fuer Unternehmensentwicklung GmbH on May 18.  Consequently,
all pending proceedings against the company have been automatically
stayed.

The Debtor can be reached at:

         TANDEM - Gesellschaft fuer Unternehmensentwicklung GmbH
         Bahnhofstrasse 7
         52159 Roetgen
         Germany

         Attn: Thomas Baumer-Roentgen, Manager
         Drosselweg 33
         52078 Aachen
         Germany


TESATTI OLDENBURG: Creditors Must Register Claims by June 26
------------------------------------------------------------
Creditors of Tesatti Oldenburg GmbH have until June 26 to register their
claims with court-appointed insolvency manager Roland Lehnert.

Creditors and other interested parties are encouraged to attend the
meeting at 1:45 p.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 Oldenburg
         Room 209
         Nebenstelle Elisabethstrasse 6
         26135 Oldenburg
         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:

         Roland Lehnert
         Hauptstrasse 5
         26122 Oldenburg
         Germany
         Tel: 0441 950910
         Fax: 0441 9509177

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

The Debtor can be reached at:

         Tesatti Oldenburg GmbH
         Markt 22
         26121 Oldenburg
         Germany

         Attn: Meral Tastekin, Manager
         Osnabruecker Str. 50a
         49201 Dissen
         Germany


TOSKOV VERWALTUNGS: Creditors Must Register Claims by June 12
-------------------------------------------------------------
Creditors of Toskov Verwaltungs GmbH have until June 12 to register their
claims with court-appointed insolvency manager Rainer Beck.

Creditors and other interested parties are encouraged to attend the
meeting at 10:55 a.m. on July 3, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

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

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

The insolvency manager can be reached at:

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

The District Court of Kleve opened bankruptcy proceedings against Toskov
Verwaltungs GmbH on May 19.  Consequently, all pending proceedings against
the company have been automatically stayed.

The Debtor can be reached at:

         Toskov Verwaltungs GmbH
         Issumer Strasse 65
         47608 Geldern
         Germany

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


TUI AG: Gets European Clearance for First Choice Merger
-------------------------------------------------------
The European Commission has approved the planned merger of TUI AG's
tourism division, excluding certain hotel assets with First Choice
Holidays PLC.  The new leisure travel group will be called TUI Travel PLC.

“This means we have taken the first crucial hurdle on the path to creating
the world’s leading travel group,” TUI Chief Executive Dr. Michael Frenzel
said.  Furthermore, “With the merger we are expanding our leading position
in Europe and are gaining more ground in the specialist tourism growth
sector.  The merger creates the world’s biggest tourism platform.
Together with First Choice we are writing a new growth story and will be
ideally equipped to successfully face increasing competition in our
industry.”

The clearance is subject to an undertaking to divest TUI's Budget Travel
business in Ireland.

On the basis of the figures for the fiscal year 2006 the merger creates
under the umbrella of TUI Travel PLC a travel group with sales of some
EUR18 billion ((GBP12.1 billion) and an underlying EBITA of around EUR500
million (GBP340 million).  Last year some 27 million holidaymakers
traveled with the tour operators and airlines of TUI Travel PLC.  The new
plc expects the merger to liberate an annual synergy potential of about
EUR150 million (GBP100 million), which will come into full effect within
the first three years after finalizing the fusion.  A major part of the
synergy will be generated on the British market.

The next steps on the path to the merger include publishing the stock
exchange prospectus for listing on the LSE as well as the extraordinary
general meeting of First Choice Holidays PLC.  The target date for
publishing the prospectus is the end of June. All other exact dates will
be decided shortly.  Assuming the merger is approved by the necessary
three-quarters majority, TUI Travel’s first listing could take place at
the start of October.

As previously reported in the TCR-Europe on March 21, 2007, TUI Travel PLC
will be headquartered in the U.K. and will seek
admittance to trading on the London Stock Exchange.  TUI AG will
have a majority shareholding with 51%, with existing
shareholders of First Choice holding 49% (calculated on a fully
diluted basis).

The TUI Travel PLC will be headed by Peter Long as Chief
Executive Officer designate.  The board will consist of 17
members, including will be:

     * Sir Mike Hodgkinson (Non-Executive Deputy Chairman),
     * Peter Rothwell (Deputy Chief Executive),
     * Paul Bowtell (Chief Financial Officer),
     * Will Waggott (Group Commercial Director),
     * Christoph R. Mueller (Aviation Director), and
     * Volker B"ttcher (Managing Director Central Europe)

                         About TUI

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

                          *     *     *

As reported in the TCR-Europe on May 28, 2007, Moody's Investors Service
assigned a (P)B1 rating to TUI AG's proposed issuance of convertibles
notes of up to EUR715 million.

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

Standard & Poor's also lowered its ratings on the group's senior unsecured
issues to 'B+' from 'BB-' and maintained them on CreditWatch with negative
implications, due to the potential for increased structural subordination
in case of a successful merger of TUI's tour operator business with
U.K.-based tour operator First Choice Holidays PLC.


UNIPRO WARENVERTRIEBS: Creditors Must Register Claims by July 5
---------------------------------------------------------------
Creditors of UNIPRO Warenvertriebs GmbH have until July 5 to register
their claims with court-appointed insolvency manager Christian Strauss.

Creditors and other interested parties are encouraged to attend the
meeting at 2:30 p.m. on July 26, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Oldenburg
         Room 209
         Nebenstelle Elisabethstrasse 6
         26135 Oldenburg
         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. Christian Strauss
         Friedrich-Missler-Str. 42
         28211 Bremen
         Germany
         Tel: 0421 7926260
         Fax: 0421 7926285

The District Court of Oldenburg opened bankruptcy proceedings against
UNIPRO Warenvertriebs GmbH on May 22.  Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         UNIPRO Warenvertriebs GmbH
         Ehnkenweg 9
         26125 Oldenburg
         Germany

         Attn: Horst Karbowski, Manager
         Hoppenriekels 83
         26125 Oldenburg
         Germany


UWE FREUDENBERG SERVICE: Claims Registration Ends July 11
---------------------------------------------------------
Creditors of Uwe Freudenberg Service GmbH have until July 11 to register
their claims with court-appointed insolvency manager Michael Krause.

Creditors and other interested parties are encouraged to attend the
meeting at 8:05 a.m. on Aug. 10, at which time the insolvency manager will
present his first report on the insolvency proceedings.

The meeting of creditors will be held at:

         The District Court of Neuruppin
         Hall 325
         Karl-Marx-Strasse 18a
         16816 Neuruppin
         Germany

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

The insolvency manager can be reached at:

         Michael Krause
         Putlitzer Strasse 30
         16928 Pritzwalk
         Germany

The District Court of Neuruppin opened bankruptcy proceedings against Uwe
Freudenberg Service GmbH on May 23. Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         Uwe Freudenberg Service GmbH
         Bahnstrasse 45
         19322 Wittenberge
         Germany


VITALZONE DEUTSCHLAND: Creditors Must Register Claims by July 6
---------------------------------------------------------------
Creditors of Vitalzone Deutschland GmbH have until July 6 to register
their claims with court-appointed insolvency manager Simona Fix.

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

The meeting of creditors will be held at:

         The District Court of Munich
         Meeting Hall 102
         Infanteriestr. 5
         80097 Munich
         Germany

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

The insolvency manager can be reached at:

         Simona Fix
         Nymphenburger Str. 113/I
         80636 Munich
         Germany
         Tel: 089/30 90 889-30
         Fax: 089/30 90 889-33

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

The Debtor can be reached at:

         Vitalzone Deutschland GmbH
         Implerstr. 84
         80097 Munich
         Germany


VKW TRA.DE: Claims Registration Period Ends July 27
---------------------------------------------------
Creditors of VKW Tra.de GmbH & Co. KG have until July 27 to register their
claims with court-appointed insolvency manager Tobias Wahl.

Creditors and other interested parties are encouraged to attend the
meeting at 9:30 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 Landau in der Pfalz
         Room 223
         Marienring 13
         76829 Landau in der Pfalz
         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:

         Tobias Wahl
         L 9, 11
         68161 Mannheim
         Germany
         Tel: 0621-127960

The District Court of Landau in der Pfalz opened bankruptcy proceedings
against VKW Tra.de GmbH & Co. KG on May 23. Consequently, all pending
proceedings against the company have been automatically stayed.

The Debtor can be reached at:

         VKW Tra.de GmbH & Co. KG
         Attn: Juergen Hildenbrand, Manager
         Herrenbergerstr. 14
         76831 Birkweiler
         Germany


WPM NR. 1: Creditors Must Register Claims by July 2
---------------------------------------------------
Creditors of WPM Nr. 1 GmbH have until July 2 to register their claims
with court-appointed insolvency manager Christian Schuetze.

Creditors and other interested parties are encouraged to attend the
meeting at 11:00 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 Moenchengladbach
         Meeting Hall A 14
         Ground Floor
         Hohenzollernstr. 157
         41061 Moenchengladbach
         Germany

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

The insolvency manager can be reached at:

         Christian Schuetze
         Hohenzollernstrasse 124 - 126
         41061 Moenchengladbach
         Germany
         Tel: 02161 / 4060280
         Fax: 02161 / 40602820

The District Court of Moenchengladbach opened bankruptcy proceedings
against WPM Nr. 1 GmbH on May 21.  Consequently, all pending proceedings
against the company have been automatically stayed.

The Debtor can be reached at:

         WPM Nr. 1 GmbH
         Juelicher Strasse 10 - 12
         41812 Erkelenz
         Germany

         Attn: Ian Paul Grimble, Manager
         Wassenberger Strasse 154
         52525 Heinsberg
         Germany


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


ACTUANT CORP: Moody's Rates US$250 Mln Sr. Unsec. Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 (LGD3, 43%) rating to Actuant
Corporation's US$250 million senior unsecured notes and affirmed the
company's Ba2 Corporate Family Rating.

Moody's also changed the company's outlook to positive from stable.  The
change in outlook reflects Actuant's strong operations resulting in robust
cash flows and solid debt coverage metrics.

Actuant's Ba2 Corporate Family Rating reflects the company's
competitive market position in providing industrial tools and motion
control systems to diversified end-markets.  Actuant has also been able to
integrate several acquisitions without interruptions to its core business.
The company is currently benefiting from global demand for its products,
which have contributed to strong credit metrics.

For LTM February 2007, Actuant's key credit metrics were:

   -- EBITDA margin near 17%;
   -- free cash flow/ debt near 10%;
   -- Debt/EBITDA at 3.5 times; and
   -- EBIT/Interest expense of 4.3 times.

These credit metrics position Actuant as one of the stronger
diversified manufacturer when compared to its rated industry peers.  The
corporate family rating incorporates Moody's belief that Actuant will
continue with "bolt-on" acquisitions which could require incremental
capital investments. Constraining the corporate family rating is the
cyclicality of Actuant's industrial end markets.

The positive outlook reflects Moody's expectation that Actuant's debt
protection measures will continue to improve over the next twelve to
eighteen months as the company benefits from the robust demand in its end
markets.  Future acquisitions are anticipated to be modest in size and
successfully integrated into the company's core operations, which should
further diversify its revenue sources.  Additionally, Actuant continues
to improve its internal operating efficiencies.  The key risk that
Actuant will continue to face is the cyclicality in the industrial end
markets it services.  Nevertheless, Actuant should be able to weather
future cyclical downturns much better than in the past due to its broader
product offerings, diversity of industrial end markets, and a commitment
to maintain adequate liquidity.

The Ba2 (LGD3, 43%) rating on the existing senior secured bank credit
facility and the proposed $250 million senior unsecured notes reflect a
comparable priority of claim each facility has within the company's
capital structure.  Moody's notes that the collateral for the bank credit
facility is the pledge of 65% of the equity of certain material foreign
subsidiaries.  Moody's does not ascribe significant recovery values to
this collateral package.  As a result, both the bank credit facility and
unsecured notes have the same loss given default assessments. Moody's also
notes that the unsecured notes mature ten years from closing and diversify
the company's funding sources. Proceeds from the unsecured notes will be
used to repay a comparable amount of bank debt and to pay associated fees
and expenses.

These ratings/assessments were affected by this action:

   -- Corporate Family Rating affirmed at Ba2;

   -- Probability-of-default rating affirmed at Ba2;

   -- $400 million senior secured bank credit facility due 2009
      affirmed at Ba2 (LGD3, 43%);

   -- $250 million senior unsecured notes due 2017 assigned at
      Ba2 (LGD3, 43%).

Headquartered in Butler, Wis., Acuant Corp. (NYSE: ATU) --
http://www.actuant.com/-- is a diversified industrial company
with operations in more than 30 countries including Australia,
China, Italy, United Kingdom, among others.  The Actuant
businesses are market leaders in highly engineered position and
motion control systems and branded hydraulic and electrical
tools and supplies.  The company employs a workforce of more
than 6,700 worldwide.


ALITALIA SPA: Pegs April 2007 Net Debt at EUR1.08 Billion
---------------------------------------------------------
Alitalia S.p.A. released its financial position figures as of April 20, 2007.

The Group’s net debt as of April 30, 2007, amounted to
EUR1.077 billion, with a slight increase in net indebtedness of
EUR5 million (+0.5%) compared with the situation on March 31, 2007, which
was EUR1.072 billion.

Cash-to-hand and short-term financial credits as of April 30, 2007,
amounted to EUR636 million, decreasing with the respect to March 31, 2007,
by EUR7 million (-1.1%) from EUR643 million.

                       About Alitalia

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

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


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


AK-NIET LLP: Proof of Claim Deadline Slated for July 6
------------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Ak-Niet insolvent.

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

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


JETISU OJSC: Creditors Must File Claims July 17
-----------------------------------------------
OJSC Industrial-Financial Corporation Jetisu has declared insolvency.
Creditors have until July 17 to submit written proofs of claims to:

         OJSC Industrial-Financial Corporation Jetisu
         Lenin Str. 8
         Energetichesky
         Ilyisky District
         Almaty
         Kazakhstan


KARAKUM BALYK: Claims Filing Period Ends July 3
-----------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Karakum Balyk (RNN 091600210034).

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

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


KAZTECHSERVICE LLP: Claims Registration Ends July 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Kaztechservice insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Krylov Str. 92/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-22-10


MADJ-EK LLP: Creditors' Claims Due July 3
-----------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP
Madj-Ek insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Lermontov Str. 53-37
         Pavlodar
         Kazakhstan


RUM STAR: Proof of Claim Deadline Slated for July 3
---------------------------------------------------
The Specialized Inter-Regional Economic Court of Almaty has declared LLP
Rum Star (RNN 600400121428).

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

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


TECHSTROYSNAB LLP: Creditors Must File Claims July 3
----------------------------------------------------
The Specialized Inter-Regional Economic Court of Pavlodar has declared LLP
Techstroysnab insolvent.

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

         The Specialized Inter-Regional
         Economic Court of Pavlodar
         Lermontov Str. 53-37
         Pavlodar
         Kazakhstan



TURKESTAN-2001 LLP: Claims Filing Period Ends July 3
----------------------------------------------------
The Specialized Inter-Regional Economic Court of East Kazakhstan has
declared LLP Turkestan-2001 insolvent.

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

         The Specialized Inter-Regional
         Economic Court of East Kazakhstan
         Krylov Str. 92/1
         Ust-Kamenogorsk
         East Kazakhstan
         Kazakhstan
         Tel: 8 (3232) 55-22-10


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


KARASUISKAYA BASE: Creditors Must File Claims by July 13
--------------------------------------------------------
LLC Karasuiskaya Base has declared insolvency.  Creditors have until July
13 to submit written proofs of claim to:

         LLC Karasuiskaya Base
         Aitiyev Str. 21
         Karasuu
         Osh
         Kyrgyzstan


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


LAURELIN II: Fitch Rates EUR17 Million of Notes at BB
-----------------------------------------------------
Fitch Ratings-London-31 May 2007: Fitch has assigned
expected ratings to Laurelin II B.V.'s upcoming issue
of floating-rate notes due 2023, as listed below:

    -- EUR147.25 million Class A1-E senior secured
       floating-rate notes: 'AAA'

    -- EUR90 million Class A1-R senior secured
       revolving floating-rate notes: 'AAA'

    -- EUR45 million-equivalent GBP-denominated Class
       A1-S senior secured floating-rate notes: 'AAA'

    -- EUR15.75 million Class A-2 senior secured
       floating-rate notes: 'AAA'

    -- EUR41 million Class B senior secured
       floating-rate notes: 'AA'

    -- EUR26 million Class C senior secured
       deferrable floating-rate notes: 'A'

    -- EUR23 million Class D senior secured
       deferrable floating-rate notes: 'BBB'

    -- EUR17 million Class E senior secured
       deferrable floating-rate notes: 'BB'

The transaction is a securitization of leveraged loans
including primarily senior secured loans, second lien
loans, mezzanine obligations and high yield bonds.
The final ratings are contingent on the receipt of
final documents conforming to information already
received.

The expected ratings of the Class A-1E, A-1R, A-1S,
A-2 and B notes address the ultimate repayment of
principal at maturity and the timely payment of
interest when due, according to the terms of the
notes.  For the Class C, D and E notes, which can
defer interest, the expected ratings address the
ultimate payment of principal and interest, including
deferred interest, at maturity.

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

The expected ratings are also based on the credit
enhancement provided to the various Classes of notes
in the form of subordination, structural protection
and excess spread.  Credit enhancement for the Class
A-1E, A-1R and A-1S notes in the form of subordination
totals 35.56%, and is provided by the Class A-2 notes
(3.6%), the Class B notes (9.36%), the Class C notes
(5.94%), the Class D notes (5.25%), the Class E notes
(3.88%) and the equity Class of notes (7.53%).

GoldenTree will actively manage the collateral over
the seven-year reinvestment period.  Derivative Fitch
assigned GoldenTree a 'CAM2-' (CAM2 minus) rating for
European leveraged loans on 11 May 2007, primarily
based on its high level of focus on leverage loans,
and experienced and stable management team.

Laurelin II B.V. is a limited liability company
incorporated under the laws of the Netherlands.  At
the closing date, the issuer is expected to have
purchased at least a portion of the target portfolio;
the remainder will be purchased over a further 12
months.


LYONDELL CHEMICAL: Fitch to Rate US$500 Million Notes at BB-
------------------------------------------------------------
Fitch Ratings expects to assign a 'BB-' rating to Lyondell Chemical
Company's US$500 million announced offering of senior unsecured notes due
2017.  Proceeds from this offering are expected to fully repay the
existing US$500 million, 10.875% senior subordinated notes due 2009.

Fitch has also affirmed Lyondell's other ratings as:

    -- Issuer Default Rating at 'BB-';
    -- Senior secured credit facility and term loan at 'BB+';
    -- Senior secured notes at 'BB+';
    -- Senior unsecured notes at 'BB-';
    -- Debentures at 'BB-';

Additionally, Fitch has affirmed and withdrawn its 'B' rating on
Lyondell's senior subordinated notes.  The Rating Outlook for Lyondell
remains Positive.  Approximately US$5 billion of debt is affected by these
actions.

The affirmation of Lyondell's ratings and assignment of 'BB-' rating to
the new senior unsecured notes are supported by the company's debt
reduction efforts, lower average cost of borrowings and improved financial
flexibility.  Lyondell continues to benefit from multiple operational cash
streams as well as cash from the recent Inorganics sale.  Fitch expects
debt reduction will accelerate in the near-term as the sale of its
Inorganics business was completed in mid-May.  Proceeds from the asset
sale are expected to primarily fund the repayment of Millennium America
Inc.'s remaining US$373 million, 9.25% senior notes due 2008, Equistar
Chemicals, LP's US$300 million, 10.125% senior notes due 2008 and US$300
million, 10.625% senior notes due 2011.

Fitch also continues to expect Lyondell's debt reduction targets to be met
during 2008 and high probability of additional debt repayment to occur
thereafter.  In addition, Lyondell's 'BB-' Issuer Default Rating
incorporates the company's highly integrated businesses in refining,
petrochemicals and performance products.  Lyondell's size, liquidity and
access to capital markets support the rating.

The Positive Rating Outlook reflects continued relatively favorable
business conditions for the markets Lyondell participates in, and the
expectation that Lyondell and its subsidiaries will accelerate their debt
reduction efforts in the next year.  Fitch also expects that energy and
raw material prices will continue to be volatile however average prices
are expected to trend lower.  Strong operations from petrochemical and
refining operations are likely to offset more cyclical businesses within
the portfolio.

Lyondell holds leading global positions in propylene oxide and
derivatives, as well as leading North American positions in ethylene,
propylene, polyethylene, aromatics, acetic acid, and vinyl acetate
monomer.  The company also has substantial refining operations located in
Houston, Tex.  The company benefits from strong technology positions and
high barriers to entry in its major product lines.  Lyondell owns 100% of
Equistar; 70.5% directly and 29.5% indirectly through its wholly owned
subsidiary Millennium.  For the latest three months ending March 31, 2007,
Lyondell and its subsidiaries generated US$2.37 billion of EBITDA on
US$23.3 billion in sales.

Lyondell has operations in South Korea, Brazil and the Netherlands.

WEIGHT WATCHERS: March 31 Balance Sheet Upside-Down by US$1 Bil.
----------------------------------------------------------------
Weight Watchers International, Inc. had total assets of
$1 billion, total liabilities of US$2 billion, resulting in a total
stockholders’ deficit of US$1 billion as of March 31, 2007.

The company’s balance sheet as of March 31, 2007, also showed strained
liquidity with total current assets of US$268.2 million and total current
liabilities of US$186.6 million.

For the first quarter of 2007, net revenues increased US$57.4 million or
16.8% to US$399.4 million, up from US$342 million in the first quarter of
2006.  Net income for the first quarter of 2007 was US$53.8 million, as
compared with US$57 million for the first quarter of 2006.

                       Sources and Uses of Cash

For the three months ended March 31, 2007, cash and cash equivalents were
US$53.9 million, an increase of US$16.4 million from Dec. 30, 2006.  For
the three months ended April 1, 2006, cash and cash equivalents were
US$52.9 million, an increase of US$21.4 million from Dec. 31, 2005.

                            Balance Sheet

Comparing the balance sheet at March 31, 2007 with that at Dec. 30, 2006,
the company’s cash balance has increased by US$16.4 million to US$53.9
million, as noted above.  The company’s working capital deficit at March
31, 2007, was US$81.5 million, including US$53.9 million of cash, as
compared to US$81.8 million, including US$37.5 million of cash, at Dec.
30, 2006.  Excluding the change in cash, the working capital deficit
increased by US$16.1 million from Dec. 30, 2006, to March 31, 2007.

Of the US$16.1 million increase in negative working capital, about US$36.1
million relates to operational items and US$3.6 million reflects an
increase in the current portion of our long-term debt.  These are
partially offset by a decrease in negative working capital of
$23.6 million arising from higher deferred taxes.  The US$36.1 million of
operational items is largely the result of a US$28.3 million increase in
deferred revenue for member prepayments associated with our new commitment
plans.  The remaining US$7.8 million is comprised of net payables and
accrued expenses increasing US$8.8 million, inventories declining by
US$3.6 million, and a US$4.6 million higher receivables balance in the
quarter.

                           Long Term Debt

As of March 31, 2007, the WWI Credit Facility consists of a term loan
facility in an aggregate amount of up to US$1.5 billion consisting of Term
Loan A, Additional Term Loan A and Term Loan B, and the Revolver in the
amount of up to US$500 million.  At March 31, 2007, WWI had debt of US$1.8
billion and had additional availability under its US$500 million Revolver
of US$229.2 million.

At March 31, 2007 and Dec. 30, 2006, the company’s debt consisted entirely
of variable-rate instruments.  The average interest rate on our debt was
about 6.7% and 6.8% per annum at March 31, 2007, and Dec. 30, 2006,
respectively.

Commenting on results, David Kirchhoff, president and chief executive
officer of the company, said, “During the first quarter, we began to see
some of the benefits of our transforming initiatives, particularly Monthly
Pass.  The company is taking meaningful steps to achieve its long-term
growth aspirations by focusing on improving member success and increasing
our overall relevance.”

The company reaffirms its full year 2007 earnings guidance of between
US$2.33 and US$2.47 per fully diluted share, including US$0.02 per share
of non-recurring expense associated with the early extinguishment of debt
in the first quarter of 2007.

                       About Weight Watchers

Headquartered in New York, U.S.A., Weight Watchers International Inc.
(NYSE: WTW) -- http://www.weightwatchersinternational.com/ -- provides
weight management services, with a presence in 30 countries around the
world, including Brazil, Netherlands, and New Zealand.  The company serves
its customers through Weight Watchers branded products and services,
including
meetings conducted by Weight Watchers International and its
franchisees.


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


AMERICAN AXLE: JPMorgan & BoA to Arrange Term Loan Refinancing
--------------------------------------------------------------
American Axle & Manufacturing Holdings, Inc., and its wholly owned
subsidiary, American Axle & Manufacturing, Inc. have selected JPMorgan
Securities Inc. and Banc of America Securities LLC to arrange a US$250
million unsecured term loan facility.  The facility is being arranged on
an uncommitted basis giving AAM the ability to enter into the transaction
at its discretion.

AAM intends to use the proceeds for general corporate purposes,
including the prepayment of its existing US$250 million term loan.  The
new term loan would mature in 2012.  The transaction is subject to
customary terms and conditions and the execution of definitive
documentation.

American Axle & Manufacturing -- http://www.aam.com/--
manufactures, engineers, designs and validates driveline and
drive train systems and related components and modules, chassis
systems and metal-formed products for light trucks, sport
utility vehicles and passenger cars.  In addition to locations
in the United States, AAM also has offices or facilities in
Brazil, China, England, Germany, India, Japan, Mexico, Poland,
Scotland and South Korea.

                        *     *     *

As reported in the Troubled Company Reporter-Latin America on
Feb. 28, 2007, Fitch has assigned a 'BB' rating to American Axle
& Manufacturing's (NYSE: AXL) new senior unsecured notes due
2017.  Fitch has also affirmed American Axle's existing ratings:

   -- Issuer Default Rating (IDR) 'BB';
   -- Senior unsecured bank facility 'BB'; and
   -- Senior unsecured 'BB'.


===============
P O R T U G A L
===============


INTERTAPE POLYMER: Chief Financial Officer A. Archibald Resigns
---------------------------------------------------------------
Intertape Polymer Group Inc. disclosed that Andrew M. Archibald C.A. has
advised the company of his intention to retire as chief financial officer
as of June 30, 2007.

Mr. Archibald joined Intertape Polymer Group Inc. in 1989 as its vice
president finance.  In May 1995 he became the company's chief financial
officer and was also elected as vice president administration, a position
he held through January 2005.

"The board appreciates Andrew's years of service and dedication to the
company,” Michael Richards, the company's chairman of the board,
commented.  His contributions were instrumental in the growth and success
of Intertape."

Victor DiTommaso, currently the company's vice president, finance, will
assume Mr. Archibald's responsibilities subsequent to June 30th.

Headquartered in Quebec, Canada, Intertape Polymer Group (TSX:
ITP) (NYSE: ITP) -- http://www.intertapepolymer.com/-- develops
and manufactures specialized polyolefin plastic and paper based
packaging products and complementary packaging systems for
industrial and retail use.  Headquartered in Montreal, Quebec and
Sarasota/Bradenton, Florida, the company employs about 2450
employees with operations in 18 locations, including 13
manufacturing facilities in North America, one in Portugal and in Mexico.

                          *     *     *

Intertape Polymer Group, Inc. carries Standard & Poor's Ratings'
'B-' corporate credit and senior secured ratings.  In addition,
the company also carries Standard & Poor's 'CCC' senior
subordinated rating.


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


BAYKAL-TRANSIT LLC: Creditors Must File Claims by June 12
---------------------------------------------------------
Creditors of LLC Baykal-Transit have until June 12 to submit proofs of
claim to:

         N. Fomin
         Temporary Insolvency Manager
         Post User Box 131
         664025  Irkutsk
         Russia

The Arbitration Court of Irkutsk will convene at 10:15 a.m. on Oct. 1 to
hear the company's bankruptcy supervision procedure.
The case is docketed under Case No. A19-5227/07-60.

The Court is located at:

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

The Debtor can be reached at:

         LLC Baykal-Transit
         K. Marksa Str. 19
         Angarsk
         Irkutsk
         Russia


DISTILLERY MAGADANSKIY: Creditors Must File Claims by July 12
-------------------------------------------------------------
Creditors of OJSC Distillery Magadanskiy have until July 12 to submit
proofs of claim to:

         V. Pentyashin
         Insolvency Manager
         Post User Box 142
         Proletarskaya Str. 10
         685000  Magadan
         Russia

The Arbitration Court of Magadan commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A37-2550/06-14/9B.

The Debtor can be reached at:

         OJSC Distillery Magadanskiy
         Zaytseva Str. 3
         685010  Magadan
         Russia


FUND OF REGIONAL: Creditors Must File Claims by June 12
-------------------------------------------------------
Creditors of CJSC Fund of Regional Development have until
June 12 to submit proofs of claim to:

         I. Osipov
         Insolvency Manager
         Office 511
         Rossijskaya Str. 10
         Irkustk
         Russia

The Arbitration Court of Irkustk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A19-4597/07-34.

The Court is located at:

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

The Debtor can be reached at:

         CJSC Fund of Regional Development
         Marata Str. 31
         664025 Irkustk
         Russia


HILTON HOTELS: Forms 3 Major Alliances for Global Expansion
-----------------------------------------------------------
Hilton Hotels Corporation will form three major development alliances with
the intention to introduce more than 15 new hotels in the Caribbean and
Central America, 25 hotels in Russia and at least 15 hotels in the U.K.
throughout the next 5 years.

HHC has agreed to work with Caribbean Property Group for development
within Central America & the Caribbean; London & Regional Properties
Limited in Russia; and Shiva Hotels Limited in the U.K. and Ireland.  The
three development alliances follow the partnership deals recently
announced in India and China, which are expected to result in 100 new
hotels in those markets throughout the next 5 to 7 years.

"These important alliances will reinforce our position as the premier
global hotel company and underscore our strategy to sign large deals with
major investors to develop a significant number of hotels in key growth
markets around the world," said Matthew J. Hart, Hilton Hotels' president
and chief operating officer.  "We are well on our way to achieving our
stated goal of at least 1,000 hotels outside of North America over the
next 10 years."

Caribbean & Central America

Through a strategic alliance agreement with Caribbean Property Group, a
New York-based, major property investment group, HHC will work actively
with CPG to develop focused-service, franchised hotels within certain
defined markets in Central America and the Caribbean.  Initially, targeted
markets include major cities and destinations in Puerto Rico, Costa Rica,
Panama, the Dominican Republic and Trinidad. CPG will receive certain
preferred development rights in return for meeting certain goals and
timetables.

"This agreement ideally supports our international development strategy to
bolster the Hilton Family of Hotels presence in growing markets where our
brands are either underrepresented or absent," said Tom Keltner, Hilton
Hotels' Chief Executive Officer for Americas & Global Brands.  "CPG is a
well respected developer with invaluable insight in these markets, and we
are confident that they will help us achieve these goals."

The company initially will focus on the Hilton Garden Inn brand, with
plans to develop additional projects under the Hampton by Hilton and
Homewood Suites by Hilton flags, eventually.

HHC began its business relationship with CPG with the recent signing of
management agreements for two existing full-service hotels in Costa Rica
owned by a joint venture in which CPG holds an 85 percent ownership
interest.  Currently undergoing major renovations, the hotels will be
re-branded and re-opened in the 2008 first quarter as the Hilton Papagayo
and the Doubletree by Hilton Puntarenas, in Guanacaste and Puntarenas,
Costa Rica, respectively.

"The region is ripe for focused service hotel development," said Caribbean
Properties Group Vice Chairman Barry Breeman.  "The economies have
strengthened in the region over the past five years.  Today, there is a
good base of first-class, full-service hotels and resorts, but a very
limited number of mid-market, focused service hotels, especially in the
premium branded sector.  In addition to these markets and this segment
being significantly underserved, we believe developing under the
established Hilton Family of Hotels will give instant credibility to the
projects.  And as these projects succeed, we believe they will act as
catalysts to help further strengthen local economies and development of
other real estate classes."

Russia

In Russia, which is a priority international development market for the
company, HHC will enter into a 'Preferred Development Alliance' with
London & Regional Properties Limited.  This agreement is expected to
result in the development of at least 25 new hotels in an initial period
of 5 years, encompassing selected brands within the Hilton Family of
Hotels, including Conrad, Hilton, Doubletree by Hilton, Hilton Garden Inn
and Hampton by Hilton hotels, all of which HHC will manage.

"Russia is an outstanding market in which to pursue hotel development
given the powerful combination of improving economics and favourable
demographics," said Ian Carter, chief executive of Hilton's International
Operations.  "There is almost a total absence of internationally branded
properties throughout the regional cities of Russia.  In London &
Regional, we have a blue-chip owner; Hilton has enjoyed a long-standing
trading relationship with this company that is comprised of highly
experienced developers with a strong appetite for growth.  With their
support, we aim to become the market leading international hotel company
in Russia."

"The Hilton name is a powerfully strong brand and Russia offers tremendous
potential as there are 11 major cities with a population of more than 1
million people," said Ian Livingston of London & Regional.  "With the
multi-brand approach that Hilton Hotels Corporation now has, the company
is able to offer solutions in all travel sectors."

The development focus in Russia will be in Moscow and St. Petersburg as
well as key regional cities.  The first hotel expected to be included in
the deal will be in the center of Novosibirsk where L&R currently is
developing a mixed-use hotel and office project that features a 186-room
Doubletree by Hilton.  This hotel is expected to open in the second
quarter of 2008.

In addition, and separate from this deal, HHC's first Hilton hotel in
Russia will be the 275-room Hilton Moscow Leningradskaya, which opens
later this year.

U.K. & Ireland

In the U.K. and Ireland, the company will enter into a preferred
development alliance with Shiva Hotels Limited, representing its first
U.K. hotel franchise deal with a major property partner.  The agreement is
expected to result in the addition of at least 15 new hotels and will
focus on the following Hilton Family of Hotels: Hilton, Doubletree by
Hilton, Hilton Garden Inn and Hampton by Hilton.

Shiva, a privately owned company, is looking to expand its existing
interests in the hotel sector and has four hotel sites under development
that are expected to be included in this agreement.  Two of the new sites
will be Hampton by Hilton hotels, representing the brand's first
introduction in the U.K.

Shiva hotels Managing Director Rishi Sachdev said, "I am excited by the
opportunity to develop and grow the business in partnership with Hilton,
which has a strong, international presence and an excellent reputation.  I
believe that combining the Hilton family of brands with our development
experience and operational expertise is a winning formula."

The four sites under development are a 350-room Hilton near Heathrow
Terminal 5, a 200-room Hilton and a 120-room Hampton Inn by Hilton in
Leeds, and a 120-room Hampton by Hilton in Derby.

"The U.K. & Ireland is a very important market for Hilton, given the
strength of the economy and our already strong presence with 75
properties," said Mr. Carter.  "The introduction of additional brands
within the Hilton Family of Hotels for the first time gives us the ability
to attract new owners and operate across a number of market segments from
luxury to mid-price, appealing to guests at different price points.
"These significant alliances are indicative of how we would like to grow
internationally.  We aim to make a big impact in each of our core
development markets and achieve market leadership across major hotel
segments through ventures with large ownership groups."

                      About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


HILTON HOTELS: Declares US$.04 Per Share Dividend
-------------------------------------------------
Hilton Hotels Corporation declared a dividend of US$.04 per share, payable
in cash on June 15, 2007, to stockholders of record at the close of
business on June 1, 2007.

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


HILTON HOTELS: Matthew J. Hart to Assume CEO Post in 2008
---------------------------------------------------------
Hilton Hotels Corporation's board of director's disclosed the assumption
of Matthew J. Hart, the company's president and chief operating officer,
to the role of president and chief executive officer effective Jan. 1,
2008.  Mr. Hart, who was also elected to the company's board in January
2007, will replace Stephen F. Bollenbach as company CEO.

Mr. Bollenbach will retire as CEO on Dec. 31, 2007, but continue as
co-chairman of the board and serve as an employee consultant.

These executives continue reporting directly to Mr. Hart:

   * Ian R. Carter, executive vice president and chief executive
      officer, Hilton International;

   * Thomas L. Keltner, executive vice president and chief
     executive officer, Americas and Global Brands;

   * Antoine Dagot, executive vice president and president/chief
     executive officer, Hilton Grand Vacations Company;

   * Tim Harvey, executive vice president, global distribution
     services and chief information officer; and

   * Molly McKenzie-Swarts, executive vice president, human
     resources, diversity and administration.

In addition:

   * Madeleine A. Kleiner, executive vice president, general
     counsel and corporate secretary; and

   * Robert M. La Forgia, executive vice president and chief
     financial officer begin reporting to Mr. Hart effective
     immediately.

Mr. Hart will become only the fourth chief executive officer in the
company's nearly 90-year history, following Conrad N. Hilton, Barron
Hilton and Mr. Bollenbach.  Since joining Hilton in 1996, he has been
instrumental in completing several strategic transactions, including the
acquisitions of Bally's Entertainment, Promus Hotel Company and Hilton
International; creating and implementing the company's financial strategy;
overseeing the acquisition of numerous hotel properties; and introducing
several new product, service and marketing initiatives, including the
launch of the company's new luxury brand, The Waldorf Astoria Collection.

"With his nearly 30 years of experience in the lodging industry, and the
breadth of his responsibilities here at Hilton since 1996, including
driving our financial and operational activities, Matt is uniquely suited
to lead our company into the future and strengthen our position as the
premier global hotel company," said Mr. Bollenbach.  "This is the next
logical step in Matt's career and one that he is perfectly equipped to
take on.  The Board of Directors and I are confident that Matt and his
team will take Hilton to new heights in the coming years."

Mr. Hart said: "I am deeply honored to follow as CEO such respected
business leaders and pioneers as Barron and Steve, and am grateful for the
confidence the Board has shown in me.  Our company's worldwide prospects
and opportunities have never been greater, and with the industry's best
management team and 100,000 talented and dedicated team members around the
world, we look forward to continue delivering great results to our
customers, to our owners and to our shareholders."

One of the most visible and respected executives in the lodging industry,
Mr. Hart is highly regarded for his participation in and leadership of
numerous industry organizations and events.  He is a featured annual
panelist and speaker at the prestigious NYU Lodging Conference and was the
keynote speaker at the 2007 International PowWow, the travel industry's
premier business exhibition. In addition, he is active in the American
Hotel & Lodging Association's Industry Real Estate Financing Advisory
Council, receiving the organization's Lifetime Achievement Award in 2003.

After joining Hilton in 1996 as executive vice president and chief
financial officer, Mr. Hart was named president and chief operating
officer in 2004.  Prior to joining Hilton, he was senior vice president
and treasurer for the Walt Disney Company, before which he served as
executive vice president and chief financial officer for Host Marriott
Corporation.  He also held various financial positions with Marriott
Corporation, which he joined in 1981 as manager, project finance.  Mr.
Hart also was a lending officer with Bankers Trust Company in New York.

In addition to serving on Hilton's board of directors, Mr. Hart is a
director of US Airways Group, Inc., Kilroy Realty Corporation and the
non-profit Heal the Bay.  He graduated cum laude from Vanderbilt
University in 1974 and received his MBA from Columbia University in 1976.
Mr. Hart lives in Brentwood, California with his wife and three children.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


LABINSK OJSC: Creditors Must File Claims by June 12
---------------------------------------------------
Creditors of OJSC Agro-Industrial Company Machine-Technological Station
Labinsk (TIN 2314012748) have until June 12 to submit proofs of claim to:

         V. Kozmin
         Insolvency Manager
         Letter K
         Tovarnaya Str. 7
         350033 Krasnodar
         Russia

The Arbitration Court of Krasnodar commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A-32-2951/2007-44/117B.

The Court is located at:

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

The Debtor can be reached at:

         OJSC Agro-Industrial Company Machine-Technological
         Station Labinsk
         Severnaya Promzona
         Labinsk
         352500 Krasnodar
         Russia


LESOSIBIRSKAYA TIMBER: Creditors Must File Claims by July 12
------------------------------------------------------------
Creditors of LLC Lesosibirskaya Timber Industry Company have until July 12
to submit proofs of claim to:

         A. Kozhematov
         Insolvency Manager
         Post User Box 20647
         660017 Krasnoyarsk
         Russia

The Arbitration Court of Krasnoyarsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A33-3866/2007.

The Arbitration Court of Krasnoyarsk Region is located at:

         Lenina Str. 143
         660021 Krasnoyarsk Region
         Russia

The Debtor can be reached at:

         LLC Lesosibirskaya Timber Industry Company
         Privokzalnaya Str. 1
         Lesosibirsk
         62544 Krasnoyarsk
         Russia


NIVA OJSC: Creditors Must File Claims by July 12
------------------------------------------------
Creditors of OJSC Niva (TIN 7320034509) have until July 12 to submit
proofs of claim to:

         S. Berezov
         Insolvency Manager
         Office 37
         Krymova Str. 12
         432017 Ulyanovsk
         Russia

The Arbitration Court of Ulyanovsk commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A72-1695/07-22/11-B.

The Debtor can be reached at:

         OJSC Niva
         Zelenets
         Terengulskiy
         Ulyanovsk
         Russia


NOVOSLOBODSKIY DISTILLERY: Bankruptcy Hearing Slated for Aug. 28
----------------------------------------------------------------
The Arbitration Court of Nizhniy Novgorod will convene at
9:00 a.m. on Aug. 28 to hear the commenced bankruptcy supervision
procedure on OJSC Novoslobodskiy Distillery.  The case is docketed under
Case No. A43-3694/2007 27-104.

The Temporary Insolvency Manager is:

         Y. Shishkov
         Minia Str. 3-1
         Nizhniy Novgorod
         Russia

The Court is located at:

         The Arbitration Court of Nizhniy Novgorod
         Kremlin 9
         603082 Nizhniy Novgorod Region
         Russia

The Debtor can be reached at:

         OJSC  Novoslobodskiy Distillery
         Zavodskaya Str.
         Novaya Sloboda
         Bolsheboldinskiy
         Nizhniy Novgorod
         Russia


PRESS CJSC: Creditors Must File Claims by July 12
-------------------------------------------------
Creditors of LLC Baykal-Transit have until July 12 to submit proofs of
claim to:

         V. Kovalchuk
         Insolvency Manager
         Office 107
         Grazhdanskaya Str. 9
         Stavropol
         Russia

The Arbitration Court of Stavropol commenced bankruptcy proceedings
against the company after finding it insolvent.  The case is docketed
under Case No. A63-17909/06-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reched at:

         JSC Press
         Telmana Str. 244
         Stavropol
         Russia


RADUZHNAYA LLC: Creditors Must File Claims by June 12
-----------------------------------------------------
Creditors of LLC Agricultural Company Raduzhnaya (TIN 2603009695) have
until June 12 to submit proofs of claim to:

         P. Serezhin
         Insolvency Manager
         Office 511
         Goleneva Str. 73
         355012 Stavropol
         Russia

The Arbitration Court of Stavropol will convene on Aug. 9 to hear the
company's bankruptcy supervision procedure.  The case is docketed under
Case No. A63-718/2007-S5.

The Court is located at:

         The Arbitration Court of Stavropol
         Mira Str. 4586
         Stavropol Region
         Russia

The Debtor can be reached at:

         LLC Agricultural Company Raduzhnaya
         Vokzalnaya Str., 59
         Kursavka
         Andropovskiy
         Stavropol
         Russia


ROSNEFT OIL: Denies Link with Prana Group in Yukos Auction
----------------------------------------------------------
OAO Rosneft Oil Co. denied connections with the Prana Group, which
acquired some assets of OAO Yukos Oil Co. at a May 11 auction, Thomson
Financial reports citing Rosneft president Sergey Bogdantchikov.

Rosneft lost the auction to Prana after the latter offered US$3.9 billion
(RUR100.5 billion) for Lot 13 of Yukos’ assets, which include the bankrupt
oil firm’s 22-story Moscow headquarters.

Prana’s bid is nearly five times more than the lot’s US$856.8 million
starting price raising speculations that the bidders might knew about
hidden value in another asset in the lot.

Prana transferred RUR95.6 billion to Yukos' account on May 30 as final
payment for the assets after the Federal Antimonopoly Service approved the
sale.

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

Aside from Yukos' offices, the lot includes:

   -- 100% in YUKOS-M CJSC,

   -- 100% in YUKOS-Moscow,

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

   -- 100% in YUKOS IMPORT,

   -- 100% in U-Mordovia,

   -- 100% in YUKOS-M Trade House,

   -- 100% in TopMaster-Realty Ltd,

   -- 77.4% in United center of scientific research,

   -- 70% in YUKOS Vostok Trade,

   -- 70% in UT-OIL,

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

   -- 50% in USVL CJSC,

   -- 37.99% in Voronezh nefteproduct avtomatika,

   -- 0.01% in YUKOS Refining and Marketing, and

   -- 0.01% in YUKOS Exploration and Production.

The TCR-Europe reported in June 4, 2007, that Rosneft will integrate in
July the production assets it acquired from Yukos.

"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.

                          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: Readies US$11.5 Billion Package to Repay Loans
-----------------------------------------------------------
OAO Rosneft Oil is planning to raise around US$11.5 billion in the second
half of 2007 to repay its bank loans, Financial Information Service
reports.

Rosneft's refinancing package includes:

   -- placement of US$5 billion in Eurobonds;

   -- selling US$4 billion in non-core assets;

   -- selling part of the 9.44% shares reacquired from OAO Yukos
      Oil Co., worth around US$2.5 billion.

As reported in the TCR-Europe on June 1, 2007, Rosneft president
Sergei Bogdanchikov said the company is reviewing options to repay the loans.

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

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

   -- sale of unnecessary assets acquired from Yukos Oil;

   -- sale of shares; and

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

                          About Rosneft

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

                           *    *    *

In a TCR-Europe report on Mar. 23, 2007, Fitch Ratings notes
that Rosneft's plans to borrow US$22 billion from a group of
eight banks in two credit arrangements of US$13 billion maturing
in 12 months and US$9 billion maturing in 18 months is currently
incorporated into the company's local and foreign currency
Issuer Default ratings of 'BB+' Rating Watch Positive.

In a TCR-Europe report on Jan. 16, 2007, Standard & Poor's
Ratings Services raised its long-term corporate credit rating on
Russian OJSC Oil Company Rosneft to 'BB+' from 'BB' and removed
it from CreditWatch, where it had been placed with positive
implications on Nov. 15, 2006.  S&P said the outlook is
developing.


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

         E. Dulnev
         Temporary Insolvency Manager
         Office 209
         Demokraticheskaya Str., 8
         443031 Samara
         Russia

The Arbitration Court of Samara commenced bankruptcy supervision procedure
on the company.  The case is docketed under Case No.
A55-2664/2007.

The Debtor can be reached at:

         CJSC Selitbenskoye
         Shkolnaya Str. 45
         Russkaya Selitba
         Krasnoyarskiy
         Samara
         Russia


SERNUR-AGRO-DOR-STROY: Creditors Must File Claims by June 12
------------------------------------------------------------
Creditors of OJSC Sernur-Agro-Dor-Stroy have until June 12 to submit
proofs of claim to:

         G. Kazakbaev
         Insolvency Manager
         O. Tikhomirovoj Str. 59
         Yoshkar-Ola
         424031 Mariy El
         Russia

The Arbitration Court of Mariy El commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A38-603-11/46-2007.

The Debtor can be reached at:

         OJSC Sernur-Agro-Dor-Stroy
         Shabalina Str. 49
         Sernur
         425450 Mariy El
         Russia


SITRONICS JSC: Bulgarian Unit Inks Three Contracts with vivatel
---------------------------------------------------------------
Intracom Bulgaria S.A, the Bulgarian unit of Intracom Telecom, signed
three frame contracts with Bulgarian Telecommunication Company Mobile S.A,
well-known as vivatel.

Since June 2006, Intracom Telecom is controlled by JSC Sitronics
with 51%.
Within the framework of the contracts, INTRACOM Bulgaria will supply
telecommunications infrastructure design and installation services and
provide shelter equipment to vivatel.  The projects are expected to be
implemented within two years.

vivatel is founded in June 2004 and provides GSM and next-generation
telecommunication services to 700,000 subscribers in Bulgaria.  Since 2005
the company has held the contracts for network sharing with two leading
Bulgarian mobile networks, MOBILTEL and Cosmo Bulgaria Mobile.

“Expanding our activities in the Balkan region through transfer of
technical know-how and expertise to our subsidiaries and increasing our
market share is one of our prime objectives,”
Mr. Manos, managing director of INTRACOM TELECOM, said.  “Our highly
competitive product and services portfolio being offered through our
strong local companies in each Balkan country give us a clear competitive
advantage in achieving this goal.  The contract we have signed with
vivatel is of great importance to us, since vivatel is a dynamic player in
the Bulgarian market and projects like this will boost our potential
further.”

                        About Sitronics

Headquartered in Moscow, Russia, JSC Sitronics --
http://www.sitronics.com/-- provides telecommunications
solutions, IT solutions and microelectronic solutions in the CIS
region with a rapidly growing presence in other EEMEA markets.
Sistema controls the company.

Sitronics' key Telecommunication Solutions operations are based in Prague,
Czech Republic and Athens, Greece, while the company's IT Solutions and
Microelectronic Solutions divisions are based in Kiev, Ukraine and
Zelenograd, Russia respectively.

For the twelve months ended December 31, 2006, Sitronics' revenues and
OIBDA were US$1.61 billion and US$183.6 million, respectively.  As of Dec.
31, 2006, SITRONICS had total assets of US$1.65 billion.

                          *     *     *

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



STUPINSKOYE REPAIR-TECHNICAL: Court Hearing Slated for Oct. 2
-------------------------------------------------------------
The Arbitration Court of Moscow will convene at 2:00 p.m. on Oct. 2 to
hear the bankruptcy supervision procedure on OJSC Stupinskoye
Repair-Technical Enterprise.  The case is docketed under Case No.
A41-K2-4890/07.

The Insolvency Manager is:

         V. Podkorytov
         Volgogradskiy Pr. 28 A
         109316  Moscow
         Russia

The Arbitration Court of Moscow is located at:

         Novaya Basmannaya Str. 10
         Moscow Region
         Russia

The Debtor can be reached at:

         OJSC Stupinskoye Repair-Technical Enterprise
         Selkhioznaya Str. 1
         Stupinskiy
         142800 Moscow
         Russia


TNK-BP HOLDING: Rosnedra Defers License Revocation Ruling
---------------------------------------------------------
The Russian Subsoil Use Agency (Rosnedra) postponed for two weeks a
decision to revoke the license of TNK-BP Holding Ltd. for the Kovytka
natural gas field, various reports say.

As reported in the TCR-Europe on May 31, Oleg Mitvol, chief of the Federal
Natural Resource Oversight Agency (Rosprirodnadzor), recommended the
cancellation of TNK-BP’s license to Rosnedra, claiming that the oil
company failed to meet the terms of the license contract.

"None of the violations identified previously have been corrected, so the
license is bound to be withdrawn at the June 1 session," Mr. Mitvol told
RIA Novosti, adding that it might be put up for auction or competitive
bidding.

Under the terms of its license, TNK-BP, through its OAO Rusia Petroleum
unit, has to produce 9 billion cubic meters of natural gas annually from
the field, the TCR-Europe reported on May 22.     The company didn’t
achieve the targeted production output as it only produced 1.5 billion
cubic meters of natural gas from the field in 2006.

Rosnedra, local media cites sources privy to TNK-BP, may have postpone its
decision after the Kovykta project was listed as one of the agenda of the
G8 summit on June 6 to June 8 in Germany.

                          Gazprom Talks

Meanwhile, TNK-BP is trying to sell part of its stake in Rusia Petroleum
to OAO Gazprom, in an effort to prevent a license revocation, Reuters
reports.

"Should Gazprom become a Rusia Petroleum shareholder, the licensing
problem will be fixed," Nadezhda Kazakova of MDM Bank told RIA Novosti.

According to RIA Novosti, the result of the talks remains unknown but
Reuters reported that Gazprom snubbed TNK-BP's offer.

"Even though the chances for a precedent-setting license repeal ... are
high, we still hope that TNK-BP and Gazprom can find a last-minute
solution," Oleg Maximov of Troika Dialog told Reuters.

Rusia Petroleum is owned by TNK-BP (64.4%), Interros (25.82%), and the
Irkutsk regional administration (11.24%).

                          About TNK-BP

Headquartered Moscow, Russia, TNK-BP Holding Ltd. operates six
refineries in Russia and Ukraine, and markets products through
2,100 retail service stations operating under TNK and BP brand.
BP Plc and Alfa Access/Renova jointly own the group.

TNK-BP holds a strategic position as the second largest liquids
producer in the Russian intergraded operating environment,
accounting for approximately 18% of Russia's total crude oil
production.

                            *   *   *

Standard & Poor's assigned BB+/Stable foreign currency local
currency ratings to TNK-BP on June 30, 2006.

Moody's assigned a Ba2/Positive foreign currency rating to the
company on Jan. 24, 2006.

Fitch assigned a BB+/Positive foreign currency rating to TNK-BP
on Feb. 13, 2006, and BB+/Positive local currency rating on
Aug. 24, 2005.


WINE TRADE: Creditors Must File Claims by July 12
-------------------------------------------------
Creditors of LLC Wine Trade Company (TIN 0323121370) have until July 12 to
submit proofs of claim to:

         V. Leskov
         Insolvency Manager
         Post User Box 9
         Cheremkhovo
         665415 Irkutsk
         Russia

The Arbitration Court of Irkutsk commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. A19-4560/06-29.


The Court is located at:

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

The Debtor can be reached at:

         LLC Wine Trade Company
         Pervomayskiy
         Nukutskiy
         669401 Irkutsk
         Russia


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


FLEXTRONICS INT’L: Inks Pact to Buy Solectron for US$3.6 Billion
----------------------------------------------------------------
Flextronics International Ltd. and Solectron Corporation have entered into
a definitive agreement for Flextronics to acquire Solectron under a US$3.6
billion deal, creating the most diversified and premier global provider of
advanced design and vertically integrated electronics manufacturing
services.

The combined company will have the broadest worldwide EMS capabilities,
from design resources to end-to-end vertically integrated global supply
chain services, which will enhance its ability to design, build, and ship
a complete package product for its OEM customers.  By combining
Solectron's resources and unique skill sets, Flextronics will be able to
provide more value and innovation to customers by leveraging the combined
global economies of scale in manufacturing, logistics, procurement,
design, engineering and ODM services.

The enhanced capabilities of the combined company will create more value
for its customers and increase their competitiveness by improving their
product development process and supply chain management, while also
delivering improved product quality with improved performance and faster
time-to-market.

Operating in 35 countries, with a combined workforce of approximately
200,000 employees, including approximately 4,000 design engineers, the
combined company's annual revenues will exceed US$30 billion across seven
well- diversified customer market segments and several vertical component
divisions.

                       Transaction Terms

Under the terms of the definitive agreement, unanimously approved by the
Boards of Directors of both companies, shareholders of Solectron will
receive total consideration currently valued at approximately US$3.6
billion, based on the closing price of Flextronics ordinary shares on June
1, 2007.

Each share of common stock of Solectron will be converted into the right
to receive, at the election of each of the individual holders of Solectron
shares, either, but not a combination of (i) 0.3450 shares of Flextronics
or (ii) a cash payment of US$3.89 per share, subject to the limitation
that not more than 70% in the aggregate and no less than 50% in the
aggregate of Solectron shares will be converted into shares of
Flextronics.

As a result, if holders of more than 70% of Solectron's outstanding shares
elect to receive Flextronics stock, the shares of those holders to be
converted into Flextronics stock will be proportionately reduced so that
not more than 70% of Solectron's outstanding shares in the aggregate are
converted into shares of Flextronics stock, with those holders' remaining
shares converted into cash.  In this case, Solectron shareholders electing
cash consideration will receive cash consideration for all their shares.

Alternatively, if holders of more than 50% of Solectron's outstanding
shares elect to receive cash, the shares of those holders to be converted
into cash will be proportionately reduced so that not more than 50% of
Solectron's outstanding shares in the aggregate are converted into cash,
with those holders' remaining shares converted into shares of Flextronics.
In this case, Solectron shareholders electing stock consideration will
receive stock consideration for all their shares.

In no case (other than by virtue of fractional shares) will shareholders
who elect to receive the stock consideration receive less than 70% of
their total consideration in Flextronics stock.  Alternatively, in no case
will shareholders who elect to receive cash consideration receive less
than 50% of their total consideration in cash.

Based upon Solectron's 909.2 million shares and share equivalents
outstanding on March 2, 2007, the range of cash to be paid and shares to
be issued by Flextronics is as follows:

                                                                                                             Total
Value
Maximum Cash Payments
(assuming 50% of
consideration paid
in cash)                US$  1,768,419,886   $ 1,768,419,886

Minimum Number
Flextronics shares
to be issued (assuming
50% of consideration
to be paid in stock)           156,839,296   $ 1,835,019,761

Total value as of June 1, 2007               $ 3,603,439,647


Minimum Cash Payments
(assuming 30% of
consideration paid
in cash)                US$  1,061,051,932   $ 1,061,051,932

Maximum Number
Flextronics shares
to be issued (assuming
70% of consideration
to be paid in stock)           219,575,014   $ 2,569,027,665

Total value as of June 1, 2007               $ 3,630,079,597

The cash consideration represents a premium of approximately 15% and the
stock consideration represents a premium of approximately 20% over
Solectron's closing price of US$3.37 on June 1, 2007.

While Flextronics will continue to evaluate alternative long-term
financing arrangements, Citigroup Global Markets Inc. has committed to
provide Flextronics with a US$2.5 billion seven-year senior unsecured term
loan to fund the cash requirements for this transaction, including the
refinancing of Solectron's debt, if required.  Following the acquisition,
Solectron will become a wholly owned subsidiary of Flextronics, and
Solectron shareholders will own approximately 20% to 26% of Flextronics's
outstanding shares.

As part of the agreement, Solectron has the right to nominate two
individuals approved by Flextronics to the board of directors of the
combined company.  The transaction is subject to customary closing
conditions, including shareholder approvals of both companies, certain
regulatory approvals and other customary closing conditions.  The
acquisition is expected to close by the end of calendar year 2007.  Until
the acquisition is completed, both companies will continue to operate
their businesses independently.

"Solectron is an extremely important strategic addition to Flextronics and
this combination transforms the landscape of our industry," said
Flextronics CEO Mike McNamara.  "By joining forces, we expect the
increased scale will enable us to further extend our market segment reach
and leverage an increased vertical integration opportunity, realize
significant cost savings, and better serve the needs of our combined
customers, employees and shareholders."

"The breadth and depth of the combined company significantly leverages our
vertical integration capability while taking significant costs out of the
combined company's infrastructure.  The combined company is clearly more
diversified and formidable than either on its own, and we are better
positioned to increase shareholder value through greater cash flow and
earnings.  We are thrilled to add Solectron's customers and employees to
our organization," Mr. McNamara added.

Paul Tufano, executive vice president and interim chief executive officer
of Solectron, said, "Flextronics's proven track record, complementary
market positions, strong balance sheet and stellar reputation as a global
leader in electronics manufacturing services make the combination
attractive for our customers, shareholders and employees."

"Specifically, the transaction will provide Solectron's customers with an
enhanced portfolio of design and vertically integrated capabilities,
greater scale, and expanded supply chain leverage along with the
advantages of an increased low cost global footprint.  Combining these two
companies allows us to transcend what we have accomplished individually
and significantly reshapes and reenergizes our industry," Mr. Tufano
added.

Mr. McNamara concluded by saying, "Over the last 18 months, we have
reorganized our management structure to create the infrastructure required
to effectively and efficiently add scale to our operations.  As a result,
we are well prepared to achieve the expected synergies by successfully
integrating our new partner into our company."

                     Financial Expectations

"While some synergies will be achieved in the first 12 months after
closing, it could take up to 18-24 months to fully integrate this
acquisition and realize the full synergy potential, which we estimate to
be at least US$200 million after-tax," Flextronics CFO Thomas J. Smach
stated.  "This should be at least 15% accretive to Flextronics's earnings
per share once all of the synergies are realized."

"As the integration progresses and actual synergies are realized, we
expect to raise our EPS expectations as the accretion occurs over the
18-24 month integration period.  Although restructuring charges are
expected to result from the integration of the acquisition, Flextronics
expects to generate cash flow synergies well in excess of the cash portion
of such restructuring charges."

Smach concluded, "This combination is expected to create customer
benefits, cost reductions and synergies neither company could have
achieved on its own."

Citigroup Global Markets Inc. acted as exclusive financial advisor to
Flextronics in connection with the transaction and Curtis, Mallet-Prevost,
Colt & Mosle LLP acted as legal advisor to Flextronics. Goldman, Sachs &
Co. acted as exclusive financial advisor to Solectron in connection with
the transaction and Wilson Sonsini Goodrich & Rosati acted as legal
advisor to Solectron.

                      About Solectron

Headquartered in Milpitas, California, Solectron Corp. (NYSE: SLR) --
http://www.solectron.com/-- provides a full range of worldwide
manufacturing and integrated supply chain services to the world's premier
high-tech electronics companies.  Solectron's offerings include
new-product design and introduction services, materials management,
product manufacturing, and product warranty and end-of-life support.  The
company operates in more than 20 countries on five continents including
France, Malaysia, and Brazil, among others.  It had sales from continuing
operations of US$10.6 billion in fiscal 2006.

                     About Flextronics

Headquartered in Singapore, Flextronics International Ltd. (NasdaqGS:
FLEX) -- http://www.flextronics.com/-- provides complete design,
engineering and manufacturing services to automotive, computing, consumer
digital, industrial, infrastructure, medical and mobile OEMs.  Its network
of facilities is located in over 30 countries worldwide including Finland,
Hungary, Sweden and the United Kingdom.


FLEXTRONICS INT'L: Moody's May Cut Ba1 Rating After Review
----------------------------------------------------------
Moody's Investors Service placed the ratings of Flextronics International
Limited (Ba1 CFR) on review for possible downgrade and the B3 notes
ratings for Solectron Corporation on review for possible upgrade,
following the companies' announcement on
June 4, 2007 that they have entered into a definitive agreement for
Flextronics to acquire Solectron for approximately US$3.6 billion.

Flextronic's review for possible downgrade reflects the potential for
increased financial leverage to result if the transaction closes as
planned.  Solectron's review for possible upgrade reflects the potential
increased scale and client diversity provided by the merger.  Solectron's
corporate family rating has not been placed on review, but would be
withdrawn if the transaction closes as planned.  Solectron's outstanding
notes are also subject to a change of control covenant, and may be
tendered at the option of investors upon the transaction's close.

The reviews will focus on the combined company's prospects for
acquisition spending, asset rationalization, asset returns, and client
retention, as well as its definitive capital structure and the timing for
restructuring actions and a restoration of more consistent free cash flow.
Moody's notes that free cash flow (cash flow from operating activities
less capital expenditures) for each company has been negative for at
least the trailing twelve months ended March 2007.

Under terms of the agreement, a combination of stock and cash will be
offered to Solectron shareholders, subject to the limitation that not more
than 70% in aggregate and no less than 50% in the aggregate of Solectron
shares will be converted into shares of Flextronics.  Approximately $1.8
billion incremental debt would be issued to satisfy the 50% financing, if
elected. The cash and stock consideration represents a premium
ranging between approximately 15% and 20% over Solectron's June 1, 2007
closing price.  Flextronics has arranged for fully committed unsecured
term loan backstop financing from Citigroup of up to $2.5 billion and is
evaluating strategies for permanent financing.  The transaction is subject
to regulatory and shareholder approvals and is expected to close by
Dec. 31, 2007.

Ratings for Flextronics International Placed on Review for Possible
Downgrade:

   -- Corporate Family Rating Ba1

   -- $400 million 6.25% Senior Subordinated Notes, due 2014 Ba2

   -- $400 million 6.5% Senior Subordinated Notes, due 2013 Ba2

   -- $7.7 million 9.875% Senior Subordinated Notes, due 2010
      Ba2

Ratings for Solectron Corporation Placed on Review for Possible
Upgrade:

   -- $450 million 0.5% Convertible Senior Notes, due 2034 B3

   -- $150 million 8.0% Senior Subordinated Notes, due 2016 B3

Ratings Affirmed:

   -- Solectron's Corporate Family Rating B1

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics
manufacturing services through a network of facilities in over
30 countries worldwide including Brazil, Mexico, Finland, Hungary, Sweden
and the United Kingdom.  The company delivers complete design,
engineering, and manufacturing services to aerospace, automotive,
computing, consumer digital, industrial, and infrastructure, medical and
mobile original equipment
manufacturers.

Headquartered in Milpitas, California, Solectron Corp.
(NYSE: SLR) -- http://www.solectron.com/-- provides a full
range of worldwide manufacturing and integrated supply chain
services to the world's premier high-tech electronics companies.
Solectron's offerings include new-product design and
introduction services, materials management, product
manufacturing, and product warranty and end-of-life support.
The company operates in more than 20 countries on five
continents including France, Malaysia, and Brazil, among others.
It had sales from continuing operations of US$10.6 billion in
fiscal 2006.


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


BOWA LLC: Claims Registration Period Ends June 19
-------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC Bowa on April 18.

Creditors have until June 19 to file their written proofs of claim.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Bowa
         Lenzburgerstrasse 50
         5503 Schafisheim
         Lenzburg AG
         Switzerland


C PLANUNG: Creditors' Liquidation Claims Due June 18
----------------------------------------------------
Creditors of LLC C Planung have until June 18 to submit their claims to:

         Thomas Mauchle
         Liquidator
         Buelstrasse 2a
         9030 Abwil
         Switzerland

The Debtor can be reached at:

         LLC C Planung
         St. Gallen
         Switzerland


C.&C. FLUBACHER: Creditors' Liquidation Claims Due June 18
----------------------------------------------------------
Creditors of JSC C.&C. Flubacher have until June 18 to submit their claims
to:

         Christian Flubacher
         Liquidator
         Emil Frey-Str. 91
         4142 Munchenstein
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC C.&C. Flubacher
         Basel BS
         Switzerland


FEELGOOD LLC: Creditors' Liquidation Claims Due June 18
-------------------------------------------------------
Creditors of LLC FEELGOOD have until June 18 to submit their claims to:

         Christian Naef
         Liquidator
         Am Oeschbrig 43
         8053 Zurich
         Switzerland

The Debtor can be reached at:

         LLC FEELGOOD
         Zumikon ZH
         Switzerland


H2 SOLUTIONS: Creditors' Liquidation Claims Due June 15
-------------------------------------------------------
Creditors of LLC H2 Solutions have until June 15 to submit their claims to:

         Katrin Hofer
         Liquidator
         Eschenweg 6
         3613 Steffisburg
         Thun BE
         Switzerland

The Debtor can be reached at:

         LLC H2 Solutions
         Steffisburg
         Thun BE
         Switzerland


IC INSIGNIA: Creditors' Liquidation Claims Due June 18
------------------------------------------------------
Creditors of JSC IC Insignia Chronos - Value Management have until June 18
to submit their claims to:

         VGT Treuhand V. Graf
         Liquidator
         Kasernenstrasse 23
         9100 Herisau AR
         Switzerland

The Debtor can be reached at:

         JSC IC Insignia Chronos - Value Management
         Herisau AR
         Switzerland


INFODESK LLC: Creditors' Liquidation Claims Due June 15
-------------------------------------------------------
Creditors of LLC Infodesk have until June 15 to submit their claims to:

         Peter Hofmann
         Liquidator
         Waldheimstr. 3
         6300 Zug
         Switzerland

The Debtor can be reached at:

         LLC Infodesk
         Zug
         Switzerland


TRUVA COMPUTER: Aargau Court Starts Bankruptcy Proceedings
----------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC Truva Computer on May 3.

The Bankruptcy Service of Aargau can be reached at:

         Bankruptcy Service of Aargau
         Office Oberentfelden
         5036 Oberentfelden
         Aarau AG
         Switzerland

The Debtor can be reached at:

         LLC Truva Computer
         Hauptstrasse 64
         5737 Menziken
         Kulm AG
         Switzerland


ZAZA RISTORANTE: Claims Registration Period Ends June 19
--------------------------------------------------------
The Bankruptcy Court of Aargau commenced bankruptcy proceedings against
LLC Zaza Ristorante on April 11.

Creditors have until June 19 to file their written proofs of claim.

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 Zaza Ristorante
         Rathausgasse 14
         5400 Baden AG
         Switzerland


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

         Marie-Louise Eugster
         Liquidator
         Sommerhalde 5
         4102 Binningen
         Arlesheim BL
         Switzerland

The Debtor can be reached at:

         JSC Zimilou
         Binningen
         Arlesheim BL
         Switzerland


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



ENERGOATOM KHARKOV: Creditors Must File Claims by June 14
---------------------------------------------------------
Creditors of LLC Energoatom Kharkov Project (code EDRPOU 25464628) have
until June 14 to submit their proofs of claims to:

         Liudmila Volovik
         Temporary Insolvency Manager
         P.O. Box 1203
         61123 Kharkov
         Ukraine

The Economic Court of Kharkov commenced bankruptcy supervision procedure
on the company.  case is docketed under Case No.
B-39/126-06.

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 Energoatom Kharkov Project
         Krasnoarmeyskaya Str. 11
         61052 Kharkov
         Ukraine


LUX LLC: Claims Filing Deadline Set June 10
-------------------------------------------
Creditors of LLC Lux (code EDRPOU 24599496) have until June 10  to submit
their proofs of claim to:

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

The Economic Court of Zaporozhje commenced bankruptcy proceedings against
the company after finding it insolvent.  The case is docketed under Case
No. 19/94/07.

The Debtor can be reached at:

          LLC Lux
          Morflotskaya Str. 52-A
          69067 Zaporozhje
          Ukraine



MILOSERDIE LLC: Claims Filing Deadline Set June 10
--------------------------------------------------
Creditors of LLC Miloserdie (code EDRPOU 30690288) have until June 10 to
submit their proofs of claims to:

         The Economic Court of Kharkov
         Derzhprom 8th Entrance
         Svoboda Square 5
         61022 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-31/61-07.

The Debtor can be reached at:

         LLC Miloserdie
         Dniepropetrovsk Str. 148
         Merefa
         Kharkov
         Ukraine


NAV KO: Claims Filing Deadline Set June 14
------------------------------------------
Creditors of LLC Nav Ko EDRPOU 33126475) have until June 14 to submit
their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
15/85-b.

The Debtor can be reached at:

         LLC Nav Ko
         G. Skovoroda Str. 11
         Apartment 14
         04070 Kiev
         Ukraine


ROGATYN AGRICULTURAL: Creditors Must File Claims by June 10
-----------------------------------------------------------
Creditors of OJSC Rogatyn Agricultural Technics (code EDRPOU 03743954)
have until June 10 to submit their proofs of claim to:

         Roman Bigun
         Temporary Insolvency Manager
         Mikolaychuk Str. 17A/44
         76006 Ivano-Frankovsk
         Ukraine

The Economic Court of Ivano-Frankovsk commenced bankruptcy supervision
procedure on the company.  The case is docketed under Case No. B-21/71.

The Court is located at:

         The Economic Court of Ivano-Frankovsk
         Shevchenko Str. 16a
         76000 Ivano-Frankovsk
         Ukraine

The Debtor can be reached at:

         OJSC Rogatyn Agricultural Technics
         Galitskaya Str. 126
         Rogatyn
         77000 Ivano-Frankovsk
         Ukraine


TRANSINVEST LLC: Claims Filing Deadline Set June 14
---------------------------------------------------
Creditors of LLC Transinvest (code EDRPOU 32157311) have until June 14 to
submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No.
23/144-b.

The Debtor can be reached at:

         LLC Transinvest
         Yalta Str. 5-B
         02099 Kiev
         Ukraine


WHOLESALE LLC: Claims Filing Deadline Set June 9
------------------------------------------------
Creditors of LLC Company Wholesale (code EDRPOU 33416046) have until June
9 to submit their proofs of claim to:

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

The Economic Court of Kiev commenced bankruptcy proceedings against the
company after finding it insolvent.  The case is docketed under Case No. B
3/148-07.

The Debtor can be reached at:

         LLC Company Wholesale
         Revolt of January Str. 1
         08300 Kiev
         Ukraine


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


ADVANSTAR COMM: Veronis Suhler Buys Advanstar for US$1.1 Billion
----------------------------------------------------------------
Advanstar Communications Inc.’s holding company, Advanstar Holdings Corp.
was acquired by an investor group led by Veronis Suhler Stevenson for
US$1.142 billion in cash.  VSS is joined in this investment by several
co-investors.

“The company was pleased to have completed this transaction," Joe Loggia,
Advanstar’s CEO, commented.  "Advanstar’s acquisition by VSS reflects the
success of the company’s strategy and the quality of its industry leading
products.  The company thanks Credit Suisse and Avista Capital for their
past support as it developed Advanstar into a leader in the business media
industry.  The resources and expertise provided by VSS and their
investment co-sponsors will be valuable assets as the company continues to
execute its strategy and capitalize on future growth opportunities."

"Advanstar is one of the premier business media companies in the world
with a diversified portfolio of tradeshows, publications, directories and
websites," Scott Troeller, partner at VSS, said. "VSS, along with its
investment partners, look forward to working closely with the Advanstar
management team led by Joe Loggia to build upon the scaleable and
attractive platform they’ve developed over the last several years."

Credit Suisse advised Advanstar and Davis Polk & Wardwell acted as legal
counsel to Advanstar in connection with this transaction.

On March 29, 2007, Advanstar Holdings Corp. has entered into a definitive
agreement to be acquired by an investor group led by Veronis Suhler
Stevenson.  Under the terms of the agreement, VSS will acquire all of the
outstanding stock of Advanstar Holdings Corp. for approximately US$1.142
billion in cash.  VSS is joined in this investment with co-sponsors in the
transaction, including Citigroup Private Equity and New York Life Capital
Partners.

                   About Veronis Suhler Stevenson

Veronis Suhler Stevenson – http://www.vss.com/-- is a private equity firm
that invests buyout and structured capital funds in the media,
communications, information and education industries in North America and
Europe.  VSS provides capital for buyouts, recapitalizations, growth
financings and strategic acquisitions to companies and management teams
with a goal to build companies both organically and through a focused
add-on acquisition program.  To date, VSS equity and structured capital
funds have invested in over 50 platform companies, which have in turn
completed over 220 add-on acquisitions resulting in a portfolio with
realized and unrealized enterprise values totaling approximately US$11
billion.

                            About Advanstar

Based in New York City, Advanstar -- http://www.advanstar.com/
--  provides integrated marketing solutions for the Fashion and Licensing,
Life Sciences and Powerports industries.  Communications serves business
professionals and consumers in these industries with its portfolio of 91
shows and stand-alone conferences, 66 publications and directories, 150
electronic publications and Web sites, well as educational and direct
marketing products and services.  Communications has roughly 1,000
employees and currently operates from multiple offices in North America
and Europe.  All of the common stock of Communications is owned by its
parent company, Advanstar Holdings.  The company has operations in the
United Kingdom.

                          *     *     *

Advanstar Communications Inc.'s 12% Senior Subordinated Notes due 2011
carry Moody's Investors Service's 'Caa1' rating and Standard & Poor's
'CCC' rating.


ASTRATA GROUP: Squar Milner Raises Going Concern Doubt
------------------------------------------------------
Squar, Milner, Peterson, Miranda & Williamson LLP, of Newport Beach,
Calif., expressed substantial doubt about Astrata Group, Inc.'s ability to
continue as a going concern after auditing the company's financial
statements for the year ended Feb. 28, 2007.  The auditing firm noted that
the company had negative working capital at Feb. 28, 2007, and incurred
net loss and negative operating cash flow for the year ended Feb. 28,
2007.

Astrata Group, Inc., posted a US$14,679,287 net loss on US$3,472,020
revenue for the year ended Feb. 28, 2007, as compared with a US$14,948,163
net loss on US$3,058,833 revenue in the prior year.

For the year ended Feb. 28, 2007, net cash used in operating activities
decreased to US$2,002,754 from US$3,597,222 in the prior year, net cash
used in investing activities decreased to US$232,113 from US$574,977 in
the prior year, and net cash provided by financing activities also
decreased to US$1,840,954 from US$3,538,141 in the prior year.

At Feb. 28, 2007, the company's balance sheet showed US$3,069,656 total
assets, US$11,624,157 total liabilities, and US$40,114 minority interest,
resulting to US$8,594,615 stockholders' deficit.  The company also
reported US$2,045,283 total current assets and US$11,554,490 total current
liabilities, resulting to US$9,509,207.

A full-text copy of the company’s fiscal 2006 annual report is available
for free at http://researcharchives.com/t/s?207a/

                       About Astrata Group

Headquartered in Costa Mesa, Calif., Astrata Group Inc. --
(OTC BB: ATTG.OB) -- http://www.astratagroup.com/-- is engaged in the
telematics and  Global Positioning System industry, focused on advanced
location-based IT products and services that combine positioning, wireless
communications, and information technologies.  The company provides
advanced positioning products, as well as monitoring and airtime services
to industrial, commercial, governmental entities, academic/research
institutions, and professional customers in a number of markets including
surveying, utility, construction, homeland security, military,
intelligence, mining, agriculture, marine, public safety, and
transportation.

The company has operations in the United Kingdom, Singapore and Australia.


BRISTOW GROUP: Moody's Rates Proposed US$250 Mil. Notes at Ba2
--------------------------------------------------------------
Moody's Investors Service assigned a Ba2 (LGD 4, 55%) rating to Bristow
Group Inc.'s proposed US$250 million senior unsecured notes offering.

Simultaneously, Moody's affirmed the Ba2 corporate family rating  Ba2
probability of default rating (PDR), and the Ba2 rating (but changed the
LGD point estimate from LGD4, 59% to LGD4, 55%) on the existing US$230
million senior unsecured notes.  The outlook remains negative.

Proceeds from the note offering are being used to fund the options on new
aircraft as part of the company's ongoing aircraft fleet expansion
program.  BRS has $739.7 million worth of options for 52 large and medium
aircraft over fiscal years 2008-2013 in addition to $331.6 million worth
of orders for 31 aircraft for 2008 and 2009.  Until it exercises the
options on the new aircrafts and pays the purchase price, proceeds from
the note issue will be invested in highly liquid, investment grade
securities.

Moody's originally placed the negative outlook on the company in 2006 to
reflect the uncertainty surrounding the SEC investigation, a separate
Dept. of Justice investigation, and the previously reported material
weaknesses.  However, Moody's believes the outcomes of these two events
has become less of an issue for the ratings and the company has remedied
the material weaknesses.  The negative outlook is now warranted due to the
company's significant increase in long-term debt that is increasing the
company's leverage (debt/EBITDA) to approximately 4.1x from about 2.7x,
and ranks among the highest for the peer group.  This degree of leverage
is beyond the expectations for the Ba2 rating as we stated in our press
release dated January 31, 2006 and ranks among the highest for the peer
group.  While the underlying business fundamentals remains very
supportive, the company is utilizing a historically high amount of debt
to fund the exercising of additional options to build more aircraft
currently with no customer contracts.

The negative outlook also considers that company holds more options on new
aircraft beyond those that can be funded with this offering.  The current
offering will pre-fund a portion (12 aircraft) of the options the company
has on new aircraft that can be exercised over the next 12 to 18 months.
If the incremental options beyond the initial 12 are exercised, it would
require approximately $475 million of additional funding
and thus could keep leverage elevated and possibly push it higher if there
is a significant debt component. Moody's notes that the company is not
currently obligated on those options but that if exercised, it will likely
contain a significant debt component and could result in leverage beyond
the levels of a Ba2 profile.

A stable outlook would require the company to meet its earnings and
cashflow projections, resulting in reduced leverage to within the 3.0x
over the next 12 months. It would also require the company to
significantly fund any additional newbuilds with equity, especially if
there is a significant number of newbuilds uncontracted at the time they
are ordered.

The affirmation of the Ba2 ratings reflects the still very supportive
outlook for Bristow's business given the continued strength in the global
offshore exploration and production sector, particularly the deepwater
market for which the majority of the new aircraft are suited; the
company's historically conservative financial policies; the geographic
diversification of its operations; its leading position in its primary
markets; and the company's solid liquidity position.

The Ba2 CFR remains restrained by the helicopter sector's contract
structure which has restrained upcycle earnings and cash flows relative to
the rest of the oilfield services sector which are at historically high
levels; the company's dependence on the volatile exploration and
production of oil and gas; the still mature and potentially cyclical
nature of the GOM and North Sea, which generate about half of the
company's earnings and cash flows; the lack of barriers to entry given the
major oil and gas companies ability to foster greater competition for
helicopter services; and the significant capital being spent on the
company's fleet renewal/expansion over the next couple of years.

Headquartered in Houston, Texas, Bristow Group Inc. (NYSE:BRS)
-- http://www.bristowgroup.com/-- provides helicopter
transportation services to the offshore oil and gas industry
worldwide.  Its services include helicopter transportation,
maintenance, search, and rescue and aviation support, as well as
oil and gas production management services.  The company
operates under the brand names of Air Logistics and Bristow
Helicopters for its helicopter services, and Grasso Production
Management for its production management services.  As of
March 31, 2006, the company operated 331 aircrafts and its
unconsolidated affiliates operated an additional 146 aircrafts.

The company has offices in Australia, China, India, Mexico, the
Netherlands, Singapore, Trinidad and Tobago, United Kingdom, and
the United States, among others.


BRITISH AIRWAYS: Will Get Option to Take Over Iberia
----------------------------------------------------
British Airways plc will have the option to take sole control of Iberia
Lineas Aereas de Espana SA in three to five years under an agreement among
the consortium bidding for the Spanish carrier, The Sunday Telegraph
reports citing sources close to BA.

The source tells The Telegraph that "it is part of the deal they are
working on with Texas Pacific and the other Spanish investors."

However, BA may postpone a potential takeover of Iberia while it
restructures its business and completes its move into Terminal 5, Jonathan
Russell writes for The Sunday Telegraph.

The source said the airline could either sell Iberia to another partner or
refloat the business in a few years' time, The Sunday Telegraph relates.

British Airways, which holds a 10% stake in Iberia Lineas Aereas de Espana
SA, has joined with TPG Capital, Vista Capital, Inversiones Ibersuizas and
Quercus Equity to investigate a possible consortium offer for the Spanish
carrier.  There is no guarantee that a formal bid will be made.

The airline has previously ruled out further capital investment
as part of any consortium offer and will not make an independent
bid for the airline.

                      About British Airways

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

                         *     *     *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways, Plc

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

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

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


In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways, Plc

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

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

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


BRITISH AIRWAYS: Named Least Eco-Friendly Brand by Online Poll
--------------------------------------------------------------
British Airways Plc has been voted the least environmentally friendly
brand in an online poll for Marketing Week.

American Airlines, Ryanair and easyJet were also in the top five of the
eco-unfriendly brand list, which included a diverse range of organizations
such as fuel companies, supermarkets, car manufacturers and cosmetic
companies, Air and Business Travel News reports.

According to ABTN, BA was "very surprised" at the results, reiterating
that it was the first airline to set a public target for fuel efficiency
and led the successful campaign for the EU emissions trading scheme.

David Benady, contributing editor to Marketing Week, however said a recent
Greenpeace campaign may have contributed to the negative image of BA.

In March 2007, Greenpeace strongly opposed the airline's introduction of
domestic flights between Gatwick and Newquay, Travel Counsellor relates.

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

                            *   *   *

In April 2007, in connection with the implementation of
its new Probability-of-Default and Loss-Given-Default rating
methodology for the existing non-financial speculative-grade
corporate issuers in Europe, Middle East and Africa, Moody's
Investors Service's confirmed its Ba1 Corporate Family Rating
for British Airways Plc.

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

* Issuer: British Airways, Plc

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

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

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


CELLARET LTD: Enters Into Liquidation Procedure
-----------------------------------------------
The Cellaret Ltd., which stockpiles wines as part of a long-term
investment, has gone into liquidation following a meeting with creditors,
published reports say.

According to The Independent, citing a spokesman for insolvency experts
the MacDonald Partnership, Cellaret is expected to sell off its stock of
wine to repay creditors.

However, Cellaret CEO Ray Dutton told decanter.com that "anyone who has
bought en primeurs have had their wines safeguarded and will be able to
take delivery as normal next year."

The number of creditors affected by the wine supplier's liquidation is
still not known.

In October 2006, The Cellaret group of companies disclosed a landmark
agreement with London-based EIS investment specialists Enterprise
Corporate Finance Ltd.  The initiative provides for the raising of
GBP650,000 of additional equity capital by March 2007, with a further GBP4
million over the following two years.

However, "the funds were not sufficient to provide working capital," Susan
Phillips, CEO of Enterprise Corporate Finance Ltd., was quoted by
decanter.com as saying.

Headquartered in London, England, The Cellaret Ltd. --
http://www.thecellaret.com/-- specialized in selling en primeur Bordeaux
wines.  It also supplied wine to restaurants.  In 2006, the company
acquired on-trade specialist WinePortfolio Ltd. (formerly F&E Mays) and
on-line wine merchant Wine Direct Ltd.


CROWN HOLDINGS: Promotes Ray McGowan to President-North American
----------------------------------------------------------------
Crown Holdings Inc. has promoted Raymond L. McGowan, Jr., to President of
its North American Packaging business effective July 1, 2007.

Mr. McGowan will be responsible for marketing, sales, production and
planning in the region, which accounted for 34% of the company's US$7.0
billion in 2006 net sales.  Currently, he is serving as President of
Crown's North American Food Packaging business.  In this new capacity, he
will also oversee North American Beverage Packaging and North American
Aerosol Packaging.  Mr. McGowan will continue to report to Frank J.
Mechura, President of Crown's Americas Division.

Commenting on Mr. McGowan's promotion, Mr. Mechura said, "We are
delighted to have someone of Ray's caliber in this important senior level
position for the Company.  Ray has proven himself as highly qualified to
manage these diverse businesses from both the operational and customer
service standpoints."

Mr. McGowan joined the company five and a half years ago as Vice
President and Assistant to the President of the U.S. food can business and
later was promoted to President of that division.  He then served as
President - CROWN Food Can Packaging USA.  Prior to joining Crown, he was
Group Vice President of Global Consumer Products at Sonoco Products
Company.

Mr. McGowan graduated from Providence College with a Bachelor's degree in
Political Science and completed the Executive Management Program at the
University of North Carolina.

Philadelphia, Pa.-based Crown Holdings Inc. (NYSE: CCK)
-- http://www.crowncork.com/-- through its affiliated
companies, supplies packaging products to consumer marketing
companies around the world.  In Latin America, the Company has
operations in Mexico, and in South and Central America.  The
Company also maintains operations in Europe, particularly in the
United Kingdom and France. In the Asia-Pacific region, the
Company has an office in Singapore.

                        *     *     *

Standard & Poor's Ratings Services affirmed its 'BB-' rating and
its '2' recovery rating on Crown Holdings Inc.'s existing US$1.5
billion credit facilities including its US$200 million add-on
senior secured term loan B due 2012.


DAVID SHARP: Appoints Joint Administrators from KPMG
----------------------------------------------------
Richard James Philpott and Allan Watson Graham of KPMG LLP were appointed
joint administrators of David Sharp Ltd. (Company Number 01281267) on May
25.

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

The company can be reached at:

         David Sharp Ltd.
         Private Road 2
         Colwick Ind Est
         Nottingham
         NG4 2JR
         England
         Tel: 0115 853 1960
         Fax: 0115 940 2428


E & R POLYMERS: Taps PwC as Joint Administrators
------------------------------------------------
Derek Anthony Howell and Ian David Green of PricewatershouseCooopers LLP
were appointed joint administrators of E & R Polymers Ltd. (Company Number
00257582) on May 22.

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

The company can be reached at:

         E & R Polymers Ltd.
         Unit 3
         Tanfield Lea Industrial Park
         Stanley
         DH9 9YA
         England
         Tel: 01207 290666
         Fax: 01207 290555
         Web site: http://www.eandrpolymers.com/


ENCYSIVE PHARMACEUTICALS: 72.9 Million Shares Issued at June 1
--------------------------------------------------------------
Encysive Pharmaceuticals Inc. said that as of June 1, 2007, the total
number of issued and outstanding shares of the company’s common stock was
72,974,120 shares.

On October 19, 2006, the company entered into a Common Stock Purchase
Agreement with Azimuth Opportunity Ltd., which provided that Azimuth was
committed to purchase up to US$75,000,000 of the company’s common stock,
or the number of shares that is one less than 20% of the issued and
outstanding shares of the company’s common stock as of October 19, 2006,
whichever occurs first, over the 18-month term of the Purchase Agreement.

As of June 1, 2007, the company had closed an aggregate of five draw down
requests under the Purchase Agreement and had received aggregate gross
proceeds of approximately US$45,450,474, and net proceeds of approximately
US$44,856,656 after deducting estimated offering expenses.  As a result of
the five draw down requests, the company has issued to Azimuth the maximum
number of shares of the company’s common stock permitted to be issued
under the Purchase Agreement and the Purchase Agreement terminated
pursuant to its terms.

                  About Encysive Pharmaceuticals

Headquartered in Houston, Texas, Encysive Pharmaceuticals Inc.
(Nasdaq: ENCY) -- http://www.encysive.com/-- is a
biopharmaceutical company engaged in the discovery, development
and commercialization of novel, synthetic, small molecule
compounds to address unmet medical needs.

The company has successfully developed one FDA approved drug,
Argatroban, for the treatment of heparin-induced thrombocytopenia,  which
is licensed to and marketed by GSK.  The company's lead drug candidate,
Thelin(TM) is an endothelin receptor antagonist for the treatment of
pulmonary arterial hypertension.  Thelin(TM) is commercially available in
the United Kingdom and has been approved in Australia.

                      Going Concern Doubt

As reported in the Troubled Company Reporter on April 30, 2007,
KPMG LLP, in Houston, expressed substantial doubt about Encysive
Pharmaceuticals Inc.'s ability to continue as a going concern
after auditing the company's consolidated financial statements
for the years ended Dec. 31, 2006, and 2005.  The auditing
firm pointed to the company's recurring losses from operations and net
capital deficiency.


ENESCO GROUP: Hires Baker & McKenzie as Hong Kong Tax Counsel
-------------------------------------------------------------
The United States Bankruptcy Court for the Northern District
of Illinois gave Enesco Group Inc. and two debtor-affiliates
authority to employ Baker & McKenzie as their special tax
counsel in connection with their Hong Kong tax appeals, effective as of
March 16, 2007.

The firm is expected to:

     (a) give the Debtors legal advice with respect to their
         rights, powers and duties in connection with the Tax
         Appeal and litigation related to the Tax Appeal
         proceedings;

     (b) prepare applications, motions, complaints, orders and
         other legal documents as may be necessary in connection
         with the appropriate administration of the Tax Appeal;

     (c) participate on behalf of the Debtors in matters before
         the Inland Revenue Board of Review and the courts in
         Hong Kong relating to the Tax Appeal; and

     (d) perform any and all other legal services on behalf of
         the Debtors, which may be required to aid in the proper
         administration of the pending Tax Appeal proceedings.

The Debtors have agreed to pay Baker with a US$25,000 retainer and to
compensate Baker according to the firm's standard rates for tax appeals of
the size and complexity as the Tax Appeal.

As of May 4, 2007, Baker's hourly rates ranged from US$620 to US$840 for
partners and US$260 to US$645 for associates.  Baker's rates are reviewed
annually and adjusted periodically.

The Debtors assured the Court that Baker does not hold or
represent any adverse interest in connection to the Debtors and
the estates.

                     About Enesco Group

Headquartered in Itasca, Illinois, Enesco Group, Inc. ---
http://www.enesco.com/-- is a producer of giftware, and home
and garden decor products.  Enesco's product lines include some
of the world's most recognizable brands, including Disney,
Heartwood Creek, Nickelodeon, Cherished Teddies, Lilliput Lane,
Border Fine Arts, among others.

Enesco distributes products to a wide array of specialty gift
retailers, home decor boutiques and direct mail retailers, as
well as mass-market chains.  The company serves markets
operating in Europe, particularly in the United Kingdom and
France, as well in the Asia Pacific in Australia and Hong Kong.
The company also has Latin-American operations in Mexico.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.

Enesco Group and its two affiliates, Enesco International Ltd.
and Gregg Manufacturing, Inc., filed for chapter 11 protection
on Jan. 12, 2007 (Bankr. N.D. Ill. Lead Case No. 07-00565).
Shaw Gussis Fishman Glantz Wolfson & Tow and Skadden, Arps,
Slate, Meagher & Flom LLP, represent the Debtors.  The Debtors'
financial condition as of Nov. 30, 2006, showed total assets of
US$155,350,698 and total debts of US$107,903,518.


FORD MOTOR: May 2007 Sales Up by 9.4%, Truck Sales Up by 25%
------------------------------------------------------------
The Ford Edge continues to energize the crossover revolution, recognizing
its fifth consecutive month of growth, and is among a strong group of
trucks and crossovers that posted record setting sales, leading to a 9.4%
increase in sales for the Ford Motor Company of Canada, Limited in May.

"The buzz on the Ford Edge continues to build and so do the sales," Bill
Osborne, president and CEO, Ford of Canada, said.  "Our selection of cars,
crossovers and trucks deliver the attributes Canadians value -– striking
design, great price, safety, versatility and fuel efficiency -– and
consistently meet the ever-changing needs of consumers."

In May, Ford of Canada saw overall combined sales increase of 9.4% at
25,218 units.  Total truck sales were up 24.5% at 18,098 units.  Although
car sales of 7,120 units marks a 16.3% decline, the Ford Mustang and
Fusion scored solid sales with increases of 16.5% and 9% respectively.

              Ford Motor Company of Canada, Limited
                     May 2007 Vehicle Sales

                            2007        2006       % Change
                            ----        ----       --------
    Total Vehicles
    May                   25,218      23,044           +9.4
    January – May         92,716      94,008           -1.4

    Total Cars
    May                    7,120       8,503          -16.3

    January – May         23,234      30,199          -23.1

    Total Trucks
    May                   18,098      14,541          +24.5
    January – May         69,482      63,809           +8.9

                       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.

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

As 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.


GATEWAY TELECOM: Unit Raises US$40 Mln for Pan-African Pay TV
-------------------------------------------------------------
Gateway Broadcast Services, an unrestricted subsidiary of
Gateway Telecommunications Plc, has raised an additional US$40 million to
finance the roll out of its new pan African pay-TV service, GTV.

GTV will be Africa's first widely accessible pay-TV service, providing a
choice of high quality television programming at an affordable
subscription price.  The service will address the growing popularity of
European football in Africa and will include exclusive live broadcasts of
80% of the U.K.'s Barclays' Premiership football games to 48 sub-Saharan
African countries. The service will be available across the continent but
will launch initially in East Africa later this month.

The additional US$40 million was invested directly into the Gateway
Broadcast Services, a separately managed subsidiary of Gateway
Telecommunications, a leading provider of pan-African communications
services.  This is the third significant fund raising program completed by
Gateway Telecommunications in
the last seven months.

The Group raised US$115 million from the European high yield bond market
in November 2006 and a further US$32.5 million in May 2007 to finance the
acquisition of GS Telecom, a leading African provider of data connectivity
services to corporate customers and telecommunications operators.

Among the new group of investors in Gateway Broadcast Services is
Kinnevik, the Swedish investment company.  Over half of Kinnevik's
investments are in companies successfully pioneering telecoms and media
services in emerging markets.  The company supported the growth of pay TV
in Eastern Europe and is also a major shareholder in Millicom
International Cellular, a successful emerging markets mobile telephony
company with significant presence on the African continent.  The total
value of Kinnevik's investments is $8 billion.  Additionally, the new
strategic investors included Citigroup, Noonday Global Management and
Avenue Investment Management.

“This US$40 million investment has demonstrated the excitement that is
growing around GTV and we are delighted to bring new notable partners
aboard to help drive forward our ambitious expansion program across
Africa,” Julian McIntyre, president of Gateway Broadcasting Services Ltd.,
commented.  “The continent currently represents the least penetrated
pay-TV market in the world, and there is huge appetite for the premium
news, sport and entertainment that pay-TV offers.  Monopoly pricing and
programming with no relevance to viewers' lives has put pay-TV out of
reach of most television-owning households.  GTV is committed to providing
African viewers with the service they want at a price they can afford.”

“Millions of Africans want to watch the Premiership at affordable prices
and we are delighted to launching a new service which will deliver this to
them as well as quality news and entertainment,” Mr. McIntyre concluded.

“We have seen a great deal of success in Africa with services aimed at
increasing consumers' access to communications technologies.  The GTV
service attracted our interest because it has been designed to leverage
those technologies to radically expand the pay-TV market,” Mia Brunell,
president and CEO of Investment AB Kinnevik, commented.

Headquartered in London, United Kingdom, Gateway
Telecommunications Plc provides voice and data connectivity
services between Africa and the rest of the world, and a
provider of mobile intra-network connectivity to African
wireless operators.  It has operations in Belgium and South
Africa.

For the last twelve months as of September 2006, the company
reported pro-forma, unaudited, consolidated sales of
US$137.5 million and adjusted EBITDAR of US$31.3 million
respectively.  At September 2006, the company's adjusted gross
debt (including PIK notes of US$15 million) would have amounted
to US$170 million pro-forma for the proposed transaction.

                         *     *     *

As reported in the TCR-Europe on May 11, 2007, Standard & Poor's Ratings
Services assigned its 'B' preliminary senior secured debt rating to the
proposed US$32.5 million notes to be issued by Gateway Telecommunications
PLC, a subsidiary of Gateway Telecommunications S.A. (Proprietary) Ltd.  A
recovery rating of '4' was also assigned, indicating expectation of
marginal recovery (25%-50%) of principal in the event of a payment
default.

In April 2007, in connection with Moody's Investors Service's
implementation of its new Probability-of-Default and Loss-Given-Default
rating methodology for the corporate families in the Gaming, Lodging and
Leisure, Manufacturing, and Energy sectors, the rating agency confirmed
its B3 Corporate Family Rating for
Gateway Telecommunications Plc.

Moody's also assigned a B3 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.

                                             Projected
                           Debt     LGD      Loss-Given
   Debt Issue              Rating   Rating   Default
   ----------              -------  -------  --------
   9.875% Senior Secured
   Regular Bond/Debenture
   Due 2013                 B3       LGD4       50%


HILTON HOTELS: Forms 3 Major Alliances for Global Expansion
-----------------------------------------------------------
Hilton Hotels Corporation will form three major development alliances with
the intention to introduce more than 15 new hotels in the Caribbean and
Central America, 25 hotels in Russia and at least 15 hotels in the U.K.
throughout the next 5 years.

HHC has agreed to work with Caribbean Property Group for development
within Central America & the Caribbean; London & Regional Properties
Limited in Russia; and Shiva Hotels Limited in the U.K. and Ireland.  The
three development alliances follow the partnership deals recently
announced in India and China, which are expected to result in 100 new
hotels in those markets throughout the next 5 to 7 years.

"These important alliances will reinforce our position as the premier
global hotel company and underscore our strategy to sign large deals with
major investors to develop a significant number of hotels in key growth
markets around the world," said Matthew J. Hart, Hilton Hotels' president
and chief operating officer.  "We are well on our way to achieving our
stated goal of at least 1,000 hotels outside of North America over the
next 10 years."

Caribbean & Central America

Through a strategic alliance agreement with Caribbean Property Group, a
New York-based, major property investment group, HHC will work actively
with CPG to develop focused-service, franchised hotels within certain
defined markets in Central America and the Caribbean.  Initially, targeted
markets include major cities and destinations in Puerto Rico, Costa Rica,
Panama, the Dominican Republic and Trinidad. CPG will receive certain
preferred development rights in return for meeting certain goals and
timetables.

"This agreement ideally supports our international development strategy to
bolster the Hilton Family of Hotels presence in growing markets where our
brands are either underrepresented or absent," said Tom Keltner, Hilton
Hotels' Chief Executive Officer for Americas & Global Brands.  "CPG is a
well respected developer with invaluable insight in these markets, and we
are confident that they will help us achieve these goals."

The company initially will focus on the Hilton Garden Inn brand, with
plans to develop additional projects under the Hampton by Hilton and
Homewood Suites by Hilton flags, eventually.

HHC began its business relationship with CPG with the recent signing of
management agreements for two existing full-service hotels in Costa Rica
owned by a joint venture in which CPG holds an 85 percent ownership
interest.  Currently undergoing major renovations, the hotels will be
re-branded and re-opened in the 2008 first quarter as the Hilton Papagayo
and the Doubletree by Hilton Puntarenas, in Guanacaste and Puntarenas,
Costa Rica, respectively.

"The region is ripe for focused service hotel development," said Caribbean
Properties Group Vice Chairman Barry Breeman.  "The economies have
strengthened in the region over the past five years.  Today, there is a
good base of first-class, full-service hotels and resorts, but a very
limited number of mid-market, focused service hotels, especially in the
premium branded sector.  In addition to these markets and this segment
being significantly underserved, we believe developing under the
established Hilton Family of Hotels will give instant credibility to the
projects.  And as these projects succeed, we believe they will act as
catalysts to help further strengthen local economies and development of
other real estate classes."

Russia

In Russia, which is a priority international development market for the
company, HHC will enter into a 'Preferred Development Alliance' with
London & Regional Properties Limited.  This agreement is expected to
result in the development of at least 25 new hotels in an initial period
of 5 years, encompassing selected brands within the Hilton Family of
Hotels, including Conrad, Hilton, Doubletree by Hilton, Hilton Garden Inn
and Hampton by Hilton hotels, all of which HHC will manage.

"Russia is an outstanding market in which to pursue hotel development
given the powerful combination of improving economics and favourable
demographics," said Ian Carter, chief executive of Hilton's International
Operations.  "There is almost a total absence of internationally branded
properties throughout the regional cities of Russia.  In London &
Regional, we have a blue-chip owner; Hilton has enjoyed a long-standing
trading relationship with this company that is comprised of highly
experienced developers with a strong appetite for growth.  With their
support, we aim to become the market leading international hotel company
in Russia."

"The Hilton name is a powerfully strong brand and Russia offers tremendous
potential as there are 11 major cities with a population of more than 1
million people," said Ian Livingston of London & Regional.  "With the
multi-brand approach that Hilton Hotels Corporation now has, the company
is able to offer solutions in all travel sectors."

The development focus in Russia will be in Moscow and St. Petersburg as
well as key regional cities.  The first hotel expected to be included in
the deal will be in the center of Novosibirsk where L&R currently is
developing a mixed-use hotel and office project that features a 186-room
Doubletree by Hilton.  This hotel is expected to open in the second
quarter of 2008.

In addition, and separate from this deal, HHC's first Hilton hotel in
Russia will be the 275-room Hilton Moscow Leningradskaya, which opens
later this year.

U.K. & Ireland

In the U.K. and Ireland, the company will enter into a preferred
development alliance with Shiva Hotels Limited, representing its first
U.K. hotel franchise deal with a major property partner.  The agreement is
expected to result in the addition of at least 15 new hotels and will
focus on the following Hilton Family of Hotels: Hilton, Doubletree by
Hilton, Hilton Garden Inn and Hampton by Hilton.

Shiva, a privately owned company, is looking to expand its existing
interests in the hotel sector and has four hotel sites under development
that are expected to be included in this agreement.  Two of the new sites
will be Hampton by Hilton hotels, representing the brand's first
introduction in the U.K.

Shiva hotels Managing Director Rishi Sachdev said, "I am excited by the
opportunity to develop and grow the business in partnership with Hilton,
which has a strong, international presence and an excellent reputation.  I
believe that combining the Hilton family of brands with our development
experience and operational expertise is a winning formula."

The four sites under development are a 350-room Hilton near Heathrow
Terminal 5, a 200-room Hilton and a 120-room Hampton Inn by Hilton in
Leeds, and a 120-room Hampton by Hilton in Derby.

"The U.K. & Ireland is a very important market for Hilton, given the
strength of the economy and our already strong presence with 75
properties," said Mr. Carter.  "The introduction of additional brands
within the Hilton Family of Hotels for the first time gives us the ability
to attract new owners and operate across a number of market segments from
luxury to mid-price, appealing to guests at different price points.
"These significant alliances are indicative of how we would like to grow
internationally.  We aim to make a big impact in each of our core
development markets and achieve market leadership across major hotel
segments through ventures with large ownership groups."

                      About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                           *     *     *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


HILTON HOTELS: Declares US$.04 Per Share Dividend
-------------------------------------------------
Hilton Hotels Corporation declared a dividend of US$.04 per share, payable
in cash on June 15, 2007, to stockholders of record at the close of
business on June 1, 2007.

                     About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                        *     *     *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels's commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


HILTON HOTELS: Matthew J. Hart to Assume CEO Post in 2008
---------------------------------------------------------
Hilton Hotels Corporation's board of director's disclosed the assumption
of Matthew J. Hart, the company's president and chief operating officer,
to the role of president and chief executive officer effective Jan. 1,
2008.  Mr. Hart, who was also elected to the company's board in January
2007, will replace Stephen F. Bollenbach as company CEO.

Mr. Bollenbach will retire as CEO on Dec. 31, 2007, but continue as
co-chairman of the board and serve as an employee consultant.

These executives continue reporting directly to Mr. Hart:

   * Ian R. Carter, executive vice president and chief executive
      officer, Hilton International;

   * Thomas L. Keltner, executive vice president and chief
     executive officer, Americas and Global Brands;

   * Antoine Dagot, executive vice president and president/chief
     executive officer, Hilton Grand Vacations Company;

   * Tim Harvey, executive vice president, global distribution
     services and chief information officer; and

   * Molly McKenzie-Swarts, executive vice president, human
     resources, diversity and administration.

In addition:

   * Madeleine A. Kleiner, executive vice president, general
     counsel and corporate secretary; and

   * Robert M. La Forgia, executive vice president and chief
     financial officer begin reporting to Mr. Hart effective
     immediately.

Mr. Hart will become only the fourth chief executive officer in the
company's nearly 90-year history, following Conrad N. Hilton, Barron
Hilton and Mr. Bollenbach.  Since joining Hilton in 1996, he has been
instrumental in completing several strategic transactions, including the
acquisitions of Bally's Entertainment, Promus Hotel Company and Hilton
International; creating and implementing the company's financial strategy;
overseeing the acquisition of numerous hotel properties; and introducing
several new product, service and marketing initiatives, including the
launch of the company's new luxury brand, The Waldorf Astoria Collection.

"With his nearly 30 years of experience in the lodging industry, and the
breadth of his responsibilities here at Hilton since 1996, including
driving our financial and operational activities, Matt is uniquely suited
to lead our company into the future and strengthen our position as the
premier global hotel company," said Mr. Bollenbach.  "This is the next
logical step in Matt's career and one that he is perfectly equipped to
take on.  The Board of Directors and I are confident that Matt and his
team will take Hilton to new heights in the coming years."

Mr. Hart said: "I am deeply honored to follow as CEO such respected
business leaders and pioneers as Barron and Steve, and am grateful for the
confidence the Board has shown in me.  Our company's worldwide prospects
and opportunities have never been greater, and with the industry's best
management team and 100,000 talented and dedicated team members around the
world, we look forward to continue delivering great results to our
customers, to our owners and to our shareholders."

One of the most visible and respected executives in the lodging industry,
Mr. Hart is highly regarded for his participation in and leadership of
numerous industry organizations and events.  He is a featured annual
panelist and speaker at the prestigious NYU Lodging Conference and was the
keynote speaker at the 2007 International PowWow, the travel industry's
premier business exhibition. In addition, he is active in the American
Hotel & Lodging Association's Industry Real Estate Financing Advisory
Council, receiving the organization's Lifetime Achievement Award in 2003.

After joining Hilton in 1996 as executive vice president and chief
financial officer, Mr. Hart was named president and chief operating
officer in 2004.  Prior to joining Hilton, he was senior vice president
and treasurer for the Walt Disney Company, before which he served as
executive vice president and chief financial officer for Host Marriott
Corporation.  He also held various financial positions with Marriott
Corporation, which he joined in 1981 as manager, project finance.  Mr.
Hart also was a lending officer with Bankers Trust Company in New York.

In addition to serving on Hilton's board of directors, Mr. Hart is a
director of US Airways Group, Inc., Kilroy Realty Corporation and the
non-profit Heal the Bay.  He graduated cum laude from Vanderbilt
University in 1974 and received his MBA from Columbia University in 1976.
Mr. Hart lives in Brentwood, California with his wife and three children.

                       About Hilton Hotels

Headquartered in Beverly Hills, California, Hilton Hotels Corp. --
http://www.hilton.com/--  together with its subsidiaries, engages in the
ownership, management, and development of hotels, resorts, and timeshare
properties, as well as in the franchising of lodging properties in the
United States and internationally, including Australia, Austria, Barbados,
Finland, India, Indonesia, Trinidad and Tobago, Philippines and Vietnam.

                         *     *     *

As reported in the TCR-Europe on May 1, 2007, Standard & Poor's Ratings
Services said its rating and outlook on Hilton Hotels Corp.
(BB+/Stable/--) would not be affected by the company's announcement that
it has entered into an agreement with Morgan Stanley Real Estate to sell
up to 10 hotels for approximately US$612 million in proceeds (net of
property level debt repayment, taxes, and transaction costs).  Upon the
close of the transactions, Hilton Hotels plans to use the net proceeds to
repay debt.

Standard & Poor's rating upgrade for Hilton Hotels in March 2007
incorporated the expectation that the company would sell a meaningful
level of additional assets over the near term, which would likely lead to
additional debt reduction.  Still, Standard & Poor's is encouraged by the
expected transaction multiple related to today's announcement.  If the
lodging transaction market remains strong, enabling Hilton Hotels to
generate substantial proceeds from remaining asset sales, if these
proceeds are used for debt reduction, and if the lodging environment
remains strong, an outlook revision to positive could be considered as
2007 progresses.  Any movement signaling the potential for a higher rating
will depend on Hilton Hotels' commitment to maintaining credit measures
aligned with higher ratings over the lodging cycle.

In February 2007, Moody's Investors Service upgraded Hilton Hotels
Corporation's corporate family rating to Ba1 from Ba2 reflecting a
reduction in leverage from a faster than expected pace of asset sales and
strong earnings during 2006.  Adjusted debt to EBITDAR has improved to
around 5.0x from 6.0x in January 2006.


ICON INFORMATION: Brings In Baker Tilly to Administer Assets
------------------------------------------------------------
Adrian David Allen and Philip Edward Pierce of Baker Tilly Restructuring
and Recovery LLP were appointed joint administrators of Icon Information
Technology Ltd. (Company Number 03620294) on May 21.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other
services for mid-cap and smaller publicly listed companies and private
companies, particularly those expanding into new foreign markets.
Services include business and financial planning, tax-related services,
corporate finance, litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         Icon Information Technology Ltd.
         Unit 1 2 Shipstones Business Centre
         North Gate
         Nottingham
         NG7 7FN
         England
         Tel: 0115 970 6789
         Fax: 0115 970 6709


INDUSTRIAL ELECTRONIC: Hires Administrators from BDO Stoy
---------------------------------------------------------
Simon Edward, Jex Girling and Mark Peter George Roach of BDO Stoy Hayward
LLP were appointed joint administrators of Industrial Electronic
Automation Ltd. (Company Number 4353216) on May 25.

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance
(audit), corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational institutions,
family businesses, financial services, leisure, and hospitality.  The
company is the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.

The company can be reached at:

         Industrial Electronic Automation Ltd.
         South Road
         Bridgend Industrial Estate
         Bridgend
         CF31 3PU
         Wales
         Tel: 01656 673 300


LEEDS UNITED: Creditors Approve Sale to New Company
---------------------------------------------------
The joint administrators for Leeds United Association Football
Club Ltd., Richard Fleming, Mark Firmin and Howard Smith of KPMG
LLP, confirmed the result of the vote on the company voluntary arrangement
proposal to sell the club to a newly formed company, Leeds United Football
Club Ltd., following the company's creditors' meetings on June 1 and June
4, 2007.

Creditors have approved the CVA proposal, which means, subject to Football
League and Football Association approval, the business and assets,
including players, of the Club will transfer to Leeds United Football Club
Ltd, the directors of which are Ken Bates, Shaun Harvey and Mark Taylor.

"I am satisfied that in voting to accept this CVA proposal the creditors
have approved a solution that allows the club to plan ahead for next
season; reduces uncertainty for all those with an interest in Leeds
United; provides some return for creditors; and avoid liquidation," Joint
Administrator Richard Fleming disclosed.

"Leeds United Football Club Ltd. must now seek approval from the Football
League and can begin to rebuild for next season.  The supervisors can also
begin the process of agreeing creditors' claims for dividend purposes,"
Mr. Fleming added.

The CVA proposal was approved by 75.2 percent of the creditors who voted,
by value.  It required 75 percent of the vote.  The creditors will receive
an initial dividend of 1 pence in the EUR with a substantial additional
dividend to follow in the event that the Club regains Premiership status
within five seasons.

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

Headquartered in Leeds, England, Leeds United Association
Football Club Ltd.  -- http://www.leedsunited.com/-- is an
English professional football club.


MDG DRYWALL: Appoints Joint Administrators from Baker Tilly
-----------------------------------------------------------
Geoffrey Lambert Carton Kelly and Michael David Rollings of Baker Tilly
Restructuring and Recovery LLP were appointed joint administrators of MDG
Drywall & Plastering Ltd. (Company Number 05120698) on May 22.

Baker Tilly -- http://www.bakertilly.co.uk/-- provides auditing and other
services for mid-cap and smaller publicly listed companies and private
companies, particularly those expanding into new foreign markets.
Services include business and financial planning, tax-related services,
corporate finance, litigation support, turnaround services, and technology
consulting.

The company can be reached at:

         MDG Drywall & Plastering Ltd.
         Unit 2 Hilltop Meadows
         Old London Road
         Knockholt
         Sevenoaks
         TN14 7JW
         England
         Tel: 01959 535 820
         Fax: 01959 535 822


MTI TECHNOLOGY: Nasdaq Delists Securities Effective June 1
----------------------------------------------------------
MTI Technology Corporation has received notification that the NASDAQ
Listing Qualifications Panel has determined to delist the company's
securities, effective June 1, 2007.  This delisting is a result of the
company's failure to meet the minimum stockholders' equity requirement for
continued listing.

The company has been advised that its securities are immediately
eligible for quotation on the Pink Sheets, an electronic quotation service
for securities traded over-the-counter, effective with the open of
business on June 1, 2007.  The company's common stock may, in the future,
also be quoted on the Over-the-Counter Bulletin Board maintained by the
NASD, provided that a market maker in the common stock files the
appropriate application with, and such application is cleared by, the
NASD.

The company anticipates disclosing further trading venue information for
its common stock once such information becomes available.

Headquartered in New York City, -- http://www.pinksheets.com-- Pink
Sheets LLC provides broker-dealers, issuers and investors with electronic
and print products and information services designed to improve the
transparency of the Over-the-Counter markets.  The products are designed
to increase the efficiency of OTC markets, leading to greater liquidity
and investor interest in OTC securities.  Pink Sheets centralized
information network is a source of competitive market maker quotations,
historical prices and corporate information about OTC issues and issuers.
Pink Sheets is neither an SEC-Registered Stock Exchange nor a NASD
Broker/Dealer.  Pink Sheets LLC is a privately owned company.

The OTC Bulletin Board -- http://www.otcbb.com/-- is a regulated
quotation service that displays real-time quotes, last-sale prices, and
volume information in OTC equity securities.  An OTC equity security
generally is any equity that is not listed or traded on NASDAQ or a
national securities exchange.  OTCBB securities include national,
regional, and foreign equity issues, warrants, units, ADRs, and Direct
Participation Programs (DPPs).

                        About MTI Technology

MTI Technology Corporation (Nasdaq: MTIC) -- http://www.mti.com/-- is a
multi-national provider of professional services and comprehensive data
storage solutions for mid to large-size organizations.  As a strategic
partner of EMC (NYSE:EMC), MTI offers the best data storage, protection
and management solutions available.  MTI currently serves more than 3,000
customers throughout North America, United Kingdom, Germany and France.

MTI Technology's balance sheet at Dec. 31, 2006, showed total
assets of US$78,134,000 and total liabilities of US$85,559,000
resulting to a total stockholders' deficit of US$7,425,000.


NARROWSTEP INC: Losses Spur Auditor's Going Concern Opinion
-----------------------------------------------------------
Rothstein, Kass & Company, P.C., of Roseland, N.J., expressed substantial
doubt about Narrowstep, Inc.'s ability to continue as a going concern
after auditing the company's financial statements for the year ended Feb.
28, 2007.  The auditing firm noted that the company had significant losses
from operations, had an accumulated deficit.  Rothstein also said that the
company utilized a significant amount of cash from operations, which
requires additional financing to fund future operations.

The company posted a US$7,061,474 net loss on US$6,008,835 revenue for the
year ended Feb. 28, 2007, as compared with a US$4,289,777 net loss on
US$2,706,262 revenue in the prior year.

For the year ended Feb. 28, 2007, the company's total operating expenses
increased to US$13,178,778 on US$6,975,249 in the prior year and operating
loss also increased to US$7,169,943 from US$4,268,987 in the prior year.

Net cash used in operating activities increased to US$4,477,842 for the
year ended Feb. 28, 2007, from US$2,694,008 in the prior year.  The
company had US$1,363,285 in net cash provided by financing activities and
US$2,726,525 in net cash provided in investing activities.  Net cash
provided by financing activities decreased to US$1,363,285 for the year
ended Feb. 28, 2007, from US$7,585,151 in the prior year.

At Feb. 28, 2007, the company's balance sheet showed US$3,586,478 total
assets and US$2,546,403 total liabilities, resulting in US$1,040,075
stockholders' equity.  The company also had strained liquidity in its
balance sheet with US$2,202,841 total current assets and US$2,410,933
total current liabilities.

A full-text copy of the company’s 2006 annual report is available for free
at http://researcharchives.com/t/s?207c/

                         About Narrowstep Inc

Headquartered in London, England, Narrowstep, Inc. -- (OTCBB: NRWS) --
http://www.narrowstep.com/-- provides internet-based video content
delivery.  Narrowstep's product and service offerings enable customers to
distribute channels of video-based content and provide related services
over the internet.  The Narrowstep system, TelVOS(TM), enables
comprehensive delivery of video content and television-like programming to
mobile, wireless, Internet, broadband and broadcast services.  The
Narrowstep system enables owners and users of video content to reach
audiences by "narrowcasting" - targeting delivery of specific content to
interested groups.  Narrowstep provides services to clients in the United
Kingdom, the United States, and various other countries throughout the
world, including Germany, Sweden and the Netherlands.


NATIONWIDE LEGAL: High Court Winds Up Business
----------------------------------------------
The High Court of England and Waels has wound up Nationwide Legal Services
Limited and NLS Sheffield Limited following an investigation by the
Companies Investigation Branch.

Nationwide Legal Services Limited advertised extensively on national radio
and television in order to recruit agents who paid a license fee of
GBP6,950 to run their own businesses.  NLS Sheffield Limited provided
legal training to the agents, who were then able to take instructions from
members of the public for the drawing up of legal documents.  NLS
Sheffield Limited also drew up legal documents on behalf of agents.

CIB's investigation found that there was an extremely high rate of
business failure among agents.  Nationwide Legal Services Limited had
recruited some 2,000 agents of which only 200 were active during 2006,
this figure being comprised mainly of those most recently recruited.
Serious misrepresentations were made to agents to induce them to purchase
the business opportunity. In particular, agents were advised that they
could expect to achieve earnings of GBP250,000 pa when, in reality,
average earnings were GBP3,500 pa.

Further concerns put before the Court in respect of Nationwide Legal
Services Limited included the prominent management role played by a
disqualified director; the forging of signatures on critical company
documents, such as bank mandates and insurance proposals; and the
diversion of company funds to a non-company account.

NLS Sheffield Limited was found to be producing legal documents without
supervision from qualified solicitors, creating a risk of negligence
claims.  In addition, there was serious doubt about the adequacy and
validity of the company's public indemnity insurance.

In making the winding up orders the High Court held that the companies had
been "scandalously run to the huge detriment of the public and the agents
who have been gulled out of their money".

Petitions to wind up the companies in the public interest were presented
on March 21, 2007 under s124A of the Insolvency Act 1986.  The Official
Receiver was appointed as provisional liquidator of both companies on
April 20, 2007.  The companies went into compulsory liquidation on May 2,
2007.


ONLINE REVOLUTION: Creditors' Meeting Slated for June 11
--------------------------------------------------------
Creditors of Online Revolution Ltd. (t/a iSold It)(Company Number
05610050) will meet at noon on June 11 at:

         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England

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

         B.J. Marsh
         Joint Administrator
         BDO Stoy Hayward LLP
         125 Colmore Row
         Birmingham
         B3 3SD
         England

BDO Stoy Hayward -- http://www.bdo.co.uk/-- focuses on business assurance
(audit), corporate advisory, tax, and investment management services,
specializing in such industries as charities, educational institutions,
family businesses, financial services, leisure, and hospitality.  The
company is the U.K. arm of BDO International and has offices in more than
15 cities throughout the U.K.


SCHOLASTIC CORP: Moody's Holds B1 Corporate Family Rating
---------------------------------------------------------
Moody's Investors Service changed Scholastic Corporation's  rating outlook
to negative from stable following the company's announcement that it plans
to fund a US$200 million share repurchase with the proceeds of a new
US$200 million term loan.

The negative rating outlook reflects Moody's concern that the $200 million
share repurchase marks a divergence from Scholastic's financial policy
over the last 10+ years of not paying a dividend or buying back shares and
that additional cash distributions to shareholders, along with weak
operating performance, could result in Scholastic operating at a higher
leverage level over time.

Moody's affirmed Scholastic's Ba1 Corporate Family rating, Ba1 Probability
of Default rating, and Ba2 senior unsecured note rating based on Moody's
expectation that Scholastic will maintain debt-to-EBITDA in fiscal year
May 31, 2008 of approximately 3.0x, which is a level Moody's believes is
adequate for the existing ratings.

Outlook Actions:

   * Issuer: Scholastic Corporation

     -- Outlook, Changed To Negative From Stable

Downgrades

   * Issuer: Scholastic Corporation

     -- Senior Unsecured Notes, changed to Ba2, LGD6-91% from
        Ba2, LGD5-76%

Scholastic's Ba1 CFR reflects the company's cash generation capability
from its leading global position in children's book publishing, multiple
distribution channels, and strong brand portfolio.  A weak operating
margin and execution risks associated with margin enhancement plans are
key drivers of the speculative-grade rating.  Moody's believes Scholastic
needs to maintain a moderate leverage profile at the Ba1 rating level
given its low operating margin and the risk of operating missteps
(including unwanted inventory build and bad debt expense) if the company
aggressively pursues growth.  Moody's anticipates in the Ba1 CFR that
Scholastic will maintain debt-to-EBITDA below 3.3x and free cash flow to
debt above 8% in fiscal year May 31, 2008, although the share repurchase
and seasonal build in working capital related to the school book clubs and
fairs businesses will lift leverage above this level through September
2007.  Moody's believes the refinancing of the revolver, which will
increase the aggregate commitment to $325 million from $230 million and
extend the maturity to 2012 from 2009, will improve liquidity for the
company's highly seasonal business.  The 21% annual term loan amortization
increases required debt service but provides greater assurance that the
company will utilize cash flow to reduce debt following the share
repurchase.

Moody's lowered the loss given default assessment on the senior
unsecured and unguaranteed notes due 2013 to Ba2/LGD6-91% from
Ba2/LGD5-76% to reflect structural subordination to the upsized $325
million revolver and new $200 million term loan, as well as trade payables
and other operating company liabilities.  The revolver and term loan are
obligations of Scholastic Corporation (the holding company) and Scholastic
Inc., which is an operating company that also holds the stock of the
company's other operating subsidiaries, whereas the bonds are issued only
by
Scholastic Corporation.

Scholastic Corporation, headquartered in New York, N.Y.
is a publisher and distributor of children's books, classroom and
professional magazines, educational technology, and instructional
materials, with operations in the United States, Canada, the United
Kingdom, Australia, New Zealand and Southeast Asia.  Annual revenues
approximate $2.2 billion.


* Cadwalader Appoints Two Special Counsel at London Practice
------------------------------------------------------------
Cadwalader, Wickersham & Taft LLP has appointed Karl Clowry, Esq. as
special counsel at the firm's Financial Restructuring Team in London.

In addition, the firm also appointed Jonathan Price, Esq. as resident
London partner at the firm's Capital Markets Department.

Cadwalader Chairman and Managing Partner Robert O. Link, Jr. stated,
"Jonathan and Karl are both experienced and highly-regarded lawyers who
bring significant banking and restructuring experience to our practices.
They will be assets to the firm as we continue to build a formidable
presence in the London and European markets."

Mr. Price has extensive experience in a wide range of structured finance
transactions, with a particular emphasis on real estate finance investment
and development.  He has acted for senior lenders, mezzanine lenders,
funds and corporate borrowers in the UK, Europe and the Russian
Federation.  He recently advised IVG Asticus as an investor in connection
with the financing arrangements for the GBP 600M acquisition of the
"Gherkin".  He has also acted for banks, borrowers and trustees on a range
of general banking transactions.  Prior to joining the firm, he was with
CMS Cameron McKenna.

Mr. Clowry, who comes to Cadwalader from Allen & Overy LLP, has broad
banking, insolvency and restructuring experience covering all aspects of
general lending, debt restructuring, loan and business acquisitions and
disposals.  He has acted for both borrowers and lenders on a variety of
complex domestic and cross-border transactions, including acting for the
lenders in
connection with the restructuring of Uneximbank involving $2 billion of
indebtedness, and, acting for liquidity providing lenders on the
restructuring of a structured investment vehicle holding US$3 billion in
assets.

               About Cadwalader, Wickersham & Taft

Cadwalader, Wickersham & Taft LLP -- http://www.cadwalader.com/--
established in 1792, is an international law firm, with offices in New
York, London, Charlotte, Washington and Beijing.  Cadwalader serves a
diverse client base, including top financial
institutions, undertaking business in more than 50 countries in
six continents.  The firm offers legal expertise in antitrust,
banking, business fraud, corporate finance, corporate governance,
environmental, healthcare, insolvency, insurance and reinsurance,
litigation, mergers and acquisitions, private client, private equity, real
estate, regulation, securitization, structured finance, and tax.

                           *********

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

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

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

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

                           *********


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

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

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

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

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

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


                 * * * End of Transmission * * *